Core Viewpoint - The instant delivery industry is in a high growth phase, with SF Express City (09699) strengthening its competitive edge as an independent third-party delivery leader, expected to show higher growth potential under the new journey of instant retail [1] Group 1: Instant Retail Market Potential - Instant retail has significant development potential, emerging as a new battleground for major players [1] - The market for narrow instant retail in China (excluding food delivery) is projected to reach 781 billion yuan in 2024, with a year-on-year growth of 20.15%, and a CAGR of 50% from 2018 to 2024 [1] - The online food delivery market in China is expected to grow at a CAGR of 24% from 2018 to 2024 [1] - E-commerce giants are competing around the "30-minute living circle," aiming to activate traffic through both near-field and far-field synergies [1] Group 2: Growth in Instant Delivery Demand - The demand for instant delivery is driven by the increasing richness of product supply and consumer demand for "minute-level" fulfillment, with the order volume in China's instant delivery industry expected to reach approximately 48.28 billion orders in 2024, a year-on-year increase of 17.6% [2] - The average annual growth rate from 2019 to 2024 for the instant delivery industry is projected to be 20.3% [2] - By 2030, the nationwide instant delivery order volume is expected to reach 100.84 billion orders, with an estimated annual growth rate of 13.1% from 2024 to 2030 [2] Group 3: Profitability Improvement - SF Express City is the largest third-party instant delivery service platform in China, aiming to become the "first brand in new consumption delivery" by covering four major scenarios: food delivery, local retail, near-field e-commerce, and near-field services [3] - The company benefits from its independent status, allowing it to match new demand more effectively [3] - SF Express's advantages include high quality, high pricing, and peak avoidance [3] Group 4: Internal and External Growth Drivers - The internal growth driver is the empowerment from SF Holdings (002352), which drives high growth in internal orders [4] - The external growth driver includes benefiting from the new journey of instant retail, with revenue from merchants accounting for 73% of local delivery services in 2024, increasing to 77% in the first half of 2025 [4] - The service volume directed at consumers is expected to grow at a CAGR of 30% from 2021 to 2024 [4] - Investments in White Rhino and autonomous vehicles are expected to reduce costs and increase asset value [4] Group 5: Profit Forecast - The company’s projected net profit for 2025-2027 is 230 million, 460 million, and 710 million yuan, representing year-on-year growth of 73%, 100%, and 55% respectively [4] - The expected EPS for the same period is 0.25, 0.50, and 0.77 yuan, with corresponding PE ratios of 40, 20, and 13 times [4] - The target price is set at 18.1 HKD, corresponding to a market value of 16.6 billion HKD, with a potential upside of 64% [4]

Core Viewpoint - The instant delivery industry is in a high growth phase, with SF Express (09699) strengthening its competitive edge as an independent third-party delivery leader, expected to show higher growth potential in the new journey of instant retail [1] Group 1: Instant Retail Market Potential - Instant retail has immense development potential, emerging as a new battleground for major players [2] - The market for narrow instant retail (excluding food delivery) in China is projected to reach 781 billion yuan in 2024, growing by 20.15% year-on-year, with a CAGR of 50% from 2018 to 2024 [2] - The online food delivery market in China is expected to grow at a CAGR of 24% from 2018 to 2024 [2] - E-commerce giants are competing around the "30-minute living circle," aiming to activate traffic through both near-field and far-field synergies [2] Group 2: Growth in Instant Delivery Demand - The order volume in China's instant delivery sector is expected to reach approximately 48.28 billion orders in 2024, a year-on-year increase of 17.6%, with a CAGR of 20.3% from 2019 to 2024 [3] - By 2030, the nationwide instant delivery order volume is projected to reach 100.84 billion orders, maintaining an annual growth rate of 13.1% from 2024 to 2030 [3] - Instant delivery platforms primarily utilize a "three-track parallel" model for capacity organization: crowdsourcing, self-operated, and labor dispatch, with crowdsourcing becoming the mainstream choice due to its lightweight asset structure [3] Group 3: SF Express's Profitability Improvement - SF Express is the largest third-party instant delivery service platform in China, aiming to become the "first brand in new consumption delivery" by covering four major scenarios: food delivery, local retail, near-field e-commerce, and near-field services [4] - The company benefits from its independent status, allowing it to match new demand effectively [4] - Profit forecasts for SF Express indicate a projected net profit of 230 million, 460 million, and 710 million yuan for 2025-2027, representing year-on-year growth of 73%, 100%, and 55% respectively [5] Group 4: Internal and External Synergies - Internal synergies are driven by the ecosystem of SF Holdings, enhancing internal business growth [5] - External synergies include benefiting from the new journey of instant retail, with revenue from merchants accounting for 73% of local delivery services in 2024, increasing to 77% in the first half of 2025 [5] - The company is investing in autonomous vehicles to reduce costs and enhance asset value [5] Group 5: Valuation and Target Price - The target price for SF Express is set at 18.1 HKD, with a projected market capitalization of 16.6 billion HKD based on a 25x PE ratio for adjusted net profit in 2026 [5] - The current price offers a potential upside of 64% from the target price, with a "recommended" rating for the first coverage [5]

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 18.1, representing a potential upside of 64% from the current price of HKD 10.98 [1]. Core Insights - The report emphasizes that the "takeaway war" has ignited a new journey in instant retail, termed "everything to home," highlighting the significant growth potential in the instant retail sector [4][21]. - The company is identified as the largest third-party instant delivery service platform in China, benefiting from the synergy of its independent third-party status and the broader ecosystem of SF Express [8][9]. - Financial performance shows a continuous improvement in profitability, with gross margins increasing from -23.3% in 2018 to 6.8% in 2024, and adjusted net profit margins improving from -36.4% to 0.93% over the same period [8][9]. Summary by Sections Instant Retail Market - Instant retail is characterized by online ordering and offline fulfillment, aiming to meet local immediate demands, with a projected market size of RMB 781 billion in 2024, growing at 20.15% year-on-year [4][38]. - The competition among major players like Meituan, Taobao, and JD has intensified, with significant subsidies driving daily order volumes to record highs [13][14][15]. - The report outlines three main service models in instant retail: front warehouses, comprehensive instant retail platforms, and store-warehouse integrated self-operated models [23][26][30]. Company Overview - The company is positioned as the leading third-party instant delivery service provider, leveraging the SF Express brand reputation and service capabilities to create a synergistic effect [8][9]. - The internal and external growth mechanisms, termed "dual flywheel," are driving significant revenue growth, with a forecasted increase in net profit from RMB 132 million in 2024 to RMB 707 million by 2027 [9][5]. Financial Projections - Revenue is expected to grow from RMB 15.746 billion in 2024 to RMB 32.731 billion by 2027, with a compound annual growth rate (CAGR) of 27.1% [5]. - The adjusted net profit is projected to reach RMB 8.1 billion by 2027, with a corresponding adjusted price-to-earnings (PE) ratio decreasing from 25 in 2025 to 11 in 2027 [9][5].

經2025年12月30日臨時股東大會以特別決議案通過修訂 1 杭州順豐同城實業股份有限公司 章程 | 第一章 | 總則 | | 3 | | --- | --- | --- | --- | | 第二章 | | 公司的經營宗旨和範圍 | 4 | | 第三章 | 股份 | | 5 | | 第一節 | | 股份發行 | 5 | | 第二節 | | 股份增減和回購 | 6 | | 第三節 | | 股份轉讓 | 8 | | 第四章 | | 股東和股東會 | 8 | | 第一節 | | 股東 | 8 | | 第二節 | | 控股股東和實際控制人 | 11 | | 第三節 | | 股東會的一般規定 | 12 | | 第四節 | | 股東會的召集 | 14 | | 第五節 | | 股東會的提案與通知 | 16 | | 第六節 | | 股東會的召開 | 17 | | 第七節 | | 股東會的表決和決議 | 21 | | 第五章 | | 董事會 | 24 | | 第一節 | | 董事 | 24 | | 第二節 | | 董事會 | 27 | | 第三節 | | 獨立董事 | 32 | | 第四節 | | 董事會專門委員會 | 33 ...

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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 於2025年12月30日（星期二）舉行之2025年 第三次臨時股東大會的表決結果 杭州順豐同城實業股份有限公司（「本公司」）於2025年12月30日（星期二）上午10 時正以通訊方式舉行2025年第三次臨時股東大會（「臨時股東大會」）。臨時股東大 會已依照中國公司法及本公司的公司章程（「公司章程」）的規定舉行。 除非另有界定者，本公告所用詞彙與本公司日期為2025年12月8日的通函所界定 者具有相同涵義。 於臨時股東大會當日，本公司已發行股份總數為917,375,507股，其中745,610,609 股（包括3,120,800股庫存股份）為H股及171,764,898股為境內未上市股份。 3,120,800股庫存股份不計入 ...

Core Viewpoint - SF Express City has launched the second part of a rider-themed short drama series titled "The Day the System Took Effect, I Turned the World Upside Down" in collaboration with Changsha Yunshe Cultural Media Co., Ltd, highlighting the lives of delivery riders and enhancing public understanding of this new employment group [1][3]. Group 1: Company Overview - SF Express City is the largest third-party instant delivery service platform in China, covering four major scenarios: food delivery, urban retail, near-field e-commerce, and near-field services [3]. - The collaboration with Changsha Yunshe, known for producing high-viewership short dramas, aims to leverage their expertise in content planning and production [3]. Group 2: Content and Impact - The first part of the series was the first short drama in China featuring delivery riders as protagonists, achieving over 10 million views on WeChat Video Account and generating widespread discussion on social media [3]. - The second part integrates SF Express City's deep understanding of the rider community with Changsha Yunshe's production expertise, aiming to create relatable rider characters and convey a message of sincerity and kindness [3]. - The increasing attention on delivery riders in artistic works reflects a growing public interest in their lifestyles and spirit, with multiple platforms releasing similar short dramas this year [3].

Core Viewpoint - SF Express City has signed a strategic cooperation framework agreement with Wuhan Public Transport Group to create an innovative ecosystem combining "public transport + unmanned delivery" to enhance urban last-mile delivery efficiency and support the construction of a "15-minute living circle" in Wuhan [1][2] Group 1: Strategic Cooperation - The collaboration aims to integrate resources from SF Express City, SF Intelligent, and Wuhan Public Transport Group to address urban development needs and policy responses [1] - The partnership will utilize SF Express City's instant delivery capabilities, SF Intelligent's technological strengths, and Wuhan Public Transport Group's urban transportation resources to create a closed-loop system for "bus stations + dedicated routes + unmanned delivery" [1] Group 2: Operational Framework - The three parties will build a complete value chain covering "unmanned delivery capacity, bus stations, and scheduling fulfillment" [1] - SF Intelligent will invest in low-speed unmanned delivery vehicles that meet national standards and will be responsible for their research, maintenance, and operation [1] Group 3: Infrastructure and Data Sharing - Wuhan Public Transport Group will provide access to bus stations and auxiliary spaces in key areas for unmanned vehicle docking, charging, and sorting, creating a "one-stop supply station" [1] - The partnership will leverage traffic flow and station distribution data to facilitate efficient unmanned vehicle operations [1] Group 4: Technology and Market Presence - SF Express City has extensive experience in smart logistics and unmanned delivery, with over 800 unmanned delivery vehicles deployed across 105 cities in China [2] - The company is expanding the commercial application of unmanned delivery technology, developing a smart delivery system that covers medical emergencies, last-mile logistics, and services in closed or semi-closed areas [2]

Core Viewpoint - The strategic cooperation among SF Express, SF Intelligent, and Wuhan Public Transport Group aims to create an innovative ecosystem of "public transport + unmanned delivery" to enhance urban last-mile delivery efficiency and support the construction of a high-quality "15-minute living circle" in Wuhan [1][4]. Group 1: Collaboration Details - The three parties will integrate their resources to establish a complete value chain that includes "unmanned delivery capacity, bus stations, and scheduling fulfillment" [2]. - SF Intelligent will provide low-speed unmanned delivery vehicles and ensure their stable operation through research, maintenance, and operation [2]. - Wuhan Public Transport Group will open bus stations in key areas for unmanned vehicle docking, charging, and sorting, while sharing core data for efficient operations [2]. Group 2: Maintenance and Social Impact - SF Intelligent will offer comprehensive after-sales support for unmanned vehicles, ensuring stable business operations and adherence to service standards [3]. - The collaboration will promote unmanned delivery through community outreach activities and the publication of a "Wuhan Unmanned Delivery Service White Paper" [3]. Group 3: Strategic Advantages - The partnership leverages the strengths of each party, creating a synergistic effect that exceeds the sum of individual contributions [4]. - SF Express, as the largest independent third-party instant delivery platform in China, provides technological support and hardware for the collaboration [4]. - The experience in commercializing unmanned delivery technology will facilitate the rapid launch and refined operation of the "public transport + unmanned delivery" project in Wuhan [4]. Group 4: Future Outlook - The three parties will share technology patents and operational standards to continuously iterate the "public transport + unmanned delivery" model [5]. - The innovative model is expected to significantly enhance last-mile delivery efficiency and contribute to urban smart upgrades and improved public services in Wuhan [5].

Core Viewpoint - The collaboration between SF Express, SF Intelligent, and Wuhan Public Transport Group aims to create an innovative ecosystem of "public transport + unmanned delivery" to enhance urban last-mile delivery efficiency and support the construction of a "15-minute living circle" in Wuhan [1][3]. Group 1: Strategic Collaboration - The three parties will integrate their resources to address the growing demand for efficient and green last-mile delivery in Wuhan, a national central city [3]. - The partnership will leverage SF Express's instant delivery capabilities, SF Intelligent's technological strengths, and Wuhan Public Transport Group's urban transport resources to create a closed-loop system for delivery [3][10]. Group 2: Operational Framework - The collaboration will establish a complete value chain encompassing "unmanned delivery capacity, bus stations, and fulfillment" [3]. - SF Intelligent will provide low-speed unmanned delivery vehicles and ensure their stable operation, while Wuhan Public Transport Group will offer bus stations for vehicle docking, charging, and sorting [3][5]. - SF Express will integrate these resources into its instant delivery network, optimizing order and capacity matching through big data and AI algorithms [3][8]. Group 3: Maintenance and Social Impact - SF Intelligent will ensure comprehensive after-sales support for unmanned vehicles, adhering to service standards and information security [5]. - The three parties will promote unmanned delivery through community outreach and will be prepared to handle emergency material deliveries during special periods [5]. Group 4: Synergy and Future Development - The collaboration is expected to generate a synergistic effect, where the combined strengths of the three parties exceed the sum of their individual contributions [5][6]. - SF Express has already deployed over 800 unmanned delivery vehicles across 105 cities, providing a robust operational network that will support the rapid launch and refined operation of the "public transport + unmanned delivery" project in Wuhan [8][10].

Group 1 - The core viewpoint of the article highlights the intense competition in the instant retail sector, particularly during the recent "Double Twelve" shopping event, where major players like Meituan, Alibaba, and JD.com are heavily investing in subsidies and marketing despite significant financial losses [2][11][12] - Meituan's third-quarter financial report reveals a drastic decline in operating profit, with a loss of approximately 141 billion yuan, attributed to increased spending on sales and marketing to compete in the market [4][11] - In contrast, SF Express has reported a significant increase in profits, with a 139% year-on-year growth in adjusted net profit, benefiting from the competitive landscape as a third-party delivery service provider [14][15] Group 2 - The article discusses the implications of the 600 billion yuan investment by internet giants in the instant retail sector, which has created unprecedented pressure on profit structures, particularly for Meituan, which saw a sharp decline in its core local business profits [4][11] - Analysts suggest that the instant retail market is expected to grow significantly, with projections indicating a market size exceeding 3 trillion yuan by 2030, leading companies to view short-term losses as necessary strategic investments [12][13] - Regulatory changes are anticipated to influence the competitive landscape, with new standards aimed at curbing irrational competition and promoting more sustainable practices among platforms [19]