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通告的內容概不負責，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通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。 （股份代號：9699） 修訂持續關連交易年度上限 獨立董事委員會及獨立股東的獨立財務顧問 修訂2024年－2026年同城即時配送服務合作框架協議項下最後一公里配送 服務的年度上限 茲提述本公司日期為2023年11月14日的通函，內容有關（其中包括）2024年 － 2026年同城即時配送服務合作框架協議。根據2024年－2026年同城即時配送服 務合作框架協議，同城集團向順豐控股及╱或其聯繫人提供同城即時配送服務。 為滿足最後一公里配送服務增加的需求及參考截至2025年3月31日止三個月的 交易額，董事會預計原年度上限將不足以應付2024年－2026年同城即時配送服 務合作框架協議項下最後一公里配送服務截至2025年及2026年12月31日止年度 可能發生的其他不可預見的交易。因此，董事會建議修訂截至2025年及2026年 12月31日止年度提供最後一公里配送服務的原年度上限。 截至2025年及2026年1 ...

Investment Rating - The report maintains a "Positive" investment rating for the logistics unmanned vehicle industry [5] Core Insights - The logistics unmanned vehicle industry is entering a phase of large-scale commercialization driven by product price reductions, open road rights, and diverse application scenarios [5] - The main application scenario for logistics unmanned vehicles is last-mile delivery, which can significantly reduce costs and improve efficiency for express delivery companies [5][6] - The potential market size for logistics unmanned vehicles is estimated to reach 207.1 billion yuan, with the ability to replace up to 4.44 million traditional commercial vehicles annually [52] Summary by Sections 1. Logistics Unmanned Vehicles: Commercialization Milestone - Logistics unmanned vehicles are defined as autonomous cargo transport tools primarily used in express delivery and other logistics scenarios [10] - The current largest application scenario is the delivery from express service points to community stations, which can replace traditional delivery vehicles and reduce labor costs [25] 2. Manufacturing Segment: Clear Industry Trends and Growing Orders - The market for logistics unmanned vehicles is expected to exceed 100 billion yuan, with significant replacement potential for traditional vehicles [52] - Leading companies like New Stone and Nine Knowledge have reported rapid growth in orders, indicating strong demand in the market [53] 3. Application Segment: Last-Mile Delivery and Cost Reduction - Express delivery companies are increasingly adopting unmanned vehicles for last-mile delivery, which can enhance profitability for franchisees [6] - Companies like SF Express and Debon are actively integrating unmanned vehicles into their operations, leading to cost savings and operational efficiency [5][6] 4. Investment Analysis - The report suggests focusing on companies such as SF Holdings, SF Same City, and Debon, which are well-positioned to benefit from the adoption of unmanned vehicles [5][6]

Core Viewpoint - The stock price of SF Express City (09699.HK) has surged significantly, reaching a historical high of 17.3 HKD per share, with a total increase of 107.48% since May 9, driven by the booming demand in the instant delivery industry [1][2]. Industry Summary - The instant delivery market is experiencing rapid growth, with major platforms like JD and Taobao entering the competition and offering substantial subsidies, further igniting the market [2]. - The domestic instant retail market is projected to reach 650 billion CNY in 2023, reflecting a year-on-year growth of 28.89%, and is expected to grow to 2 trillion CNY by 2030 [2]. - According to third-party data, the order volume in the instant delivery sector is anticipated to reach approximately 482.8 billion orders in 2024, marking a year-on-year increase of 17.6%, with a projected annual growth rate of 13.1% until 2030 [2]. Company Summary - SF Express City has established itself as the largest third-party instant delivery platform in China, benefiting from its neutral positioning, comprehensive coverage, and synergy with the SF ecosystem [2][3]. - The company has reported significant growth in various segments, with a year-on-year increase of 87% in overall business volume during the May Day holiday, and specific categories like supermarket goods and beverages seeing increases of 177% and 106%, respectively [3]. - The entry of competitors like JD has created new opportunities in the instant delivery market, positioning SF Express City to potentially capitalize on industry growth [3][4]. - Despite the stock price surge, the company's latest price-to-earnings ratio (TTM) has reached 106.67, significantly higher than the average of 17.09 for the Hong Kong air cargo and logistics sector [4].

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index closing down 1.36% at 24035.38 points and a total trading volume of 2444.12 million HKD [1] - Citic Securities anticipates a volatile upward trend for Hong Kong stocks in Q3, with potential performance upgrades in Q4 due to domestic growth policies and AI industry catalysts [1] Blue Chip Performance - China Biologic Products (01177) led blue chips, rising 19.29% to 5.69 HKD, contributing 15.04 points to the Hang Seng Index [2] - Other notable blue chips included Zijin Mining (02899) up 4.93% and WuXi AppTec (02359) up 4.67%, while Budweiser APAC (01876) fell 6.39% [2] Sector Movements - Large tech stocks faced pressure, with Alibaba down over 3% and Tencent down over 1% [3] - The pharmaceutical sector showed strength, with notable gains from Rongchang Biopharmaceutical (09995) up 20.1% and China Biologic Products (01177) up 19.29% [3] Pharmaceutical Sector Insights - The Chinese innovative drug sector is experiencing a surge in licensing deals, with 41 transactions totaling 36.929 billion USD in Q1 2025, nearing the total for the entire year of 2023 [4] - The sector's growth is supported by increased liquidity and risk appetite, with BD catalysts expected to be a main theme for the year [4] Gold Sector Activity - Gold stocks were active, with Zijin Mining (02899) up 4.93% and Shandong Gold (01787) up 2.66% [4] - The outlook for gold prices is positive due to central bank purchases and geopolitical tensions [5] Automotive Sector Developments - The automotive sector saw a general decline, with XPeng Motors (09868) down 6.66% and Li Auto (02015) down 2.51% [6] - Competitive dynamics in the automotive industry are expected to shift as major companies standardize supplier payment terms to 60 days [7] Notable Stock Movements - Ping An Good Doctor (01833) rose 10.79% following the launch of a comprehensive AI medical product matrix [8] - SF Express (09699) reached a new high, up 10.64%, benefiting from the growth of instant delivery services [9] - GAC Group (02238) saw a 5.11% increase, driven by collaborations with Huawei and Xiaomi for smart vehicle technology [11]

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]

Investment Rating - The report maintains a positive outlook on the logistics and transportation industry, particularly focusing on cross-border logistics and express delivery sectors [2][3]. Core Views - The report highlights the significant impact of new consumption patterns on logistics demand, emphasizing companies like SF Express and JD Logistics [3]. - It notes the potential for AI to enhance logistics efficiency, particularly for companies like SF Holdings [3]. - The report identifies opportunities in overseas warehouses and recommends companies with operational capabilities in this area, such as Zongteng Network and Huamao Logistics [3]. - The shipping sector is viewed as entering a left-side layout phase, with a focus on companies like Yangtze River Shipping and China Power [3]. - The report indicates that the VLCC freight rates have stabilized at the bottom and are expected to improve gradually [3]. - The report also discusses the performance of various shipping indices, noting a significant increase in the Baltic Dry Index and Shanghai Container Freight Index [4][26]. Summary by Sections Transportation Industry Performance - The transportation index decreased by 0.54%, underperforming the CSI 300 index by 1.42 percentage points [4]. - The cross-border logistics sector showed the highest increase of 0.28%, while the public transport sector experienced the largest decline of -2.78% [4]. Shipping and Logistics - The report emphasizes the strong performance of the Southeast Asian shipping sector, particularly companies like DeXiang Shipping and HaiFeng International [3]. - It notes that the SCFI index rose by 8.1%, indicating a positive trend in container shipping rates [3][24]. - The report highlights the importance of monitoring capacity adjustments and port congestion, which could impact freight rates [3][24]. Express Delivery - The express delivery sector is expected to maintain high growth rates, with a focus on companies like SF Holdings and JD Logistics [3]. - The report suggests that the upcoming policies will optimize logistics costs, benefiting leading companies in the sector [3]. Aviation and Airports - The report indicates that the aviation market is transitioning into a stable phase, with expectations of increased passenger volume and potential recovery in ticket prices [37]. - It recommends several airlines, including China Eastern Airlines and Spring Airlines, as key players to watch [37]. Rail and Road Transport - The report notes the resilience in railway freight volumes and highway truck traffic, suggesting steady growth in these sectors [3]. - It highlights investment opportunities in high-dividend stocks and potential value management catalysts in the highway sector [3].

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） 重選職工代表監事 本公告乃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」）所刊發。 本公司第二屆監事會（「監事會」）的任期將於2025年6月20日屆滿。根據本公司的 公司章程，職工代表監事通過職工代表大會選舉產生。本屆監事會職工代表監事 宿曉慧女士（「宿女士」）於2025年6月5日舉行的職工代表大會上獲重選為第三屆 監事會職工代表監事。宿女士的履歷資料載列如下： 宿曉慧女士，46歲，為本公司的監事。宿女士於2019年10月獲委任為監事。宿女 士於人力資源領域擁有逾20年經驗。宿女士於2005年7月加入順豐控股股份有限 公司（「順豐控股」，連同其附屬公司統稱「順豐控股集團」），於2017年9月至20 ...

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通告的內容概不負責，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通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） 通過普通決議案： – 1 – 2(i)(a). 重選孫海金先生為本公司執行董事； 2(i)(b). 重選陳希文先生為本公司執行董事； 2(i)(c). 重選陳霖先生為本公司執行董事； 2(i)(d). 重選耿艷坤先生為本公司非執行董事； 2(i)(e). 重選李菊花女士為本公司非執行董事； 2(i)(f). 重選李秋雨先生為本公司非執行董事； 2(i)(g). 重選韓鎏先生為本公司非執行董事； 2(i)(h). 重選陳覺忠先生為本公司獨立非執行董事； 2(i)(i). 重選王克勤先生為本公司獨立非執行董事； 承董事會命 杭州順豐同城實業股份有限公司 股東週年大會補充通告 茲提述本公司日期為2025年4月28日的杭州順豐同城 ...