"非洲市场对'中国制造'需求旺盛，但物流基础设施的薄弱制约了其贸易发展。"菜鸟跨境物流产品负责 人表示，"我们通过整合全球网络资源，不仅为商家提供更具竞争力的价格，更重要的是以确定性履约 能力解决跨境物流的核心痛点。" 据了解，今年年终大促旺季，菜鸟全力迎战全球物流高峰，国际物流和科技实力双护航。依托于全球电 商物流供应链网络，结合全球最大规模无人物流科技投入，菜鸟为全球用户提供"全球五日达"、"G2G 核心区域三日达"、"海外仓隔日达"及"双11国内预售分钟级配送"等极致物流体验。放眼拉美区域，菜 鸟提前锁定中国-拉美固定运力，并将重点保障墨西哥、巴西、哥伦比亚、智利、阿根廷五国，确保拉 美地区时效不降级。运力储备与业务需求同步增长，菜鸟为保障大促期间的平稳度过持续加码。 11月21日，菜鸟持续升级全球跨境物流网络，正式开通非洲跨境小包专线，通过优化航线与末端派送网 络，为中国跨境电商提供兼具时效与成本优势的物流解决方案。该产品首期覆盖摩洛哥、加纳、尼日利 亚等8国，并计划于12月底扩展至南非和埃及，全面覆盖非洲电商渗透率前五的国家市场。 此次上线的非洲跨境全链路产品以"履约稳定+高性价比"为核心亮点。以摩 ...

Core Viewpoint - Fan Yuan International (02516) experienced a significant stock price increase, rising nearly 65% during trading, with a current increase of 35.29% to HKD 0.69, and a trading volume of HKD 8.9279 million [1] Group 1: Company Actions - Fan Yuan International announced a placement of up to approximately 156 million shares, representing about 16.67% of the enlarged share capital, at a price of HKD 0.455 per share, which is a discount of approximately 10.78% compared to the closing price of HKD 0.51 on November 12 [1] - The net proceeds from the placement are approximately HKD 69.62 million, with at least HKD 60 million allocated to enhance the existing logistics business development, while the remaining funds will be used for general working capital [1] Group 2: Industry Position - Softbank China previously published a report stating that Fan Yuan International is a well-known cross-border e-commerce logistics service provider in China, primarily offering end-to-end cross-border delivery services, freight forwarding services, and other logistics services [1] - The company's subsidiary, Hangzhou Fan Yuan International Logistics Co., Ltd., has successfully joined the Amazon service provider network, providing cross-border logistics services for sellers on the Amazon platform [1] - The company is actively strengthening its overseas presence, with acquisitions in Hong Kong and the United States helping to accelerate the construction of an international logistics supply chain node network [1]

Core Insights - The 2025 China Cross-Border E-Commerce Logistics Conference will be held in Shenzhen, focusing on themes of breaking through, innovation, going global, and localization [13][10] - The event will gather over 1,000 industry guests, including cross-border e-commerce platforms, logistics service providers, and supply chain companies, to discuss industry trends and global strategies [13][14] - Dafen Logistics has been recognized with two awards for its outstanding performance and innovative services in the cross-border e-commerce logistics sector [11][12] Event Highlights - The conference will feature over 20 prominent speakers from leading organizations, including BCG Consulting and top shipping analysis firms, as well as successful companies like Midea and Lekong [14] - An industry resource matching session will be held to facilitate high-end resource connections, promoting collaboration and market prosperity [15] Company Overview - Dafen Logistics, established in 2010, specializes in providing customized global logistics services for cross-border e-commerce sellers and has evolved into a comprehensive logistics service provider [16][22] - The company has expanded its operations with branches in over 20 cities in China and several countries, including the USA, France, Germany, and the UK, offering services such as collection, consolidation, and storage [18] - Dafen Logistics is recognized as an Amazon SPN logistics service provider and has received multiple industry accolades, establishing a strong brand presence in the logistics sector [20]

Group 1: Aircraft Delivery and Financing - The company expects the delivery of six A350F freighters to occur between 2029 and 2031 [2] - The funding for the aircraft purchase will come from the company's own funds and self-raised funds, indicating the company's capability to fulfill the aircraft procurement contract [2] - The option to purchase four additional A350F freighters must be exercised by the end of 2026 at the latest [2] Group 2: Strategic Collaboration - The company has a diverse and stable shareholder structure, leveraging unique aviation resources from AVIC to deepen business cooperation with strategic shareholders [3] - Continuous collaboration with strategic partners like Cainiao Network in cross-border e-commerce logistics and optimization of cooperation routes is ongoing [3] - The company is enhancing cooperation with other strategic shareholders such as Sinotrans and Cathay Pacific to improve domestic market layout and global route network [3] Group 3: Logistics Solutions and Market Adaptation - The company is actively responding to uncertainties in the air cargo market due to global trade tariff policy changes by expanding cross-border e-commerce services [3] - Efforts are being made to reduce logistics production costs and expand into sectors like e-commerce, pharmaceuticals, and cold chain logistics, aiming for dual improvements in business scale and quality [3] - The company has deployed a supply chain management system to achieve full-link digitalization of its business, laying a foundation for further expansion [3] Group 4: Air Cargo Station Development - The company currently operates six self-owned cargo stations in Beijing, Tianjin, Hangzhou, Chengdu, and Chongqing [3] - There is a focus on enhancing hub cargo station capabilities and improving service quality [3] - Future adjustments to the route structure will further enhance the cargo station support capabilities [3]

Core Viewpoint - The launch of the "Guangdong-Lianyungang-Pyeongtaek" cross-border e-commerce dedicated line marks a significant step in enhancing Lianyungang's role as a hub for cross-border trade, integrating various logistics services for efficient export pathways [1][6]. Group 1: Operational Details - A batch of cross-border e-commerce goods from Guangdong successfully completed loading at Lianyungang Port, utilizing the new dedicated line to ship to Pyeongtaek, South Korea [1]. - The dedicated line leverages Lianyungang's port capabilities and the dual role of Jiangsu Lanbao Star Technology Co., Ltd. as an independent cargo collector and general agent, providing personalized logistics solutions from collection to departure [3]. - The new channel allows for efficient consolidation and rapid transfer of cross-border e-commerce goods, reducing logistics costs by nearly two-thirds compared to traditional air freight methods [3]. Group 2: Strategic Importance - Lianyungang Port, as a national cross-border e-commerce comprehensive pilot zone and free trade zone, utilizes policy advantages to deepen the integration of cross-border e-commerce with international trade [4]. - The successful launch of the dedicated line is a key achievement in expanding service areas and enhancing the cross-border logistics network, aligning with local government policies for high-quality development in cross-border e-commerce [6]. - The port aims to strengthen collaboration with shipping, logistics, and trade enterprises, optimizing cross-border e-commerce logistics solutions to support regional economic development [6].

Core Insights - Shenzhen SanTai Modern Logistics Co., Ltd. has become a prominent player in the cross-border e-commerce logistics sector, providing comprehensive logistics solutions that have earned the trust of numerous clients [1][9] Group 1: Business Overview - The company focuses on cross-border e-commerce logistics, cross-border self-shipping logistics, and domestic cross-border logistics, integrating global logistics resources and establishing long-term partnerships with international courier, postal, and dedicated service providers [1] - In cross-border self-shipping logistics, the company has developed a complete logistics system that enhances operational efficiency and reduces logistics costs for sellers, resulting in improved logistics timeliness and reduced customer complaint rates [3] - The domestic cross-border logistics business serves as a bridge connecting domestic suppliers with overseas markets, achieving a throughput of over ten thousand items in the past specified period [3] Group 2: Operational Excellence - The company employs a professional logistics team with extensive industry experience, continuously optimizing logistics solutions based on market dynamics and customer needs [3][4] - Advanced logistics management systems have been implemented to enable real-time tracking and monitoring of goods, significantly enhancing logistics transparency and customer trust [4] Group 3: Quality Control and Customer Focus - A strict quality control system is in place, ensuring that every logistics process from receiving to delivery adheres to defined standards and norms [6] - The company emphasizes a customer-centric service philosophy, providing personalized logistics solutions for both large cross-border e-commerce enterprises and small to medium-sized sellers [6] Group 4: Future Outlook - Shenzhen SanTai Modern Logistics Co., Ltd. aims to continue expanding its core business and enhancing its competitive edge through increased investment in technology research and talent development [7][9] - The company is committed to responding to the "Belt and Road" initiative by strengthening logistics cooperation with countries and regions along the route, contributing to the development of cross-border e-commerce [7]

Core Viewpoint - 嘉诚国际's stock price increased by 2.31% to 11.52 yuan, with a current market capitalization of 5.886 billion yuan, ranking 20th in the logistics sector [1] Shareholder Changes - As of September 30, 2025, the number of shareholders decreased by 14.35% to 13,200, with an average shareholding of 38,600 shares per account [2][11] Financial Performance - For Q3 2025, 嘉诚国际 reported a main revenue of 264 million yuan, a year-on-year decrease of 18.29%, and a net profit attributable to shareholders of 30.51 million yuan, down 36.62% [3][4][5] - Year-to-date revenue was 946 million yuan, down 3.4%, with a net profit of 149 million yuan, a decline of 10.41% [5] - The company’s gross profit margin stood at 32.56%, with a debt ratio of 44.51% [3] Cash Flow and Assets - The net cash flow from operating activities increased by 77.36% year-on-year to 158 million yuan [6] - Total assets reached 4.961 billion yuan, an increase of 4.75% from the previous year [8] - Shareholders' equity was 2.745 billion yuan, up 4.46% from the previous year [9] Earnings Per Share - Basic earnings per share for Q3 2025 was 0.06 yuan, a decrease of 33.33%, while year-to-date earnings per share was 0.29 yuan, down 9.38% [7] Non-Recurring Gains and Losses - Non-recurring gains and losses for the period totaled -230,400 yuan, while year-to-date they amounted to 205,800 yuan [10] Business Developments - 嘉诚国际 is the only domestic logistics service provider operating a full chain of cross-border e-commerce, serving clients like Temu, SHEIN, and TikTok Shop [14] - The company signed a cross-border logistics service agreement with JD.com, covering key ports in Shenzhen and Guangzhou [15] - New collaborations include providing integrated warehousing and distribution solutions with Shenzhen Dida Industrial [17] Corporate Governance - The company plans to abolish the supervisory board, transferring its powers to the audit committee of the board of directors, pending shareholder approval [20][21]

Core Points - The first cross-border e-commerce train of China-Europe Railway Express (Wuhan) has successfully departed for Madrid, Spain, carrying various e-commerce goods [1][2] - The new "9610" model for cross-border e-commerce exports targets small packages, multiple product types, and high-frequency B2C orders, enhancing the logistics service ecosystem for small and medium enterprises in Hubei and surrounding areas [1][2] Group 1 - The train is organized by Hubei Port Group and is part of the "9610" export model, which allows for efficient customs clearance and delivery of goods to overseas consumers [1] - Prior to this, the China-Europe Railway Express (Wuhan) had already utilized the "9710" and "9810" models for cross-border e-commerce exports to Europe, indicating a growing focus on diverse export methods [1] - The successful operation of the "comprehensive bonded area + international express center + China-Europe Railway Express" model marks a significant innovation in logistics for cross-border e-commerce [2] Group 2 - The operation involved collaboration between Wuhan Airport Economic Development Zone, customs, and logistics companies to enhance inspection efficiency and ensure smooth shipment [2] - The new model provides a fast and stable transportation channel specifically designed for cross-border e-commerce small packages, indicating a tailored approach to meet market demands [2]

Financial Performance - The company reported a total revenue of 2.902 billion yuan for Q3 2025, an increase of 12.63% year-on-year, while the net profit attributable to shareholders was 141 million yuan, a decrease of 21.2% [1] - In Q3 2025, the total revenue was 790 million yuan, a decline of 22.1% year-on-year, but the net profit attributable to shareholders increased by 22.95% to 61.585 million yuan [1] - The gross margin decreased to 9.75%, down 22.37% year-on-year, and the net margin fell to 5.03%, down 30.71% year-on-year [1] Accounts Receivable and Debt - Accounts receivable increased significantly, with a year-on-year growth of 113.79%, reaching 1.531 billion yuan [1] - Interest-bearing liabilities rose to 1.786 billion yuan, an increase of 24.27% year-on-year [1] - The company's cash assets are considered healthy, but the debt ratio has reached 34.33% [3] Semiconductor Business - The company is expanding its semiconductor customer base and has established new partnerships with domestic and international semiconductor firms [4] - The company aims to enhance service cooperation with key clients in the semiconductor industry and improve supply chain management products [4] International Logistics - The international logistics segment saw a revenue increase of 329.56% year-on-year in the first half of 2025 [4] - The company is developing a flexible supply chain solution by integrating various transportation modes, enhancing its international logistics capabilities [4] Digital Transformation - The company is investing in big data and AI technologies to optimize international logistics processes and improve service quality [5] - Plans include the development of smart logistics networks and automated warehouses to enhance operational efficiency [5] Self-built Warehousing Projects - The company is making progress with self-built warehousing projects in Chongqing and Kunming, which are expected to contribute positively to performance [6] - Ongoing projects in Shenzhen are also aimed at serving the cross-border e-commerce and semiconductor sectors [6]

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。 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） 2025 年 9 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年9月業務經 營簡報情況如下： | 項目 | | 2025年9月 | 2024年9月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 208.54 | 182.60 | 14.21% | | | －業務量 （億票） | 15.04 | 11.41 | 31.81% | | | －單票收入 （人民幣元） | 13.87 | 16.00 | -13.31% | | 2. | 供應鏈 ...