Core Insights - FTSE Russell updated its FTSE Global Equity Index Series, including several Hong Kong stocks in the FTSE China Small Cap Index, effective after market close on September 19 [1] - The inclusion of stocks like Ninebot Holdings (09636) reflects international capital market recognition of their future growth potential and long-term investment value [1] - This adjustment is expected to attract additional capital inflows, enhance liquidity in the secondary market, and increase global market visibility for the companies involved [1] Company Impact - Ninebot Holdings (09636) and others included in the index are likely to benefit from increased attention and credibility in the global capital markets due to the endorsement by a well-known index [1] - The inclusion in the FTSE Russell indices signifies a positive outlook for these companies, potentially leading to a rise in stock prices and investor interest [1] - The FTSE Russell indices are widely used by global institutional and retail investors, with approximately $20 trillion in assets benchmarked to these indices, indicating significant market influence [1]

Core Viewpoint - The inclusion of stocks such as 九方智投控股 (09636) and others in the FTSE Global Equity Index Series reflects international capital market recognition of their future development potential and long-term investment value [1] Group 1: Index Inclusion - 九方智投控股 (09636), 和誉-B (02256), 第四范式 (06682), 科济药业-B (02171), and 顺丰同城 (09699) have been added to the FTSE China Small Cap Index, effective after market close on September 19 [1] - The FTSE Russell is a leading player in the global index industry, providing benchmarks, analytics, and data solutions widely used by institutional and retail investors [1] Group 2: Market Impact - The inclusion in the FTSE Russell Global Equity Index Series is expected to bring more potential incremental capital inflows to the companies' stocks, enhancing liquidity in the secondary market [1] - The endorsement from a globally recognized index is likely to increase the companies' visibility and recognition in the global capital markets, aiding in the realization of their long-term investment value [1]

该公司想要将其市场份额提高至50%，和山姆超市的合作，可以处理山姆50%的新仓库订单，尽管这仅 贡献顺丰同城收入1%。未来该公司将会有更多现有仓库的合作订单。另外，大和相信顺丰同城也将受 惠于母公司电商包裹量的增加。 智通财经APP获悉，大和发布研报称，维持顺丰同城(09699)目标价20港元，重申"买入"评级。大和上调 对顺丰同城2025-2027年每股盈利预测6-7%，反映收入前景好于预期。 大和看到有积极的多年收入增长前景。未来3-5年，管理层预计收入从2025年起不仅仅翻一番。大和 称，业务增长前景基于客户便利需求增长，这可以长期持续。 ...

大和发布研报称，维持顺丰同城(09699)目标价20港元，重申"买入"评级。大和上调对顺丰同城2025- 2027年每股盈利预测6-7%，反映收入前景好于预期。 该公司想要将其市场份额提高至50%，和山姆超市的合作，可以处理山姆50%的新仓库订单，尽管这仅 贡献顺丰同城收入1%。未来该公司将会有更多现有仓库的合作订单。另外，大和相信顺丰同城也将受 惠于母公司电商包裹量的增加。 大和看到有积极的多年收入增长前景。未来3-5年，管理层预计收入从2025年起不仅仅翻一番。大和 称，业务增长前景基于客户便利需求增长，这可以长期持续。 ...

基于显著优于预期的上半年营收成长速度，第3季度环比加速提升的即时配送业务需求，交银国际调顺 丰同城2025-2027年收入14%/12%/12%，至220-304亿元人民币，年增40%/20%/15%，同时受到公司单量 密度提升、优质的骑手部管理能力，AI加持下，营运费率的持续优化，该行上调2025-2027年利润预测 26%/23%/27%，至3.4-7.6亿元人民币，Non-IFRS净利润率分别1.5%/2%/2.6%。 智通财经APP获悉，交银国际发布研报称，上调顺丰同城(09699)目标价至15.4港元,维持"买入"评级。该 行认为顺丰同城仍是外送补贴战的受益方之一，未来补贴回归理性，业务空间仍大，考虑到长期其与顺 丰的业务协同持续加深，无人车配送规模化落地持续降低成本。 ...

Group 1 - The core viewpoint of the report is that the target price for SF Express (09699) has been raised to HKD 15.4, maintaining a "Buy" rating due to its position as a beneficiary in the delivery subsidy war [1] - The report highlights that as subsidies return to rationality, there remains significant business potential for SF Express, supported by deepening business synergies with SF Holdings and the ongoing cost reduction from the scaling of autonomous vehicle deliveries [1] - Based on a significantly better-than-expected revenue growth in the first half of the year, the demand for instant delivery services is expected to accelerate in the third quarter [1] Group 2 - Revenue forecasts for SF Express have been adjusted for 2025-2027, with expected growth rates of 14%/12%/12%, leading to revenues of RMB 22-30.4 billion, representing annual increases of 40%/20%/15% [1] - Profit forecasts for the same period have been raised by 26%/23%/27%, resulting in projected profits of RMB 340 million to 760 million, with Non-IFRS net profit margins of 1.5%/2%/2.6% [1] - The improvements in operational efficiency are attributed to increased order density, effective management of quality riders, and continuous optimization of operating costs aided by AI [1]

Group 1 - The core viewpoint of the report maintains a "buy" rating for SF Express, with expectations for continued revenue growth driven by deepening in key accounts, expansion in mid-tier markets, and penetration in lower-tier markets [1] - The company is projected to achieve revenue growth of 33.6%/23.6%/17.7% for the years 2025-2027, with adjusted net profit growth of 88.4%/71.9%/51.2% during the same period [1] Group 2 - In the first half of 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49%, with revenue from B-end and C-end same-city delivery services reaching 4.5 billion and 1.3 billion yuan respectively, showing growth rates of 55% and 13% [2] - The number of active merchants on the B-end platform reached 850,000, a year-on-year increase of 55%, with significant growth in non-food categories such as tea, supermarkets, pharmaceuticals, and maternal and infant products [2] Group 3 - The last-mile delivery business generated revenue of 4.5 billion yuan in the first half of 2025, reflecting a year-on-year growth of 57%, driven by deep collaboration with SF Group's trunk network and increased demand during peak periods [3] - Daily average order volume in the collection segment increased by 150% year-on-year, supported by the rise in e-commerce parcel delivery and various local logistics scenarios [3] Group 4 - The company reported a gross margin of 6.7% and a net profit of 137 million yuan in the first half of 2025, representing a year-on-year increase of 120%, with a net profit margin of 1.3%, up 0.4 percentage points [4] - Profitability improvements are attributed to scale effects from increased order volume, enhanced network density, and cost reductions from refined management practices [4]

Core Viewpoint - The report maintains a "Buy" rating for SF Express (09699), highlighting continued revenue growth driven by deepening key account (KA) engagement, mid-tier expansion, and penetration into lower-tier markets, with profit growth supported by increased order density, AI scheduling, and the scaling of unmanned vehicles [1] Group 1: Revenue Growth - In H1 2025, the company achieved operating revenue of 10.24 billion yuan, a year-on-year increase of 49% [2] - Revenue from B-end same-city delivery services, C-end same-city delivery services, and last-mile delivery business reached 4.5 billion, 1.3 billion, and 4.5 billion yuan respectively, with year-on-year growth of 55%, 13%, and 57% [2] - The number of active merchants on the B-end platform reached 850,000, a 55% increase year-on-year, with county-level merchants doubling their daily order volume [2] Group 2: Last-Mile Delivery Growth - Last-mile business revenue in H1 2025 was 4.5 billion yuan, reflecting a 57% year-on-year increase [3] - Growth was driven by deep collaboration with SF Group's trunk network, with rapid increases in e-commerce parcel delivery scale and proportion [3] - Daily order volume in the collection segment increased by 150% year-on-year during peak periods such as nights, holidays, and shopping festivals [3] Group 3: Profitability Improvement - The company's gross margin in H1 2025 was 6.7%, with a net profit of 137 million yuan, representing a 120% year-on-year increase [4] - The net profit margin improved by 0.4 percentage points to 1.3% [4] - Profitability enhancement was primarily due to scale effects from increased order volume, improved network density, and cost reductions from refined management [4]

Core Viewpoint - The company, SF Tongcheng, is a leading third-party delivery platform in China, leveraging its advantages to meet the growing demand for instant delivery services across various new consumption scenarios [1] Group 1: Company Overview - SF Tongcheng operates an open and flexible instant delivery network, providing services for businesses and individuals, with revenue contributions in 2024 expected to be 42% from merchant delivery, 15% from personal errands, and 42% from express collection and delivery services [1] - The company is experiencing rapid growth in its ToB (business-to-business) orders, with a projected 28.1% year-on-year revenue increase from merchant delivery services in 2024 [1] - Collaboration with the group's express delivery business is enhancing operational efficiency, leading to a 32.5% year-on-year revenue growth in express collection and delivery services in 2024 [1] Group 2: Industry Trends - Instant retail is emerging as a new online retail ecosystem that meets the demand for "instant consumption" and "hourly delivery," driven by changes in consumer behavior towards more frequent, smaller purchases [1] - The industry is witnessing significant growth as e-commerce platforms and local service providers actively invest in instant retail to capture market opportunities, with the potential for cross-selling and increased platform traffic [1] - The ongoing optimization of supply chain efficiency is expected to expand the range of products available for instant retail, indicating a broad market space in the medium term [1] Group 3: Delivery Infrastructure - Instant delivery serves as the foundational infrastructure for instant retail, relying on a positive cycle of order volume, rider availability, and fulfillment efficiency [2] - The company differentiates itself by maintaining a neutral position as the largest third-party delivery platform, ensuring high-quality service and customized solutions for various industries [2] - The operational model of rider management is crucial, with SF Tongcheng employing a "quasi-direct" management approach to ensure service quality, contrasting with the franchise model used by some competitors [2] Group 4: Financial Projections - The company's net profit is projected to grow significantly, with estimates of 310 million, 600 million, and 900 million yuan for the years 2025 to 2027, respectively, reflecting a PE ratio of 38.9, 19.8, and 13.2 [3]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [11][13]. Core Viewpoints - The company is positioned as a leading third-party instant delivery platform in China, benefiting from the rapid growth of instant retail and the increasing demand for delivery services [4][11]. - The company's unique market positioning and service model have created a scarcity barrier in delivery capacity, which is expected to drive profitability as order volumes and rider efficiency improve [4][11]. Summary by Sections Company Overview - The company, Shunfeng Tongcheng, is the largest third-party instant delivery platform in China, providing a flexible delivery network for various consumer needs [8][18]. - The main business segments include delivery services for merchants (42% of revenue), personal errands (15%), and express collection and delivery services (42%) [8][18]. Instant Retail Growth - Instant retail is experiencing explosive growth, driven by a shift in consumer behavior towards convenience and immediate consumption [9][39]. - The market is expected to expand significantly, with projections indicating that the instant retail market could exceed 700 billion yuan by 2025 [52]. Delivery Infrastructure - Instant delivery serves as the foundational infrastructure for instant retail, with a focus on building a robust rider network to meet increasing order volumes [10][74]. - The company employs a "quasi-direct" management model for riders, ensuring high service quality and operational efficiency [10][74]. Financial Performance - The company achieved its first annual profit in 2023, with net profit expected to double to 1.3 billion yuan in 2024 [11][35]. - Revenue growth is driven by a compound annual growth rate (CAGR) of 24.4% from 2021 to 2024, with significant contributions from all business segments [35][36]. Market Positioning - The company maintains a neutral market position, allowing it to serve a wide range of clients without favoring specific channels [11][18]. - Strong collaboration with the parent company, Shunfeng Group, enhances operational efficiency and cost reduction in last-mile delivery [11][18].