Core Viewpoint - SF Express City (09699) shares rose over 5%, reaching HKD 17.88 with a trading volume of HKD 31.3867 million, following the announcement of a capital increase agreement involving significant investments in White Rhino Group [1] Group 1: Investment Details - SF Express City announced a capital increase agreement where its wholly-owned subsidiary, Shun Da Tong Hang, and its controlling shareholder, SF Holding, will invest a total of RMB 129.54 million in White Rhino Zhida [1] - After the capital increase, Shun Da Tong Hang will hold a 15.81% stake in White Rhino Zhida, while SF Investment will hold a 9.04% stake [1] Group 2: Strategic Implications - The White Rhino Group possesses strong technological knowledge and product capabilities in the low-speed unmanned vehicle sector, which complements the company's business model and enhances last-mile delivery solutions [1] - The anticipated transaction from the capital increase is expected to accelerate the commercial deployment of unmanned delivery solutions within the company's operations, thereby improving service efficiency and supporting long-term business growth [1]

Core Viewpoint - SF Holding (顺丰同城) has seen a stock price increase of over 5%, currently trading at HKD 17.88, with a transaction volume of HKD 31.3867 million, following the announcement of a capital increase agreement involving significant investments in White Rhino Group [1] Group 1: Investment Details - SF Holding's wholly-owned subsidiary, Shun Da Tong Hang, and its controlling shareholder, SF Express, have agreed to invest a total of RMB 156.42 million in White Rhino Group [1] - The investment includes RMB 99.54 million from Shun Da Tong Hang and RMB 56.88 million from SF Investment, resulting in Shun Da Tong Hang acquiring a 15.81% stake and SF Investment acquiring a 9.04% stake in White Rhino Group [1] Group 2: Strategic Implications - The partnership with White Rhino Group is expected to enhance SF Holding's capabilities in the low-speed unmanned vehicle sector, leveraging strong technological knowledge and product capabilities [1] - The anticipated transaction is expected to accelerate the deployment of unmanned delivery solutions within the company's operations, improving service efficiency and supporting long-term business growth [1]

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） 重續租賃協議項下的關連交易 茲提述日期為2022年6月30日有關租賃協議項下關連交易的公告。由於現有租 賃協議預期將於2025年7月31日屆滿，本公司於2025年7月28日訂立2025年租賃 協議，以重續租賃協議，自2025年8月1日起生效，為期三年。據此，深圳同城 （作為承租人）同意向順豐供應鏈（作為出租人）租賃該等物業作為辦公場所。同 日，深圳同城亦與物業管理公司訂立2025年物業管理協議，據此物業管理公司 將就該等物業向深圳同城提供物業管理及後勤服務，有效期自2025年8月1日至 2026年12月31日。 上市規則之涵義 根據上市規則第14A.54(2)條，倘本公司擬重續持續關連交易，則本公司將須重 新遵守上市規則第 ...

（股份代號：9699） 關連交易 增資協議 增資協議 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） 於2025年7月28日（交易時段後），順達同行、順豐投資、其他投資者（合稱「投 資者」）、白犀牛集團連同其創始股東及其前幾輪融資股東訂立增資協議，據 此，順達同行及順豐投資均同意以現金方式向白犀牛智達分別出資人民幣99.54 百萬元及人民幣56.88百萬元。 於增資完成後，(i)順達同行將於白犀牛智達15.81%的註冊資本中擁有權益，累 計現金代價為人民幣129.54百萬元；及(ii)順豐投資將於白犀牛智達9.04%的註 冊資本中擁有權益。 上市規則的涵義 截至本公告日期，順達同行為本公司的全資附屬公司。順豐投資為本公司控股 股東順豐控股的間接全資附屬公司。因此，根據上市規則第14A.07(1 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses **Jiayou International** and **SF Express** in the context of the coal market and the food delivery industry respectively [1][2][4]. Key Points on Jiayou International - **Profit Fluctuation**: Jiayou International achieved a historical profit of **450 million yuan** in a single quarter when coking coal prices were high, but profits fell to **186 million yuan** in the last quarter of the previous year as prices declined [1][2]. - **Profit Elasticity**: The company estimates that for every **100 USD** increase in coking coal prices, profits increase by approximately **100 million yuan**, due to locked-in costs leading to revenue growth [1][2]. - **Valuation**: The market currently values the company as a cyclical enterprise with a valuation range of **10-13 times**. However, due to significant changes in business structure, particularly in Africa, a **15 times** valuation is deemed more appropriate [1][2]. - **Future Profit Projections**: Without considering coking coal price elasticity, projected profits for 2025, 2026, and 2027 are **1.2 billion**, **1.46 billion**, and **1.77 billion yuan** respectively [1][2]. - **African Market Growth**: The African economy is growing rapidly, and the company has a first-mover advantage in the region. Key projects to monitor include those in Tanzania, the TAZARA railway, and Zambia [1][3]. Key Points on SF Express - **Recent Performance**: SF Express has experienced fluctuations recently, influenced by competition from JD.com in the food delivery sector, advancements in autonomous vehicles, and increased competition in the delivery market [4]. - **Market Valuation**: The current market capitalization of **15 billion yuan** corresponds to pessimistic performance projections for 2027, yet there remains potential for growth [4]. - **Order and Revenue Growth**: The company has seen good growth in order volume and revenue driven by the trend of instant retail, despite rising labor costs. The net profit margin is expected to improve, and the gross margin has been consistently increasing over the past seven years [5][9]. - **Competitive Landscape**: Despite intense competition in the food delivery market, consumer habits have shifted, and subsidies still exist, leading to sustained growth in order volume [6][7]. - **Technological Advancements**: The company has made significant progress in technology applications such as autonomous vehicles and drones, which are expected to enhance efficiency and reduce costs [8]. - **Future Outlook**: The long-term outlook for SF Express remains positive, with the instant retail trend expected to continue. Although there are no immediate strong catalysts, substantial growth potential exists [9].

孫海金 （董事會主席兼首席執行官） 陳希文 陳霖 非執行董事 耿艷坤 李菊花 李秋雨 雷雁群 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 董事名單與其角色及職能 杭州順豐同城實業股份有限公司董事會（「董事會」）成員載列如下： 執行董事 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 周翔 黃靜 董事會設立三個委員會。下表提供若干董事會成員在該等委員會中所擔任的職位 資料。 | | | 董事委員會 | | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | 孫海金 | | 成員 | 主席 | | 陳希文 | | | | | 陳霖 | | | | | 耿艷坤 | | | | | 李菊花 | | | | | 李秋雨 | 成員 | | | | 雷雁群 | | | | | 陳覺忠 | 成員 | 主席 | 成員 | | 王克勤 | 主席 | 成員 | | | 周翔 | | | 成員 | | 黃靜 | | | | 中國，2025年7月23日 獨立非執行董事 陳覺忠 ...

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。 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。於臨時 股東大會當日，(i)本公司持有3,120,800股庫存股份不計入賦予持有人權利出席臨 時股東大會並於會上就決議案投票的股份數目，且並無就該等股份行使投票權； (ii)順豐控股合共持有536,503,560股股份，佔本公司已發行股份總數約58.48%， 並控制或有權控制其於本公司股份的投票權；(iii)根據上市規則14A.36條，順豐 泰森、SF Holding (HK) Limited、同城科技及Celestial Ocean Investment Limited 已就有關2024年－2026年同城即時配送服務合作框架協議及經修訂年度上限的普 通決議案放棄投票；及(iv)除上文所披露者外，概無其他股東須按上市規則規定 ...

Group 1 - The core idea of the news is the release of a short drama by SF Express focusing on the delivery riders, showcasing their experiences and challenges in a narrative format [1][2] - The short drama features a rider named Song Da who gains superpowers after an act of bravery, leading to a deeper investigation into hidden truths within his daily delivery routine [1] - The drama is filmed in familiar settings for riders, such as city streets and residential areas, allowing for a natural presentation of their daily activities [1] Group 2 - SF Express is the first platform in China to employ full-time delivery riders and has introduced a "Rider Grievance Care" initiative, including a special fund of 5 million yuan established in July 2024 to support riders facing difficulties [2] - Prior to the short drama, SF Express launched a series of videos aimed at addressing and soothing the emotional challenges faced by riders during deliveries [2] - The short drama serves as a platform for riders to express themselves and conveys the message that being a rider can lead to extraordinary possibilities, aligning with the company's values [2]

Summary of the Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is experiencing a price competition relief in 2025, with a projected price drop of approximately 7% in the first half of the year, expected to narrow to 6% in the second half, particularly in regions like Yiwu and Chaoshan [1][13] - The industry is projected to handle over 205 billion parcels in 2025, with a growth rate of about 17.2% [2][13] Core Points and Arguments - **Government Initiatives**: The government is actively promoting measures to combat internal competition (反内卷), including the trial of number protection services by the Ministry of Industry and Information Technology to reduce data monopolies by e-commerce platforms [3][11] - **Digital Management**: Express companies are encouraged to optimize delivery costs through digital management and to stabilize their workforce while avoiding drastic price fluctuations [1][9] - **Focus on Service Quality**: The core of combating internal competition lies in breaking the data monopoly of e-commerce platforms, enhancing service quality through data circulation, and leveraging policy guidance [1][10] - **High-Quality Development**: Companies should delay reducing delivery fees to ensure the earnings of franchisees and couriers, while exploring international markets and factory logistics [9][12] - **Technological Advancements**: The use of unmanned vehicles and smart delivery stations is emphasized to reduce costs and improve efficiency [17][19] Important but Overlooked Content - **Historical Context**: Previous measures, such as the 2021 price increase discussions by the State Post Bureau, have shown that regulatory actions can stabilize prices, and this year’s approach is expected to be more rational and data-driven [6][7] - **Market Dynamics**: The express delivery market is shifting towards enhancing service quality and exploring new markets rather than engaging in fierce price wars [15][31] - **Future Projections**: The industry is expected to see a growth rate of 8% to 10% by 2026, indicating a balance between supply and demand, which will reduce the need for excessive capital expenditure [14][20] - **Challenges in International Expansion**: Companies face challenges such as building cross-border logistics networks and adapting to local markets when expanding internationally [28][30] Conclusion - The express delivery industry is transitioning towards a model focused on high-quality service and technological innovation, moving away from price wars. The government's supportive policies and the industry's adaptation to new technologies are crucial for sustainable growth and efficiency improvements in the coming years [19][32]

Market Overview - The US stock market was closed on July 4th for Independence Day [1] Hong Kong Stock Market Highlights - Yum China (09987) rose over 3% after announcing the establishment of an innovation fund to convert operational needs into practical applications [2] - H&H International Holdings (01112) fell over 7%, expecting a 45% to 65% decline in net profit for the first half of the year [2] - China Rare Earth Holdings (03788) surged nearly 9% as it plans to spin off its gold business for independent listing on the Hong Kong Stock Exchange, potentially seeking financing before the spin-off [2] - Health Road (02587) jumped over 18% as its controlling shareholder voluntarily extended the lock-up period, focusing on digital health services [2] - Smoore International (06969) increased over 5% with the launch of Glo Hilo in Japan, maintaining high profit margins [2] - Tencent Music (01698) rose nearly 3% as institutions noted that recent acquisition plans would enhance overall content supply [2] - Jihong Co., Ltd. (02603) surged over 7%, with a projected net profit increase of over 55% year-on-year for the first half [2] - Solar stocks collectively declined, with Xinyi Solar (00968) down 4.86%, Fuyao Glass (06865) down 3.88%, New Energy (01799) down 3.19%, and Xinyi Glass (00868) down 2.64% [2] Other Notable Movements - Kuaishou-W (01024) rose over 3% as it plans to launch a live streaming initiative across multiple cities to create a collaborative ecosystem [3] - Gold stocks faced pressure, with Shandong Gold (01787) down 5.09%, China Gold International (02099) down 3.44%, Lingbao Gold (03330) down 2.68%, and Chifeng Jilong Gold (06693) down 2.33% [3] - China Shipbuilding Defense (00317) increased over 3% after the approval of a merger and acquisition restructuring plan, optimizing resources in the shipbuilding industry [3] - Medical device stocks saw a broad increase, with Spring Medical (01858) up 6.36%, Yongsheng Medical (01612) up 7.27%, Xinwei Medical-B (06609) up 3.55%, and Microneuroscience (02172) up 1.12% [3] - Some stablecoin concept stocks rose, with Victory Securities (08540) up 6.9%, Guotai Junan International (01788) up 5.15%, Yika (09923) up 2.59%, and China Everbright Holdings (00165) up 1.96% [3] - SF Express City (09699) rose nearly 7% amid intensified competition in the food delivery sector, with expectations of increased order volume [3] - HSSP International (03626) fell over 20% after being named by the Hong Kong Securities and Futures Commission for high stock concentration [3] Strategic Partnerships and New Listings - Shengye (06069) opened nearly 15% higher after forming a strategic partnership with Stand Robot to enhance its robotics industry chain [4] - Beverage stocks opened high, with Cha Bai Dao (02555) up 15%, Nayuki's Tea (02150) up 9.87%, Gu Ming (01364) up 5.77%, Hu Shang Ayi (02589) up 2.99%, and Mixue Group (02097) up 2.92% [4] - FWD Group (01828) had a flat opening on its first day of listing, being a life insurance company under Li Zeqiang's control [4]