证券代码：002352 证券简称：顺丰控股 公告编号：2025-035 顺丰控股股份有限公司 关于境外全资子公司要约回购部分美元债券结果的公告 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"）境外全资子公司SF Holding Investment Limited（以下简称"SFHI"）于2020年2月在境外公开发行7亿美元债 券（以下简称"SF HLDG N3002债券"）并在香港联合交易所有限公司（以下简 称"香港联交所"）上市，债券期限为10年，票面利率为2.875%。公司境外全资 子公司SF Holding Investment 2021 Limited（以下简称"SFHI 2021"）分别于2021 年11月在境外公开发行5亿美元债券并在香港联交所上市，于2022年1月增发3亿 美元债券并在香港联交所上市（以下合称"SF HLDG N3111债券"），债券期限 为10年，票面利率为3.125%。SF HLDG N3002债券及SF HLDG N3111债券均由 公司提供担保，具体详见公司在巨潮资讯网披露的相关公 ...

Industry Overview - The low-altitude logistics industry in China consists of a comprehensive supply chain, including upstream raw materials and core components, midstream low-altitude manufacturing, and downstream operational services and applications [1][2] - Upstream materials include metals, special rubber, and polymer materials, while midstream encompasses low-altitude manufacturing, flight operations, and comprehensive services [1][2] - Downstream services cover e-commerce logistics, traditional express delivery, takeaway delivery, and third-party logistics providers, with applications in urban logistics, rural logistics, emergency rescue, and medical supplies delivery [1] Key Players and Their Business Layout - Major companies in the low-altitude logistics sector include Hongdu Aviation, AVIC Helicopter, and DJI, with a focus on various aspects of the supply chain [2][10] - Hongdu Aviation specializes in the design, manufacturing, and maintenance of trainer aircraft, with over 8,000 pieces of equipment [11] - AVIC Helicopter is the largest player in China's helicopter manufacturing industry, with a comprehensive product range [11] - DJI and other drone manufacturers are pivotal in the midstream segment, while logistics companies like SF Express, Meituan, and JD.com are key players in the downstream segment [2][10][12] Regional Development - The low-altitude logistics industry is primarily concentrated in Beijing and Guangdong, where the development of the supply chain is more robust [4][6] - As of April 2025, there are 16 drone industrial parks across China, with notable concentrations in Zhejiang and Jiangsu [8] Recent Developments and Trends - Companies are diversifying their operations, with SF Express, Meituan, and JD.com expanding their business through digital logistics solutions and technological innovations [13][14] - The industry is witnessing advancements in drone technology, including battery life improvements and enhanced obstacle avoidance capabilities [14] - Collaboration among companies is increasing to explore new application scenarios and business models in low-altitude logistics [14] Representative Companies' Latest Developments - SF Express has established a three-segment air transport network and operates a significant number of drone flights daily [12][15] - Meituan has launched multiple drone delivery routes and is expanding its operations internationally, including in the UAE [15] - JD.com is focusing on last-mile delivery in remote areas and has introduced a new generation of logistics drones [15] - China Post is developing a low-altitude logistics network and has signed strategic agreements to enhance its infrastructure [15] - Xunyi Technology is collaborating with China Mobile to promote low-altitude logistics and smart city initiatives [15]

Core Insights - The integration of digital economy and traditional agriculture in Guangdong has led to significant changes in the e-commerce sales model for lychees, with a tenfold increase in sales year-on-year during the 2025 lychee harvest season [1] Group 1: Market Dynamics - The "12221" market system in Guangdong has established a complete supply chain from pre-sale customization to direct delivery from the production site [3] - Daily pre-sale amounts for lychees in Suixi County, Zhanjiang, have exceeded 100 million yuan, with contracts covering thousands of acres [3] - The traditional agricultural transaction cycle has been advanced by 45 days due to the order pre-positioning model [3] Group 2: Logistics Challenges - Daily dispatch volume in Gaozhou has increased by 300% compared to the same period last year, but cold chain vehicle turnover has only improved by 80%, leading to congestion due to a capacity shortfall [3] - The explosive growth of live-streaming e-commerce has been a key driver of logistics pressure, with 93.6% of lychee farmers in Maoming using live sales [3] - The average number of live broadcasts by professional MCN organizations has surpassed 5,000 per day, with single live sessions achieving sales equivalent to 30 days of traditional channel sales [3] Group 3: Infrastructure and Upgrades - The logistics crisis has highlighted weaknesses in the agricultural e-commerce infrastructure, with only 60% of cold chain transport demand being met by the available refrigerated vehicles [4] - The implementation of "green channel" policies allows freight vehicles to operate at night, but the capacity of village roads limits efficiency [4] - The congestion is accelerating industry upgrades, with JD Logistics increasing processing efficiency by three times through automated sorting lines and Jitu Express testing drone deliveries to reduce delivery times by four hours [4] Group 4: Future Outlook - The transformation of lychee sales from traditional methods to digital platforms illustrates the inevitable trend of the digital economy reshaping agriculture [4] - The current logistics system's stress test serves as a practical example for enhancing agricultural e-commerce quality [4] - Industry stakeholders need to develop systematic solutions in cold chain construction, road upgrades, and intelligent scheduling to convert temporary congestion into lasting market competitiveness, providing replicable "Guangdong experience" for national agricultural e-commerce development [4]

Group 1: IPO and Listing News - The China Securities Regulatory Commission has approved the initial public offering (IPO) application of Yangzhou Tianfulong Group Co., Ltd. for listing on the Shanghai Stock Exchange [1] - Jiewate Microelectronics Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [2] Group 2: Corporate Events and Legal Matters - SF Express responded to a lost package incident involving a 50,000 yuan bracelet, stating that compensation will be based on non-insured package terms, leading to ongoing negotiations with the customer [3] - The court ruled in favor of Pang Donglai Commercial Group in a defamation case, ordering the defendant to pay 400,000 yuan in damages and issue a public apology [3] Group 3: Automotive Industry Developments - Lei Jun announced that he will not attend upcoming auto shows as he focuses on preparations for the launch of the Xiaomi YU7 [5] - Neta Auto's debt-to-equity swap plan has failed, with only limited support from suppliers, and there are indications of potential leadership changes within the company [6][7] - BYD's brand and public relations manager stated that the company's financial health is better than that of foreign counterparts, dismissing claims of being the "Evergrande of the auto industry" [6] Group 4: Financial and Economic Updates - More than 50 cities in China have recently enhanced housing purchase subsidy policies to stimulate the real estate market [8] - A report indicated that 18 banks have adjusted their long-term large-denomination certificate of deposit products, with 5-year products being largely withdrawn from the market [9][10] Group 5: International Business and Trade - The International Table Tennis Federation reported a profit of $1.5 million for 2024, with significant revenue growth attributed to increased commercial rights and event operations [11] - The Chinese Ministry of Commerce urged the U.S. to completely eliminate unilateral tariffs, highlighting the negative impact of such measures on international trade [12][13] Group 6: Technology and AI Developments - Kingsoft Office announced the launch of a private AI solution for enterprises, aimed at enhancing data security and operational efficiency [14] - Alibaba Cloud introduced its first AI-native development environment tool, designed to assist developers with programming tasks [14][15]

Core Viewpoint - Dongguan SF Express has successfully launched a C2C rapid logistics line for Lingnan lychee from Shenzhen to Singapore, achieving delivery within 24 hours from the farm to overseas consumers' tables [2][5][6]. Group 1: Logistics Innovation - The new logistics model allows for a direct connection between farmers and consumers, eliminating at least six intermediaries in the process [6]. - The logistics chain has been significantly optimized, with a full process time of only 24 hours, enabling "same-day harvest, next-day delivery" [6]. - The innovative model includes pre-audit customs processes and seamless coordination at the port, which has reduced the delivery time to Singapore [6]. Group 2: Freshness and Quality Control - The lychee is subjected to strict selection and pre-cooling processes, with temperature tracking throughout the logistics journey [5]. - The fruit's core temperature was measured at 3.2°C upon delivery, demonstrating effective temperature control to maintain freshness [6]. - The electronic "fresh goods channel" has accelerated customs clearance by 30% [6]. Group 3: Operational Capacity - SF Express has a dedicated team of over 200 personnel in Singapore, providing 24/7 efficient customs clearance services [7]. - The company operates seven flights per week with a total capacity of 400 tons, ensuring timely delivery and a success rate of over 90% for same-day deliveries [7].

Group 1 - SF Express is currently unable to reach an agreement with a customer regarding compensation for a lost high-value bracelet, valued at 50,000 yuan, and is continuing negotiations [4] - Tianfu Long Group has received approval from the China Securities Regulatory Commission for its initial public offering and listing on the Shanghai Stock Exchange [1] - Jiewate Microelectronics has submitted its listing application to the Hong Kong Stock Exchange, with CITIC Securities as the exclusive sponsor [2] Group 2 - Luckin Coffee clarified that the recent price drop to 6.9 yuan for certain drinks is part of a promotional campaign, not a permanent price reduction [5] - BYD's brand and public relations manager stated that there is no basis for claims that BYD is akin to "Evergrande of the automotive industry," emphasizing the financial stability of Chinese automakers [7] - Nezha Auto's debt-to-equity swap plan has failed, with only limited support from suppliers, and the company is facing significant financial challenges [7] Group 3 - Xiaomi has appointed former CTO of FAW Nanjing, Chen Guang, as the head of perception for its autonomous driving division [8] - The International Table Tennis Federation reported a profit of 1.5 million USD for 2024, with a significant increase in revenue driven by commercial rights and event operations [11] - Bawang Tea Ji reported a net profit of 677 million yuan for Q1 2025, a year-on-year increase of 13.8%, with a total GMV of 8.23 billion yuan [18] Group 4 - Panasonic Home Appliances has entered into an AI collaboration with Alibaba Cloud to enhance the smart features of its products [17] - Alibaba Cloud launched its first AI-native development environment tool, Tongyi Lingma AI IDE, which integrates advanced programming capabilities [16] - The Japanese medical beauty market has surpassed South Korea in size, with a market value of approximately 296 million yuan [11]

Group 1 - The core viewpoint of the news is that the China Securities Index for Growth Enterprises (000939) has shown mixed performance, with a recent increase of 1.48% over the past month but a decline of 3.72% over the last three months, and a year-to-date increase of 0.26% [1] - The index consists of 300 listed companies that are characterized by strong external financing needs, growth potential, and low valuation, providing investors with a diversified investment option [1] - The index was established on December 13, 2013, with a base point of 1000.0 [1] Group 2 - The top ten weighted companies in the index include BYD (6.32%), Midea Group (5.44%), Gree Electric Appliances (4.3%), Luxshare Precision (3.18%), Huichuan Technology (2.93%), Sany Heavy Industry (2.31%), SF Express (2.3%), Fuyao Glass (1.92%), Zhongji Xuchuang (1.74%), and Industrial Fulian (1.56%) [1] - The market capitalization distribution of the index shows that 66.55% of the holdings are from the Shenzhen Stock Exchange, while 33.45% are from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index includes Consumer Discretionary (26.98%), Industrials (23.03%), Information Technology (16.10%), Materials (11.03%), Healthcare (8.54%), Consumer Staples (6.12%), Communication Services (5.33%), Energy (1.38%), Utilities (0.96%), and Financials (0.52%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, and companies that are delisted or undergo mergers, acquisitions, or splits will be handled according to the maintenance guidelines [2]

Core Viewpoint - SF Holding announced a cash tender offer to repurchase portions of its 2030 and 2031 bonds to optimize capital structure, reduce financing costs, and provide liquidity to bondholders [1][2] Group 1: Bond Issuance and Structure - SF Holding's wholly-owned subsidiary SF Holding Investment Limited issued $700 million bonds with a 2.875% coupon rate maturing in 2030, and another subsidiary issued $500 million and later $300 million bonds with a 3.125% coupon rate maturing in 2031 [1] - Both bond series are unconditionally and irrevocably guaranteed by the company [1] Group 2: Tender Offer Details - The company announced a maximum acceptance amount of $350 million for the cash tender offer for both bond series [1] - As of May 30, 2025, SFHI accepted $101,371,000 of the 2030 bonds (15.50% of the remaining balance) and $78,306,000 of the 2031 bonds (10.88% of the remaining balance) [2] - The repurchase price for the 2030 bonds is $943.50 per $1,000 principal, and for the 2031 bonds, it is $937.00 per $1,000 principal, plus accrued interest [2] Group 3: Impact on Financials - The repurchase of the bonds is not expected to adversely affect the company's operational and financial status, nor harm the interests of the company and its shareholders [2]

Core Viewpoint - The incident involving the loss of a valuable jade bracelet during delivery by SF Express has sparked significant public interest and debate regarding compensation policies for unvalued parcels [2][4]. Group 1: Incident Overview - A customer, Ms. Chen, ordered a jade bracelet worth 49,800 yuan and opted for a return, which was picked up by SF Express [2]. - The parcel was reported lost by the courier, leading to a police report and attempts to retrieve surveillance footage, which revealed a blind spot where the parcel disappeared [4]. Group 2: Compensation Dispute - SF Express offered a compensation of 67.5 yuan, calculated as nine times the basic shipping fee of 7.5 yuan, which Ms. Chen found unsatisfactory [4]. - The merchant stated that since the parcel was sent by Ms. Chen, she is responsible for the return process and cannot issue a refund until the courier resolves the compensation issue [5]. Group 3: Legal Framework - According to the Postal Law of the People's Republic of China, compensation for unvalued parcels is limited to three times the shipping fee, unless negligence or gross misconduct by the carrier can be proven [5][6]. - The Civil Code stipulates that carriers are liable for damages or losses during transport, with compensation based on any agreements made between the parties [6].

Group 1 - The incident involving the loss of a jade bracelet valued at 49,800 yuan by a customer named Ms. Chen has sparked significant public interest and discussion on social media platforms [1][3] - Ms. Chen attempted to return the bracelet through SF Express, which was responsible for the delivery, but the package was reported lost during transit [1][3] - SF Express offered a compensation of 67.5 yuan, which is nine times the basic shipping fee of 7.5 yuan, due to the absence of declared value for the shipment [3][4] Group 2 - The merchant stated that since the package was sent by Ms. Chen, she is responsible for the return process, and a refund cannot be issued until the compensation from the courier is resolved [3] - SF Express has formed a claims team to address the issue and is cooperating with law enforcement to locate the lost item, asserting that there is no evidence of internal theft [3][4] - According to Chinese postal law, compensation for unvalued items is limited to three times the shipping fee, while the express company's own policy allows for a maximum compensation of seven times the shipping fee for unvalued shipments [4]