Summary of S.F. Holding (002352.SZ) Conference Call Company Overview - **Company**: S.F. Holding (002352.SZ) - **Industry**: Logistics and Express Delivery Key Points Operating Performance - **August Operating Revenue**: Increased by 7.9% year-over-year (YoY) [1] - **Express Revenue Growth**: 14% YoY growth, driven by a 35% YoY increase in parcel volume [1] - **Supply Chain & International Revenue**: Decreased by 7.6% YoY, impacted by declining freight rates [1] - **Average Selling Price (ASP)**: Dropped by 15% YoY, indicating aggressive pricing strategies in the economy express segment [1] Volume and Pricing Dynamics - **Parcel Volume**: Increased to 1,406 million in August, reflecting a 35% YoY growth [3] - **ASP Decline**: Average unit price fell to Rmb13.3, a 15% YoY decrease [3] Future Outlook - **3Q25E Earnings Growth**: Expected to face pressure due to increased investments and tough comparisons, but improvement is anticipated in 4Q25E [1] - **ASP Recovery**: Anticipated optimization of economy express services may lead to some recovery in ASP [1] Investment Recommendation - **Target Price**: Rmb59, representing a potential upside of 43.6% from the current price of Rmb41.08 [2] - **Expected Total Return**: 45.1%, including a 1.5% dividend yield [2] - **Rating**: Maintain "Buy" due to S.F. Holding's leading position in the premium express sector and international expansion prospects [1] Risks - **Market Growth Rebound**: Risks associated with an exceptionally strong or weak market rebound [9] - **Revenue Growth Variability**: Uncertainty in revenue growth from new business lines such as Freight and Cold Chain [9] - **Competitive Landscape**: Potential changes in market competition and pricing strategies could impact performance [9] - **Cost Control**: Better or worse-than-expected cost management could affect profitability [9] Additional Insights - **Investment Strategy**: The valuation is based on a sum-of-the-parts (SOTP) method, assigning a 14x P/E to the express business and a 0.6x P/S to new business lines [8] - **Market Capitalization**: Approximately Rmb197.16 billion (US$27.71 billion) [2] This summary encapsulates the essential insights from the conference call regarding S.F. Holding's performance, outlook, and investment potential, highlighting both opportunities and risks in the logistics sector.

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Views - Crude oil freight rates have significantly increased, while container shipping rates on long-distance routes have decreased. The China Import Crude Oil Composite Index (CTFI) rose to 1975.94 points, up 34.5% from September 11. VLCC market activity remains high, with freight rates expected to maintain elevated levels if demand remains stable [3][13] - The aviation sector saw the successful completion of the world's first intercity unmanned cargo flight using a 2-ton eVTOL by Peak Aviation, and civil aviation's total turnover in August reached a historical high of over 150 billion ton-kilometers [3][15][17] - Several express delivery companies reported growth in revenue and business volume for August, with the postal industry achieving a revenue of 1429.9 billion yuan, a year-on-year increase of 4.4% [3][23][24] Summary by Sections Industry Hot Events - Crude oil freight rates surged, while container shipping rates on long-distance routes fell. The CTFI reached 1975.94 points, a 34.5% increase from September 11. VLCC market activity remains robust, with freight rates expected to stay high if demand holds steady [3][13] - Peak Aviation's eVTOL completed the first intercity unmanned cargo flight, marking a significant milestone in aviation logistics. Civil aviation's total turnover in August surpassed 150 billion ton-kilometers, reflecting strong growth [3][15][17] - Express delivery companies like YTO and Yunda reported revenue and volume growth in August, with the postal industry achieving a revenue of 1429.9 billion yuan, up 4.4% year-on-year [3][23][24] Industry High-Frequency Data Tracking - In September 2025, air cargo prices remained stable, while domestic cargo flight volumes decreased by 1.13% year-on-year, and international flights increased by 16.88% [26][33] - The shipping sector saw a decline in domestic container shipping rates, with the SCFI index at 1198.21 points, down 14.3% week-on-week and 49.36% year-on-year. Conversely, dry bulk freight rates increased, with the BDI index at 2126 points, up 7.43% week-on-week [40][44] - The express delivery sector experienced a 12.29% year-on-year increase in business volume for August, with total revenue reaching 1189.6 billion yuan, a 4.24% increase [51][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy investments and road-rail sectors [5]

Core Viewpoint - The announcement regarding the internal share transfer by Liu Jilu, a supervisor at SF Holding, has drawn attention, indicating a family asset planning move rather than a market reduction in shares [1][2]. Group 1: Share Transfer Details - Liu Jilu plans to transfer up to 7 million shares of SF Holding to his son-in-law Zhao Yingkun through a block trade within two months, with an estimated market value exceeding 280 million yuan based on the closing price of 40.42 yuan per share on the announcement date [1]. - The transfer will not affect the total shareholding percentage of Liu Jilu and Zhao Yingkun combined, which will remain at 0.71% of the total share capital post-transfer [2]. - The specific execution period for the share transfer is set from November 1 to December 31, 2025, with the transaction price determined by the market price at the time of transfer [1]. Group 2: Background on Liu Jilu - Liu Jilu, aged 78, is a notable figure in the company, having previously served as the founder and chairman of Ding Tai New Materials Co., Ltd., which was used as a shell for SF Holding's listing [2][4]. - The share transfer is part of a family wealth arrangement, emphasizing internal asset planning rather than any intention to reduce market shares or change control of the company [2]. Group 3: Company Performance - SF Holding reported a revenue of 146.858 billion yuan for the first half of 2025, reflecting a year-on-year growth of 9.26%, while the net profit attributable to shareholders reached 5.738 billion yuan, up 19.37% year-on-year [4].

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） FF305 呈交日期： 2025年9月24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 ...

智通财经APP讯，顺丰控股(06936)公布，2025年9月24日耗资约3441.18万元回购85.5万股A股股份。 ...

顺丰控股（002352）(06936)公布，2025年9月24日耗资约3441.18万元回购85.5万股A股股份。 ...

Summary of Key Points Core Viewpoint - SF Holding (06936.HK) announced a share buyback plan, intending to repurchase 855,000 A-shares at a total cost of RMB 34.41 million, with a buyback price range of RMB 39.97 to 40.45 per share [1] Group 1 - The company plans to execute the buyback on September 24, 2025 [1] - The total expenditure for the buyback is approximately RMB 34.41 million [1] - The number of shares to be repurchased is 855,000 [1]

在此之前，快递产粮区（业务量大、以发件为主的区域）浙江义乌、广东已打响涨价枪声，并由此蔓延 至多个省市。 快递业轰轰烈烈的反内卷变革，正逐步打破此前的低价竞争僵局。这一变化也开始反应在企业业绩端。 近日，四家上市快递企业披露的8月经营业绩显示，单票收入普遍实现环比上涨。 无论是一线的末端网点还是上游的电商客户，这条产业链上的每一环参与者都渐渐感知到，此次快递行 业的调价并非短期波动。 快递涨价的风愈吹愈猛。 9月22日，市场消息称上海地区快递收件价格迎来上调，多家加盟制快递公司发布告客户书，为执行国 家关于各行业"反内卷式"竞争，杜绝低价扰乱市场秩序的不当行为，于9月22日起上调上海地区快递价 格。 时代财经联系多家通达系公司人士，确认了上述消息。 01 快递企业单票收入普涨 9月18日，国家邮政局公布8月份快递行业运行情况，其中快递业务收入完成1189.6亿元，同比增长 4.2%；快递业务量完成161.5亿件，同比增长12.3%。 按此计算，8月行业平均单票收入为7.37元，同比下降7.16%，环比提高0.01元，扭转此前逐月环比持续 下跌趋势。 头部快递企业的单票收入同样释放出上涨信号。具体来看，8月顺丰 ...

9月23日，由青海省邮政管理局、省商务厅、省农业农村厅等指导，甘青顺丰速运有限公司主办的"高原 臻品 鲜行天下"青海品牌牛羊肉产销对接洽谈会暨生鲜行业供应链解决方案发布会在青海省西宁市圆满 落幕。本次活动旨在聚焦产业链赋能升级，搭建产销对接桥梁，相关行业主管部门、青海牛羊肉生产企 业、外地采购商、供应链企业等代表齐聚一堂，共议青海牛羊肉行业发展和品牌塑造之路。 立体运输网络保障"青"味速达 经过多年深耕，顺丰建立起空陆立体运输网络，帮助青海牛羊肉能够快速运往全国各地，有效解决了以 往"产地直发成本高，旺季运输保障难"的难题。顺丰与机场携手合作，利用机场优质航线资源，让优质 牛羊肉能借助航空物流快速送达全国各地，大大缩短运输时长，减少损耗。今年牛羊肉旺季期间，甘青 顺丰预计投入自营全货机超过60架次，运力近2500吨，以及散航运力1300余吨，并借助顺丰鄂州枢纽辐 射全国的航空网络，预计可覆盖国内主要经济区超过160个城市。同时，通过大数据分析与智能调度， 灵活应用"专机+专列+冷链干线"运输路线组合，提升中转和分拣效率，牛羊肉配送时效较以往提升显 著，部分城市实现次日达，极大程度保证了肉质的鲜嫩口感与品质，更 ...

Key Points - Jinzi Ham (002515.SZ) is venturing into the semiconductor industry with a planned investment of up to 300 million yuan to acquire up to 20% equity in Zhongsheng Microelectronics, indicating a strategic shift towards high-growth sectors like AI and optical communication [3][5] - The company's stock surged to a daily limit of 7.85 yuan, resulting in a market capitalization increase of nearly 1 billion yuan on September 23 [3] - Jinzi Ham has previously attempted to diversify into healthcare and internet finance, but most of these ventures were unsuccessful [5] Group 1 - Jinzi Ham's investment in Zhongsheng Microelectronics reflects a broader trend of traditional companies diversifying into technology sectors [3][5] - The company aims to leverage the growth potential of the AI industry and optical communication markets [3] - The announcement of this investment comes after a change in the company's controlling shareholder and management team [5] Group 2 - The stock market reaction to Jinzi Ham's announcement demonstrates investor confidence in the company's new direction [3] - The investment strategy aligns with the increasing interest in semiconductor technology amid rising demand for AI applications [3][5] - Jinzi Ham's core business remains in meat products, but this move signifies a potential shift in focus towards technology-driven growth [3][5]