09699.HK
Hangzhou SF Intra-city Industrial Co., Ltd.
HKSE · Industrials · Integrated Freight & Logistics · CN
HKD 7.58
−1.94%Research · Aug 26, 2026
Parcel Delivery Growth Increasingly Led by Returns
ZTO's return parcels rose about 80% to 9.8 million a day against 4.2% industry volume growth, while Vipshop's fulfilment expense hit 8.7% of net revenues.