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（002352）(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。 ...

顺丰同城(9699.HK)涨超9.4%，最高触及15.69港元。 消息面上，顺丰同城公布中期业绩，收入102.36亿元，同比增长48.8%；净利润1.37亿元，同比增长 120.4%；经调净利润1.6亿元，同比增长139%。报告期内，公司面向商家的同城配送服务收入44.7亿 元，同比增长55%，平台年活跃商家规模达85万，同比增长55%；面向消费者的同城配送服务实现收入 13.1亿元，同比增长13%，平台活跃消费者规模达2477万人；最后一公里配送服务营收44.6亿元，同比 增长57%。 中金研报指，顺丰同城中期业绩超预期，维持对其"跑赢行业"评级，上调目标价38%至18.7港元。考虑 到公司持续受益于即时配送需求增长，上调2025/2026 年净利润18.5%/42.6%至2.96 亿元/5.79 亿元。(格 隆汇) ...

消息面上，顺丰同城公布中期业绩，上半年收入约102.36亿元，同比增长48.8%；毛利约6.81亿元，同 比增长43.8%；经调整净利润约1.6亿元，同比增长139.0%；净利约1.37亿元，同比增长120.43%。中金 指出，公司业绩超出预期，主因即时零售需求超预期增长。 智通财经APP获悉，顺丰同城(09699)绩后涨超6%，截至发稿，涨5.23%，报15.9港元，成交额3061.77万 港元。 该行认为，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，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高。 ...

该行认为，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，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高。 顺丰同城(09699)绩后涨超6%，截至发稿，涨5.23%，报15.9港元，成交额3061.77万港元。 消息面上，顺丰同城公布中期业绩，上半年收入约102.36亿元，同比增长48.8%；毛利约6.81亿元，同 比增长43.8%；经调整净利润约1.6亿元，同比增长139.0%；净利约1.37亿元，同比增长120.43%。中金 指出，公司业绩超出预期，主因即时零售需求超预期增长。 ...

Core Viewpoint - The takeaway from the news is that SF Express City has emerged as a leading player in the instant delivery industry, showcasing significant revenue and profit growth amidst fierce competition in the takeaway market, driven by a robust business model and technological advancements [2][7]. Group 1: Financial Performance - In the first half of 2025, SF Express City reported a revenue of 10.24 billion yuan, a year-on-year increase of 49%, and a net profit of 140 million yuan, up 120% [2]. - The adjusted net profit reached 160 million yuan, reflecting a 139% year-on-year growth [2]. - The growth is attributed to the rapid expansion of the food delivery and instant retail sectors, leading to a more than 50% increase in order volume for same-city delivery services [2]. Group 2: Business Structure and Segments - SF Express City operates three main business segments: same-city delivery services for merchants, same-city delivery services for consumers, and last-mile delivery services [3]. - Revenue from merchant-focused same-city delivery services reached 4.47 billion yuan, a 55% increase year-on-year, with significant growth in various categories such as tea delivery, which saw a 105% increase [3]. - Consumer-focused same-city delivery services generated 1.31 billion yuan, a 13% increase, while last-mile delivery services achieved 4.46 billion yuan, up 57% [4]. Group 3: Market Strategy and Positioning - The company emphasizes a differentiated positioning and meticulous operation across its full-scenario business matrix, focusing on both food and non-food delivery to drive revenue growth [5]. - SF Express City has actively expanded into lower-tier markets and integrated resources from the SF Group to enhance service capabilities across all areas [5]. - The company has established a healthy business operation model, positioning itself for broader growth opportunities in the competitive landscape of instant delivery [7]. Group 4: Technological Advancements - SF Express City has implemented AI applications and scaled up its unmanned delivery models, significantly improving operational efficiency [6]. - The company has over 300 unmanned vehicles in operation across more than 60 cities, with an average of 20,000 active trips per month [6]. - The rider efficiency improved by 38% year-on-year in June, contributing to increased earnings for riders, with a 65% rise in the number of high-income riders [6].

Major Events - Sihuan Pharmaceutical Holdings Group Ltd. successfully administered the first human dose of the new radiopharmaceutical conjugate drug 3D1015 [1] - Shenzhen International's joint venture Shenzhen Airlines plans to raise a total of 16 billion yuan in a phased capital increase [1] - Kangzheng Pharmaceutical received clinical trial approval for its innovative oral small molecule JAK1 inhibitor Povorcitinib for indications of vitiligo and suppurative hidradenitis [1] - Ruihe Digital signed a framework agreement with Tielin Superlight Technology to jointly advance the business of real-world asset tokenization [1] - Zhongxu Future will operate and launch a new mobile game "Miracle MU" titled "New Moon Continent" [1] Financial Performance - Noah Holdings reported a net profit attributable to shareholders of 179 million yuan for Q2, a year-on-year increase of 79% driven by strong growth in investment product distribution [1] - Trip.com Group reported a net profit of 4.846 billion yuan for Q2, an increase of 26.43% year-on-year [1] - Shijiazhuang Pharmaceutical Group announced a mid-year profit attributable to equity holders of approximately 283.5 million HKD, a year-on-year decrease of about 58.7% [1] - Zhongsheng Holdings reported a mid-year profit attributable to shareholders of 1.011 billion yuan, a decrease of 36% year-on-year [1] - SF Express City reported an adjusted net profit of approximately 160 million yuan, a year-on-year increase of 139% [1] - Baidu's subsidiary reported a mid-year profit attributable to shareholders of 47.999 million yuan, returning to profitability [1] - Li Auto reported a net profit of 1.093 billion yuan for Q2, a decrease of 0.91% year-on-year [1] - Shanghai Industrial Holdings reported a mid-year profit attributable to shareholders of 1.042 billion HKD, with an interim dividend of 0.42 HKD per share [1] - Beijing Holdings reported a mid-year profit attributable to shareholders of 3.404 billion yuan, an increase of 8.07% year-on-year [1] - Qingdao Port reported a net profit of 2.842 billion yuan, a year-on-year increase of 7.58% [1] - New China Life Insurance reported a net profit of 14.799 billion yuan, a year-on-year increase of 33.5% [1] - China Galaxy Securities reported a net profit of 6.488 billion yuan, a year-on-year increase of 47.86% [1] - China Taiping reported a 12.2% increase in shareholder profit, with a nearly 23% high growth in life insurance new business value [1] - China Resources Gas reported a mid-year profit attributable to shareholders of 2.403 billion HKD, a year-on-year decrease of 30.5% [1] - SF Holding reported a net profit of 5.738 billion yuan, a year-on-year increase of 19.37%, with volume growth exceeding the overall express delivery industry [1] - SMIC reported a net profit of approximately 320 million USD, a year-on-year increase of 35.6% [1] - SenseTime reported a revenue growth of 35.6% year-on-year, reaching 2.358 billion yuan [1] - BeiGene reported a net profit of 95.59 million USD, returning to profitability [1] - Fubo Group reported a mid-year net profit exceeding 100 million, driven by AI [1] - CITIC Securities reported a net profit of 13.719 billion yuan, a year-on-year increase of 29.79% [1] - Huadian International Power reported a net profit of 3.904 billion yuan, a year-on-year increase of 13.15% [1] Additional Financial Performance - Zhou Hei Ya reported a mid-year profit attributable to shareholders of 108 million yuan, a year-on-year increase of 228% [2] - Haitian Flavoring reported a net profit of 3.91 billion yuan, a year-on-year increase of 13.3% [2] - Dasheng Holdings reported a mid-year adjusted net profit growth of 79.6% driven by store expansion and membership growth [2] - CITIC Securities reported a net profit of 4.509 billion yuan, a year-on-year increase of 57.77% [2] - Huitongda reported a mid-year profit attributable to shareholders of 13.9 million yuan, a year-on-year increase of 10.81% [2] - Yunfeng Financial reported a mid-year profit attributable to shareholders of 486 million HKD, a year-on-year increase of 142.04% [2] - Jiufang Zhitu reported a mid-year profit attributable to shareholders of 865 million yuan, returning to profitability [2] - Air China reported a net loss of approximately 1.806 billion yuan, a year-on-year narrowing of 35.11% [2] - ZTE reported a net profit of approximately 5.058 billion yuan, a year-on-year decrease of 11.77% [2] - China Merchants Securities reported a net profit of 5.186 billion yuan, a year-on-year increase of 9.23% [2] - Datang Power reported a net profit of approximately 4.874 billion yuan, a year-on-year increase of 50.3% [2] - China Pacific Insurance reported a net profit of 27.885 billion yuan, a year-on-year increase of 11% [2] - Beijing Capital International Airport reported a post-tax loss of 164 million yuan, a year-on-year narrowing of 56.48% [2] - Dongguan Rural Commercial Bank reported a mid-year net profit of 2.629 billion yuan [2] - Shenzhen Holdings reported a mid-year loss attributable to shareholders of 2.618 billion HKD, a year-on-year increase of 137.76% [2] - China Southern Airlines reported a net loss of 1.534 billion yuan, a year-on-year increase of 45.54% [2] - COSCO Shipping Holdings reported a profit attributable to shareholders of 17.528 billion yuan, a year-on-year increase of 3.9% [2] - Guofu Hydrogen Energy reported revenue of 10.9 million yuan, actively expanding overseas cooperation and business layout [2] - Kangsheng Global reported a mid-year gross profit of 197 million yuan, with stable progress across all businesses [2] - Dongfang Electric reported a net profit of 1.91 billion yuan, a year-on-year increase of 12.91%, maintaining the industry's leading market share in nuclear and gas power [2] - Eagle Eye Technology reported a profit of 443,000 yuan, returning to profitability [2] - Haier Smart Home reported a profit attributable to shareholders of 12.033 billion yuan, a year-on-year increase of 15.6% [2] - EDA Group Holdings reached a partnership agreement with UTCPAY to collaborate in digital asset trading, Web3 technology, and blockchain applications [2] - Gilead Sciences reported that ASC30 oral tablets showed good and differentiated pharmacokinetic characteristics in the U.S. Phase Ib multi-dose escalation study [2]

顺丰同城 20250828 摘要 2025 年上半年，顺丰同城收入超百亿元，同比增长超 50%，其中同城 配送业务收入 54 亿元，同比增长 55%，最后一公里业务收入 44 亿元， 同比增长 57%。 顺丰同城平台活跃商户规模突破 85 万，同比增长超 50%，KA 客户占 比提升；年活跃消费者达 2,477 万人，复购率提升；年度活跃骑手约 114 万人，人效同比提升 38%。 公司通过统一配送、拓展商超医药合作等方式，餐饮配送收入同比翻倍， B 端非餐场景收入增长 35%；C 端业务优化渠道营销，独享专送产品收 入同比翻三倍，下沉市场收入快速提升。 顺丰同城灵活的骑手网络与传统快递网络互补，派件业务凭借末端网络 优势快速发展电商件，收件业务满足夜间节假日需求，日均收件量增长 150%。 公司积极推进 AI 大模型在骑手管理、智能客服等场景应用，并探索智能 物流与无人配送商业化，截至 2025 年 6 月底累计投入 300 多台无人车 运营。 Q&A 顺丰同城在面向商家的同城配送业务方面表现如何？ 2025 年上半年，同城配送业务收入 54 亿元，同比增长 55%。公司抓住餐饮 外卖和即时零售的增长机会， ...

8月28日，顺丰同城（HK：09699）公布截至2025年6月底的中期业绩：报告期内，收入同比增长 48.8%，至约102.36亿元（人民币，下同），首次实现半年度营收突破百亿；毛利同比增长43.8%，至约 6.81亿元；公司拥有人应占净利润同比增长120.4%，至约1.37亿元，创历来新高；期内经调整净利润约 1.6亿元，同比增长139.0%。顺丰同城预测第三季度订单量会比上半年、二季度都高。 在财报发布后的业绩电话会上，"外卖大战"成为投资人首先关注的话题。顺丰同城董事会主席兼CEO孙 海金表态称，首先从行业周期看，中国近场零售增速很高，行业的渗透度会持续提升，是五年以上的大 周期行业。其次从赛道看，行业玩家会越来越高，且资本关注度也很高，企业都会迎来增长困境期，所 以会持续进行多场景、多渠道渗透。第三是从集中度看，行业的客户集中度越来越高，尤其大品牌、茶 饮品类在"外卖大战"中吃到的红利最高。 茶饮品类从"外卖大战"中吃到最多红利 顺丰同城表示，在地域覆盖上，公司在已覆盖的下沉市县加快提高运营网络效率，报告期内县域日均订 单数量翻倍提升。同时积极探索创新业务增量，与头部茶饮大客户在香港地区落地合作，打开 ...

8月28日，顺丰同城（HK：09699）公布截至2025年6月底的中期业绩：报告期内，收入同比增长 48.8%，至约102.36亿元（人民币，下同），首次实现半年度营收突破百亿；毛利同比增长43.8%，至约 6.81亿元；公司拥有人应占净利润同比增长120.4%，至约1.37亿元，创历来新高；期内经调整净利润约 1.6亿元，同比增长139.0%。顺丰同城预测第三季度订单量会比上半年、二季度都高。 在财报发布后的业绩电话会上，"外卖大战"成为投资人首先关注的话题。顺丰同城董事会主席兼CEO孙 海金表态称，首先从行业周期看，中国近场零售增速很高，行业的渗透度会持续提升，是五年以上的大 周期行业。其次从赛道看，行业玩家会越来越高，且资本关注度也很高，企业都会迎来增长困境期，所 以会持续进行多场景、多渠道渗透。第三是从集中度看，行业的客户集中度越来越高，尤其大品牌、茶 饮品类在"外卖大战"中吃到的红利最高。 茶饮品类从"外卖大战"中吃到最多红利 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 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3][7]. Core Insights - The company reported significant revenue and profit growth in H1 2025, with revenue reaching 10.24 billion yuan, a year-on-year increase of 49%, and adjusted net profit of 160 million yuan, up 139% [7]. - The company's diversified growth is driven by the demand spillover from the food delivery battle, with revenue from merchant same-city delivery services increasing by 55% to 4.47 billion yuan [7]. - The last-mile delivery service revenue also saw a 57% increase, reaching 4.46 billion yuan, attributed to high growth in group e-commerce orders and efficient rider management [7]. - Consumer-facing same-city delivery services grew steadily, with revenue of 1.31 billion yuan, a 13% increase, indicating significant future growth potential [7]. - The company is experiencing continuous scale effects, with a gross margin of 6.7% and an adjusted net profit margin of 1.6%, and is expected to further improve net profit margins through increased order density and AI optimization [7]. - The profit forecasts for 2025-2027 have been raised, with expected net profits of 302 million yuan, 501 million yuan, and 920 million yuan respectively, reflecting year-on-year growth rates of 127.87%, 66.02%, and 83.68% [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 12.4 billion yuan - 2024: 15.746 billion yuan - 2025E: 21.008 billion yuan - 2026E: 28.087 billion yuan - 2027E: 36.778 billion yuan - The corresponding year-on-year growth rates are 20.80%, 26.98%, 33.42%, 33.69%, and 30.95% [4]. - Net profit forecasts are as follows: - 2023: 51 million yuan - 2024: 132 million yuan - 2025E: 302 million yuan - 2026E: 501 million yuan - 2027E: 920 million yuan - The projected price-to-earnings ratios for 2025-2027 are 39.78x, 23.96x, and 13.04x respectively [4][8].