新股申购 | 顺丰控股一手入场费7333.22港元，小米为基石投资者之一

顺丰控股招股概况

顺丰控股（06936.HK），这家全球领先的综合物流服务提供商，于2024年11月19日至22日正式开启其在港股的招股之旅。此次全球发售共计1.7亿股H股，其中香港发售占比约9.5%，国际发售占比约90.5%，并设有15%的超额配股权。发售价区间定为每股32.3至36.3港元，预期将于2024年11月27日在香港联合交易所挂牌上市，股票代码06936.HK。

公司概况与业务亮点

顺丰控股，作为中国及亚洲最大的综合物流服务提供商，同时也是全球第四大综合物流服务提供商（根据弗若斯特沙利文报告），其业务模式涵盖了快递、快运、冷运、同城即时配送、供应链解决方案及国际物流服务等多个领域。公司凭借直营模式、综合物流能力和独立第三方的业务属性，在全球范围内建立了庞大的配送网络。

截至2024年6月30日，顺丰控股的配送网络已覆盖202个国家和地区，运营着99架飞机和超过18.6万辆车辆，分别构成了亚洲最大的空运机队和陆运车队。技术方面，公司拥有4199项专利及专利申请，持续利用自研技术提供创新解决方案，确保业务运营的卓越性。

财务表现与募资用途

顺丰控股近年来展现出稳健的财务表现。根据招股书，公司2021年至2023年的营收分别为2072亿元、2675亿元和2584亿元，毛利率稳定在12%以上。2024年前三季度，公司营收达到2069亿元，同比增长9.44%，净利为76亿元，同比增长21.59%。

此次港股IPO，顺丰控股预计募集资金净额约为56.61亿港元（假设发售价为每股H股34.30港元，即发售价范围的中位数，并扣除承销佣金及其他预计开支）。募集资金将主要用于加强国际及跨境物流能力、提升及优化在中国的物流网络及服务、研发先进技术及数字化解决方案、实施ESG相关举措以及作为营运资金及一般企业用途。

上市意义与展望

顺丰控股的港股上市，不仅将为公司带来更加多元化的融资渠道，还将借助香港的国际金融平台，进一步提升其全球影响力和品牌知名度。作为首家在A股和H股同时上市的快递公司，顺丰的成功上市无疑为整个物流行业树立了新的标杆，也为同类企业提供了宝贵的借鉴经验。

展望未来，顺丰控股将继续秉承“以客户为中心，以科技为引领”的发展理念，不断提升服务质量和运营效率，积极拓展国际市场和业务领域。同时，公司也将加强风险管理和创新能力，以应对日益激烈的市场竞争和不断变化的市场环境。在资本市场的助力下，顺丰控股有望开启更加辉煌的新篇章。

Sf Holding, the world's leading integrated logistics service provider, officially launched its IPO in Hong Kong from November 19 to 22, 2024. The global offering totalled 170 million H shares, of which about 9.5 per cent were sold in Hong Kong and about 90.5 per cent were sold internationally, with an over-allotment of 15 per cent. The offering price range is set at HK $32.3 to HK $36.3 per share and the company is expected to be listed on the Stock Exchange of Hong Kong on November 27, 2024 under the stock code 06936.HK.

Company overview and business highlights

Sf Holding, as the largest integrated logistics service provider in China and Asia, is also the fourth largest integrated logistics service provider in the world (according to the Frost & Sullivan Report), and its business model covers express, express, cold transport, intra-city instant delivery, supply chain solutions and international logistics services. The company relies on the direct operation model, comprehensive logistics capabilities and independent third party business attributes, and has established a large distribution network on a global scale.

As of June 30, 2024, SF Holding's distribution network has covered 202 countries and regions, operating 99 aircraft and more than 186,000 vehicles, making up the largest air and land transport fleets in Asia, respectively. In terms of technology, the company has 4,199 patents and patent applications, and continues to provide innovative solutions using self-developed technologies to ensure business operational excellence.

Financial performance and use of funds raised

Sf Holding has shown solid financial performance in recent years. According to the prospectus, the company's revenue from 2021 to 2023 is 207.2 billion yuan, 267.5 billion yuan and 258.4 billion yuan, and the gross profit margin is stable at more than 12%. In the first three quarters of 2024, the company's revenue reached 206.9 billion yuan, an increase of 9.44%, and net profit was 7.6 billion yuan, an increase of 21.59%.

Sf Holding expects to raise approximately HK $5.661 billion in net proceeds from the Hong Kong IPO (assuming an offering price of HK $34.30 per H share, which is the midpoint of the offering price range, net of underwriting commissions and other projected expenses). The proceeds will be used primarily for strengthening international and cross-border logistics capabilities, enhancing and optimizing logistics networks and services in China, developing advanced technologies and digital solutions, implementing ESG-related initiatives, and for working capital and general corporate purposes.

Significance and prospect of listing

The Hong Kong stock listing of SF Holding will not only bring the company more diversified financing channels, but also further enhance its global influence and brand awareness with the help of Hong Kong's international financial platform. As the first express delivery company to be listed in both A and H shares, SF Express's successful listing undoubtedly sets a new benchmark for the entire logistics industry, and also provides valuable reference experience for similar enterprises.

Looking forward to the future, SF Holding will continue to adhere to the development concept of "customer-centric, technology-led", constantly improve service quality and operational efficiency, and actively expand the international market and business areas. At the same time, the company will also strengthen its risk management and innovation capabilities to cope with the increasingly fierce market competition and changing market environment. With the help of the capital market, SF Holding is expected to open a more brilliant new chapter.