报告获取 - 2025年中期报告中、英文版本登载于公司及港交所网站[1][4] - 收取印刷本需填申请表发至指定邮箱或寄回过户登记分处[2][5] 股东通讯 - 非登记股东收电子通讯需联络中介提供邮箱[3][5][8] - 股东可选择印刷本语言版本[8] 申请要求 - 请求有效期至2026年5月31日，继续收需书面申请[8] - 未标记或多标记方框请求视为无效[8] 资料处理 - 股东提供资料自愿，不足可能无法处理要求[8] - 公司可披露转移股东资料，股东有权查改[8]

(Incorporated in the British Virgin Islands and continued into Bermuda as an exempted company with limited liability) （於英屬維爾京群島註冊成立並於百慕達存續之獲豁免有限責任公司） Stock Code 股份代號 636 15 September 2025 Dear Existing Registered Shareholder(s), Notification of Publication of Interim Report 2025 We, KLN Logistics Group Limited (the "Company"), hereby inform you that the English and Chinese versions of the Interim Report 2025 of the Company are available on the Company's website at www.kln.com and the website of The Stock Ex ...

59 國家及地區 59 國家及地區 18,000+ 全球員工 18,000+ 全球員工 5,600 平方呎佔地及設施 萬 5,600 平方呎佔地及設施 萬 2,300+ 自置營運車輛 2,300+ 自置營運車輛 附註：截至二零二五年六月三十日數據 附註：截至二零二五年六月三十日數據 目錄 目錄 資料概覽 資料概覽 02 公司資料及重要日期 02 公司資料及重要日期 03 財務摘要 03 財務摘要 06 業績概覽 06 業績概覽 07 管理層討論及分析 07 管理層討論及分析 07 業務回顧 07 業務回顧 12 財務回顧 12 財務回顧 12 員工及薪酬政策 12 員工及薪酬政策 13 企業管治及其他資料 13 企業管治及其他資料 20 獨立核數師審閱報告 20 獨立核數師審閱報告 22 中期財務報表 22 中期財務報表 49 釋義 49 釋義 公司資料及 重要日期 董事會 王衞先生（主席、非執行董事） 郭孔華先生（副主席、非執行董事） 執行董事 張炳銓先生（行政總裁） 鄭志偉先生 何捷先生 非執行董事 陳穎珊女士 OOI Bee Ti女士 獨立非執行董事 張惠民博士 黎壽昌先生 陳傳仁先生 黃汝璞女士 審核 ...

核心财务表现 - 剔除已终止经营业务后 2025年上半年核心纯利同比增长12%至6.81亿元 [1] - 盈利表现略高于星展预期 [1] 评级与估值 - 星展维持"买入"评级 [1] - 目标价由10.63港元下调至9.72港元 [1] 战略方向 - 公司持续寻求增长机遇以应对全球不确定性 [1]

公司股份情况 - 截至2025年8月底，法定/注册股份60亿股，面值0.5港元，股本30亿港元[1] - 截至2025年8月底，已发行股份18.07429342亿股，库存股份0股[2] - 2025年8月，法定/注册、已发行和库存股份数目无增减[1][2]

核心财务表现 - 剔除已终止经营业务后 2025年上半年核心纯利同比增长12%至6.81亿元 [1] - 核心纯利表现略高于该行预期 [1] 评级与估值 - 维持买入评级 [1] - 目标价由10.63港元下调至9.72港元 [1] 战略方向 - 公司持续寻求增长机遇以应对全球不确定性 [1]

涉及的公司与行业 * 公司：顺丰控股 (S.F. Holding, 002352.SZ/6936.HK) 与 嘉里物流 (Kerry Logistics, 0636.HK) [1] * 行业：综合物流、快递、货运代理、供应链管理 [1][9] 核心观点与论据 顺丰控股 (S.F. Holding) 2Q25 业绩与展望 * **收入符合预期，利润低于预期**：2Q25 收入同比增长 11% 至 770.08 亿人民币，符合预期，但剔除 10 亿人民币投资利得后的税前净利润为 25.77 亿人民币，低于高盛预期 13%，同比下降 3% [1][14] * **灵活定价策略推动市场份额增长**：为应对竞争，公司采取灵活定价策略，1H25 时效快递业务收入增长 7%，整体包裹量增长加速至 19% 同比，市场份额从 2H24 的 7.4% 扩大至 1H25 的 8.2% [2] * **利润率短期承压，长期改善可期**：2Q25 毛利率为 13.1% (低于高盛预期的 14.6%)，EBIT 利润率为 5.1% (低于高盛预期的 6.0%)，主因灵活定价策略，但运营效率提升部分抵消了影响；公司计划继续投资提升服务质量并维持灵活定价，预计短期毛利率仍有压力，但对 2026 年基于扩大的业务规模实现利润率改善充满信心 [3] * **供应链与国际业务韧性增长**：1H25 供应链与国际业务收入同比增长 10% (但低于高盛预期 2%)，尽管在关税不确定性下增长较 2H24 放缓，但该业务在中国企业出海的大趋势下展现韧性，公司拥有 107 架全货机、79 个清关服务口岸等增强的跨境多式联运能力；高盛预计其 2025 年该业务收入将增长 10% [4][9] * **强劲现金流支持股东回报**：公司宣布派发 25 亿人民币中期股息，派息率为 40%；1H25 资本开支（不含股权投资）同比下降 24% 至 42 亿人民币 (占总收入 2.9%，去年同期为 4.1%)，因鄂州航空货运枢纽等主要投资项目已于 2023 年基本完成；管理层预计 2025 年绝对资本开支将与 2024 年持平 (<100 亿人民币) [10] * **推出长期员工持股计划**：公司推出为期 9 年的“共同成长”员工持股计划，控股股东将无偿捐赠不超过 2 亿股 A 股 (约占已发行股本的 4%) [11] * **目标价与评级**：维持对顺丰 A/H 股的“买入”评级，A 股 12 个月目标价维持 57 元人民币 (基于 8 倍 2025 年 EV/EBITDA)，H 股目标价从 47 港元上调至 52 港元 (基于 7 倍 2025 年 EV/EBITDA，因 A/H 股折价收窄) [12] 嘉里物流 (Kerry Logistics) 展望与风险 * **评级与目标价**：维持对嘉里物流的“中性”评级，基于 SOTP 的 12 个月目标价从 8.3 港元上调至 9.0 港元，主要风险包括货运代理费率及地缘政治不确定性 [13] * **业绩预测调整**：基于 1H25 业绩，将 2025-27E 收入预测上调 6%，现预计 FY25/26E 收入同比增长 3%/3%，并将 2025-27E 核心净利润预测微调 4%-5%，因国际货运代理利润超预期 [28][29] * **关键风险**：包括顺丰与嘉里整合加速带来的利润率改善、全球贸易和商业活动强于预期、出售亏损业务带来现金流改善超预期、中国合同物流和/或东盟快递市场竞争缓和 [30] 财务数据与预测调整 (顺丰控股) * **2Q25 关键财务数据**：收入 770.08 亿人民币 (同比 +11%)，毛利润 101.22 亿人民币 (同比 +1%)，EBIT (高盛定义) 39.21 亿人民币 (同比 -3%)，归属于股东净利润 35.04 亿人民币 (同比 +21%)，税前净利润 25.77 亿人民币 (同比 +3%) [14][16] * **预测调整**：将 2025-27E 收入预测微调 0-1%，主要因供应链与国际业务收入增长更强劲；将 2025-27E 净利润预测下调 2%~0%，主因灵活定价策略；预计 2025E 集团收入增长 9% (不变)，3Q25 收入增长 10% [12][17] * **利润率展望**：预计 3Q25/FY25E 毛利率为 13.4%/13.3% (此前为 14.2%/14.1%)，净利率为 3.8%/3.7% (此前为 4.1%/3.8%) [3] 其他重要内容 * **行业竞争与定价**：数据显示主要快递公司 (如中通、韵达、圆通、申通等) 的日均包裹量和单票收入同比变化，反映了行业内的价格竞争态势 [26][27] * **风险提示**：对顺丰的关键风险包括 prolonged price competition ( prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price competition prolonged price 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财务业绩 - 公司收入272.11亿港元，同比增长7% [1] - 核心纯利6.81亿港元，同比增长12% [1] - 公司股东应占溢利6.48亿港元，同比增长9.87% [1] - 每股基本盈利0.36港元，拟派发中期股息每股11港仙 [1] 业务分部表现 - 综合物流业务分部溢利增长5% [1] - 国际货运业务分部溢利增长22% [1] 市场环境与挑战 - 中国香港及中国内地市场受全球贸易紧张局势及消费模式转变影响 [1] - 国际货运市场面临贸易政策变化、地缘政治紧张局势、关税波动及红海危机持续等多重挑战 [1] - 公司通过亚洲其他市场增长及成本控制措施抵销分部溢利下滑 [1] - 公司凭借跨行业多元化产品组合及贸易航线应对严峻市况 [1] 可持续发展举措 - 公司准备遵守香港联交所新气候信息披露规定 [1] - 正收集温室气体排放详尽营运数据以识别重大环境影响范畴 [1] - 探索可持续船舶及航空燃料等替代燃料以支持净零排放目标 [1]

财务业绩 - 截至2025年6月30日止6个月收入272.11亿港元，同比增长7% [1] - 核心纯利6.81亿港元，同比增长12% [1] - 公司股东应占溢利6.48亿港元，同比增长9.87% [1] - 每股基本盈利0.36港元，拟派发中期股息每股11港仙 [1] 业务表现 - 综合物流业务分部溢利增长5% [1] - 国际货运业务取得分部溢利增长22% [1] - 亚洲其他市场增长及成本控制措施抵销香港及内地市场分部溢利下滑 [1] 市场环境 - 香港及内地市场受全球贸易紧张局势及消费模式转变影响 [1] - 国际货运市场面临贸易政策变化、地缘政治紧张局势、关税波动及红海危机持续挑战 [1] - 公司凭借跨行业多元化产品组合及贸易航线应对严峻市况 [1] 可持续发展 - 公司准备遵守香港联交所新气候信息披露规定 [1] - 正收集温室气体排放详尽营运数据以识别重大环境影响范畴 [1] - 探索可持续船舶及航空燃料选项以支持净零排放目标 [1]

财务业绩 - 截至2025年6月30日止6个月收入达272.11亿港元，同比增长7% [1] - 核心纯利达6.81亿港元，同比增长12% [1] - 股东应占溢利达6.48亿港元，同比增长34%，若撇除2024年上半年分派/终止快递业务一次性收益 [1] 业务分部表现 - 综合物流业务录得分部溢利7.13亿港元，同比增长5% [1] - 国际货运业务录得分部溢利9.19亿港元，同比增长22% [1] - 中期股息每股11港仙将于2025年9月23日派付 [1] 行业环境与公司应对 - 2025年4月初至7月美国加徵关税引发中国内地、欧盟等地反击，导致订单积压、停航和提前出货等市场混乱 [1] - 公司凭借多元化业务及客户组合、东南亚地区稳健布局抵御市场冲击 [1] - 公司抓住全球供应链重组及国企环球扩张策略衍生的新商机，灵活应对市场变化，表现超越同业 [1]