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) 建 議 變 更 註 冊 資 本 並 修 訂《 公 司 章 程 》 第六屆董事會第23次會議審議並批准建議變更註冊資本及《公司章程》的相應修 訂，詳情如下： I. 變更本公司註冊資本 由於實施 2022年股票期權激勵計劃（A股），自 2024年 10月至 2025年 8 月，激勵對象行使期權導致增加6,780,797股A股，已發行A股總數已由 4,815,911,220股增加至4,822,692,017股。 茲提述本公司日期為2025年6月26日及2025年7月4日之公告，內容有關（其 中包括）配售70,000,000股新H股（「配售」）。於2025年7月4日，本公司根 據一般授權完成配售，由此H股增加70,000,000股，已發行H股總數已由 170,000,000股增加至240,000,000股。 茲提述本公司日期為2025年5月22 ...

EF001 免責聲明 | 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 | | | | --- | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | | 股票發行人現金股息公告 | | | | 發行人名稱 順豐控股股份有限公司 | | | | 股份代號 | 06936 | | | 多櫃檯股份代號及貨幣 | 不適用 | | | 相關股份代號及名稱 | 05724 SF23 B2607 | | | 公告標題 | 截至2025年6月30日止六個月之中期股息 | | | 公告日期 | 2025年8月28日 | | | 公告狀態 | 新公告 | | | 股息信息 | | | | 股息類型 | 中期（半年期） | | | 股息性質 | 普通股息 | | | 財政年末 | 2025年12月31日 | | | 宣派股息的報告期末 | 2025年6月30日 | | | 宣派股息 | 每 10 股 4.6 RMB | | | 股東批准日期 | 2025年6月13日 | | | 香港 ...

Performance Summary - SF Holding reported a revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% year-on-year [2] - Shanghai Pharmaceuticals achieved a revenue of 141.593 billion yuan, a growth of 1.56%, with a net profit of 4.459 billion yuan, increasing by 51.56% [2] - New China Life Insurance's revenue reached 69.429 billion yuan, a 25.5% increase, and a net profit of 14.799 billion yuan, up 33.5% [2] - Huadian International Power's revenue was 59.953 billion yuan, down 8.98%, while net profit increased by 13.15% to 3.904 billion yuan [2] - China Pacific Insurance reported a revenue of 55.964 billion yuan, a slight increase of 0.2%, and a net profit of 6.764 billion yuan, up 12.2% [2] - CITIC Securities had a revenue of 46.552 billion yuan, a 16.28% increase, and a net profit of 13.719 billion yuan, up 29.79% [2] - Beijing Enterprises Holdings reported a revenue of 44.529 billion yuan, a 5.2% increase, and a net profit of 3.404 billion yuan, up 8.1% [2] - Li Auto's vehicle sales revenue for Q2 2025 was 28.9 billion yuan, down 4.7%, with a net profit of 1.093 billion yuan, a decrease of 0.9% [2] - Huishang Bank reported a revenue of 21.157 billion yuan, a 2.25% increase, and a net profit of 9.109 billion yuan, up 5.55% [2] - SMIC achieved a revenue of 4.456 billion USD, a 22% increase, with a net profit of 320 million USD, up 35.6% [2] - China Galaxy Securities reported a total revenue of 18.798 billion yuan, an 18.92% increase, and a net profit of 6.488 billion yuan, up 47.86% [2] - Zhongjun Group Holdings had a revenue of 18.521 billion yuan, down 25.4%, with a net loss of 3.48 billion yuan, a narrowing of 5.5% [2] - BeiGene reported a revenue of 2.433 billion USD, a 44.7% increase, and a net profit of 95.59 million USD, turning from a loss of 372 million USD [2] - SF Express City reported a revenue of 10.236 billion yuan, up 48.8%, and a net profit of 137 million yuan, up 120.4% [2] - China Shipbuilding Defense reported a revenue of 10.173 billion yuan, a 16.54% increase, and a net profit of 526 million yuan, up 258.46% [2] - Qingdao Port reported a revenue of 9.434 billion yuan, a 4.04% increase, and a net profit of 2.842 billion yuan, up 7.58% [2] - Shanghai Industrial Holdings reported a revenue of 9.476 billion yuan, down 8.6%, and a net profit of 1.042 billion yuan, down 13.2% [2] - Everbright Securities reported a revenue of 7.481 billion yuan, a 17.7% increase, and a net profit of 1.683 billion yuan, up 21% [2] - Baozun reported a revenue of 4.617 billion yuan, a 5.63% increase, with a net loss of 97.04 million yuan, narrowing [2] - Sichuan Chengyu Expressway reported a revenue of 4.08 billion yuan, down 23.3%, and a net profit of 838 million yuan, up 20.1% [2] - Baideli Holdings reported a revenue of approximately 3.813 billion yuan, down 10.9%, and a net profit of 7.1 million yuan, down 79.1% [2] - Tigermed reported a revenue of 3.25 billion yuan, down 3.21%, and a net profit of 383 million yuan, down 22.22% [2] - Zhengli New Energy reported a revenue of 3.172 billion yuan, a 71.9% increase, and a net profit of 220 million yuan, turning from a loss of 130 million yuan [2] - Sensong International reported a revenue of 2.687 billion yuan, down 22.7%, and a net profit of 338 million yuan, down 10.15% [2] - Dasheng Holdings reported a revenue of approximately 2.593 billion yuan, a 27% increase, and a net profit of 65.924 million yuan, up 504.4% [2] - SenseTime reported a revenue of 2.358 billion yuan, a 35.6% increase, with a gross profit of 908 million yuan, up 18.4%, and an adjusted net loss of 1.162 billion yuan, narrowing by 50% [2] - Ruian Real Estate reported a revenue of 2.074 billion yuan, flat year-on-year, with a net profit of 51 million yuan, down 29.2% [2] - Shangri-La Asia reported a revenue of 1.056 billion USD, a 0.7% increase, and a net profit of 57.9 million USD, down 38.7% [2] - Quanfeng Holdings reported a revenue of 912 million USD, an 11.9% increase, and a net profit of 95.217 million USD, up 54.8% [2] - COSCO Shipping Ports reported a revenue of 806 million USD, a 13.6% increase, and a net profit of approximately 182 million USD, up 30.6% [2] - Tianjin Development reported a revenue of 1.719 billion yuan, down 5.59%, and a net profit of 344 million yuan, up 19.57% [2] Company News - Sillodic Pharmaceuticals successfully administered the new radiolabeled drug 3D1015 to patients with PSMA-positive metastatic castration-resistant prostate cancer, demonstrating safety and preliminary efficacy [2] - Shoucheng Holdings signed a strategic cooperation framework agreement with Alter and Alrite to jointly promote breakthroughs in robotics technology, scene implementation, and industrial chain collaboration [2]

Financial Performance Highlights - SF Holding achieved a revenue of RMB 146.9 billion, a 9.3% year-over-year increase in the first half of 2025 [11] - Profit attributable to owners of the company reached RMB 5.7 billion, representing a 19.4% year-over-year growth [11] - Basic earnings per share (EPS) increased by 16.0% year-over-year to RMB 1.16 [11] - The company declared an interim cash dividend of RMB 2.3 billion, a 20.9% increase, with an interim cash dividend per share of RMB 0.46, up by 15.0% [11] - Parcel volume increased by 25.7% to 7.8 billion [11] Segment Performance - Express & Logistics revenue grew by 10.4% to RMB 109.3 billion [11] - Supply Chain & International revenue increased by 9.7% to RMB 34.2 billion [11] - Intra-City On-Demand Delivery revenue increased by 38.9% [25] Cost and Efficiency - The company is implementing structural cost optimization and strategic investments to enhance market competitiveness [65] - Capital expenditure (CapEx) as a percentage of revenue decreased to 2.9% [85] Strategic Initiatives - SF Holding launched the "Grow Together" Shareholding Scheme to align employee interests with the company's long-term goals [88] - The company is expanding its global infrastructure network, including overseas warehouses and all-cargo international flights [32]

Core Insights - The company reported a total operating revenue of 146.9 billion RMB for the first half of 2025, representing a year-on-year growth of 9.3% [1] - The total parcel volume reached 7.85 billion, with a year-on-year increase of 25.7%, outpacing the overall growth rate of the express delivery industry [1] - Net profit attributable to shareholders was 5.74 billion RMB, up 19.4% year-on-year, with a profit margin of 3.9%, an increase of 0.3 percentage points [1] Financial Performance - The company’s total assets stood at 218.2 billion RMB, with equity attributable to shareholders at 95.4 billion RMB, and a debt-to-asset ratio of 51.35%, down 0.79 percentage points from the end of 2024 [1] - The weighted average return on equity for the first half of 2025 was 6.07%, an increase of 0.84 percentage points compared to the same period last year [1] - The net cash flow from operating activities was 12.9 billion RMB, indicating strong cash flow, while free cash flow increased by 6.1% to 8.74 billion RMB [1] Business Segments - The express freight business generated a revenue of 19.57 billion RMB, growing 11.5% year-on-year, with a volume increase of 28% [2] - The economy express business achieved a revenue of 15.16 billion RMB, up 14.4% year-on-year, with a volume growth of 29.6% [2] - The same-city instant delivery service reported a revenue of 5.49 billion RMB, reflecting a significant year-on-year growth of 38.9% [2] Operational Expansion - The company expanded its global air freight network, with over 6,800 international cargo flights in the first half of 2025, an increase of 84% [2] - The Asia-Pacific region's air network density is among the highest in the industry, with peak weekly cargo flights reaching 192, including 72 flights from China to India [2] - The company has established overseas warehouses totaling over 2.5 million square meters, with more than 2.1 million square meters in the Asia-Pacific region, covering key countries such as Singapore, Malaysia, and Japan [2] Client Base - Over 60% of the Fortune China 500 companies have utilized the company's international services in the first half of 2025, showcasing its strong market presence [3]

Core Viewpoint - The company reported a solid performance for the first half of 2025, with significant revenue growth and profit increase, driven by strategic market penetration and operational enhancements [1][2][3] Revenue Performance - The company achieved total revenue of RMB 146.86 billion, a year-on-year increase of 9.26% [1] - The express logistics business generated revenue of RMB 109.3 billion, up 10.4% year-on-year, with accelerated growth in the second quarter [2] - Supply chain and international business revenue reached RMB 34.2 billion, growing by 9.7% year-on-year despite challenges in international trade [2] - Other non-logistics business revenue amounted to RMB 3.3 billion, primarily from supply chain services [2] Profitability Metrics - The company reported a gross profit of RMB 19.06 billion, reflecting a 4.08% year-on-year increase, with a gross margin of 13.0%, down 0.6 percentage points [1][3] - Net profit attributable to shareholders was RMB 5.738 billion, a 19.37% increase year-on-year, with a profit margin of 3.9%, up 0.3 percentage points [1][3] Operational Efficiency - The company implemented flexible business strategies to enhance operational efficiency and reduce fixed costs, contributing to stable gross profit growth [3] - Management and R&D expense ratios decreased by 0.5 and 0.2 percentage points respectively, while sales expense ratio slightly increased by 0.1 percentage points due to accelerated sales team development [3]

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） 截 至 2025 年 6 月 3 0 日止六個月之中期業績公告 順豐控股股份有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）欣然公佈本集團截至2025年6月30日止六個月的未經審計業績。本 公告乃按香港聯合交易所有限公司證券上市規則中有關初步中期業績公告的相 關規定而編製，且當中已載有本公司2025年中期報告全文。本公司2025年中期 報告將適時登載於香港聯合交易所披露易網站( www.hkexnews.hk )及本公司網站 ( www.sf-express.com )，及寄發予本公司股東（如需）。 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8月28日 於本公告日期，董事會成員包括主席及執行董事王衞先生，執行董事何捷 ...

Core Insights - The express delivery industry in China experienced significant growth in volume, with July 2025 seeing 16.4 billion parcels delivered, a year-on-year increase of 15.1%, and a total of 112.05 billion parcels from January to July, up 18.7% year-on-year [1] - The growth is driven by the trend towards smaller packages, e-commerce promotions, and convenient return policies, surpassing the postal administration's forecast of over 8% growth for the entire year [1] - Major players in the e-commerce express delivery sector, such as YTO, Yunda, and Shentong, reported year-on-year volume increases of 20.8%, 7.6%, and 11.9% respectively in July 2025, with year-to-date increases of 21.6%, 15.1%, and 19.3% [1] - SF Express led the industry with a 33.7% year-on-year increase in volume for July 2025, attributed to its operational strategies and incentives for frontline staff [1] - The Ministry of Finance and the State Administration of Taxation announced new VAT policies for express delivery services, effective immediately, which will impact revenue collection for express companies [1] - Industry average revenue per parcel decreased to 7.36 yuan in July 2025, down 5.33% year-on-year and 1.76% month-on-month, influenced by the trend towards smaller packages and ongoing price wars [1] - However, there are indications of potential price recovery in August 2025 due to a shift away from aggressive competition [1][2] Company Insights - Key players in the express delivery sector include ZTO Express, SF Holding, JD Logistics, and YTO International Express, all of which are listed on the Hong Kong stock exchange [3] - The report from Guohai Securities indicates that franchise express companies may see performance recovery in the context of reduced competition [1][2]

Group 1 - The core viewpoint indicates that the express delivery industry in China is experiencing significant growth, with a total volume of 164.0 billion parcels in July 2025, representing a year-on-year increase of 15.1% [1] - For the first seven months of 2025, the total parcel volume reached 1,120.5 billion, showing a year-on-year growth of 18.7%, surpassing the postal administration's forecast of over 8% for the entire year [1] - The growth is driven by the trend of smaller packages, e-commerce promotions, and convenient return policies [1] Group 2 - In the e-commerce express segment, major players such as YTO Express, Yunda Express, and Shentong Express reported year-on-year growth rates of 20.8%, 7.6%, and 11.9% respectively in July 2025 [1] - For the first seven months of 2025, their respective growth rates were 21.6%, 15.1%, and 19.3% [1] - SF Express achieved a year-on-year growth of 33.7% in July 2025 and 26.9% for the first seven months, attributed to the implementation of operational activation strategies and increased incentives for frontline operations [1] Group 3 - The Ministry of Finance and the State Taxation Administration announced new VAT policies for express delivery services, effective immediately, stating that express companies will pay VAT based on "collection and delivery services" [1] - According to Guohai Securities, the industry average revenue per parcel in July 2025 was 7.36 yuan, reflecting a year-on-year decline of 5.33% and a month-on-month decline of 1.76% [2] - The ongoing trend of smaller packages and price wars are impacting revenue per parcel, although there are indications of potential price recovery in August due to a shift away from intense competition [2] Group 4 - The report highlights the potential for recovery in performance for franchise express companies amid the backdrop of reduced competition [2] - The express delivery sector is seeing a narrowing of price declines, with expectations of a slowdown in competitive pressure [2] - The focus remains on the performance growth of time-sensitive express delivery leaders and the valuation recovery opportunities in the e-commerce express segment [2] Group 5 - Related Hong Kong-listed express delivery companies include ZTO Express (02057), SF Holding (06936), SF Express City (09699), JD Logistics (02618), and YTO International Express (06123) [3]

Core Viewpoint - The express delivery industry is experiencing a decline in single ticket revenue due to the trend of smaller packages and ongoing price wars, although there may be a recovery in prices in August under the backdrop of reduced competition [1][2]. Industry Overview - In July 2025, the express delivery industry reported a single ticket revenue of 7.36 yuan, reflecting a year-on-year decrease of 5.33% and a month-on-month decrease of 1.76% [1][2]. - The growth rate of express delivery business volume in July 2025 was 15.1%, outpacing the growth of physical online retail sales at 8.3% and social consumer retail sales at 3.7% [2]. Regional Analysis - In July 2025, the year-on-year growth rates of express delivery business volume in different regions were as follows: Class 1 regions at +14.2%, Class 2 regions at +16.8%, and Class 3 regions at +28.0% [2]. - The year-on-year growth rates of single ticket revenue in these regions were: Class 1 at -4.7%, Class 2 at -7.2%, and Class 3 at -12.1% [2]. Company Performance - In July 2025, the year-on-year growth rates of express delivery business volume for major companies were: YTO Express at +20.81%, Yunda Express at +7.56%, Shentong Express at +11.90%, and SF Express at +33.69% [3]. - The year-on-year changes in single ticket revenue for these companies were: YTO Express at -7.14%, Yunda Express at -3.54%, Shentong Express at -1.50%, and SF Express at -14.02% [3].