Core Viewpoint - The strategic shareholding agreement between SF Express and J&T Express marks a significant shift in the logistics industry, moving from high growth to a focus on quality development and global expansion [1][5]. Group 1: Strategic Partnership Details - SF Express and J&T Express announced a strategic shareholding agreement with a transaction value of approximately HKD 8.3 billion, where SF will hold about 10% of J&T and J&T will hold about 4.29% of SF [1][2]. - SF plans to subscribe to approximately 822 million new B shares of J&T at HKD 10.10 per share, a 13.97% discount compared to J&T's previous closing price [2]. - J&T will subscribe to approximately 226 million new H shares of SF at HKD 36.74 per share, a 3.9% premium over SF's previous closing price [2]. Group 2: Business Implications - The partnership allows SF Express to leverage J&T's established network in Southeast Asia, enhancing its international business capabilities, while J&T can benefit from SF's strong air freight resources and brand reputation [3]. - J&T has rapidly gained a 32.8% market share in Southeast Asia, showcasing its strong profitability, while SF maintains a solid position in the domestic market but faces challenges in international last-mile delivery [3]. Group 3: Cultural and Operational Challenges - The differing corporate cultures and management styles of SF (which emphasizes direct control and quality) and J&T (which is more flexible and franchise-oriented) may pose integration challenges [4]. - Despite the partnership, there remains a competitive dynamic in the domestic e-commerce segment, requiring careful management to balance cooperation and competition [4]. Group 4: Industry Context - The capital binding between SF and J&T signifies a transition in the logistics industry towards a "group army" strategy, where leading companies are forming alliances to build global logistics networks in response to complex international competition [5].

Key Points - The core viewpoint of the article highlights the recent performance and financial activities of SF Holding, including stock buybacks and revenue growth in logistics services [1] Group 1: Trading Information - On January 20, SF Holding's stock closed at 39.8 yuan, up 2.37%, with a turnover rate of 1.29% and a trading volume of 615,100 shares, amounting to a total transaction value of 2.441 billion yuan [1] - On the same day, the net inflow of main funds was 172 million yuan, indicating positive positioning by major investors [3] Group 2: Company Announcements - On January 19, SF Holding repurchased 1,355,000 A-shares at a price range of 38.38 to 38.95 yuan per share, totaling approximately 52.34 million yuan, with the shares intended to be held as treasury stock [1][3] Group 3: Performance Disclosure - In December 2025, the express logistics business generated revenue of 20.378 billion yuan, a year-on-year increase of 3.78%, with a total volume of 1.476 billion packages, reflecting a 9.33% growth [1] - The average revenue per package was 13.81 yuan, showing a decline of 5.09% year-on-year [1] - The supply chain and international business revenue reached 6.961 billion yuan, up 2.35% year-on-year, contributing to a total revenue of 27.339 billion yuan, which is a 3.41% increase [1]

Core Viewpoint - The financial performance of major express delivery companies in A-shares for the year 2025 has been disclosed, showing varied growth rates and strategic developments among the companies [1][6]. Group 1: Company Performance - SF Express reported total revenue of 273.39 billion yuan in December 2025, with express logistics revenue of 203.78 billion yuan, a year-on-year increase of 3.78%, and a total business volume of 1.476 billion packages, up 9.33% year-on-year [1][2]. - YTO Express achieved a revenue of 64.96 billion yuan in December 2025, marking a year-on-year growth of 7.48%, with a business volume of 28.84 billion packages, up 9.04% year-on-year [6]. - Shentong Express reported a revenue of 58.36 billion yuan in December 2025, a significant year-on-year increase of 28.23%, with a business volume of 25.01 billion packages, up 11.09% year-on-year [6]. - Yunda Express had a revenue of 46.26 billion yuan in December 2025, a year-on-year decrease of 1.49%, with a business volume of 21.48 billion packages, down 7.37% year-on-year [6]. Group 2: Strategic Developments - SF Express announced a strategic partnership with Jitu Express, involving mutual share purchases, which will enhance resource sharing and collaboration in logistics network development [4]. - SF Express is increasing its share buyback efforts, having repurchased shares worth approximately 10.45 million yuan in mid-January 2025 [4]. - The overall market capitalization reflects the performance differences, with YTO Express leading at 602 billion yuan, followed by Shentong at 212 billion yuan and Yunda at 202 billion yuan [7]. Group 3: Industry Challenges - The express delivery industry faces challenges such as rising operational costs, including labor, transportation, and facility expenses, alongside the need for differentiation in a highly competitive market [7]. - Regulatory pressures and the need for green transformation, including packaging reduction and carbon emission management, are increasing operational complexity and require ongoing investment [7].

Group 1 - The core point of the article is that Keshun Co., Ltd. has successfully won the bid to become the exclusive supplier of waterproof materials for the annual procurement of SF Express Fengtai Industrial Park [1] Group 2 - Keshun Co., Ltd. is identified as a key player in the waterproof materials industry due to this strategic partnership with a major logistics company [1]

Core Viewpoint - The logistics industry is transitioning from high growth to a focus on quality development and globalization, highlighted by the strategic shareholding agreement between SF Holding and J&T Express, valued at approximately HKD 8.3 billion [2][3]. Group 1: Strategic Partnership - SF Holding will acquire approximately 10% of J&T Express's shares, becoming its second-largest shareholder, while J&T will hold about 4.29% of SF's shares [2][3]. - The agreement includes a five-year lock-up period for both companies, preventing the sale or transfer of shares without mutual consent, indicating a long-term strategic commitment [3]. - J&T's founder has agreed to support SF in nominating a board member, further solidifying the partnership [3]. Group 2: Complementary Strengths - SF Holding, known for its strong air freight capabilities and high-end domestic network, faces challenges in international last-mile delivery, particularly in Southeast Asia [4][5]. - J&T Express has rapidly established a dense network in Southeast Asia and Latin America, achieving a market share of 32.8% in Southeast Asia as of mid-2025, but struggles with competition in the domestic market [5]. - The partnership is seen as a "long board complement," allowing SF to leverage J&T's overseas network while J&T benefits from SF's air freight resources and brand reputation [5]. Group 3: Operational Challenges - Despite the capital binding, the integration of different corporate cultures and management styles may pose challenges, as SF emphasizes direct control and quality, while J&T operates with a franchise model [6]. - There remains a competitive relationship in the domestic e-commerce segment, necessitating careful management to balance cooperation and competition [6]. - The partnership signifies a shift in the logistics industry towards collaborative strategies among leading firms to build global networks in response to complex international competition [6].

Summary of Key Points Core Viewpoint - SF Holding (002352) has shown a positive stock performance with a closing price of 39.8 yuan, reflecting a 2.37% increase from the previous trading day, and a total market capitalization of 200.569 billion yuan as of January 20, 2026 [1]. Group 1: Stock Performance - The stock opened at 38.88 yuan, reached a high of 40.08 yuan, and a low of 38.71 yuan during the trading session [1]. - The trading volume for the day was 2.441 billion yuan, with a turnover rate of 1.29% [1]. Group 2: Share Buyback Announcement - On January 19, 2026, the company announced the repurchase of 1,355,000 A-shares at a price range of 38.38 to 38.95 yuan per share, totaling an expenditure of 52,343,040 yuan [1]. - The repurchased shares will be held as treasury stock and will not be canceled, resulting in a decrease in the total number of issued A-shares and an increase in treasury stock [1]. - This buyback has been authorized by the board of directors and complies with relevant listing rules [1].

Group 1 - The core point of the article is that Keshun Co., Ltd. has successfully won the exclusive bid for waterproof materials supply in the annual strategic procurement for SF Express's Fengtai Industrial Park [1] - The annual procurement covers multiple industrial parks across the country, including high-standard warehouses, intelligent sorting centers, and cold chain centers [1] - This strategic partnership positions Keshun Co., Ltd. as a key supplier in critical scenarios, potentially enhancing its market presence and revenue streams [1]

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed [1] Group 1: Company Performance - YTO Express reported a December revenue of 6.496 billion yuan, a year-on-year increase of 7.48%, with a business volume of 2.884 billion pieces, up 9.04% year-on-year, while the average revenue per piece decreased by 1.43% to 2.25 yuan [1] - Yunda's December express service revenue was 4.626 billion yuan, a year-on-year decrease of 1.49%, with a business volume of 2.148 billion pieces, down 7.37% year-on-year, and an average revenue per piece of 2.15 yuan, up 5.91% [1] - Shentong Express achieved a December revenue of 5.836 billion yuan, a year-on-year increase of 28.23%, with a business volume of 2.501 billion pieces, up 11.09% year-on-year, and an average revenue per piece of 2.33 yuan, up 15.35% [1] - SF Holding's total revenue from express logistics, supply chain, and international business in December was 27.339 billion yuan, a year-on-year increase of 3.41%, with express revenue reaching 20.378 billion yuan, up 3.78% year-on-year, and a business volume of 1.476 billion pieces, up 9.33% [1] Group 2: Industry Trends - The growth rate of express delivery business volume in December was 2.6%, significantly down due to factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes [2] - The industry average price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a continued upward trend in pricing amid industry self-discipline [2] - There is a divergence in business volume growth among companies, with Shentong (+11.1%) and SF (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline [3]

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed. Companies like ZTO Express and YTO Express are recommended, while attention is drawn to the performance elasticity of Shentong Express. Jitu Express is expected to maintain its leading position in Southeast Asia and new markets, and SF Express is noted for its management structure and business line adjustments, presenting bottom-fishing opportunities [1]. Group 1: December Performance Reports - YTO Express reported a revenue of 6.496 billion yuan in December, a year-on-year increase of 7.48%, with a business volume of 2.884 billion tickets, up 9.04%. The average revenue per ticket decreased by 1.43% to 2.25 yuan [2]. - Yunda's December revenue was 4.626 billion yuan, down 1.49% year-on-year, with a business volume of 2.148 billion tickets, down 7.37%. The average revenue per ticket increased by 5.91% to 2.15 yuan [2]. - Shentong Express achieved a revenue of 5.836 billion yuan in December, a significant year-on-year increase of 28.23%, with a business volume of 2.501 billion tickets, up 11.09%. The average revenue per ticket rose by 15.35% to 2.33 yuan [2]. - SF Express's total revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, a year-on-year increase of 3.41%. The express business revenue was 20.378 billion yuan, up 3.78%, with a business volume of 1.476 billion tickets, up 9.33%, and an average revenue per ticket of 13.81 yuan [2]. Group 2: Industry Trends and Insights - The growth rate of express delivery business volume in December was 2.6%, significantly down due to multiple factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes. The State Post Bureau projects an 8% growth rate for express delivery business volume in 2026 [2]. - The industry average price in December was 7.94 yuan, reflecting a month-on-month increase of 0.31 yuan, indicating ongoing price increases amid the anti-involution trend [2]. - There is a noticeable divergence in business volume growth among companies, with Shentong Express (+11.1%) and SF Express (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline. Factors like e-commerce taxes are impacting lower-priced merchants more significantly, exacerbating industry differentiation [3].

Core Viewpoint - SF Holding's operational data for December 2025 shows a monthly revenue of 27.339 billion yuan, with significant growth in both express logistics and supply chain businesses, indicating a strong performance amidst industry trends [1][2]. Group 1: Revenue and Business Growth - In December 2025, the express logistics business generated revenue of 20.378 billion yuan, a year-on-year increase of 3.78%, with a total business volume of 1.476 billion parcels, up 9.33% year-on-year [1][2]. - The supply chain and international business revenue reached 6.961 billion yuan, reflecting a year-on-year growth of 2.35% [1]. - SF Holding's overall business growth outpaced the industry average, showcasing its robust business resilience and growth momentum [2]. Group 2: Strategic Adjustments and Market Position - Since the third quarter of 2025, SF Holding has implemented a product structure optimization strategy, resulting in significant improvements by the end of the year [2]. - The average revenue per parcel in December 2025 was 13.81 yuan, indicating a solid foundation in traditional express services and a clear trend of profit recovery [2]. - The company is enhancing its international network and leveraging its smart supply chain and cross-border logistics capabilities to capitalize on the growth of cross-border e-commerce [2][3]. Group 3: Technological Advancements - SF Technology has partnered with Star Motion to develop intelligent robotic solutions for warehousing and transit, aimed at upgrading logistics intelligence and improving efficiency [3]. - The technological strategy extends beyond individual efficiency improvements to a comprehensive network reconstruction, enhancing operational cost efficiency and expanding service boundaries [3]. - The company is positioned to provide competitive end-to-end service capabilities in key regions, supported by its internationalization strategy and technological empowerment [3].