Core Insights - Instant retail is reshaping lifestyles, with a projected market size of over 1.5 trillion yuan in 2024, growing at a rate of 26.2% [1] - Major platforms like Meituan, Taobao, and JD are intensifying competition in the instant retail space, enhancing market penetration [1] - The complexity of grocery and general merchandise delivery presents challenges in packaging, distribution, and operations, necessitating efficient fulfillment and quality assurance [1] Group 1: Delivery Solutions - SF Express has launched a tailored delivery solution for grocery and general merchandise, addressing pain points in self-delivery and platform delivery models [1][12] - A standardized delivery process has been established, ensuring the safe transport of diverse products while maintaining their quality [3] - The delivery radius for grocery items typically spans 3 to 5 kilometers, requiring customized fulfillment strategies to manage complex delivery needs [6] Group 2: Brand and Service Standardization - In a competitive retail environment, building a brand membership system and standardizing service across channels is crucial for differentiation [4] - Consumers are increasingly seeking branded and standardized service experiences, prompting businesses to establish unified quality service standards [4] - SF Express offers customized delivery personnel and fulfillment plans, enhancing brand recognition and consumer trust [4] Group 3: Integrated Operations - The instant retail ecosystem is expanding, with brands shifting towards an integrated public and private domain operational model [9] - Brands are leveraging membership systems to enhance customer retention while also utilizing multiple public domain platforms for growth [9] - SF Express provides comprehensive channel support, allowing brands to maintain pricing and operational autonomy while improving efficiency and reducing costs [9] Group 4: Case Study and Performance - Sam's Club's online channels contribute approximately 55% of sales, with 70% of orders fulfilled through front warehouses [10] - SF Express has reported a 26.2% year-on-year increase in non-food business revenue, reaching 3.695 billion yuan, with significant growth in grocery and convenience categories [12] - Collaborations with major retailers like Sam's Club and Metro are enhancing service experiences and expanding business scales [12]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 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 第 1 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | 已發行股份總數 | | | 上月底結存 | | | 742,489,809 | 3,120,800 | | 745,610,609 | | 增加 / 減少 (-) | | | 0 | 0 | | | | 本月底結存 | | | 742,489,809 | 3,120,800 | | 745,610,609 | 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股 ...

Group 1 - The core viewpoint of the articles highlights the transition from a fierce competition in food delivery subsidies to a more sustainable competition in instant retail, indicating that while the food delivery battle has slowed down, the race for instant retail continues unabated [1][4] - The peak daily order volume for food delivery platforms has reached 250 million, positioning it as a significant growth engine in the retail market, closely following traditional e-commerce delivery volumes [1] - The competition in instant retail is characterized by a focus on beverage categories, as they can drive significant traffic without time or frequency constraints, aiming to cultivate instant consumption habits and expand into a broader market [2][5] Group 2 - The logistics of the "last mile" delivery is crucial in the instant retail sector, with third-party delivery services expected to gain growth opportunities due to the increasing complexity of fulfillment and the need for neutral positioning [1][3] - The instant retail market is projected to exceed 2 trillion yuan by 2030, with the potential for instant delivery volumes to match those of traditional e-commerce [4][5] - The penetration rate of instant retail platforms among online shoppers is expected to rise from 49% in 2023 to 59% in 2024, indicating a growing consumer base and loyalty, with loyal users increasing from 24% to 46% in the same period [4][5] Group 3 - The trend of brands building their own membership systems and private channels is emerging, allowing them to reduce dependency on platforms and create a closed-loop service with third-party delivery services [5] - Third-party delivery is becoming a standard for brands, as it allows them to maintain pricing power and flexibility in logistics, positioning platforms primarily as channels for customer acquisition [5] - The industry is moving towards a multi-faceted ecosystem where third-party delivery complements self-operated delivery, with the aim of achieving a scale comparable to traditional e-commerce delivery [5]

消息面上，顺丰同城发布公告，于2025年7月28日(交易时段后)，公司的全资附属顺达同行、公司控股 股东顺丰控股的间接全资附属顺丰投资、其他投资者(合称"投资者")、白犀牛集团连同其创始股东及其 前几轮融资股东订立增资协议，据此，顺达同行及顺丰投资均同意以现金方式向白犀牛智达分别出资人 民币9954万元及5688万元。 于增资完成后，顺达同行将于白犀牛智达15.81%的注册资本中拥有权益，累计现金代价为人民币1.2954 亿元；及顺丰投资将于白犀牛智达9.04%的注册资本中拥有权益。 公告称，白犀牛集团在低速无人车领域拥有强大的技术知识和产品能力，与公司的业务模式具有强大的 业务协同效应和最后一公里配送场景的优势互补。增资协议项下拟进行的交易预期将进一步加速无人配 送解决方案在公司业务运营中的商业部署，从而提高公司的服务效率并支持公司的长期业务增长。 智通财经APP获悉，顺丰同城(09699)涨超5%，截至发稿，涨5.67%，报17.88港元，成交额3138.67万港 元。 ...

消息面上，顺丰同城发布公告，于2025年7月28日(交易时段后)，公司的全资附属顺达同行、公司控股 股东顺丰控股（002352）的间接全资附属顺丰投资、其他投资者(合称"投资者")、白犀牛集团连同其创 始股东及其前几轮融资股东订立增资协议，据此，顺达同行及顺丰投资均同意以现金方式向白犀牛智达 分别出资人民币9954万元及5688万元。 顺丰同城(09699)涨超5%，截至发稿，涨5.67%，报17.88港元，成交额3138.67万港元。 于增资完成后，顺达同行将于白犀牛智达15.81%的注册资本中拥有权益，累计现金代价为人民币1.2954 亿元；及顺丰投资将于白犀牛智达9.04%的注册资本中拥有权益。 公告称，白犀牛集团在低速无人车领域拥有强大的技术知识和产品能力，与公司的业务模式具有强大的 业务协同效应和最后一公里配送场景的优势互补。增资协议项下拟进行的交易预期将进一步加速无人配 送解决方案在公司业务运营中的商业部署，从而提高公司的服务效率并支持公司的长期业务增长。 ...

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） 重續租賃協議項下的關連交易 茲提述日期為2022年6月30日有關租賃協議項下關連交易的公告。由於現有租 賃協議預期將於2025年7月31日屆滿，本公司於2025年7月28日訂立2025年租賃 協議，以重續租賃協議，自2025年8月1日起生效，為期三年。據此，深圳同城 （作為承租人）同意向順豐供應鏈（作為出租人）租賃該等物業作為辦公場所。同 日，深圳同城亦與物業管理公司訂立2025年物業管理協議，據此物業管理公司 將就該等物業向深圳同城提供物業管理及後勤服務，有效期自2025年8月1日至 2026年12月31日。 上市規則之涵義 根據上市規則第14A.54(2)條，倘本公司擬重續持續關連交易，則本公司將須重 新遵守上市規則第 ...

（股份代號：9699） 關連交易 增資協議 增資協議 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） 於2025年7月28日（交易時段後），順達同行、順豐投資、其他投資者（合稱「投 資者」）、白犀牛集團連同其創始股東及其前幾輪融資股東訂立增資協議，據 此，順達同行及順豐投資均同意以現金方式向白犀牛智達分別出資人民幣99.54 百萬元及人民幣56.88百萬元。 於增資完成後，(i)順達同行將於白犀牛智達15.81%的註冊資本中擁有權益，累 計現金代價為人民幣129.54百萬元；及(ii)順豐投資將於白犀牛智達9.04%的註 冊資本中擁有權益。 上市規則的涵義 截至本公告日期，順達同行為本公司的全資附屬公司。順豐投資為本公司控股 股東順豐控股的間接全資附屬公司。因此，根據上市規則第14A.07(1 ...

Summary of Conference Call Records Company and Industry Overview - The conference call discusses **Jiayou International** and **SF Express** in the context of the coal market and the food delivery industry respectively [1][2][4]. Key Points on Jiayou International - **Profit Fluctuation**: Jiayou International achieved a historical profit of **450 million yuan** in a single quarter when coking coal prices were high, but profits fell to **186 million yuan** in the last quarter of the previous year as prices declined [1][2]. - **Profit Elasticity**: The company estimates that for every **100 USD** increase in coking coal prices, profits increase by approximately **100 million yuan**, due to locked-in costs leading to revenue growth [1][2]. - **Valuation**: The market currently values the company as a cyclical enterprise with a valuation range of **10-13 times**. However, due to significant changes in business structure, particularly in Africa, a **15 times** valuation is deemed more appropriate [1][2]. - **Future Profit Projections**: Without considering coking coal price elasticity, projected profits for 2025, 2026, and 2027 are **1.2 billion**, **1.46 billion**, and **1.77 billion yuan** respectively [1][2]. - **African Market Growth**: The African economy is growing rapidly, and the company has a first-mover advantage in the region. Key projects to monitor include those in Tanzania, the TAZARA railway, and Zambia [1][3]. Key Points on SF Express - **Recent Performance**: SF Express has experienced fluctuations recently, influenced by competition from JD.com in the food delivery sector, advancements in autonomous vehicles, and increased competition in the delivery market [4]. - **Market Valuation**: The current market capitalization of **15 billion yuan** corresponds to pessimistic performance projections for 2027, yet there remains potential for growth [4]. - **Order and Revenue Growth**: The company has seen good growth in order volume and revenue driven by the trend of instant retail, despite rising labor costs. The net profit margin is expected to improve, and the gross margin has been consistently increasing over the past seven years [5][9]. - **Competitive Landscape**: Despite intense competition in the food delivery market, consumer habits have shifted, and subsidies still exist, leading to sustained growth in order volume [6][7]. - **Technological Advancements**: The company has made significant progress in technology applications such as autonomous vehicles and drones, which are expected to enhance efficiency and reduce costs [8]. - **Future Outlook**: The long-term outlook for SF Express remains positive, with the instant retail trend expected to continue. Although there are no immediate strong catalysts, substantial growth potential exists [9].

孫海金 （董事會主席兼首席執行官） 陳希文 陳霖 非執行董事 耿艷坤 李菊花 李秋雨 雷雁群 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 董事名單與其角色及職能 杭州順豐同城實業股份有限公司董事會（「董事會」）成員載列如下： 執行董事 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 周翔 黃靜 董事會設立三個委員會。下表提供若干董事會成員在該等委員會中所擔任的職位 資料。 | | | 董事委員會 | | | --- | --- | --- | --- | | 董事 | 審核委員會 | 薪酬委員會 | 提名委員會 | | 孫海金 | | 成員 | 主席 | | 陳希文 | | | | | 陳霖 | | | | | 耿艷坤 | | | | | 李菊花 | | | | | 李秋雨 | 成員 | | | | 雷雁群 | | | | | 陳覺忠 | 成員 | 主席 | 成員 | | 王克勤 | 主席 | 成員 | | | 周翔 | | | 成員 | | 黃靜 | | | | 中國，2025年7月23日 獨立非執行董事 陳覺忠 ...

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。 於臨時股東大會當日，本公司已發行股份總數為917,375,507股，其中745,610,609 股（包括3,120,800股庫存股份）為H股及171,764,898股為境內未上市股份。於臨時 股東大會當日，(i)本公司持有3,120,800股庫存股份不計入賦予持有人權利出席臨 時股東大會並於會上就決議案投票的股份數目，且並無就該等股份行使投票權； (ii)順豐控股合共持有536,503,560股股份，佔本公司已發行股份總數約58.48%， 並控制或有權控制其於本公司股份的投票權；(iii)根據上市規則14A.36條，順豐 泰森、SF Holding (HK) Limited、同城科技及Celestial Ocean Investment Limited 已就有關2024年－2026年同城即時配送服務合作框架協議及經修訂年度上限的普 通決議案放棄投票；及(iv)除上文所披露者外，概無其他股東須按上市規則規定 ...