证券代码：002352 证券简称：顺丰控股 公告编号：2025-052 顺丰控股股份有限公司 1 主要得益于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，助力供应链及国际业务实现较好增长。 2025年6月快递物流业务经营简报 本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，没有虚假记载、误导 性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2025 年 6 月业务经 营简报情况如下： | 项目 | 2025 | 年 | 6 月 | 2024 | 年 6 月 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | 营业收入（人民币亿元） | | | 199.62 | | 174.73 | 14.24% | | 业务量（亿票） | | | 14.60 | | 11.08 | 31.77% | | 单票收入（人民币元） | | | 13.67 | | 15.77 | -13.32% ...

Core Viewpoint - SF Holding (002352.SZ) reported significant growth in its express logistics and supply chain businesses, driven by strategic adjustments and global network advantages [1] Group 1: Express Logistics Business - The express logistics business generated revenue of 19.962 billion yuan in June 2025, representing a year-on-year increase of 14.24% [1] - The business volume reached 1.460 billion tickets, showing a year-on-year growth of 31.77% [1] - The average revenue per ticket was 13.67 yuan, which is a decrease of 13.32% compared to the previous year [1] Group 2: Supply Chain and International Business - The supply chain and international business achieved revenue of 6.292 billion yuan, reflecting a year-on-year increase of 10.93% [1] - Growth in this segment is attributed to the company's global network advantages and diversified business layout [1]

Core Insights - The National Postal Administration conducted a survey to monitor express delivery service quality and promote industry improvement, focusing on customer satisfaction and timely delivery rates for the second quarter of 2025 [1] Group 1: Survey Overview - The survey included nine express delivery brands: Postal Express, SF Express, Zhongtong Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The survey covered 50 cities, including municipalities, provincial capitals, and 19 cities with high express delivery volumes [1] - A total of 9,211 valid samples were collected for customer satisfaction evaluation across five service aspects, while 2.4 million samples were collected for timely delivery testing [1] Group 2: Customer Satisfaction Results - The overall customer satisfaction score for express delivery services in Q2 2025 was 85.1, an increase of 1.3 points year-on-year [2] - SF Express and JD Express received the highest satisfaction scores among brands [3] - Regions with high satisfaction scores included Shanghai, Beijing, Inner Mongolia, Shanxi, Hebei, Shandong, and Jiangsu, all scoring above 86 [3] - Satisfaction scores for order services via unified customer service hotline reached 90.8, up by 2.0 points year-on-year [3] - User satisfaction scores for delivery service timeliness and quality were 86.9 and 86.4, reflecting increases of 4.7 and 1.7 points respectively [3] Group 3: Timeliness and Delivery Rates - The average total time for express delivery services in Q2 2025 was 51.08 hours, a reduction of 1.99 hours year-on-year [4] - Breakdown of average times showed: - Processing at the shipping location: 8.44 hours (up 0.34 hours) - Transportation: 30.98 hours (down 1.44 hours) - Processing at the destination: 8.89 hours (down 0.77 hours) - Delivery: 2.77 hours (down 0.11 hours) [4] - The 72-hour delivery success rate was 86.85%, an increase of 2.13 percentage points year-on-year [5] - Postal Express and SF Express had the highest 72-hour delivery success rates among brands [6]

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].

Group 1 - The core index, the CN Industrial Composite Index, has shown a significant increase of 5.77% over the past month, 11.65% over the past three months, and 6.12% year-to-date, reaching 2538.90 points [1] - The index is designed to reflect the overall performance of different industry securities from mainland Chinese enterprises, categorized according to the China Securities Index industry classification standards [1] - The top ten weighted stocks in the index include CATL (6.36%), China Railway Shanghai Group (1.49%), China State Construction Engineering (1.15%), and others, indicating a diverse representation of key sectors [1] Group 2 - The market capitalization distribution of the index shows that Shenzhen Stock Exchange accounts for 47.12%, Shanghai Stock Exchange for 44.98%, and other exchanges like Hong Kong and New York have smaller shares [2] - In terms of industry representation, the index is heavily weighted towards electric power equipment (29.21%) and machinery manufacturing (28.67%), with transportation and construction also holding significant portions [2] - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December, ensuring the index remains relevant to current market conditions [3]

Market Overview - The FTSE China A50 Index components showed strong performance in sectors such as banking, insurance, and liquor, while the consumer electronics sector underperformed [1][6]. Banking Sector - Everbright Bank had a market capitalization of 254.068 billion with a trading volume of 609 million, closing at 4.30, up by 0.03 (+0.70%) [3]. Insurance Sector - China Ping An and China Life Insurance had market capitalizations of 1,039.258 billion and 356.818 billion respectively, with trading volumes of 24.93 billion and 6.12 billion. Their stock prices increased by 0.42 (+1.15%) and 0.03 (+0.36%) [3]. Liquor Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,805.156 billion, 220.936 billion, and 480.465 billion respectively. Their trading volumes were 59.85 billion, 25.98 billion, and 30.62 billion, with stock price increases of 5.03 (+2.86%), 20.65 (+1.46%), and 1.13 (+0.92%) [3]. Semiconductor Sector - Northern Huachuang, Cambricon Technologies, and Hygon had market capitalizations of 234.658 billion, 243.739 billion, and 318.365 billion respectively. Their trading volumes were 26.40 billion, 29.85 billion, and 16.55 billion, with stock price changes of +6.59 (+2.07%), -1.03 (-0.75%), and +0.22 (+0.04%) [3]. Oil Industry - Sinopec and PetroChina had market capitalizations of 271.538 billion and 705.647 billion respectively, with trading volumes of 8.53 billion and 6.48 billion. Their stock prices increased by 0.09 (+1.57%) and remained unchanged [3]. Coal Industry - China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 743.083 billion and 185.562 billion respectively, with trading volumes of 7.78 billion and 9.61 billion, with stock price increases of 0.27 (+0.73%) and 0.17 (+0.90%) [3]. Automotive Sector - BYD had a market capitalization of 1,808.349 billion with a trading volume of 44.82 billion, closing at 329.11, up by 1.09 (+0.33%) [3]. Shipping and Port Sector - No specific data provided for this sector in the document [4]. Power Industry - No specific data provided for this sector in the document [4]. Securities Sector - CITIC Securities had a market capitalization of 420.014 billion with a trading volume of 18.87 billion, closing at 28.34, up by 0.09 (+0.32%) [4]. Battery Sector - CATL had a market capitalization of 1,236.485 billion with a trading volume of 59.82 billion, closing at 271.20, up by 5.70 (+2.15%) [4]. Consumer Electronics - Industrial Fulian and Luxshare Precision had market capitalizations of 538.390 billion and 280.871 billion respectively, with trading volumes of 35.27 billion and 53.15 billion, with stock price decreases of -0.39 (-1.42%) and -0.67 (-1.70%) [4]. Home Appliances - Haidilao and Gree Electric Appliances had market capitalizations of 268.195 billion and 241.985 billion respectively, with trading volumes of 10.06 billion and 8.44 billion, with stock price changes of +0.32 (+0.67%) and -0.02 (-0.08%) [4]. Chemical and Pharmaceutical Sector - Hengrui Medicine had a market capitalization of 251.506 billion with a trading volume of 38.81 billion, closing at 47.71, up by 1.35 (+2.91%) [4]. Logistics Sector - SF Holding had a market capitalization of 241.541 billion with a trading volume of 11.63 billion, closing at 46.04, up by 0.76 (+1.68%) [4]. Non-ferrous Metals - Mindray Medical had a market capitalization of 273.187 billion with a trading volume of 25.08 billion, closing at 225.32, up by 8.14 (+3.75%) [4].

Core Viewpoint - The recent personnel changes at SF Express, including the demotion of CMO Xu Bensong and the appointment of Jiang Yankun, are perceived as indicative of deeper issues within the company, particularly in light of recent controversies and operational challenges [1][2][3]. Group 1: Recent Events and Controversies - SF Express has faced multiple controversies in recent months, including the termination of its partnership with Pinduoduo, which has raised concerns about its operational stability and revenue in the Hong Kong region [2][3]. - The split with Pinduoduo was primarily due to disagreements over shipping costs, with Pinduoduo seeking SF Express to absorb more cross-border shipping fees, while SF Express demanded higher transit fees [3]. - The "Lychee freight" incident has also drawn criticism, as high shipping costs have led to a situation where shipping fees exceed the value of the fruit itself, causing dissatisfaction among farmers and consumers [5][7]. Group 2: Trust and Service Quality Issues - SF Express is experiencing a significant trust crisis, as evidenced by over 140,000 complaints on the Black Cat Complaints platform, highlighting widespread consumer dissatisfaction with service quality [8][10]. - Reports of lost or damaged items, such as a graduation certificate and a new phone, have further eroded consumer confidence in the company's ability to deliver on its promises [10][11]. - The company's internal management issues, particularly the increasing reliance on outsourcing, have contributed to declining service quality, leading to incidents of lost packages and delays [11][12]. Group 3: Financial and Strategic Challenges - SF Express has seen a substantial increase in outsourcing costs, with human resource outsourcing costs rising from 547.45 billion in 2020 to an estimated 974.45 billion in 2024, indicating a shift in operational strategy that may be impacting service quality [11][12]. - The competitive landscape has intensified, with rivals like JD Logistics and Jitu disrupting the market with lower pricing strategies, forcing SF Express to compromise on its "high price, high service" model [13]. - The company's current predicament underscores the importance of maintaining service quality amidst competitive pressures, as consumers are increasingly unwilling to pay a premium for subpar service [13].

Group 1: Market Overview - The FTSE China A50 Index components showed a mixed performance with most sectors in the green, while the consumer electronics and internet services sectors experienced declines [1][6]. Group 2: Sector Performance - The banking sector, represented by Everbright Bank, had a market capitalization of 255.25 billion with a trading volume of 392 million, showing a slight increase of 1.17% [3]. - In the liquor industry, Kweichow Moutai led with a market cap of 1,797.53 billion and a trading volume of 3.923 billion, increasing by 1.37% [3]. - The semiconductor sector saw Northern Huachuang with a market cap of 233.94 billion and a trading volume of 1.908 billion, rising by 1.76% [3]. - In the oil sector, Sinopec had a market cap of 703.22 billion with a trading volume of 552 million, increasing by 1.22% [3]. - The coal industry was represented by China Shenhua with a market cap of 743.88 billion and a trading volume of 709 million, rising by 0.83% [3]. - In the automotive sector, BYD had a market cap of 1,793.90 billion with a trading volume of 516 million, but saw a decrease of 0.47% [3]. - The battery sector was led by CATL with a market cap of 4,189.77 billion and a trading volume of 1.153 billion, increasing by 0.88% [4]. - The consumer electronics sector, represented by Hon Hai Precision, had a market cap of 540.97 billion with a trading volume of 2.376 billion, decreasing by 0.74% [4]. - In the home appliance sector, Gree Electric had a market cap of 267.47 billion with a trading volume of 446 million, showing a slight decrease of 0.31% [4]. - The pharmaceutical sector was led by Hengrui Medicine with a market cap of 387.15 billion and a trading volume of 2.654 billion, increasing by 2.36% [4]. - The logistics sector, represented by SF Holding, had a market cap of 240.58 billion with a trading volume of 737 million, increasing by 1.04% [4].

Core Viewpoint - SF Express is becoming a key player in the logistics and supply chain support for trade between China and Australia, reflecting its strategic value and international capabilities [2][5][11]. Group 1: Participation in High-Level Meetings - SF Express Chairman Wang Wei has represented the Chinese logistics industry at the China-Australia CEO Roundtable for two consecutive years, highlighting the company's unique position in bilateral trade [5][11]. - The increasing frequency of trade exchanges between China and Australia has positioned SF Express as a vital link in the logistics chain, supporting both countries' economic cooperation [2][5]. Group 2: Strategic Developments - SF Express established its Australian headquarters in Sydney in 2016, expanding its services across Australia and New Zealand, and providing comprehensive logistics solutions beyond standard international express services [5][7]. - In April 2023, SF Express upgraded its international express services to Australia, improving overall delivery times by 2-3 days and adding new customs clearance points in Brisbane, Melbourne, and Perth [7][10]. Group 3: International Capability and Expansion - SF Express operates the largest air cargo fleet in Asia, with 110 freighters, and plans to execute 9,100 international flights in 2024, covering 110 cities globally [8][10]. - The company is forming strategic alliances, such as a cargo joint venture with Etihad Airways, to enhance efficiency in high-value cargo routes connecting China, the Middle East, and Europe [10][11]. Group 4: Future Directions - SF Express aims to deepen its presence in key markets like Australia and New Zealand while expanding its air fleet and optimizing its logistics hubs to provide customized supply chain services [11][13]. - The establishment of an international office in Belgium marks a strategic shift towards localized operations, enhancing logistics services for cross-border e-commerce and high-end manufacturing [13].

Core Insights - The article highlights the transformation of delivery personnel in China, showcasing their career advancements and skill development within the logistics and delivery industry [5][16][19] Group 1: Career Advancement and Skill Development - Delivery personnel are increasingly recognized for their skills, with initiatives like skill competitions and training programs being implemented to enhance their professional development [7][9][12] - Notable examples include Zhaolijie, who transitioned from a delivery worker to a pilot for SF Airlines, and Li Qingheng, who became a provincial technical expert and received a housing subsidy of 1 million yuan [6][16] - The industry has seen significant participation in vocational training, with 453,000 frontline workers receiving training and 10,800 obtaining vocational skill certificates in 2024 [9][12] Group 2: Educational Opportunities - Companies like Meituan and JD.com have launched educational programs to support delivery personnel in obtaining higher education, with thousands of employees benefiting from these initiatives [11][19] - The "Blue Fund" and "Rider University" programs have helped nearly a thousand delivery workers pursue free education, enabling them to balance work and study [10][11] Group 3: Industry Challenges and Opportunities - The delivery industry is characterized by high turnover rates, with over 80% of riders indicating they plan to change jobs within two years, highlighting the transitional nature of these roles [16][17] - The industry is evolving, with opportunities for delivery personnel to transition into roles such as drone pilots and entrepreneurs in underserved markets [16][19] Group 4: Personal Stories and Achievements - Personal narratives from delivery workers illustrate their diverse talents and aspirations, such as poetry, music, and entrepreneurship, showcasing the multifaceted nature of their lives beyond work [13][14][36] - The article emphasizes the importance of community and support systems for delivery workers, as many express gratitude for the opportunities their jobs have provided [20][21][22]