本公告僅作說明用途，並非收購、購買或認購本公司證券的邀請或要約。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立之股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因依賴該等內容而引致的任何損失承擔任何責任。 （股份代號：6936） 認購極兔B類股份 及 根據一般授權向極兔發行H股 2026年1月15日（交易時段前），為深化戰略合作，本公司與極兔簽訂認購協 議，據此，在滿足條件的前提下，雙方有條件地同意極兔認購和順豐認購， 兩項認購互為條件。 (i) 極兔認購 － 本公司同意認購，而極兔同意向本公司（或其代名人）發行 及配發821,657,973股極兔認購股份，每股極兔認購股份的極兔認購價為 10.10港元，總代價約為8,298.75百萬港元。極兔認購股份佔極兔於本公 告日期已發行股本（包含極兔庫存股）約9.15%。截止本公告日期的極兔 庫存股正處於註銷程序中，預計將於交割前完成註銷。假定該極兔庫存 股於交割前完成註銷，並假定自本公告 ...

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in November 2025, reflecting a slowdown in growth compared to previous years [1][2]. Group 1: Industry Growth and Performance - The express delivery volume during the e-commerce Double Eleven shopping festival is expected to increase by 9% year-on-year, a significant decrease from the 21% growth rate observed in 2024 [1][2]. - The average daily volume during the shopping festival is 1.18 times that of regular days, with a peak daily volume increase of 6.6% year-on-year, indicating a diminishing marginal effect of the shopping festival on consumer spending [2][3]. Group 2: Revenue and Market Share - The implementation of anti-involution policies has effectively increased the revenue per package, with YTO, Yunda, and Shentong seeing revenue increases of 0.16, 0.25, and 0.44 yuan respectively from July to November [3]. - The market concentration in the express delivery sector has stabilized, with the CR8 index remaining at 86.9 in November, indicating a balanced market share among major players [3]. - The market shares for Zhongtong, YTO, Yunda, Shentong, and Jitu in Q3 2025 were 19.4%, 15.6%, 13.0%, 13.2%, and 11.3% respectively, showing slight fluctuations [3]. Group 3: Profitability Recovery - The anti-involution measures have contributed to a recovery in profitability, with Zhongtong, YTO, Yunda, and Shentong reporting net profit margin changes of -0.9%, +0.07%, -1.5%, and +0.5% year-on-year respectively [3]. - The trend of profitability recovery is expected to continue into Q4, contingent on the sustained implementation of anti-involution policies [3][4]. Group 4: Regulatory Environment and Competitive Strategies - The anti-involution policies initiated by the State Post Bureau have effectively countered "involution-style" competition, supported by local postal authorities through price and market share supervision [4]. - The positive effects of the anti-involution measures are anticipated to continue, promoting healthy competition and profitability within the industry [4]. Group 5: Investment Recommendations - The express delivery sector is viewed positively, with recommendations for leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from improved profitability and high growth in overseas volumes [5]. - SF Express is noted for its proactive market expansion strategy, which is expected to yield positive results as cost control measures are strengthened [5].

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in express delivery volume by November 2025, indicating a continued trend of slow growth and effective implementation of anti-involution policies [1][2][4]. Group 1: Industry Growth and Trends - The express delivery volume growth rate is expected to drop to single digits in Q4, with the Double Eleven shopping festival showing a year-on-year increase of 9%, a slowdown compared to the 21% growth in 2024 [2]. - The anti-involution measures implemented since July 2025 have effectively driven price recovery in the e-commerce express delivery sector, which may influence the growth trend of small and light packages and enhance the quality of express delivery demand [2][3]. Group 2: Profitability and Market Share - The anti-involution policies have led to an increase in single-package revenue, with YTO, Yunda, and Shentong seeing increases of 0.16, 0.25, and 0.44 yuan per package respectively since July [3]. - The market concentration has stabilized, with the industry CR8 remaining at 86.9 in November, indicating a slight recovery in market share for YTO since Q4 2025, attributed to AI integration and infrastructure upgrades [3]. - The net profit margins for major companies in Q3 2025 were as follows: Zhongtong -0.9%, YTO +0.07%, Yunda -1.5%, and Shentong +0.5% year-on-year, with expectations for continued profitability recovery in Q4 [3]. Group 3: Regulatory Environment and Future Outlook - The anti-involution measures have been effectively enforced, with the State Post Bureau emphasizing the need to combat "involutionary" competition, leading to price stabilization and gradual expansion of price increases to key regions [4]. - The positive effects of the current anti-involution policies are expected to continue, supporting healthy competition and ongoing profitability recovery in the industry [4]. - Future focus should be on the regulatory strength of anti-involution measures and the competitive strategies of companies within the industry [4]. Group 4: Investment Recommendations - The recommendation is to maintain a bullish rating on the express delivery sector, highlighting leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from profitability improvements and high overseas volume growth [5]. - SF Express is noted for its operational mechanisms that drive volume growth, with short-term performance fluctuations attributed to proactive market expansion strategies and necessary long-term investments [5].

截至本公告日期，明德控股共质押了其持有的8.53亿股本公司A股股份(约占本公司已发行股本总额 16.93%)。明德控股所持本公司股份不涉及被冻结的情况，且截至本公告日期，明德控股资信情况良 好，具备相应的偿还能力，质押的股份不存在平仓或被强制过户的风险，质押风险可控。当质押的股份 出现平仓风险时，明德控股将及时通知公司，并将严格遵守相关规定履行信息披露义务。 智通财经APP讯，顺丰控股(06936)发布公告，本公司于2026年1月7日获悉，本公司控股股东深圳明德控 股发展有限公司于2026年1月6日以中信银行股份有限公司深圳分行为受惠人，质押其持有的1550万股本 公司A股股份(约占本公司已发行股本总额0.31%)，作为其真诚商业贷款的担保。就本公司董事所知，质 权人为本公司的独立第三方且并非本公司的关连人士。 ...

截至本公告日期，明德控股共质押了其持有的8.53亿股本公司A股股份(约占本公司已发行股本总额 16.93%)。明德控股所持本公司股份不涉及被冻结的情况，且截至本公告日期，明德控股资信情况良 好，具备相应的偿还能力，质押的股份不存在平仓或被强制过户的风险，质押风险可控。当质押的股份 出现平仓风险时，明德控股将及时通知公司，并将严格遵守相关规定履行信息披露义务。 智通财经APP讯，顺丰控股(06936)发布公告，本公司于2026年1月7日获悉，本公司控股股东深圳明德控 股发展有限公司于2026年1月6日以中信银行股份有限公司深圳分行为受惠人，质押其持有的1550万股本 公司A股股份(约占本公司已发行股本总额0.31%)，作为其真诚商业贷款的担保。就本公司董事所知，质 权人为本公司的独立第三方且并非本公司的关连人士。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 控股股東質押股份 本公告乃由順豐控股股份有限公司（「本公司」）根據香港聯合交易所有限公司證 券上市規則（「上市規則」）第10.07(2)條附註(3)作出。 董事會命 順豐控股股份有限公司 本公司於2026年1月7日獲悉，本公司控股股東（定義見上市規則）深圳明德控 股發展有限公司（「明德控股」）於2026年1月6日以中信銀行股份有限公司深圳 分行（「質權人」，按照《銀行業條例》（香港法例第155章）界定為認可機構）為受 惠人，質押其持有的15,500,000股本公司A股股份（約佔本公司已發行股本總額 0.31%），作為其真誠商業貸款的擔保。就本公司董事所知，質權人為本公司之 獨立第三方且並非本公司的關連人士。 1 截至本公告日期，明德控股共質押了其持有的853,092,98 ...

FF301 本月底法定/註冊股本總額： RMB 5,039,430,409 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002352 | 說明 | | A股 (於深圳證券交易所上市) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,799,430,409 | RMB | | 1 | RMB | | 4,799,430,409 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,799,430,409 | RMB | | 1 | RMB | | 4,799,430,409 | 呈交日期: 2026年1月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 ...

智通财经APP讯，顺丰控股(06936)发布公告，公司自2025年9月3日起开始实施回购。截至2025年12月31 日，公司通过股份回购专用证券账户以集中竞价方式回购公司A股股份3895.97万股，回购总金额约为人 民币15.42亿元(不含交易费用)，回购股数占公司目前总股本0.77%，平均成交价为人民币39.59元/股(最 高成交价为人民币42.23元/股，最低成交价为人民币37.07元/股)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. （股份代號：6936） 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，順豐控股股份有限公司（「本公司」）在巨 潮資訊網( www.cninfo.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 順豐控股股份有限公司 聯席公司秘書 甘玲 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公 司（以下简称"公司"）于 2025 年 4 月 28 日召开第六届董事会第二十次会议审 议通过《关于 2025 年第 1 期 A 股回购股份方案的议案》，并于 2025 年 10 月 30 日召开第六届董事会第二十五次会议审议通过《关于调整 2025 年第 1 期 A 股回 购股份方案的议案》，调整后本次回购 ...

Core Viewpoint - SF Holding (06936) announced the convening of a staff representative meeting on December 30, 2025, where Xu Bensong was democratically elected as the employee representative director of the seventh board of directors [1] Group 1 - The staff representative meeting will officially elect Xu Bensong as the employee representative director [1] - Xu Bensong's term will commence from the date of the staff representative meeting until the end of the seventh board's term [1]