Core Viewpoint - SF Holding (002352) (06936) 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, with sea freight prices significantly declining from last year's high levels [1] - Despite market changes, the company leveraged its global network and diversified business layout to adapt flexibly, actively exploring new demands [1] - Revenue from international express and cross-border e-commerce logistics businesses experienced rapid growth [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 - The express delivery industry in China is experiencing revenue growth in July 2023, but the average revenue per package is declining, prompting regulatory actions to combat price wars and promote quality service [1][3][4]. Group 1: Company Performance - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95%, with a total volume of 2.181 billion packages, up 11.92%, but the average revenue per package decreased by 1.50% to 1.97 yuan [1]. - YTO Express achieved a revenue of 5.371 billion yuan, a 12.08% increase year-on-year, with a volume of 2.583 billion packages, up 20.79%, while the average revenue per package fell by 7.20% to 2.08 yuan [1]. - Yunda Express reported a revenue of 4.120 billion yuan, a 3.75% increase year-on-year, with a volume of 2.162 billion packages, up 7.56%, and an average revenue per package decline of 3.54% to 1.91 yuan [1]. - SF Holding's logistics and supply chain business generated a total revenue of 24.847 billion yuan, a 9.95% increase, with logistics revenue of 18.657 billion yuan, up 14.97%, and a significant drop in average revenue per package by 14.02% to 13.55 yuan [1][2]. Group 2: Industry Trends and Regulatory Actions - The State Post Bureau reported that the postal industry revenue reached 144.98 billion yuan in July, a year-on-year increase of 8.6%, with express delivery revenue at 120.64 billion yuan, up 8.9% [2]. - Despite revenue growth, the average price per package has been declining, leading to regulatory measures to prevent "price wars" and ensure sustainable development in the industry [3][4]. - The State Post Bureau has implemented strict measures against "below-cost" pricing practices and encouraged express companies to raise prices to protect profits and focus on service quality and technological advancements [3][4]. - Various regions, including Beijing and Guangdong, have introduced policies to combat "involution" in the industry, promoting price increases and encouraging differentiation in service offerings [4][5].

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 ...

北京商报讯（记者 何倩）8月19日晚间，顺丰发布7月快递物流业务主要经营数据。内容显示，7月顺丰 速运物流收入为186.57亿元，同比增长14.97%；业务量为13.77亿票，同比上涨33.69%；单票收入为 13.55元，同比下滑14.02%。 ...

此外，顺丰稳步推进全球化布局，不断完善全球化物流网络。7月，顺丰航空开通了"湖北鄂州-阿布扎 比-河内-湖北鄂州"国际货运航线，架起连通国内、中东、东南亚主要城市的航空物流通道。数据显 示，7月顺丰供应链及国际业务实现营收61.90亿元。 值得关注的是，国际头部投行与国内知名基金对顺丰控股的长期价值均表现出积极认可。摩根士丹利于 7月31日宣布，将顺丰控股A股评级上调至"超配"；与此同时，易方达蓝筹精选等多只市场关注度较高 的基金产品，在二季度进一步增持顺丰控股A股；国际投行摩根大通在8月再次增持顺丰控股H股。境内 外投资人看好顺丰利润规模与现金流状况稳健增长，整体增长潜力获市场认可。 暑假旅游高峰期，游客更注重"轻出行+即时享受"的旅行需求，顺丰瞄准这一需求，与多地文旅部门共 建"旅游+物流"服务生态，从"物流服务商"升级为"IP消费场景合作伙伴"。 8月，开海季"鲜活速达"成为消费者的核心诉求。顺丰捕捉这一季节性机遇，以"产地直采-运输保障-末 端配送"全链路服务体系，助力开海经济释放消费潜力。在重点产区与消费市场，顺丰推出针对性服务 提升渗透率。同时，顺丰还推出大件冷链服务，全方位覆盖不同客户的寄递需求 ...

Core Insights - SF Holding announced that the combined revenue from express logistics, supply chain, and international business for July was RMB 24.847 billion, representing a year-on-year growth of 9.95% [1] - The express logistics business revenue grew by 14.97% year-on-year, with a business volume increase of 33.69% [1] - The international freight market demand has softened due to fluctuations in international trade, and sea freight prices have significantly declined from last year's high levels [1]

8月19日晚间，顺丰控股（002352.SZ，06936.HK）发布7月经营简报。数据显示，在深化落实激活经营 策略、持续渗透新业务场景、满足客户多元化业务需求等因素带动下，顺丰控股7月合计营收248.47亿 元，同比增长9.95%，速运物流业务实现营收186.57亿元，同比增14.97%，业务量13.77亿票，同比大幅 增加33.69%；供应链及国际业务实现营收61.90亿元。 从服务商到合作伙伴 顺丰新消费场景抢占优质份额 当下，即时零售、兴趣电商、文旅等新消费场景的持续涌现，为快递物流行业带来明确增量需求，顺丰 正是凭借对新消费场景的深度渗透，持续抢占优质市场份额。 7月顺丰速运业务量达到13.77亿票，实现了超三成的增长，增长背后是顺丰对新消费趋势的精准把握 ——以"体验化、个性化、场景化"为核心的新消费需求，推动服务从"基础寄递"向"场景嵌入"升级，顺 丰通过深度渗透旅游、主题乐园等领域，实现了与新消费需求的同频共振。 暑假的旅游高峰期，出游的游客更注重"轻出行+即时享受"的旅行需求，顺丰瞄准这一需求，与多地文 旅部门共建"旅游+物流"服务生态，从"物流服务商"升级为"IP消费场景合作伙伴"。 7月 ...

Core Insights - SF Holding (002352.SZ) 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] - The express logistics business generated revenue of RMB 18.657 billion, showing a year-on-year increase of 14.97%, with a total volume of 1.377 billion parcels, up by 33.69% year-on-year [1] Business Performance - The express logistics business maintained a strong growth momentum, attributed to the company's implementation of activation strategies and increased authorization and incentives for frontline operations [1] - The company enhanced its operational support investments, strengthened standard product offerings, and improved comprehensive logistics service capabilities [1] - SF Holding continued to penetrate various logistics scenarios in manufacturing and consumer sectors, effectively meeting diverse customer needs [1]