Core Insights - The article discusses the rapid commercialization of AI applications in the instant delivery sector, driven by large model technologies like DeepSeek, with companies such as SF Express, Flash Delivery, Meituan, and Dada leading the charge [1][2] Group 1: AI Technology Application - SF Express has a deep understanding of AI technology application, viewing the shift from "technology-driven" to "value-driven" as essential for logistics [1] - The company aims to enhance operational digitalization and AI decision-making across all business segments, improving user demand analysis, merchant strategies, customer service, delivery processes, and capacity management [1] - SF Express has formed partnerships with various domestic firms to create a hybrid architecture of "large model + industry-specific small models," retaining the general capabilities of large models while developing specialized models for instant delivery [2] Group 2: Challenges and Strategies - The application of AI technology brings challenges such as data security, privacy compliance risks, and human-machine responsibility issues [2] - SF Express's core strategy to address these challenges includes controlled technological evolution, open ecosystem collaboration to dilute risks, and a commitment to social responsibility for sustainable development [2] - The company predicts that the ability to balance "technological dividends and social costs" will determine the leaders in the logistics industry over the next decade [2] Group 3: Industry Growth and Future Outlook - AI technologies are providing new momentum for the expansion of the instant delivery industry, with the order volume expected to reach 48.28 billion in 2024 and potentially exceed 100 billion by 2030 [3] - Experts indicate that instant delivery differs fundamentally from standardized production, emphasizing that AI will primarily serve as an intelligent assistant rather than fully replacing human workers [3] - SF Express and other leading third-party delivery platforms are leveraging technological advancements and open collaboration to build differentiated competitive advantages, positioning themselves to lead the next phase of industry development towards greater efficiency and intelligence [3]

（股份代號：9699） 董事會會議日期 杭州順豐同城實業股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會 （「董事會」）謹此宣佈，本公司董事會會議將於2025年3月28日（星期五）舉行，旨 在（其中包括）(i)考慮及批准本集團截至2024年12月31日止年度的末期業績；(ii) 作出末期股息建議（如有）；以及(iii)處理任何其他業務。 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） 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3月13日 於本公告日期，本公司董事會包括執行董事孫海金先生、陳希文先生及陳霖先 生；非執行董事耿艷坤先生、李菊花女士、李秋雨先生及韓鎏先生；以及獨立非 執行董事陳覺忠先生、王克勤先生、周翔先生及黃靜女士。 ...

Core Viewpoint - The third-party delivery platform SF Express has integrated the DeepSeek large model to enhance its logistics operations and accelerate the intelligent transformation of the instant logistics industry [1] Group 1 - SF Express aims to leverage its operational experience and content accumulation in the logistics sector alongside DeepSeek's advantages in intent understanding and multimodal generation [1] - The integration is expected to bring richer possibilities to the instant logistics industry [1]

Core Viewpoint - The article highlights the significant role of instant delivery services, particularly represented by SF Express's subsidiary, SF City, in enhancing consumer experiences during the Chinese New Year, driven by the festive consumption surge [1][2][3] Group 1: Market Performance - On the first trading day of the Year of the Snake, the Hong Kong stock market experienced fluctuations, with the Hang Seng Index down by 0.74% and the Hang Seng Tech Index down by 0.67% [1] - Despite the market adjustments, analysts predict positive expectations for consumer-related companies such as dining, supermarkets, and logistics due to the Spring Festival consumption boom [1] Group 2: Instant Delivery Services - Instant retail has emerged as a new mainstream consumption model during the Spring Festival, integrating various scenarios from purchasing New Year goods to delivering meals and gifts [1] - SF City has focused on services like New Year’s Eve dinner delivery, collaborating with major retail platforms to meet the demand for immediate delivery during the holiday [1][2] - The company has also enhanced its partnerships with popular beverage brands to provide refined delivery solutions, ensuring efficient operations during peak times [2] Group 3: Business Growth and Projections - SF City is expected to see a net profit increase of no less than 100% year-on-year for 2024, with total revenue and revenue for the second half of the year projected to grow by at least 25% and 30% respectively [3] - The company has consistently outperformed competitors in terms of revenue growth and order volume since 2023, indicating a strong market position [3] - As a unique independent third-party delivery platform, SF City is well-positioned to leverage new consumption trends and contribute to the logistics infrastructure in the coming year [3]

Core Viewpoint - SF Express City anticipates a profit increase of no less than 100% for 2024, driven by growth in the domestic catering and retail sectors, alongside a projected revenue growth of at least 25% [1] Group 1: Financial Performance - The company expects revenue growth of no less than 30% in the second half of 2024 [1] - Non-catering scene revenue increased by 32% year-on-year in the first half of 2024 [3] - Active merchant scale reached 550,000, a 45% year-on-year increase [5] Group 2: Business Development - SF Express City has established itself as a new benchmark in the instant logistics industry, with significant growth in revenue and order volume exceeding industry growth rates [1][2] - The company maintains a balanced development across three main business lines: merchant-facing, consumer-facing, and last-mile delivery services [2] - The company has expanded its service offerings to include luxury goods delivery and upgraded services for individual users [3] Group 3: Market Position and Strategy - The instant retail market in China is projected to exceed 1 trillion yuan in 2024, with SF Express City positioned as a leading independent third-party delivery service [2] - The company has formed partnerships with major platforms like Douyin, Alibaba, and WeChat to enhance its service offerings in new consumption scenarios [5][6] - SF Express City has entered the Hong Kong market under the "SoFast" brand, marking its first foray outside mainland China [7] Group 4: Operational Efficiency - The company utilizes technology and lean management to enhance operational efficiency, including a comprehensive urban logistics system [4] - The integration of various delivery methods, including four-wheeled vehicles, drones, and human resources, has improved delivery capabilities [4] - The company has seen a significant increase in order density and efficiency, with a doubling of income from same-city express services in the first half of 2024 [3][4] Group 5: Growth in Emerging Markets - SF Express City has achieved substantial growth in lower-tier markets, with a 51% year-on-year increase in revenue from these areas [6] - The company has successfully tapped into the expanding market for fresh tea and coffee, with a 60% increase in tea delivery revenue [6] - The company has reported significant growth in delivery volume in various regions during peak shopping periods, indicating strong market demand [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.50, indicating a potential upside of 46.7% from the current price of HKD 9.20 [2][3][11]. Core Insights - The company has issued a positive earnings forecast, expecting revenue and profit growth of no less than 25% and 100% respectively for 2024. The second half of 2024 is projected to see revenue growth of at least 30% year-on-year [2][7]. - The revenue forecast for 2024 has been revised upward by 4%, driven by better-than-expected growth in key account (KA) business and last-mile delivery services. The report anticipates a decrease in unit prices due to improved delivery efficiency and changes in business structure [2][7]. - The adjusted net profit for 2024 is expected to be RMB 132 million, reflecting a year-on-year increase of 160%, with a corresponding net profit margin of 0.8% [2][7]. Financial Forecasts - Revenue projections for 2024E, 2025E, and 2026E are RMB 15,498 million, RMB 19,350 million, and RMB 23,490 million respectively, with growth rates of 25.1%, 24.8%, and 21.4% [6][15]. - The adjusted net profit for 2024E is projected at RMB 132 million, with a net profit margin of 0.8%. For 2025E, the adjusted net profit is expected to reach RMB 262 million, with a margin of 1.4% [6][15]. - The report highlights a significant increase in the gross profit for 2024E, estimated at RMB 1,022 million, with a gross margin of 6.6% [6][15]. Market Performance - The stock has shown a year-to-date change of -0.97%, with a 52-week high of HKD 12.60 and a low of HKD 8.30. The market capitalization is approximately HKD 6,695.48 million [5][15]. - The report indicates that the company's stock performance is expected to align positively with the anticipated growth in the instant delivery industry, driven by strong demand [2][7].

Group 1 - The company, SF Express City (09699, HK), forecasts a net profit growth of no less than 100% year-on-year for 2024, with total revenue expected to increase by no less than 25% year-on-year [1] - The growth in performance is attributed to the rising demand for instant delivery services driven by increased consumption in the catering and retail sectors, as well as rapid growth in same-city delivery and last-mile orders [1] - The company emphasizes its commitment to technological innovation, enhancing its digital capabilities, and improving operational efficiency, which contributes to better gross margins and cost ratios [1] Group 2 - For 2024, the company plans to focus on local life service industries, adapting to changes in local consumption patterns and seizing opportunities from market trends such as the diversification of traffic, local retail development, and the acceleration of same-city logistics [2] - The company aims to expand the boundaries of instant fulfillment services, strengthen technological innovations, and collaborate with more partners to increase scale and broaden service scenarios, thereby enhancing long-term revenue and profit potential [2]

Core Viewpoint - SF Express City expects significant growth in both profit and revenue for the fiscal year ending December 31, 2024, indicating strong operational performance and market demand [1] Financial Performance - The company anticipates a profit attributable to owners of the company to increase by no less than 100% compared to the previous year [1] - Group revenue is expected to grow by no less than 25% year-on-year, with a projected increase of no less than 30% in the second half of the year compared to the same period last year [1]

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. 本公告乃杭州順豐同城實業股份有限公司（「本公司」，連同其附屬公司，統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條 及香港法例第571章證券及期貨條例（「證券及期貨條例」）第XIVA部項下的內幕消 息條文（定義見上市規則）而作出。 本公司董事（「董事」）會（「董事會」）謹此通知本公司股東及潛在投資者，根據對 本集團截至2024年12月31日止年度（「本年度」）的最新未經審核綜合管理賬目及 其他現有資料之初步審閱，(i)本年度本公司擁有人應佔利潤與去年相比，預期將 錄得不低於100%的增長；(ii)本年度本集團收入與去年相比，預期將錄得不低於 25%的增長，其中，本年度下半年本集團收入與去年同期相比，預期將錄得不低 於30%的增長。該預期的正面表現主要是由於以下原因： 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to achieve a revenue of 86 million yuan in H2 2024, representing a year-on-year growth of 30%, and a net profit of 0.69 million yuan, with a year-on-year increase of 100% [7] - The company's revenue for 2024 is projected to be 155 million yuan, reflecting a year-on-year growth of 25%, and a net profit of 1.35 million yuan, indicating a year-on-year increase of 167% [7] - The company benefits from an increase in cooperative clients and maintains a competitive advantage in the KA same-city delivery business, which is expected to grow by 30% year-on-year in H2 2024 [7] - The last-mile delivery service is anticipated to see a 30% year-on-year revenue growth in H2 2024, driven by increased collaboration with major clients and enhanced service penetration [7] - The company is expanding into lower-tier markets, with county-level revenue growing by 51% year-on-year in H1 2024, and has entered the Hong Kong market under the "SoFast" brand [7] - The report adjusts the net profit forecast for 2024-2026 to 1.35 million yuan, 2.73 million yuan, and 4.53 million yuan respectively, while maintaining a "Buy" rating [7] Financial Summary - Total revenue for 2022 was 10,266 million yuan, with a year-on-year growth of 25.57%, and is projected to reach 22,130 million yuan by 2026 [1] - The company reported a net profit of (286.90) million yuan in 2022, expected to turn positive with 50.60 million yuan in 2023 and grow to 452.75 million yuan by 2026 [1] - The latest diluted EPS is projected to increase from (0.31) yuan in 2022 to 0.49 yuan in 2026 [1] - The P/E ratio is expected to decrease from 148.28 in 2023 to 16.57 by 2026, indicating improved profitability [1]