这是德国慕尼黑博览集团全球产业负责人罗伯特·舍恩贝格尔的资料照片。新华社发（受访者供图） 新华社德国慕尼黑6月5日电 专访｜中国企业是全球物流创新的重要推动者——访慕尼黑博览集团全球 产业负责人 新华社记者褚怡 黄燕 李超 德国慕尼黑博览集团全球产业负责人罗伯特·舍恩贝格尔在2025年慕尼黑国际物流博览会期间接受新华 社记者专访时说，中国物流行业非常具有创新精神，对技术发展保持高度敏感，是全球物流创新的重要 推动者。 "中国企业在技术实施和转化方面反应非常快，很多数字化和自动化的应用场景在中国发展很快。"他 说，像"智慧物流"这样的概念在某种程度上可以说是起源于中国，这些理念正是未来物流业务发展的源 泉。 "今年中国参展商数量是上届的两倍多。"舍恩贝格尔说，"其中一个重点领域是航空货运板块，这是一 个非常庞大的市场。另外我们也注意到，越来越多的中国企业开始活跃在常规货运代理和物流服务领 域。" 他说，越来越多中国物流企业正在积极开拓欧洲市场，这不仅反映出它们的全球战略雄心，也标志着中 国物流行业整体竞争力的提升，"这当然是一个巨大的发展"。 "我相信未来我们会看到更多中国企业在全球物流版图中占据一席之地。"舍 ...

Core Insights - Cainiao Group has achieved a monthly profit level that exceeded expectations after multiple business adjustments and strategic focus [1] Group 1: Business Strategy - Since last year to early this year, Cainiao has returned several platform logistics services to e-commerce platforms, fully focusing on two core areas: international logistics and smart logistics technology [1] - The company is primarily aiming for breakthroughs in market-oriented operations [1]

智通财经6月5日电，从消息人士获悉，菜鸟集团在经过多项业务调整和战略聚焦后，实现了单月盈利水 平超预期突破。 (一财) ...

Group 1: Recent IPOs - Jihong Co., a cross-border social e-commerce and paper packaging solutions provider, successfully listed on the Hong Kong Stock Exchange, raising approximately HKD 522 million with a market capitalization of HKD 4.4 billion [1] - Paige Bio, a biotechnology company focused on innovative therapies for chronic diseases, also listed on the Hong Kong Stock Exchange, raising around HKD 301 million with a market cap of HKD 3.991 billion [2] - Shouhui Technology, an online insurance intermediary service provider, listed on the Hong Kong Stock Exchange, raising HKD 197 million with a market cap of HKD 1.551 billion [3] Group 2: Upcoming IPOs - Excellence Homeopathy submitted an IPO application to the SEC for a Nasdaq listing, planning to issue 1.3 million shares and raise approximately USD 6 million [4] - DeepGreenX, an AI green energy data service provider, filed for a Nasdaq IPO, focusing on the interconnectivity of data, energy, and real-world assets [5] - Aibol Green, a recycling platform, submitted an IPO application to the SEC for a Nasdaq listing, focusing on the recycling of black metals and household appliances [6] Group 3: Companies in the Pipeline - Huaxida, an AI home solutions provider, submitted an IPO application to the Hong Kong Stock Exchange, aiming to be a leading provider in the AI home solutions market [7] - Kewang Pharmaceutical, a biopharmaceutical company, refiled for an IPO on the Hong Kong Stock Exchange, focusing on innovative cancer treatments [8] - Furuitech, an intelligent driving solutions provider, resubmitted its IPO application to the Hong Kong Stock Exchange, focusing on advanced driving assistance systems [9] Group 4: Market Trends - The A-share market is experiencing a surge in companies planning to list in Hong Kong, with notable interest from leading firms like CATL and BYD, as H-shares outperform A-shares [29] - Shein, a global fast-fashion giant, plans to submit a listing application in Hong Kong after facing challenges in London, aiming for a valuation exceeding USD 100 billion [30]

Core Insights - The Shanghai Airport-Suzhou Pre-Storage Station has successfully handled 64 shipments, totaling 34 tons and valued at 2.95 million USD, involving electronic products, precision instruments, automotive parts, and biopharmaceuticals [1][2] Group 1: Operational Efficiency - The pre-storage station offers a full cold chain solution for biopharmaceuticals, maintaining temperature control between 2 to 8 degrees Celsius, which is critical for certain drugs [1] - The station has reduced logistics time by 12 to 24 hours compared to conventional methods, enabling same-day collection and dispatch [3] - The integration of various logistics functions, such as weighing and labeling, is expected to lower logistics costs between Shanghai and Suzhou by 10% to 30% [3] Group 2: Service Expansion - The pre-storage station initially aimed to serve companies within the Suzhou Industrial Park but has attracted clients from Zhejiang and Tianjin due to cost-saving demands [2] - The station collaborates with over 20 production companies, including major brands like Samsung, Bosch, and Philips, and works with 14 freight forwarders [2] Group 3: Future Developments - Future plans include enhancing customs processes for quicker clearance and constructing a new warehouse within the Suzhou Industrial Park to provide better services [4]

Financial Performance Highlights - Revenue increased by 39% to HK$48,034 million[8] - Core Operating Profit increased by 74%[8] - Profit Attributable to Shareholders decreased by 30% to HK$2,377 million[8,31] - Interim dividend increased by 96% to 28 HK cents per share[8] Segment Performance - Segment Profit from continuing operations increased by 70% to HK$3,722 million[8,10] - IL (Integrated Logistics) Segment Profit increased by 28% to HK$717 million[8,10] - E&E (E-commerce & Express) Segment Profit decreased to HK$(393) million[8,10] - IFF (International Freight Forwarding) Segment Profit increased by 140% to HK$3,398 million[8,10] Regional Performance - Americas region saw the largest increase in revenue, up by 96% to HK$16,458 million[29] - Americas region saw the largest increase in segment profit, up by 273% to HK$1,613 million[10,48] - Revenue from Mainland China increased by 12% to HK$12,652 million[29] - Segment Profit from Mainland China increased by 41% to HK$927 million[10,48] Financial Position - Gearing ratio increased to 58.4%[8,34]

Core Insights - The 137th China Import and Export Fair (Canton Fair) has opened in Guangzhou, where SF Express showcased its solutions for the apparel and footwear industry, aiming to reshape the supply chain landscape and support high-quality development in the sector [1] Group 1: Cross-Border Supply Chain Services - Apparel and footwear companies need efficient and cost-effective cross-border supply chain services to overcome logistics bottlenecks and shorten market response times [2] - SF Express responded quickly to challenges faced by a clothing brand in cross-border operations by sending a professional team to learn quality inspection standards and forming a special group to optimize operations [2] - The company integrated multiple local factories and launched a "consolidated shipping and return supply service" to enhance inventory efficiency and quality inspection accuracy, significantly reducing overseas warehouse fulfillment cycles [2] Group 2: Smart Warehousing Solutions - The apparel and footwear industry is significantly affected by trends and seasons, leading to low turnover efficiency and risks of inventory backlog or stockouts [5] - SF Express implemented an intelligent warehousing system that integrates AI visual sorting, dynamic inventory algorithms, and automated storage to help apparel companies reduce inventory turnover days [5] - The company assisted a clothing brand in overcoming challenges related to high inventory, strict delivery timelines, and revenue pressure by optimizing warehouse layout and matching business demand dynamically [5] Group 3: Reverse Logistics and Returns Management - Return and exchange issues are a major operational cost for apparel and footwear companies and a core pain point for consumers [6] - SF Express restructured the reverse supply chain for the industry by utilizing a three-tier intelligent warehouse network and full-link distribution services [6] - The company customized deep repair services for a well-known sports brand, allowing for local return quality inspections and significantly accelerating inventory turnover while maximizing the value of returned goods [6] Group 4: Direct Store Delivery Services - Traditional direct store delivery models face challenges such as seasonal demand fluctuations and high logistics costs due to small batch, high-frequency needs [8] - SF Express leveraged its extensive network to intelligently allocate optimal routes and resources for various business needs, effectively reducing costs for companies [8] - The implementation of a refined operational mechanism and increased transfer frequency led to a significant reduction in store response times and improved overall fulfillment efficiency for clients [8] Group 5: Future Outlook - The apparel and footwear industry is facing multiple challenges, including evolving consumer demands, diversified sales channels, and adjustments in global trade patterns, while also presenting new development opportunities [8] - SF Express aims to drive the supply chain of the apparel and footwear industry towards greater efficiency, intelligence, and sustainability through technological empowerment and green transformation [8]

Core Viewpoint - The company reported a significant increase in revenue but faced a net loss due to rising costs and business adjustments, particularly in the international shipping sector [2][6]. Financial Performance - The company achieved an operating revenue of 6.616 billion, a year-on-year increase of 31.69% [2]. - The net profit attributable to shareholders was a loss of 11.7412 million, a year-on-year decline of 153.85% [2]. - The international freight forwarding business generated revenue of 4.123 billion, up 50.06%, while the gross margin decreased by 1.2 percentage points to 5.53% [6]. - The comprehensive logistics service revenue was 2.494 billion, a 9.52% increase, with a gross margin decline of 2.12 percentage points to 7.65% [6]. Business Impact and Strategy - Recent changes in tariff policies have had a limited impact on the company due to its diversified business model [3]. - The company is focusing on opportunities in Southeast Asia, where it expects increased demand for products [3][8]. - The company has been restructuring its operations, closing unprofitable projects, which is expected to benefit long-term sustainability [8]. Market Opportunities - The rise of the electric vehicle market is reshaping the industry supply chain, providing new opportunities for the company [8]. - The company is actively integrating its operations in key Southeast Asian countries to enhance efficiency and service delivery [8].

Revenue Performance - The company achieved operating revenue of 301.1 billion yuan in the quarter, a year-on-year increase of 16% [1] - JD Retail revenue was 263.8 billion yuan, also up 16% year-on-year, with self-operated business revenue growing by 16% [1] - The mobile phone category benefited from subsidies, leading to a 17% year-on-year increase, while daily necessities grew by 15% [1] - The number of purchasing users increased for six consecutive quarters, with a growth rate accelerating to over 20% in the first quarter, becoming a key factor for revenue growth [1] - JD Logistics revenue reached 47 billion yuan, up 12% year-on-year, and new business revenue was 5.8 billion yuan, growing 18% year-on-year, driven by the rapid growth of the Jingxi business [1] Profitability Analysis - The company's non-GAAP net profit was 12.8 billion yuan, with a non-GAAP net profit margin of 4.2% [2] - Retail business operating profit margin (OPM) was 4.9%, an increase of 0.6 percentage points year-on-year, mainly due to improved gross margins [2] - Logistics business OPM was 0.3%, down 0.2 percentage points year-on-year, attributed to increased short-term investments in logistics infrastructure and personnel [2] - New business OPM was -23%, a year-on-year decline of 4 percentage points, primarily due to increased losses from the Jingxi business [2] AI Integration and Shareholder Returns - The company is widely applying AI technology across retail and supply chain operations, optimizing various processes such as search recommendations and advertising algorithms [3] - Since 2025, the company has repurchased approximately 8.07 million shares, totaling about 1.5 billion USD, representing 2.8% of the circulating shares as of December 31, 2024 [3] Investment Outlook - The retail business continues to grow due to subsidies and improved operational efficiency, enhancing gross margins [3] - However, increased investment in the food delivery business is expected to impact profitability, leading to adjustments in revenue and net profit forecasts for 2025-2027 [3] - Revenue projections for 2025-2027 are adjusted to 1,307.5 billion, 1,400.4 billion, and 1,486.9 billion yuan, with net profit estimates revised to 45.2 billion, 52.1 billion, and 57 billion yuan respectively [3]

Core Insights - The consumer goods industry is facing significant supply chain challenges, including fragmented inventory management, insufficient supply chain flexibility, and lagging digitalization [2][3][6] Group 1: Supply Chain Challenges - The traditional supply chain model is inadequate for the current multi-channel, personalized, and global market environment, leading to core pain points such as fragmented inventory and slow response times [2] - Companies experience a dual challenge of managing excess inventory during off-peak seasons while ensuring sufficient supply during peak demand periods, which traditional supply chains struggle to balance [2][3] - Many enterprises still rely on manual inventory forecasting and reactive decision-making, resulting in inefficient supply chain management and slow market responsiveness [2][3] Group 2: Solutions Offered by SF Express - SF Express has introduced innovative solutions to address the supply chain challenges faced by consumer goods companies, including a unified inventory management system that integrates online and offline channels [3][5] - The "One Inventory" smart logistics solution allows for real-time monitoring of inventory across various sales channels, optimizing logistics costs and reducing inventory and capital occupation [3][5] - The system enhances fulfillment efficiency by automatically reallocating popular products to high-demand warehouses during peak seasons and flexibly releasing excess resources during off-peak times [6] Group 3: Implementation and Results - SF Express's solution has demonstrated significant improvements, such as a 46% increase in delivery efficiency and a 41% rise in inventory turnover rate for a beauty and personal care company [6][8] - The implementation of a collaborative "flexible warehouse" model allows companies to dynamically adjust their storage strategies based on market changes, achieving a unified inventory system [6][8] - SF Express's AI algorithms and visual supply chain management systems enable precise inventory management and proactive replenishment, enhancing overall operational efficiency [8] Group 4: Future Outlook - SF Express aims to continue innovating its smart logistics solutions, leveraging technology and service upgrades to support global brands in building agile and intelligent supply chain systems [8]