FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 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） 呈交日期： 2025年11月3日 備註： 上述佔有關事件前的現有已發行股份（不包括庫存股份）數目百分比是依據本公司已發行股份數目（不包括本公司根據本公司的董事會於2025年4月28日採納並批准及於 2025年10月30日調整的回購授權所回購的，且存放於本公司回購證券賬戶的12,402,648股A股庫存股份）總額5,027,027,761股（包括4,787,027,761股A股及240,000,000 股H股）計算。 FF305 第 2 頁 共 7 頁 v 1.3.0 FF305 確認 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | ...

Summary of S.F. Holding (002352.SZ) 3Q25 Conference Call Company Overview - **Company**: S.F. Holding (002352.SZ) - **Industry**: China Ecommerce & Logistics - **Market Cap**: Rmb205.7 billion / $28.9 billion - **Price Target**: Rmb54.00 (current price: Rmb40.93, upside: 31.9%) [1][5] Key Financial Highlights - **Revenue Growth**: Reported revenue growth of +8% year-over-year (yoy), below the expected +10% [1] - **Net Profit**: Net profit of Rmb2.2 billion, a decline of 9% yoy and 17% below expectations, marking the first yoy earnings decline since 4Q22 [1] - **Gross Margin**: Contraction to 12.5% from 14.1% in 3Q24 [1] - **Sales & Marketing Expenses**: Higher than expected, contributing to profit decline [1] Core Insights and Arguments 1. **Market Share Gains**: - Continued leadership in time-definite express with revenue growth of +8.1% yoy [1] - Significant share gain in eCommerce parcels, with express delivery parcel volume up 33% yoy, outperforming the industry average of +13% [1] - Centralized collection model for economy parcels increased volume processed by 20% quarter-over-quarter (qoq) [1] 2. **Earnings Recovery Outlook**: - Anticipated stabilization in earnings in 4Q25, with expectations of flat yoy earnings [1] - ASP and gross profit per parcel showed month-over-month improvement in September [1] 3. **International Growth and Supply Chain**: - International express and cross-border eCommerce logistics business grew by 27% yoy, despite a 5.3% decline in the supply chain segment due to lower ocean freight rates [20] - Strategic investments in international salesforces and infrastructure support growth in overseas expansion opportunities for Chinese companies [20] 4. **Shareholder Returns**: - Increased repurchase quota from Rmb0.5-1.0 billion to Rmb1.5-3.0 billion for the 2025 First A-share Repurchase Plan [21] - Over Rmb5 billion repurchased since 2022, with Rmb2.7 billion available until October 2026 [21] Financial Estimates Adjustments - **Revenue Forecasts**: Revenue estimates for 2025-2027 adjusted down by 1-2% due to flexible pricing strategy and unfavorable sea freight rates [22] - **Net Profit Forecasts**: Net profit estimates reduced by 1-7% for the same period [22] - **Key Risks**: Prolonged price competition, macroeconomic dependency on parcel volume growth, and higher capital expenditures [22] Additional Important Points - **Gross Margin Expectations**: Expected to improve sequentially, with projections of 12.7% for 4Q25 and 13.5% for FY26E [19] - **Cost Management**: Management is focused on enhancing product differentiation and optimizing parcel volume mix towards higher ASP clients [19] - **Market Position**: S.F. Holding remains well-positioned to leverage its extensive fleet and network advantages compared to competitors [20] This summary encapsulates the key points from the conference call, highlighting the company's performance, strategic outlook, and financial adjustments.

Core Viewpoint - SF Holding (06936.HK) announced the implementation of a share buyback program starting from September 3, 2025, with significant buyback activity reported by October 31, 2025 [1] Summary by Relevant Sections Buyback Details - On October 31, 2025, the company repurchased 4,970,000 A-shares through a centralized bidding method, with a total expenditure of approximately RMB 200,057,146.70 (excluding transaction fees) [1] - The repurchased shares accounted for 0.10% of the company's total share capital, with an average transaction price of RMB 40.25 per share (highest price at RMB 40.40 and lowest at RMB 40.02) [1] - As of October 31, 2025, the total number of A-shares repurchased reached 12.4 million, with a total expenditure of approximately RMB 500,046,453.35 (excluding transaction fees) [1] - The total repurchased shares represented 0.25% of the company's total share capital, with an average transaction price of RMB 40.32 per share (highest price at RMB 42.23 and lowest at RMB 39.66) [1]

Core Viewpoint - SF Holding (06936) announced a share buyback plan, intending to repurchase 12.4026 million A-shares for a total amount of approximately RMB 500 million, excluding transaction fees [1] Group 1: Buyback Details - The buyback will be conducted through a dedicated securities account via centralized bidding [1] - The total number of shares to be repurchased represents 0.25% of the company's current total share capital [1] - The average transaction price for the buyback is RMB 40.32 per share, with a maximum price of RMB 42.23 and a minimum price of RMB 39.66 [1]

Core Viewpoint - SF Holding (06936.HK) announced the implementation of a share buyback program starting from September 3, 2025, with significant buyback activity reported by October 31, 2025 [1] Summary by Relevant Sections Buyback Details - On October 31, 2025, the company repurchased 4,970,000 A-shares at a total cost of approximately RMB 200,057,146.70 (excluding transaction fees), representing 0.10% of the current total share capital, with an average transaction price of RMB 40.25 per share [1] - As of October 31, 2025, the total shares repurchased amounted to 12.4 million, with a total expenditure of about RMB 500,046,453.35 (excluding transaction fees), accounting for 0.25% of the current total share capital, and an average price of RMB 40.32 per share [1]

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） 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 中國深圳，2025年10月31日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生、王 欣女士及徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-084 顺丰控股股份有限公司 关于回购公司 A 股股份的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 ...

Core Viewpoint - SF Holding (06936) announced a share buyback plan, intending to repurchase 4.97 million A-shares at a total cost of 200 million RMB, with each share priced between 40.02 and 40.4 RMB [1] Summary by Category - **Company Actions** - The company plans to spend 200 million RMB on a buyback of 4.97 million A-shares [1] - The buyback price per share is set between 40.02 and 40.4 RMB [1]

Core Viewpoint - SF Holding (06936.HK) announced a share repurchase plan, intending to spend RMB 200 million to buy back 4.97 million A-shares at a price range of RMB 40.02 to 40.4 per share [1] Group 1 - The company plans to execute the buyback on October 31, 2025 [1] - The total expenditure for the repurchase is set at RMB 200 million [1] - The number of shares to be repurchased is 4.97 million [1]

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) FF305 表格類別： 股票 狀態： 新提交 公司名稱： 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） 呈交日期： 2025年10月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 002352 | 說明 | A股（於深圳交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不 ...

Summary of S.F. Holding Co Ltd 3Q25 Earnings Call Company Overview - **Company**: S.F. Holding Co Ltd (002352.SZ) - **Industry**: Transportation & Infrastructure - **Market Cap**: Rmb207.216 billion - **Stock Rating**: Equal-weight - **Price Target**: Rmb49.50, representing a 21% upside from the closing price of Rmb40.93 on October 30, 2025 Key Financial Highlights - **3Q25 Net Profit**: Rmb2.6 billion, down 8.5% YoY [2] - **Adjusted Net Profit**: Rmb2.2 billion, down 14% YoY [2] - **Revenue**: Rmb78.403 billion, up 8.2% YoY [9] - **Gross Margin**: 12.5%, down 1.6 percentage points YoY [9] - **Operating Profit**: Rmb3.114 billion, down 23.3% YoY [9] - **Recurring Net Profit**: Rmb2.227 billion, down 14.2% YoY [9] - **Free Cash Flow (9M25)**: Estimated at Rmb5.3 billion, with operating cash flow down 14% YoY [8] Key Positives - **Domestic Express Revenue Growth**: 14% YoY growth in domestic express revenue [8] - **Time-Definite Parcels Revenue**: Increased by 8.1% YoY, faster than the 6.6% growth in 2Q25 [8] Key Negatives - **International Revenue Decline**: 6% YoY drop in international revenue due to global trade tensions [8] - **Margin Compression**: Gross margin and operating margins narrowed, indicating pressure on profitability [8] - **Earnings Forecast Risks**: 4Q25 profit target implies downside risks to earnings forecasts [8] Strategic Actions - **Share Repurchase Plan**: Increased from Rmb0.5-1 billion to Rmb1.5-3 billion, aimed at providing downside protection [8] Valuation and Risks - **Valuation Methodology**: Probability-weighted DCF valuation with 15% bull case, 70% base case, and 15% bear case [10] - **Key Assumptions**: WACC of 8.7% and terminal growth rate of 2.5% [10] - **Upside Risks**: Better volumes from e-commerce penetration, higher international revenue growth, and cost efficiency [12] - **Downside Risks**: Increased competition, lower profitability from new businesses, and inflated labor costs [12] Conclusion - **Market Reaction**: Anticipated negative share price reactions to earnings due to wider-than-expected profit drop [8] - **Investment Outlook**: The company remains under an equal-weight rating, with limited upside risks before margin expansion resumes [8]