Core Insights - The tourism market is experiencing unprecedented heat ahead of the "May Day" holiday, with significant growth in long-distance travel, cross-border tourism, and county-level tourism [1] - Local cultural and tourism departments are actively implementing consumer-friendly policies, such as Sichuan's issuance of 68.115 million yuan in tourism vouchers [1] Tourism Market Trends - Cross-city accommodation orders exceed 80% due to the "4 days off, 11 days on" holiday strategy, with inbound travel orders increasing by 173% year-on-year [1] - High-star hotel consumption in county areas has surpassed that in high-tier cities, indicating a shift in consumer preferences [1] Innovative Services in Tourism - Instant delivery services are becoming a new focus in the cultural tourism industry, addressing challenges such as luggage management for travelers [3] - SF Express has launched the "Easy Travel" project in Hangzhou and Sanya, providing luggage delivery services that cover transportation hubs, hotels, scenic spots, and commercial areas [3][4] Customer Experience Enhancement - The "Easy Travel" service allows tourists to send their luggage directly to designated locations, improving their travel experience by eliminating the burden of carrying luggage [4] - The service includes over 100 storage points and 24-hour unattended storage options, enhancing customer satisfaction [4] Cultural Tourism Innovations - The rise of "New Chinese-style" tourism is highlighted by the increasing popularity of Hanfu experiences, with over 3,000 Hanfu stores expected in Xi'an by February 2025 [4] - SF Express has introduced a "Hanfu return" service to streamline the return process for tourists, ensuring timely and safe returns of rented Hanfu [4][5] Market Growth Opportunities - The integration of instant logistics services in the cultural tourism sector is seen as a unique value proposition, enhancing consumer engagement and providing growth opportunities for businesses [6] - The "delivery and return" model is gaining traction, with a significant increase in customers utilizing these services, indicating a growing trend in the tourism industry [5][6]

Core Insights - The instant delivery industry in China is experiencing rapid growth, with order volume reaching 42 billion in 2023 and expected to exceed 48 billion in 2024, moving towards a trillion-level market [1] - The growth is driven by a combination of diversified traffic channels, integration with instant retail, expansion of food supply, digitalization in lower-tier markets, and the application of new technologies like AI and drones [1][2] - SF Express is leading the industry by connecting upstream traffic and demand through a unique independent third-party position, enhancing service models, and advancing AI and unmanned delivery technologies [1][4] Industry Trends - The instant delivery sector is projected to continue its rapid expansion, with significant contributions from AI and unmanned technologies that enhance operational efficiency and service quality [2][4] - The integration of green and sustainable practices is becoming a core part of the operational framework, with SF Express adopting electric vehicles and AI-driven logistics systems to reduce carbon emissions [2][5] Company Initiatives - SF Express has successfully implemented unmanned vehicle delivery across multiple regions, achieving over a thousand active routes monthly, significantly improving delivery efficiency [4] - The company has reported a 98% usage of green transportation methods in its delivery operations, saving 2.42 million tons of carbon emissions [5] - SF Express is committed to social responsibility, with a focus on creating a supportive ecosystem for its delivery personnel, including safety training and welfare initiatives [6][7] Future Outlook - SF Express aims to maintain its position as an independent third-party instant delivery service, leveraging its full-service network and exploring new models empowered by AI and unmanned technologies [8] - The company is focused on building a collaborative ecosystem that benefits consumers, merchants, and society, contributing to high-quality development in the instant delivery industry [8]

( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 9699 2024 環 境、 社 會 及 管 治 報 告 目錄 報告說明 2 關於順豐同城 3 董事會聲明 4 主席致辭 5 年度大事記 | ESG亮點績效 | 7 | | --- | --- | | 榮譽獎項及認可 | 9 | | 構建完善的國際合規體系管理 | 11 | 可持續發展管理 | 利益相關方溝通 | 12 | | --- | --- | | 重要性議題判定 | 14 | | 議題重要性分析流程 | 14 | | 重要性矩陣 | 15 | 管治篇 責任治理，築牢可持續發展根基 | 環境管理體系 | 35 | | --- | --- | | 價值鏈低碳運營 | 35 | | 應對氣候變化 | 40 | | 社會篇 | | | --- | --- | | 以人為本，關愛凝聚攜手創未來 | | | 企業文化賦能 | 48 | | 人才隊伍建設 | 48 | | 騎手與共享經濟 | 58 | | 社區互助共贏 | 68 | | 城鄉協同發展 | 72 | | 促進行業進步 | 72 | 服務篇 品質承諾，至誠至精守優質服務 | 產品創新與責任 ...

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任何疑問，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） 建議批准本公司截至2024年12月31日止年度的 經審核綜合財務報表及董事會報告與核數師報告 及 建議不派發2024年末期股息及2025年中期股息的授權 及 建議發行股份及╱或轉售庫存股份的一般授權 及 建議購回H股的一般授權 及 股東週年大會通告 有關召開本公司股東週年大會的通告載於本通 ...

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） 股東週年大會通告 茲通告杭州順豐同城實業股份有限公司（「本公司」）謹訂於2025年6月20日（星期 五）上午10時正以通訊方式舉行股東週年大會，以考慮以下事項： 普通決議案 通過普通決議案： 特別決議案 通過特別決議案： (i) 在本決議案通過後，至本公司下屆股東週年大會結束時； (ii) 在本決議案通過後12個月屆滿之日；或 (iii) 股東於股東大會上通過本公司特別決議案撤回或修訂本決 議案所載賦予董事會的權力之日。 (c) 在董事會根據本決議案第(a)段決議發行股份及╱或轉售庫存股 份的前提下，特此授權董事會批准、簽訂、作出、促使簽訂及 作出所有其認為是與發行該等新股及╱或轉售庫存股份有關的 所有文件、契約和事宜（包 ...

Financial Performance - Total revenue for 2024 reached RMB 15,746.1 million, representing a year-on-year growth of 27.1%[9] - Net profit attributable to the company was RMB 132.5 million, a significant increase of 161.8% compared to the previous year[9] - Revenue from continuing operations increased by 27.1% from RMB 12,387.4 million in 2023 to RMB 15,746.1 million in 2024[24] - Operating profit increased significantly to RMB 117,283 thousand in 2024, compared to RMB 19,151 thousand in 2023[52] - The net profit from continuing operations for 2024 was RMB 132,460 thousand, up from RMB 64,857 thousand in 2023, representing a 104% increase[52] - Adjusted net profit (non-IFRS measure) for the year ended December 31, 2024, was RMB 145.9 million, up from RMB 57.4 million in 2023, reflecting strong operational performance[72] - Total comprehensive income for 2024 was RMB 110,294 thousand, compared to RMB 49,337 thousand in 2023[53] - Basic earnings per share for 2024 were RMB 0.15, doubling from RMB 0.07 in 2023[53] Revenue Growth - Same-city delivery service revenue grew by 23.5% from RMB 7,387.3 million in 2023 to RMB 9,121.2 million in 2024[24] - Last-mile delivery service revenue rose by 32.5% from RMB 5,000.2 million in 2023 to RMB 6,624.9 million in 2024[24] - Revenue from same-city delivery services to merchants was RMB 6,688.3 million, up 28.1% year-on-year[28] - County-level revenue grew by 121% in 2024, with coverage expanding to over 1,300 counties[32] - Tea beverage delivery revenue increased by 73% year-on-year, with significant growth in various categories including retail and pharmacy[31] - Revenue from consumer-facing same-city delivery services was RMB 2,432.9 million, a year-on-year growth of 12.2%[36] User Engagement - Active merchants reached 650,000, while active consumers exceeded 23.41 million, indicating strong user engagement[3] - The company achieved a nearly 40% year-on-year increase in the number of active merchants, reaching 650,000 by the end of 2024, with new signed order revenue experiencing high double-digit growth[15] - The number of active consumers reached over 23.41 million as of December 31, 2024, reflecting a continuous increase in user scale[39] - Same-city delivery service orders increased by over 30% year-on-year, driving accelerated revenue growth[26] Operational Efficiency - Gross profit from continuing operations was RMB 1,071.5 million, with a gross margin improvement to 6.8%, marking a continuous improvement over seven years[14] - Operating cash flow has turned positive since 2023 and continues to improve, providing a solid foundation for sustainable development[14] - The company aims to enhance its operational capabilities and profitability through a flexible operational system and lean management practices[20] - The average delivery time for orders within 3 kilometers was 22 minutes, with a service timeliness achievement rate of approximately 95% in 2024[35] - The company aims to strengthen order capacity matching based on distance stratification in 2024, improving delivery efficiency while reducing costs[47] Market Presence - The company operates in over 2,300 cities and counties across China, enhancing its market presence[3] - The company maintains a strong market leadership position in China's third-party instant delivery market[14] - The company will continue to deepen its market coverage, particularly in lower-tier cities, to support the development of new business scenarios and infrastructure[20] Innovation and Technology - The company plans to implement AI foundational model capabilities across multiple scenarios in 2024, enhancing operational efficiency and service experience through digitalization and AI decision-making[17] - The company is actively exploring the commercialization of smart logistics and unmanned delivery technologies, with over 1,000 active routes nationwide, improving delivery efficiency and reducing costs[18] - The introduction of unmanned delivery vehicles is being piloted in multiple cities, with over 1,000 active routes monthly[48] Corporate Governance - The company is committed to maintaining a robust corporate governance system that aligns with stakeholder expectations[103] - The board consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors[104] - The independent non-executive directors account for more than one-third of the board members, ensuring a balanced governance structure[105] - The company emphasizes ongoing professional development for directors, with training covering responsibilities, corporate governance, and regulatory updates[115] - The audit committee is chaired by a financial expert with over 36 years of experience in auditing and management[105] Social Responsibility - The company is committed to building a rider-friendly platform, launching initiatives such as a HKD 30 million public welfare fund to support riders' children's education and organizing over 10,000 offline care activities[19] - The company organized over 10,000 offline care events for riders, enhancing their welfare and support systems[44] - The safety incident rate decreased by 17% compared to the previous year, reflecting improved safety measures for riders[45] Cash Flow and Liquidity - Cash and cash equivalents stood at RMB 1,369.6 million, down from RMB 1,901.7 million in the previous year, indicating a need for cash flow management[10] - The net cash generated from operating activities for the year ended December 31, 2024, was RMB 271.9 million, primarily due to a profit before tax of approximately RMB 145.0 million[76] - The net cash used in investing activities for the year ended December 31, 2024, was RMB 643.8 million, mainly due to the purchase of structured deposit products[77] - The net cash used in financing activities for the year ended December 31, 2024, was RMB 158.6 million, primarily due to share repurchases[78] Shareholder Actions - The company has initiated a share buyback program, repurchasing 19,203,000 H-shares for a total consideration of nearly HKD 200 million, demonstrating long-term confidence in its business development[21] - The company plans to retain all available funds and profits for business development, with no cash dividends expected for the current fiscal year[157] - The company did not declare a final dividend for the year ended December 31, 2024[100]

Core Viewpoint - The stock price of SF Express's same-city delivery service has been underperforming despite the company's entry into profitability in 2024, primarily due to market misjudgments and external competitive pressures from major players like JD and Meituan [1][5][7]. Group 1: Market Environment - The year 2023 was significant for instant retail, with major companies like JD, Alibaba, Meituan, and Douyin expanding their offerings, which increased the demand for third-party delivery services like SF Express [2][3]. - The entry of JD into the food delivery market has intensified competition, leading to a potential price war that could compress margins for delivery service providers [7][12]. - The macroeconomic environment has shown signs of downturn, particularly with CPI concerns, which have negatively impacted market confidence in SF Express's future performance [7][10]. Group 2: Company Performance - SF Express achieved a gross margin of 6.8% in 2024, up from 6.4% the previous year, with total revenue growth of 27%, and a notable 34% increase in the second half of 2024 [10][11]. - The company has successfully captured key accounts (KA clients) in the high-growth tea beverage sector, which has bolstered its revenue and profitability [11][12]. - The number of active merchants increased to 650,000, a 39% year-on-year growth, indicating strong market demand and operational efficiency [12][13]. Group 3: Future Outlook - The market is expected to reassess SF Express's valuation as it continues to grow its KA client base and improve its financial metrics, potentially leading to a more favorable market perception [17][18]. - The ongoing expansion in the tea beverage sector and other high-growth categories suggests that SF Express is well-positioned to benefit from the increasing demand for same-city delivery services [13][16]. - The competitive landscape may ultimately favor third-party delivery services as they can provide flexibility and efficiency in a rapidly evolving market [12][17].

Group 1 - Domestic e-commerce platforms and supermarkets are supporting foreign trade enterprises to penetrate the domestic market amid increased tariffs in the US [1][2] - Retailers like Yonghui Supermarket and Lianhua Supermarket are offering expedited services and marketing support to help foreign trade companies manage inventory and adapt products to domestic consumer trends [1][2] - JD.com and Douyin are implementing various measures, including direct procurement and dedicated foreign trade product sections, to enhance sales channels for quality foreign trade products [2] Group 2 - Logistics companies like SF Express are collaborating closely with supermarkets to ensure comprehensive delivery coverage and efficient order processing, particularly for bulky foreign trade goods [2] - The transformation from "export to domestic sales" requires efficient collaboration of supply chains, with e-commerce platforms and retail giants playing a crucial role in channel support [3] - China's domestic consumption market is recovering steadily, with retail sales reaching 83,731 billion yuan in January-February, showing a year-on-year growth of 4.0% [3]

近期，"对等关税"靴子落地，此次加征关税的范围和幅度远超市场预期，导致全球资本市场出现巨震，寻找避险资产成为投资焦点。 回顾今年，以科技为核心的中国资产迎来了价值"重估时刻"，中国科技股涨势远超美股。不过美股大跌与关税战、自身涨幅过大有关，中国科技资产的估值 仍处于历史底部，下跌空间有限，中国资产重估还远未结束。 目前科技股的机会点，会在自主创新逻辑和内需逻辑。具体来看，2024年我国消费对GDP增长贡献率高达44.5%，消费作为终极需求，在科技不断赋能下， 带来了效率革命，所产生的增长动能或许最为强劲，在市场波动中形成了"安全垫"。 作为现代消费社会里重要的"水电煤"，并且集合了AI、无人配送、低空经济等技术应用的即时配送行业，近些年迅猛发展，就很好地佐证了这一点。 根据沙利文《2024年中国即时配送行业趋势白皮书》，去年中国即配行业订单规模达482.8亿单，同比增长17.6%，2030年行业有望达到千亿级别规模，其 中，AI技术应用将助力配送进一步提效。 根据独立第三方即时配送服务平台——顺丰同城发布的2024年财报，公司全年总收入157.46亿元，同比增长27.1%；全年净利润1.32亿元，同比大幅增长 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a significant profit increase in 2024, with total revenue reaching 15.746 billion yuan, a year-on-year growth of 27.1%, and a net profit attributable to shareholders of 1.3246 billion yuan, up 161.8% year-on-year [7] - The company is expected to continue its growth trajectory into 2025, with projected revenue of 19.602 billion yuan and net profit of 2.4734 billion yuan, reflecting an 86.73% increase [1][7] - The report highlights the company's strong performance in the 2B local delivery business, with revenue from this segment growing by 28.1% to 6.688 billion yuan, driven by an increase in active merchants and partnerships [7] - The last-mile delivery services also showed robust growth, with revenue increasing by 32.5% to 6.625 billion yuan, supported by enhanced operational efficiency and collaboration with major clients [7] Financial Summary - Total revenue projections for the company are as follows: 15.746 billion yuan in 2024, 19.602 billion yuan in 2025, 23.622 billion yuan in 2026, and 27.874 billion yuan in 2027, with respective year-on-year growth rates of 27.09%, 24.49%, 20.51%, and 18.00% [1][8] - The net profit attributable to shareholders is forecasted to be 1.3246 billion yuan in 2024, 2.4734 billion yuan in 2025, 3.6238 billion yuan in 2026, and 4.9145 billion yuan in 2027, with year-on-year growth rates of 161.80%, 86.73%, 46.51%, and 35.62% respectively [1][8] - The company's earnings per share (EPS) is projected to increase from 0.14 yuan in 2025 to 0.54 yuan in 2027, indicating a strong upward trend in profitability [1][8]