根据国家邮政局数据显示，今年上半年，全国无人车保有量增超50%，覆盖全国超80%的物流节点城市。同时，头部制造企业订单激增，且大额融资频 现，其中与百度渊源颇深的白犀牛更是在一年内获顺丰三次加注。此外，就连大洋彼岸的英伟达CEO黄仁勋也出手了，投向美国无人配送独角兽Nuro。 今年，无人物流车站上投资风口，成为自动驾驶赛道中"最靓的仔"。 无人配送"规模商业化"拐点已至，即时零售成下一代入口 行业快速起量、订单大增、资本密集加注的背后，这反映出产业和金融资本对于该行业来到"规模商业化"临界点的共识已形成。 无人车开始放量，除了有技术、政策等合力驱动之外，更离不开即时零售带来的增量，尤其是今年传统电商巨头掀起的外卖大战带动内需消费，各大巨头 下场争夺万亿即时零售入场券，进一步促进近场消费、末端物流需求的加速释放。 受益于此，一直在布局无人配送同时也是国内规模最大的第三方即配平台---顺丰同城，今年上半年业绩表现亮眼。根据顺丰同城2025年上半年财报，受益 于外卖大战和即时零售发展，该公司上半年同城配送订单量同比增超50%，期内营收高增近50%至102.4亿元，系半年首次破百亿规模，净利更是升了1.2 倍。 "人 ...

里昂发表研究报告指，顺丰同城上半年业绩表现强劲，收入及纯利分别增长49%及120%，净利润率由 去年同期的0.9%提升至1.3%，主要来自于关键客户增长、外卖价格竞争带动订单量强劲增长及与顺丰 控股在最后一公里配送加强合作的驱动。里昂将顺丰同城2025至2027年净利润预测上调4%至34%，以 反映对同城配送及最后一公里配送服务更快收入增长预期，预期公司凭借稳健的物流能力，可捕捉到持 续增长的市场需求，目标价从10.8港元上调至16.2港元，维持"跑赢大市"评级。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express's performance in the first half of the year was strong, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings in last-mile delivery [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban and last-mile delivery services [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] Target Price Adjustment - The target price for SF Express was increased from HKD 10.8 to HKD 16.2 [1] - The rating was maintained at "Outperform" [1]

Core Viewpoint - SF Express City (顺丰同城) has demonstrated significant growth in the instant delivery industry, achieving a revenue of 10.24 billion yuan in the first half of 2025, marking a 49% year-on-year increase, and a net profit of 140 million yuan, up 120% year-on-year, indicating a strong performance amidst industry competition [1][3][14] Revenue Growth and Business Structure - The company reported a substantial increase in order volume, with same-city delivery orders growing over 50% year-on-year, contributing to rapid revenue growth [4][10] - Revenue from same-city delivery services to businesses reached 4.467 billion yuan, a 55.4% increase, while consumer delivery revenue was 1.312 billion yuan, up 12.7% [4][6] - The last-mile delivery service also saw significant growth, with order volume increasing over 150% [9][10] Strategic Partnerships and Market Position - SF Express City has established long-term partnerships with major clients across various industries, enhancing its service capabilities and maintaining a competitive edge in the market [4][6] - The company has adapted to the evolving market by leveraging its independent third-party platform to improve order management and delivery efficiency [4][6] Technological Advancements and Operational Efficiency - The company has focused on digitalization and AI-driven decision-making to enhance operational efficiency, including the implementation of a city logistics system that optimizes capacity scheduling and order distribution [12][13] - SF Express City has integrated unmanned delivery vehicles into its operations, with over 300 units in use, contributing to improved operational efficiency [13] Market Recognition and Future Outlook - The stock price of SF Express City has surged nearly 150% in the first half of 2025, reflecting market recognition of its growth potential and strong business model [14] - The company's comprehensive third-party delivery model positions it as a foundational player in the instant delivery sector, offering significant growth opportunities and a higher valuation ceiling [13][14]

在行业分化加剧、蓝海与红海特质兼具的即时配送行业里，顺丰同城(09699)用一份"一枝独秀"的成绩单向外界宣告了自己的高成长性。 8月28日，顺丰同城正式发布2025年中报。上半年，该公司营收102.4亿元，同比增长49%。与此同时，期内公司净利润为1.4亿，同比增长120%，经调整净 利润则为1.6亿，同比增长139%，自2023年率先行业扭亏为盈后收入利润持续双高增。 今年以来，美团、京东外卖、淘宝闪购等巨头加码的"外卖大战"持续升级，而与其深度关联的即时配送行业分化也显著加剧。闪送虽受益外卖大战 Q2盈利 有所改善，但上半年收入仍同比下降13.1%;而达达集团则在6月 17 日完成私有化交易从美股退市，全面融入京东生态整合为"京东秒送"。 而差异化布局全场景第三方即配的顺丰同城，这一份"量质齐飞加速盈利"的半年报，颇具高质量增长特质。 打造高质量、健康订单结构，收入规模快速放量 透过半年报来看，顺丰同城业绩高质量增长与公司对三大业务支柱的前瞻布局和增长效应不无关系，共同推动公司订单量的大幅增长，并促使订单结构呈现 多元化、高密度、高质量，网络底盘呈现覆盖面广、稳定性高及高峰应对能力强的特点。期内公司同城 ...

盈利预测与估值 公司公布1H25 业绩：收入同比+49%至102.36 亿元；毛利润同比+44%至6.81 亿元，毛利率同比-0.2ppt 至6.7%；净利润同比+120%至1.37 亿元，净利率同比+0.4ppt至1.3%，经调整净利润同比+139%至1.60 亿元，业绩超出我们预期，主因即时零售需求超预期增长。运营数据方面：年活跃商户规模同比+55% 至85 万，年活跃消费者同比+13%超2,477 万人，年活跃骑手数同比+18%至114 万名。 发展趋势 同城配送：1）外卖行业业务量增长以及多元商流需求提升催化即时配送履约需求，推动To B 收入持续 增长，KA 业务保持较高增长。1H25 公司面向商户业务收入同比+55%至44.67 亿元。我们认为在平台 补贴以及消费政策刺激影响下，外卖行业业务量增长强劲，其中KA 餐饮商家或受益更多。 叠加商超、医药等多元KA 商流的即配需求或仍在增长期，我们认为在行业高增的背景下，公司凭借第 三方的中立性、精细化的商圈网络运营能力以及运力网络的灵活性，有望持续获取KA 商家中的订单增 量。我们预计25 年公司面向商户收入增速或超50%，其中KA 业务同比增速或将更 ...

Core Viewpoint - SF Express City achieved significant growth in its mid-year performance for the period ending June 2025, with revenue surpassing 10.236 billion RMB, marking a 48.8% year-on-year increase, driven by the rapid growth in the food delivery and instant retail sectors [1] Financial Performance - Revenue increased by 48.8% year-on-year to approximately 10.236 billion RMB, with gross profit rising by 43.8% to about 681 million RMB [1] - Net profit attributable to shareholders surged by 120.4% to approximately 137 million RMB, setting a new record [1] - Adjusted net profit for the period was around 160 million RMB, reflecting a 139.0% year-on-year growth [1] Business Growth Drivers - The growth was supported by a more than 50% increase in order volume for same-city delivery services, driven by the demand from the food delivery sector [1] - The company optimized its business structure, increasing revenue contributions from high-quality customers [1] - Technological advancements and lean management practices enhanced operational efficiency and expanded network economies of scale [1] Service Performance - Revenue from same-city delivery services grew by 43.1% year-on-year to approximately 5.779 billion RMB, with food delivery demand significantly contributing to this growth [1] - Non-food delivery scenarios maintained a steady growth trend, with revenue increasing by 28.6% to 2.142 billion RMB, and revenue from merchant-facing non-food scenarios rising by 35.3% [1] Market Position and Partnerships - The company maintained a leading market share through collaborations with multiple top-tier clients, leveraging its comprehensive service capabilities across various sectors [2] - The number of active merchants on the platform increased by 55% year-on-year, reaching 850,000 [2] Sector-Specific Developments - In the food sector, the company provided centralized order management and delivery services to chain restaurants, resulting in rapid revenue growth for several major brands [3] - In retail, partnerships with national chain supermarkets and department stores were deepened, enhancing customized services [3] - In the pharmaceutical sector, collaboration with major pharmacy chains led to record-high order volumes [3] Strategic Initiatives - The company continued to deepen strategic cooperation with SF Holding to create an integrated supply chain solution encompassing warehousing, transportation, and same-city instant delivery [3] - Monthly billing customers using same-city instant delivery services generated external incremental revenue of 208 million RMB, reflecting a 29.5% year-on-year increase [3] Consumer-Focused Services - Revenue from consumer-facing same-city delivery services reached approximately 1.312 billion RMB, a 12.7% increase [4] - The company focused on meeting the instant delivery needs of consumers in core urban areas, with significant growth in business scenario revenue [4] - Last-mile delivery services saw a robust revenue increase of 56.9% to approximately 4.457 billion RMB [4] Technological Advancements - The company advanced operational digitization and AI decision-making to enhance efficiency [5] - Over 300 autonomous vehicles were deployed in daily operations, covering more than 60 cities, with an average of 20,000 active trips per month [5] Market Outlook - The company is positioned to capitalize on market opportunities arising from evolving consumer behaviors and industry expansion, establishing a virtuous cycle of a comprehensive service network and a rapidly growing business model [6]

本报讯 （记者矫月）8月28日，第三方即时配送平台杭州顺丰同城实业股份有限公司（以下简称"顺丰 同城"）公布中期业绩。公告显示，2025年上半年，公司收入同比增长48.8%，至102.36亿元，首次实现 半年度营收突破百亿元；公司拥有人应占净利润同比增长120.4%，至1.37亿元，创历史新高；期内经调 整净利润约1.6亿元，同比增长139.0%。 公告称，上述增长表现有赖于：餐饮外卖及即时零售行业快速增长，带动即时配送需求增加，期内同城 配送服务订单量同比增长超50%，带动收入规模快速提升；业务结构优化，优质客户对收入贡献增加； 公司科技和精益管理推动运营底盘提质增效，网络规模经济效益扩大，盈利持续释放。 顺丰同城2025年上半年同城配送服务收入同比大幅增长43.1%至57.79亿元。除了受惠于餐饮外卖需求所 带动的餐饮即配收入同比快速增长外，非餐场景维持稳健增长趋势，上半年收入同比增长28.6%至21.42 亿元，其中面向商家的非餐场景收入同比增长35.3%。 上半年，顺丰同城面向商家的同城配送服务实现收入44.67亿元，同比增长55.4%。报告期内公司与多个 头部客户合作市占率保持领先，以其全场景、全品 ...

具体业务来看，今年上半年，顺丰同城面向商家的同城配送服务实现收入约44.67亿元，同比增长 55.4%。平台上的年活跃商家规模同比增长55%，达到85万。与此同时，平台面向消费者的同城配送收 入约13.12亿元，同比增长12.7%。 北京商报讯（记者 何倩）8月28日晚间，顺丰同城发布截至2025年6月底止中期业绩，收入同比增长 48.8%，至约102.36亿元；期内经调整净利润约1.6亿元，同比增长139%；毛利同比增长43.8%，至约 6.81亿元。顺丰同城表示，餐饮外卖及即时零售行业快速增长，带动即时配送需求增加，期内同城配送 服务订单量同比增长超50%。 ...

智通财经APP获悉，里昂发布研报称，顺丰同城(09699)上半年业绩表现强劲，收入及纯利分别增长49% 及120%，净利润率由去年同期的0.9%提升至1.3%，主要来自于关键客户增长、外卖价格竞争带动订单 量强劲增长及与顺丰控股(06936)在最后一公里配送加强合作的驱动。里昂将顺丰同城2025至2027年净 利润预测上调4%至34%，以反映对同城配送及最后一公里配送服务更快收入增长预期，预期公司凭借 稳健的物流能力，可捕捉到持续增长的市场需求，目标价从10.8港元升至16.2港元，维持"跑赢大市"评 级。 ...