Core Viewpoint - The article emphasizes that the long-term pessimism regarding domestic consumption in China is unfounded, supported by data showing increasing disposable income and savings among residents [8][11][15]. Group 1: Economic Indicators - The per capita disposable income in China is projected to grow from 32,189 RMB in 2020 to 41,314 RMB in 2024, reflecting a compound annual growth rate (CAGR) of 6.4% [9]. - The total savings balance of residents is expected to rise from 93 trillion RMB at the end of 2020 to 152 trillion RMB by the end of 2024, with a CAGR of 13%, significantly outpacing the growth of disposable income [9]. - The difference between residents' savings and loans is anticipated to increase from approximately 30 trillion RMB at the end of 2020 to about 70 trillion RMB by the end of 2024, indicating an increase in excess savings of around 40 trillion RMB [10]. Group 2: Consumer Confidence and Spending - The increase in precautionary savings is identified as a key factor affecting consumer spending, as consumer confidence has declined from around 120 in 2020 to approximately 87 in 2022, continuing to show a downward trend [13]. - The persistent decline in real estate prices and ongoing deflationary pressures have further dampened consumer spending willingness [13]. - Despite current pessimistic expectations, the article argues that consumer confidence will eventually recover as economic conditions improve and government policies support income growth [17]. Group 3: Investment Opportunities - The article suggests that the current market presents a rare opportunity for long-term investors to acquire high-quality stocks at undervalued prices, as the prevailing pessimism about consumption is not logically sustainable [20][19]. - Zhang Kun's latest report reveals significant changes in his investment portfolio, including a notable reduction in holdings of Meituan, indicating a shift in focus towards other sectors [25][21]. - The report highlights increased investments in logistics, particularly in SF Express, suggesting optimism about opportunities in the industrial and logistics sectors [30][28]. Group 4: Portfolio Adjustments - The portfolio adjustments include a significant reduction in holdings of Futu and an increase in positions in Interactive Brokers, indicating a strategic shift in response to regulatory changes affecting the cross-border brokerage business [36][38]. - New entries in the portfolio include companies like NetEase, Tencent Music, and Beike, reflecting a diversification strategy and a return to previously held positions [42][44].

据证券之星公开数据整理，近期顺丰控股(002352)发布2025年中报。截至本报告期末，公司营业总收入 1468.58亿元，同比上升9.26%，归母净利润57.38亿元，同比上升19.37%。按单季度数据看，第二季度 营业总收入770.08亿元，同比上升11.5%，第二季度归母净利润35.04亿元，同比上升21.02%。本报告期 顺丰控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达285.03%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率13.22%，同比减4.62%，净利率4.09%，同比增 15.58%，销售费用、管理费用、财务费用总计117.82亿元，三费占营收比8.02%，同比减4.84%，每股净 资产19.11元，同比增3.9%，每股经营性现金流2.59元，同比减9.06%，每股收益1.16元，同比增16.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1344.1亿 | 1468.58亿 | 9.26% | | 归母净利润(元) | 48.07亿 | 57.38亿 | 19 ...

Core Viewpoint - The company announced a mid-term profit distribution plan for 2025, proposing a cash dividend of RMB 4.6 per 10 shares, amounting to an estimated total of RMB 2.32 billion, which represents 40% of the company's net profit for the first half of 2025 [1][2][3] Profit Distribution Plan - The company achieved a net profit attributable to shareholders of RMB 5,737.7 million for the first half of 2025, with total distributable profits amounting to RMB 42,707.4 million [1] - The cash dividend will be distributed based on the total share capital minus the shares held in the repurchase account, with no capital reserve conversion or bonus shares issued [2] - The dividend will be paid in RMB for A shares and in HKD for H shares, with the exchange rate based on the average middle rate published by the People's Bank of China five working days prior to the dividend declaration [2] Approval Process - The profit distribution plan was approved during the 19th meeting of the sixth board of directors on March 28, 2025, and at the annual general meeting on June 13, 2025 [2] - The board of directors was authorized to formulate the profit distribution plan within the limits of the net profit achieved in the first half of 2025 [2] Reasonableness of the Plan - The profit distribution plan aligns with the regulations set forth by the China Securities Regulatory Commission and is consistent with the company's operational performance, cash flow, and future development [3] - The plan does not significantly differ from the average level of listed companies in the same industry [3] Additional Notes - Shares held in the repurchase account do not participate in profit distribution or capital reserve conversion [3] - Adjustments to the total shares eligible for profit distribution will be made if there are changes due to share repurchases or stock incentive plans before the implementation of the profit distribution [3]

证券代码：002352 证券简称：顺丰控股 公告编号：2025-058 顺丰控股股份有限公司 第六届董事会第二十三次会议决议公告 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"）第六届董事会第二十三次会议 于 2025 年 8 月 13 日通过电子邮件发出会议通知，2025 年 8 月 28 日在公司会议 室以现场结合视频通讯方式召开。本次会议应参与董事 7 名，实际参与董事 7 名。会议由董事长王卫先生主持，董事会会议的召集和召开符合国家有关法律、 法规及《公司章程》的规定。经充分讨论和审议，会议形成决议如下： 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年半年度 报告》 董事会同意根据中国境内相关法律法规要求编制的公司 A 股 2025 年半年度 报告及摘要。具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露 的《公司 2025 年半年度报告》、在《证券时报》《证券日报》《上海证券报》《中 国证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《公司 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-059 顺丰控股股份有限公司 第六届监事会第十七次会议决议公告 公司及监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"）第六届监事会第十七次会议， 于 2025 年 8 月 13 日通过电子邮件发出会议通知，2025 年 8 月 28 日在公司会议 室以通讯表决方式召开。本次会议应参与监事 4 名，实际参与监事 4 名。半数以 上监事推举李菊花女士主持本次会议，监事会会议的召集和召开符合国家有关法 律、法规及《公司章程》的规定。经充分讨论和审议，会议审议情况如下： 一、会议以 4 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年半年度 报告》 经核查，公司监事会认为公司董事会编制和审核《公司 2025 年半年度报告》 的程序符合法律法规、中国证监会、深圳证券交易所及香港联合交易所有限公司 等规定，报告的内容真实、准确、完整地反映公司的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏。 监事会同意根据中国境内相关法律法规要求编制的公司 A 股 202 ...

Meeting Overview - The company will hold its first extraordinary general meeting of shareholders for 2025 on September 15, 2025, at 15:00 [1][2] - The meeting will combine on-site voting and online voting, with online voting available from 9:15 to 15:00 on the same day [2][4] - A-share shareholders must register by September 8, 2025, to attend the meeting [2][4] Agenda Items - The meeting will discuss several proposals, including the "Common Growth" shareholding plan (A shares) and its management measures, authorization for the board of directors, and amendments to the company's registered capital and articles of association [3][4] - These proposals require a special resolution, needing over 2/3 of the voting rights held by attending shareholders to pass [3][4] Registration and Voting Procedures - Individual shareholders must present identification and shareholder account cards for registration, while corporate shareholders must provide additional documentation [4][8] - Shareholders can participate in online voting through the Shenzhen Stock Exchange trading system and internet voting system [4][7] Additional Information - The company emphasizes that the meeting's procedures comply with relevant laws and regulations [1][3] - The company will disclose the results of the voting, especially for proposals affecting minority investors [3][4]

Core Viewpoint - The report outlines the "Common Growth" employee stock ownership plan proposed by SF Holding Co., Ltd, aiming to enhance the company's strategic execution, market competitiveness, and long-term healthy development through employee participation in stock ownership [7][30]. Summary by Sections Definition and Scope - The plan involves granting virtual stock units to employees, with each unit corresponding to one share of the company's A-shares [2][3]. - Participants include key personnel such as directors (excluding independent directors), supervisors, senior management, and core staff [7]. Plan Structure - The total number of shares involved in the plan is capped at 200 million A-shares, representing approximately 4% of the company's total share capital [8][31]. - The stock will be transferred from the controlling shareholder, Mind Control Holdings, to the plan's account in one or multiple transactions [8][31]. Vesting and Lock-up Periods - The plan has a maximum duration of 15 years, with a vesting period structured over nine years [12][31]. - Each year, a lock-up period of 12 months will follow the vesting, during which participants can receive cash dividends but cannot sell their shares [12][13]. Performance Assessment - The plan includes performance targets at both the company and individual levels, with the final number of shares allocated to participants based on these assessments [12][31]. - The company’s net profit growth rate will be a key metric for determining share allocation [12]. Management and Governance - The plan will be managed by a management committee elected by the participants, which will oversee daily operations and represent the interests of the participants [20][26]. - The management committee is responsible for convening meetings, managing share allocations, and ensuring compliance with relevant regulations [20][26]. Compliance and Legal Framework - The plan adheres to existing laws and regulations, ensuring voluntary participation and risk-bearing by employees [30][31]. - The report confirms that the plan does not involve any forced participation or financial assistance from the company to employees [30].

上海澄明则正律师事务所 关于顺丰控股股份有限公司 "共同成长"持股计划（A 股）（草案） 的法律意见书 致：顺丰控股股份有限公司 上海澄明则正律师事务所（以下简称"澄明"或"本所"）接受顺丰控股股 份有限公司（以下简称"公司"或"顺丰控股"）的委托，担任公司"共同成长" 持股计划（A 股）（以下简称"本次员工持股计划"）的特聘专项法律顾问。鉴 于顺丰控股于 2025 年 8 月 28 日召开第六届董事会第二十三次会议审议通过了 《公司"共同成长"持股计划（A 股）（草案）及其摘要》《公司"共同成长" 持股计划（A 股）管理办法》等与本次员工持股计划相关的议案，本所律师根据 《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、中国证券监督管理委员会（以下简称"中 国证监会"）颁布的《关于上市公司实施员工持股计划试点的指导意见》（以下 简称"《指导意见》"）、深圳证券交易所（以下简称"深交所"）颁布的《深 圳证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》（以下 简称"《自律监管指引 1 号》"）等有关法律、法规和规范性文件的规定以及《顺 丰 ...

上海澄明则正律师事务所 法律意见书 上海澄明则正律师事务所 关于顺丰控股股份有限公司 调整行权价格的 法律意见书 上海澄明则正律师事务所 上海市南京西路 1366 号恒隆广场二期 2805 室 电话：021-52526819 传真：021-52526089 www.cm-law.com.cn 致：顺丰控股股份有限公司 上海澄明则正律师事务所（以下简称"本所"）接受顺丰控股股份有限公 司（以下简称"顺丰控股"或"公司"）的委托，担任公司2022年A股股票期权 激励计划（以下简称"本次激励计划"）的特聘专项法律顾问。本所律师根据《中 华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》 （以下简称"《证券法》"）、《上市公司股权激励管理办法》（以下简称"《管 理办法》"）、《深圳证券交易所上市公司自律监管指南第1号——业务办理》 （以下简称"《自律监管指南1号》"）等有关法律、法规和规范性文件的规定 以及《顺丰控股股份有限公司章程》（以下简称"《公司章程》"），按照律师 行业公认的业务标准、道德规范和勤勉尽责精神，就《顺丰控股股份有限公司2022 年股票期权激励计划》（以下简称"《激励计划》" ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-062 顺丰控股股份有限公司 关于调整公司 2022 年 A 股股票期权激励计划行权价格的公告 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"或"顺丰控股"）于 2025 年 8 月 28 日召开第六届董事会第二十三次会议审议通过了《关于调整公司 2022 年 A 股股票期权激励计划行权价格的议案》，根据《公司 2022 年股票期权激励计划 （草案）》（以下简称"《激励计划（草案）》"或"本次激励计划"）的相关 规定和公司 2022 年第二次临时股东大会的授权，公司对 2022 年 A 股股票期权 激励计划的行权价格进行调整，行权价格由人民币 40.199 元/股调整为人民币 一、本次激励计划已履行的审批程序和信息披露情况 通过《公司 2022 年股票期权激励计划（草案）及其摘要》《公司 2022 年股票期 权激励计划实施考核管理办法》《关于提请公司股东大会授权董事会办理 2022 年股票期权激励计划相关事宜的议案》。公司独立董事对此发表了独立意见。 同日，公 ...