本公告僅作說明用途，並非收購、購買或認購本公司證券的邀請或要約。 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之股份有限公司） 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，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （股份代號：6936） 認購極兔B類股份 及 根據一般授權向極兔發行H股 2026年1月15日（交易時段前），為深化戰略合作，本公司與極兔簽訂認購協 議，據此，在滿足條件的前提下，雙方有條件地同意極兔認購和順豐認購， 兩項認購互為條件。 (i) 極兔認購 － 本公司同意認購，而極兔同意向本公司（或其代名人）發行 及配發821,657,973股極兔認購股份，每股極兔認購股份的極兔認購價為 10.10港元，總代價約為8,298.75百萬港元。極兔認購股份佔極兔於本公 告日期已發行股本（包含極兔庫存股）約9.15%。截止本公告日期的極兔 庫存股正處於註銷程序中，預計將於交割前完成註銷。假定該極兔庫存 股於交割前完成註銷，並假定自本公告 ...

Core Viewpoint - The article emphasizes the importance of organizing and supporting new employment form workers in the digital and platform economy, highlighting the efforts of the Weihai Municipal Federation of Trade Unions in addressing their unique challenges and enhancing their rights and benefits [1][8]. Group 1: Organizational Coverage - The Weihai Municipal Federation of Trade Unions has launched the "Organizational Coverage Gathering 'New' Action" to address the challenges of organizing new employment form workers, focusing on major platform companies and their local partners [2]. - As of now, 99 new employment form enterprise unions have been established in Weihai, with 7,103 new members added, bringing the total membership to 36,271 [2]. - The Federation has innovatively created regional and industry-specific unions, such as the Korean Le Fang takeaway restaurant union and the city express industry union, achieving comprehensive organizational coverage [2]. Group 2: Service and Support - The Federation has implemented the "Service Care Warm 'New' Action," creating a comprehensive care system for new employment form workers through various services [4]. - Upgrades to 253 union stations and the establishment of five "shared worker homes" provide essential services, with daily attendance exceeding 1,500 people [4]. - Online services through the "Qilu Gonghui" and "Worker's Home" apps have reached over 16,000 new employment form workers, offering membership, policy inquiries, and legal consultations [4]. Group 3: Rights Protection and Value Recognition - The Federation has initiated the "Leading Protection Safe 'New' Action," focusing on rights protection, legal support, and democratic consultation for new employment form workers [6][7]. - Legal service stations have been established, resolving 116 cases and recovering over 100,000 yuan for workers [7]. - The introduction of a collective wage negotiation in the express delivery industry has increased the minimum monthly wage by 340 yuan, setting a new standard [7]. Group 4: Health and Skill Development - The Federation has launched the "Health Escort Warm New Journey" initiative, providing health services to over 11,000 workers, including mobile health checks and psychological counseling [6]. - Skill enhancement programs have been developed, including competitions and training sessions, benefiting over 6,000 workers and supporting 31 individuals in further education [6]. Group 5: Future Directions - The Weihai Municipal Federation of Trade Unions aims to continue focusing on the pressing issues faced by new employment form workers, enhancing the integration of party-building and union work, and exploring replicable models for broader application [8].

Core Viewpoint - Kales Technology is aiming to become the first "full-stack intelligent in-house logistics robot" company listed on the Hong Kong stock exchange, backed by significant orders and strategic support from SF Express [1][6]. Group 1: Company Overview - Kales Technology has approximately 2.3 billion RMB in orders, indicating strong performance certainty [1]. - The company has experienced rapid growth since its inception in 2014, with multiple funding rounds totaling over 800 million RMB since 2020 [2][3]. - SF Express holds a 14.1% stake in Kales, providing both capital and access to extensive logistics scenarios [4][6]. Group 2: Financial Performance - Kales' revenue increased from 656.9 million RMB in 2022 to 721.4 million RMB in 2024, with a strong growth trajectory in the first three quarters of 2025 reaching 552 million RMB [7][8]. - Despite significant losses, with cumulative losses exceeding 700 million RMB over four years, the company has shown signs of narrowing losses, with operational losses decreasing from 131 million RMB in 2023 to 35 million RMB in the first three quarters of 2025 [11][12]. - The revenue structure is heavily concentrated in mainland China, accounting for 92.5% of total revenue in the first three quarters of 2025 [8][9]. Group 3: Market Position and Strategy - The logistics robot market is highly competitive, with over 50 domestic AMR suppliers, necessitating Kales to find differentiation strategies [17]. - Kales is strategically expanding into high-value industries and global markets, planning to establish 10 overseas centers in the next five years [18]. - The company is focusing on advanced technologies such as embodied intelligence and AI robotics, aiming to evolve from simple transport solutions to intelligent agents capable of complex operations [19]. Group 4: Future Outlook - The upcoming IPO is seen as a critical step for Kales to secure funding for global expansion and technological advancements [16]. - Kales faces challenges balancing price sensitivity among domestic clients while pursuing higher margins and scaling its embodied intelligence technology [20].

中泰证券（600918）发布研报称，"价格战"转向"价值战"背景下，快递业市场份额有望逐步向服务品质 更优、管理能力更强、网络健康度更好的快递企业集中，同时该等企业有望凭借自身资源优势实现更为 显著的降本增效;重点跟踪监管力度、量价表现及头部企业竞争策略变化情况。个股方面重点关注中通 快递-W(02057)、圆通速递（600233）(600233.SH)。建议关注申通快递（002468）(002468.SZ)、韵达股 份（002120）(002120.SZ)及顺丰控股（002352）(002352.SZ)。 中泰证券主要观点如下： 3)行业端：行业件量增速放缓下，价值竞争成关键。"反内卷"背景下，快递价格理性回归，快递轻小件 化趋势减弱，同时电商平台合规经营监管强化有望推动快递件量"去泡沫"，行业件量增速中枢下移预期 下(据2026年全国邮政工作会议，2025年快递业务量同比增长13.7%，预计2026年快递业务量同比增长 8%左右)，"降本、提质、增效"的价值竞争成为快递企业打造竞争优势、获取市场份额的关键。 深挖全链路成本下降潜力，末端决胜逐步成为共识 1)中转环节：随着件量规模不断扩大，规模效应带来的边 ...

Core Viewpoint - The express delivery industry is shifting from a "price war" to a "value war," with market share expected to concentrate among companies that offer better service quality, stronger management capabilities, and healthier networks [1] Policy Aspects - The "anti-involution" policy is expected to continue, effectively curbing vicious competition, with multiple provinces raising express delivery prices. From August to November, the single ticket revenue of A-share "Tongda" express companies has shown a continuous upward trend [2] - The "social insurance new regulations" are anticipated to enhance cost-price transmission paths, potentially leading to increased labor costs in the express delivery industry, which may be passed on to consumers through price hikes [2] Industry Aspects - With the growth rate of express delivery volume slowing, value competition is becoming crucial. The rational return of express prices and the reduction of small parcel trends are expected, with the industry volume growth rate forecasted to decrease [3] - The expected growth rates for express delivery volume are 13.7% year-on-year in 2025 and around 8% in 2026, emphasizing the importance of "cost reduction, quality improvement, and efficiency enhancement" for companies to gain market share [3] Cost Reduction Potential - In the transit segment, the marginal cost reduction effects from scale are diminishing, with major franchise express companies focusing on optimizing routes and improving sorting efficiency. As of H1 2025, the single ticket transit cost for "Tongda" express companies has dropped to approximately 0.60 yuan [4] - In the last-mile delivery segment, which significantly impacts user experience and logistics efficiency, there remains substantial potential for cost optimization through automation and innovation. The cost burden for new technologies is primarily borne by franchisees, making the performance of these networks critical [4]

Core Insights - The logistics and express delivery industry is increasingly focusing on automation and AI robotics, with major players like SF Express and JD Logistics leading the charge in technological transformation [1][3][12] Group 1: Industry Trends - The logistics industry is recognized as a "golden testing ground" for AI robotics due to its physical and standardized nature, allowing for clear execution interfaces and evaluation standards [9][10] - The global AI logistics robot market is projected to grow significantly, with the market size expected to reach 118.3 billion yuan in 2024 and 344.1 billion yuan by 2030, reflecting a compound annual growth rate of 19.5% [12] - The Chinese market is anticipated to perform even better, with a projected size of 44 billion yuan in 2024 and 133.9 billion yuan by 2030, at a growth rate of 20.4% [12] Group 2: Company Strategies - JD Logistics is leading with an aggressive strategy of "full-chain self-research + ecological investment," planning to purchase 3 million robots over the next five years to enhance its supply chain [4][5] - SF Express is focusing on "AI large models + green intelligence," establishing a dedicated technology company for AI and robotics [4][5] - Alibaba's Cainiao is leveraging "cloud computing + AI" to enhance its robotic ecosystem and international expansion, with plans to release new logistics technologies by 2025 [6][7] Group 3: Competitive Landscape - Major players like ByteDance are entering the logistics space, developing their own logistics robots and investing in core components to strengthen their market position [7] - Other companies such as ZTO, YTO, and Yunda are taking on the role of "application followers," focusing on practical implementations rather than upstream investments [7] Group 4: Economic Considerations - The logistics industry faces rising labor costs, making cost reduction through technology upgrades a critical need, where even a 0.1 yuan decrease in cost per package can lead to significant profit margins [10][11] - AI robots have already demonstrated their value in reducing labor needs and increasing efficiency, with JD's robots reportedly reducing workforce requirements by 58% and improving picking efficiency by 270% [11] Group 5: Future Developments - The industry is exploring new business models such as "Robots as a Service" (RaaS) to alleviate long-term investment pressures and adapt to fluctuating demand [17] - Future trends indicate a shift from "replacing human labor" to "human-robot collaboration," and from being a "cost center" to a "value center" that leverages data for supply chain optimization [17]

（来源：工人日报） 从这个意义上看，工会"移动厨房"里煮出来的别样味道，也是近年来工会工作打动人的"圈粉秘笈"。这 其中，既要有找准切口的智慧，也要有愿意等待的耐心。智慧，是能从一顿饭、一辆车里发现服务的入 口；耐心，则是在守着菜锅火候时，也把人情味儿焐足。 其次，是少了些生硬的"任务味儿"。当快递员回到网点就餐、聊起家常、互相打趣，那一刻，我觉得这 个堆满纸箱的网点，像极了充满了人情味的宗祠广场。 我是客家人。老家每逢重阳祭祖，"吃席"是雷打不动的环节。宗祠外的大广场上，几口大锅热气腾腾， 同姓同宗的几十户人围坐八仙桌前，有的多年未见，甚至要靠长辈提醒才能对上号，可只要那盘油光光 的白切鸡、滚着热气的酿豆腐端上来，再喝上几杯米酒，便全然没有了生分。 能吃到一个锅里的人，就是熟人。在工会"移动厨房"的饭桌上，工会工作者就坐在快递小哥身边，"你 是什么学历？要不要趁现在报个'圆梦计划'？"如果在会议室里说，这话难免有"任务味儿"，但在饭桌 上，一边啃着猪蹄一边聊，就进了人心。许多平时不敢说、不好意思说的难处，也就在这传来递去的一 筷子菜里，被顺带着说出来了。 工会工作最怕听不到真话，工会"移动厨房"在满足劳动者 ...

Core Insights - Jiangsu province has launched a new employment initiative called "Talent Night Market," aimed at providing job opportunities in a vibrant night market setting, enhancing the job search experience for young people [1][2] Group 1: Employment Opportunities - Over 50 employers participated in the first event, offering 2,300 job positions across various sectors including software, intelligent manufacturing, cultural tourism, hospitality, and domestic services [1] - The event attracted many young job seekers, with participants expressing satisfaction in finding job opportunities while enjoying the festive atmosphere [1][2] - Job positions available include high-end technical roles with salaries up to 450,000 yuan annually, urgent manufacturing roles, and various service positions aimed at flexible employment [2] Group 2: Event Structure and Future Plans - The "Talent Night Market" is part of a broader initiative to extend employment services beyond traditional hours, addressing the mismatch in availability between job seekers and employers [1][3] - The initiative will see regular monthly events in various public employment service locations, ensuring accessibility and sustainability of the employment service model [3] - The employment services will also include policy consultations and support for job seekers, leveraging high-traffic events and seasonal peaks to maximize outreach [3]

当天下午4时左右，通州区顺丰环球影城营业网点内，快递员李雪冬正和同事分拣包裹。突然，一位女 士带着孩子匆匆进来询问："你们这儿有灭火器吗？那边草坡着火了。"意识到情况紧急，李雪冬向正在 工作的同事大喊："快拿上灭火器，那边着火了！" "当时没想太多，就觉得这是力所能及的事。"谈起当天的灭火经历，李雪冬说，看到火势被成功控制、 没有继续蔓延，几人心里才逐渐踏实下来。秦志强也表示，灭火更多是一种下意识的反应，事后回想起 来感到挺自豪："我做了一件好事！" "快拿上灭火器，那边着火了！"1月10日下午，通州区颐瑞东路旁的一处草坡突发火情，火借风势迅速 蔓延。紧急时刻，附近顺丰环球影城营业网点的5名快递员拎着灭火器冲了上去，在消防员到达前，不 到5分钟便成功扑灭明火。 起火点位于快递网点对面的绿化带，是颐瑞东路旁的一片草坡。秦志强、李雪冬、于光磊、李瑞广和徐 会见5名快递员每人拎着一个灭火器迅速赶过去。秦志强说："当天风特别大，草坡上多为干枯杂草，给 灭火增加了难度——风一吹，火就往四周蹿，刚灭下去又复燃。"5人使用干粉灭火器对燃烧的杂草反复 喷射，并仔细查看残余火点，终于将火情彻底控制。从发现火情到成功扑灭，全程用 ...

Core Points - A fire broke out on January 10 in a grassy area near Yirui East Road in Tongzhou District, which was quickly extinguished by five couriers from a nearby SF Express outlet before firefighters arrived [1] - The fire spread rapidly due to strong winds and dry grass, making it challenging to control [1] - The quick response of the couriers prevented the fire from spreading to surrounding buildings and residents [1] Summary by Sections - **Incident Description** - A fire occurred in a grassy area, prompting immediate action from nearby couriers [1] - The fire was fueled by dry grass and strong winds, complicating the extinguishing efforts [1] - **Response and Actions** - Five couriers each grabbed a fire extinguisher and rushed to the scene, successfully controlling the fire in under five minutes [1] - The couriers used dry powder extinguishers to repeatedly spray the burning grass and check for remaining hot spots [1] - **Outcome and Impact** - By the time firefighters arrived, the fire was already under control, preventing potential damage to nearby structures and residents [1] - The couriers expressed a sense of pride and fulfillment in their actions, viewing it as a natural response to the emergency [2]