证券研究报告 | 年报点评报告 gszqdatemark 2026 04 01 年 月 日 顺丰同城（09699.HK） 内外双向发力推动业绩高增，无人物流布局稳健推进 公司发布 2025 年业绩公告。2025 年公司实现营收 229 亿元/同比+45%， 年内利润 2.8 亿元/同比+110%，经调整净利润 4.1 亿元/同比+184%，净 利率 1.2%/同比+0.4pts，经调整净利率 1.8%/同比+0.9pts，费用率 5.3%/ 同比-0.9pts；2H25 营收 127 亿元/同比+43%，年内利润 1.4 亿元/同比 +100%，经调整净利润 2.5 亿元/同比+223%，净利率 1.1%/同比+0.3pts， 经调整净利率 2.0%/同比+1.1pts，费用率 5.3%/同比-0.9pts。报告期内 平台活跃商家 112 万家/同比+72%，活跃消费者 2,606 万人/同比+11%， 活跃骑手约 146 万人/同比+46%。 同城配送及最后一公里业务强韧增长。2H25 同城配送收入 77 亿元/同比 +51%；全年同城配送收入 135 亿元/同比+48%，订单量同比增长超 55%， 系公司 ...

Group 1: Liquor Industry Analysis - The report indicates that the pressure on the liquor industry has passed, with leading companies clarifying their long-term strategies and shifting from passive to proactive tactics [17][20] - The report highlights that the overall performance of the liquor industry during the Spring Festival was better than expected, with key products from leading companies showing good performance [20] - The report anticipates that the price of Moutai will stabilize above 1500 yuan, confirming the expectation of a turning point in the industry cycle [20] Group 2: Luzhou Laojiao (000568) Analysis - Luzhou Laojiao is recognized for its comprehensive competitive advantages in team capability, management level, incentive mechanisms, brand strength, product structure, and channel capabilities, positioning it as a "hexagonal warrior" in the liquor sector [3][11] - The company is expected to see its performance bottom out in the short term, with stable pricing strategies in place, aiming to reduce channel inventory and improve financial statements [11][13] - By 2030, the revenue potential for Luzhou Laojiao is projected to reach 40 billion yuan, with significant contributions from its high-end products [13][14] Group 3: Crystal International (02232) Analysis - Crystal International is positioned as a diversified international garment manufacturer, deeply integrated with top global brand clients, enhancing profitability through vertical integration [3][12] - The company is expected to benefit from a significant increase in customer orders, particularly from major clients like Uniqlo, Nike, and Adidas, while also expanding into the outdoor and sportswear sectors [12][16] - The report projects a steady increase in net profit for Crystal International from 2.5 billion to 3.0 billion USD from 2026 to 2028, with a "buy" rating assigned [16] Group 4: Shijia Photon (688313) Analysis - Shijia Photon is a leading domestic manufacturer of optical chips and devices, benefiting from the AI-driven demand for AWG and MPO products, with revenue reaching 1.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 114% [3][15] - The company is expected to capitalize on the growing demand for high-density connections in AI data centers, with plans to enhance its supply chain through strategic acquisitions [15][16] - The report assigns a "buy" rating to Shijia Photon, anticipating significant revenue growth from 2.13 billion to 4.09 billion yuan from 2025 to 2027 [15][16] Group 5: Food and Beverage Industry Insights - The report concludes that the food and beverage sector is showing structural improvements, with competition shifting from price to quality, and a gradual balance in supply and demand [20] - The report emphasizes the potential for recovery in consumer prices, particularly in the liquor and food sectors, as companies adapt to changing market conditions [20] - Key recommendations include focusing on cyclical food and beverage companies with growth potential, such as Anjuke Food and Haitian Flavoring [20]

上 市 公 司 公 司 研 究 / 公 司 点 评 交通运输 2026 年 03 月 30 日 顺丰同城 (09699) ——紧抓即时零售渗透率提升机遇，业绩持续释放 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2026 年 03 月 30 日 | | --- | --- | | 收盘价（港币） | 10.99 | | 恒生中国企业指数 | 8399.12 | | 恒生中国企业指数 | 8399.12 | | --- | --- | | 52 周最高/最低（港币） | 19.26/7.54 | | H 股市值（亿港币） | 100.82 | | 流通 H 股（百万股） | 742.49 | | 汇率（港币/人民币） | 0.8838 | 一年内股价与基准指数对比走势： -15% 35% 85% 135% 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 11/30 12/31 01/31 02/28 HSCEI 顺丰同城 资料来源：Bloomberg 相关研究 - 证券分析师 闫海 A0230519010004 yanhai@swsresear ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 調整執行董事之管理職能 杭州順豐同城實業股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事 （「董事」）會（「董事會」）欣然宣佈，為使本集團管理架構與戰略方向匹配並完善本 集團之企業管治，執行董事之管理職能將進行以下調整，於2026年3月30日起生 效： 陳希文先生（「陳先生」）將擔任本公司聯席首席執行官（「聯席首席執行官」），與 孫海金先生共同在本集團戰略規劃、經營管理等事項上發揮核心領導作用。彼之 執行董事及首席財務官的職務任命仍保持不變。孫海金先生仍擔任本公司執行董 事、董事會主席兼首席執行官。除上述調整外，董事會組成及每位董事的職務任 命仍保持不變。 杭州順豐同城實業股份有限公司 董事會相信上述調整將有利於良好企業管治及公司持續健康經營： （於中華人民共和國註冊成立的股份有限公司） 1 （股份代號：9 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 截至12月31日止年度 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 年度業績公告 截至2025年12月31日止年度 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2025年12月31日止年度（「報告期間」）的 業績連同截至2024年12月31日止年度的比較數字。除另有界定者外，本公告所用 詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定者 具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 財務摘要 1 • 我們的收入由截至2024年12月31日止年度的人民幣15,746.1百萬元增加至 截至2025年12月31日止年度的人民幣22,898.6 ...

杭州順豐同城實業股份有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 杭州順豐同城實業股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會 （「董事會」）謹此宣佈，本公司董事會會議將於2026年3月30日（星期一）舉行，旨 在（其中包括）(i)考慮及批准本集團截至2025年12月31日止年度的末期業績；(ii) 考慮作出末期股息建議（如有）；以及(iii)處理任何其他業務。 承董事會命 Hangzhou SF Intra-city Industrial Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 董事會會議日期 董事會主席兼首席執行官 中國，2026年3月18日 於本公告日期，董事會包括執行董事孫海金先生、陳希文先生及陳霖先生；非執 行董事耿艷坤先生、李菊花女士、李秋雨先生及雷雁群先生；以及獨立非執行董 事陳覺忠先生、王克勤先生、周翔先生及黃靜女士。 杭州順豐同城實業股份有限公司 孫海金 ...

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [78]. Core Insights - The report highlights the significant impact of the ongoing Middle East conflict on shipping rates, with oil tanker rates experiencing a decline but remaining at historical highs, while container shipping rates are on the rise [1][2]. - The daily average of vessels passing through the Strait of Hormuz has drastically decreased by 95% to 5 vessels, compared to 125 vessels before the conflict, with oil tankers averaging only 1 vessel per day [1][11]. - Brent crude oil futures have shown substantial volatility, closing at $103.89 per barrel, an increase of 11% from March 6 [1][15]. Industry Data Tracking Shipping Market Impact - Oil shipping rates have adjusted from historical highs, with the Clarksons VLCC-TCE index at $175,000, down 54.2% week-on-week. The Middle East to China route is reported at $390,000 per day, down 17% [2][18]. - Container shipping rates have increased, with the SCFI index reaching 1710 points, up 14.9% week-on-week, driven by rising fuel costs and the ongoing geopolitical situation [2][25]. - The dry bulk shipping market has seen limited impact, with the BDI index at 2028 points, reflecting a 0.9% increase week-on-week [2][26]. Investment Recommendations - The report suggests that if the Middle East conflict remains manageable and the passage through the Strait of Hormuz gradually resumes, it could trigger a replenishment market. The report continues to recommend companies such as China Merchants Energy and COSCO Shipping Energy [3][31]. - Emphasis is placed on the importance of energy resource security, with recommendations for logistics and warehousing companies like Hongchuan Wisdom and Milky Way [3][31]. - The report also highlights the potential for growth in the aviation sector, with a focus on major airlines and logistics companies, suggesting a favorable outlook for companies like China Southern Airlines and Spring Airlines [4][58].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州順豐同城實業股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09699 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 745,610,609 | RMB | | 1 | RMB | | 745,610,609 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 745,610,609 | RMB | | 1 | RMB | | 745,610,609 | | 2. 股份分類 | ...

Group 1 - The core viewpoint of the articles highlights the initiatives taken by Shunfeng Tongcheng to support delivery riders during the Spring Festival, ensuring stable logistics and service quality [2][3] - Shunfeng Tongcheng has invested nearly 7.5 million yuan in the "Warm Winter Guardian" campaign, providing protective gear and warm supplies to approximately 400,000 riders [2] - The company has organized over 5,000 offline activities to spread warmth and has provided heating rest services at more than 4,000 stations nationwide [2] Group 2 - During the Spring Festival, Shunfeng Tongcheng launched a series of activities to honor outstanding riders, offering rewards and new year gifts, and visiting families of struggling riders with cash and supplies [2] - In 2025, the company invested a total of 530 million yuan in rider care and support, establishing various special funds, including a unique rider grievance fund and a heroism fund [3] - Looking ahead to 2026, Shunfeng Tongcheng plans to invest over 18 million yuan in station construction, material support, and various care activities to enhance the rider support system and career development pathways [3]

Core Insights - The article highlights the significant increase in cross-regional mobility during the 9-day Spring Festival holiday, with over 2.8 billion trips made, averaging 311 million trips per day, marking an 8.2% year-on-year growth, indicating a record high in travel volume [2] - As businesses resume operations post-holiday, there is a surge in demand for various services, including document delivery and laundry services, showcasing the importance of instant delivery as a vital link between consumption and supply [2][3] Group 1: Business and Service Demand - The return of employees to work has led to a spike in the volume of business transactions, necessitating efficient and timely handling of documents, making instant delivery the preferred choice for office document delivery [3] - SF Express's instant delivery service has established a secure service system for document delivery, ensuring accuracy through unique pickup and delivery codes, and offering specialized services for high-value documents [3] - The demand for laundry services has also increased as temperatures rise post-holiday, with SF Express providing a one-stop service for clothing care, including real-time tracking and compensation mechanisms for service issues [4] Group 2: Market Trends and Consumer Behavior - The resumption of work has led to a notable increase in demand for coffee and afternoon tea orders during peak hours, highlighting the need for efficient delivery services to support beverage brands [5] - SF Express supports various delivery channels, including takeaway platforms and private mini-programs, ensuring timely and safe delivery even during peak periods [6] - The integration of instant retail channels is becoming essential for retail businesses to connect with local customers and accelerate inventory turnover, with SF Express collaborating with major retailers to provide rapid delivery services [6] - The role of third-party instant delivery services, exemplified by SF Express, is evolving into a crucial facilitator for consumption and business recovery, acting as a lubricant and booster for economic activities [6]