Core Viewpoint - SF Express (09699) expects a significant increase in profit and revenue for the fiscal year ending December 31, 2025, driven by growth in the instant retail market and improvements in operational efficiency [1] Financial Projections - The company's profit attributable to shareholders is expected to be no less than RMB 238 million, representing an increase of at least 80% compared to 2024 [1] - The adjusted net profit for the year is projected to be no less than RMB 376 million, reflecting a growth of at least 158% from 2024 [1] - Group revenue is anticipated to reach no less than RMB 22 billion, indicating a growth of at least 40% compared to 2024 [1] Growth Drivers - The positive performance is primarily attributed to the company's ability to seize opportunities in the instant retail market, with a rapid increase in demand for instant delivery services [1] - Balanced and high-quality development across various business segments has led to healthy growth in order volume and revenue, significantly enhancing scale [1] - The company's neutral and open third-party market positioning, along with high-quality services available at all times and across all categories, has fostered long-term customer trust, contributing to steady business growth [1] - Lean operations for delivery personnel and innovations in digital technology have improved network quality and efficiency, further enhancing scale effects and operational leverage, thereby increasing resource input-output efficiency and driving profit release [1]

集团把握即时零售市场机遇，即时配送需求快速增加；集团各项业务均衡高质发展，订单量和收入实现 健康增长，规模显著提升；以中立开放第三方市场定位及全时段全品类优质服务，取得客户长期信赖， 带动业务稳健增长；及精益化骑手底盘运营和数智化技术革新带动网络提质增效，规模效应进一步提 升，经营杠杆持续显现，提高资源投入产出效率，带动利润释放。 格隆汇2月1日丨顺丰同城(09699.HK)公告，根据对集团截至2025年12月31日止年度最新未经审核综合管 理账目及目前可得的其他资料初步审阅，(i)本年度公司拥有人应占利润预期将不低于人民币2.38亿元， 较截至2024年12月31日止年度不低于80%的增长；(ii)年度经调整净利润预期将不低于人民币3.76亿元， 较2024年度不低于158%的增长；(iii)年度集团收入预期将不低于人民币220亿元，较2024年度不低于 40%的增长。该预期的正面表现主要是由于以下原因： ...

机构：信达国际 研究员：李芷莹 實行配送場景全覆蓋，受惠即時零售市場持續擴張2024 年內地即時零售規模達7,810 億元人民幣，商務 部預期2025 年將達9,714 億元人民幣，至2030 年將達到2 萬億元人民幣，「十五五」期間年均增速將達 12.6%。順豐同城是內地最大的第三方即時配送平台，擁有強大的品牌效應和行業影響力。集團已全方 位覆蓋餐飲外賣、同城零售及近場電商，形成強大的市場布局，料將受惠於即時零售市場持續擴張。 節日期間提供穩定履約保障，突顯其即時配送能力順豐同城數據顯示，2026 年元旦假期期間，同城配 送日均單量按年增長55%，其中飲品單量倍增、速食單量增逾90%。集團作為麥當勞、肯德基等頭部餐 飲品牌的全管道合作夥伴，憑藉彈性運力模式，為節日餐飲消費提供穩定履約的保障。與此同時，商超 百貨、美妝、數碼等品類也實現顯著增長，集團與山姆、華為等多個品牌及零售平台合作，有效滿足高 峰期的運力需求。特別在跨年日，C 端業務單量較前一日翻倍，文件、鮮花、高端禮贈等單量顯著上 升。這反映市場對即時配送的需求強勁，並突顯集團的競爭優勢明顯。 具備「獨立」及「全場景」屬性，優先匹配新增需求對外方面，集 ...

Group 1 - The core initiative in Chongqing focuses on enhancing services for new employment groups, with 100 new service projects launched [1] - The projects are categorized into four major actions: "Yuxin Navigation," "Yuxin Warmth," "Yuxin Integration," and "Yuxin Intelligent Protection," with 32 comprehensive services available to all new employment groups and 68 tailored services for specific categories [1] - The initiative aims to establish over 7,000 comprehensive service stations and more than 40,000 friendly units, providing vocational training for over 150,000 individuals and legal services for at least 3,500 people annually [1] Group 2 - The Chongqing Municipal Housing and Urban-Rural Development Committee plans to enhance service quality by creating a "15-minute warm service circle" and increasing the supply of public rental and guaranteed rental housing [2] - A pilot policy for occupational injury protection for new employment forms will be implemented by 2026, covering the delivery, instant delivery, and local freight industries, ensuring every order and every person is insured [2]

车轮连着民生与经济 河南两会关注新就业群体 中新网郑州1月29日电(阚力 王佳宁)近期，河南郑州上线"郑骑先锋随手拍"平台开设外卖员"随手拍"举 报功能登上网络热搜，让潜在参与基层治理的新就业群体备受社会关注，这一话题的热度也延伸到了 2026年河南省两会会场。 近年来，以平台经济为代表的新业态兴起，在即时配送、寄递物流等行业形成一批互联网平台企业和快 递企业，其聚集了网约配送员、快递员、网约车司机等以灵活就业为主的新就业群体。数据显示，河南 已有超420万新就业群体登记在册。 正如乔松涛所说，郑州以外卖员、快递员、网约车司机等新就业群体为主体的"暖小新帮帮团"志愿服务 团队，发挥人熟、路熟、情况熟的职业优势，积极参与社会治理，已成为助老帮扶、应急救援、环境整 治等基层治理的"好帮手"。 "车轮连接着民生与经济。"河南省政协委员、河南省新联会常务理事陈超军受访称，新就业群体已成为 劳动力市场的重要组成部分，更是连接城市烟火、助力数字经济、服务基层治理的关键力量。 陈超军举例称，前段时间郑州上线"郑骑先锋随手拍"平台嵌入"随手拍"举报功能，外卖员发现后厨脏 乱、违规操作等食品隐患，可随时拍照上传举报，此举便是新 ...

"河南人口总量、人口密度、人口流动量都比较大，社会问题复杂多样，必须扎扎实实加强社会治 理。"2025年5月，习近平总书记在河南考察时，指出河南社会治理面临的形势任务和肩负的重大责任。 在2026年河南省两会期间，河南省政协委员、UU跑腿创始人乔松涛关注新就业群体参与基层治理的课 题，建议让该群体成为社区治理合伙人，推动其从临时参与到深度融入。 新就业群体也被称为"新职业群体""新业态从业者""平台经济从业者"等。近年来，以平台经济为代表的 新业态蓬勃兴起，在即时配送、寄递物流等行业形成一批互联网平台企业和快递企业。此类平台和企业 聚集了网约配送员、快递员、网约车司机等以灵活就业为主的新就业群体。 事实上，很多新就业群体已经参与到基层社会治理当中。河南本土媒体在去年的报道中曾提到，推 动"骑手"变"帮手"，助力基层治理效能提升。从单纯的商品配送者，逐步成长为基层社会治理中一支不 可忽视的"流动力量"。 乔松涛表示，当前，新就业群体参与基层治理的渠道多依赖社区临时号召或平台临时推送，缺乏常态 化、制度化的参与路径。另外，数据共享和响应处置机制不畅，跨部门、跨层级协同效率有待提升。激 励机制建设滞后，新就业群体参 ...

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee is investigating the market competition in the food delivery platform service industry, which is expected to lead to more compliant competition in the instant retail sector, driving growth in higher-priced categories and providing more growth opportunities for logistics [3] Group 1: Market Competition and Growth - The investigation is based on the Anti-Monopoly Law of the People's Republic of China, indicating a regulatory focus on fair competition in the food delivery sector [3] - Increased compliance in competition is anticipated to shift product categories from food and beverages to higher-priced items, enhancing growth potential for logistics services [3] Group 2: Consumer Behavior and Order Growth - High-frequency subsidies have successfully cultivated consumer habits, with increased investment expected to directly boost the scale of instant delivery orders, becoming a key source of industry demand growth [3] - During the New Year holiday period in 2026, daily average orders for same-city delivery increased by 55% year-on-year, with beverage orders doubling and fast food orders increasing by over 90% [3] Group 3: Category Performance - Categories such as supermarkets, beauty products, and electronics also saw significant year-on-year growth in order volume, with all food and non-food categories experiencing high double-digit growth, supporting holiday consumption and business operations [3] Group 4: Impact on Logistics Providers - The competitive landscape is favorable for third-party logistics service providers, with companies like SF Express benefiting from the overflow of delivery volumes from the food delivery battle, leading to positive business growth and profit expectations [3]

Core Viewpoint - The stock of SF Express (09699) has risen over 8%, currently trading at 15.77 HKD with a transaction volume of 88.59 million HKD, driven by positive market sentiment regarding the competitive landscape in the instant retail sector [1] Group 1: Market Competition and Growth - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation into the market competition status of the food delivery platform service industry, which is expected to lead to more compliant competition in the instant retail sector [1] - This shift is anticipated to drive the development of higher-priced product categories beyond just food and beverages, providing more growth opportunities for logistics services [1] Group 2: User Behavior and Order Growth - High-frequency subsidies have successfully cultivated consumer habits, and increased investment in these subsidies is expected to directly boost the scale of instant delivery order volumes, becoming a key source of industry demand growth [1] - During the New Year holiday period in 2026, the average daily order volume for SF Express's same-city delivery increased by 55% year-on-year, with beverage orders doubling and fast food orders increasing by over 90% [1] Group 3: Category Performance - Categories such as supermarkets, beauty products, and electronics also saw double-digit year-on-year growth in order volumes, supporting holiday consumption and business operations [1] - The competitive environment is favorable for third-party logistics providers, with SF Express benefiting from the spillover of order volumes from the food delivery battle, leading to positive business growth and profit expectations [1]

Core Viewpoint - The stock price of SF Express (09699) has increased by over 8%, currently trading at 15.77 HKD, with a transaction volume of 88.59 million HKD, indicating positive market sentiment towards the company following recent regulatory developments in the industry [1] Group 1: Industry Insights - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation into the market competition status of the food delivery platform service industry, which is expected to lead to more compliant competition in the instant retail sector [1] - The competition in the instant retail space is anticipated to evolve from food and beverage categories to higher-priced categories, providing more growth opportunities for logistics services [1] - Increased investment in high-frequency subsidies has successfully cultivated consumer habits, which will directly drive the growth in the volume of instant delivery orders, becoming a key source of industry demand growth [1] Group 2: Company Performance - During the New Year holiday period in 2026, SF Express reported a 55% year-on-year increase in average daily delivery volume, with beverage orders doubling and fast food orders increasing by over 90% compared to the previous year [1] - Categories such as supermarkets, beauty products, and electronics also experienced high double-digit growth in order volume year-on-year, supporting holiday consumption and business operations [1] - The competitive landscape is favorable for third-party logistics providers, with SF Express benefiting from the overflow of delivery volumes from the food delivery battle, leading to positive business growth and profit expectations [1]

Group 1 - The core viewpoint of the article highlights that SF Express (顺丰同城) has seen a stock increase of over 4%, currently trading at HKD 12.33, with a transaction volume of HKD 37.71 million [1] - According to a recent report by Shenwan Hongyuan, Alibaba Group's strategic focus for Taobao Flash Sale is shifting towards "securing absolute first place" by 2026, which is expected to inject strong demand into the instant delivery industry [1] - SF Express has reported a 55% year-on-year increase in average daily orders during the New Year holiday period, with beverage orders doubling and fast food orders increasing by over 90% [1] Group 2 - Various categories such as supermarkets, beauty products, and electronics have also seen high double-digit year-on-year growth in order volume, supporting holiday consumption and business operations [1] - The company is recommended as a key investment target due to its consistent profitability and significant third-party value [1]