Summary of the Conference Call for SF Express City Company Overview - The conference call discusses **SF Express City**, a logistics company operating in the last-mile delivery sector, focusing on its market position and growth potential amidst competitive pressures and industry dynamics. Key Points Industry and Market Dynamics - **Short-term Impact of Internet Platform Subsidies**: The increase in subsidies from platforms like Taobao may be perceived as a short-term negative for SF Express City, but the long-term impact is expected to be limited due to its reliance on a crowdsourced delivery model and the rise of new consumer brands that grant logistics autonomy to leading merchants [2][4]. - **Market Share Potential**: SF Express City currently holds a low market share in daily order volume, estimated at around 5-6 million orders, with significant room for growth as traditional logistics firms face declining market shares [2][6]. - **Competitive Landscape**: The overall market is moving towards a scale of 200 million daily orders, with major competitors like Meituan and JD.com also expanding their delivery capabilities [3][6]. Financial Performance and Projections - **Revenue and Profit Growth**: The company is experiencing rapid growth in revenue, order volume, gross profit, and net profit, indicating strong short-term performance [2][8]. - **Improvement in Related Transactions**: SF Holding has revised its related transaction amounts with SF Express City for 2025 and 2026 to HKD 12.8 billion and HKD 20.6 billion, reflecting a year-on-year growth of 101% and 60%, respectively. This indicates a focus on cost reduction and efficiency improvements [7]. - **Long-term Valuation Outlook**: The company is expected to enter a mature phase in its express and takeaway segments by 2025, allowing for more accurate assessments of profit and valuation [4][12]. Strategic Initiatives - **Expansion into Lower-tier Cities**: SF Express City is expanding into second, third, and fourth-tier cities, which may lead to a decrease in per-order revenue but is expected to benefit from economies of scale and new technology applications that will lower costs [2][8]. - **Focus on Volume Over Absolute Profit**: During the expansion phase, the absolute profit figures are less critical. The company initially operated at a negative gross margin due to subsidies but is expected to see improvements in gross and net margins as volume increases and subsidies decrease [9][10]. Future Outlook - **Market Potential**: The current market valuation of approximately HKD 15 billion suggests significant growth potential, with expectations of increased market share in both the commercial and logistics sectors [4][12][13]. - **Sustained Industry Growth**: The overall industry remains stable, with SF Express City positioned to capitalize on growth opportunities across its express and takeaway segments [12][13]. Additional Insights - **Technological Integration**: The application of new technologies, such as autonomous vehicles, is anticipated to enhance operational efficiency and maintain stable gross margins despite market expansion [8][10]. - **Customer Autonomy**: The rise of new consumer brands has shifted logistics power towards major merchants, benefiting SF Express City as an independent third-party logistics provider [5].

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。 茲提述杭州順豐同城實業股份有限公司（「本公司」）日期為2025年7月3日的2025 年第二次臨時股東大會（「臨時股東大會」）通告（「該通告」），當中載列臨時股東大會的 舉行日期、時間及地點以及臨時股東大會上提呈供股東審批的決議案。 茲補充通告本公司謹訂於2025年7月23日上午10時正以通訊方式舉行臨時股東大 會，除該通告所載的決議案外，將以普通決議案審批下列決議案。除本補充通告所述 外，該通告所載所有資料及內容保持不變。 普通決議案 承董事會命 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） 臨時股東大會補充通告 杭州順豐同城實業股份有限公司 2. 免去韓鎏先生本公司非執行董事職務。 3. 選舉雷雁群先生為本公司非執行董事。 4. 授權本公司董事會釐定雷雁群先生之薪酬 ...

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. （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 股東提請免去非執行董事的提案 股東提請選舉非執行董事的提案 杭州順豐同城實業股份有限公司 | | 釋義 | 1 | | --- | --- | --- | | 董事會函件 | | | | 1. | 緒言 | 3 | | 2. | 書面提案 | 4 | | 3. | 提案股東提請免去非執行董事的提案 | 5 | | 4 ...

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） 內幕消息 股東提請建議免去非執行董事 及 股東提請建議選舉非執行董事 本公告乃由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」）根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 13.09條及香港法例第571章證券及期貨條例第XIVA部項下之內幕消息條文（定義 見上市規則）而刊發。 有關提案股東提交書面提案的背景 茲提述本公司日期為2025年7月3日內容有關本公司2025年第二次臨時股東大會 的通函（「通函」）。除另有界定者外，本公告所用詞彙與通函所界定者具有相同涵 義。 本公司董事（「董事」）會（「董事會」）謹此宣佈，於2025年7月3日，本公司收到一 名本公司股東（即淘寶 ...

2025年第二次臨時股東大會通告 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7月23日（星期 三）上午10時正以通訊方式舉行2025年第二次臨時股東大會（「臨時股東大會」），以考 慮及酌情通過以下決議案： 普通決議案 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） 孫海金 中國，2025年7月3日 附註： 通過普通決議案： 1. 審議及批准就本公司與順豐控股於2023年10月19日訂立的同城即時配送服 務合作框架協議（「2024年－2026年同城即時配送服務合作框架協議」）項下 的最後一公里配送服務採納於截至2025年及2026年12月31日止年度的經修 訂年度上限分別為人民幣12,845.0百萬元及人民幣20,551.0百萬元（「經修訂 年度上限 ...

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 閣下的持牌證券交易商、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 任表格及回執送交買主或承讓人或經手買賣或轉讓的銀行或持牌證券交易商或其他代理商，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分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） 修訂持續關連交易 年度上限 及 2025年第二次臨時股東大會通告 獨立董事委員會及 獨立股東的獨立財務顧問 董事會函件載於本通函第6至20頁。獨立董事委員會函件載於本通函第21至22頁。獨立財務顧問函件載於 本通函第23至36頁。 本公司謹訂於2025年7月23日（星期三）上午10時正 ...

Summary of Key Points from Conference Call Records Industry Overview - **Shipping and Shipbuilding Sector**: The sector is influenced by replacement cycles, capacity cycles, and mid-cycle demand. New ship prices are recovering, and improved US-China relations may restore suppressed sentiment. Supply-side reforms are limiting the expansion of small and medium-sized shipyards, which is beneficial for the industry in the long term. Companies like China Shipbuilding Industry Corporation and China State Shipbuilding Corporation are noteworthy [1][2][3]. - **Cruise Industry**: Benefiting from the cancellation of black market activities in the Middle East, leading to expanded profit margins. China Merchants Industry is expected to exceed performance expectations in Q2 due to its container business in Asia [1][3]. - **Aviation and Airport Sector**: Q2 saw an increase in passenger traffic and ticket prices year-on-year, with cost pressures easing. Major airlines are narrowing losses, while private airlines are significantly improving profits. Airport profits are expected to rise with the recovery of international routes [4][5]. - **Express Delivery Industry**: Growth is slowing down, but SF Express is performing well in the high-end e-commerce segment. SF Express City is seeing rapid growth in instant delivery volumes and revenue, with potential for improved net margins [6][7]. Core Insights and Arguments - **Shipping Sector Investment Opportunities**: The shipping sector is currently seen as a high-value investment opportunity due to recent price recoveries in new shipbuilding and the easing of US-China tensions. The sector is characterized by a 20-year replacement cycle and a supply-side reform that is expected to improve the industry landscape in the long term [2][3]. - **Aviation Market Trends**: The domestic passenger traffic increased by 4% year-on-year, with ticket prices stabilizing. International passenger traffic grew by 18%, although ticket prices fell by 16%. The overall market revenue is expected to remain stable or show slight growth [4][5]. - **Express Delivery Market Dynamics**: Despite a marginal decrease in growth rates, SF Express is enhancing its market competitiveness through cost reduction strategies. The company has achieved a daily order volume of 15 million in the e-commerce segment [6][7]. Additional Important Insights - **Railway Sector Performance**: Railway passenger volume increased by 7.3% year-on-year, but the turnover volume showed signs of pressure. High-speed rail is expected to maintain stable growth, while freight volume is anticipated to accelerate in the second half of the year [11][13][14]. - **Highway Sector Developments**: The highway sector is experiencing stable growth in vehicle flow, with toll revenue expected to remain steady or slightly increase. Companies like Zhejiang Huhang and Anhui Expressway are performing well [10]. - **Competitive Landscape in Express Delivery**: The competition among express delivery companies remains intense, with significant price elasticity observed during promotional periods. The current low valuation of companies in this sector presents potential investment opportunities [8]. - **Future Outlook for Shipping and Aviation**: The shipping sector is positioned comfortably for investment, while the aviation sector is expected to see improved profitability as the summer travel season approaches [17]. This summary encapsulates the key points from the conference call records, highlighting the current state and future outlook of various sectors within the transportation and logistics industry.

Core Viewpoint - The competition in the instant retail market is intensifying as major internet platforms like JD.com, Taobao, and Meituan ramp up their efforts, raising questions about the opportunities for third-party delivery platforms like SF Express and Flash Delivery [1][10]. Group 1: Market Dynamics - Instant retail is experiencing explosive growth, with JD.com's food delivery service achieving over 25 million daily orders within just four months and over 150,000 full-time couriers [3][4]. - Taobao's flash purchase service has surpassed 60 million daily orders, and Alibaba has merged Ele.me into its China e-commerce group to accelerate instant retail development [3][4]. - Meituan is expanding its instant retail offerings, planning to cover all first and second-tier cities and enhance its supply chain across 200 quality agricultural regions [3][4]. Group 2: Strategic Involvement of Major Players - High-level executives from major companies are directly involved in promoting their instant retail services, indicating the strategic importance of this sector [4][5]. - JD.com has begun recruiting full-time couriers for its delivery service and has introduced a "second delivery station" role to enhance management and service quality [7][8]. Group 3: Innovations in Delivery Services - JD Logistics has launched the "Second Delivery Warehouse" service, which integrates warehousing and delivery, allowing for average delivery times of 30 minutes in key areas [9]. - This service model helps merchants avoid the high costs associated with building their own warehouses, thus lowering entry barriers for instant retail [9]. Group 4: Opportunities for Third-Party Delivery Platforms - Despite the dominance of major internet platforms, third-party delivery companies like SF Express and Flash Delivery have the potential to thrive by focusing on customized delivery solutions for various sectors [10][11]. - SF Express has noted that the current "takeout war" is just the beginning, with future expansions expected into non-food categories such as general merchandise and pharmaceuticals [11]. - The company aims to leverage its unique advantages by providing comprehensive service solutions for mid-sized businesses, which may prefer to collaborate with third parties rather than be tied to major platforms [12].

Core Insights - The company has successfully navigated the challenge of balancing revenue growth and profit margins, achieving a continuous increase in gross margin for seven consecutive years while outpacing market revenue growth [1][2] - The company anticipates maintaining its growth momentum in 2024, with a projected doubling of net profit to 132 million yuan, establishing itself as the only consistently profitable player in the third-party delivery industry [2][4] Group 1: Business Performance - The company reported a significant increase in active merchants, reaching 650,000 in 2024, with a strong growth in key accounts (KA) and a market share that remains competitive [1][2] - The number of active consumers exceeded 23 million, with a notable increase in repurchase rates, contributing to revenue growth and enhancing order density in various business districts [1][2] - The active rider count reached 1 million last year, with a significant year-on-year increase in high-income riders [1] Group 2: Business Segments - The company’s three business segments (ToB, ToC, and last-mile delivery) are expected to drive sustained growth, with the ToB segment expanding its customer base by over 7,500 stores last year [2][3] - The ToC segment has introduced exclusive delivery products that strengthen its position in the high-end market, aiding consumer business development [2][3] Group 3: Market Trends - The ongoing competition in the food delivery sector is intensifying, with major players like Meituan and JD.com heavily investing in the market, indicating a shift towards a broader range of products beyond just food [4][5] - The company believes that the current food delivery battle is just the beginning, with future expansions into grocery, pharmacy, and other sectors expected to drive significant growth [4][5] Group 4: Strategic Focus - The company aims to maintain its unique third-party positioning and comprehensive business model, focusing on enhancing service quality and building a robust rider ecosystem [5][6] - The company plans to leverage customized logistics solutions to cater to various verticals, including grocery and pharmaceuticals, while integrating warehousing and delivery services to enhance efficiency [5][6] Group 5: Long-term Outlook - The company is positioned in a long-term growth sector, with increasing consumer demand for convenience and instant delivery aligning with modern lifestyle trends [6][7] - The industry is expected to see an influx of new players, driven by the need for diverse channels and the ongoing trend of brand concentration in the supply side [6][7]

Core Insights - The 618 shopping festival saw a total e-commerce sales of 855.6 billion yuan, marking a 15.2% year-on-year growth, with instant retail leading the charge at an 18.7% growth rate [1] - Instant retail has emerged as a new battleground among major platforms like JD.com, Meituan, and Taobao, shifting consumer demand from bulk purchasing to immediate satisfaction [1][4] - The logistics sector, particularly last-mile delivery, has experienced significant growth, with SF Express reporting a daily order volume increase of over 50% compared to last year during the promotional period [3][6] E-commerce Performance - Instant retail sales surged, with categories such as beverages, supermarket goods, and fast food seeing order volumes double, while pharmaceuticals, beauty products, and maternal and infant goods experienced high double-digit growth [3][5] - Taobao's flash sales integrated over 3 million stores, enhancing the synergy between distant and local e-commerce, while Meituan focused on key categories like beauty and maternal products [5] Logistics and Delivery - SF Express has leveraged its flexible delivery network to support traditional logistics, achieving significant increases in last-mile delivery volumes, with daily averages far exceeding last year's peak [6][8] - The company has expanded its use of unmanned vehicles, increasing its operational scale to 200 units and achieving over 10,000 active routes monthly, enhancing delivery efficiency and precision [6] Market Dynamics - The competition among Taobao, JD.com, and Meituan in instant retail has driven traditional e-commerce logistics to new heights, with services like "express home delivery" being introduced [6] - SF Express has positioned itself as a key infrastructure provider in the local consumption ecosystem, facilitating efficient fulfillment for merchants and platforms while addressing traditional logistics' time constraints [8]