Core Viewpoint - The company reported strong performance in 1H25, exceeding expectations due to unexpected growth in instant retail demand [1] Financial Performance - Revenue increased by 49% year-on-year to 10.236 billion yuan - Gross profit rose by 44% year-on-year to 681 million yuan, with a gross margin decrease of 0.2 percentage points to 6.7% - Net profit surged by 120% year-on-year to 137 million yuan, with a net margin increase of 0.4 percentage points to 1.3% - Adjusted net profit grew by 139% year-on-year to 160 million yuan, surpassing expectations [1] Operational Data - Active merchant count increased by 55% year-on-year to 850,000 - Active consumer count rose by 13% year-on-year to over 24.77 million - Active rider count grew by 18% year-on-year to 1.14 million [1] Development Trends - In the same-city delivery sector, the growth in the takeaway industry and diverse business demands are driving the need for instant delivery, leading to sustained growth in To B revenue, which increased by 55% year-on-year to 4.467 billion yuan [2] - The company expects To C business revenue growth to remain in double digits, supported by stable macro demand and synergy with express delivery services [2] - Last-mile delivery revenue increased by 57% year-on-year, benefiting from the growth in last-mile demand and improved penetration of the network [2] Profitability Forecast and Valuation - The company anticipates a net profit margin increase of 0.4 percentage points to 1.2% by 2025, driven by order scale growth and an asset-light operating model [3] - Net profit estimates for 2025 and 2026 have been raised by 18.5% and 42.6% to 296 million yuan and 579 million yuan, respectively [3] - The target price has been increased by 38% to 18.70 HKD, reflecting a potential upside of 30% from the current price [3]
顺丰同城(09699.HK)：1H25业绩超我们预期 仍看好即配需求增长