绝大部分"小哥"收入在减除基本扣除费用、专项扣除、专项附加扣除以及依法确定的其他扣除后，基本 不用缴纳个人所得税。 为健全常态化涉税信息报送制度，有效维护法治公平税收秩序，国务院近日公布《互联网平台企业涉税 信息报送规定》（国务院令810号，下称《规定》）。《规定》的出台是我国针对平台经济税收监管的 重要举措，有助于实现税收公平、优化市场秩序，推动平台经济高质量发展。 《规定》明确报送涉税信息的义务主体是互联网平台企业，不需要平台内经营者和从业人员做任何操 作；还设定了多种可以不报送涉税信息的情形，一是对《规定》施行前的涉税信息，不需要报送；二是 互联网平台内从事配送、运输、家政等便民劳务活动的从业人员，依法享受税收优惠或者不需要纳税 的，不需要报送其收入信息；三是互联网平台企业按照规定为平台内经营者和从业人员办理扣缴申报、 代办申报等涉税事项时已填报的涉税信息，不需要重复报送；四是通过部门信息共享能够获取的涉税信 息，税务机关不得要求互联网平台企业重复报送。从第二种情况看，《规定》出台不会对各类"小哥"、 家政人员的日常工作、收入和税负产生影响。 目前我国平台内从业人员近1亿人，主要集中在外卖、出行、配送、 ...

2025 年 06 月 20 日 赵旭东 H70556@capital.com.tw H 股目标价(港元) 55 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 顺丰控股（06936.HK） 买进（Buy） 公司基本信息 | 产业别 | | 交通运输 | | --- | --- | --- | | H 股价(2025/06/19) | | 45.20 | | 恒生指数(2025/06/19) | | 23,237.7 | | 股价 12 个月高/低 | | 46.32/0 | | 总发行股数(百万) | | 4,992.69 | | H 股数(百万) | | 170.00 | | H 市值(亿元) | | 1,645.92 | | | | 深圳明德控股 | | 主要股东 | | 发展有限公司 | | | | (51.37%) | | 每股净值(元) | | 18.87 | | 股价/账面净值 | | 2.40 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 13.33% 12.77% | N/A | ...

Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]

Key takeaways: ▶ 这家同城物流企业表示，随着国际业务成为主要增长引擎，公司计划今年开拓中东市场，继续 扩张版图 申请文件援引弗若斯特沙利文（Frost & Sullivan）数据显示，2024年中国同城货运市场总交易额（GTV）达 2,580亿美元，而国际同城货运市场规模约为其三倍，其中东南亚和拉美市场合计贡献1,240亿美元。 财务数据显示，公司去年营收同比增长19%至15.9亿美元（2023年为13.3亿美元），同期GTV增长18%至111 亿美元。海外业务增速更快，去年营收从2023年的1.17亿美元增长28%至1.49亿美元，占总营收比重从8.8% 提升至9.3%。 截至去年，公司在全球400多个城市拥有约1,670万月活跃商户和170万月活跃司机。 随着规模和运营效率提升，拉拉科技毛利率从2022年的53.7%攀升至去年的57.8%，令公司的经调整非国际 财务报告准则（non-IFRS）口径盈利，由2023年的3.91亿美元，去年增至28%至5.01亿美元。 Bamboo Works 咏竹坊 专注于报道中概股新闻。用高质量的中英文内容帮助中国企业讲好中国股 事，触达全球投资者。 我们 ...