Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24-26, featuring over 2200 exhibitors from more than 60 countries and regions, and is expected to attract over 300,000 professional visitors [1][4] - This year's expo marks the 20th anniversary of the event, which has been instrumental in facilitating international cooperation and is referred to as the "Olympics of the global logistics and supply chain sector" [4] - The expo will cover a total exhibition area of over 130,000 square meters, with ten core exhibition zones addressing various aspects of logistics and supply chain, including comprehensive services, port shipping, air freight, and cross-border e-commerce [4][5] Exhibition Features - The expo will introduce five vertical fields for resource matching, including Europe and the United States, Southeast Asia/Japan and South Korea, overseas warehouses/cross-border e-commerce, emerging markets, and special transportation [5] - Over 70 high-end business activities will be organized to create a deep dialogue platform within the global logistics and supply chain sector [5] - Two thematic sub-exhibitions will be held concurrently: the World Unmanned Vehicle Economy Expo and the Enterprise Going Abroad Exhibition, focusing on unmanned vehicle technology and cross-border e-commerce [8][10] Industry Trends - The World Unmanned Vehicle Economy Expo will showcase the Shenzhen automatic delivery system and emphasize the integration of unmanned logistics into the global supply chain [8] - The Enterprise Going Abroad Exhibition aims to provide a high-quality platform for cross-border e-commerce, facilitating connections between international e-commerce platforms and logistics solutions [10]

Core Viewpoint - SF Express City achieved significant growth in its mid-year performance for the period ending June 2025, with revenue surpassing 10.236 billion RMB, marking a year-on-year increase of 48.8% and the first time achieving over 10 billion in half-year revenue [1] Financial Performance - Revenue increased by 48.8% year-on-year to approximately 10.236 billion RMB, with gross profit rising by 43.8% to about 681 million RMB [1] - Net profit attributable to shareholders surged by 120.4% to approximately 137 million RMB, setting a new record [1] - Adjusted net profit for the period was around 160 million RMB, reflecting a year-on-year growth of 139.0% [1] Business Growth Drivers - The growth was driven by the rapid expansion of the food delivery and instant retail sectors, leading to a more than 50% increase in order volume for same-city delivery services [1] - The optimization of business structure and increased contribution from high-quality customers also played a significant role [1] - Technological advancements and lean management practices enhanced operational efficiency and expanded network economies of scale [1] Service Performance - Revenue from same-city delivery services grew by 43.1% year-on-year to approximately 5.779 billion RMB, with food delivery demand significantly contributing to this growth [1] - Non-food delivery scenarios maintained a steady growth trend, with revenue increasing by 28.6% to 2.142 billion RMB, and revenue from merchant-facing non-food scenarios rising by 35.3% [1][2] Market Position and Client Relationships - The company achieved approximately 4.467 billion RMB in revenue from merchant-facing same-city delivery services, reflecting a year-on-year increase of 55.4% [2] - SF Express City maintained a leading market share through long-term partnerships with major clients and comprehensive service capabilities across various sectors [2] Sector-Specific Developments - In the restaurant sector, the company provided multi-channel order management and delivery services, resulting in rapid revenue growth for several major chain restaurants [3] - In retail, the company deepened collaborations with national chain supermarkets, offering customized services that led to increased revenue from key local clients [3] - The pharmaceutical sector saw significant growth, with multiple chain pharmacy clients achieving record order volumes [3] Consumer-Focused Services - Revenue from consumer-facing same-city delivery services reached approximately 1.312 billion RMB, a year-on-year increase of 12.7% [4] - The company focused on meeting the instant delivery needs of consumers in core urban areas, with business scenario revenue growing rapidly [4] - Last-mile delivery services experienced strong growth, with revenue increasing by 56.9% to approximately 4.457 billion RMB [4] Technological Advancements - The company is advancing operational digitization and AI decision-making to enhance efficiency [5] - Over 300 autonomous vehicles have been deployed in daily operations, covering over 60 cities, with an average of 20,000 active trips per month [5] - The integration of AI tools in various operational aspects is aimed at creating a differentiated logistics network [5] Strategic Collaborations - SF Express City continues to deepen strategic cooperation with SF Holding to provide integrated supply chain solutions [3] - The collaboration has resulted in a 29.5% year-on-year increase in external incremental revenue from monthly settled clients [3]

Core Insights - The company reported a significant revenue increase of 48.8% to RMB 10,236 million for the six months ending June 30, 2025 [1] - Gross profit rose by 43.8% to RMB 680.8 million, maintaining a stable gross margin of 6.7% [1] - Net profit attributable to shareholders surged by 120.4% to RMB 137 million, achieving a record net profit margin of 1.3% [1] Financial Performance - Adjusted net profit (non-IFRS) reached RMB 160.2 million, a 139% increase from RMB 67 million in the same period last year [1] - Revenue from same-city delivery services grew by 43.1% to RMB 5,778.7 million, while last-mile service revenue increased by 56.9% to RMB 4,457.3 million [1] Operational Highlights - The company enhanced brand recognition and marketing strategies, resulting in an active consumer base of 24.77 million as of June 30, 2025 [2] - The active rider network expanded to approximately 1.14 million, with rider efficiency improving by 38% year-on-year [2] - The number of high-income riders increased by 65%, and the number of riders earning over RMB 10,000 per month rose by 107% [2] Future Outlook - The company aims for "high-quality healthy growth," focusing on market opportunities in diversified traffic, food delivery, and instant retail [2] - Plans to invest in technology innovations such as unmanned delivery and AI, while collaborating with partners to enhance local service ecosystems [2] - The mission is to enable more people to enjoy a "zero-distance beautiful life" through improved services and network [2]

Core Insights - Nuro, a leading L4 autonomous delivery startup based in California, has successfully completed a Series E funding round, raising $203 million (approximately 1.46 billion RMB) [1][2] - The funding was completed in two parts: $106 million (approximately 761 million RMB) in April and $97 million (approximately 697 million RMB) recently [2] - Notable investors include both existing shareholders and new entrants, with Nvidia being a significant new participant, highlighting a long-standing partnership [4][6] Company Overview - Nuro was founded by two former Google engineers, with a focus on "last-mile autonomous delivery" using self-driving vehicles [8] - The company has raised approximately $2.3 billion (around 16.52 billion RMB) to date, with a current valuation of $6 billion (approximately 43.1 billion RMB), reflecting a 30% decrease from its previous valuation of $8.6 billion (approximately 61.8 billion RMB) in 2021 [10] Business Model Evolution - Nuro has shifted its business model from manufacturing its own delivery vehicles to becoming a technology supplier, providing L4 autonomous driving systems to ride-hailing and delivery companies [21] - The company has begun road testing in over 59 cities across the U.S. and has expanded its operations to Japan [21] Market Context - The autonomous delivery sector has seen significant changes over the past few years, with many startups facing challenges due to economic downturns and rising energy prices [18][19] - Despite these challenges, there is renewed interest and investment in the autonomous delivery space, as evidenced by recent funding rounds for other players in the market [27][28]

Core Viewpoint - The introduction of autonomous delivery vehicles in Shenmu City marks a significant step towards the intelligent transformation of the logistics industry, enhancing efficiency and service quality in package delivery. Group 1: Autonomous Delivery Vehicles - Autonomous delivery vehicles are now operating in Shenmu City, capable of navigating streets without human drivers and delivering packages to various points [1][3]. - These vehicles have a cargo capacity of 6 cubic meters, allowing them to carry 600 to 700 packages at once, equivalent to the load of three traditional delivery tricycles [3]. Group 2: Operational Efficiency - Zhongtong Express has implemented two autonomous delivery vehicles, which deliver over 2,000 packages daily to three locations, significantly reducing delivery time and costs compared to manual delivery [5][6]. - YTO Express has also deployed an autonomous delivery vehicle for specific cargo transfers, currently in trial operation, with a maximum daily transport capacity of 700 packages [8][10]. Group 3: Technology and Monitoring - The autonomous delivery vehicles are equipped with multiple high-definition cameras and millimeter-wave radar, enabling 360-degree environmental awareness and precise recognition of pedestrians, vehicles, and traffic signals [8]. - The vehicles can travel up to 150 kilometers on a single charge, sufficient for two days of operations, and are monitored in real-time by staff to ensure safety [8]. Group 4: Impact on Logistics - The arrival of autonomous delivery vehicles has streamlined operations at delivery stations, improving package transfer efficiency and enhancing the overall delivery experience for residents [10]. - The integration of these vehicles addresses challenges such as the difficulty in hiring truck drivers, while also providing a more efficient service to the community [10].

Group 1 - The company, White Rhino Zhida (Beijing) Technology Co., Ltd., has completed a B+ round financing, raising nearly 500 million yuan, indicating strong market confidence in the commercialization of automotive-grade unmanned vehicles [1] - The company has shifted its focus from supermarket delivery to express logistics, specifically the "last mile" segment, and has expanded its operations to over 100 cities in China, with plans to increase its fleet from nearly 100 vehicles by the end of 2024 to over 1,000 [1] - The introduction of unmanned vehicles has significantly reduced delivery costs and increased operational efficiency, with one express franchisee reporting a decrease in delivery cost per package from 0.2 yuan to 0.1 yuan and a more than 20% increase in business volume due to time savings for delivery personnel [1] Group 2 - The company is developing unmanned vehicles according to automotive industry standards, focusing on reliability and lifespan, which will enhance vehicle utilization and longevity while providing a reference for policy-making and road rights [2] - White Rhino is expanding its service scenarios beyond express logistics to include supermarket delivery and industrial logistics, with plans to establish a campus delivery network covering 100 universities in collaboration with Ele.me [2] - The company aims to have 5,000 active vehicles by 2026, with financing primarily directed towards automotive-grade product development, AI technology iteration, and expansion of commercial scenarios, targeting global market penetration for unmanned vehicle products [2]

Core Viewpoint - Zhongtong Express has officially entered a new phase of "human-machine collaboration" in delivery with the deployment of autonomous delivery vehicles in Shenzhen's Longgang District, enhancing efficiency in logistics operations [2][3]. Group 1: Autonomous Delivery Vehicles - The autonomous vehicles are equipped with multiple sensors, including lidar and high-definition cameras, enabling functions such as obstacle avoidance, traffic light recognition, and automatic parking, suitable for various environments like residential areas and industrial parks [2]. - Each vehicle has a capacity of approximately 600 packages and a range of 200 kilometers, replacing traditional delivery vehicles [2]. - The introduction of these vehicles addresses challenges in old residential areas, where over 60% of the 23 communities served have narrow roads and parking difficulties, thus improving delivery efficiency [2]. Group 2: Operational Efficiency and Cost Reduction - The autonomous delivery vehicles operate twice daily, with a theoretical maximum of transporting 8,000 to 10,000 packages per day, significantly reducing delivery costs by approximately 30% in adverse weather conditions [3]. - Zhongtong Express plans to gradually expand the coverage of autonomous vehicles based on operational data, with plans to add three more vehicles soon and implement a multi-vehicle collaborative delivery system [3]. Group 3: Industry Trends and Future Outlook - The industry is at a turning point for the large-scale application of autonomous delivery vehicles, with expectations of a tenfold growth compared to the previous year by 2025 [4]. - As of July 2025, Shenzhen leads the nation in the application scale of functional autonomous vehicles, with over 800 vehicles on the road and more than 400 dedicated to logistics delivery, aiming to reach a target of 1,000 vehicles within the year [4].

Group 1 - Didi has invested in the autonomous delivery vehicle company, Xinshiqi, confirming its commitment to the autonomous delivery sector [2] - Didi Freight and Xinshiqi have recently collaborated in Qingdao to test autonomous vehicle delivery services, allowing users to order deliveries via the Didi platform [2] - Xinshiqi has deployed over 7,500 autonomous vehicles across more than 280 cities in 15 countries and regions, aiming to become the first L4 autonomous vehicle fleet to reach a scale of 10,000 vehicles by the end of this year [2] Group 2 - The rapid growth of e-commerce, fresh produce, and pharmaceutical industries is increasing consumer demands for delivery efficiency and service quality, indicating a broad development prospect for autonomous delivery [2] - The entry of major companies into the autonomous delivery field is expected to drive technological innovation and expand application scenarios [2] - Didi's involvement is seen as a strategic move to position itself in the future of autonomous delivery, potentially accelerating the transition of Xinshiqi's services from experimental to scalable profitability [2]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is focusing on the unmanned delivery sector to cultivate new growth areas, with a 54% year-on-year increase in net profit attributable to shareholders in H1 2025 [5] - The company has invested in technology and Bear Robot to enter the unmanned delivery market, which has significant growth potential [6] - The company’s subsidiaries are collaborating to implement projects in rail transit operation and maintenance scenarios, leveraging favorable national policies to expand market opportunities [6][8] Financial Performance - In H1 2025, the company achieved revenue of 121 million yuan (up 16.25% year-on-year) and a net profit of 23.79 million yuan (up 53.68% year-on-year) [7] - The revenue from equipment monitoring products grew by 20% year-on-year, with a gross margin increase of 4 percentage points to 52.23% [7] - The company expects net profits of 73 million yuan, 89 million yuan, and 106 million yuan for 2025, 2026, and 2027 respectively [7][10] Market Outlook - The urban rail transit investment scale is expected to reach 500-600 billion yuan in 2025, with multiple cities initiating new lines [7] - The rapid development of technologies such as cloud computing, big data, and artificial intelligence is creating new opportunities for the company in the field of intelligent maintenance and monitoring systems [7] - The company is well-positioned to benefit from the increasing demand for intelligent monitoring systems driven by national policies [7][8]

Core Viewpoint - The report from Guohai Securities indicates that Desay SV's net profit attributable to shareholders is expected to increase by 45.82% year-on-year in the first half of 2025, driven by new product iterations and an overseas expansion strategy [1] Group 1: Financial Performance - The company is projected to achieve operating revenues of 343 billion, 427 billion, and 514 billion from 2025 to 2027, with year-on-year growth rates of 24%, 25%, and 20% respectively [1] - The expected net profit attributable to shareholders for the same period is 27.40 billion, 34.52 billion, and 42.92 billion, with year-on-year growth rates of 37%, 26%, and 24% respectively [1] - The current price-to-earnings (PE) ratios are estimated to be 23, 18, and 15 times for the years 2025, 2026, and 2027 [1] Group 2: Strategic Initiatives - The company is set to benefit from the emerging trend of automotive electronics going global, leveraging its leading position in domestic smart development and large-scale production capabilities [1] - Desay SV plans to actively explore new fields such as smart transportation, unmanned delivery, and robotics, continuing its strategic transformation from core business to new ventures [1]