Group 1 - The core event of the 2025 Shunfeng Tongcheng Rider Festival has officially started on September 1, with an investment exceeding 4 million yuan to provide exclusive holiday benefits for riders [1] - The festival will feature a series of activities such as "Finding Lucky Koi," "Offline Flash Events," "Mall Discounts," "Surprise Red Envelopes," and "Card Collection Rewards," showcasing the platform's care for the rider community [1] - The main venue for this year's festival is in Shanghai, chosen by over 3,000 riders through voting, indicating a shift towards greater rider involvement in decision-making [1] Group 2 - The "917" Rider Festival, held annually, serves as an important channel for conveying care and promoting sustainable development in the industry, having successfully hosted six editions to date [2] - More rider protection measures are set to be announced during the upcoming Rider Festival on September 17, which will be connected to riders nationwide through online live streaming [2] - The total number of new employment form laborers in the country, including riders, has exceeded 84 million, highlighting the need for enhanced safety and career development measures [1]

Core Viewpoint - SF Express's performance in H1 2025 shows significant growth in revenue and profit, driven by strong demand in the ToB delivery and last-mile logistics sectors, benefiting from the rapid expansion of the food delivery and instant retail industries [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 10.236 billion yuan, a year-on-year increase of 48.81% - The net profit attributable to shareholders was 137 million yuan, up 120.43% year-on-year - Adjusted net profit reached 160 million yuan, reflecting a 138.97% increase year-on-year [1] Business Segments - The ToB delivery and last-mile business experienced high growth, with same-city delivery order volume increasing by over 50% year-on-year, contributing to a revenue increase of 43.11% to 5.779 billion yuan - ToB delivery revenue was 4.467 billion yuan, up 55.42% year-on-year, with significant growth in the food delivery segment, particularly tea delivery, which saw a 105% increase [1] - ToC delivery revenue was 1.312 billion yuan, a 12.71% increase year-on-year, with "one-to-one exclusive delivery" revenue tripling, indicating rapid growth in lower-tier markets [1] Last-Mile Business - Last-mile business revenue reached 4.457 billion yuan, a year-on-year increase of 56.92% - The volume of collected items increased by over 150% year-on-year, with rapid growth in e-commerce delivery scale [1] Profitability and Cost Management - The company's gross margin was 6.65%, a slight decrease of 0.23 percentage points year-on-year - Overall improvement in expenses led to a decrease in the expense ratio by 0.85 percentage points to 5.41% - The net profit margin attributable to shareholders increased by 0.44 percentage points to 1.34%, with adjusted net profit margin at 1.6%, up 0.60 percentage points year-on-year [2] Market Position and Growth Potential - The company is leveraging its brand strength and neutral positioning to penetrate diverse scenarios in the local life market, with continued expansion of its market share - The integration with the group's network is expected to further boost volume, while technology-driven cost reductions and refined management are anticipated to sustain the release of scale effects [2] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, representing year-on-year growth of 40%, 29%, and 25% respectively - Expected net profits for the same period are 298 million yuan, 515 million yuan, and 900 million yuan, with year-on-year growth of 125%, 73%, and 75% respectively - Corresponding PE ratios are projected at 42.46, 24.53, and 14.06 [3]

Group 1: SF Express (顺丰同城) / Logistics - The company achieved revenue of 10.236 billion yuan in H1 2025, a year-on-year increase of 48.81%, and a net profit of 137 million yuan, up 120.43% year-on-year [3][4] - The ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery orders, driving revenue to 5.779 billion yuan, a 43.11% increase year-on-year [4] - The company’s gross margin was 6.65%, slightly down by 0.23 percentage points, while the net profit margin improved by 0.44 percentage points to 1.34% [5][6] Group 2: China Everbright Environment (光大环境) / Environmental Governance - The company reported a revenue of 14.304 billion HKD in H1 2025, a decrease of 8% year-on-year, and a net profit of 2.207 billion HKD, down 10% year-on-year [8][9] - Operating service revenue increased by 5% to 9.943 billion HKD, accounting for 70% of total revenue, while construction service revenue fell by 49% [9][10] - The company’s gross margin improved significantly to 44.26%, up 5.53 percentage points year-on-year, and the net margin increased to 19.44%, up 0.84 percentage points [10] Group 3: Fenbi (粉笔) / Education - The company reported a revenue of 1.492 billion yuan in H1 2025, a decrease of 8.5% year-on-year, and a net profit of 227 million yuan, down 18.39% year-on-year [11][12] - The AI question-answering system is expected to become a new growth engine, with significant potential for revenue increase [13][14] - The company forecasts revenues of 2.525 billion yuan, 2.618 billion yuan, and 2.793 billion yuan for 2025-2027, with a "buy" rating [14] Group 4: HuiLiang Technology (汇量科技) / Advertising Marketing - The company achieved total revenue of 938 million USD in H1 2025, a year-on-year increase of 47%, and a net profit of 32.28 million USD, up 340% year-on-year [15][17] - The average daily advertising requests increased from over 200 billion in H1 2024 to over 300 billion in H1 2025, indicating strong client engagement [18] - The company forecasts revenues of 2.211 billion USD, 2.747 billion USD, and 3.301 billion USD for 2025-2027, with a "buy" rating [18] Group 5: Focus Media (分众传媒) / Advertising Marketing - The company reported total revenue of 6.112 billion yuan in H1 2025, a year-on-year increase of 2.43%, and a net profit of 2.665 billion yuan, up 6.87% year-on-year [20][21] - The gross margin improved to 68.3%, up 3.2 percentage points year-on-year, while the net margin reached 43.4%, up 2.3 percentage points [21][22] - The company plans to distribute a cash dividend of 1 yuan per 10 shares, with a cash dividend ratio of 25.5% [20] Group 6: Tungsten Industry / Industry Research - The report highlights a tightening supply of tungsten due to regulatory constraints and declining ore grades, with limited new projects expected [27][28] - The demand for tungsten is projected to grow, driven by applications in hard alloys and the semiconductor industry, with significant projects like the Yarlung Tsangpo River hydropower project expected to boost demand [28][29] - The strategic importance of tungsten is increasing due to export controls and tariffs, leading to a potential revaluation of tungsten resources [29] Group 7: Great Wall Motors (长城汽车) / Passenger Vehicles - The company reported total revenue of 92.33 billion yuan in H1 2025, a year-on-year increase of 1%, and a net profit of 6.34 billion yuan, down 10.2% year-on-year [31][32] - The company’s Q2 2025 revenue reached 52.32 billion yuan, a year-on-year increase of 7.7%, with a significant increase in net profit [32][33] - The company forecasts revenues of 225.3 billion yuan, 278.5 billion yuan, and 312.5 billion yuan for 2025-2027, with a "buy" rating [34] Group 8: Dongfang Tower (东方铁塔) / Agricultural Chemical Products - The company achieved revenue of 2.148 billion yuan in H1 2025, a year-on-year increase of 8.51%, and a net profit of 493 million yuan, up 79.18% year-on-year [35][36] - The company’s Q2 revenue was 1.193 billion yuan, a year-on-year increase of 10.20%, with a significant increase in net profit [37][38] - The company forecasts revenues of 4.926 billion yuan, 5.145 billion yuan, and 5.372 billion yuan for 2025-2027, with a "buy" rating [39] Group 9: Yipule (易普力) / Chemical Products - The company reported revenue of 4.713 billion yuan in H1 2025, a year-on-year increase of 20.4%, and a net profit of 409 million yuan, up 16.4% year-on-year [42][43] - The company’s Q2 revenue was 2.703 billion yuan, a year-on-year increase of 26.4%, with a significant increase in net profit [43][44] - The company’s performance is driven by high-quality development and market investment [44]

Core Insights - The article highlights the competitive landscape of the food delivery and instant retail market, emphasizing the ongoing subsidy wars among major players like Meituan, Alibaba, and JD, which indicates a strong commitment to maintaining market positions [1][8] - SF Express's subsidiary, SF City, reported significant growth in its mid-2025 financial results, showcasing a revenue increase of 49% year-on-year, reaching 10.24 billion yuan [1][3] - The report indicates that SF City has successfully expanded its active merchant and rider base, with 850,000 active merchants and 1.14 million active riders by mid-2023, alongside a 50% increase in delivery order volume [5][7] Financial Performance - SF City achieved a gross profit of 680 million yuan, a 44% increase year-on-year, with a gross margin of 6.7% [3] - The net profit surged to 140 million yuan, marking a 120% year-on-year growth, with an adjusted net profit of 160 million yuan, reflecting a 139% increase [3] Market Dynamics - The article discusses the increasing reliance on third-party delivery platforms like SF City, which are becoming essential infrastructure in the instant retail market, akin to utilities [18][23] - It notes that the competition in the food delivery sector has catalyzed growth for third-party logistics providers, which are now seen as critical to supporting various platforms and merchants [8][10] Strategic Positioning - SF City maintains a neutral stance, collaborating with a wide range of clients without being tied to any specific platform, which enhances its strategic advantages in the competitive landscape [7][10] - The company has focused on improving rider compensation and support, resulting in a 65% increase in high-income riders and a 107% increase in riders earning over 10,000 yuan per month [7][12] Industry Trends - The article emphasizes the shift towards diversified logistics solutions, with merchants increasingly seeking to reduce dependency on single platforms due to high fees and restrictions [10][11] - It highlights the growing demand for specialized third-party delivery services across various sectors beyond food, including groceries, pharmaceuticals, and electronics, which require tailored logistics solutions [11][12] Future Outlook - The instant delivery market is projected to continue expanding, with estimates suggesting that the volume of instant delivery orders may surpass that of e-commerce orders in the future [27] - The article concludes that the third-party delivery sector holds significant potential for growth, with opportunities for new players to emerge and contribute to the industry's evolution [27]

Investment Rating - The report upgrades the investment rating for the company to "Buy" [1][11]. Core Insights - The company is experiencing high growth in revenue and profitability, with expectations for continued growth logic to be realized [2][6][9]. - The company reported a revenue of 10.236 billion yuan for H1 2025, representing a year-on-year increase of 48.81%, and a net profit attributable to shareholders of 137 million yuan, up 120.43% year-on-year [5][11]. Summary by Sections Recent Performance - In the past year, the company's stock performance has been -9.6% over 1 month, +0.3% over 3 months, and +34.4% over 12 months compared to the Hang Seng Index [4]. Financial Metrics - The company achieved a gross margin of 6.65% in H1 2025, a slight decrease of 0.23 percentage points year-on-year. The overall expense ratio improved by 0.85 percentage points to 5.41% [7]. - The net profit margin increased by 0.44 percentage points to 1.34% year-on-year, with adjusted net profit margin at 1.6%, up 0.60 percentage points [7]. Growth Drivers - The company's ToB delivery and last-mile business saw significant growth, with a 50%+ increase in same-city delivery order volume, driving revenue growth of 43.11% to 5.779 billion yuan [6]. - The ToB delivery revenue reached 4.467 billion yuan, up 55.42% year-on-year, with notable growth in the food delivery segment [6]. Future Projections - Revenue projections for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, with year-on-year growth rates of 40%, 29%, and 25% respectively [11]. - Net profit projections for the same period are 2.98 billion yuan, 5.15 billion yuan, and 9.00 billion yuan, with growth rates of 125%, 73%, and 75% respectively [11].

（2）从收入结构看：2025 上半年公司同城配送收入57.8 亿，同比增长43.1%，占总收入比例为56.5%， 其中同城非餐场景收入21.4 亿，同增28.6%，占同城配送收入比例下降4.1pc t 至37.1%。 风险分析 顺丰同城发布2025 上半年业绩公告 2025 上半年收入102.4 亿元人民币，同比增长48.8%，毛利同比增加43.8%至约6.8 亿元；毛利率略有回 调，维持6.7%水平。上半年净利润约1.37 亿元，同比增长171%；净利率较2024 年的0.8%提升至1.3%; 经调整净利润约1.6 亿。上半年经营活动现金流入为约1.8 亿元，同比大幅增长86%。 点评 1、收入：公司依靠同城配送及最后一公里双轮驱动，上半年总收入实现48.8%的较高增速，连续4 个半 年增速提升，其中KA客户的服务品质和渗透不断提升 （1）2025 上半年公司总收入为102.4 亿，同比增长48.8%，外部客户收入占比54.5%，同比下降4 个百 分点。 机构：中信建投证券 研究员：韩军/梁骁 核心观点 顺丰同城2025 上半年业绩：依靠同城配送及最后一公里双轮驱动，上半年总收入实现48.8%的较高增 速， ...

Core Insights - The company reported a significant revenue increase of 48.8% year-on-year for the first half of 2025, reaching 10.236 billion yuan, with net profit rising by 120.4% to 137 million yuan [1] - Adjusted net profit for the same period was 160 million yuan, reflecting a 139.0% increase, with an adjusted net profit margin of 1.6% [1] Group 1: Business Performance - The company's same-city delivery service revenue grew by 43.1% year-on-year to 5.779 billion yuan, with order volume increasing by over 50% [2] - Revenue from merchant-facing and consumer-facing services grew by 55.4% and 12.7% respectively, driven by marketing activities that boosted demand for food delivery [2] - The tea beverage delivery revenue saw a remarkable growth of 105% year-on-year [2] - Non-food delivery scenarios also showed robust growth, with revenue increasing by 28.6% to 2.142 billion yuan [2] - The number of active merchants reached 850,000, a 55% increase year-on-year, indicating an expanding customer base [2] Group 2: Last-Mile Delivery - Last-mile delivery service revenue surged by 56.9% year-on-year to 4.457 billion yuan, benefiting from increased penetration in SF Express's delivery volume [3] - Revenue from subsidiaries of SF Express grew by 63% year-on-year, highlighting strong collaboration [3] - The company is enhancing its delivery capabilities and expanding services such as "same-day delivery" and multi-scenario logistics [3] Group 3: Profitability and Cost Management - The company maintained stable gross margins while reducing sales, R&D, and management expense ratios, leading to a net profit margin increase of 0.4 percentage points to 1.3% [4] - The revenue growth is driving economies of scale, improved operational efficiency, and enhanced profitability potential [4] - Profit forecasts for 2025-2027 have been adjusted upwards, indicating a positive outlook for long-term profit growth [4]

致：香港交易及結算所有限公司 公司名稱: 杭州順豐同城實業股份有限公司 呈交日期: 2025年9月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09699 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 745,610,609 | RMB | | 1 RMB | | 745,610,609 | | 增加 / 減少 (-) | | | | 0 | | RMB | | 0 | | 本月底結存 | | | 745,610,609 | RMB | | 1 RMB | | 745,610,609 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- ...

Core Viewpoint - SF Express City (09699) shows strong growth in revenue and profit, indicating a robust performance in the third-party delivery sector, with significant increases in order volume during peak periods [1] Financial Performance - In the first half of the year, SF Express City achieved revenue of approximately 10.236 billion yuan, representing a year-on-year growth of 48.8% [1] - Gross profit was around 681 million yuan, with a year-on-year increase of 43.8% [1] - Adjusted net profit reached approximately 160 million yuan, marking a year-on-year growth of 139.0% [1] Business Growth - The number of same-city delivery orders increased by over 50% year-on-year [1] - On the Qixi Festival (August 29), the platform's same-city delivery order volume grew by 73% compared to the same period last year, while last-mile delivery orders surged by 80% year-on-year [1] Market Outlook - Minsheng Securities highlights the company as a leader in the third-party delivery sector, which possesses strong growth potential, and expresses optimism about the company's long-term development [1] - Dongwu Securities notes that the company's business is entering a phase of accelerated growth, with considerable long-term profit release potential [1]

Macro Strategy - The report highlights the focus on domestic economic policy changes driven by anti-involution and the Fourth Plenary Session [1] Fixed Income - The report discusses why domestic commercial banks are unlikely to shrink their balance sheets, citing factors such as economic slowdown, loose monetary policy, and the government's call for financial services to support the real economy [2] - It notes that while some small and medium-sized banks may consider balance sheet reduction, the overall probability for the industry is low [2] Industry Analysis New Industries - The company reported a revenue of 2.185 billion yuan in H1 2025, a decrease of 1.18% year-on-year, and a net profit of 771 million yuan, down 14.62% [4] - The overseas market showed strong performance with a revenue of 954 million yuan, an increase of 19.62% [5] - Domestic revenue was 1.229 billion yuan, down 12.81%, with a notable decline in reagent business [5] BYD Electronics - The company achieved a revenue of 80.61 billion yuan in H1 2025, a year-on-year increase of 2.6%, and a net profit of 1.73 billion yuan, up 14% [6] - The new energy vehicle business saw a revenue increase of 60.5% to 12.45 billion yuan, driven by smart cabin and driving products [6] Pinduoduo - The company’s profit exceeded expectations, leading to an adjustment in the Non-GAAP net profit forecast for 2025-2027 [9] Northern Huachuang - The company is benefiting from the domestic semiconductor equipment platform trend, with a focus on expanding its product line through acquisitions [10] Wan Ye Enterprises - The company reported a turnaround in H1 2025, driven by rapid growth in bismuth materials and semiconductor equipment [11] Horizon Robotics - The company achieved a revenue of 1.57 billion yuan in H1 2025, a 68% increase, with significant growth in chip shipments [12] BeiGene - The company’s core product sales are expected to drive revenue growth, with an upward revision of net profit forecasts for 2025-2027 [14] Jiuzhoutong - The company reported a revenue of 81.106 billion yuan in H1 2025, a 5.1% increase, with a net profit of 1.446 billion yuan, up 19.7% [15] Fenzhong Media - The company maintains a steady growth trajectory, with EPS forecasts for 2025-2027 remaining stable [16] High Measurement Co. - The company is entering the humanoid robot market, leveraging its core technology in grinding equipment [17] Tian Nai Technology - The company adjusted its profit forecast for 2025-2027, maintaining a "buy" rating due to the potential of single-wall carbon tubes [18] Hailiang Co. - The company is expected to see significant growth in the U.S. market, with net profit forecasts for 2025-2027 remaining stable [19] Sanofi - The company reported a revenue of 2.264 billion yuan in H1 2025, with strong performance in the overseas market [20] Xue Da Education - The company is positioned as a leading personalized education provider, with stable growth in its training business [22] Blue Sky Gas - The company is committed to high dividend payouts, with a focus on improving cash flow despite lower profits in H1 2025 [23] Haitian Precision - The company is experiencing short-term pressure on earnings but is steadily advancing its capacity and channel development [24] Solidarity Hall - The company is leveraging AI and overseas expansion to enhance its business model and revenue potential [25] Shoulu Hotel - The company is optimizing its hotel operations and expanding its footprint, with profit forecasts for 2025-2027 remaining stable [27] Changhua Group - The company is expected to see continued revenue growth, driven by new product launches and customer acquisition [28] SF Express - The company is entering a growth phase, with profit forecasts for 2025-2027 being adjusted upward [29] Oil and Gas Sector - The company is experiencing rapid growth in oil and gas production, with profit forecasts for 2025-2027 being adjusted upward [30] Alibaba - The company is focusing on cloud business growth and AI investments, with profit forecasts for FY2026-2028 being adjusted [31] Ding Sheng New Materials - The company is experiencing strong growth in battery foil shipments, with profit forecasts for 2025-2027 being adjusted [32] BYD - The company is facing increased competition, leading to adjustments in profit forecasts for 2025-2027 [34] Okai Yi - The company is experiencing steady revenue growth, with profit forecasts for 2025-2026 being adjusted downward [35] Maiwei Biotech - The company maintains its revenue forecasts for 2025-2027, focusing on strategic drug development [36] United Imaging - The company reported a revenue of 6.016 billion yuan in H1 2025, with strong growth in both domestic and overseas markets [37]