Core Viewpoint - A violent incident involving a delivery rider and a drunken man occurred in Liuzhou, highlighting the need for respect and protection of delivery workers' rights [5][6]. Group 1: Incident Details - On September 26, 2025, a drunken man assaulted a delivery rider in front of a coffee shop in Liuzhou, resulting in the rider sustaining minor injuries [1]. - The assailant, identified as Yang, was arrested and later fined 500 yuan and given a ten-day administrative detention [1]. - The incident escalated as the drunken man pushed the rider's electric bike, struck him with a helmet, and kicked him multiple times, also attacking bystanders [5]. Group 2: Company Response - SF Express issued a statement condemning the attack and emphasized the importance of respecting delivery riders' rights [5]. - The company provided 5,000 yuan in compensation to the affected rider and offered legal assistance and psychological support [6]. - SF Express expressed gratitude towards other riders and citizens who intervened during the incident, highlighting the spirit of mutual assistance in the industry [6].

Core Points - A delivery rider from SF Express was assaulted by a drunken man in Liuzhou, Guangxi, leading to police intervention and subsequent penalties for the assailant [1] - SF Express issued a statement clarifying the circumstances of the incident, emphasizing that the rider was performing his duties when the assault occurred [1][2] Group 1 - The assailant, identified as Yang, was detained for ten days and fined 500 yuan for the attack on the rider [1] - The rider, Huang, sustained minor injuries and was treated at a hospital following the incident [1] - SF Express provided a compensation of 5,000 yuan to the rider as a gesture of support after the incident [2]

Core Insights - Xiaomi officially launched the Xiaomi 17 series on September 25, showcasing significant advancements in performance and user experience [1] - The Xiaomi 17 series includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all featuring the new Xiaomi Surge OS 3 and the fifth-generation Snapdragon 8 processor [1] - The Xiaomi 17 series will be available for purchase starting September 27 at 10 AM [1] Product and Service Enhancements - Xiaomi emphasizes the importance of delivery efficiency and service experience, having partnered with SF Express for same-city delivery since 2021 [1][2] - The delivery model allows consumers to order via the Xiaomi Mall App or Xiaomi Lite mini-program, with an average delivery time of one hour within a 3-kilometer radius [2] - The collaboration with SF Express enhances the digital shopping experience, catering to consumer demand for immediate access to new products [2] Ecosystem and Market Position - The Xiaomi Mall serves as a central platform for fans, providing exclusive promotions and immediate access to new products [2] - SF Express's same-city service covers four core scenarios in the new consumption era, indicating a strong integration of high-end products and efficient services [2]

[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) [Board of Directors and Senior Management](index=3&type=section&id=%E8%91%A3%E4%BA%8B%E6%9C%83%E5%8F%8A%E4%B8%BB%E8%A6%81%E7%AE%A1%E7%90%86%E5%B1%A4) This section details the composition of the Board of Directors, including executive, non-executive, and independent non-executive directors, committee members, and key personnel, noting Mr. Lei YanQun's election as a non-executive director during the reporting period - The Board of Directors comprises **3 executive directors**, **4 non-executive directors**, and **4 independent non-executive directors**[7](index=7&type=chunk) - Mr. Lei YanQun was elected as a non-executive director on **July 23, 2025**, replacing Mr. Han Liu[7](index=7&type=chunk) [Company Contact and Registration Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%81%AF%E7%B5%A1%E5%8F%8A%E8%A8%BB%E5%86%8A%E4%BF%A1%E6%81%AF) This section provides essential contact and registration details, including legal advisors, auditors, registered office, headquarters, H-share registrar, principal bankers, and company website - The company's registered office is located at Room 1626, 16th Floor, Chenchuang Building, No. 198 Zhoushan East Road, Gongshu District, Hangzhou, Zhejiang Province, China[7](index=7&type=chunk) - The headquarters and principal place of business in China are located on the 21st-22nd floors of SF Headquarters Building, No. 3076 Xinghai Avenue, Nanshan District, Shenzhen, Guangdong Province, China[8](index=8&type=chunk) - The H-share registrar is Tricor Investor Services Limited[9](index=9&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E9%97%9C%E9%8D%B5%E6%9C%83%E8%A8%88%E6%95%B8%E6%93%9A%E5%92%8C%E8%B2%A1%E5%8B%99%E6%8C%87%E6%A8%99) [2025 Interim Results Overview](index=5&type=section&id=2025%E5%B9%B4%E4%B8%AD%E6%9C%9F%E6%A5%AD%E7%B8%BE%E7%B8%BD%E8%A6%BD) This section summarizes the company's key financial performance for the first half of 2025, showing significant growth in revenue, gross profit, net profit, and adjusted net profit, with net profit doubling and net margin reaching a record high 2025 Interim Results Overview | Indicator | Amount (RMB million) | Year-over-year Growth | Profit Margin | | :--- | :--- | :--- | :--- | | Revenue | 10,236.0 | 48.8% | - | | Gross Profit | 680.8 | 43.8% | 6.7% | | Net Profit | 137.0 | 120.4% | 1.3% | | Adjusted Net Profit | 160.2 | 139.0% | 1.6% | - Adjusted net profit and adjusted net profit margin are non-IFRS measures[11](index=11&type=chunk) [Management Discussion and Analysis](index=6&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E8%88%87%E5%88%86%E6%9E%90) [Business Review](index=6&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) This section reviews the company's business performance in the first half of 2025, highlighting its position as China's largest third-party on-demand delivery service provider, achieving robust revenue growth and a doubling of net profit through a focus on high-quality healthy growth, increased technology investment, and rider network expansion - The company is China's **largest third-party on-demand delivery service provider**[13](index=13&type=chunk) - Revenue for the first half of 2025 increased by **48.8%** to **RMB 10,236.0 million**[14](index=14&type=chunk) - Net profit increased by **120.4%** year-over-year, with net profit margin reaching a **record high**[14](index=14&type=chunk) - As of June 30, 2025, cash and cash equivalents and short-term wealth management investments were **RMB 1,134.1 million** and **RMB 1,260.4 million** respectively, indicating a healthy cash flow and ample capital reserves[14](index=14&type=chunk) [Overview](index=6&type=section&id=%E6%A6%82%E8%A7%88) In the first half of 2025, the company implemented a 'high-quality healthy growth' strategy, leveraging local life service insights, a nationwide flexible capacity network, and digital intelligence technology to achieve steady revenue growth and a doubled net profit, reinforcing its neutral open platform positioning and differentiated competitive advantages in comprehensive on-demand delivery services - Adhering to the 'high-quality healthy growth' strategy, achieving **steady revenue growth** and a **doubling of net profit** compared to the same period in 2024[13](index=13&type=chunk) - Leveraging a neutral open platform positioning and differentiated competitive advantages centered on comprehensive high-quality on-demand delivery services[13](index=13&type=chunk) [Intra-city Delivery Services](index=7&type=section&id=%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Intra-city delivery service revenue increased by 43.1% year-over-year to RMB 5,778.7 million, driven by increased catering takeout demand, robust growth in non-catering scenarios, expanded active merchant and consumer base, penetration into lower-tier cities, and proactive pricing strategies, with strategic cooperation with SF Group also contributing significant incremental revenue - Intra-city delivery service revenue increased by **43.1%** from **RMB 4,038.0 million** in the first half of 2024 to **RMB 5,778.7 million** in the first half of 2025[16](index=16&type=chunk) - Non-catering scenario revenue increased by **28.6%** year-over-year to **RMB 2,142.0 million**[16](index=16&type=chunk) - Cooperation with SF Group generated **RMB 208.0 million** in external incremental revenue, a **29.5%** year-over-year increase[21](index=21&type=chunk) [Intra-city Delivery Services for Merchants](index=7&type=section&id=%E9%9D%A2%E5%90%91%E5%95%86%E5%AE%B6%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for merchants increased by 55.4% year-over-year to RMB 4,466.9 million, driven by an expanded merchant base, optimized customer structure, deep collaboration with traffic platforms, customized services across various scenarios, and rapid growth in lower-tier markets and tea beverage delivery - Revenue from intra-city delivery services for merchants reached **RMB 4,466.9 million**, a **55.4%** year-over-year increase[17](index=17&type=chunk) - As of June 30, 2025, the number of active merchants on the platform reached **850,000** over the past 12 months, a **55%** year-over-year increase[18](index=18&type=chunk) - Tea beverage delivery revenue increased by **105%** year-over-year, with high double-digit growth across categories such as supermarket convenience, pharmaceuticals, and maternal and infant products[19](index=19&type=chunk) - Revenue in lower-tier markets maintained **high growth**, with daily average order volume in county-level areas **doubling**[20](index=20&type=chunk) [Intra-city Delivery Services for Consumers](index=8&type=section&id=%E9%9D%A2%E5%90%91%E6%B6%88%E8%B2%BB%E8%80%85%E7%9A%84%E5%90%8C%E5%9F%8E%E9%85%8D%E9%80%81) Revenue from intra-city delivery services for consumers increased by 12.7% year-over-year to RMB 1,311.8 million, primarily due to an expanded active consumer base, increased user order frequency, enhanced brand influence, upgraded services like "Exclusive Express" and "Hourly Delivery," and active expansion into lower-tier markets - Revenue from intra-city delivery services for consumers was **RMB 1,311.8 million**, a **12.7%** year-over-year increase[22](index=22&type=chunk) - As of June 30, 2025, the active consumer base reached **24.77 million** over the past 12 months[24](index=24&type=chunk) - Revenue from 'Exclusive Express' services **tripled** year-over-year, and revenue from medium-to-long distance 'Hourly Delivery' services experienced **rapid growth**[23](index=23&type=chunk)

Summary of SF Express City Conference Call Company Overview - SF Express City is the largest independent third-party instant delivery service provider in China, achieving its first profit in 2023 with a net profit of approximately 50 million yuan, and is expected to double its profit in 2024, driven by rapid growth in merchant delivery and last-mile delivery services, both exceeding a compound growth rate of 30% [2][5] Core Business Insights - The instant retail model meets consumer demand through hourly delivery, relying on front warehouses and regional supply chains for high-frequency fulfillment. SF Express City excels in on-time delivery rates and low order rejection rates, enhancing customer loyalty through dedicated delivery personnel for major clients [2][3] - Instant retail is experiencing rapid growth due to changes in consumer behavior, smaller household needs, and fragmented work hours. Competitors like Meituan and JD have established supply chains and last-mile capabilities, driving market expansion [2][8] - Instant retail complements traditional e-commerce, primarily covering perishable goods, daily necessities, and healthcare products, which require high timeliness. E-commerce giants are accelerating their entry into the instant retail market, with ongoing subsidies expected, especially during major sales events like Double Eleven [2][9] Financial Performance and Projections - SF Express City's revenue structure includes 42% from merchant delivery services, 42% from last-mile delivery, and 15% from personal delivery services. The growth in merchant and last-mile services is driven by increasing demand from brand owners and e-commerce platforms [6] - The company’s cost structure is primarily based on labor outsourcing, allowing for a light asset operation model. Increasing rider density and order volume creates a positive cycle, improving fulfillment capabilities and reducing delivery costs, with the cost per delivery now below 5 yuan, approaching Meituan's level [12][16] Market Position and Competitive Advantage - SF Express City holds a leading position in the instant delivery market, with its top four clients accounting for 40% of revenue. It commands an 8% market share, significantly higher than competitors like Flash Delivery at 2% [16] - The company benefits from a neutral positioning, not charging commission fees but earning from delivery service fees, providing a cost advantage on high-value orders. It focuses on meeting brand clients' timeliness and fulfillment requirements, attracting partnerships with major brands like Sam's Club and Huawei [14][15] Future Growth Potential - The instant retail market is projected to reach nearly 2 trillion yuan by 2033, with a compound growth rate of 20% to 30%. The demand for instant retail is expected to grow rapidly, driven by the expansion of e-commerce platforms [11][18] - SF Express City is expected to see its net profit double in 2025 and 2026, potentially reaching around 900 million yuan by 2027, with a valuation of approximately 11 to 12 times earnings [18] Strategic Collaborations - Collaboration with SF Group helps reduce costs and improve efficiency, as the demand for instant retail and express delivery peak at different times, allowing for better resource allocation [17] - The company is expected to increase its share of group express collection from less than 30% to over 40% in the coming years, enhancing operational efficiency [17] Conclusion - The growth of the instant retail market and strategic collaborations position SF Express City for significant future growth, reinforcing its market leadership and operational efficiency in the competitive landscape of instant delivery services [19]

Group 1 - Shenzhen Shunfeng Intelligent Technology Co., Ltd. was officially established on September 17, with a registered capital of 10 million yuan and Chen Xiwen as the legal representative [1] - The company has a broad business scope, including research and development of intelligent robots, establishment of AI public data platforms, development of AI basic software, and development of AI theories and algorithm software [1] - The company is wholly owned by Shunfeng Tongcheng, indicating a strong backing from the parent company [1] Group 2 - In July, Shunfeng Tongcheng's subsidiary participated in a capital increase agreement with autonomous driving company Baixiniu Zhida [1] - As of the end of June, Shunfeng Tongcheng had over 300 unmanned vehicles in daily operation, covering more than 60 cities nationwide, with an average monthly active travel of approximately 20,000 trips [1] - The establishment of the new company may signify Shunfeng Tongcheng's intention to enhance its AI algorithm and robot R&D capabilities, forming a dual technology path of "investment + self-research" [1]

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Core Viewpoint - FTSE Russell has updated its semi-annual adjustment list for the FTSE Global Equity Index Series, with several Hong Kong stocks being included in the FTSE China Large Cap and Small Cap indices, effective after the market close on September 19 [1][2]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopu Gold (06181) are newly included in the FTSE China Large Cap Index, marking their first inclusion [1]. - Eleven Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The adjustments reflect a focus on companies with large market capitalization and high liquidity, indicating a strategic selection of industry leaders [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, outperforming the broader market, with Chifeng Jilong Gold Mining rising over 120% and Laopu Gold increasing by over 200% [3]. - The biopharmaceutical sector has also seen strong performance, with companies like Rongchang Biopharmaceutical (09995) and 3SBio (01530) experiencing substantial stock price increases, with Rongchang Biopharmaceutical rising nearly 670% [3]. Group 3: Company Highlights - Chifeng Jilong Gold Mining reported a net profit of 1.107 billion RMB for the first half of 2025, a year-on-year increase of 55.79%, benefiting from a bullish gold market [4]. - Laopu Gold, which went public on June 28, 2024, has seen its stock price soar by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express has established itself as a leading third-party instant delivery platform, with a stable increase in market capitalization and liquidity since its listing in December 2021 [4]. Group 4: Future Outlook - The inclusion in international indices is expected to attract more capital and enhance liquidity for the newly added companies, potentially leading to further stock price support [3]. - Companies like 3SBio and Fourth Paradigm (06682) are anticipated to benefit from their strong market positions and growth potential in their respective sectors, with analysts raising target prices for these stocks [5][6].

Group 1 - FTSE Russell updated its FTSE Global Equity Index Series, including companies like SF Express and others into the FTSE China Small Cap Index, effective after market close on September 19 [1] - A total of 89 Chinese stocks were included in the small-cap index, with 14 being Hong Kong stocks, highlighting the recognition of their comprehensive strength and development potential in the international capital market [1] - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, solidifying its leading position in the industry [1] Group 2 - Inclusion in international indices typically leads to increased capital attention and liquidity premium, potentially attracting more incremental funds and enhancing trading activity for the company [2] - SF Express has also been included in multiple indices, such as MSCI China Small Cap Index and Hang Seng Composite Index, indicating ongoing recognition in mainstream international capital markets [2] - Financial performance has improved significantly, with revenue reaching 10.236 billion yuan, a 48.8% year-on-year increase, and net profit growing by 120.4% to 137 million yuan, marking a historical high [2] - The growth in performance is attributed to the rapid development of the food delivery and instant retail sectors, with a more than 50% year-on-year increase in same-city delivery order volume [2] - The company is expected to continue benefiting from deepening relationships with key accounts, expansion in mid-tier markets, and penetration into lower-tier markets [2]

Group 1 - Shenzhen SF Intelligent Technology Co., Ltd. was established on September 17, with a registered capital of 10 million yuan [1] - The legal representative of the company is Chen Xiwen, and its business scope includes research and development of intelligent robots, artificial intelligence public data platforms, and basic software development for artificial intelligence [1] - The company is wholly owned by SF Express (09699.HK) [1]