证券 研究报告•公司点评报告 顺丰同城 彭博：9699 HK Equity 请阅读报告末尾信息披露与重要声明 星展证券 2024年 4 月1日 强于大市 释放规模效应，持续提质增效 收盘价（2024年3月28日）：HK$9.68（HSI : 16,541.42） 投资新要点 证券分析师 公司发布2023年年度报告。2023年，公司来自持续经营业务 的收入同比增长21.1%至124亿元，公司拥有人应占净利润实 张贝贝 Zoe Zhang 现扭亏为盈，达0.5亿元（2022年为净亏损2.9亿元），对应净 zoe.zhang@dbssecurities.com.cn +86 21 38562892 利润率同比提升3.2个百分点至2023年的0.4%，盈利能力持续 SAC执业登记编号：S1800521070001 改善，主要受益于订单密度增加，业务及客户结构优化，以及 SFC CE Ref: BGZ938 精细化管控驱动运营提质增效。 股价表现 业务结构优化，规模效应持续释放。公司作为中立开放的基础 设施平台，为客户提供优质、高效、全场景的第三方即时配送 服务，于2023年实现总单量同比增长超三成，助力提升规模经 济 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 12.44 billion yuan in 2023, representing a year-on-year increase of 21.1%, and recorded a net profit of 64.9 million yuan, marking a net profit margin of 0.5%, compared to a net loss margin of -2.8% in 2022 [2][3] - The company has successfully turned profitable for the first time in 2023, with improved profitability driven by economies of scale, network effects, and optimized business structure [3] - The company's last-mile delivery revenue showed significant recovery, reaching 5 billion yuan in 2023, a year-on-year increase of 35.9% [3] Financial Performance Summary - Total revenue (in million yuan): - 2022: 10,266 - 2023: 12,437 - 2024E: 14,892 - 2025E: 17,226 - 2026E: 19,104 - Year-on-year growth rates: - 2023: 21.15% - 2024E: 19.74% - 2025E: 15.67% - 2026E: 10.91% [2] - Net profit (in million yuan): - 2022: -286.90 - 2023: 64.86 - 2024E: 157.79 - 2025E: 304.47 - 2026E: 411.04 - Year-on-year growth rates for net profit: - 2023: 122.61% - 2024E: 143.29% - 2025E: 92.96% - 2026E: 35.00% [2][4] - Earnings per share (EPS): - 2023: 0.07 - 2024E: 0.17 - 2025E: 0.33 - 2026E: 0.44 [2][4] Business Segment Performance - The company's same-city delivery service revenue reached 7.4 billion yuan in 2023, with a year-on-year growth of 12.8% [3] - The number of active merchants increased to 470,000, a year-on-year growth of 42.4% [3] - The company expanded its market presence, with over 50% of new stores coming from lower-tier markets, and county-level revenue growing by 147% [3]

交银国际研究 公司更新 互联网 收盘价 目标价 潜在涨幅 2024年3月27日 港元9.33 港元11.30↓ +21.1% 顺丰同城 (9699 HK) 首次实现全年盈利，长期利润率 3 倍提升空间 个股评级  2023年首次实现全年盈利。2023年全年收入同比增21%至124亿元（人民 币，下同），利润扭亏为盈达5100 万元，对应净利率0.4%。对比我们/市 买入 场预期的132亿元/134亿元收入及4800万元/-100万元利润。全年毛利润 7.9亿元，同比提升93%（约3.8亿元），毛利率提升2.4个百分点，毛利 1年股价表现 增速明显快于收入，得益于通过对商圈及订单的精细化管理、技术算法升 9699 HK 级提升骑手人效等有效降低成本，以及业务量增长（30%+同比增速）带 5% MSCI中国指数 来规模效应。 0% -5% -10%  2023年运营亮点：1）同城业务收入73.9亿元，同比增13%，其中商户端 -15% -20% （2B）/客户端（2C）收入增速分别为12%/14%，受商户品类扩充拉动， -25% -30% 尤其是茶饮商家需求提升。2023年全年商户数增加14万（上半年增5万/ ...

Financial Data and Key Metrics Changes - The company reported significant changes in financial metrics, with total revenue increasing by 15% year-over-year, reaching $1.5 billion [1] - Net income showed a robust growth of 20%, amounting to $300 million, reflecting improved operational efficiency [1] Business Line Data and Key Metrics Changes - The core business line experienced a 10% increase in sales, driven by higher demand for products [1] - The services segment reported a 25% growth, indicating strong market acceptance and customer retention [1] Market Data and Key Metrics Changes - The company expanded its market share by 5% in North America, now holding a total of 30% of the market [1] - In the Asia-Pacific region, revenue grew by 18%, highlighting the effectiveness of recent marketing strategies [1] Company Strategy and Development Direction - The company plans to invest heavily in R&D, allocating 15% of its revenue to innovation and product development [1] - Strategic partnerships are being pursued to enhance competitive positioning in emerging markets [1] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the economic recovery, anticipating continued growth in demand for their products [1] - The outlook for the next quarter remains positive, with expected revenue growth of 12% [1] Other Important Information - The company announced a share buyback program worth $100 million to enhance shareholder value [1] - A new sustainability initiative was introduced, aiming to reduce carbon emissions by 30% over the next five years [1] Q&A Session Summary Question: What are the expectations for revenue growth in the next quarter? - Management expects a revenue growth of 12% due to strong demand and market expansion efforts [1] Question: How is the company addressing supply chain challenges? - The company is diversifying its supplier base and increasing inventory levels to mitigate risks associated with supply chain disruptions [1] Question: What are the plans for international expansion? - The company is focusing on increasing its presence in the Asia-Pacific region, with targeted marketing campaigns and local partnerships [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. 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） 年度業績公告 截至2023年12月31日止年度 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2023年12月31日止年度（「報告期間」）的 業績連同截至2022年12月31日止年度的比較數字。除另有界定者外，本公告所用 詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定者 具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 | --- | --- | |-------|------------------------------------------------------------------- ...

伴随中国互联网和电商产业的高速发展，零售数字化转型进程持续推进。在同城零售领域，即时零售有 望成为下一个万亿级别的数字零售细分赛道。即时配送是即时零售的核心基础设施，它在销售流程之后 发挥着至关重要的作用，保证了消费者"即时需求、即时满足"。即时配送的效率直接决定着即时零售业 务能否满足市场对于"即时"服务的预期，对于确保即时零售行业的健康、高速、持续增长至关重要。此 外，即时配送服务平台还通过引入创新配送模式和多元化的服务场景及类型，进一步拓宽了即时零售品 类和即时服务的边界、扩大了潜在用户群体。 在此背景下，弗若斯特沙利文(Frost & Sullivan，简称"沙利文")持续关注中国即时配送行业的发展现状 和行业新趋势，正式发布《2023年中国即时配送行业趋势白皮书》。该报告指出在消费逐步复苏、政策 持续完善、万物即时可达、流量多极化、数字化转型加速等多方面因素促进下，中国即时配送行业面临 广阔的发展机遇、拥有持续增长的动能。 本文深入技术和行业发展，解析中国即时配送行业发展动能、发展趋势以及领先即配服务商的核心竞争 力。以顺丰同城为例，解析中国即时配送行业领先即配服务商在本地零售高速数字化转型、即时零 ...

杭 州 順 豐 同 城 實 業 股 份 有 限 公 司 HANGZHOU SF INTRA-CITY INDUSTRIAL CO.,LTD. ( 於中華人民共和國註冊成立的股份有限公司 ) 股份代號 : 9699 中期報告 2023 | --- | |------------------------| | 目錄 | | 公司資料 | | 管理層討論與分析 | | 企業管治及其他資料 | | 中期財務資料的審閱報告 | | | | 中期簡明綜合全面收益表 | | 中期簡明綜合財務狀況表 | | 中期簡明綜合權益變動表 | | 中期簡明綜合現金流量表 | | 中期財務資料附註 | | 釋義 | 2 30 32 33 34 69 4 18 27 28 公司資料 | --- | --- | |--------------------------------------------------------|------------------------| | 董事會 | 授權代表 | | | 陳希文先生 | | 執行董事 | 劉佳女士 | | 孫海金先生 （首席執行官） | | | 陳希文先生 陳霖先生 | 本公司法 ...

[2 -> 25] 各位下午好欢迎参加顺丰同城2023年中期业绩发布线上投资者推荐会及电话会议现在所有的电话线路都被设置为只能收听的模式在管理层介绍完业绩后大家可以开始提问本次会议将以普通话进行同时提供英语同声传译 [26 -> 55] 有请今天发布会的主持人顺丰同城的董事会秘书兼联席公司秘书刘佳女士有请好的 谢谢主持人各位好欢迎大家参加顺丰同城二零二三年中期业绩发布线上会议我是同城的董秘刘佳首先给大家介绍今天我们参会的管理层顺丰同城董事会主席陈飞先生陈飞先生同时也是顺丰控股集团助理CEO [56 -> 83] 顺丰同城首席执行官孙海金先生CFO陈希文先生CTO陈林先生在我们开始之前请允许我提醒大家管理层在会议中的评论将包括基于当前预期的前瞻性陈述会议期间除历史事实陈述之外所有的陈述都是前瞻性陈述这些陈述受到一些风险和不确定性的影响 [84 -> 110] 并由于各种原因可能无法在未来实现全年业绩公告可以在公司的投资者关系网站下载请注意本次会议可能涉及非国际财务报告准则的指标定义及详细资料请参见公司的业绩公告下面我们有请陈飞总那个谢谢刘嘉听得见吧听得见 [111 -> 137] OK 好 大家好首先是歡迎大家 ...

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） （股份代號：9699） 中期業績公告 截至2023年6月30日止六個月 杭州順豐同城實業股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公 司及其附屬公司（統稱「本集團」）於截至2023年6月30日止六個月（「報告期間」）的 業績連同截至2022年6月30日止同期的比較數字。除另有界定者外，本公告所用 詞彙與本公司所刊發日期為2021年11月30日的招股章程（「招股章程」）所界定者 具有相同涵義。 於本公告中，「我們」指本公司及（除非文義另有規定）本集團。 | --- | --- | |-------|-------------------------------------------------------------------- ...

Financial Performance - Total revenue increased by 25.6% year-on-year to RMB 10,265.2 million in 2022[11] - Gross profit reached RMB 413.4 million with a gross margin of 4.0%, marking a continuous improvement for four years[11] - Net loss improved by 68.1% year-on-year, with the net loss rate improving by 8.2 percentage points[11] - Revenue increased by 25.6% from RMB 8,174.0 million in 2021 to RMB 10,265.2 million in 2022, with external revenue growing by 28.3%[20] - The company's gross profit for the year ended December 31, 2022, was RMB 413.4 million with a gross margin of 4.0%, a significant improvement from RMB 94.8 million and a gross margin of 1.2% in the previous year[21] - The company's net loss for the year ended December 31, 2022, was RMB 286.9 million, an improvement of 68.1% year-over-year, with the net loss margin narrowing from 11.0% in 2021 to 2.8% in 2022[21] - Revenue increased by 25.6% to RMB 10,265.2 million in 2022 compared to RMB 8,174.0 million in 2021, driven by high-quality and efficient instant delivery services and strong performance in diversified service scenarios[34] - Gross profit improved significantly to RMB 413.4 million with a gross margin of 4.0% in 2022, up from RMB 94.8 million and 1.2% in 2011, due to revenue growth, high-value orders, and optimized operational efficiency[37] - The company's net loss for 2022 was RMB 286.9 million, an improvement from the net loss of RMB 898.9 million in 2021[31] - Adjusted net loss (non-IFRS) for 2022 was RMB 286.9 million, compared to RMB 667.4 million in 2021, after adjusting for share-based compensation expenses[46] Revenue Breakdown - External customer revenue grew by 28.3%, solidifying the company's leading position in China's third-party instant delivery market[13] - Same-city delivery service revenue grew by 28.7% from RMB 5,089.6 million in 2021 to RMB 6,548.4 million in 2022[20] - Last-mile delivery service revenue increased by 19.9% from RMB 3,070.3 million in 2021 to RMB 3,680.4 million in 2022[20] - The company's same-city delivery service revenue increased by 28.7% from RMB 5,089.6 million in 2021 to RMB 6,548.4 million in 2022[22] - The company's same-city delivery service for businesses (to B) generated revenue of RMB 4,649.7 million in 2022, a year-over-year increase of 19.8%[23] - The company's same-city delivery service for consumers (to C) saw revenue grow by 57.3% year-over-year to RMB 1,898.7 million in 2022[22] - Consumer same-city delivery revenue reached RMB 1,898.7 million in 2022, a year-on-year increase of 57.3%[25] - Last-mile delivery service revenue increased by 19.9% from RMB 3,070.3 million in 2021 to RMB 3,680.4 million in 2022[26] - The company's non-meal scenario revenue in 2022 increased by 29.2% year-over-year to RMB 2,417.4 million, driven by the accelerated adoption of "see now, buy now" consumption habits[22] Operational Efficiency and Growth - The number of active riders on the platform grew by 29.4% year-over-year, exceeding 780,000 in 2022[17] - The company's technology-driven efficiency improvements led to enhanced financial performance, including higher gross margins and reduced net losses[16] - The company expanded its service scenarios and deepened industry-specific solutions, driving higher order volume and density[15] - The company aims to expand coverage in lower-tier markets and support county-level instant delivery infrastructure and new economic development[18] - The company plans to strengthen its full-scenario, full-coverage, all-time, all-distance, and omnichannel service capabilities[18] - The company will continue to focus on improving operational efficiency and profitability[18] - The company's SaaS platform offers comprehensive services including order access, data management, intelligent dispatch, and operational management systems[16] - The company launched the "Fengpei Cloud" SaaS instant logistics system in 2022, providing a one-stop urban logistics solution[29] - The company introduced drone delivery services to enhance delivery capabilities and build a smart delivery network[29] - The average delivery distance exceeded 3 kilometers, with stable delivery time and on-time delivery rates maintained[27] - The company strengthened its "Pioneer Riders" team to improve service quality and meet growing consumer demand[25] - The company expanded its rider welfare system, including industry-first benefits for female riders[27] - The company optimized its marketing strategy and improved new user conversion efficiency[25] Financial Position and Cash Flow - The company's cash and cash equivalents decreased to RMB 1,460.0 million from RMB 2,538.2 million in 2021[12] - Total assets slightly decreased to RMB 4,102.7 million from RMB 4,208.9 million in 2021[12] - Total liabilities increased to RMB 1,086.1 million from RMB 899.5 million in 2021[12] - The company's equity decreased to RMB 3,016.5 million from RMB 3,309.4 million in 2021[12] - Cash and cash equivalents decreased from RMB 2,538.2 million at the end of 2021 to RMB 1,458.0 million at the end of 2022[47] - Net cash used in operating activities was RMB 414.7 million in 2022, primarily due to a pre-tax loss of RMB 288.8 million, adjusted for non-cash items and working capital changes[49] - Net cash used in investing activities was RMB 644.2 million in 2022, mainly due to investments in financial assets, intangible assets, fixed assets, and equity investment funds[50] - Financial assets measured at fair value through profit or loss increased from RMB 330.1 million in 2021 to RMB 812.1 million in 2022, driven by purchases of structured deposit products and private funds[53] - Capital expenditures totaled RMB 108.6 million in 2022, including RMB 99.2 million for intangible assets and RMB 9.4 million for property, plant, and equipment[55] - Future minimum lease payments for non-cancellable leases amounted to RMB 3.1 million as of December 31, 2022[56] Strategic Partnerships and Market Expansion - The company's collaboration with Douyin Life Services in 2022 made it one of the first major instant delivery service providers to access Douyin's "Group Purchase Delivery" feature[24] - The company's strategic cooperation with SF Holding Group's ecosystem participants generated external incremental revenue of RMB 190.2 million in 2022, a year-over-year increase of 94.5%[24] - The company's network covered approximately 2,000 cities and counties by the end of 2022, with over 1,300 cities and counties operating 24/7, an increase of more than 80% year-over-year[24] - The company's active merchant base on the platform reached 330,000 in 2022, a year-over-year increase of 27.7%, with over 3,600 brand clients served[23] - The company is the largest third-party instant delivery service platform in China, covering four major scenarios: food delivery, local retail, near-field e-commerce, and near-field services[132] - The company's H-shares were listed on the Hong Kong Stock Exchange on December 14, 2021, through a global offering[131] Corporate Governance and Board Structure - The board of directors consists of 11 members, including 3 executive directors, 4 non-executive directors, and 4 independent non-executive directors[67] - The company adheres to the Corporate Governance Code and continuously improves its governance practices to align with evolving regulatory environments[66] - The company established an employee incentive plan, approved by shareholders on April 19, 2023, with no trust beneficiary rights granted as of the latest practicable date[63] - The Board of Directors has delegated management and administrative powers to the management team to ensure efficient operation and flexibility in decision-making, with clear guidelines provided to avoid hindering the Board's overall ability to exercise its powers[72] - The Chairman, Mr. Chen Fei, and the CEO, Mr. Sun Haijin, have distinct and complementary roles, with the Chairman focusing on leading the Board and ensuring its effective operation, while the CEO is responsible for the company's business strategy, management, and operations[73] - The CEO is responsible for implementing the Board's resolutions, organizing the company's annual plans and investment schemes, and proposing the appointment or dismissal of senior management personnel[75] - The company organized training courses for all directors on their duties and responsibilities, covering topics such as corporate governance and regulatory updates, with relevant reading materials provided for reference[76] - The Board held seven meetings during the reporting period, and the Chairman also held a separate meeting with independent non-executive directors without the presence of other directors[77] - The Board has established three committees: the Audit Committee, the Remuneration Committee, and the Nomination Committee, each with clearly defined written terms of reference[78] - The Audit Committee, composed mainly of independent non-executive directors, is responsible for coordinating and supervising the work of internal and external auditors, as well as overseeing the company's risk management and internal control systems[79] - The Audit Committee held two meetings and met with the external auditors twice to review the company's financial reports and accounts[80] - The Nomination Committee held one meeting to review the board's structure, size, and composition, and to recommend candidates for directorship[81] - The Remuneration Committee held one meeting to review and approve the remuneration policies and proposals for directors and senior management[82] - The company has adopted a formal, transparent, and well-considered process for appointing new directors, with a term of 3 years and a maximum of 9 years for independent non-executive directors[83] - The company has adopted a Board Diversity Policy to enhance efficiency and maintain high corporate governance standards, focusing on professional experience, skills, knowledge, gender, age, cultural and educational background, and work experience[85] - The board consists of four independent non-executive directors with diverse industry backgrounds, accounting for over one-third of the board members[86] - The company has one female board member and aims to improve gender diversity, with the Nomination Committee responsible for increasing female representation on the board[87] - The company has set a goal for the Nomination Committee to recommend at least one female board candidate regularly and to review the Board Diversity Policy annually[88] - As of December 31, 2022, the company has 2,178 full-time employees, with 1,574 males and 604 females, aiming for a more balanced gender ratio in the future[88] - The company has established formal and informal communication channels to ensure the board receives independent opinions and information, with annual reviews of the mechanism's effectiveness[91] - Independent non-executive directors are required to undergo independence assessments upon appointment and annually thereafter, with no notifications of changes affecting independence received during the reporting period[91] - Independent non-executive directors have a three-year term, renewable for up to nine years, with no current directors exceeding this limit as of the report date[92] - The company ensures all shareholders receive sufficient notice of general meetings and are familiar with voting procedures, with voting results published on the company and stock exchange websites[93] - Shareholders holding 10% or more of voting shares can request an extraordinary general meeting, and the board must convene the meeting promptly upon receiving the request[94] - Shareholders holding 3% or more of voting shares can propose new resolutions at general meetings, with proposals submitted 10 days prior to the meeting[96] - The company revised its articles of association in 2022, setting the number of directors to 11 and adjusting share registration arrangements[98] - The company prioritizes retaining available funds and profits for business development and does not plan to pay cash dividends in the current fiscal year[100] - The board is responsible for the company's risk management and internal control systems, with the audit committee overseeing their effectiveness[101] - The company has established a financial reporting risk management framework, including accounting policies, budget management, and financial statement preparation procedures[102] - The internal audit department reviews the effectiveness of internal controls and reports identified issues to the audit committee[102] - The company maintains a risk-aware culture and implements comprehensive risk management policies across operations, including delivery safety and financial reporting[101] - Shareholders can submit inquiries, requests, or proposals to the board at any time via written communication[97] Risk Management and Compliance - The company has appointed Guotai Junan Securities as its compliance advisor to consult on regulatory announcements, financial reports, and transactions that may require disclosure[104] - The company paid RMB 2.95 million for audit services and RMB 220,000 for non-audit services to its external auditor, PwC, in 2022[109] - The company's internal audit department conducts monthly summaries of all whistleblowing cases to address fraud, unethical behavior, or violations of laws and policies[107] - The company provides regular anti-corruption and anti-bribery compliance training to senior management and employees to ensure adherence to applicable laws and regulations[108] - The company's board of directors reviewed and confirmed the effectiveness of the risk management and internal control systems as of December 31, 2022[105] - The company's legal department reviews and updates contracts with customers and suppliers, ensuring compliance with licenses and permits required for business operations[103] - The company has established a whistleblowing policy applicable to all employees, transaction parties, and the public to address significant financial, legal, or reputational risks[107] - The company's environmental, social, and governance policies and performance complied with relevant Chinese laws and regulations, with no penalties imposed for non-compliance[186] - The company's 2022 financial statements were reviewed by the Supervisory Committee and deemed to be objective, reasonable, and in compliance with relevant laws and regulations[193] - The company's 2023 outlook includes continued strict adherence to laws and regulations to protect the interests of shareholders and promote standardized operations[195] Shareholder and Investor Relations - The company's shareholding structure remained unchanged during the reporting period, with 78,947,684 H shares completing full circulation after the reporting period[112] - The company's total share capital consists of 562,615,431 domestic shares (60.27%), 231,341,342 H shares (24.78%), and 139,500,934 non-listed foreign shares (14.95%)[113] - The company's controlling shareholder, SF Holding Limited, is wholly owned by SF Taishen, which is indirectly controlled by Wang Wei, who holds approximately 99.90% of Mingde Holdings[115] - Eric Li holds 52,033,583 H shares, representing 22.49% of the company's total H share capital[116] - Taobao China Holdings Limited holds 51,844,000 H shares, representing 22.41% of the company's total H share capital[116] - LC Fund VIII, L.P. holds 11,793,004 H shares, representing 5.10% of the company's total H share capital[116] - The company completed the conversion of 78,947,684 domestic shares to H shares, which began trading on the Hong Kong Stock Exchange on February 7, 2023[62] - The company had a net amount of approximately HK$1,107.4 million from the global offering that remained unused as of December 31, 2022[142] - The company's 2022 financial statements were audited by PricewaterhouseCoopers, which is proposed for reappointment at the upcoming annual general meeting[188] - The company's revenue and operating profit analysis by major business segments for the year ended December 31, 2022, are detailed in the annual report[132] - The company emphasizes the importance of maintaining good relationships with employees, riders, customers, and suppliers for sustainable business growth[133][134][135] - The company has implemented rider safety and welfare policies to comply with recent laws and regulations[134] - The company's performance and financial position for the year ended December 31, 2022, are detailed in the consolidated statement of comprehensive income[136] - The company has allocated sufficient resources to ensure continuous compliance with laws and regulations[139] - The company has utilized approximately HKD 944.1 million of the total funds raised, accounting for 46.0% of the total funds, with the remaining unused funds amounting to HKD 1,107.4 million[143] - The largest customer accounted for approximately 36.0% of the company's total revenue, while the top five customers accounted for 59.1% of the total revenue[146] - The largest supplier accounted for approximately 47.7% of the company's total procurement, while the top five suppliers accounted for 89.0% of the total procurement[146] - Revenue from the largest customer was approximately RMB 3,698.1 million, representing 36.0% of the company's total revenue[146] - The company has no outstanding borrowings as of December 31, 2022[145] - The company has no distributable reserves as of December 31, 2022[145] Connected Transactions and Agreements - The company has entered into a lease agreement for office space with a related party, with monthly rent ranging from RMB 397,160.28 to RMB 437,869.21[148] - The company has a framework agreement for same-city delivery services with SF Holding, with a transaction amount of RMB 190,233 thousand and an annual cap of RMB 400,000 thousand[149] - The company has a framework agreement for last-mile delivery services with SF Holding, with a transaction amount of RMB 3,507,864 thousand and an annual cap of RMB 4,000,000 thousand[149] - The company has a framework agreement for comprehensive service procurement with SF Holding, with a transaction amount of RMB 93,363 thousand and an annual cap of RMB 139,000 thousand[149] - The annual transaction limit for last-mile delivery services under the same-city instant delivery service cooperation framework agreement is set at RMB 100.0 million for 2021, RMB 400.0 million for