Core Viewpoint - The express delivery sector is currently undervalued, with continuous growth in the e-commerce market and new demands emerging from lower-tier markets and reverse logistics, indicating strong resilience in industry demand [1] Group 1: Industry Performance - The express delivery industry remains robust, with July 2025 revenues reaching 120.64 billion yuan and business volume at 16.40 billion pieces, reflecting year-on-year growth of 8.9% and 15.1% respectively [1] - From January to July 2025, the cumulative express delivery revenue was 839.42 billion yuan, up 9.9% year-on-year, while the cumulative business volume reached 112.05 billion pieces, increasing by 18.7% [1] - SF Express leads the industry with July 2025 revenue of 18.657 billion yuan and business volume of 1.377 billion pieces, and from January to July 2025, it achieved a market share increase of 0.5 percentage points [1] Group 2: Demand and Pricing Dynamics - The express delivery sector benefits from strong demand resilience, driven by trends such as smaller package sizes, increasing reverse logistics, and the advantages of lower-tier markets, with industry volume growth significantly outpacing retail sales growth [2] - The trend towards lighter and smaller packages, along with intensified price competition, has impacted the average revenue per package, leading to a more competitive pricing environment [2] Group 3: Regulatory Environment - The State Post Bureau's emphasis on "anti-involution" aims to foster healthy price competition within the express delivery industry, reducing the likelihood of a return to the severe price wars seen in 2020 [3] - As price increases are gradually implemented across various regions, the profitability per package for express delivery companies is expected to improve, enhancing the market position of leading firms [3]

Core Insights - SF Holding (06936.HK) reported a total revenue of 24.847 billion RMB for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] Revenue Breakdown - The express logistics business generated revenue of 18.657 billion RMB, showing a year-on-year increase of 14.97%, with a business volume growth of 33.69% [1] - The supply chain and international business reported revenue of 6.19 billion RMB, which is a year-on-year decrease of 2.83% [1]

Major Events - CSPC Pharmaceutical Group (01093) received clinical trial approval for Dupilumab injection in China [1] - Rongchang Biopharmaceutical (09995) was granted breakthrough therapy designation for RC148 for non-small cell lung cancer by the National Medical Products Administration [1] - China Biologic Products (01177) included LM-302 "CLDN18.2 ADC" in the breakthrough therapy program [1] - Sunshine Oilsands (02012) plans to acquire 51% stake in Noble Technology Limited for HKD 50.91945 million [1] - Galenica Pharmaceutical-B (01672) plans to issue shares at a discount of approximately 9.9%, raising HKD 468 million [1] Financial Performance - Xiaomi Group-W (01810) reported record high revenue and profit for Q2, with attributable profit of HKD 11.904 billion, up 133.51% year-on-year [1] - Pop Mart (09992) announced a mid-term profit of HKD 4.574 billion, a year-on-year increase of 396.5% [1] - Fuyao Glass (03606) reported a half-year net profit of approximately HKD 4.805 billion, up 37.33% year-on-year [1] - China Resources Beer (00291) announced a mid-term profit of HKD 5.789 billion, an increase of 23.04% year-on-year [1] - Kunlun Energy (00135) reported a mid-term profit of HKD 3.161 billion, down 4.36% year-on-year, with a dividend of HKD 0.166 per share [1] - WuXi Biologics (02269) reported a mid-term profit of approximately HKD 2.339 billion, up 56% year-on-year [1] - Sunny Optical Technology (02382) announced a mid-term profit of HKD 1.646 billion, an increase of 52.56% year-on-year [1] - Yixin Group (02858) reported an adjusted net profit of HKD 648 million, up 28% year-on-year [1] - Kangchen Pharmaceutical (01681) reported a mid-term profit of HKD 498 million, up 24.6% year-on-year, maintaining market leadership with its flagship product [1] - Ping An Good Doctor (01833) reported a mid-term profit of HKD 134 million, a year-on-year increase of 136.84% [1] - China Communication Services (02342) reported a mid-term profit of HKD 61.781 million, returning to profitability [1] - XPeng Motors-W (09868) achieved record levels in core business and financial metrics for Q2, with a net loss of HKD 480 million, narrowing by 62.8% year-on-year [1] - Guochuang Tongqiao (02190) reported a mid-term profit of HKD 121 million, up 76% year-on-year [1] - Yanda Pharmaceutical (00512) reported record revenue of HKD 6.107 billion [1] - Jinli Permanent Magnet (06680) reported a mid-term profit of approximately HKD 305 million, up 154.81% year-on-year [1] - Zhaogang Group-W (06676) issued a profit warning, expecting a mid-term profit of approximately HKD 140 million to HKD 180 million, returning to profitability [1] - Longyuan Power (00916) reported a mid-term profit of HKD 3.519 billion, down 14.4% year-on-year [1] - Yancoal Australia (03668) reported a mid-term profit of AUD 16.3 million, down 61.19% year-on-year [1] - SF Holding (06936) reported total revenue of HKD 24.847 billion for July in logistics, supply chain, and international business, up 9.95% year-on-year [1] - Chow Sang Sang (00116) expects a mid-term profit from continuing operations of approximately HKD 900 million to HKD 920 million [1]

(2)受到国际贸易波动影响，国际货运市场需求趋缓，海运价格同比去年高位明显回落。但公司依托全 球网络优势与多元业务布局，灵活应对市场变化，积极挖掘新需求，国际货运代理业务整体货量保持稳 定。国际快递及跨境电商物流业务收入实现较快增长。 顺丰控股(06936)发布公告，公司2025年7月速运物流业务、供应链及国际业务合计收入为人民币248.47 亿元，同比增长9.95%。其中： (1)速运物流业务收入同比增长14.97%，业务量同比增长33.69%，保持良好增长态势，主要得益于公司 深化落实激活经营策略，加大对前线业务的授权与激励;同时提升运营保障的投入，强化标准产品及综 合物流服务能力，持续渗透生产制造和生活消费各类物流场景，有效满足客户多元化业务需求; ...

Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 14.97% year-on-year, with business volume growing by 33.69%, indicating a strong growth trend [1] - The growth is attributed to the company's implementation of activation strategies, increased authorization and incentives for frontline operations, and enhanced operational support [1] - The company has strengthened its standard product and comprehensive logistics service capabilities, effectively meeting diverse customer needs across manufacturing and consumer logistics scenarios [1] Group 2: International Business - The international freight market demand has softened due to fluctuations in international trade, leading to a significant decline in sea freight prices compared to last year's highs [1] - Despite market changes, the company leveraged its global network and diversified business layout to adapt flexibly, actively exploring new demand [1] - Revenue from international express and cross-border e-commerce logistics businesses has seen rapid growth [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 上述資料未經審計，與定期報告資料可能存在差異，僅供投資者參考。相關資 料以公司定期報告為準。 股東及潛在投資者於買賣本公司證券時應注意投資風險並審慎行事。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2 025 年 7 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年7月業務經 營簡報情況如下： | 項目 | | 2025年7月 | 2024年7月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 162.28 | 14.97% | | | （億票） －業 ...

格隆汇8月15日丨顺丰控股(06936.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

格隆汇8月15日丨顺丰控股(06936.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

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。 順豐控股股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司董事會會議將於2025年8月28日（星期四）舉行，藉以 （其中包括）考慮及批准本集團截至2025年6月30日止六個月的中期業績及其發 佈，以及考慮派發中期股息（如有）。 董事會命 順豐控股股份有限公司 聯席公司秘書 甘玲 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） 董事會會議召開日期 中國深圳，2025年8月15日 於本公告日期，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。 ...

Summary of SF Express Conference Call Company Overview - **Company**: SF Express (顺丰控股) - **Industry**: Logistics and Express Delivery Key Points and Arguments Strategic Adjustments - SF Express faced significant challenges due to blind diversification and product downscaling, leading to cost overruns and its first loss since going public in Q1 2021. The company quickly adjusted its strategy by exiting unprofitable businesses and stabilizing the average order value at approximately 15 RMB [2][4] - The "Four Network Integration" strategy was implemented to merge large and small parcel networks, warehousing, and franchise networks, reducing asset redundancy and improving network efficiency, generating an annual profit increment of about 1 billion RMB [2][4] Capital Expenditure and Cash Flow - The capital expenditure cycle is entering a downward phase, expected to maintain between 8 billion to 10 billion RMB in the future. Asset turnover and ROE are on the rise, significantly improving free cash flow [3][10] - The company has increased the number of transfer stations and optimized routing, resulting in a daily business volume of 40 million parcels across approximately 250 stations by 2024, showcasing a significant cost advantage [3][5] Operational Efficiency - SF Express has adopted direct sorting and a cage-free direct delivery model, which is expected to cover 10% of its network by the end of 2024. This has improved the efficiency of delivery personnel from an average of 80 parcels per day in 2019 to 166 parcels in 2024, optimizing overall network costs [2][5] Organizational Changes - The company has undergone three significant organizational transformations: transitioning from a franchise model to a direct operation model, implementing a partner program, and activating operational actions to enhance organizational capabilities and adapt to market changes [6][7] - The future direction includes an industry transformation, providing standardized logistics solutions for sectors such as e-commerce, telecommunications, automotive, and industrial manufacturing, with a revenue growth rate exceeding 20% in vertical segments by 2024 [8][9] Shareholder Returns - SF Express has introduced a five-year dividend return plan, with a regular dividend yield exceeding 2%. The dividend payout ratio is expected to increase from 20% to 40% by 2024, alongside enhanced stock buyback efforts [3][11][12] Valuation and Investment Potential - The current valuation of SF Express is considered attractive, transitioning from a growth stock to a value growth stock. The company has improved its profitability through strategic adjustments, making it a high-investment value opportunity [13] Additional Important Insights - The company is focusing on international expansion, leveraging its logistics capabilities to support Chinese brands entering overseas markets, with a significant portion of revenue coming from international operations [8][9]