Financial Data and Key Metrics Changes - Total revenue for the first half of 2025 was RMB 1.13 billion, a decrease of 30.2% from RMB 1.619 billion in the same period of 2024 [15] - Gross profit decreased to RMB 4.1 million from RMB 24.8 million in the first half of 2024 [17] - Net loss increased to RMB 53 million, compared to a loss of RMB 46.5 million in the first half of 2024 [22] Business Line Data and Key Metrics Changes - Revenue from on-demand delivery solutions was RMB 1.039 billion, down 30.7% from RMB 1.499 billion in the first half of 2024 [15] - Housekeeping and accommodation solutions revenue increased by 70.8% year-over-year to RMB 34.8 million [16] - Vehicle export solutions revenue decreased by 42.8% to RMB 57.4 million [16] Market Data and Key Metrics Changes - The domestic food delivery market experienced significant changes, with increased competition and cost burdens being passed to service providers [4] - The company observed signs of increased market share beginning in May 2025, indicating potential for scalable profitability [4] Company Strategy and Development Direction - The company is pursuing a dual-track strategy: optimizing the core business for quality growth and accelerating the development of the second core business [3] - The housekeeping and accommodation segment is becoming a significant driver for profit optimization [6] - The company is transitioning from a fulfillment service provider to a supply chain enabler, with a new cooperation with JD Jingdong Takeaway [13][14] Management's Comments on Operating Environment and Future Outlook - Management noted that the on-demand delivery business faces pressures but remains confident in the long-term value of the business [5] - The integration period is expected to end, leading to improved operational efficiency and profit potential in the second half of 2025 [5] - The company aims to enhance cash flow and expand its business through financial empowerment and operational improvements [26] Other Important Information - The company is involved in a trust plan to enhance property quality and rental value, which is expected to generate stable returns for investors [9] - The international revenue from used car stores showed a gross profit growth of 17.8%, with an improved gross margin [10] Q&A Session Summary Question: What is Quhuo's specific role in the trust corporation and its impact on future financial performance? - Management explained that Quhuo Ltd is a core operator in the trust project, turning business revenues into data assets and then into financial assets, which enhances liquidity and increases asset returns [25][26]

Summary of SF Express City Conference Call Company Overview - SF Express City is the largest independent third-party instant delivery service provider in China, achieving its first profit in 2023 with a net profit of approximately 50 million yuan, and is expected to double its profit in 2024, driven by rapid growth in merchant delivery and last-mile delivery services, both exceeding a compound growth rate of 30% [2][5] Core Business Insights - The instant retail model meets consumer demand through hourly delivery, relying on front warehouses and regional supply chains for high-frequency fulfillment. SF Express City excels in on-time delivery rates and low order rejection rates, enhancing customer loyalty through dedicated delivery personnel for major clients [2][3] - Instant retail is experiencing rapid growth due to changes in consumer behavior, smaller household needs, and fragmented work hours. Competitors like Meituan and JD have established supply chains and last-mile capabilities, driving market expansion [2][8] - Instant retail complements traditional e-commerce, primarily covering perishable goods, daily necessities, and healthcare products, which require high timeliness. E-commerce giants are accelerating their entry into the instant retail market, with ongoing subsidies expected, especially during major sales events like Double Eleven [2][9] Financial Performance and Projections - SF Express City's revenue structure includes 42% from merchant delivery services, 42% from last-mile delivery, and 15% from personal delivery services. The growth in merchant and last-mile services is driven by increasing demand from brand owners and e-commerce platforms [6] - The company’s cost structure is primarily based on labor outsourcing, allowing for a light asset operation model. Increasing rider density and order volume creates a positive cycle, improving fulfillment capabilities and reducing delivery costs, with the cost per delivery now below 5 yuan, approaching Meituan's level [12][16] Market Position and Competitive Advantage - SF Express City holds a leading position in the instant delivery market, with its top four clients accounting for 40% of revenue. It commands an 8% market share, significantly higher than competitors like Flash Delivery at 2% [16] - The company benefits from a neutral positioning, not charging commission fees but earning from delivery service fees, providing a cost advantage on high-value orders. It focuses on meeting brand clients' timeliness and fulfillment requirements, attracting partnerships with major brands like Sam's Club and Huawei [14][15] Future Growth Potential - The instant retail market is projected to reach nearly 2 trillion yuan by 2033, with a compound growth rate of 20% to 30%. The demand for instant retail is expected to grow rapidly, driven by the expansion of e-commerce platforms [11][18] - SF Express City is expected to see its net profit double in 2025 and 2026, potentially reaching around 900 million yuan by 2027, with a valuation of approximately 11 to 12 times earnings [18] Strategic Collaborations - Collaboration with SF Group helps reduce costs and improve efficiency, as the demand for instant retail and express delivery peak at different times, allowing for better resource allocation [17] - The company is expected to increase its share of group express collection from less than 30% to over 40% in the coming years, enhancing operational efficiency [17] Conclusion - The growth of the instant retail market and strategic collaborations position SF Express City for significant future growth, reinforcing its market leadership and operational efficiency in the competitive landscape of instant delivery services [19]

Investment Rating - The report maintains a "Buy" rating for the company [1][11] Core Views - The value of instant delivery services is increasingly highlighted in the logistics sector, with significant revenue growth in the last-mile delivery business in the first half of 2025. The revenue from last-mile delivery services reached 4.457 billion yuan, a year-on-year increase of 56.9%, driven by an increase in penetration within SF Holding's express delivery volume [3] - The company's overall revenue from subsidiaries of SF Holding grew by 63% year-on-year in the first half of 2025, indicating strong performance and operational efficiency [3] - The company is actively expanding services such as "same-day delivery" and multi-scenario urban logistics services, which are expected to continue driving rapid growth in the last-mile business [3] Financial Summary - The company's total revenue for 2023 is projected at 12.39 billion yuan, with a year-on-year growth of 20.69%. By 2025, revenue is expected to reach 21.485 billion yuan, reflecting a growth rate of 36.44% [1] - The net profit attributable to the parent company is forecasted to be 50.6 million yuan in 2023, increasing to 254.27 million yuan by 2025, representing a substantial year-on-year growth of 91.96% [1] - The latest diluted EPS is expected to rise from 0.06 yuan in 2023 to 0.28 yuan in 2025, indicating a positive trend in earnings per share [1] - The company's gross margin remains stable, while the sales, research and development, and management expense ratios have decreased, contributing to a net profit margin increase of 0.4 percentage points to 1.3% in the first half of 2025 [4] - The report projects a significant increase in net profit for 2025-2027, with estimates adjusted to 254 million yuan, 373 million yuan, and 497 million yuan respectively [11]

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 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]

Group 1 - The municipal Human Resources and Social Security Bureau has announced the expansion of occupational injury protection pilot programs for new employment forms in the city [1] - Starting from July 1, the original food delivery and instant delivery industries will be merged into a new instant delivery industry, with additional platform companies included in the pilot program [1] - By 2026 and beyond, other platform companies meeting the criteria will be incorporated into the pilot program based on national arrangements [1] Group 2 - The occupational injury protection fee standards are determined based on the principle of balancing income and expenditure, with specific fees set for different industries [2] - The travel industry will have a fee of 0.01 yuan per order, while the instant delivery industry will have fees of 0.07 yuan and 0.25 yuan per order, and the same-city freight industry will have a fee of 0.18 yuan per order [2] Group 3 - The municipal Human Resources and Social Security Bureau can adjust the fee standards for related industries as needed, with annual adjustments starting from January 1 of each year [3] - The Social Security Center is responsible for determining the fee standards for platform companies based on national regulations and various factors such as the usage of occupational injury protection fees and injury occurrence rates [3] Group 4 - Platform companies are required to implement a "one-click reporting" feature in their applications for new employment form personnel and provide standardized training for reporting accidents [4] - Occupational injury protection benefits include medical treatment, disability benefits, and death benefits, with specific procedures for treatment and reporting of occupational injuries [4] Group 5 - Delivery companies are enhancing traffic safety measures for riders, including the establishment of a traffic behavior evaluation mechanism and safety incentive programs [5] - Meituan has implemented cash rewards for top-performing riders in terms of safety scores and has introduced measures to address traffic violations [5]

发布公告，本期间(截至2025年6月30日止6个月)公司拥有人应占利润与去年同期相比，预期将取得不低 于100%的增长;及本期间集团收入与去年同期相比，预期将取得不低于45%的增长。 该预期的正面表现主要是由于以下原因： 即时配送行业加速发展，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;以技术创新为驱动，持续提升数智化能力，独立第三方 定位、品牌和产品服务加速得到客户广泛认可;及精益的运营底盘提质增效，进一步提高网络规模经济 效应，提高资源投入产出效率，带动利润释放。 ...

Core Viewpoint - SF Express (09699.HK) expects a significant increase in profit attributable to shareholders of no less than 100% year-on-year and revenue growth of no less than 45% year-on-year for the six months ending June 30, 2025, driven by the rapid development of the instant delivery industry and increasing demand for instant delivery services [1] Group 1: Financial Performance - The company anticipates profit attributable to shareholders will grow by at least 100% year-on-year [1] - Revenue is projected to increase by no less than 45% year-on-year [1] Group 2: Industry Dynamics - The positive performance is primarily due to the accelerated development of the instant delivery industry and a rapid increase in demand for instant delivery services [1] Group 3: Business Development - The company has achieved balanced and high-quality development across various business segments, resulting in healthy growth in order volume and revenue [1] - Technological innovation is driving continuous improvement in digital intelligence capabilities, leading to widespread recognition of the company's independent third-party positioning, brand, and product services [1] Group 4: Operational Efficiency - The company has enhanced its operational efficiency through lean operations, improving network economies of scale and increasing resource input-output efficiency, which contributes to profit release [1]

Core Viewpoint - The company expects to achieve a profit attributable to owners of no less than 100% growth compared to the same period last year, and a revenue increase of no less than 45% for the six months ending June 30, 2025 [1] Group 1: Reasons for Positive Performance - The rapid development of the instant delivery industry has led to a significant increase in demand for instant delivery services [1] - The company has achieved balanced and high-quality growth across various business segments, resulting in healthy growth in order volume and revenue [1] - Driven by technological innovation, the company has continuously enhanced its digital intelligence capabilities, gaining widespread recognition from customers for its independent third-party positioning, brand, and product services [1] - The company has improved its operational efficiency through lean operations, enhancing network economies of scale and increasing resource input-output efficiency, which has contributed to profit release [1]