FF301 HKE 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: 2024年11月30日 狀態: 新提交 致:香港交易及結算所有限公司 公司名稱: 順豐控股股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2024年12月4日 l. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | IH | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06936 | 説明 | HH股 | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 170,000,000 RMB | | 1 RMB | | 170,000,000 | | 增加 / 減少 (-) | | | | | IRMB | | 0 | | 本月底結存 | | | 170,000,000 RMB | | 1 |RMB | | 170,000,000 | | 2. 股份分類 | 普通 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-117 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、回购进展 关于回购公司 A 股股份的进展公告 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，本次回购股份的种类为公司发行的 A 股社会公众股份，回购价格不超过人民币 51.02 元/股（实施权益分派除权除息调 整后价格），回购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2024 年 11 月 30 日，公司 通过股份回购专用证券账户以集中竞价方式累计回购公司 A 股股份 20,771,358 股，回购总金额约为人民币 758,008,3 ...

Group 1 - SF Holding officially listed on the Hong Kong Stock Exchange on November 27, becoming the first "A+H" listed company in the express logistics industry [1] - The company plans to use 45% of the funds raised from the global offering to enhance international and cross-border logistics capabilities, 35% to improve its logistics network and services in China, 10% for advanced technology research and digital solutions, and the remaining 10% for working capital and general corporate purposes [2] - SF Holding is recognized as the largest integrated logistics service provider in China and Asia, and the fourth largest globally, with approximately 2.2 million active monthly customers and about 699 million casual customers as of June 30, 2024 [2] Group 2 - The listing in Hong Kong is a crucial step in the company's globalization strategy, helping to open overseas markets and benefiting from lower financing costs for expansion [3] - The express delivery industry is facing a slowdown in order growth, prompting many domestic companies to seek new business opportunities in international markets [3]

顺丰控股股份有限公司 关于境外上市外资股（H 股）挂牌并上市交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"、"顺丰控股"）正在进行发行境 外上市外资股（以下简称"H 股"）股票并在香港联合交易所有限公司（以下简 称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 经香港联交所批准，公司本次发行的 170,000,000 股 H 股股票（行使超额配 售权之前）于 2024 年 11 月 27 日在香港联交所主板挂牌并上市交易。公司 H 股 股票中文简称为"順豐控股"，英文简称为"SF HOLDING"，股份代号为 "6936"。 | | | | 本次发行上市后 | | | | | --- | --- | --- | --- | --- | --- | --- | | 股 | | | 假设超额配股权未获行使 | | 假设超额配售权悉数行使 | | | 东 | 本次发行上市前1 | | 及概无根据 2022 | 年股票期 | 及概无根据 2022 年股票期 | | | 类 | | | 权激励计划 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-115 顺丰控股股份有限公司 关于控股股东解除股份担保及信托登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）近日收到控股股东深圳明德控 股发展有限公司（以下简称"明德控股"）的通知，获悉明德控股发行的"2021 年面向专业投资者非公开发行可交换公司债券"（以下简称"21 明德 EB"）已经 完成摘牌，并于 2024 年 11 月 26 日办理完成解除股份担保及信托登记手续，具 体事项如下： 一、"21 明德 EB"的兑付及摘牌情况 明德控股于 2021 年 11 月 23 日发行"21 明德 EB"，债券代码为 117191，初 始发行规模为 80 亿元人民币，债券期限为 3 年，换股标的股票为明德控股所持 的公司 A 股股票。 截至 2024 年 11 月 22 日（"21 明德 EB"兑付债权登记日），"21 明德 EB" 无债券持有人换股。2024 年 11 月 25 日，"21 明德 EB"已完成本息兑付并在深 圳证券交易所摘牌。 二、股 ...

顺丰控股股份有限公司 简式权益变动报告书 上市公司名称：顺丰控股股份有限公司 股票上市地点：深圳证券交易所 股票简称：顺丰控股 股票代码：002352 信息披露义务人一：深圳明德控股发展有限公司 住所：深圳市宝安区国际机场航站四路 1111 号 通讯地址：深圳市前海深港合作区南山街道兴海大道 3076 号顺丰总 部大厦 41 楼 股份变动性质：持股数量减少；持股比例被动稀释 信息披露义务人二：深圳市玮顺企业管理有限公司 股份变动性质：持股比例被动稀释 签署日期：2024 年 11 月 27 日 1 信息披露义务人声明 一、本报告书依据《 中华人民共和国证券法》 上市公司收购管 理办法》 公开发行证券的公司信息披露内容与格式准则第 15 号— 权益变动报告书》及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履 行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相 冲突。 三、依据 中华人民共和国证券法》 上市公司收购管理办法》 的规定，本报告书已全面披露了信息披露义务人在顺丰控股股份有限 公司《 以下简称《 公司"、《 上市公司"、《 顺丰控股"）中拥有权 益 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-116 顺丰控股股份有限公司 关于股东权益变动的提示性公告 控股股东深圳明德控股发展有限公司及其一致行动人深圳市玮顺企业管理有限公司保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信息一致。 顺丰控股股份有限公司（以下简称"公司"或"上市公司"）于 2024 年 11 月 27 日收到控股股东深圳明德控股发展有限公司（以下简称"明德控股"）及 其一致行动人深圳市玮顺企业管理有限公司（以下简称"深圳玮顺"）出具的《简 式权益变动报告书》。2020 年 8 月 4 日至 2024 年 11 月 27 日期间（以下简称 "本次权益变动期间"），因上市公司非公开发行 A 股股票、实施 A 股股票期 权激励计划、实施 A 股股份回购并注销、公开发行境外上市外资股（以下简称 "H 股"）股票，以及明德控股通过合法途径出售股份的原因使得明德控股及其 一致行动人深圳玮顺合计持股比例变化累计达到了 5%。本次权益变动期间，明 德控股及其一致行动人深圳玮顺合计持有公司股 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Viewpoints - The primary reason for the company's Hong Kong IPO is to attract international capital and integrate into the global market, leveraging Hong Kong's unique position as a highly internationalized stock market [2][3] - The company aims to expand its international presence, moving from China to Asia and then globally [13][22] - The IPO is seen as a strategic move to enhance the company's brand and business internationalization, rather than a necessity for immediate funding [21][22] Capital Expenditure and Financials - The company has significant capital expenditures, primarily on logistics infrastructure such as airports, logistics hubs, and transportation vehicles [6][8] - From 2021 to 2024, the company's capital expenditures were 135.8 billion, 53.8 billion, 19.9 billion, and 25.1 billion RMB respectively [8] - The company's fixed assets include 99 aircraft and over 186,000 transportation vehicles, making it the largest air and land transport fleet in Asia [8] IPO Details and Use of Proceeds - The company raised HKD 5.66 billion in its Hong Kong IPO, with a slight increase of 0.44% at the morning close [2] - The IPO price was set at HKD 34.3 per share, a 24% discount to the A-share price of RMB 42 per share [2] - The proceeds from the IPO are allocated as follows: 45% for international expansion, 35% for domestic logistics network enhancement, 10% for digitalization and ESG investments, and 10% for working capital [14] International Expansion Strategy - The company plans to use 20% of the IPO proceeds to strengthen logistics services and network coverage in Asia, particularly Southeast Asia [14] - Another 20% is earmarked for mergers and acquisitions to enhance international and cross-border logistics capabilities [14] - The company aims to upgrade its intercontinental logistics network and infrastructure with 5% of the proceeds [14] Market Position and Growth - The company is the largest air freight carrier in China, operating 99 aircraft and accounting for 32.0% of China's air freight volume in the first half of 2024 [6] - It is also the largest land transport fleet in Asia, with over 186,000 vehicles [8] - The company has a compound annual growth rate (CAGR) of 11.7% in revenue from 2021 to 2023 and a CAGR of 31.9% in net profit attributable to owners during the same period [18] Revenue Composition - Despite its international ambitions, 80%-90% of the company's revenue is still derived from domestic operations [19] - The company's international revenue is largely driven by domestic customers' overseas shipping needs [19]

证券代码：002352 证券简称：顺丰控股 公告编号：2024-113 顺丰控股股份有限公司 关于境外上市外资股（H 股）配发结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"、"顺丰控股"）正在进行发行境 外上市外资股（以下简称"H 股"）股票并在香港联合交易所有限公司（以下简 称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 本次拟发行的 H 股股份的认购对象仅限于符合相应条件的境外投资者及依 据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构和合格境 内机构投资者及其他符合监管规定的投资者。因此，本公告仅为 A 股投资者及 时了解公司本次发行上市的相关信息而作出，并不构成亦不得被视为是对任何 境内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 公司本次全球发售 H 股基础发行股数为 170,000,000 股（行使超额配售权之 前），其中，香港公开发售 31,450,000股，约占全球发售总数的 18.50%（行使超 额配售权之前）；国际发售 138,550,000 ...

Investment Rating - Buy rating maintained for SF Holdings (002352) [3] Core Views - SF Holdings is a comprehensive logistics leader in China, entering a new development phase with operational and cash flow inflection points [3] - Short-term: Revenue growth driven by improved logistics network and multi-business synergy, with potential for margin expansion [3] - Long-term: Ezhou Airport to empower air cargo business and open up international growth opportunities [3] Business Overview - SF Holdings has diversified into time-sensitive express, economy express, freight, cold chain, same-city delivery, and supply chain & international businesses [14][16] - Time-sensitive express remains the core, contributing 44% of H1 2024 revenue [16] - Economy express revenue grew 9.3% YoY in H1 2024, with 15.6% growth excluding Fengwang [16] - Freight business revenue increased 16.1% YoY in H1 2024 [16] Operational Inflection Points - Economy express: Focus on mid-to-high-end e-commerce market, with profitability turning positive [3][26] - Freight: Achieved profitability in 2022, with further cost optimization in 2023 [3][29] - Same-city delivery: First full-year profit in 2023, with 105% YoY profit growth in H1 2024 [3][30] Financial Inflection Points - Operating cash flow CAGR of 36% from 2018-2023, with 11.9% YoY growth in Q1-Q3 2024 [3][32] - Free cash flow turned positive in 2022, reaching RMB 12.87 billion, and further increased to RMB 12.66 billion in 2023 [3][35] Short-term Outlook - Time-sensitive express: Air coverage expansion to drive upgrades from ground to air shipments, potentially increasing next-morning delivery cities from 20+ to 30+ [38] - Economy express: Differentiated positioning in mid-to-high-end e-commerce market to capture market share [39] - Freight: High-quality service capabilities expected to drive demand growth [42] Long-term Outlook - Ezhou Airport: Operational since July 2022, with 55 domestic and 13 international cargo routes by June 2024 [54] - Three-stage growth expected: 1) Service capability enhancement, 2) Warehouse-distribution integration, 3) Industrial cluster expansion [55] - International business: Higher gross margins compared to domestic logistics, with 45% of China's top 500 companies using SF's international services [62][66] Financial Projections - 2024-2026 revenue growth forecast at 10.18%, 10.94%, and 10.24% respectively [73] - 2024-2026 net profit forecast at RMB 10.04 billion, RMB 12.00 billion, and RMB 14.42 billion, with a 3-year CAGR of 20.54% [73] Valuation - FCFF model suggests a target value of RMB 320.5 billion, or RMB 66.54 per share [77] - 2024-2026 PE ratios estimated at 20x, 17x, and 14x respectively [79] - Maintain "Buy" rating based on absolute valuation, PE analysis, and cash flow multiples [81]