Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 27.339 billion for its express logistics, supply chain, and international business in December 2025, representing a year-on-year growth of 3.41% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 3.78% year-on-year, with a business volume growth of 9.33% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - The company is gradually optimizing its market strategy, aiming for high-quality business growth [1] Group 2: International Business - Due to fluctuations in international trade and a slowdown in freight market demand, sea freight prices have significantly decreased compared to the same period last year, impacting the revenue of the international freight forwarding business [1] - Leveraging its global network advantages and a rich product portfolio, the company has flexibly responded to market changes and actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics businesses has continued to grow rapidly year-on-year [1]

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 27.339 billion for its express logistics, supply chain, and international business in December 2025, representing a year-on-year growth of 3.41% [1] Group 1: Express Logistics Business - Revenue from the express logistics business grew by 3.78% year-on-year, with a business volume increase of 9.33% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - SF Holding is optimizing its market strategy to pursue high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, maintaining stable cargo volumes in the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics businesses continued to grow rapidly year-on-year [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 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12月 業務經營簡報情況如下： | 項目 | | 2025年12月 | 2024年12月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | （人民幣億元） 營業收入 | 203.78 | 196.36 | 3.78% | | | －業務量 （億票） | 14.76 | 13.50 | 9.33% | | | （人民幣元） －單票收入 | 13.81 | 14.55 | -5.09% | | 2. | 供應鏈及國際業務 | | | | | | （人民幣億元） 營業收入 | 69.61 | 68.01 | 2.35% ...

格隆汇1月19日丨顺丰控股(06936.HK)发布公告，2026年1月19日耗资人民币5234.3万元回购135.5万股A 股，回购价格每股38.38-38.95元。 ...

顺丰控股（002352）(06936)发布公告，于2026年1月19日，该公司斥资5234.3万元回购135.5万股A股。 ...

智通财经APP讯，顺丰控股(06936)发布公告，于2026年1月19日，该公司斥资5234.3万元回购135.5万股 A股。 ...

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19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 ...

当然，这项服务也有些小要求。目前，自助寄件柜仅支持顺丰到付件，费用以实际计价为准，且投 递完成后无法取消，寄件前务必确认物品符合顺丰快递寄件标准，避免后续产生纠纷。如果寄件过程中 遇到操作难题，可按照柜机机身上的指引拨打顺丰客服电话95333咨询，也能直接向现场的地铁工作人 员求助。 出门赶地铁，却因包里装了防晒喷雾、水果刀等禁限带物品被拦在安检口？丢了可惜、折返耽误行 程的窘境，如今在杭州地铁有了新解法！近日，杭州地铁试点上线"顺丰自助寄件柜"服务。当乘客因携 带禁限带物品无法进站时，符合快递寄件标准的物品，在安检区域即可就地寄出，再也不用纠结"带不 走、舍不得"的难题。 那么，哪些物品属于地铁"禁限带"范围呢？记者了解到，常见的主要是两类：一是易燃物品，比如 大瓶的防晒喷雾、酒精含量高的消毒液、过量白酒等；二是尖锐刀具、大型工具等可能伤人或损坏设施 的物品。 此次试点的自助寄件柜，特意选在了凤起路、武林门、钱江路等14个人流密集的核心车站，并全设 置在进站安检区域。也就是说，一旦被查出禁限带物品，转身就能办理寄件，省去来回折腾的麻烦。 更赞的是，这项服务全程自助操作，简单又高效。市民朋友只需把符合快递寄件 ...

Summary of Conference Call Records Industry Overview: Express Delivery Sector Key Points - The express delivery industry is undergoing significant changes due to upgraded anti-involution policies and the promotion of a unified national market, which has led to price increases in several provinces. This has resulted in a rise in per-package revenue for major express companies, supporting high-quality industry development [1][3]. - The Supreme People's Court has strengthened social security payment constraints, increasing compliance costs for express companies. This may lead companies to pass on costs through price increases, aligning with anti-involution policies to promote healthy industry growth [1][3]. - Despite a slowdown in business volume growth due to rising costs for low-priced e-commerce shipments, the value per package has increased, with an expected 8% year-on-year growth in express delivery volume by 2026 [1][4]. Company-Specific Insights Major Express Companies 1. **YTO Express (圆通速递)** - Capital expenditures in the first three quarters of 2025 focused on land acquisition in core areas, upgrading transfer center equipment, and renewing transportation equipment to enhance processing efficiency and market share [1][9]. - Investment in automation includes 761 sets of sorting equipment and nearly 3,000 unmanned delivery vehicles, the largest scale in the industry [8]. - The company has improved operational efficiency, with a 7% increase in per-vehicle package count and a 13% increase in per capita efficiency, leading to a reduction in per-package transfer costs by 0.07 yuan [11]. 2. **SF Express (顺丰控股)** - The company has implemented the "Activate Operations" strategy, achieving a 33.4% year-on-year growth in logistics business volume in Q3, significantly outperforming the industry [2][16]. - Despite short-term profit fluctuations, the company is shifting from scale-driven to value-driven strategies, with a strategic shareholding agreement with Jitu Express to expand international business [16][17]. 3. **Shentong Express (申通快递)** - The company has completed 179 capacity enhancement projects from 2022 to 2024, with daily throughput capacity expected to exceed 9 million packages by the end of 2025 [12]. - The acquisition of Daniao Logistics has strengthened its core competitiveness in reverse logistics, improving business volume and per-package revenue [13][14]. 4. **Yunda Express (韵达股份)** - The company is focusing on optimizing its core express business and has seen a recent increase in per-package revenue despite challenges from intense price competition [15]. Cost Control Trends - The express delivery industry continues to see opportunities for cost reduction across the entire logistics chain, including collection, transfer, and delivery [5]. - Major companies are optimizing routes, increasing vehicle loading rates, and improving sorting efficiency to lower transfer costs. For instance, the average daily package volume for major companies has reached over 65 million, with transfer costs dropping to approximately 0.6 yuan per package [5]. Regulatory and Market Dynamics - The regulatory environment is playing a crucial role in curbing vicious price competition, with new laws providing a solid legal basis for oversight. The anti-involution policies are expected to prevent a return to the severe price wars seen in early 2025 [3][4]. - The industry is moving towards value competition, focusing on cost reduction and quality improvement as key strategies for gaining market share [4]. Conclusion - The express delivery sector is poised for growth, driven by regulatory support and strategic initiatives from leading companies. The focus on automation, cost efficiency, and strategic partnerships will be critical for navigating the evolving market landscape.

Industry Overview - China's foreign trade imports and exports achieved a growth of 3.8% in 2025, marking the ninth consecutive year of growth, with total trade reaching 45.47 trillion yuan, a historical high [1] - Exports amounted to 26.99 trillion yuan, increasing by 6.1%, while imports were 18.48 trillion yuan, growing by 0.5% [1] Trade with Belt and Road Countries - Exports to countries involved in the Belt and Road Initiative grew by 11.2%, contributing 5.4 percentage points to overall export growth [2] - ASEAN has remained China's largest export market for three consecutive years, with emerging markets in Latin America, the Middle East, Central Asia, and Africa showing faster growth rates than the overall average [2] Automotive Industry - In 2025, China's automotive production and sales reached 34.53 million and 34.40 million units respectively, setting new historical records [3] - New energy vehicles accounted for over 16 million units sold, with domestic new car sales exceeding 50% of the market share [3] - Automotive exports surpassed 7 million units, marking a significant increase [3] E-commerce Developments - TikTok Shop launched a "local hosting" model in Europe, allowing merchants to stock goods in local warehouses, enhancing logistics efficiency [5] - Alibaba's international platform saw a 40% year-on-year increase in overseas orders for construction machinery [6] Logistics and Delivery - SF Express and Jitu Express announced a strategic shareholding agreement worth 8.3 billion HKD to enhance their global logistics network [7][8] - Temu introduced a local seller program in the UAE to improve delivery efficiency and expand product offerings [9] Technology and Innovation - WeChat mini-programs recorded over 5 billion uses for cross-border and overseas users in 2025, with significant growth in payment transactions in countries like Malaysia, New Zealand, and the UK [10] - Xiaopeng Motors plans to establish a localized supply chain team in Europe and Southeast Asia to enhance operational efficiency and support its global strategy [11] - WeRide announced that its global Robotaxi fleet has reached 1,023 vehicles, with commercial operations in cities like Guangzhou, Beijing, and Abu Dhabi [12] - Google introduced a Universal Commerce Protocol (UCP) aimed at streamlining the AI shopping experience across platforms [13]