股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | | | 致：香港交易及結算所有限公司 公司名稱: KLN Logistics Group Limited 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00636 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 0.5 HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 6,000,000,000 | HKD | | 0.5 HKD | | 3,000,000,000 | 本月底法定/註冊股本總額： HKD 3,0 ...

沽空比率排行 - 华润啤酒-R(80291)沽空比率达100%位列首位 [1][2] - 李宁-R(82331)以100%沽空比率并列第一 [1][2] - 腾讯控股-R(80700)以95.84%沽空比率位列第三 [1][2] - 友邦保险-R(81299)沽空比率92.47%位列第四 [2] - 比亚迪股份-R(81211)沽空比率89.85%位列第五 [2] 沽空金额排行 - 阿里巴巴-SW(09988)沽空金额35.98亿元高居榜首 [1][2] - 百度集团-SW(09888)沽空金额25.30亿元位列第二 [1][2] - 小米集团-W(01810)沽空金额14.66亿元排名第三 [1][2] - 泡泡玛特(09992)沽空金额12.55亿元位列第四 [2] - 腾讯控股(00700)沽空金额11.93亿元位列第五 [2] 沽空偏离值排行 - 中国平安-R(82318)偏离值46.83%位居首位 [1][2] - 腾讯控股-R(80700)偏离值43.52%排名第二 [1][2] - 易鑫集团(02858)偏离值38.34%位列第三 [1][2] - 华润啤酒-R(80291)偏离值37.74%排名第四 [2] - 李宁-R(82331)偏离值35.32%位列第五 [2] 特殊个股表现 - 腾讯控股同时出现在沽空比率前三(95.84%)和偏离值前三(43.52%) [1][2] - 新鸿基地产-R(80016)呈现负偏离值-3.48% [2] - 中芯国际(00981)沽空比率仅6.80%为金额榜中最低 [2] - 建设银行(00939)沽空金额6.52亿元进入前十 [2]

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]

报告获取 - 2025年中期报告中、英文版本登载于公司网站及港交所网站[1][4] - 可申请获取2025年中期报告印刷本[8] 股东通讯 - 股东可选择通讯语言版本、收取方式，有效期至2026年5月31日[8] - 股东需提供有效电邮地址，否则收印刷本并被索取电邮[3][6][8] 咨询方式 - 有关疑问可致电咨询热线，办公时间为周一至周五9:00 - 18:00[4][6]

收入和利润（同比环比） - 收入增长7%至272.11亿港元[14][29] - 核心经营溢利上升12%至13.48亿港元[14][29] - 核心纯利按年上升12%至6.81亿港元[14][29] - 股东应占溢利增长34%至6.48亿港元[14][29] - 公司2025年上半年收入增长7%，核心纯利上升12%[31] - 持续经营业务收入增长7.0%至272.11亿港元（2024年同期为254.32亿港元）[75] - 毛利同比增长16.5%至29.33亿港元（2024年同期为25.18亿港元）[75] - 经营溢利增长11.4%至13.76亿港元（2024年同期为12.35亿港元）[75] - 来自持续经营业务的期内溢利增长10.6%至8.21亿港元（2024年同期为7.42亿港元）[75] - 公司持续经营业务总收入同比增长7.0%至272.11亿港元（2025年）对比254.32亿港元（2024年）[105] - 核心经营溢利同比增长12.4%至13.48亿港元（2025年）对比12.00亿港元（2024年）[105] - 期内溢利（持续经营）同比增长13.8%至8.49亿港元（2025年）对比7.46亿港元（2024年）[105] - 公司持续经营业务总收入从2024年上半年的259.81亿港元增长至272.11亿港元，同比增长4.7%[108] - 持续经营业务本公司股东应占溢利6.482亿港元，去年同期为5.900亿港元[122] 成本和费用（同比环比） - 融资费用同比下降6.5%至2.67亿港元（2025年）对比2.86亿港元（2024年）[105] - 员工福利支出从24.66亿港元增至26.98亿港元，同比增长9.4%[112] - 融资成本从2.86亿港元降至2.67亿港元，同比下降6.5%[114] - 货运用运输成本从196.70亿港元增至208.63亿港元，同比增长6.1%[112] - 已付利息2.17亿港元，同比减少9.2%（2024年同期：2.39亿港元）[81] - 资本性支出减少13.5%至2.92亿港元（2024年同期：3.37亿港元）[81] 各条业务线表现 - 综合物流分部溢利增长5%至7.13亿港元[14][30] - 国际货运分部溢利增长22%至9.19亿港元[14][30] - 综合物流业务分部溢利增长5%，其中香港市场下降7%，中国内地市场下降5%，亚洲其他地区上升27%[32][33] - 国际货运业务分部溢利增长22%[36] - 国际货运业务旗下项目物流业务2025年上半年录得收入17亿港元，近乎相当于该业务2024年全年收入[36] - 2025年上半年综合物流收入为7,025,603千港元，同比下降2.6%[103] - 国际货运代理收入为20,185,645千港元，同比增长10.8%[103] - 国际货运代理分部收入同比增长10.8%至201.86亿港元（2025年）对比182.22亿港元（2024年）[105] - 综合物流分部收入同比下降2.6%至70.26亿港元（2025年）对比72.10亿港元（2024年）[105] - 国际货运代理分部收入从182.22亿港元增至201.86亿港元，同比增长10.8%[108] - 综合物流分部收入从72.11亿港元略降至70.26亿港元，同比下降2.6%[108] 各地区表现 - 综合物流业务分部溢利增长5%，其中香港市场下降7%，中国内地市场下降5%，亚洲其他地区上升27%[32][33] - 中国内地收入同比下降4.6%至80.70亿港元（2025年）对比84.57亿港元（2024年）[105] - 欧洲、中东及非洲收入同比增长35.4%至44.80亿港元（2025年）对比33.10亿港元（2024年）[105] - 香港分部溢利同比下降10.5%至2.59亿港元（2025年）对比2.90亿港元（2024年）[105] - 亚洲分部溢利（含终止经营）同比增长180.1%至4.31亿港元（2025年）对比1.54亿港元（2024年）[105] - 中国内地收入从84.57亿港元降至80.70亿港元，同比下降4.6%[108] - 欧洲、中东及非洲收入从33.10亿港元增至44.80亿港元，同比增长35.3%[108] - 中国内地非流动资产从73.56亿港元增至76.09亿港元，同比增长3.4%[111] 资产负债和现金流 - 资产负债比率总比率为53.0%[14] - 资产负债比率净比率为17.2%[14] - 银行结存及手头现金减少7.4%至60.92亿港元（2024年末为65.78亿港元）[78] - 公司期末现金及现金等值物为60.78亿港元，较期初64.10亿港元下降5.2%[82] - 经营业务所得现金净额同比增长49.5%至14.17亿港元（2024年同期：9.48亿港元）[81] - 公司总负债为238.27亿港元，其中流动负债153.11亿港元，非流动负债84.83亿港元[79] - 长期银行贷款增加5.9%至62.51亿港元（2024年末：59.04亿港元）[79] - 租赁负债总额增长2.8%至23.45亿港元（2024年末：22.78亿港元）[79] - 偿还银行贷款55.53亿港元，同时新提取贷款56.62亿港元[82] - 公司股东应占权益增长6.4%至170.09亿港元（2024年末：159.82亿港元）[79] - 未动用银行贷款及透支信贷总额为94.55亿港元[45] - 外币借贷总额为19.58亿港元，占银行贷款总额90.02亿港元的22%[44] - 人民币计值借贷为12.98亿港元，新加坡元计值借贷为3.41亿港元[44] - 27.51亿港元银行贷款需一年内偿还，占比30%[44] - 17.75亿港元银行贷款需第二年偿还，占比20%[44] - 43.75亿港元银行贷款需第三至第五年偿还，占比49%[44] - 无抵押债务占银行贷款总额比例达98%[44] - 资产负债比率为53.0%（2024年12月31日：53.6%）[45] - 银行贷款总额为9,001,927千港元，较上期末增长2.1%[139] - 无抵押银行贷款为8,812,415千港元，占银行贷款总额的97.9%[139] - 银行贷款总额增至90.02亿港元（2024年末：88.21亿港元），其中抵押贷款1.895亿港元[147] - 银行透支总额降至1447.5万港元（2024年末：1.683亿港元），降幅达91.4%[147] - 投资物业等资产抵押账面净值72.92亿港元（2024年末：77.99亿港元）[147] 管理层讨论和指引 - 美国对中国进口商品加征145%关税，宣布90日关税暂缓期后跨太平洋航线货柜需求及即期运费上升逾117%[36] - 公司是2025年上半年第一大亚洲至美国跨太平洋贸易航线无船承运商[34][36] - 公司与顺丰控股的合资公司在鄂州机场贡献收入逾1.80亿港元[37] - 公司2024年牵头签订一笔10亿港元的可持续发展挂钩及社会责任银团定期贷款[38] - 中期股息每股11港仙[14][20] - 中期股息每股11港仙，去年同期为10港仙[121] - 拟派2024年中期股息为1.807亿港元[84] - 中期股息将于2025年9月23日派付，股份过户登记于2025年9月11-12日暂停[66] 其他财务数据 - 资本支出中物业及设备添置为3.75亿港元[26] - 应占联营公司及合营企业业绩下降44.9%至2962.4万港元（2024年同期为5377.2万港元）[75] - 投资物业公允价值变动亏损扩大至3758万港元（2024年同期为451.5万港元）[75] - 综合收益总额大幅增长539.9%至18.64亿港元（2024年同期为2.91亿港元）[77] - 每股基本盈利为0.36港元（2024年同期为0.33港元）[76] - 公司股东应占期内溢利为8.311亿港元[84] - 已终止经营业务（快递业务）通过实物分派特别中期股息完成处置，分派总额达11.610亿港元[84][86] - 境外业务汇兑差异净额产生损失4.024亿港元[84] - 金融资产公允价值变动导致损失1.390亿港元[84] - 永续可换股证券支付分派为0.129亿港元[84] - 非控制性权益应占期内溢利为0.562亿港元[84] - 公司总权益从期初201.073亿港元下降至期末185.891亿港元[84] - 保留溢利从期初175.812亿港元增长至期末190.257亿港元[84] - 其他储备因汇率及业务调整从期初-59.542亿港元扩大至期末-86.297亿港元[84] - 公司按公允价值计量的金融资产总额从2024年底的306,109千港元增至2025年中的314,471千港元，增长2.7%[93][94] - 第三层级金融资产中，通过其他综合收益按公允价值列账的资产从222,015千港元增至223,106千港元，增长0.5%[96] - 可换股债券投资从5,714千港元降至4,721千港元，下降17.4%[96] - 第一层级金融资产从78,380千港元增至86,644千港元，增长10.5%[93][94] - 第三层级金融工具公允价值调整中，通过其他综合收益列账的资产产生6,293千港元损失[96] - 汇率调整对通过其他综合收益列账的资产产生7,384千港元正影响[96] - 可换股债券投资因汇率调整产生993千港元损失[96] - 香港利得税本期支出3888.1万港元，去年同期为4189.8万港元[119] - 中国税项本期支出9968.5万港元，去年同期为1.017亿港元[119] - 海外税项本期支出1.973亿港元，去年同期为1.564亿港元[119] - 持续经营业务总税项支出3.176亿港元，去年同期为2.604亿港元[119] - 每股基本盈利来自持续经营业务0.36港元，去年同期为0.33港元[122] - 物业、机器及设备期末账面净值71.368亿港元，期初为70.227亿港元[126] - 投资物业期末账面净值29.667亿港元，期初为25.186亿港元[126] - 无形资产期末账面净值57.852亿港元，期初为56.813亿港元[126] - 投资物业公允价值期末结余为2,966,703千港元，较期初2,518,568千港元增长17.8%[129] - 中国内地投资物业公允价值期末结余为2,123,081千港元，较期初增长1.0%[129] - 海外投资物业公允价值期末结余为843,622千港元，较期初增长103.0%[129] - 应收款项总额净额为10,764,932千港元，较上期末10,458,661千港元增长2.9%[135] - 一个月以下应收款项为6,411,531千港元，占应收款项总额的59.6%[135] - 应付账款总额为5,206,157千港元，较上期末下降1.3%[138] - 一个月以下应付账款为3,628,281千港元，占应付账款总额的69.7%[138] - 已订约但未拨备资本承担为308,746千港元，较上期末增长17.0%[143] - 可换股证券转换价格为每股18.80港元，若全部转换将发行41,489,361股新股[145] - 期内支付分派486.6万港元，较2024年1287万港元下降62.2%[145] - 已终止经营业务2024年收入54.82亿港元，除税后亏损20.24亿港元[148] - 终止快递业务产生股东收益34.59亿港元及非控股权益收益1.43亿港元[148] - 已终止经营业务经营现金流净流出44.22亿港元，融资现金流净流入56.63亿港元[149] - 汇兑变动对已终止经营业务现金产生1707万港元正向影响[149] - 回购永续可换股证券7.45亿港元，导致该项负债归零[82][83] - 可换股证券回购交易于2025年1月27日完成[146] 公司治理和股东结构 - 集团拥有约18,400名雇员[47] - 董事会主席王卫持有931,209,117股，占已发行股本51.52%[48] - 王卫通过受控法团拥有931,209,117股普通股，占已发行股本51.52%[49][53] - 深圳明德控股由王卫实益拥有注册资本113,286,600元人民币，占其注册资本总额99.90%[50] - 顺丰控股已发行4,822,692,017股A股普通股[51] - 何捷实益持有366,000股顺丰控股A股，占已发行股本0.01%[51] - OOI Bee Ti实益持有207,400股顺丰控股A股，占已发行股本<0.01%[51] - Kerry Group Limited通过受控法团权益持有595,928,608股，占已发行股本32.97%[53] - 嘉里控股有限公司通过受控法团权益持有572,100,979股，占已发行股本31.65%[53] - 嘉里建设有限公司实益持有376,702,721股，占已发行股本20.84%[53] - 股份奖励计划累计授出11,973,196股奖励股份，占已发行股本约0.66%[56] - 截至2025年6月30日，131,728股奖励股份仍未归属[56] - 股份奖励计划截至2025年6月30日已授出总计11,973,196股奖励股份，占公司已发行股本约0.66%[59] - 已没收奖励股份492,778股，已归属11,348,690股，仍未归属131,728股[59] - 股份奖励计划可授出股份上限为180,742,934股，相当于中期报告日期已发行股份总数的10%[59] - 截至2025年6月30日止六个月，董事张炳铨共有51,365股奖励股份完成归属[57] - 董事郑志伟共有53,385股奖励股份完成归属[57] - 持续合约雇员共有124,907股奖励股份完成归属[57] - 报告期内因参与者不再符合资格而没收奖励股份248,482股[57] - 普通股在奖励股份归属日期前的加权平均收市价为6.85港元[58] - 自2025年6月30日以来未发生影响公司的重大事项[64]

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]