1月23日消息， 涨超8%，本月已累计暴涨近45%，截至发稿，报15.88港元，成交额近一亿港元。 据悉，在2026年元旦假期期间，公司同城配送日均单量同比去年增长55%，其中饮品单量同比翻倍、快餐单量同比增超90%；商超百货、美妆、数码等品类 单量均实现同比高双位数增长，餐饮及非餐全场景单量高增，为节日消费与商业运转提供支撑。申万宏源认为，平台竞争利好第三方物流服务商。顺丰同城 独立第三方价值显著，受益外卖大战单量外溢，业务增长与盈利预期向好。 编辑/rice 消息面上，申万宏源指出，1月9日，国务院反垄断反不正当竞争委员会办公室表态近日依据《中华人民共和国反垄断法》，对外卖平台服务行业市场竞争状 况开展调查、评估。该行认为，即时零售领域的竞争更加合规化，有望驱动品类从餐饮、茶饮向更高客单价品类发展，给物流侧带来更多增长空间。高频补 贴已成功培养用户消费习惯，其投入力度的加大将直接拉动即时配送订单量规模增长，成为行业需求增量的关键来源。 ...

据悉，在2026年元旦假期期间，公司同城配送日均单量同比去年增长55%，其中饮品单量同比翻倍、快 餐单量同比增超90%；商超百货、美妆、数码等品类单量均实现同比高双位数增长，餐饮及非餐全场景 单量高增，为节日消费与商业运转提供支撑。申万宏源认为，平台竞争利好第三方物流服务商。顺丰同 城独立第三方价值显著，受益外卖大战单量外溢，业务增长与盈利预期向好。 消息面上，申万宏源指出，1月9日，国务院反垄断反不正当竞争委员会办公室表态近日依据《中华人民 共和国反垄断法》，对外卖平台服务行业市场竞争状况开展调查、评估。该行认为，即时零售领域的竞 争更加合规化，有望驱动品类从餐饮、茶饮向更高客单价品类发展，给物流侧带来更多增长空间。高频 补贴已成功培养用户消费习惯，其投入力度的加大将直接拉动即时配送订单量规模增长，成为行业需求 增量的关键来源。 智通财经APP获悉，顺丰同城(09699)涨超8%，截至发稿，涨7.65%，报15.77港元，成交额8859.26万港 元。 ...

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]

Core Viewpoint - SF Express City (09699) has seen a stock increase of over 4%, currently at HKD 12.33, with a trading volume of HKD 37.71 million, indicating positive market sentiment towards the company [1] Group 1: Market Dynamics - Shenwan Hongyuan recently published a research report indicating that Alibaba Group's strategic investment in Taobao Flash Sale for 2026 is becoming clearer, with a focus on "securing absolute first place," which is expected to inject strong demand into the instant delivery industry [1] - The report highlights SF Express City as a key recommendation due to its continuous profitability and significant third-party value [1] Group 2: Company Performance - SF Express City reported that during the New Year holiday period, the average daily order volume for same-city delivery increased by 55% year-on-year, with beverage orders doubling and fast food orders increasing by over 90% [1] - Categories such as supermarkets, beauty products, and digital goods also saw high double-digit year-on-year growth in order volume, supporting holiday consumption and business operations [1]

Core Viewpoint - SF Express City (09699) has shown significant growth in its same-city delivery services during the New Year holiday, indicating strong consumer demand and operational support for festive consumption [1] Group 1: Company Performance - During the New Year holiday, SF Express City reported a 55% year-on-year increase in average daily order volume for same-city delivery [1] - The company experienced a doubling in beverage order volume and over a 90% increase in fast food order volume compared to last year [1] - Categories such as supermarkets, beauty products, and digital goods also saw high double-digit growth in order volume year-on-year [1] Group 2: Industry Outlook - Huachuang Securities has released a report stating that the instant delivery industry is in a high-growth phase, with SF Express City positioned as a leading independent third-party delivery service [1] - The company is expected to exhibit higher growth potential due to significant internal and external synergies in the context of instant retail and home delivery trends [1]

Group 1 - The core viewpoint of the article highlights that SF Express City (顺丰同城) has seen a significant increase in its daily delivery volume during the New Year holiday, with a year-on-year growth of 55% [1] - The company reported that beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Categories such as supermarkets, beauty products, and electronics also experienced high double-digit growth in order volume compared to the previous year [1] Group 2 - Huachuang Securities released a research report indicating that the instant delivery industry is in a high growth phase, with the company positioned as a leading independent third-party delivery service [1] - The report emphasizes that the company's competitive strength is continuously enhancing, benefiting from significant internal and external synergies [1] - The company is expected to demonstrate higher growth potential in the new journey of instant retail and home delivery [1]

Core Insights - The instant retail model continues to thrive during the New Year holiday, highlighting the full value of instant delivery services [1] Delivery Performance - During the New Year holiday, the largest third-party delivery platform, SF Express, reported a 55% year-on-year increase in average daily delivery volume [1] - Beverage orders doubled year-on-year, while fast food orders increased by over 90% [1] - Categories such as supermarkets, beauty products, and electronics also saw high double-digit growth in order volume [1] Business and Consumer Demand - The dual nature of December 31 as both a New Year’s Eve and a workday led to a concentrated release of consumer and business demands [1] - On December 31, the C-end business volume of SF Express doubled compared to regular days, with many users utilizing value-added services for festive gifting and important business document deliveries [1] - The volume of documents and certificates saw several-fold growth, while flower orders increased by over 110% compared to regular days [1] Service Enhancement - SF Express enriched its service offerings through cultural collaborations, such as partnering with the Dunhuang Academy for the design of six horse IP images, which convey good wishes for the New Year [1]

Core Insights - The 17th "Double 11" event concluded with a total sales volume of 1.619 trillion yuan, marking a year-on-year growth of 12.3% [1] - Instant retail emerged as the biggest surprise this year, with a total sales volume of 67 billion yuan, experiencing a staggering year-on-year increase of 138.4% [1] - The promotional period was strategically extended this year, showcasing new characteristics such as slowing growth, simplified gameplay, and deeper value cultivation [1] E-commerce Performance - The overall sales performance of e-commerce platforms during "Double 11" was robust, with instant retail becoming a core growth driver amid peak traffic [1][4] - Major platforms like Taobao, JD, and Meituan actively expanded their instant retail offerings, with Taobao linking over 37,000 brands and 400,000 stores [4] - The trend of consumers opting for high-priced items through instant delivery services is on the rise, indicating a shift in consumer behavior [4] Delivery and Logistics - SF Express's data indicated that daily order volume for same-city delivery increased by over 50% compared to last year during "Double 11" [3] - The demand for instant delivery services surged, with significant growth in food and beverage categories, particularly drinks and fast food, which saw increases of over 160% and 110% respectively [4][6] - The logistics sector faced immense pressure, with a total of 13.938 billion express deliveries recorded during the event, leading to innovative solutions like the deployment of over 800 unmanned vehicles for last-mile delivery [7][9] Technological Innovations - The use of unmanned vehicles in logistics has become a focal point for enhancing delivery efficiency, with SF Express deploying these vehicles in over 100 cities [7] - Collaboration with public transport systems, such as converting idle bus stations into delivery hubs, has improved sorting efficiency by over 30% [9] - The integration of advanced logistics infrastructure is crucial for meeting the evolving demands of instant retail and ensuring stable delivery performance [9]

Core Viewpoint - SF Express's performance in H1 2025 shows significant growth in revenue and profit, driven by strong demand in the ToB delivery and last-mile logistics sectors, benefiting from the rapid expansion of the food delivery and instant retail industries [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 10.236 billion yuan, a year-on-year increase of 48.81% - The net profit attributable to shareholders was 137 million yuan, up 120.43% year-on-year - Adjusted net profit reached 160 million yuan, reflecting a 138.97% increase year-on-year [1] Business Segments - The ToB delivery and last-mile business experienced high growth, with same-city delivery order volume increasing by over 50% year-on-year, contributing to a revenue increase of 43.11% to 5.779 billion yuan - ToB delivery revenue was 4.467 billion yuan, up 55.42% year-on-year, with significant growth in the food delivery segment, particularly tea delivery, which saw a 105% increase [1] - ToC delivery revenue was 1.312 billion yuan, a 12.71% increase year-on-year, with "one-to-one exclusive delivery" revenue tripling, indicating rapid growth in lower-tier markets [1] Last-Mile Business - Last-mile business revenue reached 4.457 billion yuan, a year-on-year increase of 56.92% - The volume of collected items increased by over 150% year-on-year, with rapid growth in e-commerce delivery scale [1] Profitability and Cost Management - The company's gross margin was 6.65%, a slight decrease of 0.23 percentage points year-on-year - Overall improvement in expenses led to a decrease in the expense ratio by 0.85 percentage points to 5.41% - The net profit margin attributable to shareholders increased by 0.44 percentage points to 1.34%, with adjusted net profit margin at 1.6%, up 0.60 percentage points year-on-year [2] Market Position and Growth Potential - The company is leveraging its brand strength and neutral positioning to penetrate diverse scenarios in the local life market, with continued expansion of its market share - The integration with the group's network is expected to further boost volume, while technology-driven cost reductions and refined management are anticipated to sustain the release of scale effects [2] Revenue and Profit Forecast - Projected revenues for 2025-2027 are 22.096 billion yuan, 28.475 billion yuan, and 35.542 billion yuan, representing year-on-year growth of 40%, 29%, and 25% respectively - Expected net profits for the same period are 298 million yuan, 515 million yuan, and 900 million yuan, with year-on-year growth of 125%, 73%, and 75% respectively - Corresponding PE ratios are projected at 42.46, 24.53, and 14.06 [3]

Core Viewpoint - SF Express's performance in the first half of 2025 shows a strong revenue growth of 48.8%, driven by city delivery and last-mile services, with a net profit margin reaching a historical high of 1.3% [1][2] Revenue Performance - The total revenue for the first half of 2025 was 10.24 billion RMB, representing a year-on-year increase of 48.8%, with external customer revenue accounting for 54.5%, a decrease of 4 percentage points [1] - City delivery revenue reached 5.78 billion RMB, up 43.1% year-on-year, making up 56.5% of total revenue, while non-food delivery revenue was 2.14 billion RMB, increasing by 28.6% [2] Profitability Metrics - Gross profit increased by 43.8% to approximately 680 million RMB, with a slight decline in gross margin to 6.7%, maintaining a historically optimal level [1] - Net profit for the first half was approximately 137 million RMB, a significant year-on-year growth of 171%, with an adjusted net profit of about 160 million RMB [1] Cash Flow - Operating cash inflow for the first half was approximately 180 million RMB, showing a substantial year-on-year increase of 86% [1]