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 ...

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。自去 年到今年初，菜鸟的多项平台物流服务交还到了电商平台，自身全面聚焦国际物流与智慧物流技术两大 核心板块，主力向市场化突破。(一财) ...

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) ...

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].

在当前快速变化的消费市场中，消费品企业正面临供应链困局：如何破解全渠道库存分散、周转低效的 难题？怎样应对旺季爆仓、淡季积压的两难处境？在全球化布局中，又该如何构建敏捷响应的智能供应 链？ 在第137届广交会上，顺丰基于服务百万家消费品的深厚积累，带来韧性、智能、全球化的供应链服 务。 消费品供应链面临三大挑战 在渠道多元化、消费个性化、市场全球化的新商业环境下，传统供应链模式已难以满足企业发展需求， 企业在供应链运营中存在几大核心痛点： 全渠道库存管理难题日益凸显。消费品企业具有SKU数量多、销售渠道分散、市场区域广的特点。这种 多维度运营模式导致库存资源碎片化，调拨响应迟缓，"有货难卖"与"无货可卖"的矛盾现象并存，不仅 造成资源浪费，更直接影响销售转化率和客户满意度。 供应链弹性不足的问题亟待解决。企业既要维持日常运营的稳定供给，又要应对618、双11等大促期间 的爆发性需求。传统供应链体系刚性较强，难以在效率与弹性之间取得平衡，容易顾此失彼，影响整体 运营效益。 数字化程度滞后制约发展。当前，许多企业仍停留在依靠人工经验预估库存、被动发现异常、事后补救 决策的初级阶段。缺乏智能化的预警机制和动态响应能 ...

Core Viewpoint - In Q1 2025, JD achieved revenue of 301.08 billion RMB, a year-on-year increase of 15.78%, and a Non-GAAP net profit of 12.76 billion RMB, up 43.4%, with a net profit margin of 4.24%, exceeding Bloomberg consensus expectations [1] Group 1: Financial Performance - JD's Q1 2025 revenue was 3010.82 billion RMB, with 1P revenue at 2423.09 billion RMB (up 16.2%) and 3P revenue at 587.73 billion RMB (up 14.0%) [1] - The retail segment generated revenue of 2638.45 billion RMB, a 16.3% increase, with adjusted operating profit of 128.46 billion RMB and a profit margin of 4.87% [1] - The logistics segment reported revenue of 46.97 billion RMB, a year-on-year growth of 11.5%, with adjusted operating profit of 1.45 billion RMB and a profit margin of 0.31% [1] Group 2: Market Trends and Policies - National subsidy policies have supported JD's continued growth, with expectations for these policies to persist in 2025, further enhancing offline integration [1] - JD's new food delivery service has made significant progress, with daily order volume surpassing 10 million, indicating strong market penetration compared to competitors [2] - Regulatory bodies are emphasizing compliance and fair competition in the food delivery sector, which may lead to a more rational investment approach in the future [2] Group 3: Future Projections - Revenue forecasts for JD are 1286.4 billion RMB and 1375.1 billion RMB for 2025 and 2026, respectively, with expected growth rates of 11.01% and 6.90% [3] - Non-GAAP net profit projections are 51.01 billion RMB and 59.28 billion RMB for 2025 and 2026, with growth rates of 6.66% and 16.22% [3] - The target price is set at 207.89 HKD, corresponding to a 12x PE for the group in 2025 [3]

Core Insights - JD.com reported a strong Q1 2025 performance with revenue of 301.1 billion RMB, a year-on-year increase of 15.8%, marking the highest growth rate in nearly three years, significantly exceeding market expectations [1] - The company's net profit attributable to shareholders reached 10.89 billion RMB, up 52.73% from the previous year, with a gross margin of 15.89% [1] - Following the earnings report, JD.com's stock price rose over 3%, closing at 141.6 HKD per share, with a market capitalization of 451.4 billion HKD [1] Business Segment Performance - JD Retail generated revenue of 263.845 billion RMB, a 16.3% increase year-on-year, with the electronics category achieving 144.295 billion RMB in revenue, up 17.1%, and daily necessities revenue reaching 98.014 billion RMB, up 14.9% [1] - JD Logistics reported revenue of 46.967 billion RMB, a year-on-year growth of 11.5%, with integrated supply chain revenue increasing by 13.2% and the number of external integrated supply chain clients growing by 13.1% [1] New Business Developments - The new business segment, which includes the food delivery service, achieved revenue of 5.753 billion RMB, a year-on-year increase of 18.1%, making it the fastest-growing segment for JD.com [2] - JD.com launched its food delivery service in February, implementing initiatives such as "zero commission recruitment for quality merchants" and providing full-time delivery riders with social insurance benefits [2] - Daily order volume for JD's food delivery service surged from 1 million in late March to over 10 million by mid-April, with expectations to exceed 20 million soon [2] - Despite the rapid growth, the new business segment incurred an increase in operating costs by 555 million RMB, totaling 4.586 billion RMB, and operating expenses rose by 985 million RMB to 2.494 billion RMB [2] - The company views the food delivery sector as a sustainable long-term business opportunity that will create significant synergies with existing operations as it scales [2]