Core Insights - During the New Year's holiday, the company reported a 55% year-on-year increase in average daily delivery volume, with beverage orders doubling and fast food orders increasing by over 90% [2] - On December 31, 2025, the company's C-end business volume doubled compared to regular days, with significant growth in document and certificate deliveries, and flower orders increasing by over 110% [3] Group 1: Delivery Performance - The company experienced a substantial increase in delivery volume during the holiday season, with beverages and fast food seeing remarkable growth [2] - The flexible operational model of "store + business district + citywide" provided stable fulfillment support for holiday dining consumption [2] Group 2: Special Delivery Services - The demand for flowers and cakes surged as classic items for ceremonial gifting, with cake orders being a major source for the "exclusive delivery" service [3] - The company implemented specialized solutions for fragile items, ensuring safe delivery through custom protective packaging and specific handling procedures [3] Group 3: Business Document Delivery - There was a significant rise in the demand for the rapid delivery of key business documents, with document and certificate orders experiencing multiple-fold growth on December 31, 2025 [4] - The company has established high-end business service standards to meet the diverse needs of business professionals regarding timeliness, safety, and ceremonial aspects [4]

Core Insights - The demand for holiday travel and home leisure consumption has surged, leading to increased reliance on instant delivery services during the New Year holiday period [1][2] - SF Express's same-city delivery service reported a 55% year-on-year increase in average daily orders during the New Year holiday, with significant growth in beverage and fast food orders [1] - The company has introduced new content for holiday services, collaborating with Dunhuang Academy to design themed IP for the New Year [1] Delivery Performance - During the New Year holiday, the average daily beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Various categories, including supermarkets, beauty products, and electronics, experienced high double-digit growth in order volume compared to the previous year [1] - On December 31, the order volume for SF Express's C-end business doubled compared to regular days, with significant increases in the delivery of flowers and important business documents [2] Service Enhancements - SF Express has implemented specialized solutions for the safe delivery of fragile items like flowers and cakes, including custom protective packaging and standardized delivery protocols [2] - The company has also catered to various customer needs during the holiday, such as emergency purchases, equipment rentals, and luggage delivery, enhancing the travel experience [1]

Core Insights - The core viewpoint of the article highlights the transformation of the instant delivery industry towards a "technology-driven" model by 2025, with SF Express City actively investing in autonomous delivery vehicles and AI tools to enhance operational efficiency and service quality [1] Group 1: Technology and Innovation - By the end of 2025, SF Express City plans to deploy over 800 autonomous vehicles across 105 cities, focusing on "last mile" delivery and short-distance logistics, achieving an average of approximately 20,000 active trips per month [1] - The company has developed proprietary AI tools for rider management, station services, intelligent customer service, and merchant operations, which facilitate communication, information collection, operational analysis, and anomaly detection [1] Group 2: Market Position and Growth - As an independent third-party delivery platform, SF Express City is committed to providing comprehensive services, helping merchants integrate orders from multiple platforms, and experiencing simultaneous growth in both "food" and "non-food" sectors [1] - The company has established deep partnerships with several leading brands, driving the instant retail sector towards a new phase characterized by efficiency and quality [1] - Industry experts indicate that in 2025, SF Express City will act as both a promoter and beneficiary of the instant retail market, supporting new consumption trends and capitalizing on the expanding market opportunities driven by rising national consumption [1]

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12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 呈交日期: 2026年1月6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 ...

Core Insights - The consumption market experienced a strong start during the New Year holiday, driven by the popularity of instant retail and delivery services [1][2] - The third-party delivery platform, SF Express City, reported a 55% year-on-year increase in daily delivery volume during the holiday, with significant growth in various categories [1] Group 1: Delivery Performance - Daily delivery volume for SF Express City increased by 55% year-on-year during the New Year holiday, with beverage orders doubling and fast food orders increasing by over 90% [1] - On December 31, the day before New Year, the C-end business volume for SF Express City doubled compared to the previous day, with document and certificate orders experiencing multiple-fold growth and flower orders increasing by over 110% [1] Group 2: Category Growth - Instant retail saw substantial growth across various categories, including supermarkets, beauty products, and electronics, with all categories achieving double-digit year-on-year growth [2] - The demand for beverages and takeout remained high during the holiday, with SF Express City partnering with major brands like McDonald's, KFC, and Luckin Coffee to ensure stable delivery performance [1][2] Group 3: Consumer Trends - The New Year holiday saw a surge in ceremonial consumption and business demand, particularly for flowers and cakes, which are traditional items for celebrations [2] - High-end gift categories, including jewelry and clothing, also saw significant increases in delivery volume during this period [2]

Core Insights - The report from the Ministry of Commerce Research Institute indicates that China's instant retail market is expected to exceed 1 trillion yuan by 2026, highlighting the simultaneous growth of both food and non-food segments in instant retail [1] - The competition in the food delivery sector has significantly boosted demand for beverages and fast food, while also revitalizing non-food sales [2] - SF Express's instant retail division has shown remarkable growth, with substantial increases in delivery volumes during peak shopping periods, indicating a shift towards a new phase of efficiency and quality in instant retail [1][4] Group 1: Market Growth and Trends - The instant retail market is experiencing a dual growth trend in both food and non-food categories, driven by rising consumer habits and the saturation of traditional e-commerce [1] - SF Express reported over 170% growth in supermarket and department store orders during key holiday periods, with beverage orders also exceeding 100% growth [1] - The company has established partnerships with various brands and retailers to enhance its supply chain capabilities, providing integrated solutions for instant delivery [4] Group 2: Consumer and Business Services - SF Express has expanded its consumer services, with a threefold increase in revenue from its "exclusive delivery" service in the first half of 2025, catering to high-value and time-sensitive deliveries [5] - The company has developed specialized delivery solutions for fragile items like flowers and cakes, achieving a ninefold increase in flower orders on specific promotional days [2] - SF Express is also exploring new service areas in the "culture and tourism + instant delivery" sector, enhancing consumer experiences during travel [5] Group 3: Operational Efficiency and Technology - The company has implemented a third-party delivery model to alleviate resource waste and reduce marginal costs, significantly increasing delivery volumes during peak shopping events [6] - SF Express has integrated AI technologies and autonomous vehicles into its logistics operations, with over 800 autonomous vehicles deployed across 105 cities [6] - The company reported a 55% year-on-year increase in active merchant accounts, reaching 850,000, and a 105% increase in tea beverage delivery revenue [6][7] Group 4: Financial Performance - In the first half of 2025, SF Express achieved a revenue of 10.236 billion yuan, marking its first half-year revenue surpassing 10 billion yuan, with net profit doubling year-on-year [7][9] - The company is expected to maintain its growth momentum in the second half of the year, aiming for a strong overall performance for the year [7]

Core Insights - The instant retail model continues to thrive during the New Year holiday, highlighting the full value of instant delivery services [1] Delivery Performance - During the New Year holiday, the largest third-party delivery platform, SF Express, reported a 55% year-on-year increase in average daily delivery volume [1] - Beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Categories such as supermarkets, beauty products, and electronics also saw high double-digit growth in order volume [1] Business and Consumer Demand - The dual nature of December 31 as both a New Year’s Eve and a workday led to a concentrated release of consumer and business demands [1] - On December 31, the C-end business volume of SF Express doubled compared to regular days, with many users utilizing value-added services for festive gifting and important business document deliveries [1] - The volume of documents and certificates saw several-fold growth, while flower orders increased by over 110% compared to regular days [1] Service Enhancement - SF Express enriched its service offerings through cultural collaborations, such as partnering with the Dunhuang Academy for the design of six horse IP images, which convey good wishes for the New Year [1]

Core Insights - The instant retail market is projected to approach 1 trillion yuan by 2026, with both food and non-food categories experiencing record-breaking order volumes, indicating that the ceiling for instant retail has not yet been reached [3][12] - The ongoing "takeout war" has intensified competition in the instant delivery sector, emphasizing the need for platforms to effectively connect merchants and consumers to achieve a win-win balance [1][12] Group 1: Market Trends - The simultaneous growth of food and non-food categories is driving new consumer upgrades, with food serving as a key driver in the takeout war, leading to increased demand and testing the resilience of instant delivery infrastructure [3][8] - During peak periods like the Spring Festival and May Day, SF Same City reported over 170% growth in supermarket and department store orders, and over 100% growth in beverage orders, showcasing the impact of seasonal demand [5][6] Group 2: Company Performance - SF Same City has established itself as a rare all-scenario third-party delivery platform, focusing on logistics infrastructure and enhancing its service capabilities to support the "everything to home" model [1][11] - The company has seen significant growth in its "exclusive delivery" service, with revenue tripling year-on-year in the first half of 2025, indicating strong demand for high-value, time-sensitive deliveries [9][21] Group 3: Technological Integration - The integration of AI technologies is becoming a key driver for efficiency in the instant delivery sector, with SF Same City deploying AI tools for various operational aspects, enhancing communication and operational analysis [18][19] - The company has also expanded its fleet of over 800 unmanned vehicles across 105 cities, significantly improving delivery efficiency and reducing labor costs [18][19] Group 4: Strategic Partnerships - SF Same City has formed deep partnerships with major brands and retailers, providing integrated supply chain solutions that enhance last-mile delivery capabilities and support the growth of both food and non-food sectors [9][14] - The company is actively collaborating with various platforms to facilitate multi-channel order integration, addressing the challenges posed by the takeout war and enhancing its service offerings [12][16] Group 5: Future Outlook - As the instant retail market continues to evolve, SF Same City is positioned to leverage its independent third-party status to address the challenges of a multi-polar flow of traffic, potentially leading to new business models and sustainable growth in the sector [12][23] - The company is expected to maintain its momentum, with a projected revenue of 10.236 billion yuan in the first half of 2025, marking a significant milestone in its financial performance [21][23]

Core Insights - The instant retail market is projected to approach a scale of 1 trillion yuan by 2026, with both food and non-food categories experiencing record-breaking order volumes, indicating that the ceiling for instant retail has not yet been reached [1][2] - The ongoing transformation in retail supply chains has sparked a new round of competition in the delivery sector, emphasizing the need for platforms, merchants, and consumers to find a mutually beneficial balance [1] - SF Express's local delivery service has established itself as a rare all-scenario third-party delivery platform, focusing on logistics infrastructure and enhancing its multi-channel integration capabilities to provide high-quality fulfillment services [1][6] Market Trends - The simultaneous growth of food and non-food sectors in instant retail is evident, with food delivery driving significant order increases, particularly during peak holiday seasons [2][4] - The competition in the delivery market has intensified, with platforms shifting focus to the vast instant retail market as traditional e-commerce growth plateaus [2][6] Company Performance - SF Express's local delivery service reported over 170% growth in supermarket and department store orders during key holiday periods, with beverage orders also exceeding 100% growth [4] - The company has seen a threefold increase in revenue from its "exclusive delivery" service in the first half of 2025, catering to high-value and time-sensitive deliveries [12][15] - The number of active merchants on the platform grew by 55% year-on-year, reaching 850,000, with significant revenue growth from tea beverage deliveries [12] Technological Advancements - The integration of AI technologies has become a key focus for the industry, with SF Express adopting AI tools to enhance operational efficiency and customer service [13][14] - The company has deployed over 800 unmanned vehicles across 105 cities, significantly improving last-mile delivery efficiency [14] Strategic Partnerships - SF Express has formed deep collaborations with major brands and retailers, providing integrated supply chain solutions that enhance local fulfillment capabilities [7][10] - The company has also supported various platforms in optimizing their logistics during peak periods, effectively alleviating capacity pressures [12] Future Outlook - The company is positioned to benefit from the ongoing consumer shift towards instant retail, with expectations of continued revenue growth and market expansion in 2026 [15]

Core Viewpoint - The "battle of the giants" in the food delivery sector has sparked interest, but it essentially ignites a new journey for instant retail, termed "everything to home" [1] Group 1: Instant Retail Development - Instant retail is seen as a new blue ocean with significant growth potential, characterized by intense competition for market share and the activation of traffic through near and far-field collaboration [2] - The narrow instant retail market in China is projected to reach 781 billion yuan in 2024, reflecting a year-on-year growth of 20.15%, with a compound annual growth rate (CAGR) of 50% from 2018 to 2024 [2] - The online food delivery market in China is also expected to grow, with a CAGR of 24% from 2018 to 2024 [2] Group 2: Instant Delivery Demand - The demand for instant delivery is rapidly increasing, with the order volume in China's instant delivery sector expected to reach approximately 48.28 billion orders in 2024, a year-on-year increase of 17.6% and a CAGR of 20.3% from 2019 to 2024 [2] - By 2030, the nationwide instant delivery order volume is anticipated to reach 100.84 billion orders, with an estimated annual growth rate of 13.1% from 2024 to 2030 [2] Group 3: SF Express's Position - SF Express is the largest third-party instant delivery service platform in China, aiming to become the "first brand in new consumption delivery" by covering four major scenarios: food delivery, local retail, near-field e-commerce, and near-field services [3] - The company has shown continuous improvement in profitability, with gross margin increasing from -23.3% in 2018 to 6.8% in 2024, and adjusted net profit margin rising from -36.4% to 0.93% during the same period [3] Group 4: Financial Performance and Projections - The revenue and profit growth of SF Express is driven by revenue expansion and cost efficiency through scale and refined management [3] - The company is projected to achieve a net profit of 230 million yuan, 460 million yuan, and 710 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 73%, 100%, and 55% respectively [4] - The target price for SF Express is set at 18.1 HKD, reflecting a potential upside of 64% based on a 25x price-to-earnings ratio for the adjusted net profit in 2026 [4]