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） 呈交日期： 2026年1月27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）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包 ...

行业研究丨行业周报丨运输 [Table_Title] 春运错期航空价增，关注顺丰控股经营拐点 ——交运周专题 2026W4 报告要点 [Table_Summary] 出行链：春运错期影响持续，票价农历同比增长 海运：油运高位回落，集运加速下跌 物流：龙头份额加速集中，顺丰经营持续调优 分析师及联系人 请阅读最后评级说明和重要声明 丨证券研究报告丨 %% %% %% %% research.95579.com [Table_Title 春运错期航空价增，关注顺丰控股经营拐点 2] ——交运周专题 2026W4 [Table_Summary2] 出行链：春运错期影响持续，票价农历同比增长 1 月 23 日，受春运错期影响，国内外客流量同比下滑，国内客运量七日移动平均同比下滑 10%， 国际客运量七日移动平均同比下滑 9%；客座率延续改善趋势，七日移动平均国内客座率同比 增加 0.1pct，国际客座率同比打平；受 2026 年春运较晚影响，本周票价公历同比跌幅放大， 七日移动平均含油价格同比下滑 24.6%，若采用农历同比口径则同比增加 4.4%。展望后市， Q4 开始出行需求逐步爬坡，收益有望边际改善；中长期供给 ...

Core Viewpoint - SF Holding's stock price has experienced a decline, with a drop of 0.91% year-to-date and a 4.60% decrease over the last five trading days, indicating a challenging market environment for the company [2]. Group 1: Stock Performance - On January 27, SF Holding's stock fell by 2.01%, reaching a price of 37.97 yuan per share, with a trading volume of 8.22 billion yuan and a turnover rate of 0.45% [1]. - The company has seen a year-to-date stock price decline of 0.91%, a 4.60% drop over the last five trading days, a 1.35% decrease over the last 20 days, and a 5.85% decline over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, SF Holding reported a revenue of 225.26 billion yuan, reflecting a year-on-year growth of 8.89%, and a net profit attributable to shareholders of 8.31 billion yuan, which is a 9.07% increase year-on-year [2]. - The company has distributed a total of 21.48 billion yuan in dividends since its A-share listing, with 15.35 billion yuan distributed over the last three years [3]. Group 3: Shareholder Information - As of September 30, 2025, SF Holding had 269,700 shareholders, an increase of 90.71% from the previous period, with an average of 17,702 circulating shares per shareholder, a decrease of 47.83% [2]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 259 million shares, which is a reduction of 90.56 million shares compared to the previous period [3].

Core Viewpoint - SF Holding (002352) reported a decline in stock price and mixed financial performance, with a notable increase in revenue but a decrease in quarterly net profit [1][2]. Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing an increase of 8.89% year-on-year [2]. - The net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year, while the net profit excluding non-recurring items was 6.78 billion yuan, a modest increase of 0.52% [2]. - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but the net profit attributable to shareholders decreased by 8.53% to 2.57 billion yuan [2]. - The debt ratio stood at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while the gross profit margin was 12.96% [2]. Market Activity - As of January 26, 2026, SF Holding's stock closed at 38.75 yuan, down 1.02%, with a turnover rate of 0.75% and a trading volume of 358,800 hands, resulting in a transaction value of 1.39 billion yuan [1]. - The net outflow of main funds was 90.76 million yuan, accounting for 6.52% of the total transaction value, while retail investors saw a net inflow of 168 million yuan, representing 12.07% of the total transaction value [1]. Analyst Ratings - In the last 90 days, 19 institutions provided ratings for SF Holding, with 16 recommending a buy and 3 recommending an increase in holdings [2]. - The average target price set by institutions over the past 90 days is 5.10 yuan [2].

最新公告列表 《H股公告-翌日披露报表》 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 截至2026年1月26日收盘，顺丰控股（002352）报收于38.75元，较前一交易日下跌1.02%，最新总市值 为1952.78亿元。该股当日开盘39.15元，最高39.16元，最低38.56元，成交额达13.93亿元，换手率为 0.75%。 近日，顺丰控股披露股份购回公告：公司于2026年1月26日在深圳证券交易所购回1,350,000股A股，每 股购回价介乎人民币38.60元至38.98元，合计总代价约为人民币52,428,393元。本次购回股份拟持作库存 股份，不进行注销。购回后A股已发行股份总数减少，库存股相应增加。该事项已获董事会授权批准， 并符合相关上市规则及监管要求。 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Spring Airlines, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030, driven by a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments leading to a peak order volume of 120 million for Taobao Flash Sales in December 2025, indicating a robust growth trajectory [12][15]. - SF Express is positioned as a leading independent third-party instant delivery service, benefiting from the industry's rapid growth and increasing demand for delivery services [30][18]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030 [10][12]. - Alibaba's strategic investments in instant retail are evident, with a focus on expanding beyond food delivery to a broader range of products, resulting in substantial order growth [13][15]. - SF Express is highlighted as a key player in the instant delivery market, with a 49% revenue growth in H1 2025 and a significant increase in order volume [18][21]. Aviation Sector - The aviation industry is recovering from a seasonal downturn, with domestic flight volumes increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The cargo segment is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - Recommendations include focusing on major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from improved demand and pricing [57][61]. Express Delivery Sector - The express delivery industry has shown resilience, with a 6.5% year-on-year increase in total revenue for 2025, despite challenges in pricing [61][75]. - The report notes a stabilization in single-package pricing, with significant growth in market share for companies like SF Express and YTO Express [75][81]. - The ongoing "anti-involution" trend is expected to lead to improved profitability for express delivery companies as competition becomes more structured [81][82].

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Eastern Airlines Logistics, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030, reflecting a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments aimed at expanding beyond food delivery into a full range of instant retail services, evidenced by a peak of 120 million daily orders on Taobao Flash Purchase [12][15]. - SF Express is highlighted as a leading independent third-party instant delivery service, benefiting from the industry's growth and increasing demand for delivery services [30][18]. - The airline industry is recovering from a seasonal downturn, with domestic flight numbers increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The air cargo sector is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - The express delivery industry is stabilizing, with a slight increase in average revenue per package, and major players like SF Express and YTO Express gaining market share [61][75]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030 [10][18]. - Alibaba's strategic investments in instant retail are reshaping the market, with a focus on expanding beyond traditional food delivery [12][15]. - SF Express is positioned as a key player in the instant delivery sector, benefiting from rapid growth and increased order volumes [30][18]. Airline Industry - The airline sector is showing signs of recovery, with domestic flight operations increasing and ticket prices rising [32][43]. - The air cargo market is stabilizing, with expectations of increased demand leading up to the Chinese New Year [50][57]. Express Delivery Industry - The express delivery market is stabilizing, with slight improvements in revenue per package and market share gains for major companies [61][75]. - The report emphasizes the ongoing trend of "anti-involution" in the industry, which is expected to lead to improved profitability for express delivery companies [81].

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） 呈交日期： 2026年1月26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）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包 ...

智通财经APP讯，顺丰控股(06936)发布公告，于2026年1月26日，该公司斥资人民币5242.84万元回购 135万股A股，每股回购价格为38.6-39.98元。 ...

格隆汇1月26日丨顺丰控股(06936.HK)发布公告，2026年1月26日耗资人民币5242.84万元回购135万股A 股，回购价格每股38.6-38.98元。 ...