Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]

Core Viewpoint - The company plans to revise the annual cap for last-mile delivery services for the years ending December 31, 2025, and 2026, in response to the increasing demand for these services, with significant year-on-year growth expected [1][2]. Summary by Relevant Sections Last-Mile Delivery Service Demand - The demand for last-mile delivery services has exceeded expectations, with historical transaction amounts reaching 6.369 billion in 2024, a year-on-year increase of 33.3% from 4.777 billion in 2023 [1]. - The revised annual caps for related transactions are set at 12.845 billion for 2025 and 20.551 billion for 2026, representing year-on-year increases of 101.7% and 60.0%, respectively [1][2]. Company Capabilities - The company possesses a flexible transportation network and strong delivery capabilities, which enable it to better meet customer demands for last-mile delivery [1]. - Revenue growth in last-mile delivery services is driven by several factors, including the development of e-commerce return collection capabilities, continuous expansion of service networks and rider teams, and the provision of diverse delivery services [1]. Collaboration with SF Express - The company anticipates strong growth in SF Express's express delivery business and plans to deepen collaboration across various logistics service segments, particularly during peak periods [2]. - The company’s flexible transportation network is capable of providing minute-level service, supporting SF Express's needs for expedited delivery [2]. Financial Projections - The company is expected to achieve revenues of 23.6 billion, 33.75 billion, and 42.18 billion for the years 2025 to 2027, with net profits of 340 million, 620 million, and 870 million, respectively [3]. - The earnings per share (EPS) are projected to be 0.37, 0.67, and 0.95 for the same period, with corresponding price-to-earnings (PE) ratios of 38, 21, and 15 [3].

Summary of SF Express City Conference Call Company Overview - **Company**: SF Express City - **Industry**: New Consumption and Delivery Services Key Points Industry and Market Dynamics - SF Express City benefits from the rise of the new consumption delivery market and the significant growth in order volume from SF Holdings, leading to rapid order growth through deep collaborations with key accounts (KA) such as Lucky, Sam's Club, and Starbucks [2][4] Financial Performance and Projections - The company has revised its related party transaction limits with SF Holdings, increasing the limits to 12.8 billion yuan for 2025 and 20.6 billion yuan for 2026, representing a year-on-year increase of 101% and 60% respectively [3] - The expected profit contribution from the increased transaction limits is approximately 100 million yuan in 2025 and 200-300 million yuan in 2026, with adjusted net profit forecasts of 350 million yuan for 2025 and 670 million yuan for 2026 [3][4] Growth Drivers - SF Express City is experiencing dual growth engines: the rise of new consumption delivery and the increase in order volume from SF Holdings [4] - Collaborations with major KA clients lead to rapid order increases and a focus on building private traffic, positioning SF Express City as an independent delivery platform [4] Operational Strategy - The company employs a hybrid model of stationed and crowdsourced delivery to balance service quality and operational flexibility, enhancing execution rates in traditional markets while penetrating the internet market [6] - The stationed model ensures service quality, while the crowdsourced model provides ample supply during peak demand [6] Profitability and Cost Structure - SF Express City has seen a continuous improvement in gross margin over the past seven years, with further potential for enhancement due to economies of scale, improved capacity utilization, and better negotiation power [8][9] - The company operates with high operating leverage, where increased revenue leads to a decrease in management expense ratio, thus improving net profit margins [9] Investment Recommendation - The company is recommended for investment due to its strong growth prospects driven by the new consumption delivery market and high order volumes, deep partnerships with KA clients, and effective market expansion strategies [10]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to the market index [2][4]. Core Views - The company is positioned as a leading player in the third-party delivery sector, which exhibits strong growth potential. The upward revision of the annual transaction cap reflects the unexpected surge in demand for last-mile delivery services [2][3]. - The company has significantly increased its profit forecasts for 2025-2027, with projected net profits of 350 million, 670 million, and 1.27 billion RMB respectively, compared to previous estimates of 260 million, 410 million, and 590 million RMB [2][3]. - The expected earnings per share (EPS) for the same period are revised to 0.39, 0.73, and 1.38 RMB, with corresponding price-to-earnings (P/E) ratios of 38, 20, and 11 [2][3]. Summary by Sections Event Overview - On June 13, 2025, the company proposed to revise the annual cap for related transactions for last-mile delivery services to 12.845 billion and 20.551 billion RMB for 2025 and 2026, representing year-on-year increases of 101.7% and 60.0% respectively [1]. - The revision is driven by the faster-than-expected growth in last-mile delivery demand, with historical transaction amounts reaching 6.369 billion RMB in 2024, up 33.3% from 4.777 billion RMB in 2023 [1]. Business Growth Drivers - The company's flexible transportation network and strong delivery capabilities are expected to meet the increasing last-mile delivery demands, leading to rapid revenue growth [1]. - Key growth strategies include enhancing e-commerce return collection capabilities, expanding service networks and rider teams, and diversifying delivery services [1]. - The company anticipates continued strong growth in express delivery services through deeper collaboration with SF Holding Group, particularly during peak periods [1]. Financial Projections - Revenue projections for 2024, 2025, 2026, and 2027 are 15.746 billion, 23.598 billion, 33.748 billion, and 42.178 billion RMB, with growth rates of 27.1%, 49.9%, 43.0%, and 25.0% respectively [3]. - The projected net profit growth rates for the same years are 161.8%, 167.1%, 89.9%, and 88.4% [3]. - The company’s financial ratios indicate a strong growth trajectory, with a projected return on equity (ROE) of 24.09% by 2027 [3].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming year [2][4]. Core Insights - The company is experiencing an unexpected surge in demand for last-mile delivery services, leading to an upward revision of the annual transaction cap for related services to RMB 128.45 billion and RMB 205.51 billion for 2025 and 2026, respectively, representing year-on-year increases of +101.7% and +60.0% [1]. - The company's flexible transportation network and strong delivery capabilities are expected to significantly enhance revenue from last-mile delivery services, driven by factors such as the growth of e-commerce returns, network expansion, and diversified service offerings [1]. - The company anticipates continued strong growth in express delivery services in collaboration with SF Holding Group, particularly during peak periods and in regions lacking local delivery personnel [1]. Financial Projections - Revenue is projected to grow from RMB 15.75 billion in 2024 to RMB 42.18 billion by 2027, with a compound annual growth rate (CAGR) of 27.1% [3]. - Net profit is expected to increase significantly from RMB 132 million in 2024 to RMB 869 million in 2027, reflecting a robust growth trajectory [3]. - Earnings per share (EPS) are forecasted to rise from RMB 0.14 in 2024 to RMB 0.95 in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 96 to 15 over the same period [3].

Core Viewpoint - The topic of "unmanned delivery" is gaining significant attention, with various developments indicating a potential turning point for the large-scale implementation of unmanned delivery systems in logistics [1][6]. Group 1: Market Dynamics - SF Express's unmanned vehicles are starting to scale up, and several autonomous driving companies focused on logistics have successfully secured funding [2]. - The secondary market's perception of the commercial prospects for unmanned delivery is improving, leading to a rapid increase in related concept stocks [2]. - Notable companies like Yunnei Power, Tongda Electric, and Xingwang Yuda have shown active performance in the market [3]. Group 2: Cost Reduction and Efficiency - The emergence of "affordable" unmanned delivery vehicles is expected to significantly reduce logistics costs [8]. - Last-mile delivery costs account for 60% of the total logistics costs, highlighting the need for automation due to labor shortages and high expenses [11]. - Utilizing unmanned vehicles for last-mile delivery can optimize costs by 0.1-0.2 yuan per order compared to traditional fuel vehicles [13]. - The introduction of unmanned delivery vehicles can reduce costs by over 60% for new energy logistics vehicles due to savings on driver expenses [14]. Group 3: Industry Growth and Projections - By 2024, the scale of unmanned delivery vehicles is expected to exceed 6,000 units, with daily delivery volumes significantly increasing [15]. - The unmanned delivery vehicle market is projected to reach a scale of 100,000 units by 2026 [16]. - Major express companies are ramping up their plans for unmanned vehicles, with projections for significant increases in the number of unmanned delivery vehicles by 2025 [20]. Group 4: Technological Advancements - The cost of unmanned delivery vehicles is rapidly decreasing, with hardware costs dropping significantly [22]. - New models, such as the E6 unmanned delivery vehicle priced at 19,800 yuan, are making L4-level unmanned delivery vehicles more accessible [23][24]. - Advances in technology, including automated driving algorithms and sensor integration, are contributing to the declining costs of unmanned delivery vehicles [27]. Group 5: Future Applications and Market Potential - Unmanned delivery vehicles are expected to expand beyond last-mile delivery to include applications in e-commerce warehousing, industrial parks, and smart city logistics [40]. - The overall market value of the unmanned logistics vehicle industry in China is projected to reach 594.8 billion yuan by 2030 [40]. - The demand for unmanned vehicles is increasing, with more companies entering the market and enhancing the professionalism of related products and services [43].

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。 （股份代號：9699） 修訂持續關連交易年度上限 獨立董事委員會及獨立股東的獨立財務顧問 修訂2024年－2026年同城即時配送服務合作框架協議項下最後一公里配送 服務的年度上限 茲提述本公司日期為2023年11月14日的通函，內容有關（其中包括）2024年 － 2026年同城即時配送服務合作框架協議。根據2024年－2026年同城即時配送服 務合作框架協議，同城集團向順豐控股及╱或其聯繫人提供同城即時配送服務。 為滿足最後一公里配送服務增加的需求及參考截至2025年3月31日止三個月的 交易額，董事會預計原年度上限將不足以應付2024年－2026年同城即時配送服 務合作框架協議項下最後一公里配送服務截至2025年及2026年12月31日止年度 可能發生的其他不可預見的交易。因此，董事會建議修訂截至2025年及2026年 12月31日止年度提供最後一公里配送服務的原年度上限。 截至2025年及2026年1 ...

Investment Rating - The report maintains a "Positive" investment rating for the logistics unmanned vehicle industry [5] Core Insights - The logistics unmanned vehicle industry is entering a phase of large-scale commercialization driven by product price reductions, open road rights, and diverse application scenarios [5] - The main application scenario for logistics unmanned vehicles is last-mile delivery, which can significantly reduce costs and improve efficiency for express delivery companies [5][6] - The potential market size for logistics unmanned vehicles is estimated to reach 207.1 billion yuan, with the ability to replace up to 4.44 million traditional commercial vehicles annually [52] Summary by Sections 1. Logistics Unmanned Vehicles: Commercialization Milestone - Logistics unmanned vehicles are defined as autonomous cargo transport tools primarily used in express delivery and other logistics scenarios [10] - The current largest application scenario is the delivery from express service points to community stations, which can replace traditional delivery vehicles and reduce labor costs [25] 2. Manufacturing Segment: Clear Industry Trends and Growing Orders - The market for logistics unmanned vehicles is expected to exceed 100 billion yuan, with significant replacement potential for traditional vehicles [52] - Leading companies like New Stone and Nine Knowledge have reported rapid growth in orders, indicating strong demand in the market [53] 3. Application Segment: Last-Mile Delivery and Cost Reduction - Express delivery companies are increasingly adopting unmanned vehicles for last-mile delivery, which can enhance profitability for franchisees [6] - Companies like SF Express and Debon are actively integrating unmanned vehicles into their operations, leading to cost savings and operational efficiency [5][6] 4. Investment Analysis - The report suggests focusing on companies such as SF Holdings, SF Same City, and Debon, which are well-positioned to benefit from the adoption of unmanned vehicles [5][6]

Core Viewpoint - The stock price of SF Express City (09699.HK) has surged significantly, reaching a historical high of 17.3 HKD per share, with a total increase of 107.48% since May 9, driven by the booming demand in the instant delivery industry [1][2]. Industry Summary - The instant delivery market is experiencing rapid growth, with major platforms like JD and Taobao entering the competition and offering substantial subsidies, further igniting the market [2]. - The domestic instant retail market is projected to reach 650 billion CNY in 2023, reflecting a year-on-year growth of 28.89%, and is expected to grow to 2 trillion CNY by 2030 [2]. - According to third-party data, the order volume in the instant delivery sector is anticipated to reach approximately 482.8 billion orders in 2024, marking a year-on-year increase of 17.6%, with a projected annual growth rate of 13.1% until 2030 [2]. Company Summary - SF Express City has established itself as the largest third-party instant delivery platform in China, benefiting from its neutral positioning, comprehensive coverage, and synergy with the SF ecosystem [2][3]. - The company has reported significant growth in various segments, with a year-on-year increase of 87% in overall business volume during the May Day holiday, and specific categories like supermarket goods and beverages seeing increases of 177% and 106%, respectively [3]. - The entry of competitors like JD has created new opportunities in the instant delivery market, positioning SF Express City to potentially capitalize on industry growth [3][4]. - Despite the stock price surge, the company's latest price-to-earnings ratio (TTM) has reached 106.67, significantly higher than the average of 17.09 for the Hong Kong air cargo and logistics sector [4].

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index closing down 1.36% at 24035.38 points and a total trading volume of 2444.12 million HKD [1] - Citic Securities anticipates a volatile upward trend for Hong Kong stocks in Q3, with potential performance upgrades in Q4 due to domestic growth policies and AI industry catalysts [1] Blue Chip Performance - China Biologic Products (01177) led blue chips, rising 19.29% to 5.69 HKD, contributing 15.04 points to the Hang Seng Index [2] - Other notable blue chips included Zijin Mining (02899) up 4.93% and WuXi AppTec (02359) up 4.67%, while Budweiser APAC (01876) fell 6.39% [2] Sector Movements - Large tech stocks faced pressure, with Alibaba down over 3% and Tencent down over 1% [3] - The pharmaceutical sector showed strength, with notable gains from Rongchang Biopharmaceutical (09995) up 20.1% and China Biologic Products (01177) up 19.29% [3] Pharmaceutical Sector Insights - The Chinese innovative drug sector is experiencing a surge in licensing deals, with 41 transactions totaling 36.929 billion USD in Q1 2025, nearing the total for the entire year of 2023 [4] - The sector's growth is supported by increased liquidity and risk appetite, with BD catalysts expected to be a main theme for the year [4] Gold Sector Activity - Gold stocks were active, with Zijin Mining (02899) up 4.93% and Shandong Gold (01787) up 2.66% [4] - The outlook for gold prices is positive due to central bank purchases and geopolitical tensions [5] Automotive Sector Developments - The automotive sector saw a general decline, with XPeng Motors (09868) down 6.66% and Li Auto (02015) down 2.51% [6] - Competitive dynamics in the automotive industry are expected to shift as major companies standardize supplier payment terms to 60 days [7] Notable Stock Movements - Ping An Good Doctor (01833) rose 10.79% following the launch of a comprehensive AI medical product matrix [8] - SF Express (09699) reached a new high, up 10.64%, benefiting from the growth of instant delivery services [9] - GAC Group (02238) saw a 5.11% increase, driven by collaborations with Huawei and Xiaomi for smart vehicle technology [11]