Core Viewpoint - SF Holding achieved record high performance in the first half of 2025, driven by rapid growth in the food delivery and instant retail sectors, leading to significant revenue increases in its urban logistics segment [1][6]. Financial Performance - In the first half of 2025, SF Holding reported revenue of 146.858 billion yuan, a year-on-year increase of 9.26% [1]. - The net profit attributable to shareholders reached 5.738 billion yuan, up 19.37% year-on-year, with a net profit margin of 3.9%, an increase of 0.3 percentage points [1]. - Free cash flow amounted to 8.74 billion yuan, reflecting a 6.1% year-on-year increase [1]. - The company plans to distribute a mid-term cash dividend of 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which represents 40% of the net profit attributable to shareholders for the first half of 2025, an increase from the previous year [1]. Cost Structure - Labor costs accounted for 42.98% of revenue, rising 1.87 percentage points from the previous year, primarily due to increased wages for frontline staff and sales incentives [2]. - Transportation costs represented 32.59% of revenue, showing a slight decrease of 0.25 percentage points [2]. - Other operating costs accounted for 11.38% of revenue, down 0.82 percentage points [2]. Business Segments - The express logistics business generated revenue of 109.3 billion yuan, a 10.4% year-on-year increase, with the express delivery segment achieving 63.23 billion yuan in revenue, up 6.8% [2]. - The volume of express logistics reached 7.85 billion parcels, a 25.7% increase year-on-year, significantly outpacing the industry average growth rate of 19.3% [3][5]. - The urban logistics segment saw revenue of 10.236 billion yuan, a remarkable 48.8% increase year-on-year, with net profit attributable to shareholders reaching 137 million yuan, up 120.4% [5][6]. Market Trends - The company is focusing on industry-specific solutions rather than standard products, leading to over 20% growth in logistics revenue from sectors such as consumer goods, automotive, and high-tech communications [3]. - The average revenue per parcel decreased by 12.2% due to changes in product structure [4]. - The competitive landscape in the express delivery market is intensifying, with a shift towards cost reduction and efficiency improvements [7][8]. Future Outlook - SF Holding anticipates that the industry will stabilize due to trends such as "anti-price undercutting" and improved protections for delivery personnel [8]. - The company plans to implement structural cost reductions and enhance its logistics network to better respond to market fluctuations [8].

Core Insights - The company, SF Express City, reported a significant revenue growth of 48.8% year-on-year for the first half of 2025, reaching 10.236 billion yuan, marking its first half-year revenue exceeding 10 billion yuan [1] - Net profit attributable to shareholders surged by 120.4% to 137 million yuan, achieving a historical high, while adjusted net profit rose by 139.0% to approximately 160 million yuan [1] Revenue Breakdown - The company's revenue from same-city delivery services increased by 43.1% year-on-year to 5.779 billion yuan, driven by the rapid growth in the food delivery sector [1] - Non-food delivery revenue maintained a steady growth trend, with a year-on-year increase of 28.6% to 2.142 billion yuan, and revenue from non-food scenarios targeting merchants grew by 35.3% [1] Business Performance - Revenue from same-city delivery services aimed at merchants reached 4.467 billion yuan, reflecting a year-on-year growth of 55.4% [2] - Consumer-targeted same-city delivery revenue was approximately 1.312 billion yuan, with a year-on-year increase of 12.7% [2] - The "last mile" delivery service saw a robust growth of 56.9%, generating about 4.457 billion yuan in revenue, with a significant increase in service order volume during peak times [2] Operational Efficiency - The company is advancing digital operations and AI decision-making to enhance cost efficiency [3] - SF Express City is implementing a "rider + unmanned delivery" ecosystem to promote logistics intelligence upgrades and develop differentiated network operational capabilities [3] Market Positioning - The company continues to embrace market opportunities with a neutral and open third-party positioning, capitalizing on the increasing penetration of food delivery and instant retail [3]

消息面上，顺丰同城公布中期业绩，上半年收入约102.36亿元，同比增长48.8%；毛利约6.81亿元，同 比增长43.8%；经调整净利润约1.6亿元，同比增长139.0%；净利约1.37亿元，同比增长120.43%。中金 指出，公司业绩超出预期，主因即时零售需求超预期增长。 智通财经APP获悉，顺丰同城(09699)绩后涨超6%，截至发稿，涨5.23%，报15.9港元，成交额3061.77万 港元。 该行认为，在平台补贴以及消费政策刺激影响下，外卖行业业务量增长强劲，其中KA餐饮商家或受益 更多。叠加商超、医药等多元KA商流的即配需求或仍在增长期，在行业高增的背景下，公司凭借第三 方的中立性、精细化的商圈网络运营能力以及运力网络的灵活性，有望持续获取KA商家中的订单增 量。我们预计25年公司面向商户收入增速或超50%，其中KA业务同比增速或将更高。 ...

该行认为，在平台补贴以及消费政策刺激影响下，外卖行业业务量增长强劲，其中KA餐饮商家或受益 更多。叠加商超、医药等多元KA商流的即配需求或仍在增长期，在行业高增的背景下，公司凭借第三 方的中立性、精细化的商圈网络运营能力以及运力网络的灵活性，有望持续获取KA商家中的订单增 量。我们预计25年公司面向商户收入增速或超50%，其中KA业务同比增速或将更高。 顺丰同城(09699)绩后涨超6%，截至发稿，涨5.23%，报15.9港元，成交额3061.77万港元。 消息面上，顺丰同城公布中期业绩，上半年收入约102.36亿元，同比增长48.8%；毛利约6.81亿元，同 比增长43.8%；经调整净利润约1.6亿元，同比增长139.0%；净利约1.37亿元，同比增长120.43%。中金 指出，公司业绩超出预期，主因即时零售需求超预期增长。 ...

Core Viewpoint - The takeaway from the news is that SF Express City has emerged as a leading player in the instant delivery industry, showcasing significant revenue and profit growth amidst fierce competition in the takeaway market, driven by a robust business model and technological advancements [2][7]. Group 1: Financial Performance - In the first half of 2025, SF Express City reported a revenue of 10.24 billion yuan, a year-on-year increase of 49%, and a net profit of 140 million yuan, up 120% [2]. - The adjusted net profit reached 160 million yuan, reflecting a 139% year-on-year growth [2]. - The growth is attributed to the rapid expansion of the food delivery and instant retail sectors, leading to a more than 50% increase in order volume for same-city delivery services [2]. Group 2: Business Structure and Segments - SF Express City operates three main business segments: same-city delivery services for merchants, same-city delivery services for consumers, and last-mile delivery services [3]. - Revenue from merchant-focused same-city delivery services reached 4.47 billion yuan, a 55% increase year-on-year, with significant growth in various categories such as tea delivery, which saw a 105% increase [3]. - Consumer-focused same-city delivery services generated 1.31 billion yuan, a 13% increase, while last-mile delivery services achieved 4.46 billion yuan, up 57% [4]. Group 3: Market Strategy and Positioning - The company emphasizes a differentiated positioning and meticulous operation across its full-scenario business matrix, focusing on both food and non-food delivery to drive revenue growth [5]. - SF Express City has actively expanded into lower-tier markets and integrated resources from the SF Group to enhance service capabilities across all areas [5]. - The company has established a healthy business operation model, positioning itself for broader growth opportunities in the competitive landscape of instant delivery [7]. Group 4: Technological Advancements - SF Express City has implemented AI applications and scaled up its unmanned delivery models, significantly improving operational efficiency [6]. - The company has over 300 unmanned vehicles in operation across more than 60 cities, with an average of 20,000 active trips per month [6]. - The rider efficiency improved by 38% year-on-year in June, contributing to increased earnings for riders, with a 65% rise in the number of high-income riders [6].

Core Insights - SF Express City achieved a significant revenue growth of 48.8% year-on-year, reaching approximately 10.236 billion RMB, marking its first half-year revenue exceeding 10 billion RMB [2] - The company reported a net profit attributable to shareholders of approximately 137 million RMB, a remarkable increase of 120.4% year-on-year, setting a new record [2] - The company anticipates a higher order volume in the third quarter compared to the first half and the second quarter of the year [2] Revenue Growth Drivers - The growth in revenue is attributed to the rapid expansion of the food delivery and instant retail sectors, which increased demand for instant delivery services, with same-city delivery service orders growing over 50% year-on-year [3] - The revenue from same-city delivery services increased by 43.1% to approximately 5.779 billion RMB, with merchant-facing same-city delivery services contributing about 4.467 billion RMB, a 55.4% increase [3] - Tea beverage delivery revenue saw a remarkable growth of 105% year-on-year, driven by frequent marketing activities from food delivery merchants [3][4] Market Dynamics - The tea beverage category has benefited the most from the "food delivery war," due to high standardization and production capacity, as well as high consumption frequency [4] - The company is focusing on enhancing operational efficiency in lower-tier cities, with daily average order numbers in these areas doubling during the reporting period [4] - SF Express City is exploring innovative business increments, including partnerships with major tea beverage clients in Hong Kong and utilizing autonomous vehicles for delivery solutions [4][6] Operational Efficiency - The company achieved a 56.9% year-on-year increase in revenue from last-mile delivery services, amounting to approximately 4.457 billion RMB [6] - The number of active merchants on the platform reached 850,000, a 55% increase, while active consumers grew to 24.77 million, a 13% increase [6] - The company is implementing digital operations and AI decision-making to enhance efficiency, with over 300 autonomous vehicles already in operation across more than 60 cities [6][7] Future Outlook - SF Express City aims to strengthen its "rider + autonomous delivery" network capabilities, integrating autonomous delivery with the existing rider network to improve efficiency [7] - The company plans to invest thousands of autonomous vehicles by 2028, with expectations of significant cost savings as technology matures [7]

Core Viewpoint - SF Express City achieved significant growth in its mid-term performance, with revenue surpassing 10.236 billion RMB for the first time, driven by the rapid expansion of the food delivery and instant retail sectors [1][2]. Financial Performance - Revenue increased by 48.8% year-on-year to approximately 10.236 billion RMB, with gross profit rising by 43.8% to about 681 million RMB [1]. - Net profit attributable to shareholders surged by 120.4% to around 137 million RMB, marking a record high [1]. - Adjusted net profit reached approximately 160 million RMB, reflecting a year-on-year growth of 139.0% [1]. Market Dynamics - The "food delivery war" is a focal point for investors, with the CEO highlighting the high growth rate of near-field retail in China and the increasing penetration of the industry [1]. - The company anticipates a higher order volume in Q3 compared to the first half of the year [1]. Business Segments - Instant delivery service orders grew by over 50% year-on-year, significantly boosting revenue [2]. - Revenue from same-city delivery services rose by 43.1% to approximately 5.779 billion RMB, with merchant-facing delivery services contributing about 4.467 billion RMB, a 55.4% increase [2]. - Tea beverage delivery revenue saw a remarkable growth of 105% year-on-year [2]. Operational Efficiency - The company is enhancing operational efficiency in lower-tier cities, with daily order numbers in these areas doubling during the reporting period [3]. - SF Express City is exploring innovative business models, including partnerships with major tea brands and the use of autonomous vehicles for delivery [3][5]. Consumer Engagement - The number of active merchants on the platform reached 850,000, a 55% increase, while active consumers grew to 24.77 million, up 13% [6]. - The company reported a 56.9% increase in revenue from last-mile delivery services, amounting to approximately 4.457 billion RMB [5]. Technological Advancements - The company is investing in digital operations and AI decision-making to enhance efficiency, with over 300 autonomous vehicles already in operation across more than 60 cities [6][8]. - The goal is to deploy thousands of autonomous vehicles by 2028, with expectations of significant cost savings as technology matures [8].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [3][7]. Core Insights - The company reported significant revenue and profit growth in H1 2025, with revenue reaching 10.24 billion yuan, a year-on-year increase of 49%, and adjusted net profit of 160 million yuan, up 139% [7]. - The company's diversified growth is driven by the demand spillover from the food delivery battle, with revenue from merchant same-city delivery services increasing by 55% to 4.47 billion yuan [7]. - The last-mile delivery service revenue also saw a 57% increase, reaching 4.46 billion yuan, attributed to high growth in group e-commerce orders and efficient rider management [7]. - Consumer-facing same-city delivery services grew steadily, with revenue of 1.31 billion yuan, a 13% increase, indicating significant future growth potential [7]. - The company is experiencing continuous scale effects, with a gross margin of 6.7% and an adjusted net profit margin of 1.6%, and is expected to further improve net profit margins through increased order density and AI optimization [7]. - The profit forecasts for 2025-2027 have been raised, with expected net profits of 302 million yuan, 501 million yuan, and 920 million yuan respectively, reflecting year-on-year growth rates of 127.87%, 66.02%, and 83.68% [7]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 12.4 billion yuan - 2024: 15.746 billion yuan - 2025E: 21.008 billion yuan - 2026E: 28.087 billion yuan - 2027E: 36.778 billion yuan - The corresponding year-on-year growth rates are 20.80%, 26.98%, 33.42%, 33.69%, and 30.95% [4]. - Net profit forecasts are as follows: - 2023: 51 million yuan - 2024: 132 million yuan - 2025E: 302 million yuan - 2026E: 501 million yuan - 2027E: 920 million yuan - The projected price-to-earnings ratios for 2025-2027 are 39.78x, 23.96x, and 13.04x respectively [4][8].

Core Insights - SF Express City achieved a significant revenue growth of 48.8% year-on-year, reaching approximately 10.236 billion RMB, marking the first time the company surpassed the 10 billion RMB threshold in half-year revenue [1] - The company reported a net profit attributable to shareholders of approximately 137 million RMB, a remarkable increase of 120.4% year-on-year, setting a new record [1] - The growth was driven by the rapid expansion of the food delivery and instant retail sectors, leading to a more than 50% increase in order volume for same-city delivery services [1][2] Revenue Breakdown - Same-city delivery service revenue grew by 43.1% year-on-year, amounting to approximately 5.779 billion RMB, with food delivery demand significantly contributing to this growth [1] - Revenue from non-food scenarios maintained a steady growth trend, increasing by 28.6% year-on-year to 2.142 billion RMB, with merchant-facing non-food scenario revenue rising by 35.3% [1] Business Partnerships and Market Position - The company achieved a revenue of approximately 4.467 billion RMB from merchant-facing same-city delivery services, reflecting a year-on-year growth of 55.4% [2] - SF Express City maintained a leading market share through long-term collaborations with major clients, leveraging its comprehensive service capabilities across various industries [2] Service Capabilities and Innovations - The company enhanced its service offerings by providing multi-channel order management and delivery services for chain restaurants, resulting in significant revenue growth for several major brands [3] - In the retail sector, SF Express City deepened partnerships with national chain supermarkets, offering customized services such as warehouse-to-store delivery and direct-to-home services [3] Consumer-Focused Services - Revenue from consumer-facing same-city delivery services reached approximately 1.312 billion RMB, a year-on-year increase of 12.7%, with strong growth in business scenario revenue [4] - The last-mile delivery service saw a robust growth of 56.9% year-on-year, totaling approximately 4.457 billion RMB, driven by increased demand for flexible collection services [4] Technological Advancements - The company is advancing operational digitization and AI decision-making to enhance efficiency, with applications in rider management, customer service, and merchant operations [5] - Over 300 autonomous vehicles have been deployed in daily operations across more than 60 cities, contributing to a more efficient delivery ecosystem [5] Strategic Vision - SF Express City continues to embrace market opportunities driven by the diversification of traffic, increasing penetration of food delivery and instant retail, and the acceleration of same-city logistics [6] - The company is establishing a solid foundation for its leadership position in the third-party instant delivery industry through technological innovations and strategic partnerships [6]

Core Insights - Instant delivery is rapidly integrating into daily life, transforming consumption and lifestyle patterns, and creating a "everything to home" vision [3][11] - The service scope of instant delivery is expanding beyond food and daily necessities to include a wide range of products, meeting diverse consumer demands for immediacy [3][4][11] Industry Trends - The digital transformation of the retail industry is accelerating, with instant delivery services expanding into various categories, including clothing, electronics, and beauty products [3][5] - Instant delivery is penetrating new service scenarios beyond traditional food delivery, such as emergency supplies for travel, baby products, and holiday gifts [4][11] Market Dynamics - The retail sector is experiencing a polarization of traffic, with traditional e-commerce platforms and independent third-party delivery services emerging to meet the demand for decentralized logistics [5][7] - Third-party delivery platforms, like SF Express, are positioned to benefit from the growth of instant retail, providing neutral and open services to meet diverse merchant needs [7] Consumer Demand - There is a growing demand for non-standardized services, including personal errands and business support, driven by consumers' need for instant responses and time savings [8] - Consumers expect rapid delivery not only for food and groceries but also for a variety of products, pushing the evolution of the instant retail ecosystem [3][11] Technological Innovation - Technological advancements, such as big data and artificial intelligence, are crucial for enhancing delivery efficiency and accuracy in the instant delivery sector [9] - Companies like Meituan and JD are experimenting with autonomous delivery vehicles, which could revolutionize the industry by reducing reliance on human labor and improving service quality [9] Future Outlook - The instant delivery industry is in a golden period of rapid growth, with increasing order volumes and market size, as well as a diversification of delivery categories and scenarios [11]