顺丰同城（9699.HK）事件点评 最后一公里配送需求超预期，上修年度关联交易额上限 2025 年 06 月 16 日 ➢ 事件概述：2025 年 6 月 13 日，为满足最后一公里配送服务增加的需求， 公司拟修订截至 2025 年及 2026 年 12 月 31 日止年度提供最后一公里配送服务 的原年度上限。修订后 2025 和 2026 年的关连交易年度上限分别为 128.45 和 205.51 亿元，同比分别为+101.7%和+60.0%，较原关联金额上限分别增长 33.90 和 82.81 亿元，较原关联交易金额上限分别+35.9%和+67.5%。 ➢ 修订原因：1）最后一公里配送服务的需求增速超预期，2024 年历史交易金 额达 63.69 亿元，较 2023 年历史交易金额 47.77 亿元，同比+33.3%，关联交 易金额实现快速增长； 2）公司的弹性运力网络及强劲的交付能力能更好满足客户的最后一公里配送需 求，继而实现最后一公里配送服务收入的快速提升。业务收入快速提升主要得益 于：a）公司通过发展电商退货上门揽收的能力，积极把握电商平台退货率提升； b）持续扩张服务网络、骑手团队并渗透至下沉市 ...

顺丰同城（9699.HK）事件点评 最后一公里配送需求超预期，上修年度关联交易额上限 2025 年 06 月 16 日 ➢ 事件概述：2025 年 6 月 13 日，为满足最后一公里配送服务增加的需求， 公司拟修订截至 2025 年及 2026 年 12 月 31 日止年度提供最后一公里配送服务 的原年度上限。修订后 2025 和 2026 年的关连交易年度上限分别为 128.45 和 205.51 亿元，同比分别为+101.7%和+60.0%，较原关联金额上限分别增长 33.90 和 82.81 亿元，较原关联交易金额上限分别+35.9%和+67.5%。 ➢ 修订原因：1）最后一公里配送服务的需求增速超预期，2024 年历史交易金 额达 63.69 亿元，较 2023 年历史交易金额 47.77 亿元，同比+33.3%，关联交 易金额实现快速增长； 2）公司的弹性运力网络及强劲的交付能力能更好满足客户的最后一公里配送需 求，继而实现最后一公里配送服务收入的快速提升。业务收入快速提升主要得益 于：a）公司通过发展电商退货上门揽收的能力，积极把握电商平台退货率提升； b）持续扩张服务网络、骑手团队并渗透至下沉市 ...

随着生活节奏加快和线上消费习惯深化，即时配送行业正以迅猛增速奔向万亿规模。据商务部国际贸易 经济合作研究院发布的报告显示，2023年国内即时零售市场规模达6500亿元，同比增长28.89%，到 2030年将达到2万亿元。 6月22日，港股的顺丰同城（09699.HK）股价再度强势拉升，盘中一度触及17.3港元/股，创下历史新 高；截至收盘，该股涨幅为10.64%，报16.64港元/股。 若将时间轴拉长，顺丰同城自5月9日启动上行通道以来，短短一个多月累计涨幅已达107.48%。 深入分析，这轮凌厉涨势的背后，是即时配送行业需求的持续爆发，而顺丰同城作为国内最大第三方即 时配送平台，正成为这场消费革命的核心受益者。 近期，京东、淘宝等平台加入外卖大战;，并纷纷推出巨额补贴，进一步点燃即时零售市场热潮。 据顺丰同城此前披露数据显示，今年五一;期间，顺丰同城全场景业务单量同比增长87%，其中商超百 货单量同比激增177%，饮品单量同比增长106%，最后一公里;配送单量同比增长102%；母亲节当天， 鲜花配送单量环比前日增超6倍，商超百货品类单量同比增长161%；520当天，鲜花单量环比前日增长 超9倍，饮品单量同比 ...

据了解，顺丰同城除了为各大平台和商家提供即配服务，亦直接嵌入到物流各环节，以"最后一公里"服 务助力快递网络提升时效。同时，顺丰同城还为快递企业和物流服务商提供揽收、派件、转运等多环节 支撑，解决传统物流在高峰期自有运力紧张与单量增长不匹配的问题，通过仓配"接驳送"等方式实现半 日达、小时达等物流提速。 在运力筹备上，顺丰同城依托大数据预测、AI调度技术等在全国各地制定差异化、精细化运力方案， 并针对核心商圈、大型社区等订单密集区域，提前储备骑手，实现动态调整。同时，加大无人配送技术 应用，数据显示，顺丰同城已在全国38城投放无人车配送，无人车运营规模增至200台，全国月度活跃 路线突破万条，构建起"天地人"立体运力体系，有效提升极端订单峰值下的履约韧性与服务灵活性。 本报讯 （记者李春莲）今年"618"大促第一阶段已接近尾声，即时零售热度持续攀升。在此次大促中， 杭州顺丰同城实业股份有限公司（以下简称"顺丰同城"）以中立定位、全场景覆盖及与顺丰生态协同等 优势，成为品牌与平台构建即时零售生态的关键基础设施，并通过"无人车+骑士"等多元运力组合，优 化末端履约效率，为即时零售提供全链路支撑。 顺丰同城独立第三 ...

Group 1 - The competitive logic of the 618 shopping festival is undergoing a structural transformation, with traditional e-commerce facing challenges from "lowest prices" and "billion subsidies," leading to a rational return of consumers and a trend towards fragmented traffic [1] - The shift towards instant retail not only shortens order cycles and reduces return rates but also points to a growing market in instant consumption scenarios, extending from dining to supermarkets, electronics, and beauty products, with a projected market size exceeding 2 trillion yuan by 2025, where non-food categories will account for over 60% [1] - The emergence of a new competitive dimension in retail ecology emphasizes the advantages of third-party delivery services that can deeply integrate with brands and platforms, as exemplified by SF Express's collaboration with over 7,500 new KA stores in 2024, providing one-stop delivery solutions [1] Group 2 - SF Express serves as a flexible delivery partner for platforms like Douyin and WeChat, while also supplementing capacity for major platforms like Meituan and Ele.me during peak periods, supporting diverse scenarios such as live streaming and private domain e-commerce [2] - During the 618 shopping festival, SF Express not only provides instant delivery services but also integrates into various logistics stages, addressing the mismatch between traditional logistics capacity and order growth during peak times, achieving faster delivery through methods like "warehouse-to-delivery" [2] - The company utilizes big data forecasting and AI scheduling technology to create differentiated and refined capacity plans across the country, ensuring dynamic adjustments in high-demand areas such as core business districts and large communities [2]

Group 1 - The core viewpoint of the articles highlights the transformation of the 618 shopping festival, where instant retail has become a strategic necessity for major platforms like Meituan, JD.com, and Taobao, indicating a shift from bulk purchasing to immediate satisfaction among consumers [1][2] - Instant retail is evolving into a new competitive dimension, extending beyond food delivery to include supermarkets, electronics, and beauty products, with predictions that the market size will exceed 2 trillion yuan by 2025, with non-food categories accounting for over 60% [2][3] - The role of third-party delivery services, exemplified by SF Same City, is becoming crucial as they provide comprehensive support for brands and platforms, enhancing delivery efficiency and meeting the growing demand for instant retail [1][4] Group 2 - SF Same City has established itself as a preferred partner for leading brands, with over 7,500 new key account collaborations planned for 2024, providing one-stop delivery solutions across various platforms [3][4] - The company’s neutral positioning allows it to serve as a flexible delivery partner for both platforms with and without their own logistics, supporting diverse scenarios such as live streaming and private domain e-commerce [4][5] - SF Same City is leveraging big data and AI scheduling to create tailored delivery solutions, enhancing operational efficiency and responsiveness during peak periods, with a significant increase in the deployment of unmanned delivery vehicles [5][6]

Group 1 - The consumption market during the Dragon Boat Festival is thriving, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion RMB, up 5.9% [1] - Instant delivery services have effectively met the demand for personalized gifting during the festival, with significant growth in orders for cakes and flowers, particularly through the "one-to-one" delivery model [2][5] - The competition among food delivery platforms continues to intensify, with companies like Taobao, JD, and Meituan offering promotions to expand instant retail consumption scenarios, benefiting third-party delivery services [7] Group 2 - The demand for beverages, fast food, and supermarket goods has surged, with instant delivery services playing a crucial role in supporting holiday consumption [7][8] - Collaboration with major retail brands like Sam's Club and Yonghui Supermarket has led to significant growth in order volumes across various categories, ensuring that essential items are readily available for consumers [8] - The integration of diverse instant delivery services has revitalized traditional holiday experiences, allowing consumers to enjoy both at-home celebrations and immersive cultural activities [8]

Group 1: Postal and Express Delivery Industry - During the Dragon Boat Festival holiday, the national postal and express delivery industry collected over 1.511 billion packages, representing a year-on-year growth of 19.4% [1] - The growth in the express delivery sector is attributed to the booming e-commerce market and the deepening of consumers' online shopping habits [1] - The application of intelligent equipment has improved logistics efficiency and reduced operational costs, further promoting high-quality development in the industry [1] Group 2: Autonomous Delivery Vehicles - SF Express announced that its fleet of autonomous delivery vehicles has increased to 200 units, covering 38 major cities nationwide [2] - The monthly active routes for these vehicles exceeded 10,000 in May [2] - The deployment of autonomous vehicles enhances logistics delivery efficiency and reduces labor costs, strengthening SF Express's competitiveness in the same-city delivery market [2] Group 3: Artificial Intelligence Development - Zero One Everything has established a smart technology company in Beijing with a registered capital of 100 million yuan, focusing on software development and AI applications [3] - The rapid development of artificial intelligence technology provides significant growth opportunities for related enterprises [3] - Zero One Everything aims to expand its business layout in software development and AI applications, necessitating continued investment in technology research and development [3] Group 4: Ride-Hailing Demand - Didi Chuxing reported a 31% year-on-year increase in ride-hailing demand during the Dragon Boat Festival holiday [4] - Dining and shopping venues were the top two popular scenarios for ride-hailing demand [4] - The increase in holiday travel demand reflects the recovery of the tourism market and consumers' reliance on convenient transportation services [4]

Core Insights - The company has increased its fleet of unmanned vehicles to 200 units, expanding its service network to cover 38 major cities across the country [1] - In May, the number of active delivery routes nationwide exceeded 10,000 [1] - The deployed White Rhino R5 unmanned vehicles are equipped with high-precision lidar and perception cameras, enabling all-weather operation [1] Technology and Operations - The unmanned vehicles can operate fully autonomously even in extreme weather conditions such as heavy rain and fog [1] - The vehicles are capable of handling complex scenarios, including steep slopes in underground parking lots and busy traffic during peak hours [1] - They can perform challenging tasks such as traffic light recognition and detouring around construction sites [1]

Summary of the Conference Call for SF Express City Company Overview - SF Express City is valued at approximately 13 times earnings, with a gross margin that has improved for seven consecutive years, nearing 7% [2][3] - Gross profit exceeds 1 billion yuan, benefiting from increased order volume and economies of scale [2][3] Financial Performance - The management expense ratio has rapidly decreased alongside order volume and revenue growth, dropping from 10% to single digits, indicating high operational leverage [4] - Sales expense ratio remains below 2%, attributed to the strong brand advantage and the company's position as an independent third-party delivery platform [4][5] - Net profit is projected to reach between 900 million to 1 billion yuan by 2027, with a potential increase in net profit margin by 3 percentage points [3] Business Structure - The business structure includes ToB (43% of revenue) and ToC (15% of revenue) for urban delivery, with over 40% of revenue from last-mile delivery services for SF Holding [2][6] - Key ToB clients include major brands like Luckin Coffee and Sam's Club, utilizing a comprehensive delivery model to enhance efficiency [6][7] Market Trends and Competitive Landscape - The rise of new consumption brands has led to a rapid increase in order volume, providing more new customers for SF Express City [7] - The last-mile delivery segment has seen explosive growth, with daily orders exceeding 1.5 million, driven by the rise of returns and reverse logistics [8][9] Technology and Innovation - The logistics robot and unmanned vehicle sectors are gaining market attention, with significant potential for future development [10] - Unmanned vehicles are primarily used for transportation between franchisee locations, offering substantial cost advantages over traditional drivers [11] - The cost of operating unmanned vehicles is significantly lower, with monthly costs around 2,100 yuan compared to 4,000-5,000 yuan for human drivers [11] Future Prospects - The company is exploring more applications for robotic delivery, particularly in the ToB sector, where labor costs are high [12] - The development of Robotaxi is progressing, with companies like Tesla planning launches and significant opportunities in the transportation sector [13] - The current policy landscape for unmanned driving is primarily city-based, with high market acceptance indicating strong future growth potential [15]