Summary of SF Express City Conference Call Company Overview - **Company**: SF Express City - **Industry**: New Consumption and Delivery Services Key Points Industry and Market Dynamics - SF Express City benefits from the rise of the new consumption delivery market and the significant growth in order volume from SF Holdings, leading to rapid order growth through deep collaborations with key accounts (KA) such as Lucky, Sam's Club, and Starbucks [2][4] Financial Performance and Projections - The company has revised its related party transaction limits with SF Holdings, increasing the limits to 12.8 billion yuan for 2025 and 20.6 billion yuan for 2026, representing a year-on-year increase of 101% and 60% respectively [3] - The expected profit contribution from the increased transaction limits is approximately 100 million yuan in 2025 and 200-300 million yuan in 2026, with adjusted net profit forecasts of 350 million yuan for 2025 and 670 million yuan for 2026 [3][4] Growth Drivers - SF Express City is experiencing dual growth engines: the rise of new consumption delivery and the increase in order volume from SF Holdings [4] - Collaborations with major KA clients lead to rapid order increases and a focus on building private traffic, positioning SF Express City as an independent delivery platform [4] Operational Strategy - The company employs a hybrid model of stationed and crowdsourced delivery to balance service quality and operational flexibility, enhancing execution rates in traditional markets while penetrating the internet market [6] - The stationed model ensures service quality, while the crowdsourced model provides ample supply during peak demand [6] Profitability and Cost Structure - SF Express City has seen a continuous improvement in gross margin over the past seven years, with further potential for enhancement due to economies of scale, improved capacity utilization, and better negotiation power [8][9] - The company operates with high operating leverage, where increased revenue leads to a decrease in management expense ratio, thus improving net profit margins [9] Investment Recommendation - The company is recommended for investment due to its strong growth prospects driven by the new consumption delivery market and high order volumes, deep partnerships with KA clients, and effective market expansion strategies [10]

在即时配送领域，美团、饿了么等巨头凭借强大的品牌影响力、庞大的用户基础和成熟的配送体系，长期占据着主导地位，构筑起看似难以逾越的竞争壁 垒。而抖送，一个起初鲜为人知的平台，却在聚合配送 2.0 时代，成功在这片红海中撕开一道属于自己的市场缺口，其发展历程堪称一部充满挑战与创新的 逆袭传奇。 图源：网络 抖送入局时，配送行业正处于 "繁荣表象与深层矛盾" 交织的阶段。 抖送敏锐地捕捉到这些痛点，果断摒弃了与巨头正面硬刚的常规思路，将自身定位为聚合配送服务的开拓者，致力于打造一个整合多方运力资源的超级平 台。通过接入美团配送、蜂鸟跑腿、达达、顺丰同城等众多主流运力平台，抖送构建起一个覆盖全国的 "超级运力池"。这一创新举措，使得商家能够在一 个平台上便捷地调用来自不同渠道的骑手资源，彻底打破了运力限制的枷锁，为后续的市场拓展奠定了坚实基础。 在运力整合的基础上，抖送深知，要实现高效配送，关键在于精准的订单分配与合理的路线规划。为此，抖送投入大量资源研发智能调度系统。该系统运用 先进的 AI 算法，实时收集和分析海量数据。通过对这些数据的深度挖掘和分析，智能调度系统能够在瞬间做出最优决策，将订单精准地分配给最合适的 ...

Core Viewpoint - The stock price of SF Express City (09699.HK) has surged significantly, reaching a historical high of 17.3 HKD per share, with a total increase of 107.48% since May 9, driven by the booming demand in the instant delivery industry [1][2]. Industry Summary - The instant delivery market is experiencing rapid growth, with major platforms like JD and Taobao entering the competition and offering substantial subsidies, further igniting the market [2]. - The domestic instant retail market is projected to reach 650 billion CNY in 2023, reflecting a year-on-year growth of 28.89%, and is expected to grow to 2 trillion CNY by 2030 [2]. - According to third-party data, the order volume in the instant delivery sector is anticipated to reach approximately 482.8 billion orders in 2024, marking a year-on-year increase of 17.6%, with a projected annual growth rate of 13.1% until 2030 [2]. Company Summary - SF Express City has established itself as the largest third-party instant delivery platform in China, benefiting from its neutral positioning, comprehensive coverage, and synergy with the SF ecosystem [2][3]. - The company has reported significant growth in various segments, with a year-on-year increase of 87% in overall business volume during the May Day holiday, and specific categories like supermarket goods and beverages seeing increases of 177% and 106%, respectively [3]. - The entry of competitors like JD has created new opportunities in the instant delivery market, positioning SF Express City to potentially capitalize on industry growth [3][4]. - Despite the stock price surge, the company's latest price-to-earnings ratio (TTM) has reached 106.67, significantly higher than the average of 17.09 for the Hong Kong air cargo and logistics sector [4].

据了解，顺丰同城除了为各大平台和商家提供即配服务，亦直接嵌入到物流各环节，以"最后一公里"服 务助力快递网络提升时效。同时，顺丰同城还为快递企业和物流服务商提供揽收、派件、转运等多环节 支撑，解决传统物流在高峰期自有运力紧张与单量增长不匹配的问题，通过仓配"接驳送"等方式实现半 日达、小时达等物流提速。 在运力筹备上，顺丰同城依托大数据预测、AI调度技术等在全国各地制定差异化、精细化运力方案， 并针对核心商圈、大型社区等订单密集区域，提前储备骑手，实现动态调整。同时，加大无人配送技术 应用，数据显示，顺丰同城已在全国38城投放无人车配送，无人车运营规模增至200台，全国月度活跃 路线突破万条，构建起"天地人"立体运力体系，有效提升极端订单峰值下的履约韧性与服务灵活性。 本报讯 （记者李春莲）今年"618"大促第一阶段已接近尾声，即时零售热度持续攀升。在此次大促中， 杭州顺丰同城实业股份有限公司（以下简称"顺丰同城"）以中立定位、全场景覆盖及与顺丰生态协同等 优势，成为品牌与平台构建即时零售生态的关键基础设施，并通过"无人车+骑士"等多元运力组合，优 化末端履约效率，为即时零售提供全链路支撑。 顺丰同城独立第三 ...

每经记者｜赵雯琪 每经编辑｜张海妮 在熟悉的人看来，低调、务实，以及骨子里那股近乎"固执"的韧劲，是乔松涛的个人特色，也是"UU跑腿"的底色。在强手如林的生态中，"'UU跑腿'能跑多 久"一直是外界想知道的事情。 ■行业属性：即时配送 ■估值/融资轮次：未披露 ■核心竞争力：独立性、技术驱动、与商家骑手共赢 ■未来关键词：商业模式重构、进一步提高交付能力 皮肤黝黑，笑容朴实，穿着印有"UU跑腿"字样的橘色文化衫——初见乔松涛，你很难将他与一家公司的创始人联系起来。 但是这个看似有点"糙"的汉子，在大学期间就通过写代码赚到人生第一个100万（元）。2015年，程序员出身的乔松涛决定"用代码解决真实世界的需 求"，"UU跑腿"由此诞生。 过去10年，这家公司融资不多，却在巨头和资本云集的即时配送赛道中，通过下沉市场避开锋芒，低调运营。 今年5月，一则"UU跑腿强制高管午休期间跑单"的消息让这家公司重回大众视野。面对质疑，乔松涛独家回应《每日经济新闻》记者："全员跑单是公司成 立第一天的铁律。"而他本人亦不例外，在公司平台上累计接单收入有4000多元，甚至有一次因为中午高峰挤不进电梯，爬了25层楼才保证了订单不超 ...

Group 1 - The competitive logic of the 618 shopping festival is undergoing a structural transformation, with traditional e-commerce facing challenges from "lowest prices" and "billion subsidies," leading to a rational return of consumers and a trend towards fragmented traffic [1] - The shift towards instant retail not only shortens order cycles and reduces return rates but also points to a growing market in instant consumption scenarios, extending from dining to supermarkets, electronics, and beauty products, with a projected market size exceeding 2 trillion yuan by 2025, where non-food categories will account for over 60% [1] - The emergence of a new competitive dimension in retail ecology emphasizes the advantages of third-party delivery services that can deeply integrate with brands and platforms, as exemplified by SF Express's collaboration with over 7,500 new KA stores in 2024, providing one-stop delivery solutions [1] Group 2 - SF Express serves as a flexible delivery partner for platforms like Douyin and WeChat, while also supplementing capacity for major platforms like Meituan and Ele.me during peak periods, supporting diverse scenarios such as live streaming and private domain e-commerce [2] - During the 618 shopping festival, SF Express not only provides instant delivery services but also integrates into various logistics stages, addressing the mismatch between traditional logistics capacity and order growth during peak times, achieving faster delivery through methods like "warehouse-to-delivery" [2] - The company utilizes big data forecasting and AI scheduling technology to create differentiated and refined capacity plans across the country, ensuring dynamic adjustments in high-demand areas such as core business districts and large communities [2]

滴滴快送520数据报告显示，今年"520"期间订单量同比去年大幅增长303.21%，环比上周增长84.93%。其中，汽车跑腿订单较平日激增120.01%。在下单 用户中，"00后"占比显著提升，且更倾向于选择汽车跑腿服务。 看似滴滴快送精准抓住了市场痛点，可仔细想来，节庆日需求虽旺，却具有极强的周期性与波动性。一年中能有多少个"520""情人节"？在日常时段，汽 车跑腿服务的高成本能否支撑起足够的订单量来维持盈利，这是个大大的问号。 有优势也有短板 在刚刚过去的"520"，滴滴快送交出了一份亮眼的成绩单。 在出行领域，滴滴凭借网约车业务早已家喻户晓。近年来，滴滴不断拓展多元化服务版图，滴滴快送便是这一进程中的重要布局。其通过"四轮+两轮"的 立体配送体系，填补中远途即时配送和贵重物品的保障，覆盖360个城市。 滴滴快送看似来势汹汹，实则在优势与短板的拉扯中艰难前行。 好的一面是，滴滴快送首创"四轮 + 两轮"立体配送体系，从服务深度与广度上，极大拓展了跑腿行业边界，填补了市场空白区域。 传统即时配送多依赖两轮电瓶车，在应对大型、易损物品以及远距离配送时力不从心。而滴滴快送的汽车配送，凭借宽敞空间与稳定性能，轻 ...

5月30日，据淘宝闪购数据，端午节叠加高考季，淘宝闪购上粽子销量连日上涨，相比上周增长220%， 还有不少商家推出"高考必胜粽""一举高粽""节节高粽"等主题粽子。此外，定胜糕相比上周增长40%， 向日葵近期销量相比平日增长78%。 实际上，即时零售市场前景广阔成为共识。招商证券发布研报称，即时零售行业高速成长空间广阔， 以"快"为核心优势，相比电商满足消费者差异化价值创造增量市场，预计即时零售规模2030年将超过 1.7万亿元，未来五年行业CAGR约20%。分模式来看，平台模式具有更强的流量优势和盈利能力，规模 空间更大，预计2030年将超过万亿规模。 美团闪购平台上，"618"大促恰逢端午出游旺季，帐篷、钓具、烧烤用品等出游类商品，跑鞋、溯溪 鞋、运动T恤、短裤等运动商品成交额相比去年同期翻倍增长；主营运动用品的迪卡侬成交额翻倍增 长。与此同时，消费者"即买即用"节日时令商品，美团闪购粽子礼盒搜索量同比增长超5倍，艾草花束 搜索量同比增长超4倍。 此外，今年"六一"，美团闪购多类儿童用品热销，学生平板成交额相比去年同期增长7倍，积木拼插玩 具成交额相比去年同期增长近5倍，早教、益智玩具成交额相比去年同期增 ...

Group 1 - The consumption market during the Dragon Boat Festival is thriving, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion RMB, up 5.9% [1] - Instant delivery services have effectively met the demand for personalized gifting during the festival, with significant growth in orders for cakes and flowers, particularly through the "one-to-one" delivery model [2][5] - The competition among food delivery platforms continues to intensify, with companies like Taobao, JD, and Meituan offering promotions to expand instant retail consumption scenarios, benefiting third-party delivery services [7] Group 2 - The demand for beverages, fast food, and supermarket goods has surged, with instant delivery services playing a crucial role in supporting holiday consumption [7][8] - Collaboration with major retail brands like Sam's Club and Yonghui Supermarket has led to significant growth in order volumes across various categories, ensuring that essential items are readily available for consumers [8] - The integration of diverse instant delivery services has revitalized traditional holiday experiences, allowing consumers to enjoy both at-home celebrations and immersive cultural activities [8]

近日,有关 UU 跑腿强制高管集体午休接单的话题,在网络上引发了非常大的争议 与讨论。在此首先跟各位网友与朋友说声抱歉,同时也回应一些大家关心的问题: 一、为什么让管理层午休跑腿接单? UU 跑腿成立到现在 10年,一直在践行这个制度。普通员工每月接 1 单,老板及高管每 月接 4 单。近日天气异常炎热,为让管理层体验午高峰跑单的不易,同时自查一下运营 规则的合理性,才临时出此规定。我们相信只有亲自体验,才能做到跟跑男"感同身受", 才能制定出更正确、更人性化的运营策略和规则。 二、为什么员工中暑后却被公司劝退? 这完全是一个误会。5月20日当天由于天气炎热,的确有同事因为跑单中暑。该员工 和人事沟通时情绪激动,人事在未了解背景下发表了欠妥言论,事后双方误会已经解除。 针对跑单同事我们其实有相应的关怀措施,比如加班费、调休等。同时我们也对当事人 的不恰当言论进行了批评教育。 为期七天的高峰期接单体验后,我们收到了大量的问题反馈,也发现了许多不合理 的流程与制度。经过分析与探讨,后续我们将作出以下调整: 1. 全面降低超时等违规处罚标准,逐步推行跑男顾客双向评价机制,以正向激励代替以 罚代管: 2. 针对高温、 ...