Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 11.5, indicating a potential upside of 28.4% from the current price of HKD 8.91 [1][7][14]. Core Insights - The company has demonstrated significant revenue growth, achieving an operating income of RMB 15.746 billion in 2024, a year-on-year increase of 27.1%, marking seven consecutive years of double-digit growth. Net profit reached RMB 132.5 million, up 161.8%, with a net profit margin improvement from 0.4% in 2023 to 0.8% in 2024 [4][10]. - The company is actively exploring smart logistics and unmanned delivery technologies, having launched drone delivery services in Shenzhen in 2022 and expanding unmanned vehicle operations across over 30 cities by May 2025 [11][12]. - The launch of the "Fengpei Cloud" instant logistics system has reinforced the company's leading position in the industry, enabling third-party logistics services to optimize order management and reduce costs for merchants and small logistics companies [5][13]. Financial Performance - In 2024, the company reported a gross profit margin of 6.8%, benefiting from increased order volume and network efficiency improvements. The core growth drivers include significant new orders from key accounts, expansion into lower-tier markets, and rapid growth in non-food delivery scenarios [10][11]. - The company plans to expand its unmanned vehicle routes from thousands to tens of thousands per month by 2025, enhancing delivery efficiency and reducing labor costs [12][14]. - Financial projections indicate continued growth, with expected revenues of RMB 19.075 billion in 2025, reflecting a 21.1% increase, and net profits projected to reach RMB 232.9 million, a 75.85% increase [8][18].

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） (1)建議修訂員工激勵計劃（2023年）； (2)建議授權董事會及╱或 及 (3)2025年第一次臨時股東大會通告 董事會函件載於本通函第8至25頁。 本公司謹訂於2025年5月28日（星期三）上午十時正以通訊方式舉行臨時股東大會，大會通告載於本通函 第EGM-1至EGM-2頁。隨函附奉臨時股 ...

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） 2025年第一次臨時股東大會通告 特別決議案 承董事會命 杭州順豐同城實業股份有限公司 董事會主席兼首席執行官 孫海金 中國 2025年5月8日 – 1 – 1. 待聯交所上市委員會批准根據H股激勵計劃（2025年）可能授出的獎勵予以 配發及發行的H股上市及買賣後，審議及批准建議修訂員工激勵計劃（2023 年）（於修訂後，將更名為「H股激勵計劃（2025年）」）連同計劃授權限額（即 本決議案通過當日已發行H股總數（不包括庫存股份）的5%）。 2. 審議及批准服務提供者分項限額（即於本決議案通過當日已發行H股總數 （不包括庫存股份）的1%）。 3. 審議及批准建議授權董事會及╱或授權人士辦理H股激勵計劃（2025年）有 關事 ...

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） (2)建議授權董事會及╱或授權人士辦理 H股激勵計劃（2025年）有關事宜 建議修訂員工激勵計劃（2023年） 本公司於2023年4月19日採納員工激勵計劃（2023年），旨在通過根據員工激勵 計劃（2023年）的規定並按其規則授出信託受益權份額，以（其中包括）表彰合資 格人士的貢獻，並激勵及留用合資格人士。 鑒於本公司已於2023年7月28日完成將451,403,783股境內未上市股份轉換為H 股，並於2023年7月31日將有關H股於聯交所上市，於2025年5月8日，董事會 建議修訂員工激勵計劃（2023年），理由及目的如下：(i)根據本公司最新股權架 構更新員工激勵計劃（2023年）項下可供授出的相關H股的最高數目；(ii)引入額 外獎勵股份 ...

Group 1 - The domestic tourism market experienced unprecedented heat during the "May Day" holiday, with over 1.4 billion cross-regional trips and both travel enthusiasm and per capita consumption exceeding the same period last year [1] - The competition among delivery platforms intensified during the holiday, with Taobao's flash sale business achieving over 10 million orders within just six days of its launch, while Meituan reported a 21% year-on-year increase in service consumption in Jiangsu province [1] - Instant delivery services played a crucial role in supporting strong consumer demand, with SF Express's same-city delivery business seeing an 87% year-on-year increase in total orders during the holiday [1][2] Group 2 - New tea beverage brands experienced a surge in orders, with SF Express reporting a 106% year-on-year increase in tea drink orders during the holiday [2] - The sales of health-focused tea products saw a significant rise, with some stores reporting sales increases of over 1700% and even 3000% in tourist areas [2] - Instant delivery services are increasingly being utilized for essential goods, with consumers opting for "light travel" and purchasing items upon arrival at their destinations [2] Group 3 - The integration of "cultural tourism + instant delivery" is emerging as a new highlight in local tourism development, providing personalized services such as luggage delivery and queue management [3] - There was a notable increase in consumer service orders in lower-tier cities during the holiday, with some areas experiencing order growth by several times [3] - The last-mile delivery orders also saw a 102% year-on-year increase, allowing homebound users to receive their purchases more quickly [3]

Group 1 - The core viewpoint of the news is that SF Express has launched an innovative unmanned vehicle delivery service in collaboration with KFC in Shenzhen, enhancing delivery efficiency through a "unmanned vehicle + rider" model [2] - The unmanned vehicle has a total volume of 5.5 cubic meters and can operate 100% autonomously in extreme weather conditions, handling complex scenarios such as steep underground parking and traffic congestion [2] - The partnership aims to expand the application of unmanned vehicles in the food delivery sector, with future plans to extend services to semi-enclosed or hard-to-reach areas like campuses and parks [2] Group 2 - SF Express reported a revenue of 15.756 billion yuan for 2024, representing a year-on-year increase of 27.1% [3] - The gross profit surged by 34.8% to 1.071 billion yuan, while the net profit attributable to shareholders reached 132 million yuan, marking a year-on-year growth of 161.8% [3] - The company achieved a net cash inflow from operating activities of 272 million yuan for the year, indicating strong business quality and operational resilience [3]

港股物流股震荡上升，中通快递(02057.HK)涨超3%，顺丰控股(01519.HK)涨2%，京东物流(02618.HK) 涨1%，顺丰同城(09699.HK)、极兔速递(01519.HK)涨近1%。 ...

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 ...