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]

智通财经APP讯，顺丰控股(002352.SZ)披露2025年7月快递物流业务经营简报，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，速运物流业务营业收 入186.57亿元，同比增长14.97%;业务量13.77亿票，同比增长33.69%。 公告称，速运物流业务保持良好增长态势，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。 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-057 顺丰控股股份有限公司 2025年7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。 注： 1、速运物流业务：主要包括公司的时效快递、经济快递、快运、冷运及医药、同城即时配送业务板块。 2、供应链及国际业务：主要包括公司的国际快递、国际货运及代理、供应链业务板块。 3、以上收入不含公司其他非物流业务收入。 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。（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 1 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 ...

人民财讯8月19日电，顺丰控股（002352）8月19日晚间公告，7月速运物流业务、供应链及国际业务合 计收入为248.47亿元，同比增长9.95%。 ...

Core Insights - The company reported a revenue of 18.657 billion yuan for its express logistics business in July 2025, representing a year-on-year growth of 14.97% [1] - The total business volume reached 1.377 billion shipments, showing a significant increase of 33.69% year-on-year [1] - The average revenue per shipment decreased to 13.55 yuan, reflecting a year-on-year decline of 14.02% [1] - Revenue from supply chain and international business amounted to 6.19 billion yuan, which is a year-on-year decrease of 2.83% [1] - The combined revenue from express logistics, supply chain, and international business totaled 24.847 billion yuan, marking a year-on-year growth of 9.95% [1]

证券之星消息，8月19日物流板块较上一交易日下跌0.06%，嘉诚国际领跌。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 603535 | 嘉诚国际 | 12.23 | -4.00% | 26.03万 | | 3.18亿 | | 002492 | 恒基达整 | 7.33 | -2.27% | 17.41万 | 1.28亿 | | | 001202 | 炬申股份 | 15.42 | -1.91% | 25.32万 | | 4.03亿 | | 002485 | ST雪发 | 3.79 | -1.30% | 2.95万 | 1126.25万 | | | 603056 | 德邦股份 | 16.72 | -1.12% | 20.21万 | | 3.39 Z | | 603713 | 密尔克卫 | 60.70 | -0.98% | 3.40万 | | 2.07亿 | ...

Group 1 - The core idea emphasizes the importance of a supportive environment and precise policies for the growth of enterprises in Hangzhou, which is becoming a hub for innovation and collaboration [1] - The "8+4" economic policy aims to empower enterprise innovation and transform Hangzhou into a true "science and technology innovation paradise" [1] Group 2 - The SF Innovation Center showcases the efficiency of "smart logistics" through the use of autonomous delivery vehicles, which have reduced loading and unloading times by 25 minutes per shift [2] - The center has successfully incubated 68 technology companies by leveraging resources from the SF industrial chain and Zhejiang University, creating a unique industrial cluster effect [2] - The collaboration among various sectors, including smart logistics, green energy, and artificial intelligence, fosters mutual empowerment and coordinated development [2] Group 3 - Government policies in Hangzhou provide substantial support to enterprises, addressing pain points and encouraging long-term development, which boosts confidence in increasing R&D investments [3] - The establishment of the Zhaofeng Intelligent Innovation Research Institute, in partnership with Zhejiang University, exemplifies the effective use of government funding to support R&D projects [3] - The "Anxinbao" project allows companies to leverage a small guarantee deposit to access significant funding for research and development, alleviating financial concerns during the innovation process [3] Group 4 - The dual advantages of an innovative ecosystem and institutional support in Hangzhou are driving high-quality development for enterprises, enabling them to focus on project R&D [4] - The ongoing innovation stories in this fertile ground for science and technology highlight the region's commitment to fostering a vibrant entrepreneurial landscape [4]

Summary of Key Points from the Equity Research Report on China Express Delivery Industry Overview - The A-share Express Delivery Index has increased by 18% since July, outperforming the CSI300 index which rose by 4% [3] - The profitability improvement across the express delivery industry has not been fully reflected in stock prices, particularly for major players like YTO, which saw an 80%+ improvement in PE ratios due to express price hikes in Q4 2021 [3] Core Insights - **Price Recovery and Policy Support**: The ongoing anti-involution policy and expected price floor increases in regions like Guangdong (RMB0.4-0.5 increase to RMB1.4 per parcel) are anticipated to enhance profitability and earnings visibility for delivery players in 2026 [3][5] - **ASP Trends**: Major players experienced a year-on-year increase in Average Selling Price (ASP) of 13-21% in 2022, but ASP is expected to remain flat in 2026 due to a higher mix of low-priced parcels and price sensitivity among consumers [4] - **Volume Growth**: Industrial parcel volume growth is projected to slow to approximately 10-15% year-on-year in 4Q25-2026, following a low growth of 2% in 2022 due to pandemic impacts [4] Company Ratings and Target Prices - **Upgrades**: YTO and Yunda have been upgraded to "Buy" from "Hold" due to recent policy-driven price hikes, while STO Express remains a preferred choice with a maintained "Buy" rating [6][11] - **Target Prices**: - SF Holding-A: Target price raised from RMB47.10 to RMB56.00 [7] - YTO Express: Target price raised from RMB13.70 to RMB20.40 [28] - Yunda: Target price raised from RMB7.60 to RMB10.40 [40] Financial Estimates - **Revenue and Profit Changes**: - YTO Express's revenue estimates lowered by 2% in 2025, 3% in 2026, and 5% in 2027 due to fierce price competition [24] - Yunda's net profit estimates raised by 7% in 2025, 12% in 2026, and 10% in 2027 due to improved ASP and cost management [36] - **Cost Management**: Expected unit costs to drop by 3-5% year-on-year in 2025 due to better scale effects [4] Risks and Challenges - **Price Competition**: Intensifying price competition poses a risk to ASP and could negatively impact revenue and earnings [22] - **Capacity Expansion**: Slower-than-expected capacity expansion could limit competitiveness and share price growth [22] - **Goodwill Impairment**: Risks associated with goodwill impairment could affect earnings negatively [22] Conclusion - The express delivery sector in China is poised for a recovery supported by policy changes and price adjustments, with major players like YTO and Yunda expected to benefit significantly. However, risks related to competition and operational efficiency remain critical factors to monitor.

Investment Rating - The report recommends "Buy" for the logistics sector, specifically highlighting SF Holding in the express delivery segment and Hecun Co., Ltd. in the smart logistics space [2][3]. Core Insights - The express delivery sector saw a 15% year-on-year increase in business volume in July, but the average revenue per ticket decreased by 5.3%. The report anticipates a potential increase in ticket prices due to seasonal demand and price adjustments in production areas [2]. - The logistics sector is experiencing a stabilization in hazardous chemical water transport prices, with a recommendation for Hecun Co., Ltd. as it focuses on smart logistics and benefits from improving demand [3]. - The aviation sector is responding to regulatory changes aimed at curbing unhealthy competition, with a noted increase in flight operations and a recommendation for major airlines like Air China and China Southern Airlines due to expected profit elasticity from supply-demand optimization [4]. Summary by Sections Transportation Market Review - The transportation index decreased by 0.5% from August 9 to August 15, while the Shanghai and Shenzhen 300 index increased by 2.4%, indicating underperformance in the transportation sector [12]. Industry Fundamentals Tracking Shipping and Ports - The report indicates that the shipping sector is under pressure, with the China Export Container Freight Index (CCFI) at 1193.34 points, down 0.6% week-on-week and down 40.9% year-on-year. The Shanghai Export Container Freight Index (SCFI) is at 1460.19 points, down 2.0% week-on-week and down 52.9% year-on-year [20]. - Domestic shipping is showing a slight improvement, with the Domestic Container Freight Index (PDCI) at 1068 points, up 1.7% week-on-week and up 7.9% year-on-year [28]. Aviation and Airports - The report notes a slight increase in domestic flight operations, with an average of 17,225 flights per day, up 2.76% year-on-year. The report also highlights the release of a self-regulatory charter by the China Air Transport Association to combat unhealthy competition [4][49]. - The domestic air passenger volume in June 2025 was 54.01 million, a 3% increase year-on-year, while international passenger volume increased by 17% [52]. Rail and Road - The report indicates a stable upward trend in road transport, with a 2.44% year-on-year increase in truck traffic on highways. The railway sector also shows positive signs, with a 5.4% year-on-year increase in freight volume for the Daqin Railway in July [73][78].

Group 1 - The core point of the article highlights the advancements in logistics technology by SF Express, particularly the deployment of X3 unmanned vehicles and the Fengyi Ark 40 drones in Hangzhou, which significantly enhance operational efficiency and reduce costs [1][3][4] - SF Express has deployed 192 X3 unmanned vehicles in various districts of Hangzhou, which has reduced the unloading time for couriers from 20-30 minutes to almost instantaneous, leading to a 40% decrease in transportation costs and a 25-minute reduction in average working time per shift [1][4] - The Fengyi Ark 40 drones operate two delivery routes in Hangzhou, flying 12 to 15 flights daily, and can transport loads of up to 10 kilograms, reducing delivery time from 30 minutes by land to just 12 minutes [3][4] Group 2 - The SF Innovation Center, established in October 2020, is the only technology industrial park under SF Group, comprising six office clusters and nearly 50,000 square meters of supporting facilities, with over 130 companies and more than 4,000 employees [4][6] - The center focuses on smart logistics, artificial intelligence, and intelligent manufacturing, with smart logistics being the core industry, accounting for 50% of the industrial cluster [4][6] - The center has incubated 68 companies, with 11 receiving external financing, and has established a tech innovation fund in collaboration with Zhejiang University [6][7]