[中报]顺丰控股(002352):2023年半年度报告（英文版）
原标题:顺丰控股:2023年半年度报告（英文版） Chapter1ImportantInformation,TableofContentandDefinition The Company's Board of Directors, Supervisory Committee, directors, supervisors, and seniormanagementherebyguaranteethatthecontentsoftheInterimReportaretrue,accurate,andcomplete,andthattherearenomisrepresentations,misleadingstatements,ormaterialomissions,andshallassumeindividualandjointlegalliabilities. WangWei,theCompany'slegalrepresentative,HoChit,ChiefFinancialOfficer(financialhead),andHuXiaofei,theaccountingdirector,herebydeclareandwarrantthatthefinancialreportcontainedhereinistrue,accurate,andcomplete. AlldirectorshaveattendedtheBoardmeetingatwhichtheInterimReportwasconsidered.InthisInterimReport,theCompanydetailstheriskfactorsandcountermeasuresthatmayoccurinthefuture.Formoreinformation,referto"RiskandResponses"in"SectionX.RisksFacedbytheCompanyandCountermeasures" of "Chapter 3. Management Discussion and Analysis". Investors shall refer to thisinformation. TheCompanyisrequiredtocomplywiththedisclosurerequirementsof"ExpressServiceIndustry"inthe"Self-regulatoryGuidelinesNo.3–DisclosureofIndustryInformationforListedCompaniesontheShenzhenStockExchange". TheCompanyintendstopaynocashdividend,nobonussharesandnoconversionofequityreserveintosharecapital. TableofContents Chapter1ImportantInformation,TableofContentandDefinition............................................4 Chapter2CompanyProfileandKeyFinancialIndicators............................................................8 Chapter3ManagementDiscussionandAnalysis..........................................................................16 Chapter4CorporateGovernance..................................................................................................77 Chapter5EnvironmentandSocialResponsibilities.....................................................................79 Chapter6SignificantEvents...........................................................................................................82 Chapter7ShareChangesandShareholderDetails......................................................................96 Chapter8PreferredShares...........................................................................................................102 Chapter9Bonds.............................................................................................................................103 Chapter10FinancialStatements..................................................................................................104 ListofDocumentsAvailableforInspection (I)Financialstatementssignedandsealedbythelegalrepresentative,ChiefFinancialOfficer(financialhead)andtheaccounting directoroftheCompany. (II)TheoriginalcopiesofalldocumentsandannouncementsoftheCompanywhichhavebeenpubliclydisclosedinnewspapers designatedbytheChinaSecuritiesRegulatoryCommissionduringtheReportingPeriod.(III)Theoriginaltextofthe2023InterimReportsignedbythechairmanoftheBoardofDirectors.(IV)Theplacewheretheabovedocumentsaremaintained:theofficeoftheCompany'sBoardofDirectors.Definitions
I.CompanyInformation CompanyProfile
1.Companycontact WhethertheCompany'sregisteredaddress,officeaddressanditspostalcode,theCompany'swebsiteande-mailaddresshave changedduringtheReportingPeriod? ?Applicable□Notapplicable
WhetherinformationdisclosureandthelocationwherethereportiskeptchangedduringtheReportingPeriod??Applicable?Notapplicable ThenameofthenewspaperselectedbytheCompanyfordisclosureofinformation,thewebsitedesignatedbytheChinaSecurities RegulatoryCommission(CSRC)onwhichtheinterimreportisposted,andthelocationwheretheCompany'sinterimreportis keptwerenochangesduringtheReportingPeriod,whichcanbereferredtotheAnnualReport2022fordetails.3.Otherrelevantinformation WhetherotherrelevantinformationchangedduringtheReportingPeriod??Applicable?Notapplicable II.KeyOperatingandFinancialData ResultsOverviewfortheFirstHalfof2023 Totalassets Revenue RMB124.4billion ↓4.4% RMB218.0billion↑0.6% Netassetsattributabletothe 3 Grossprofit parentcompany RMB16.8billion ↑3.2% RMB89.9billion ↑4.3% Netprofitattributabletothe 1 parentcompany Basicearningspershare RMB4.18billion ↑66.2% RMB0.86/share ↑68.6% Netprofitattributabletothe parentcompanyafterdeducting 4 2 Returnonnetasset non-recurringprofitorloss RMB3.71billion ↑72.5% 4.72% +1.72% Notes： 1.Netpro?tattributabletotheparentcompanyreferstonetpro?tattributabletoshareholdersofthelistedCompany 2.Netpro?tattributabletotheparentcompanyafterdeductingnon-recurringpro?torlossreferstothenetpro?tattributabletoshareholdersofthelisted Companyafterdeductingnon-recurringpro?torloss 3.NetassetsattributabletotheparentcompanyreferstonetassetsattributabletoshareholdersofthelistedCompany 4.Returnonequityreferstotheweightedaveragereturnonequity Financialsummary 1.Majoraccountingdataandfinancialindicators WhethertheCompanyneedstoretrospectivelyadjustorrestatetheaccountingdataofpreviousyears?□Applicable?Notapplicable Unit：RMB'000
Segmentexternalrevenue Unit：RMB'000
Unit：RMB'000
(1)AstheCompanypromotedbusinessintegrationandadjusteditsinternalorganisationalstructureaccordingly,itadjustedthe compositionofitsoperatingsegmentsbasedonthechangesinitsbusiness,andmergedtheformerexpresssegmentandthefreight segmentintotheexpressandfreightdeliverysegment,andrestatedthefiguresforthesameperiodofpreviousyear.(2)ThecorrespondingrelationshipbetweentheoperatingsegmentsandtheCompany'sprincipalbusinesssegmentswas:the expressandfreightdeliverysegmentismainlytime-definiteexpressandeconomicexpressbusiness,freight,coldchainand pharmaceuticalbusiness;theintra-cityon-demanddeliverysegmentismainlyintra-cityon-demanddeliverybusiness;thesupply chainandinternationalsegmentmainlyisinternationalexpressbusiness,internationalfreightandfreightforwardingbusiness,and supplychainbusiness;theundistributedunitsmainlyincludesegmentsofnon-principallogisticsandfreightforwarding,including investment,industrialparksandotherfunctionalsegmentsoftheheadquarters.3.Non-recurringprofitorlossitemsandamounts Unit：RMB'000
doesnotdefinethenon-recurringprofitorlosslistedintheExplanatoryAnnouncementNo.1onInformationDisclosureof CompaniesOfferingSecuritiestothePublic—Non-recurringProfitorLossasrecurringprofitorloss.4.Differencesinaccountingdataunderdomesticandforeignaccountingstandards1.DifferenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewiththeInternationalAccounting StandardsandtheChineseAccountingStandards: □Applicable?Notapplicable 2.Differenceinthenetprofitandnetassetsinthefinancialreportsdisclosedinaccordancewithoverseasaccountingstandards andinaccordancewiththeChineseAccountingStandards: □Applicable?Notapplicable Chapter3ManagementDiscussionandAnalysis I.BusinessdevelopmentoftheCompany (I)IndustryReview 1. Amidst the challenging global macroeconomic takenintoeffect,andvitalityhasbeengraduallyrestoredin environment during first half of 2023, the Chinese themarket.Inparticular,thetotalretailsalesofconsumer economy stood out and registered stable growth with goodsinthefirsthalfoftheyearamountedtoRMB22.8encouraging momentum, in tandem with the Chinese trillion,withaperiod-to-periodperiod-to-periodincreaseof logistics industry in particular where strong signs of 8.2%.Inrelationtoonlineconsumption,withtherapidrise sectoralrecoverywasobserved. ofnewsocialorlive-streame-commerce,thenationalonlineretailsalesofphysicalgoodsincreasedby10.8%period-to- Ⅰ) The macroeconomic condition in China has period, accounting for 26.6% of the total retail sales of recorded gradual improvement and remarkable consumergoods,representingaperiod-to-periodincreaseof resilience.AccordingtoareportreleasedbytheWorldBank 0.7percentage points. Due to the weakening international inJunethisyear,theglobalgrowthhasslowedsignificantly market demand,thegrowth rateof import andexportis from last year against the backdrop of high inflation, under certain pressure, with the total import and export tighteningmonetarypoliciesandtightenedcreditconditions, tradingamountingtoRMB20.1trillioninthefirsthalfofthe andtheglobalGDPgrowthisprojectedtoslowdownfrom year, representing a period-to-period increase of 2.1%. 3.1% in 2022 to 2.1% in 2023. Nonetheless, China has However,theimportandexporttocountriesalongtheBelt demonstratedahighdegreeofresilienceinitseconomic andRoadhasincreasedby9.8%,withthetradingstructure operation amidst the challenges from the external optimisedonacontinuousbasis. environmentandhasbecomeanimportantengineofglobal economicgrowth.Variousmacroindicatorsshowthatboth Ⅲ) The ongoing evolution of the e-commerceindividualconsumptionandbusinessentitiesareshowinga ecosystemisdrivingtheshiftofthecompetitivefocusof positivetrendforbetterrecoveryinthedomesticeconomy. logisticsplayerstointegratedcapabilities. Alongwiththe Inthefirsthalfof2023,ChinaachievedatotalGDPof recovery of market demand and social circulation, theRMB59.3trillion,representingayear-on-yeargrowthof logisticsindustryexperiencedperiod-to-periodrecoverytoa 5.5%atconstantprices. certainextent.AccordingtothedatapublishedbyChinaFederationofLogistics&Purchasing,theaverageLogistics Ⅱ) Domestic industrial production and social ProsperityIndexofthefirsthalfof2023was51.22%,upby consumption have bounced back, with increasingly 1.85percentagepointsascomparedtolastyear.Thetotal optimizedcompositionofimportandexporttradingin domestic cost of social logistics was RMB8.6 trillion, goods. As the economy and society return to normal representing a period-to-period increase of 3.7%, and operation, and industrial production has been steadily accountedfor14.5%ofthetotalcostofsociallogisticsin recovering,theincrementvaluedeliveredbythebusinesses GDP.Inrespectoftheexpresssector,accordingtothedata abovedesignatedsizeacrossthenationinthefirsthalfofthe publishedbytheStatePostBureau,59.52billiondeliveries yearincreasedby3.8%period-to-period.Aseriesofpolicies were made in China during the first half of 2023, representing a period-to-period increase of 16.2%. The high-quality,customisedandintegratedlogisticsservices. revenueofChina'sexpressdeliverybusinessinthefirsthalf Emergingindustriessuchasrenewableenergy,newretail of2023wasRMB554.29billion,representingaperiod-to- andin-vitrodiagnosishavegrownrapidlyinrecentyears, periodincreaseof11.3%.TheAverageSellingPrice(ASP) andduetotheirspecialcharacteristics,theseindustrieshave wasRMB9.31perdelivery,representingaslightperiod-to- raisedconsiderablyhighrequirementsforlogisticsservices perioddecreaseandindicatingincreasingcompetitioninthe intermsofreliability,timeliness,temperature,cross-border sector. capabilities and integrated solutions. It is difficult forlogistics companies engaged in a single or standardised businesstoprovidethecorrespondingservices,thuscreating 2.Nationalpoliciesandemergingmarketdemands a huge development opportunity for integrated logistics continuetodrivethecompetitionfocustoservicequality serviceproviders.Bytailoringhigh-quality,integratedand andcapabilityofofferingcomprehensivelogisticsservice. customised solutions for major customers satisfying the needsoftheindustry,integratedlogisticsserviceproviders Ⅰ) National policies promote the high-quality areabletorapidlyexpandtheapplicationoftheirsolutions developmentofthemodernlogisticsindustry.InFebruary across the entire industry, thereby effectively capturing 2023,theCPCCentralCommitteeandtheStateCouncil incrementalmarketneeds. issuedtheOutlineforConstructionofaQualityState(《质 量强国建设纲要》), for the purpose of promoting III) The ongoing evolution of the e-commerce developmentofthedomesticeconomyandindustriesinthe ecosystemisdrivingtheshiftofthecompetitivefocusofdirectionofhighqualityandhighlevel.Significantquality logisticsplayerstointegratedcapabilities. Withtherise improvementshavebeenwitnessedincommerce,tourism, ofemergingsocial,livestreame-commerceandlocallife finance and logistics, and new requirements, including servicesaswellastherapiddevelopmentoftheemerging upgradingspecialisationinproductionservices,havebeen industries, high speed has become a major trend for the proposed.Inparticular,thefollowingnewrequirementshave logistics service. Enterprises, merchants and e-commerce beenraisedforthelogisticssector,namely,toimprovethe platformshavebeenattachingincreasingimportancetothe quality of cold-chain logistics services through active timeliness and quality of logistics performance, and developmentofmulti-modaltransport,smartlogisticsand consumers'demandforhigh-quality,time-sensitivelogistics supply chain logistics, optimise international logistics servicesisalsorisingrapidly.Enhancingserviceleveland corridors,andfacilitatecustomsclearanceatports.Inthe development quality has become the new theme of the future, the logistics infrastructure will be improved industry. Logistics enterprises have actively promoted continuouslyandtheefficiencywillbegraduallyenhanced service subdivision and product classification, optimised sothattheindustrywillbeupgradedandtheconsumption service mode and expanded the breadth of services, potentialwillbefurtherreleased.Thepolicieswillpromote perfected the operation process, improved the quality of logisticsenterprisestoimprovethequalityandcapabilityof terminalservices, andenhanced thecustomer experience. logisticssupply,acceleratethepaceofdigitaltransformation, Thus,thecompetitionintheindustryhasbeengradually makeupfortheshortcomingsofinternationallogistics,and transferredfromthepricecompetitionforthepasttothe graduallyenhancethegreenandlow-carbonoperation,thus competitionofservicelevelandquality.Inaddition,withthe continuouslyimprovingthecomprehensivecompetitiveness complexity of the supply chain intensifies, Chinese oflogisticsenterprises. enterprisesproposeincreasingdemandforone-stoplogisticsservicesfromthird-partyserviceproviders,andintegrated II) Emerging industries have been generating logisticsserviceprovidersenjoytheadvantageofpossessing diversifiedlogisticsneeds,andthereisanurgentneedfor multi-scenariosservice. Inadditiontotheintra-Asiamarket,thelocallogisticsmarketofvariouscountriesinSoutheastAsiaalsopossesses great potential for development in line with economic 3. The local logistics market in intra-Asia and growth,increasingurbanisationrate,risinglocalspending various countries in Southeast Asia and the power, improved e-commerce penetration and continued intercontinental logistics market in Asia will maintain improvement in infrastructure. According to Frost & rapidgrowth,withhugedevelopmentopportunities. Sullivan, the total local logistics spending of various countriesinSoutheastAsiahasreachedUSD453.9billionin Inrecentyears,withthegrowingpresenceofAsian 2022,andisexpectedtomaintainataCAGRof7.1%over emergingeconomiesincludingcountriesinSoutheastAsia thenextfiveyears.Thee-commerceexpressdeliveryservice in the global supply chain, the materialisation of the isthemajorgrowthdriverfortheindustryinSoutheastAsia, RegionalComprehensiveEconomicPartnership(RCEP),the withe-commercepenetrationrateincreasingfrom3.5%in deepening cooperation between China and ASEAN Free 2017to15.4%in2022,andisexpectedtofurtherincreaseto TradeAgreement(CAFTA),andtherapiddevelopmentof 29.8% in 2027, resulting in considerable local logistics cross-border and local e-commerce businesses, the intra- demand. Asiatradevolumeandlogisticsdemandisgrowingrapidly. AccordingtoFrost&Sullivan,theintra-Asiatradevolume AsthecorenodesofimportandexporttradingofAsia, hasaccountedfor35%ofglobaltradevolumein2022.In China,togetherwithSoutheastAsia,createshugemarket particular,theChina-SoutheastAsiatradechainisoneofthe opportunitiesinAsia'sintracontinentalandintercontinental largesttradechainswithinAsiawiththefastestgrowth,and integrated cross-border logistics services, such as time- thetradevolumeofwhichaccountsfor24%ofintra-Asia definite express, freight forwarding and supply chain cross-borderlogisticsspendingin2022.Accordingtothe resolution markets. For Chinese logistics enterprises that above study, the total logistics spending of the China- have pioneered in expanding business network to the SoutheastAsiatradechainreachedUSD56.3billionin2022, Southeast Asia market, and are capableof providing the growingataCAGRofupto16.5%from2017to2022,and globewithlogisticsandfreightforwardingservicebasedin isexpectedtomaintainahighCAGRof11.6%overthenext Asia, they will be more able to grasp the development fiveyears.Lookingahead,ChinaandSoutheastAsiawill opportunities under the background of industrial chain form an effective complementary industrial structure, upgrading and reshaping, join hands with more Chinese forming a new pattern of“China + Southeast Asia” brandstogoabroadandhelpmultinationalbrandsreshape integratedsupplychain,whichwillbringgreatopportunities theirsupplychains,createastable,efficientandend-to-end fortheinternationalbusinessofChineselogisticsenterprises. internationalsupplychain,andrealisetheglobalisedlayout ofthelogisticsnetworkportfolio. (II)PrincipalbusinesssegmentsoftheCompany 1 SFHoldingisthelargestintegratedlogisticsserviceprovider inChinaandAsia,andthefourthlargestintheworld. Withthelogisticsecosystemasafocalpoint,theCompanyhascontinuallydevelopeditsportfolioofproductandservice capabilities,andhasexpandedtocovertime-definiteexpress,economyexpress,freight,coldchainandpharmaceuticals,intra-city on-demanddelivery,internationalexpress,internationalfreightandfreightforwarding,andsupplychain,toprovidecustomers withdomesticandinternationalend-to-endone-stopsupplychainservices.Meanwhile,throughleveragingleadingtechnologyand researchanddevelopmentcapabilities,theCompanystrivestocreateadigitalsupplychainecosystem,andbecomeafrontrunner inglobalintelligentsupplychain. Withtheaimofsustainableandhealthydevelopmentthroughvisionaryandforward-lookingstrategicplanning,forthepast threedecades,theCompanyhasaccuratelyseizedopportunitiestoexpanditsscale,maintainindustryleadership,andhasbecome theleadinglogisticscompanyinChinaandAsia.TheCompany'sflagshipproduct,time-definiteexpress,hasdominantmarket leadershipinChina,andthroughleveragingthenetworkresourcesandcapabilitiesforitstime-definiteexpress,theCompanyhas rapidlyandefficientlyexpandedintonewlogisticsservicesub-segments,coveringfromsmallparcelstobulkandheavycargoes, fromstandardizedexpressdeliverytobe-spokesupplychainservices,andfromChinatoAsiaandfurthertotheworld.Intermsof revenuein2022,theCompanywasthemarketleaderinChinaacrossfivelogisticssub-segmentsincludingexpress,freight,cold 2 3 chain,intra-cityon-demanddelivery andsupplychain,andthemarketleaderinAsiaacrossfourlogisticssub-segmentsincluding 2 4 1 express,freight,intra-cityinstantdelivery andinternationalbusiness inAsia. Lookingahead,theCompanyiscommittedtobecomingtheleadinggloballogisticscompanyconnectingAsiaandtheworld. TheCompanywillsolidifyitsmarketleadershipinChinaandcontinuetoexpanditspresenceinAsiaandglobally;rapidly replicateitsprovendomesticknow-howtooverseasnetworks,andexpandgloballybyleveragingitswell-recognisedbrand, leadingcostadvantagesandintegratedlogisticsservicecapabilitiestodrivethesustainableandhealthygrowthoftheCompany,so astobecomethego-tologisticspartnerofglobalbusinesscustomersandretailcustomerstofostershared-growthunlockvalue together.1 AccordingtoFrost&SullivanReport,intermsofrevenuein2022 2 Amongthird-partyintra-cityon-demanddeliveryserviceproviders 3 Amongnon-state-ownedindependentthird-partysupplychainsolutionproviderscommerce platforms: the Company further enhances its (III)Summaryofbusinessdevelopment parcelreturnservicecapabilitiesfore-commerceplatforms, 5 creating a comprehensive and differentiated fulfilment 1.Customeroperation experience through a variety of time-definite and value- By adhering to the strategy of "Deepen industry added services, and provides value-added services penetration, expend business scenarios and product throughoutthewholeprocessfromcollectiontodelivery,so offerings",theCompanycontinuestoimproveitscustomer as to promote the parcel return services for e-commerce management system based on customer stratification to platform return business to maintain rapid growth. c. enhance its differentiated service competitiveness and Facilitate cross-border e-commerce: we facilitate the operationalefficiency. domestic e-commerce platforms to achieve concentrated transportationinChinaanddirectshipmentabroad,thereby Ⅰ)Creditaccountclients toexpandoverseasmarketthroughintegratingadvantageous AsoftheendofJune2023,thenumberofactive resources such as express delivery, freight, warehousing, 6 credit account clients amountedtoapproximately1.90 internationalall-cargoflight,andlogisticspartners.During million,anincreaseof140,000comparedwiththesame thefirsthalfof2023,theCompanywitnessedrapidgrowth periodofthepreviousyear. inthenumberofplatformpartnersandparcelvolumeinthe cross-bordere-commercebusiness. (1)SKA(strategickeyaccounts):Orchestratingthe Group’scompetitiveadvantagesinboththecomprehensive ②Communicationandhigh-techcustomers: productofferingsandwell-establishedoperationalcoverage In order to meet the domestic and international acrossthesupplychainsolutions,enhancingSF’sabilityto integratedlogisticsneedsfocusingontime-sensitiveexpress provide highly integrated solutions to various customer delivery,bulktransportation,warehousingandcross-border verticals,continuouslyextendingsolutionscoveragetowards transportation for customers in high-tech industry, the newlogisticsscenariosfromupstreamanddownstreamof Company has built up integrated supply chain service thesupplychain,fosteringthegrowthofGroup’scustomer capabilitiesfocusingonupstreamequipmentandmaterials, walletsharethroughouteachpartofthesupplychain. midstreamdevicemanufacturinganddownstreamfinished ①E-commerceplatformcustomers:a.Positioned product distribution to help customers expand overseas toservenewformsofe-commerce:followingtherapid footprintandenhancetheefficiencyofcustomers’supply emergenceofnewe-commerceplatformsandlivestreaming, chains both domestically and overseas. In addtion, by the e-commerce platforms have been introducing novel integratingtheGroup’sdomesticandoverseassupplychain businessmodelsinresponsetotheshiftindemandi.e.via resources,theCompanyhassuccessfullyimplementedlarge- thelivestreamingoropinionatingbytop-tierstreamersto scale projects such as centralized warehouse for raw drivethedevelopmentpathwayofe-commerceplatforms. materialsforonecustomerandintelligentwarehousingfor Combining its layered-structured products of multiple onecustomer,andhasaccumulatedmanagementcapability delivery timeliness and superior service capabilities, SF andexperienceforlarge-scaleintegratedlogisticsprojects, assistsplatformstocreatetheirexclusiveservicemodels, whichhasgainedin-depthrecognitionfromthecustomer, whilestrengtheningthesupplychaincapabilitiesofSFinthe thuslayingthefoundationforfurthercementingtheshareof fieldofonlinesupermarketandnear-fielde-commerce.b. largecustomers’globalbusiness. Continuouslypenetrateintoparcelreturnservicesfore- ③ Appreal, footwear, and hats customers: The Companyhasgraduallyexpandedthemarketshareinthe 5 Thestatistics inthissub-sectionexcludethecustomerdataofSFSupplysupplychainscenariosforappreal,footwearandclothing Chain,NewHAVIandKerryLogistics customers,andextendedthebusinessscenariosofserving 6 internationalmajorbrandsfromtraditionalB2Cbusinessto ThenumberofactivecreditaccountclientsreferstothecustomersthatenteredintobusinessagreementswiththeCompanyandstilltramsactedoflow-carbonenvironmentalprotection,thenewdemandfor (3)SME(smallandmedium-sizedenterprises):Thedestruction of garments of international brands in an Company focuses on the three core strategies, namely, environment friendly way has been highlighted, and the businessinnovation,customersatisfactionenhancement,and Company has aggregated a number of internal business establishmentofawell-builtsalesteam,soastoimprove capabilitiestoprovidecustomerswithend-to-endsolution service quality provided to the SME. ① Business coveringthewholechainof"transport-storage-destruction" expansion:weconsolidatetheexistingcustomersthrough ofgarments,cooperatingwithcustomerstopromotegreen refined management, explore growth opportunities by andsustainabledevelopment. developing new business scenarios, adopt technologysolutionstosupportbusinessdevelopmentandofferamixed ④ Fast-moving consumer goods customers: portfolio of multiple products; ② Enhance customer LeveragingSF’sintelligentsupplychainwarehousenetwork satisfaction: we provide customers fast and customer- planning,integratedwarehousinganddistributionsystems centricservicesunderclosed-loopend-to-endmanagement andcomprehensiveindustry-tailoredsolutionscapabilities, toaddresscustomers'needs,improveresponsetimelinessto SFassistedacustomerinits supplychaintransformation theirneeds, andenhancecustomer satisfaction; ③ Sales and upgrade. During the first phase of cooperation, the capability enhancement: the Company further optimises Company brought the customer's online consumers fast thesalesmanagementsystem,andbuildsawell-established, fulfilmentserviceswhichonlytook12to48hoursfrom professionalandself-motivatedsalesteamthroughoverall order placement to delivery, and the customer and the managementcoveringrecruitment,cultivation,management Company will carry out more efficient synergies in the andevaluation. second phase of cooperation to enhance customers' experiencethroughoutallchannels. II)Retailcustomers (2)KA(keyaccounts):①Mechanismiteration:the AsoftheendofJune2023,thenumberofretailCompanyhasiterateditscustomerintroductionandupgrade customers amounted to 625 million, representing an system based on customer needs through improving increaseofmorethan40millioncomparedwiththesamecustomer portrait. Meanwhile, it reviews business periodofthepreviousyear.Weincreasedtouchpointswith opportunity potential and cooperation progress, and then retail customers through multiple channels, online and further subdivides the KAs into core KA, key KA and offline,toensurethegrowthofourretailbusiness:potential KA, and adopts differentiated customer (1) Online: ① External platforms: the Company management strategies in terms of resource support, continuouslyimprovesthecoverageofexternalcooperation operationandmaintenanceguarantee, solutionsandother channels and launches more new service scenarios and dimensions.② Business focus: focusing on the functions,suchasoptimisingenquiryforhistoricaldeliveries, breakthrough of new business scenarios in 9 major sub- upgradinguserpreferencefunctionsandvalue-addedservice industries,theCompanypromotestheintegrationandreuse functions,andlaunchingmorelifestylescenariosservices of industry solutions to expand the scale of business. (e.g., laundry, recycling of used items), to enhance the Customersofhighpotentialaretargetedbyprovidingthem stickinessofretailcustomers.ThenewcustomersofSFAPP tailoredsolutionsbasedontheirspecificneedsandguiding registered on WeChat/Alipay/Baidu platforms was themtorecognisethevalueoffull-scenarioservices,thus approximately28millionduringthefirsthalfof2023.②SF realising business breakthrough. ③ Management APP: through new launch of short video capability and refinement: the Company manages to achieve overall extending to more service scenarios, the Company has implementationofitsservicethroughfocusingoncustomer further strengthened channel building of SF APP. The imagevisualisation,solutioncapabilityupgrading,customer numberofnewregisteredcustomerofSF APPforthefirst operationandmaintenanceupgrade,andteammanagement halfof2023wasapproximately13million,withdailyactive capability enhancement, thus enhancing customers’ usersrepresentingaperiod-to-periodincreaseof19.7%. experience. (2)OfflineChannel:TheCompanyisfocusingonthe managementovertheresourcesatcountyandlowerlevels,strategic goalof "continuouslydeepening, expandingand soastoconsolidateourservicecompetitiveedgesinthe increasingthedensityoftheofflinechannelstoenhanceour remotetownships,andatthesametime,theCompanywill competitivenessinthelast100-meterservice": ①Atthe granttownshipagentsdiscountauthorisationasappropirate, urbanend,theCompanywillemphasizetwomajortasks, andcarryouttargetedmarketingstrategies inaccordancenamely, the refined expansion and operation of channel withthebusinesscharacteristicsofdifferenttownships,soas managementandthechangeofregionaloutsourcingmodels, tofurtherseizetheshareinlow-tiermarket.AsofJune30, targeting to further improve channel coverage and 2023, the aggregate number of courier stations and strengtheninglayeredchanneloperation;②Attheruralend, cooperation stations in other external channels of SF in the Company will continue to expand the cooperation Chinaincreasedby25%ascomparedwiththatbytheendofchannels, improve service standard requirements and thepreviousyear.strengthen operational control through visualized 2.Businessdevelopment I)Time-definiteexpress Inthefirsthalfof2023,theCompany'stime-definite transshipments and to achieve higher timeliness of time- express business achieved tax-exclusive revenue of definitedelivery.(5)E-commercereturns:Benefitingfrom RMB56.07 billion, representing a period-to- period our leading strength in door-to-door collection, the increaseof13.8%.Withthegradualrecoveryofsocialand continuous expansion of various cooperative e-commerce economicactivitiesandconsumptioninthedomesticmarket, platformsaswellasimprovementinservicesatisfaction,our theCompanyrecordedarapidgrowthinthetime-definite volumeofparcelreturnservicesfore-commerceplatformsexpress business by taking advantages of self-operated in time-definite segment experienced a period-to-period network and strong control over respirces, providing increaseofover100%inthefirsthalfof2023,helpingthe efficientandstabledeliveryforcustomersandconsumers. Companycontinuouslyincreasethemarketshareinparcel returnservicesfore-commerceplatformsmarket. TheCompanycontinuestoexpanditstop-notchtime- definite services, improve service capabilities and cover Inaddition,theCompanyhasgraduallyswitchedpart more service scenarios: (1) SF speedy express: Taking ofthedomesticairhubroutestoEzhouaircargohub.Itis "upgrading time-definite capabilities, enhancing customer expectedthattheaircargohubwillbeputintooperation experience and improving claims related service" as the successively in the third quarter of 2023. The Company threecorefocuses,theCompanyhasimprovedtheproduct graduallybuiltahub-and-spokeairtransportationnetwork offeringcapabilitiesandservicequalityofSFExpressto withextensivecoverage,lowcost,andhighefficiency,soas furtherconsolidateSF'sleadingpositioninhigh-endtime- to achieve the optimisation and layout change of the definiteexpressmarket.(2)Intra-cityhalf-daydelivery: Company's full-link network mode, bringing more time- Byfullyintegratingthequalityresourceswithinthesame definitebusinessgrowth.city, the Company launched the product of "intra-city deliverywithinhalfaday",focusingonthedevelopmentof localconsumptionscenarios,exploringnewlocallifemarket, II)Economyexpress optimising product structure of time-definite express Inthefirsthalfof2023,theCompany'seconomy segment,andenlargingthescaleoftime-definitebusiness. express business achieved tax-exclusive revenue of During the first half of 2023, the product of "intra-city RMB12.13 billion, representing a period-to-period deliverywithinhalfaday"hasbeenexpandedto130cities. increaseof2.7%.Adheringtothetoneofhealthyoperation (3)Cross-cityexpeditedelivery:Inresponsetocustomer's and steady development, the Company is committed to demandforultimatetime-definitecross-citydeliveryina providing high-quality fulfilment services to e-commerce shortandmediumdistance,theCompanyhasfullylaunched platformsande-commercemerchants,withsteadygrowthin the product of "cross-city expedite delivery" by utilising（未完）  |