热点聚焦 1.国家数据局局长刘烈宏8月28日在2025中国国际大数据产业博览会开幕式上表示，国家数据局推动出台公共数据资源开发利用、数字经济高质量发展、城 市全域数字化转型等相关政策近30项，支持10个地方积极探索数据要素综合试验区建设，20多个地方也陆续出台数据条例。今年，还将推出数据产权、数据 创新型企业、数字产业集群等十几项产业政策。 2.小米正式发布小米澎湃OS 3。据了解，小米澎湃OS 3将于2025年8月29日为首批Beta机型开启陆续推送，覆盖Xiaomi15系列、Xiaomi Pad 7S Pro 12.5、 Xiaomi Pad 7 Pro、REDMI K80 Pro、REDMI K80 至尊版，并将陆续为更多机型开启推送。 3.根据美国商务部的数据，二季度GDP按年率计算增长3.3%，高于此前公布的初值3.0%以及市场预期的3.1%。 4.英伟达公布第二季度业绩报告后，多家投行更新其对这家人工智能巨头的最新评级及目标价格。美银将英伟达目标价从220美元上调至235美元；摩根士丹 利将英伟达目标价从206美元上调至210美元；花旗银行将英伟达目标价从190美元上调至210美元；摩根大通将英伟 ...

值得注意的是，公司利润的增长在一定程度上受益于非经常性损益。报告期内，归属于母公司股东的非经 常性损益达11.87亿元，较去年同期的6.59亿元大幅增加，其中主要来自处置子公司（基础设施项目 REITs）产生的7.78亿元投资收益。若扣除非经常性损益，其归母净利润为45.51亿元，同比增长仅为9.71% 速运主业稳固盈利基本盘 作为顺丰的"压舱石"，速运及大件分部依然是公司最核心的利润来源。分部数据显示，该业务板块上半年 对外交易收入达1047.73亿元，贡献了63.49亿元的利润总额，构成了集团盈利的坚实基本盘 。 在快递物流行业"内卷"加剧的背景下，8月28日晚间，顺丰控股（002352.SZ）发布了上半年业绩报。 财报显示，顺丰控股2025年上半年实现营业收入1468.58亿元，同比增长9.26% ；归属于母公司股东的净利 润达到57.38亿元，同比增长19.37%。 然而，在净利润双位数增长的背后，公司经营活动产生的现金流量净额却同比略有下滑，从上年同期的 137.22亿元降至129.37亿元。此外，毛利率夜有所下滑，在毛利额层面，公司上半年实现毛利额194亿元， 同比增长4.2%；毛利率为13.2% ...

新业务方面，多个板块成为拉动业绩增长的重要引擎。快运业务方面，得益于家电、家具"以旧换新"等 政策提振，该业务向大件物流市场加速渗透，上半年实现收入195.7亿元，同比增长11.5%。同城即时配 送方面，公司业务范围从餐饮配送拓展至商超、医药健康等多个领域，上半年营收达54.9亿元，同比增 长38.9%。供应链及国际业务方面，龙头客户合作渗透率持续提升，高价值业务收入占比进一步优化， 上半年实现营收342.3亿元，同比增长9.7%。 顺丰控股相关负责人表示，这一分红金额的提升，既反映出公司经营现金流的充裕与财务结构的稳健， 也体现出管理层对未来业务发展的信心，以及对"提升长期股东价值"的持续践行。 8月28日晚，顺丰控股股份有限公司（以下简称"顺丰控股"）公布2025年半年度报告。报告显示，上半 年顺丰控股实现营收1468.58亿元，同比增加9.26%；其中归属于上市公司股东的净利润57.38亿元，同 比增加19.37%，实现每股收益1.16元，同比增加16%。 深度科技研究院院长张孝荣对《证券日报》记者表示："上半年公司时效件底盘稳固，新业务高速增 长，同时坚定投入差异化赛道。未来，无人物流设备及系统应用将 ...

Core Viewpoint - SF Holding reported strong performance in the first half of 2025, with significant growth in multiple business metrics and plans for a mid-term dividend of 2.32 billion RMB, reflecting a commitment to sustainable development and shareholder returns [2][5]. Financial Performance - In H1 2025, the company achieved a business volume of 7.85 billion parcels, a year-on-year increase of 25.7%, significantly outpacing the industry average growth rate [2]. - Revenue reached 146.9 billion RMB, up 9.3% year-on-year, with express logistics revenue at 109.3 billion RMB, growing 10.4% [2]. - Net profit attributable to shareholders was 5.74 billion RMB, a 19.4% increase year-on-year, with a net profit margin of 3.9%, up 0.3 percentage points [2]. Business Segment Growth - The express delivery segment saw a revenue growth rate of 6.8%, with a 19% increase in the volume of time-sensitive parcels [3]. - Economic express revenue grew by 14.4%, with a business volume increase of 30%, driven by differentiated product strategies [3][4]. - The company's supply chain and international business revenue increased by 9.7%, despite short-term disruptions from trade policies [5]. Operational Efficiency - The company is focused on cost reduction and efficiency improvement through lean management and structural innovations [6]. - A new employee stock ownership plan was introduced to align employee interests with long-term company growth, covering up to 200 million A-shares, approximately 4% of the total share capital [7]. Strategic Outlook - The company anticipates continued growth in the second half of 2025, leveraging resource collaboration to enhance customer experience [8]. - The international business showed resilience with nearly 10% revenue growth, and the company plans to deepen service coverage in key Asian markets [9].

Summary of SF Express Conference Call Company Overview - **Company**: SF Express (顺丰控股) - **Period**: First half of 2025 - **Total Revenue**: CNY 146.4 billion, up 10.4% year-on-year [2][4] - **Net Profit**: CNY 5.74 billion, up 19.4% year-on-year, with a net profit margin of 3.9%, an increase of 0.3 percentage points [2][5] Key Financial Metrics - **Revenue Breakdown**: - **Express Delivery Revenue**: CNY 109.3 billion, up 10.4% [4] - **Supply Chain and International Business Revenue**: CNY 34.2 billion, up 9.7% [2][4] - **Gross Profit**: CNY 19.4 billion, up 4.25%, with a gross margin of 13.2%, down 0.6 percentage points [4][19] - **Free Cash Flow**: CNY 8.7 billion [4][19] - **Proposed Dividend**: CNY 2.32 billion, up 21%, with a per-share dividend of CNY 0.46 [2][5] Business Segment Performance Express Delivery - **Volume Growth**: Total business volume reached 7.85 billion parcels, up 25.7% year-on-year [4] - **Revenue Growth**: Express delivery revenue growth of 6.8%, exceeding GDP growth [6] Economic Express - **Revenue Growth**: Up 14.4%, with business volume growth of 30% [7] - **Strategy**: Differentiated product strategy and refined operational management [7] Fast Cargo - **Revenue Growth**: Up 11.5%, with daily average cargo volume near 80,000 tons, up 28% [9] - **Customer Satisfaction**: Improved through product quality and flexible network adaptation [9] Supply Chain and International Business - **Revenue Growth**: Up 9.7%, with 95% of top 100 Chinese companies using domestic services and 60% using international services, a 15 percentage point increase [11] - **International Airport Impact**: Ezhou Huahu International Airport opened 59 domestic and 19 international routes, with cargo throughput of 700,000 tons, up 79% [12] Operational Efficiency and Cost Management - **Cost Reduction Initiatives**: - Lean diagnostics to improve site utilization and efficiency [4][13] - Employee co-creation teams reducing costs by over CNY 300 million [14] - AI and RPA tools to enhance operational efficiency [16][19] - **Future Strategies**: Continued proactive investment in business expansion and resource optimization [4][22] Market Outlook and Strategic Initiatives - **Market Position**: SF Express aims to maintain leadership in the express delivery market through high-quality service and flexible pricing strategies [25][34] - **Future Growth**: Focus on international expansion and industry transformation to achieve sustainable growth [24][34] Shareholder Returns and Capital Expenditure - **Capital Expenditure**: Expected to be around CNY 10 billion for the year, focusing on technology innovation and network optimization [30][31] - **Shareholder Return Strategy**: Emphasis on dividends and share buybacks to enhance shareholder value [31] Conclusion - **Overall Performance**: SF Express demonstrated strong growth in revenue and net profit, with significant improvements across various business segments, while also focusing on operational efficiency and strategic investments for future growth. The company is well-positioned to navigate the competitive landscape and capitalize on emerging opportunities in the logistics sector.

Group 1 - Cambricon expects to achieve an annual revenue of 5 billion to 7 billion yuan in 2025 [3] - Guolian Minsheng plans to establish a 1.22 billion yuan fund in collaboration with Guolian Life, focusing on new productivity and smart technology investments [4] - Chipone is planning to acquire equity in Chipwise Semiconductor Technology and will suspend trading for up to 10 trading days [5] - Dongxin shares will suspend trading for up to 3 trading days due to abnormal stock trading fluctuations [6] - Zhonghuan Hailu is planning a change in company control, leading to a suspension of trading for up to 2 trading days [7] - Jinghe Integrated plans to issue H-shares and list on the Hong Kong Stock Exchange, pending shareholder and regulatory approvals [9] Group 2 - SMIC reported a 35.6% year-on-year increase in net profit for the first half of the year, with revenue of 4.456 billion USD, up 22% [10] - Northern Huachuang achieved a net profit of 3.208 billion yuan in the first half of the year, a 14.97% increase, with revenue of 16.142 billion yuan, up 29.51% [11] - Gree Electric reported a net profit of 14.412 billion yuan, a 1.95% increase, with revenue of 97.325 billion yuan, down 2.46% [12] - Wancheng Group's net profit surged by 50,358% to 472 million yuan, with revenue of 22.583 billion yuan, up 106.89% [13] - ZTE Corporation's net profit decreased by 11.77% to 5.058 billion yuan, with revenue of 71.553 billion yuan, up 14.51% [14] - Longxin Bochuang's net profit increased by 1,121.21% to 168 million yuan, with revenue of 1.2 billion yuan, up 59.54% [15] - SF Holding reported a net profit of 5.738 billion yuan, a 19.37% increase, with revenue of 146.858 billion yuan, up 9.26% [16] - CITIC Securities achieved a net profit of 13.719 billion yuan, a 29.80% increase, with revenue of 33.039 billion yuan, up 20.44% [18] - Liou Co. turned a profit with a net profit of 478 million yuan, compared to a loss in the previous year, with revenue of 9.635 billion yuan, down 9.62% [19] - Guolian Minsheng's net profit skyrocketed by 1,185.19% to 1.127 billion yuan, with revenue of 4.011 billion yuan, up 269.40% [20] - Zhongke Shuguang's net profit increased by 29.39% to 729 million yuan, with revenue of 5.85 billion yuan, up 2.41% [21] - Lingzhi Software's net profit surged by 1,002% to 112 million yuan, with revenue of 516 million yuan, down 3.04% [22] - Huasheng Tiancheng turned a profit with a net profit of 140 million yuan, compared to a loss in the previous year, with revenue of 2.262 billion yuan, up 5.11% [23] - China Galaxy reported a net profit of 6.488 billion yuan, a 47.86% increase, with revenue of 13.747 billion yuan, up 37.71% [24] - Huahong's net profit decreased by 71.95% to 74.315 million yuan, with revenue of 8.018 billion yuan, up 19.09% [25] - XGIMI's net profit increased by 2,062% to 88.662 million yuan, with revenue of 1.626 billion yuan, up 1.63% [26] - Zhongjin Gold reported a net profit of 2.695 billion yuan, a 54.64% increase, with revenue of 35.067 billion yuan, up 22.90% [27] - Zhongwei Company achieved a net profit increase of 37% to 706 million yuan, with revenue of 4.961 billion yuan, up 43.88% [28] Group 3 - Aojie Technology's shareholder Alibaba Network plans to reduce its stake by up to 3% [32] - Hengsheng Energy's actual controller plans to reduce its stake by up to 2% [33] - Jinghua New Materials' controlling shareholder plans to reduce its stake by up to 3.01% [34] - Chunzong Technology's multiple shareholders plan to reduce their stake by up to 2% [35]

证券代码：002352 证券简称：顺丰控股 顺丰控股股份有限公司投资者关系活动记录表 编号：2025-04 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | （年度股东大会） 其他 | | | 、 、 、 、 、 ADIA Baron Citadel Franklin Templeton GoldmanSachs | | | Greenwoods、J.P. Morgan、Millennium、Morgan Stanley、Overlook、 | | 参与单位名称及 | Point72、Temasek、长江证券、淡水泉、广发基金、广发证券、泓 | | 人员姓名 | 德基金、景顺长城基金、前海开源基金、睿郡资产、润晖投资、易 | | | 方达基金、银华基金、远致瑞信等众多机构和个人股东，总计约 276 | | | 位投资者。 | | 时间 | 2025 年 8 月 28 日星期四 20:00—21:10 | | 地点 | 电话会议 | | 上市公司接待人 | 顺丰 ...

上 市 公 司 交通运输 2025 年 08 月 28 日 顺丰控股 (002352) ——激活经营件量提速，业绩稳健增长 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 48.40 | | 一年内最高/最低（元） | 51.13/33.72 | | 市净率 | 2.6 | | 股息率%（分红/股价） | 3.80 | | 流通 A 股市值（百万元） | 230,965 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 19.11 | | 资产负债率% | 51.35 | | 总股本/流通 A 股（百万） | 5,039/4,772 | | 流通 B 股/H 股（百万） | -/240 | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 ...

2025年员工持股计划系经本公司董事长王卫先生提议设立，并承诺将其通过本公司控股股东明德控股持 有的部分A股无偿赠与给2025年员工持股计划作为股份来源。 顺丰控股（002352）(06936)发布公告，董事会于2025年8月28日举行的会议上决议建议本公司采纳2025 年员工持股计划，惟须待股东于2025年第一次临时股东大会上通过普通决议案批准及采纳2025年员工持 股计划后，方可作实。 2025年员工持股计划的目的是为了进一步构建创新的本公司核心团队持股的长期激励机制，有效激励核 心人才的创业拼搏精神，实现本公司与核心人才的长期价值绑定与共同成长，以实现本公司未来长期的 发展和治理。本公司相信，通过建立"利益共享、风险共担"的合伙机制，2025年员工持股计划将有效推 动与促进本公司"经理人"向"合伙人"身份的转变，凝聚一批具备共同价值观的核心人才，促进本公司长 期稳健发展，实现核心人才与本公司和全体股东利益一致。 ...

2025年员工持股计划系经本公司董事长王卫先生提议设立，并承诺将其通过本公司控股股东明德控股持 有的部分A股无偿赠与给2025年员工持股计划作为股份来源。 2025年员工持股计划的目的是为了进一步构建创新的本公司核心团队持股的长期激励机制，有效激励核 心人才的创业拼搏精神，实现本公司与核心人才的长期价值绑定与共同成长，以实现本公司未来长期的 发展和治理。本公司相信，通过建立"利益共享、风险共担"的合伙机制，2025年员工持股计划将有效推 动与促进本公司"经理人"向"合伙人"身份的转变，凝聚一批具备共同价值观的核心人才，促进本公司长 期稳健发展，实现核心人才与本公司和全体股东利益一致。 智通财经APP讯，顺丰控股(06936)发布公告，董事会于2025年8月28日举行的会议上决议建议本公司采 纳2025年员工持股计划，惟须待股东于2025年第一次临时股东大会上通过普通决议案批准及采纳2025年 员工持股计划后，方可作实。 ...