香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 順豐控股股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司董事會會議將於2025年10月30日（星期四）舉行，藉 以（其中包括）考慮及批准本集團截至2025年9月30日止第三季度的未經審核綜 合業績及其發佈。 董事會命 順豐控股股份有限公司 聯席公司秘書 S.F. Holding Co., Ltd. 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） （股份代號：6936） 董事會會議召開日期 甘玲 中國深圳，2025年10月17日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生、王 欣女士及徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 ...

Core Viewpoint - In the digital economy era, technological innovation is the core driving force for the development of the logistics and e-commerce industries. Easy Post Express Supermarket integrates resources from major e-commerce platforms and courier companies, promoting deep technological cooperation across enterprises to break down technical barriers and enhance service capabilities through collaborative innovation [1][9]. Group 1: System Interoperability - The disconnection between e-commerce platforms and courier companies has long restricted logistics efficiency, leading to issues such as delayed order reviews and untimely logistics updates. Easy Post promotes "system interoperability" to achieve real-time data flow from order placement to package delivery [2][3]. - Data synchronization time has been reduced from an average of 30 minutes to under 10 seconds, improving order processing efficiency by over 95%. The time taken to trace abnormal orders has decreased from 4 hours to 30 minutes, resulting in a 40% reduction in user complaints [3]. Group 2: Intelligent Technology Development - Easy Post has formed a "cross-enterprise intelligent technology research alliance" to tackle core technologies such as intelligent forecasting, unmanned delivery, and green logistics technology. This collaboration aims to innovate and address industry pain points [4][5]. - The logistics demand forecasting model developed by Easy Post has an accuracy rate exceeding 85%, helping courier companies reduce capacity waste by 15% and improve order fulfillment rates to 98% [5]. - Unmanned delivery vehicles and drones have been developed to address last-mile delivery challenges, with pilot operations in 500 communities across 20 cities, significantly alleviating delivery pressure [5][6]. Group 3: Service Standard Co-construction - The lack of unified service standards in the e-commerce and courier industries leads to inconsistent service quality. Easy Post promotes the establishment of unified service standards and technical specifications to enhance overall service levels [7][8]. - A standardized after-sales processing system has been created, improving user satisfaction with after-sales complaint handling from 75% to 92% [8]. - A technical service assessment standard has been established, linking assessment results to resource allocation, thereby incentivizing companies to improve service quality [8]. Group 4: Future Directions - Easy Post's cross-enterprise technological cooperation model provides a replicable example for the collaborative development of technology in the logistics and e-commerce industries. Future expansions may include the introduction of AI customer service and blockchain traceability technologies [10].

Core Viewpoint - The Zhongzheng All Index Free Cash Flow Index (932365) has experienced a decline of 0.64% as of October 17, 2025, with mixed performance among constituent stocks [1]. Group 1: Market Performance - The Free Cash Flow ETF Fund (159233) decreased by 0.35%, with the latest price at 1.15 yuan [1]. - Over the past two weeks, the Free Cash Flow ETF Fund has seen a cumulative increase of 2.13% as of October 16, 2025 [1]. - The fund recorded a turnover rate of 0.99% during the trading session, with a total transaction value of 2.9395 million yuan [1]. - The fund's average daily transaction value over the past year is 21.6649 million yuan [1]. - The latest fund size reached 297 million yuan, marking a three-month high [1]. - The number of shares for the Free Cash Flow ETF Fund reached 259 million, also a three-month high [1]. - The fund has experienced continuous net inflows over the past 28 days, with a maximum single-day net inflow of 19.1927 million yuan, totaling 190 million yuan in net inflows [1]. Group 2: Fund Performance Metrics - Since its inception, the Free Cash Flow ETF Fund has achieved a maximum monthly return of 7.80% and a longest consecutive monthly gain of 4 months, with a total increase of 12.71% [2]. - The fund has a historical monthly profit percentage of 100.00% and a monthly profit probability of 89.74% [2]. - The maximum drawdown since inception is 3.76%, with a relative benchmark drawdown of 0.56% [2]. - The fund's management fee is 0.50%, and the custody fee is 0.10% [2]. Group 3: Index Composition - As of September 30, 2025, the top ten weighted stocks in the Zhongzheng All Index Free Cash Flow Index include China National Offshore Oil Corporation, Midea Group, Gree Electric Appliances, and others, collectively accounting for 56.31% of the index [3].

Core Points - SF Holding's stock price decreased by 0.39% on October 16, with a trading volume of 1.061 billion yuan [1] - The company achieved a financing buy of 119 million yuan and a net financing buy of 22.13 million yuan on the same day [1] - As of October 16, the total financing and securities lending balance for SF Holding was 3.325 billion yuan [1] Financing Summary - On October 16, SF Holding's financing buy amounted to 119 million yuan, with a financing balance of 3.322 billion yuan, representing 1.69% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level [1] - The securities lending data shows a repayment of 22,700 shares and a sell amount of 330,900 yuan, with a remaining securities lending balance of 3.1128 million yuan, which is below the 10th percentile of the past year [1] Financial Performance - For the first half of 2025, SF Holding reported a revenue of 146.858 billion yuan, reflecting a year-on-year growth of 9.26% [2] - The net profit attributable to shareholders for the same period was 5.738 billion yuan, showing a year-on-year increase of 19.37% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for SF Holding was 141,400, a decrease of 15.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.82% to 33,934 shares [2] - The company has distributed a total of 21.483 billion yuan in dividends since its A-share listing, with 15.351 billion yuan distributed in the last three years [3]

广州首个低空飞行营地启动 中新网广州10月16日电 (记者 蔡敏婕)广州首个低空飞行营地(广州大学城)16日在番禺启动。广州市发展 改革委主任吴萨表示，该营地既是全市低空技术和产品展示的示范平台，又是元素链接的融合平台。未 来将积极推动产业创新发展，探索大湾区跨境飞行等新场景新业态。 低空经济是推动区域经济转型升级、培育新质生产力的关键引擎。此次活动成立广州低空飞行营地有限 公司，首期打造超3万平方米的集应用展示、试飞测飞、检验验证、人才培育、销售交付、科普研学、 调度管理等功能于一体的低空飞行综合服务平台。 图为广东汇天"陆地航母"飞行器X3-F在活动中进行飞行演示。陈骥旻 摄 此外，广州大学城全域低空物流枢纽规划航线(顺丰)通过在飞行营地设立智能物流中转枢纽，打通高校 物流无人配送"最后一公里"，现已启动飞行营地核心区至广东工业大学线路，后续有望实现广州大学城 12所高校全覆盖。(完) 来源：中国新闻网 编辑：万可义 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经 ...

Core Viewpoint - The resignation of Xu Yubin, the founder and CEO of Fengchao, raises uncertainties for the company as it approaches its IPO, prompting a reevaluation of its status as a unicorn valued over 10 billion RMB [5][10]. Group 1: Leadership Changes - Xu Yubin, a key figure in Fengchao's development, has resigned due to health reasons, marking a significant leadership change for the company [3][6]. - Xu Yubin has been instrumental in the company's growth, having transitioned from a delivery person to a CEO, and has overseen critical milestones including substantial financing rounds and acquisitions [10][12]. - Prior to his resignation, there were other management changes within Fengchao, indicating a potential shift in operational strategy [13]. Group 2: Financial Performance and Market Position - Fengchao achieved a net profit of 71.6 million RMB in the first five months of 2024, marking its first profitable period after three years of cumulative losses totaling 3.768 billion RMB [14]. - As of May 31, 2024, Fengchao operates the largest smart delivery cabinet network globally, with 330,200 units across China and Thailand [14]. - The company is facing challenges due to new regulations affecting the use of delivery cabinets, which have led to increased uncertainty in its operational environment [15][18]. Group 3: Business Expansion and Diversification - In response to market pressures, Fengchao is diversifying its business by expanding into services such as cleaning, appliance maintenance, and laundry, with significant order volumes reported [18]. - The company is also exploring new locations for its delivery cabinets, including tourist attractions and transportation hubs, to capture a different customer base [19]. - However, the effectiveness of this new business model may be impacted by seasonal fluctuations in customer traffic at these locations [19]. Group 4: IPO Status - Fengchao's IPO application submitted in August 2023 has lapsed, but the company maintains that it is still pursuing the listing process [4][20]. - The failure of the IPO application adds to the uncertainties surrounding the company's future, especially in light of recent leadership changes and market challenges [20].

Core Points - Guangzhou has officially launched its first low-altitude flight camp, marking a significant development in the local aviation and aerospace industry [1][5]. Group 1: Event Highlights - The launch event included the official inauguration of the camp, the establishment of a service platform, the release of application scenarios, the unveiling of the industry association, and the signing of strategic cooperation agreements [1]. - Demonstrations were conducted featuring various flying vehicles, including the Guangdong Huitian "land aircraft carrier" X3-F and the SF Express Ark 40 drone [3][5]. Group 2: Industry Development - The establishment of the Guangzhou Low-altitude Economy and Aerospace Industry Association was a key highlight of the event, indicating a structured approach to developing the low-altitude economy in the region [5].

Core Points - Xu Yubin, the founder and CEO of Fengchao, has officially announced his resignation, marking the end of an era for the company [1][7] - Fengchao Holdings is currently facing challenges with its Hong Kong IPO, which has been stalled [4][5] Company Overview - Fengchao Holdings is recognized as the largest end logistics solution provider in China based on 2023 revenue [4] - As of May 31, 2024, Fengchao has deployed 330,000 smart lockers across 31 provinces in China [4] - The company delivered 6.204 billion, 5.823 billion, and 6.463 billion packages in 2021, 2022, and 2023 respectively, accounting for approximately 5%-6% of the national delivery volume during the same period [4] Financial Performance - Fengchao has experienced continuous losses over the past few years, with revenues of 2.526 billion, 2.891 billion, and 3.812 billion yuan from 2021 to 2023, and net losses of 2.071 billion, 1.166 billion, and 541 million yuan during the same period [5] - In the first five months of 2024, the company reported a net profit of 71.6 million yuan, indicating a turnaround [5] Controversies - The company faced controversy over its "storage fees," which generated 808 million yuan from approximately 1.615 billion packages stored in smart lockers from 2021 to May 2024, representing about 7% of total revenue [5] Leadership Background - Xu Yubin's journey from a delivery worker to the CEO of a unicorn company is notable, having founded Fengchao after being inspired by international logistics practices [8][10] - Xu Yubin held 2.21% of Fengchao's shares and received a total compensation of 222 million yuan in 2021, which included a significant stock-based payment [10]

Core Insights - Xu Yubin, the founder and CEO of Fengchao, has officially resigned due to health reasons after serving since April 2015 [1] - Fengchao was established in 2015 to optimize last-mile delivery services through smart express cabinets, with significant backing from major logistics companies and investors [2] - The company faced challenges in its Hong Kong IPO process, with its prospectus becoming invalid due to failure to meet regulatory requirements [2] Company Overview - Xu Yubin has a rich background in logistics, having worked his way up from a courier at SF Express to various key operational roles before founding Fengchao [1] - Fengchao's valuation reached as high as 25 billion RMB, and it has attracted investments from top institutions like China Post and Sequoia China [2] - As of May 2024, Fengchao operates 330,000 smart express cabinets, covering over 209,000 communities, and is expanding into additional services like home services and laundry [2] Financial Performance - Fengchao's revenue from 2021 to 2023 was reported as 2.526 billion, 2.891 billion, and 3.812 billion RMB, respectively, with net losses of 2.071 billion, 1.166 billion, and 541 million RMB during the same period [2] - The company turned a profit in the first five months of 2024, reporting a net profit of 71.6 million RMB [2] - In 2023, the revenue from value-added services, including laundry and storage, amounted to 960 million RMB, accounting for a quarter of Fengchao's total revenue [3]

Core Insights - The low-altitude economy is emerging as a significant economic driver, transforming various sectors such as logistics, agriculture, tourism, and public services through the use of manned and unmanned aerial vehicles [1][2][19]. Group 1: Definition and Key Applications - The low-altitude economy operates below 1,000 meters (with some areas extending to 4,000 meters) and primarily involves general aviation and drones [2][19]. - In logistics, drones are addressing ground traffic bottlenecks by enabling rapid delivery of small packages, with companies like Walmart achieving 15-minute delivery times and SF Express completing over 800,000 flights [2][21]. - Agricultural applications include the use of plant protection drones for efficient crop management, enhancing sustainability in farming practices [3][26]. - The tourism sector is witnessing growth in low-altitude experiences, with activities like hot air ballooning and helicopter tours becoming popular, generating significant consumer spending [3][31]. Group 2: Ecosystem and Policy Support - The rapid development of the low-altitude economy is supported by a collaborative ecosystem involving government policies, technological advancements, and corporate initiatives [4][5]. - Central and local governments are prioritizing low-altitude economic development, with initiatives to establish general airports and drone landing sites [4][19]. - The airspace management is being progressively liberalized, with cities like Shenzhen planning to open 75% of the airspace below 120 meters by 2025 [4][19]. Group 3: Technological Innovations and Industry Structure - Technological innovations in materials, core components, and power systems are enhancing the performance of aerial vehicles, driving the growth of the low-altitude economy [5][19]. - The industry has developed a complete supply chain, from raw materials and components to manufacturing and application in various sectors [5][19]. - The market for the low-altitude economy is projected to reach 2 trillion yuan by 2030 and exceed 5.1 trillion yuan by 2035, with the eVTOL market alone expected to reach 570 billion yuan [5][19]. Group 4: Market Opportunities and Future Outlook - The low-altitude economy is transitioning from pilot projects to large-scale development, with drones and aerial vehicles increasingly integrated into daily life [6][19]. - Continuous technological advancements and policy improvements are expected to unlock greater potential in this new economic sector, contributing to high-quality economic growth [6][19].