Core Insights - The company has successfully navigated the challenge of balancing revenue growth and profit margins, achieving a continuous increase in gross margin for seven consecutive years while outpacing market revenue growth [1][2] - The company anticipates maintaining its growth momentum in 2024, with a projected doubling of net profit to 132 million yuan, establishing itself as the only consistently profitable player in the third-party delivery industry [2][4] Group 1: Business Performance - The company reported a significant increase in active merchants, reaching 650,000 in 2024, with a strong growth in key accounts (KA) and a market share that remains competitive [1][2] - The number of active consumers exceeded 23 million, with a notable increase in repurchase rates, contributing to revenue growth and enhancing order density in various business districts [1][2] - The active rider count reached 1 million last year, with a significant year-on-year increase in high-income riders [1] Group 2: Business Segments - The company’s three business segments (ToB, ToC, and last-mile delivery) are expected to drive sustained growth, with the ToB segment expanding its customer base by over 7,500 stores last year [2][3] - The ToC segment has introduced exclusive delivery products that strengthen its position in the high-end market, aiding consumer business development [2][3] Group 3: Market Trends - The ongoing competition in the food delivery sector is intensifying, with major players like Meituan and JD.com heavily investing in the market, indicating a shift towards a broader range of products beyond just food [4][5] - The company believes that the current food delivery battle is just the beginning, with future expansions into grocery, pharmacy, and other sectors expected to drive significant growth [4][5] Group 4: Strategic Focus - The company aims to maintain its unique third-party positioning and comprehensive business model, focusing on enhancing service quality and building a robust rider ecosystem [5][6] - The company plans to leverage customized logistics solutions to cater to various verticals, including grocery and pharmaceuticals, while integrating warehousing and delivery services to enhance efficiency [5][6] Group 5: Long-term Outlook - The company is positioned in a long-term growth sector, with increasing consumer demand for convenience and instant delivery aligning with modern lifestyle trends [6][7] - The industry is expected to see an influx of new players, driven by the need for diverse channels and the ongoing trend of brand concentration in the supply side [6][7]

顺丰同城（9699.HK）事件点评 最后一公里配送需求超预期，上修年度关联交易额上限 2025 年 06 月 16 日 ➢ 事件概述：2025 年 6 月 13 日，为满足最后一公里配送服务增加的需求， 公司拟修订截至 2025 年及 2026 年 12 月 31 日止年度提供最后一公里配送服务 的原年度上限。修订后 2025 和 2026 年的关连交易年度上限分别为 128.45 和 205.51 亿元，同比分别为+101.7%和+60.0%，较原关联金额上限分别增长 33.90 和 82.81 亿元，较原关联交易金额上限分别+35.9%和+67.5%。 ➢ 修订原因：1）最后一公里配送服务的需求增速超预期，2024 年历史交易金 额达 63.69 亿元，较 2023 年历史交易金额 47.77 亿元，同比+33.3%，关联交 易金额实现快速增长； 2）公司的弹性运力网络及强劲的交付能力能更好满足客户的最后一公里配送需 求，继而实现最后一公里配送服务收入的快速提升。业务收入快速提升主要得益 于：a）公司通过发展电商退货上门揽收的能力，积极把握电商平台退货率提升； b）持续扩张服务网络、骑手团队并渗透至下沉市 ...

顺丰同城（9699.HK）事件点评 最后一公里配送需求超预期，上修年度关联交易额上限 2025 年 06 月 16 日 ➢ 事件概述：2025 年 6 月 13 日，为满足最后一公里配送服务增加的需求， 公司拟修订截至 2025 年及 2026 年 12 月 31 日止年度提供最后一公里配送服务 的原年度上限。修订后 2025 和 2026 年的关连交易年度上限分别为 128.45 和 205.51 亿元，同比分别为+101.7%和+60.0%，较原关联金额上限分别增长 33.90 和 82.81 亿元，较原关联交易金额上限分别+35.9%和+67.5%。 ➢ 修订原因：1）最后一公里配送服务的需求增速超预期，2024 年历史交易金 额达 63.69 亿元，较 2023 年历史交易金额 47.77 亿元，同比+33.3%，关联交 易金额实现快速增长； 2）公司的弹性运力网络及强劲的交付能力能更好满足客户的最后一公里配送需 求，继而实现最后一公里配送服务收入的快速提升。业务收入快速提升主要得益 于：a）公司通过发展电商退货上门揽收的能力，积极把握电商平台退货率提升； b）持续扩张服务网络、骑手团队并渗透至下沉市 ...