Core Insights - During the Qixi Festival, the demand for high-quality and personalized delivery services surged, leading to a more than sixfold year-on-year increase in the volume of exclusive delivery services by SF Express [1] - The delivery volume for various categories such as cakes, flowers, electronics, and clothing saw multiple times growth compared to the previous year [1] - On the day of the Qixi Festival, the platform's same-city delivery volume increased by 73% year-on-year, while last-mile delivery volume rose by 80% [1] Company Performance - SF Express, as the largest independent third-party on-demand delivery platform in China, effectively supported the efficient operation of the holiday economy through its comprehensive and customized delivery solutions [1] - The company provided robust support for merchants to achieve rapid fulfillment during peak periods, enhancing the consumer experience with high-quality delivery services [1] - SF Express's all-scenario coverage and meticulous service standards contributed significantly to the vitality of holiday consumption [1]

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express's performance in the first half of the year was strong, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and strong order volume from competitive pricing in the food delivery sector [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Growth Drivers - Growth attributed to an increase in key customers [1] - Strong order volume growth driven by competitive pricing in the food delivery market [1] - Enhanced collaboration with SF Holdings in last-mile delivery services [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to 34% [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] - Target price increased from HKD 10.8 to HKD 16.2, maintaining an "outperform" rating [1]

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express's performance in the first half of the year was strong, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings in last-mile delivery [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban and last-mile delivery services [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] Target Price Adjustment - The target price for SF Express was increased from HKD 10.8 to HKD 16.2 [1] - The rating was maintained at "Outperform" [1]

Core Viewpoint - The company reported strong performance in 1H25, exceeding expectations due to unexpected growth in instant retail demand [1] Financial Performance - Revenue increased by 49% year-on-year to 10.236 billion yuan - Gross profit rose by 44% year-on-year to 681 million yuan, with a gross margin decrease of 0.2 percentage points to 6.7% - Net profit surged by 120% year-on-year to 137 million yuan, with a net margin increase of 0.4 percentage points to 1.3% - Adjusted net profit grew by 139% year-on-year to 160 million yuan, surpassing expectations [1] Operational Data - Active merchant count increased by 55% year-on-year to 850,000 - Active consumer count rose by 13% year-on-year to over 24.77 million - Active rider count grew by 18% year-on-year to 1.14 million [1] Development Trends - In the same-city delivery sector, the growth in the takeaway industry and diverse business demands are driving the need for instant delivery, leading to sustained growth in To B revenue, which increased by 55% year-on-year to 4.467 billion yuan [2] - The company expects To C business revenue growth to remain in double digits, supported by stable macro demand and synergy with express delivery services [2] - Last-mile delivery revenue increased by 57% year-on-year, benefiting from the growth in last-mile demand and improved penetration of the network [2] Profitability Forecast and Valuation - The company anticipates a net profit margin increase of 0.4 percentage points to 1.2% by 2025, driven by order scale growth and an asset-light operating model [3] - Net profit estimates for 2025 and 2026 have been raised by 18.5% and 42.6% to 296 million yuan and 579 million yuan, respectively [3] - The target price has been increased by 38% to 18.70 HKD, reflecting a potential upside of 30% from the current price [3]

Core Insights - The company reported a revenue increase of 48.8% year-on-year, reaching approximately 10.236 billion yuan [1] - Adjusted net profit for the period was about 160 million yuan, reflecting a 139% year-on-year growth [1] - Gross profit increased by 43.8% year-on-year, amounting to approximately 681 million yuan [1] Business Performance - The company's same-city delivery service for merchants generated revenue of approximately 4.467 billion yuan, a year-on-year increase of 55.4% [1] - The number of active merchants on the platform grew by 55% year-on-year, reaching 850,000 [1] - Revenue from same-city delivery services aimed at consumers was approximately 1.312 billion yuan, showing a year-on-year growth of 12.7% [1] Industry Trends - Rapid growth in the food delivery and instant retail sectors has driven an increase in demand for instant delivery services [1] - The order volume for same-city delivery services increased by over 50% year-on-year during the reporting period [1]

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express (09699) has shown strong performance in the first half of the year, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holdings (06936) in last-mile delivery [1] Financial Performance - Revenue increased by 49% and net profit surged by 120% in the first half of the year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Market Outlook - Credit Lyonnais has raised the net profit forecast for SF Express for 2025 to 2027 by 4% to reflect expectations of faster revenue growth in urban delivery and last-mile services [1] - The company is expected to capture ongoing market demand due to its robust logistics capabilities [1] Target Price Adjustment - The target price for SF Express has been increased from HKD 10.8 to HKD 16.2 [1] - The rating remains "Outperform" [1]

Core Viewpoint - The report from Credit Lyonnais indicates that SF Express (09699) has shown strong performance in the first half of the year, with revenue and net profit increasing by 49% and 120% respectively, driven by key customer growth and enhanced cooperation with SF Holding (002352) in last-mile delivery [1] Financial Performance - Revenue increased by 49% year-on-year [1] - Net profit surged by 120% year-on-year [1] - Net profit margin improved from 0.9% in the same period last year to 1.3% [1] Growth Drivers - Growth attributed to an increase in key customers and strong order volume driven by competitive pricing in the food delivery sector [1] - Enhanced collaboration with SF Holding in last-mile delivery services [1] Future Outlook - Credit Lyonnais raised the net profit forecast for SF Express for 2025 to 2027 by 4% to 34% [1] - Anticipation of faster revenue growth in same-city delivery and last-mile services [1] - Target price increased from HKD 10.8 to HKD 16.2, maintaining an "outperform" rating [1]

Core Viewpoint - SF Express City (9699.HK) experienced a significant stock increase of over 9.4%, reaching a peak of HKD 15.69 following the announcement of its interim results, which exceeded market expectations [1] Financial Performance - The company reported a revenue of CNY 10.236 billion, representing a year-on-year growth of 48.8% [1] - Net profit reached CNY 137 million, marking a substantial increase of 120.4% year-on-year [1] - Adjusted net profit was CNY 160 million, reflecting a growth of 139% compared to the previous year [1] Business Segments - Revenue from merchant-oriented same-city delivery services amounted to CNY 4.47 billion, up 55% year-on-year, with the platform's active merchant count reaching 850,000, also a 55% increase [1] - Consumer-oriented same-city delivery services generated revenue of CNY 1.31 billion, showing a year-on-year growth of 13%, with active consumer count at 24.77 million [1] - Last-mile delivery services achieved revenue of CNY 4.46 billion, representing a 57% increase year-on-year [1] Analyst Ratings - CICC's research report indicated that SF Express City's interim performance was above expectations, maintaining an "outperforming the industry" rating and raising the target price by 38% to HKD 18.7 [1] - The company is expected to benefit from the ongoing growth in instant delivery demand, with net profit estimates for 2025 and 2026 increased by 18.5% and 42.6% to CNY 296 million and CNY 579 million, respectively [1]

Core Viewpoint - SF Express (09699.HK) reported a significant increase in mid-year performance for 2025, with revenue surpassing 10.236 billion yuan, marking a year-on-year growth of 48.8% and achieving a milestone of over 10 billion yuan in mid-year revenue [1] Financial Performance - Revenue reached 10.236 billion yuan, representing a 48.8% year-on-year increase [1] - Adjusted net profit was approximately 160 million yuan, showing a remarkable year-on-year growth of 139% [1] Business Growth Drivers - The growth in the catering takeaway and instant retail sectors has driven an increase in demand for on-demand delivery services [1] - The number of same-city delivery service orders increased by over 50% during the reporting period, contributing to rapid revenue growth [1] - Enhanced contributions from high-quality customers and improvements in operational efficiency have further supported revenue growth [1] - The expansion of network economies of scale has also played a role in boosting performance [1]

Core Insights - The company Flash Express (Nasdaq: FLX) remains committed to its "one-to-one delivery" model despite increasing competition in the same-city delivery market, focusing on finding more stable business flows [1][2] Financial Performance - In Q2 2025, Flash Express reported a revenue increase of 60 million yuan to 1.02 billion yuan compared to Q1 2025, with a gross profit of 120 million yuan and a gross margin of 12%, up 1.2 percentage points year-on-year [1] - The net profit attributable to ordinary shareholders rose from 22.3 million yuan in the same period last year to 53.5 million yuan, marking a 140% year-on-year increase [1] Market Dynamics - The instant retail market has seen significant growth in demand, driven by fierce competition among major players like Ele.me, JD.com, and Meituan, leading to increased order volumes [2] - The instant delivery market in China is projected to reach an order volume of 48.28 billion by 2024, with a year-on-year growth of 17.6%, and is expected to exceed 100 billion orders by 2030 [3] Service Differentiation - Flash Express emphasizes its one-to-one delivery model, which allows for faster and safer delivery of items, particularly in scenarios involving electronic products [3][4] - The company has developed a specialized team of "digital delivery riders" based on strict selection criteria, ensuring a higher fulfillment rate than the industry average [4] Strategic Initiatives - Flash Express is expanding its service offerings into various scenarios, including tourism and events, while enhancing partnerships with multiple e-commerce platforms [2][3] - The integration of AI and big data analytics is being utilized to improve order matching efficiency and optimize delivery routes, thereby enhancing overall operational performance [6] User Base and Coverage - As of June 30, 2025, Flash Express operates in 297 cities across China, with a workforce of 2.92 million delivery personnel and over 100 million registered users [6]