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 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-110 顺丰控股股份有限公司 关于 2022 年股票期权激励计划预留授予股票期权第二个行权期 采用自主行权模式的提示性公告 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。 重要提示： 1、公司 2022 年股票期权激励计划预留授予股票期权的第二个行权期符合 行权条件的激励对象共 31 名，涉及的可行权的股票期权数量为 24.1313 万份， 占公司目前总股本的 0.0050%；行权价格均为 40.199 元/股。 2、本次行权的股票期权简称：预留授予部分为"顺丰 JLC2"。 3、本次行权的股票期权代码：预留授予部分为"037315"。 4、本次股票期权行权采用自主行权模式。 5、根据业务办理的实际情况，本次股票期权实际可行权期限为自 2024 年 11 月 27 日至 2025 年 10 月 27 日止。 6、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 顺丰控股股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召开第 六届董事会第十七次会议及第六届监事会第十三次会议审 ...

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，获悉其所持有的公司部分股 份解除质押以及办理质押，具体事项如下： 1、股东股份解除质押的基本情况 2、股东股份办理质押的基本情况 | | 是否为控股 | 本次质押 | 占其 | 占公 | 是否为限售 | 是否 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 数量 | 所持 | 司总 | 股（如是， | 为补 | 质押起始 | 质押到期 | 质权人 | 质押 | | 名称 | 大股东及其 | | 股份 | 股本 | 注明限售类 | 充质 | 日 | 日 | | 用途 | | | 一致行动人 | （股） | 比例 | 比例 | 型） | 押 | | | | | | | | | | | | | 2024 年 | 办理解除 | 平安银行 | | | 明德 控股注 | 是 ...

Group 1 - SF Holding (06936.HK) is conducting an IPO from today until the 22nd, issuing 170 million H-shares with a price range of HKD 32.3 to HKD 36.3, aiming to raise up to HKD 6.171 billion [1] - The minimum investment for one lot of 200 shares is HKD 7,333.22 [2] Group 2 - Approximately 45% of the raised funds will be used to enhance international and cross-border logistics capabilities, 35% for optimizing the logistics network in China, 10% for technology research and digital solutions, and the remaining 10% for working capital and general corporate purposes [2]

证券代码：002352 证券简称：顺丰控股 公告编号：2024-108 及 H 股香港公开发售等事宜的公告 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 关于刊发 H 股招股说明书、H 股发行价格区间 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。 2023 年 8 月 21 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。2024 年 6 月 28 日，按照本次发行上市的 时间安排并根据香港联交所的相关规定，公司更新递交了本次发行上市的申请， 并于同日在香港联交所网站刊登了更新申请资料。 2024 年 5 月 31 日，中国证券监督管理委员会就公司本次发行上市出具《关 于顺丰控股股份有限公司境外发行上市备案通知书》（国合函〔2024〕1156 号）。 2024 年 9 月 12 日，香港联交所上市委员会举行上市聆讯，审议了公司本次 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2024-107 顺丰控股股份有限公司 融通不断开拓供应链及国际市场；综上，公司10月供应链及国际业务收入同比增 长21.74%。 上述数据未经审计，与定期报告数据可能存在差异，仅供投资者阶段性参考， 相关数据以公司定期报告为准，敬请广大投资者注意投资风险。 2024年10月快递物流业务经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2024 年 10 月业务经 营简报情况如下： | 项目 | 2024 | 年 | 10 月 | 2023 年 | 10 月 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | 营业收入（亿元） | | | 176.73 | | 154.68 | 14.26% | | 业务量（亿票） | | | 12.07 | | 9.51 | 26.9 ...