证券代码：002352 证券简称：顺丰控股 公告编号：2024-115 顺丰控股股份有限公司 关于控股股东解除股份担保及信托登记的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）近日收到控股股东深圳明德控 股发展有限公司（以下简称"明德控股"）的通知，获悉明德控股发行的"2021 年面向专业投资者非公开发行可交换公司债券"（以下简称"21 明德 EB"）已经 完成摘牌，并于 2024 年 11 月 26 日办理完成解除股份担保及信托登记手续，具 体事项如下： 一、"21 明德 EB"的兑付及摘牌情况 明德控股于 2021 年 11 月 23 日发行"21 明德 EB"，债券代码为 117191，初 始发行规模为 80 亿元人民币，债券期限为 3 年，换股标的股票为明德控股所持 的公司 A 股股票。 截至 2024 年 11 月 22 日（"21 明德 EB"兑付债权登记日），"21 明德 EB" 无债券持有人换股。2024 年 11 月 25 日，"21 明德 EB"已完成本息兑付并在深 圳证券交易所摘牌。 二、股 ...

顺丰控股股份有限公司 简式权益变动报告书 上市公司名称：顺丰控股股份有限公司 股票上市地点：深圳证券交易所 股票简称：顺丰控股 股票代码：002352 信息披露义务人一：深圳明德控股发展有限公司 住所：深圳市宝安区国际机场航站四路 1111 号 通讯地址：深圳市前海深港合作区南山街道兴海大道 3076 号顺丰总 部大厦 41 楼 股份变动性质：持股数量减少；持股比例被动稀释 信息披露义务人二：深圳市玮顺企业管理有限公司 股份变动性质：持股比例被动稀释 签署日期：2024 年 11 月 27 日 1 信息披露义务人声明 一、本报告书依据《 中华人民共和国证券法》 上市公司收购管 理办法》 公开发行证券的公司信息披露内容与格式准则第 15 号— 权益变动报告书》及相关的法律、法规和规范性文件编写。 二、信息披露义务人签署本报告已获得必要的授权和批准，其履 行亦不违反信息披露义务人章程或内部规则中的任何条款，或与之相 冲突。 三、依据 中华人民共和国证券法》 上市公司收购管理办法》 的规定，本报告书已全面披露了信息披露义务人在顺丰控股股份有限 公司《 以下简称《 公司"、《 上市公司"、《 顺丰控股"）中拥有权 益 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-116 顺丰控股股份有限公司 关于股东权益变动的提示性公告 控股股东深圳明德控股发展有限公司及其一致行动人深圳市玮顺企业管理有限公司保 证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信息一致。 顺丰控股股份有限公司（以下简称"公司"或"上市公司"）于 2024 年 11 月 27 日收到控股股东深圳明德控股发展有限公司（以下简称"明德控股"）及 其一致行动人深圳市玮顺企业管理有限公司（以下简称"深圳玮顺"）出具的《简 式权益变动报告书》。2020 年 8 月 4 日至 2024 年 11 月 27 日期间（以下简称 "本次权益变动期间"），因上市公司非公开发行 A 股股票、实施 A 股股票期 权激励计划、实施 A 股股份回购并注销、公开发行境外上市外资股（以下简称 "H 股"）股票，以及明德控股通过合法途径出售股份的原因使得明德控股及其 一致行动人深圳玮顺合计持股比例变化累计达到了 5%。本次权益变动期间，明 德控股及其一致行动人深圳玮顺合计持有公司股 ...

Investment Rating - The report does not explicitly mention an investment rating for the company [1] Core Viewpoints - The primary reason for the company's Hong Kong IPO is to attract international capital and integrate into the global market, leveraging Hong Kong's unique position as a highly internationalized stock market [2][3] - The company aims to expand its international presence, moving from China to Asia and then globally [13][22] - The IPO is seen as a strategic move to enhance the company's brand and business internationalization, rather than a necessity for immediate funding [21][22] Capital Expenditure and Financials - The company has significant capital expenditures, primarily on logistics infrastructure such as airports, logistics hubs, and transportation vehicles [6][8] - From 2021 to 2024, the company's capital expenditures were 135.8 billion, 53.8 billion, 19.9 billion, and 25.1 billion RMB respectively [8] - The company's fixed assets include 99 aircraft and over 186,000 transportation vehicles, making it the largest air and land transport fleet in Asia [8] IPO Details and Use of Proceeds - The company raised HKD 5.66 billion in its Hong Kong IPO, with a slight increase of 0.44% at the morning close [2] - The IPO price was set at HKD 34.3 per share, a 24% discount to the A-share price of RMB 42 per share [2] - The proceeds from the IPO are allocated as follows: 45% for international expansion, 35% for domestic logistics network enhancement, 10% for digitalization and ESG investments, and 10% for working capital [14] International Expansion Strategy - The company plans to use 20% of the IPO proceeds to strengthen logistics services and network coverage in Asia, particularly Southeast Asia [14] - Another 20% is earmarked for mergers and acquisitions to enhance international and cross-border logistics capabilities [14] - The company aims to upgrade its intercontinental logistics network and infrastructure with 5% of the proceeds [14] Market Position and Growth - The company is the largest air freight carrier in China, operating 99 aircraft and accounting for 32.0% of China's air freight volume in the first half of 2024 [6] - It is also the largest land transport fleet in Asia, with over 186,000 vehicles [8] - The company has a compound annual growth rate (CAGR) of 11.7% in revenue from 2021 to 2023 and a CAGR of 31.9% in net profit attributable to owners during the same period [18] Revenue Composition - Despite its international ambitions, 80%-90% of the company's revenue is still derived from domestic operations [19] - The company's international revenue is largely driven by domestic customers' overseas shipping needs [19]

证券代码：002352 证券简称：顺丰控股 公告编号：2024-113 顺丰控股股份有限公司 关于境外上市外资股（H 股）配发结果的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"、"顺丰控股"）正在进行发行境 外上市外资股（以下简称"H 股"）股票并在香港联合交易所有限公司（以下简 称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的相关工作。 本次拟发行的 H 股股份的认购对象仅限于符合相应条件的境外投资者及依 据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构和合格境 内机构投资者及其他符合监管规定的投资者。因此，本公告仅为 A 股投资者及 时了解公司本次发行上市的相关信息而作出，并不构成亦不得被视为是对任何 境内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 公司本次全球发售 H 股基础发行股数为 170,000,000 股（行使超额配售权之 前），其中，香港公开发售 31,450,000股，约占全球发售总数的 18.50%（行使超 额配售权之前）；国际发售 138,550,000 ...

Investment Rating - Buy rating maintained for SF Holdings (002352) [3] Core Views - SF Holdings is a comprehensive logistics leader in China, entering a new development phase with operational and cash flow inflection points [3] - Short-term: Revenue growth driven by improved logistics network and multi-business synergy, with potential for margin expansion [3] - Long-term: Ezhou Airport to empower air cargo business and open up international growth opportunities [3] Business Overview - SF Holdings has diversified into time-sensitive express, economy express, freight, cold chain, same-city delivery, and supply chain & international businesses [14][16] - Time-sensitive express remains the core, contributing 44% of H1 2024 revenue [16] - Economy express revenue grew 9.3% YoY in H1 2024, with 15.6% growth excluding Fengwang [16] - Freight business revenue increased 16.1% YoY in H1 2024 [16] Operational Inflection Points - Economy express: Focus on mid-to-high-end e-commerce market, with profitability turning positive [3][26] - Freight: Achieved profitability in 2022, with further cost optimization in 2023 [3][29] - Same-city delivery: First full-year profit in 2023, with 105% YoY profit growth in H1 2024 [3][30] Financial Inflection Points - Operating cash flow CAGR of 36% from 2018-2023, with 11.9% YoY growth in Q1-Q3 2024 [3][32] - Free cash flow turned positive in 2022, reaching RMB 12.87 billion, and further increased to RMB 12.66 billion in 2023 [3][35] Short-term Outlook - Time-sensitive express: Air coverage expansion to drive upgrades from ground to air shipments, potentially increasing next-morning delivery cities from 20+ to 30+ [38] - Economy express: Differentiated positioning in mid-to-high-end e-commerce market to capture market share [39] - Freight: High-quality service capabilities expected to drive demand growth [42] Long-term Outlook - Ezhou Airport: Operational since July 2022, with 55 domestic and 13 international cargo routes by June 2024 [54] - Three-stage growth expected: 1) Service capability enhancement, 2) Warehouse-distribution integration, 3) Industrial cluster expansion [55] - International business: Higher gross margins compared to domestic logistics, with 45% of China's top 500 companies using SF's international services [62][66] Financial Projections - 2024-2026 revenue growth forecast at 10.18%, 10.94%, and 10.24% respectively [73] - 2024-2026 net profit forecast at RMB 10.04 billion, RMB 12.00 billion, and RMB 14.42 billion, with a 3-year CAGR of 20.54% [73] Valuation - FCFF model suggests a target value of RMB 320.5 billion, or RMB 66.54 per share [77] - 2024-2026 PE ratios estimated at 20x, 17x, and 14x respectively [79] - Maintain "Buy" rating based on absolute valuation, PE analysis, and cash flow multiples [81]

Group 1 - The core point of the announcement is that the controlling shareholder, Shenzhen Mingde Holdings Development Co., Ltd., will issue bonds that can be exchanged for the company's A-shares starting from November 25, 2024 [2][3] - The bond issuance is for a total amount of 8 billion RMB, with a maturity of 3 years and an initial exchange price set at 60.00 RMB per share, which will be adjusted to 58.60 RMB per share due to a special dividend distribution [2] - The exchange period for the bonds will last from November 25, 2024, to May 17, 2027, allowing bondholders to convert their bonds into A-shares [2][3] Group 2 - The company is in the process of issuing H-shares for overseas investors, with the final price set at 34.30 HKD per share, excluding various transaction fees [5][6] - The H-shares are expected to be listed and start trading on the Hong Kong Stock Exchange on November 27, 2024 [6]

Core Viewpoint - SF Holding has set the final price for its H-share issuance at HKD 34.30 per share, with the listing expected on November 27, 2024, on the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image [1] Group 1: Company Overview - According to Frost & Sullivan, SF Holding is the largest integrated logistics service provider in China and Asia by revenue in 2023, and the fourth largest globally [2] - The company leads in five logistics segments in China and four in Asia, offering comprehensive services including express delivery, freight, cold chain logistics, same-city delivery, supply chain solutions, and international logistics [2] - As of June 30, 2024, SF Holding operates a vast global delivery network covering 202 countries and regions, with 99 aircraft and over 186,000 vehicles, making it the largest air and ground fleet in Asia [2] Group 2: Market Position - In various sub-sectors in China, SF Holding holds market shares of 11.7% in express delivery, 1.7% in freight, 2.2% in cold chain logistics, 13.8% in same-city delivery, and 3.2% in end-to-end supply chain solutions, with express delivery being its flagship product at a 63.9% market share in 2023 [3] Group 3: Financial Performance - For the first three quarters of 2024, SF Holding reported revenues of CNY 206.861 billion and a net profit of CNY 7.617 billion, with Q3 revenue reaching CNY 72.451 billion, a year-on-year increase of 12.07%, and a net profit of CNY 2.810 billion, up 34.59% [3] - The strong financial performance has enabled the company to enhance shareholder returns, with a five-year shareholder return plan set to increase the cash dividend ratio from 35% in 2023 [3] Group 4: Dividend Plans - In October, SF Holding announced a mid-term cash dividend of CNY 4 per 10 shares, totaling approximately CNY 1.92 billion, which represents 40% of the company's net profit for the first half of 2024 [4] - Additionally, a special cash dividend of approximately CNY 4.8 billion is planned for all shareholders before the H-share issuance, bringing the total dividend amount to over CNY 6.7 billion, reflecting the company's confidence in future performance [4]

证券代码：002352 证券简称：顺丰控股 公告编号：2024-112 顺丰控股股份有限公司 关于境外上市外资股（H 股）公开发行价格的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"、"顺丰控股"）正在进行发 行境外上市外资股（以下简称"H 股"）股票并在香港联合交易所有限公司 （以下简称"香港联交所"）主板挂牌上市（以下简称"本次发行上市"）的 相关工作。 因本次拟发行的 H 股股份的认购对象仅限于符合相应条件的境外投资者及 依据中国相关法律法规有权进行境外证券投资管理的境内证券经营机构和合格 境内机构投资者及其他符合监管规定的投资者。因此，本公告仅为 A 股投资者 及时了解公司本次发行上市的相关信息而作出，并不构成亦不得被视为是对任 何境内个人或实体收购、购买或认购公司任何证券的要约或要约邀请。 公司已确定本次 H 股发行的最终价格为每股 34.30 港元（不包括 1%经纪佣 金、0.0027%香港证券及期货事务监察委员会交易征费、0.00565%香港联交所 交易费及 0.00015%香港会计及财务汇报局交易征 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-111 顺丰控股股份有限公司 关于控股股东 2024 年非公开发行的债券 进入换股期的提示性公告 本公司控股股东深圳明德控股发展有限公司保证向本公司提供的信息内容真实、准确、 完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证信息披露的内容与信息披露义务人提供的信息一致。 顺丰控股股份有限公司（以下简称"公司"）于近日收到公司控股股东深圳 明德控股发展有限公司（以下简称"明德控股"）的通知，明德控股 2024 年非 公开发行的债券（以下简称"本次债券"、"债券"）将于 2024 年 11 月 25 日 进入换股期。具体情况如下： 2024 年 5 月 23 日，明德控股完成本次债券的发行。本次债券为以公司 A 股 股票为标的的可交换公司债券，债券简称"24 明德 EB"，债券代码"117223"， 募集资金规模 80 亿元人民币，债券期限为 3 年，初始换股价格为 60.00 元人民 币/股。因公司实施了 2024 年中期分红及回报股东特别分红权益分派，于 2024 年 11 月 7 日，本次债券换股价格调整为 58.60 元 ...