Core Viewpoint - The logistics company Shunyou Logistics is preparing for an IPO in Hong Kong, driven by the booming cross-border e-commerce market, despite facing challenges from U.S. tariffs and trade policies [1][2]. Company Overview - Shunyou Logistics operates globally, covering 220 countries and regions, handling over 500,000 packages daily, and serving 100,000 cross-border e-commerce businesses [1]. - The company was founded in Hong Kong in 2008 and has since established branches in major cities worldwide, including Los Angeles, Kuala Lumpur, and Shanghai [2]. Financial Performance - Shunyou Logistics reported revenues of 1.184 billion, 1.506 billion, and 1.522 billion yuan for the years 2022, 2023, and 2024, respectively, with a heavy reliance on direct shipping logistics [5]. - The company experienced a 40.27% decline in net profit in 2024, attributed to increased sales costs and investments in overseas warehouse services [7]. - The net profit figures for the reporting period were 31.88 million, 73.47 million, and 43.88 million yuan, indicating a significant drop in profitability [7]. Shareholder Structure - The major shareholders include Anyun Investment, controlled by founder Yao Yun and his spouse, holding 53.32% of the shares, while Yao Yun personally holds 24.1% [3][4]. - The company has distributed a total of 83 million yuan in cash dividends from 2022 to 2024, reflecting its family business characteristics [4]. Market Position - Shunyou Logistics ranks 9th in the domestic cross-border e-commerce logistics market with a market share of 0.5%, amidst intense competition with over 5,000 service providers [8]. - The company aims to expand its market share and brand recognition through its upcoming IPO [8]. Strategic Focus - The company plans to shift its focus towards developing overseas warehouse services, which are expected to become a key business area, despite the potential risks associated with a heavy asset model [7].

星标 ★ IPO日报 精彩文章第一时间推送 近日，深圳市顺友跨境物流股份有限公司（简称 "顺友物流"）正式向香港联合交易所递交招股说明书，计划通过首次公开募股（IPO）募集资金，以加速 跨境物流业务的全球化布局。 作为中国本土成长起来的一站式跨境电商物流解决方案提供商，顺友物流深度受益于行业增长红利。过去二十年，中国凭借高性价比的优质产品在全球市 场持续渗透，带动跨境电商产业蓬勃发展，公司依托先发优势构筑了以直发物流为核心的业务体系。 不过当前公司高度集中的业务结构正面临多重挑战： 一方面，美国关税政策持续收紧直接抑制核心市场需求，单一业务模式下抗风险能力不足的问题进 一步凸显；另一方面，新布局的海外仓、头程物流等业务尚处投入期，市场拓展进度及盈利预期存在不确定性。 此次IPO能否助力公司突破业务结构瓶颈，构建更具韧性的全球化物流网络，正成为市场关注的核心议题。 截至招股书披露，顺友物流业务覆盖中国内地主要外贸城市（深圳、广州、东莞、义乌、宁波、苏州）、中国香港及美国，服务网络遍及全球220个国家 和地区，日均包裹处理量13万件。 财务数据显示，2022年-2024年（下称"报告期"），公司的营业收入分别为1 ...

Core Viewpoint - Shunyou Logistics has submitted its IPO application to the Hong Kong Stock Exchange to accelerate its global cross-border logistics business expansion, benefiting from the growth of the cross-border e-commerce industry in China [1][3]. Business Overview - Founded in 2008 by Yao Yun and Wang Haolin, Shunyou Logistics has established a comprehensive cross-border logistics service network, with significant growth in customer base from over 2,400 in 2022 to over 4,000 in 2024 [3][10]. - The company operates primarily in direct shipping logistics, which accounted for 96.1% of its revenue in 2024, facing competition from major international players like DHL and FedEx [9][10]. Financial Performance - Revenue for the years 2022 to 2024 is projected to be RMB 1.184 billion, RMB 1.506 billion, and RMB 1.522 billion, respectively, indicating a phase of growth, but profitability has fluctuated significantly [5][6]. - Gross profit increased from RMB 73.16 million in 2022 to RMB 157.8 million in 2023, then fell to RMB 102.23 million in 2024, with a gross margin of 6.2%, 10.5%, and 6.7% respectively [5][6]. - Net profit peaked at RMB 73.47 million in 2023 but is expected to decline by 40% to RMB 43.88 million in 2024, indicating a situation of "increased revenue without increased profit" [5][6]. Market Challenges - The company faces challenges due to the concentration of its business model, particularly with tightening U.S. tariff policies that suppress core market demand and increase operational costs [1][13]. - The U.S. has recently reinstated tariffs on low-value imports from China, which could further impact customer demand and operational costs for Shunyou Logistics [12][13]. Regional Revenue Structure - The revenue distribution shows a significant increase in North America, rising from 23.4% in 2022 to 37.1% in 2024, while other regions like South America and Asia have seen declines [11][12].