Core Insights - SF Express has partnered with Wuhan Children's Hospital to launch an integrated blood transportation service using drones and ground delivery, enhancing the efficiency and flexibility of medical logistics [1][5][6] Group 1: Service Overview - The new service combines SF Express's drone resources with flexible last-mile delivery capabilities, achieving full-scenario coverage through a "sky + ground" model [1][5] - The first operational route covers 11 kilometers, significantly reducing blood transportation time from over 1 hour to approximately 10 minutes [3][5] Group 2: Operational Efficiency - The drone, Fengyi Ark 40, can transport up to 40 units (8000cc) of blood in a single flight, meeting the daily blood demand of a medium to large hospital [3] - The integrated delivery model allows for flexible scheduling based on weather and demand, ensuring stable and timely delivery of medical supplies [5][6] Group 3: Cost and Resource Optimization - By utilizing third-party services, hospitals can optimize operational costs, reducing the need for dedicated blood collection teams and associated fixed expenses [5][6] - The "sky + ground" model enhances emergency blood supply capabilities, allowing hospitals to respond effectively to sudden demands or adverse weather conditions [6] Group 4: Future Expansion - Following the successful operation of the initial route, the model is expected to expand to other delivery lines, improving the urgent transportation of medical supplies [8] - The integrated delivery service may also extend to other high-efficiency logistics sectors, showcasing its value in low-altitude logistics applications [8]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 杭州順豐同城實業股份有限公司 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09699 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 745,610,609 | RMB | | 1 | RMB | | 745,610,609 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 745,610,609 | RMB | | 1 | RMB | | 745,610,609 | | 2. 股份分類 | ...

Core Insights - SF Express collaborates with Wuhan Children's Hospital to launch an integrated blood transportation service using drones and ground delivery [1][2] - The service significantly reduces transportation time for medical supplies from over 1 hour to approximately 10 minutes [1][2] Group 1: Service Overview - The new service combines SF Express's drone resources with flexible last-mile delivery capabilities, ensuring full-scenario coverage for medical material transport [1] - The first operational route covers 11 kilometers, with the drone capable of transporting up to 40 units (8000cc) of blood in a single flight [1][2] Group 2: Operational Efficiency - Previously, hospitals required ambulances to retrieve blood from the Wuhan Blood Center, taking about 1 hour, or up to 1.5 hours during peak traffic [2] - The integrated "air + ground" delivery model allows for flexible adjustments based on weather and demand, ensuring timely delivery of emergency medical supplies [2] Group 3: Cost and Resource Optimization - The introduction of third-party services optimizes operational costs for hospitals by reducing the need for dedicated blood retrieval teams, thus lowering fixed expenses related to manpower and vehicles [2] - The service enhances the blood supply capability during emergencies or adverse weather, significantly improving emergency response times [2] Group 4: Future Expansion - Following the successful operation of the initial route, the model is expected to expand to other delivery routes, enhancing the efficiency of urgent medical material transport [3] - The "air + ground" delivery service may also extend to other high-efficiency delivery sectors, showcasing its value in low-altitude logistics applications [3]

Core Insights - SF Express has launched an integrated blood transportation service in collaboration with Wuhan Children's Hospital, utilizing both drone and ground delivery methods to enhance the efficiency and flexibility of medical logistics [1][4][6] Group 1: Service Overview - The new service combines SF Express's drone resources with flexible last-mile delivery capabilities, achieving full-scenario coverage through a "sky + ground" model [1][6] - The first operational route covers 11 kilometers, significantly reducing blood transportation time from over 1 hour to approximately 10 minutes [4][6] Group 2: Operational Efficiency - The drone, Fengyi Ark 40, can transport up to 40 units (8000cc) of blood in a single flight, meeting the daily blood supply needs of a medium to large hospital [4] - The integrated delivery model allows for flexible adjustments based on weather conditions and delivery demands, ensuring stable and timely delivery of medical supplies [6][8] Group 3: Cost and Resource Optimization - Hospitals benefit from reduced operational costs by eliminating the need for dedicated blood retrieval teams, thus lowering fixed expenses related to manpower and vehicles [8] - The "sky + ground" delivery system enhances the emergency blood supply capability, allowing hospitals to respond effectively to sudden demands or adverse weather conditions [8] Group 4: Future Expansion - Following the successful operation of the initial route, the integrated delivery model is expected to expand to other logistics routes, improving the efficiency of emergency medical supply transport [8] - This "sky + ground" service model may also extend to other high-efficiency delivery sectors, showcasing its value in low-altitude logistics applications [8]

Core Viewpoint - A violent incident involving a delivery rider and a drunken man occurred in Liuzhou, highlighting the need for respect and protection of delivery workers' rights [5][6]. Group 1: Incident Details - On September 26, 2025, a drunken man assaulted a delivery rider in front of a coffee shop in Liuzhou, resulting in the rider sustaining minor injuries [1]. - The assailant, identified as Yang, was arrested and later fined 500 yuan and given a ten-day administrative detention [1]. - The incident escalated as the drunken man pushed the rider's electric bike, struck him with a helmet, and kicked him multiple times, also attacking bystanders [5]. Group 2: Company Response - SF Express issued a statement condemning the attack and emphasized the importance of respecting delivery riders' rights [5]. - The company provided 5,000 yuan in compensation to the affected rider and offered legal assistance and psychological support [6]. - SF Express expressed gratitude towards other riders and citizens who intervened during the incident, highlighting the spirit of mutual assistance in the industry [6].

Core Points - A delivery rider from SF Express was assaulted by a drunken man in Liuzhou, Guangxi, leading to police intervention and subsequent penalties for the assailant [1] - SF Express issued a statement clarifying the circumstances of the incident, emphasizing that the rider was performing his duties when the assault occurred [1][2] Group 1 - The assailant, identified as Yang, was detained for ten days and fined 500 yuan for the attack on the rider [1] - The rider, Huang, sustained minor injuries and was treated at a hospital following the incident [1] - SF Express provided a compensation of 5,000 yuan to the rider as a gesture of support after the incident [2]

Core Insights - Xiaomi officially launched the Xiaomi 17 series on September 25, showcasing significant advancements in performance and user experience [1] - The Xiaomi 17 series includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the new Xiaomi Surge OS 3 and the fifth-generation Snapdragon 8 processor [1] - The Xiaomi 17 series will be available for purchase starting September 27 at 10 AM [1] Product and Service Enhancements - Xiaomi emphasizes the importance of delivery efficiency and service experience, having partnered with SF Express for same-city delivery since 2021 [1][2] - The delivery model allows consumers to order via the Xiaomi Mall App or Xiaomi Lite mini-program, with an average delivery time of one hour within a 3-kilometer radius [2] - The collaboration with SF Express enhances the digital shopping experience, catering to consumer demand for immediate access to new products [2] Ecosystem and Market Position - The Xiaomi Mall serves as a central platform for fans, providing exclusive promotions and immediate access to new products [2] - SF Express's same-city service covers four core scenarios in the new consumption era, indicating a strong integration of high-end products and efficient services [2]

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Senior Management](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E5%B1%A4) This section details the composition of the Board of Directors, including executive, non-executive, and independent non-executive directors, committee members, and key personnel, noting Mr. Lei YanQun's election as a non-executive director during the reporting period - The Board of Directors comprises **3 executive directors**, **4 non-executive directors**, and **4 independent non-executive directors**[7](index=7&type=chunk) - Mr. Lei YanQun was elected as a non-executive director on **July 23, 2025**, replacing Mr. Han Liu[7](index=7&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) This section provides essential contact and registration details, including legal advisors, auditors, registered office, headquarters, H-share registrar, principal bankers, and company website - The company's registered office is located at Room 1626, 16th Floor, Chenchuang Building, No. 198 Zhoushan East Road, Gongshu District, Hangzhou, Zhejiang Province, China[7](index=7&type=chunk) - The headquarters and principal place of business in China are located on the 21st-22nd floors of SF Headquarters Building, No. 3076 Xinghai Avenue, Nanshan District, Shenzhen, Guangdong Province, China[8](index=8&type=chunk) - The H-share registrar is Tricor Investor Services Limited[9](index=9&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) [2025 Interim Results Overview](index=5&type=section&id=2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E7%B8%BD%E8%A6%BD) This section summarizes the company's key financial performance for the first half of 2025, showing significant growth in revenue, gross profit, net profit, and adjusted net profit, with net profit doubling and net margin reaching a record high 2025 Interim Results Overview | Indicator | Amount (RMB million) | Year-over-year Growth | Profit Margin | | :--- | :--- | :--- | :--- | | Revenue | 10,236.0 | 48.8% | - | | Gross Profit | 680.8 | 43.8% | 6.7% | | Net Profit | 137.0 | 120.4% | 1.3% | | Adjusted Net Profit | 160.2 | 139.0% | 1.6% | - Adjusted net profit and adjusted net profit margin are non-IFRS measures[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the company's business performance in the first half of 2025, highlighting its position as China's largest third-party on-demand delivery service provider, achieving robust revenue growth and a doubling of net profit through a focus on high-quality healthy growth, increased technology investment, and rider network expansion - The company is China's **largest third-party on-demand delivery service provider**[13](index=13&type=chunk) - Revenue for the first half of 2025 increased by **48.8%** to **RMB 10,236.0 million**[14](index=14&type=chunk) - Net profit increased by **120.4%** year-over-year, with net profit margin reaching a **record high**[14](index=14&type=chunk) - As of June 30, 2025, cash and cash equivalents and short-term wealth management investments were **RMB 1,134.1 million** and **RMB 1,260.4 million** respectively, indicating a healthy cash flow and ample capital reserves[14](index=14&type=chunk) [Overview](index=6&type=section&id=%E6%A6%82%E8%A7%88) In the first half of 2025, the company implemented a 'high-quality healthy growth' strategy, leveraging local life service insights, a nationwide flexible capacity network, and digital intelligence technology to achieve steady revenue growth and a doubled net profit, reinforcing its neutral open platform positioning and differentiated competitive advantages in comprehensive on-demand delivery services - Adhering to the 'high-quality healthy growth' strategy, achieving **steady revenue growth** and a **doubling of net profit** compared to the same period in 2024[13](index=13&type=chunk) - Leveraging a neutral open platform positioning and differentiated competitive advantages centered on comprehensive high-quality on-demand delivery services[13](index=13&type=chunk) [Intra-city Delivery Services](index=7&type=section&id=%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Intra-city delivery service revenue increased by 43.1% year-over-year to RMB 5,778.7 million, driven by increased catering takeout demand, robust growth in non-catering scenarios, expanded active merchant and consumer base, penetration into lower-tier cities, and proactive pricing strategies, with strategic cooperation with SF Group also contributing significant incremental revenue - Intra-city delivery service revenue increased by **43.1%** from **RMB 4,038.0 million** in the first half of 2024 to **RMB 5,778.7 million** in the first half of 2025[16](index=16&type=chunk) - Non-catering scenario revenue increased by **28.6%** year-over-year to **RMB 2,142.0 million**[16](index=16&type=chunk) - Cooperation with SF Group generated **RMB 208.0 million** in external incremental revenue, a **29.5%** year-over-year increase[21](index=21&type=chunk) [Intra-city Delivery Services for Merchants](index=7&type=section&id=%E9%9D%A2%E5%90%91%E5%95%86%E5%AE%B6%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for merchants increased by 55.4% year-over-year to RMB 4,466.9 million, driven by an expanded merchant base, optimized customer structure, deep collaboration with traffic platforms, customized services across various scenarios, and rapid growth in lower-tier markets and tea beverage delivery - Revenue from intra-city delivery services for merchants reached **RMB 4,466.9 million**, a **55.4%** year-over-year increase[17](index=17&type=chunk) - As of June 30, 2025, the number of active merchants on the platform reached **850,000** over the past 12 months, a **55%** year-over-year increase[18](index=18&type=chunk) - Tea beverage delivery revenue increased by **105%** year-over-year, with high double-digit growth across categories such as supermarket convenience, pharmaceuticals, and maternal and infant products[19](index=19&type=chunk) - Revenue in lower-tier markets maintained **high growth**, with daily average order volume in county-level areas **doubling**[20](index=20&type=chunk) [Intra-city Delivery Services for Consumers](index=8&type=section&id=%E9%9D%A2%E5%90%91%E6%B6%88%E8%B2%BB%E8%80%85%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for consumers increased by 12.7% year-over-year to RMB 1,311.8 million, primarily due to an expanded active consumer base, increased user order frequency, enhanced brand influence, upgraded services like "Exclusive Express" and "Hourly Delivery," and active expansion into lower-tier markets - Revenue from intra-city delivery services for consumers was **RMB 1,311.8 million**, a **12.7%** year-over-year increase[22](index=22&type=chunk) - As of June 30, 2025, the active consumer base reached **24.77 million** over the past 12 months[24](index=24&type=chunk) - Revenue from 'Exclusive Express' services **tripled** year-over-year, and revenue from medium-to-long distance 'Hourly Delivery' services experienced **rapid growth**[23](index=23&type=chunk)

Summary of SF Express City Conference Call Company Overview - SF Express City is the largest independent third-party instant delivery service provider in China, achieving its first profit in 2023 with a net profit of approximately 50 million yuan, and is expected to double its profit in 2024, driven by rapid growth in merchant delivery and last-mile delivery services, both exceeding a compound growth rate of 30% [2][5] Core Business Insights - The instant retail model meets consumer demand through hourly delivery, relying on front warehouses and regional supply chains for high-frequency fulfillment. SF Express City excels in on-time delivery rates and low order rejection rates, enhancing customer loyalty through dedicated delivery personnel for major clients [2][3] - Instant retail is experiencing rapid growth due to changes in consumer behavior, smaller household needs, and fragmented work hours. Competitors like Meituan and JD have established supply chains and last-mile capabilities, driving market expansion [2][8] - Instant retail complements traditional e-commerce, primarily covering perishable goods, daily necessities, and healthcare products, which require high timeliness. E-commerce giants are accelerating their entry into the instant retail market, with ongoing subsidies expected, especially during major sales events like Double Eleven [2][9] Financial Performance and Projections - SF Express City's revenue structure includes 42% from merchant delivery services, 42% from last-mile delivery, and 15% from personal delivery services. The growth in merchant and last-mile services is driven by increasing demand from brand owners and e-commerce platforms [6] - The company’s cost structure is primarily based on labor outsourcing, allowing for a light asset operation model. Increasing rider density and order volume creates a positive cycle, improving fulfillment capabilities and reducing delivery costs, with the cost per delivery now below 5 yuan, approaching Meituan's level [12][16] Market Position and Competitive Advantage - SF Express City holds a leading position in the instant delivery market, with its top four clients accounting for 40% of revenue. It commands an 8% market share, significantly higher than competitors like Flash Delivery at 2% [16] - The company benefits from a neutral positioning, not charging commission fees but earning from delivery service fees, providing a cost advantage on high-value orders. It focuses on meeting brand clients' timeliness and fulfillment requirements, attracting partnerships with major brands like Sam's Club and Huawei [14][15] Future Growth Potential - The instant retail market is projected to reach nearly 2 trillion yuan by 2033, with a compound growth rate of 20% to 30%. The demand for instant retail is expected to grow rapidly, driven by the expansion of e-commerce platforms [11][18] - SF Express City is expected to see its net profit double in 2025 and 2026, potentially reaching around 900 million yuan by 2027, with a valuation of approximately 11 to 12 times earnings [18] Strategic Collaborations - Collaboration with SF Group helps reduce costs and improve efficiency, as the demand for instant retail and express delivery peak at different times, allowing for better resource allocation [17] - The company is expected to increase its share of group express collection from less than 30% to over 40% in the coming years, enhancing operational efficiency [17] Conclusion - The growth of the instant retail market and strategic collaborations position SF Express City for significant future growth, reinforcing its market leadership and operational efficiency in the competitive landscape of instant delivery services [19]

Group 1 - Shenzhen Shunfeng Intelligent Technology Co., Ltd. was officially established on September 17, with a registered capital of 10 million yuan and Chen Xiwen as the legal representative [1] - The company has a broad business scope, including research and development of intelligent robots, establishment of AI public data platforms, development of AI basic software, and development of AI theories and algorithm software [1] - The company is wholly owned by Shunfeng Tongcheng, indicating a strong backing from the parent company [1] Group 2 - In July, Shunfeng Tongcheng's subsidiary participated in a capital increase agreement with autonomous driving company Baixiniu Zhida [1] - As of the end of June, Shunfeng Tongcheng had over 300 unmanned vehicles in daily operation, covering more than 60 cities nationwide, with an average monthly active travel of approximately 20,000 trips [1] - The establishment of the new company may signify Shunfeng Tongcheng's intention to enhance its AI algorithm and robot R&D capabilities, forming a dual technology path of "investment + self-research" [1]