New Stock News | Wubu Technology submits application to Hong Kong Stock Exchange, becoming the first logistics service platform company in China's steel and metallurgical industry.

According to the disclosure by the Hong Kong Stock Exchange on June 30th, Wubuo Technology Co., Ltd. (referred to as Wubuo Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. According to the Frost & Sullivan report, based on the 2025 Gross Transaction Volume (GTV), Wubuo Technology is the largest in China's steel and metallurgical industry, and the third largest in the black bulk commodities industry. Shanghai DZH Limited logistics service platform company. Company Overview According to the prospectus, Wubuo Technology's history can be traced back to April 2018, and it is a leading provider of smart logistics supply chain services for black bulk commodities in China. The company pioneered and continuously iterates the Wubuo Zhilink platform. The company's platform is a self-developed digital logistics and supply chain management twin platform, serving as the core carrier of its business. Leveraging this platform, the company provides intelligent logistics and integrated supply chain services to productive customers and their upstream and downstream partners in China, such as steel producers, mining companies, beneficiation plants, coking plants, and trading customers, and has built a standardized, intelligent, and visual digital infrastructure covering the entire value chain of bulk commodities industry. During the reporting period, the company's services mainly included: (i) smart logistics platform services, including platform transportation services and port services, which constitute the core foundation of the company's business and its main source of revenue; (ii) integrated supply chain services, covering end-to-end supply chain solutions, park smart logistics solutions, and industrial Internet of Things solutions, which constitute the value-added extension of the company's core logistics capabilities and drive profit and profit margin growth; and (iii) other services. Wubuo Technology has a scalable and highly active national black bulk commodity transport capacity pool, integrating various types of transport resources such as road, rail, inland waterways, and maritime transport. In 2025, the company's platform connected approximately 348.7 thousand annual active truck drivers and 316.3 thousand active six-axle heavy trucks, which are well suited for productive customers' heavy-duty transportation needs for black bulk commodities. Based on this foundation, the company further provides multimodal transport solutions, covering combinations such as road-rail and road-water transport, to help shorten delivery cycles and reduce transportation costs. The company further expanded into international maritime operations in 2025. During the reporting period, the company actively deployed a green transport system on its platform. With its outstanding capabilities in the black bulk commodity logistics supply chain services sector, Wubuo Technology has gained wide industry recognition and established a strong market position. The company was one of the first batch of 5A-grade online freight platforms in China in 2020, and was recognized as a 5A-grade logistics enterprise in China in 2025. The company also serves as a rotating chairman unit and executive director unit of the China Federation of Logistics and Purchasing, and serves as the vice chairman unit of its Internet of Things Technology and Application Professional Committee. According to data from China Logistics and Purchasing magazine, based on comprehensive competitiveness, the company has ranked among the top two online freight platform companies in China for five consecutive years since 2020. Financial Data Revenue In the financial years 2023, 2024, and 2025, the company achieved revenues of approximately RMB 21.727 billion, RMB 16.562 billion, and RMB 16.283 billion, respectively. Gross profit and gross margin In the financial years 2023, 2024, and 2025, the company recorded gross profits of approximately RMB 249 million, RMB 376 million, and RMB 497 million, respectively, with corresponding gross profit margins of 1.1%, 2.3%, and 3.1%. Net profit and total comprehensive income In the financial years 2023, 2024, and 2025, the company recorded net profits and total comprehensive income of approximately RMB 67.035 million, RMB 94.094 million, and RMB 170 million, respectively. Industry Overview From 2020 to 2025, driven by continued demand in the infrastructure sector and the efficiency improvement brought about by the widespread digitization transformation of logistics operations, the market size of China's black bulk commodity logistics market has steadily increased, with GTV increasing from RMB 1.931 trillion to RMB 2.5661 trillion, at a compound annual growth rate of 5.9%. Looking ahead, based on GTV, the market is expected to reach RMB 2.5911 trillion by 2030, with a compound annual growth rate of 0.2% starting from 2025. The main reason for the slowdown in growth is the structural decline in demand for construction materials such as steel and coal, as well as long-standing industrial overcapacity. By downstream applications, China's black bulk commodity logistics include steel and metallurgy, power plants, and other industries. For black bulk commodity logistics in the steel and metallurgical industry, the market size reached RMB 1.3017 trillion in 2025, with a compound annual growth rate of 4.6% from 2020. In the same year, power plants and other industries reached RMB 1.2644 trillion, with a compound annual growth rate of 7.2%. The steady growth is driven by the increase in production and consumption of black bulk commodities. Looking ahead, based on GTV, the market size of the steel and metallurgical industry is expected to reach RMB 1.3169 trillion by 2030, with a compound annual growth rate of 0.2% starting from 2025. At the same time, power plants and other industries are expected to reach RMB 1.2742 trillion by 2030, with a compound annual growth rate of 0.2%. With the support of numerous steel enterprises and sustained demand, the steel and metallurgical industry is expected to remain stable over the next five years. However, the main reasons for the slowdown in market growth over the next five years are excess capacity in steel and coal production, as well as increasing environmental pressures and tightening regulatory requirements, which restrict overall market expansion. By company type, the black bulk commodity logistics service industry includes smart logistics service platforms and traditional logistics service providers. Based on GTV, the market size of smart logistics service platforms in 2025 reached RMB 224.1 billion, with a compound annual growth rate of 9.2% from 2020. In the same period, based on GTV, the market size of traditional logistics service providers in 2025 reached RMB 2.3333 trillion, with a compound annual growth rate of 5.5%. The rapid growth of smart logistics service platforms is due to the accelerating digitization transformation of logistics operations and the increasing demand for operational efficiency. Looking ahead, based on GTV, the market size of smart logistics service platforms for black bulk commodities is expected to reach RMB 321.6 billion by 2030, with a compound annual growth rate of 6.7% starting from 2025. At the same time, based on GTV, the market size of traditional logistics service providers for black bulk commodities is expected to reach RMB 2.2695 trillion by 2030, with a compound annual growth rate of -0.6%. The rapid growth of smart logistics service platforms and the decline of traditional logistics service providers are attributed to the maturity and wider application of smart logistics technologies, particularly advanced scheduling algorithms and logistics monitoring systems. By logistics type, the black bulk commodity logistics market includes road, rail, and inland water transport. Based on GTV, by 2025, the market size of road, rail, and inland water black bulk commodity logistics reached RMB 1.3641 trillion, RMB 957.2 billion, and RMB 244.8 billion, respectively, with compound annual growth rates of 4.9%, 7.2%, and 6.7% from 2020. From 2020 to 2025, the growth rate of rail and inland waterway logistics exceeded that of road logistics, mainly due to strong policy support and the cost and scale advantages of rail and inland waterway logistics in long-distance and large-volume cargo transport. Looking ahead, based on GTV, by 2030, the market size of road, rail, and inland waterway black bulk commodity logistics is expected to reach RMB 1.3403 trillion, RMB 990.8 billion, and RMB 260 billion, respectively, with compound annual growth rates of -0.4%, 0.7%, and 1.2% starting from 2025. The slight decline in the road logistics market is expected due to the shift from road to rail and inland waterway logistics. With stable demand from steel and coal companies for black bulk commodities, the market for rail and inland waterway logistics is expected to remain stable. Each type of logistics has its own advantages, and the integration of multimodal transport modes through intermodal transport to leverage the complementary advantages of different logistics types is expected to be a trend in industry development. Board of Directors Information The board of directors consists of nine directors, including three executive directors, three non-executive directors, and three independent non-executive directors. Directors serve a term of three years, with the possibility of reappointment upon the expiry of their term. According to relevant Chinese laws and regulations, independent non-executive directors may not serve more than six consecutive years. Ownership Structure As of the last practicable date, Yankuang Energy Group holds approximately 45.00% of the company's issued shares; (i) Yankuang Energy Group holds approximately 52.84% through Shandong Energy and approximately 31.50% through Hong Kong Central Clearing (Nominee) Limited; and (ii) Shandong Energy is owned by the Shandong State-owned Assets Supervision and Administration Commission by 70%. Therefore, under the Securities and Futures Ordinance, Shandong Energy, Hong Kong Central Clearing (Nominee) Limited, and the Shandong State-owned Assets Supervision and Administration Commission are each deemed to have interests in the shares held by Yankuang Energy Group. Yankuang Energy Group also controls 3.01% of the voting rights held by Fujian Dongchuang. Fujian Dongchuang is the company's equity incentive platform. As of the last practicable date, Fujian Dongju serves as the general partner of Fujian Dongbo, Fujian Dongwo, Fujian Dongsha, Fujian Dongxi, Fujian Dongtan, Fujian Dongda, and Fujian Dongtou, and holds approximately 9.09%, 9.09%, 33.33%, 0.20%, 0.63%, 1.96%, and 6.30% of the partnership interests of Fujian Dongbo, Fujian Dongwo, Fujian Dongsha, Fujian Dongxi, Fujian Dongtan, Fujian Dongda, and Fujian Dongtou, respectively. Intermediary Team Exclusive Sponsor: CICC Hong Kong Securities Co., Ltd. Company Legal Adviser: Hong Kong law: Junhe Law Firm; Chinese law: Beijing Deheng Law Firm Exclusive Sponsor Legal Adviser: Hong Kong law: Jun Tian Gongcheng Law Office Limited Liability Partnership; Chinese law: Jun Tian Gongcheng Law Office Auditor and Reporting Accountant: Deloitte Touche Tohmatsu Certified Public Accountants Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Adviser: Goh Capital Limited