港股物流板块走高，圆通速递国际(06123.HK)开涨8.2%，顺丰同城(09699.HK)涨超3%，中国外运 (00598.HK)微涨0.27%。 ...

巨头打架的第二视角，唯中立以至长远 京东高调进军外卖时，市场的第一反应其实是恐慌。恐慌的原因很简单： 最近，本地生活服务领域很热闹。京东全面进军外卖市场后，美团和阿里饿了么的接招，让这次本地生活服务的"突发战役"，成为近年来国内商业竞争最 大的焦点之一。 就在昨天，市场监管总局会同多部门约谈了京东、美团、饿了么等平台企业，这并非要阻止外卖市场的竞争，而是希望引导行业更加健康有序地发展。毕 竟，此轮外卖大战的背后，是即时零售这个万亿级市场的全面争夺，消费升级和数字经济的长远发展，都绕不开它。 之前一段时间，消费贡献的热点何其多，光茶饮的上市溢价就震撼了整个市场。我们可以确定，即时零售消费效应的延伸，可能才是这轮大战背后最值得 关注的机会点。包括晚点latepost报道淘宝闪购入局时，后者的内部人士有一句话："流水不争先，争的是滔滔不绝，这是一场长期竞争。" 因此，市场也一直在寻找，这场大战背后的赚钱效应究竟在哪里。而港股之前因为外卖大战被看衰的顺丰同城，最近出现底部放量大涨，今天依旧在上 涨。这一轮异动是个风向标，估计有些资金的思维，已经改变了。 一，外卖赛道本来一池春水风平浪静，京东大举进攻之后消费者高呼资本 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 11.5, representing a potential upside of 28.4% from the current price of HKD 8.91 [1][7][14]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of RMB 15.746 billion in 2024, a year-on-year increase of 27.1%, marking seven consecutive years of double-digit growth. Net profit reached RMB 132.5 million, up 161.8%, with a net profit margin improvement from 0.4% in 2023 to 0.8% in 2024 [4][10]. - The company is actively exploring autonomous delivery technologies, having launched drone delivery services in Shenzhen in 2022 and expanding to over 30 cities with more than 100 autonomous delivery vehicles by May 2025. The plan is to increase the average active routes from thousands to tens of thousands [11][12]. - The launch of the "Fengpei Cloud" instant logistics system has reinforced the company's leading position in the industry, enabling third-party logistics services to optimize order management and reduce costs for merchants and small logistics companies [5][13]. Financial Performance - In 2024, the company reported a gross profit margin of 6.8%, benefiting from increased order volume and network efficiency improvements. The core growth drivers include significant new orders from key accounts, expansion into lower-tier markets, and rapid growth in non-food delivery scenarios [10][11]. - The company’s revenue breakdown shows that B2B delivery services accounted for 57.9% of total revenue, with significant contributions from major clients and a notable increase in active merchants [10][11]. - The financial projections indicate continued growth, with expected revenues of RMB 19.075 billion in 2025, reflecting a 21.1% increase, and net profits projected to reach RMB 232.9 million, a 75.85% increase [8][18].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 11.5, indicating a potential upside of 28.4% from the current price of HKD 8.91 [1][7][14]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of RMB 15.746 billion in 2024, a year-on-year increase of 27.1%, marking seven consecutive years of double-digit growth. Net profit reached RMB 132.5 million, up 161.8%, with a net profit margin improvement from 0.4% in 2023 to 0.8% in 2024 [4][10]. - The company is actively exploring smart logistics and unmanned delivery technologies, having launched drone delivery services in Shenzhen in 2022 and expanding unmanned vehicle operations across over 30 cities by May 2025 [11][12]. - The launch of the "Fengpei Cloud" instant logistics system has reinforced the company's leading position in the industry, enabling third-party logistics services to optimize order management and reduce costs for merchants and small logistics companies [5][13]. Financial Performance - In 2024, the company reported a gross profit margin of 6.8%, benefiting from increased order volume and network efficiency improvements. The core growth drivers include significant new orders from key accounts, expansion into lower-tier markets, and rapid growth in non-food delivery scenarios [10][11]. - The company plans to expand its unmanned vehicle routes from thousands to tens of thousands per month by 2025, enhancing delivery efficiency and reducing labor costs [12][14]. - Financial projections indicate continued growth, with expected revenues of RMB 19.075 billion in 2025, reflecting a 21.1% increase, and net profits projected to reach RMB 232.9 million, a 75.85% increase [8][18].

此乃要件 請即處理 閣下如對本通函任何方面或應採取的行動有疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有杭州順豐同城實業股份有限公司的股份，應立即將本通函連同隨附的代表委 任表格送交買主或承讓人或經手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買主或承讓人。 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函的內容概不負責，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函全部或任何部份內容所產生或因倚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） (1)建議修訂員工激勵計劃（2023年）； (2)建議授權董事會及╱或 及 (3)2025年第一次臨時股東大會通告 董事會函件載於本通函第8至25頁。 本公司謹訂於2025年5月28日（星期三）上午十時正以通訊方式舉行臨時股東大會，大會通告載於本通函 第EGM-1至EGM-2頁。隨函附奉臨時股 ...

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） 2025年第一次臨時股東大會通告 特別決議案 承董事會命 杭州順豐同城實業股份有限公司 董事會主席兼首席執行官 孫海金 中國 2025年5月8日 – 1 – 1. 待聯交所上市委員會批准根據H股激勵計劃（2025年）可能授出的獎勵予以 配發及發行的H股上市及買賣後，審議及批准建議修訂員工激勵計劃（2023 年）（於修訂後，將更名為「H股激勵計劃（2025年）」）連同計劃授權限額（即 本決議案通過當日已發行H股總數（不包括庫存股份）的5%）。 2. 審議及批准服務提供者分項限額（即於本決議案通過當日已發行H股總數 （不包括庫存股份）的1%）。 3. 審議及批准建議授權董事會及╱或授權人士辦理H股激勵計劃（2025年）有 關事 ...

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） (2)建議授權董事會及╱或授權人士辦理 H股激勵計劃（2025年）有關事宜 建議修訂員工激勵計劃（2023年） 本公司於2023年4月19日採納員工激勵計劃（2023年），旨在通過根據員工激勵 計劃（2023年）的規定並按其規則授出信託受益權份額，以（其中包括）表彰合資 格人士的貢獻，並激勵及留用合資格人士。 鑒於本公司已於2023年7月28日完成將451,403,783股境內未上市股份轉換為H 股，並於2023年7月31日將有關H股於聯交所上市，於2025年5月8日，董事會 建議修訂員工激勵計劃（2023年），理由及目的如下：(i)根據本公司最新股權架 構更新員工激勵計劃（2023年）項下可供授出的相關H股的最高數目；(ii)引入額 外獎勵股份 ...

Group 1 - The domestic tourism market experienced unprecedented heat during the "May Day" holiday, with over 1.4 billion cross-regional trips and both travel enthusiasm and per capita consumption exceeding the same period last year [1] - The competition among delivery platforms intensified during the holiday, with Taobao's flash sale business achieving over 10 million orders within just six days of its launch, while Meituan reported a 21% year-on-year increase in service consumption in Jiangsu province [1] - Instant delivery services played a crucial role in supporting strong consumer demand, with SF Express's same-city delivery business seeing an 87% year-on-year increase in total orders during the holiday [1][2] Group 2 - New tea beverage brands experienced a surge in orders, with SF Express reporting a 106% year-on-year increase in tea drink orders during the holiday [2] - The sales of health-focused tea products saw a significant rise, with some stores reporting sales increases of over 1700% and even 3000% in tourist areas [2] - Instant delivery services are increasingly being utilized for essential goods, with consumers opting for "light travel" and purchasing items upon arrival at their destinations [2] Group 3 - The integration of "cultural tourism + instant delivery" is emerging as a new highlight in local tourism development, providing personalized services such as luggage delivery and queue management [3] - There was a notable increase in consumer service orders in lower-tier cities during the holiday, with some areas experiencing order growth by several times [3] - The last-mile delivery orders also saw a 102% year-on-year increase, allowing homebound users to receive their purchases more quickly [3]

Group 1 - The core viewpoint of the news is that SF Express has launched an innovative unmanned vehicle delivery service in collaboration with KFC in Shenzhen, enhancing delivery efficiency through a "unmanned vehicle + rider" model [2] - The unmanned vehicle has a total volume of 5.5 cubic meters and can operate 100% autonomously in extreme weather conditions, handling complex scenarios such as steep underground parking and traffic congestion [2] - The partnership aims to expand the application of unmanned vehicles in the food delivery sector, with future plans to extend services to semi-enclosed or hard-to-reach areas like campuses and parks [2] Group 2 - SF Express reported a revenue of 15.756 billion yuan for 2024, representing a year-on-year increase of 27.1% [3] - The gross profit surged by 34.8% to 1.071 billion yuan, while the net profit attributable to shareholders reached 132 million yuan, marking a year-on-year growth of 161.8% [3] - The company achieved a net cash inflow from operating activities of 272 million yuan for the year, indicating strong business quality and operational resilience [3]

港股物流股震荡上升，中通快递(02057.HK)涨超3%，顺丰控股(01519.HK)涨2%，京东物流(02618.HK) 涨1%，顺丰同城(09699.HK)、极兔速递(01519.HK)涨近1%。 ...