顺丰控股（002352）(002352.SZ)公告，公司已于2025年8月7日在中国证券登记结算有限责任公司深圳 分公司办理完毕2327.04万股A股回购股份注销手续，注销股份数量占公司注销前总股本比例为0.46%。 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-055 顺丰控股股份有限公司 关于回购 A 股股份注销完成暨股份变动的公告 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。 顺丰控股股份有限公司（以下简称"公司"）已于 2025 年 8 月 7 日在中国 证券登记结算有限责任公司深圳分公司办理完毕 23,270,358 股 A 股回购股份注 销手续，注销股份数量占公司注销前总股本比例为 0.46%。公司因实施注销回购 专用证券账户股份导致公司总股本、无限售条件流通股数量发生变化，根据《公 司法》《证券法》《上市公司股份回购规则》《深圳证券交易所上市公司自律监 管指引第 9 号——回购股份》等相关规定，现就公司回购 A 股股份注销完成暨 股份变动情况披露如下： 一、公司回购 A 股股份方案的实施及变更回购股份用途并注销的审议程序 （一）2024 年第 2 期 A 股回购股份方案及实施情况 公司于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议通过了《关于 2024 年第 2 期回购股份方案的议案》，公司拟使用自有资金回购部分公司 A ...

顺丰控股公告，公司已于2025年8月7日在中国证券登记结算有限责任公司深圳分公司办理完毕2327.04 万股A股回购股份注销手续，注销股份数量占公司注销前总股本比例为0.46%。此次注销完成后，公司 总股本由50.63亿股减少至50.39亿股。公司股本结构变动情况为：限售流通股数量不变，占比0.54%； 无限售流通股数量由50.35亿股减少至50.12亿股，占比由99.46%减少至99.46%；人民币普通股（A股） 数量由47.95亿股减少至47.72亿股，占比由94.72%减少至94.69%；境外上市外资股（H股）数量2.4亿 股，占比4.76%。 ...

责任编辑：公司观察 行业内，顺丰控股CFO何捷年内降薪176万，仍以784.8万元年薪登顶，高于第二名建发股份CFO魏卓550多万元，超同行平均薪酬6.5倍，日薪高达2.15万 元。 | 简称 | 行业(申万二级) | CFO | 薪酬(万) | 薪酬变化 | 归母浄利(亿) | 增速 | 学历 | | --- | --- | --- | --- | --- | --- | --- | --- | | 顺丰控股 | 物流 | 何捷 | 784.80 | -18.3% | 101.70 | 23.5% | 硕士 | | 建发股份 | 物流 | 魏卓 | 227.00 | 11.8% | 29.46 | -77.5% | 本科 | | 申通快递 | 物流 | 梁波 | 137.00 | 0.0% | 10.40 | 205.2% | 本科 | | 德邦股份 | 物流 | 丁永晟 | 135.80 | 25.7% | 8.61 | 15.4% | 硕士 | | 海禮郭达 | 物流 | 殷海平 | 133.71 | -0.1% | 0.82 | -46.0% | 硕士 | | 物产中大 | 物流 | 王奇题 | 12 ...

公示期：2025年8月8日至2025年8月17日 联系邮箱：jyzjz@samr.gov.cn 点击下载：经营者集中简易案件公示表.docx ...

Core Viewpoint - The recent significant increase in the China Express Index (CI005537) by 3.37% indicates a potential turning point for the express delivery industry, driven by collective price hikes across multiple regions [1][3]. Industry Summary - Starting from August 4, Guangdong Province has raised the minimum express delivery price by 0.4 yuan per ticket, mandating that companies cannot charge less than 1.4 yuan per ticket, with severe penalties for non-compliance [3]. - The price adjustments have been observed in major cities such as Guangzhou, Shenzhen, and others, with similar actions taken in the Chaozhou-Shantou region [3]. - Earlier, Yiwu had already increased its minimum price to 1.2 yuan per ticket on July 17, signaling the beginning of this industry-wide adjustment [3]. - The National Postal Administration has expressed strong opposition to "involutionary" competition, indicating a push for industry restructuring [3][7]. - The recent price adjustments are expected to be implemented in more regions, suggesting a broader trend towards stabilizing prices in the express delivery sector [3][12]. Company Performance - Following the announcement of price hikes, several express delivery companies have seen their stock prices rise significantly, with Shentong Express experiencing a 43% increase, Yunda and YTO Express both exceeding 20%, and Jitu Express rising by 16% [4][5]. - The stock performance reflects market optimism regarding the industry's potential to escape the low-price competition dilemma [4]. - Shentong's stock surge is partly attributed to its acquisition of Daniao Logistics for 362 million yuan, despite Daniao's current financial struggles [5][6]. Financial Insights - The express delivery industry has faced severe profit margin pressures, with companies like Yunda and YTO maintaining low gross margins around 10% and net margins around 5% [7]. - In Q2, the industry experienced intensified competition, with Yunda's average revenue per ticket at a historical low of 1.9 yuan and Shentong struggling to exceed 2 yuan [8]. - The recent price adjustments, particularly in Guangdong, could lead to significant earnings elasticity for major companies, with estimates suggesting potential increases of 33% for Shentong, 18% for Yunda, and 14% for YTO [11]. Future Outlook - The effectiveness of the "anti-involution" measures will depend on regulatory enforcement against potential disguised price reductions and the ability to extend these policies nationwide [12]. - The industry is at a critical juncture, with the need to establish a healthy pricing system and service differentiation mechanisms as a long-term goal [12].

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses the **express delivery and logistics industry** in China, with a focus on the impact of recent regulatory changes and market dynamics on various companies within the sector [1][2][3]. Core Insights and Arguments - **Price Increases in Express Delivery**: The express delivery industry is witnessing initial success in reversing the trend of price undercutting, with multiple regions experiencing price hikes due to severe losses among franchisees and regulatory pressure for market stability. This price increase is expected to be more sustainable compared to the isolated price hikes in Yiwu in 2021, benefiting from the upcoming peak demand season [1][6][7]. - **Recommendations for E-commerce Delivery Companies**: Companies with strong service quality and cash flow, such as **ZTO Express** and **YTO Express**, are recommended. Additionally, **J&T Express** is highlighted for its competitive position in Southeast Asia, while **SF Express** is noted for its stable high-end service business [1][8]. - **Cross-border E-commerce Logistics**: The volume of air cargo to the U.S. has recovered to 70% of pre-tariff levels, which is better than expected. Eastern Airlines Logistics is performing well with high load factors, and despite a decrease in freight rates, the situation remains favorable. A dividend yield of 4.7% suggests a potential investment opportunity if tariffs improve or volumes increase [1][9]. - **Airline Sector Performance**: The airline sector is experiencing weak ticket prices but good passenger volumes. The fundamentals are well-reflected, and factors like oil prices and exchange rates may provide benefits. **Huaxia Airlines** is recommended due to its leading position in regional aviation and improved subsidy standards, which enhance profit certainty [1][23]. - **Rail Freight Outlook**: **Tielong Logistics** is favored due to its special container business benefiting from equipment upgrades and strong synergy with upstream steel companies. The potential for profit elasticity exists due to the ongoing reversal of price undercutting [1][21][22]. Additional Important Insights - **July Performance of the Transportation Sector**: The overall transportation sector saw a decline of 0.2%, underperforming the CSI 800 index by 4.2 percentage points. Sub-sectors like airports, shipping, and logistics performed relatively well, with increases of 4.3%, 2.4%, and 1.2%, respectively [2]. - **Market Sentiment and Future Recommendations**: The call suggests a continued focus on companies benefiting from the reversal of price undercutting in express delivery, core assets in aviation and express sectors, and stocks in cross-border logistics with potential catalysts from mid-year earnings reports [3]. - **Logistics Sector Performance**: The logistics sector saw a 1.2% increase, with road freight leading at 5.9%. Cross-border logistics rose by 3.3%, while express delivery only increased by 0.6%, reflecting market skepticism about the sustainability of the recovery [5]. - **Future Trends in Container Shipping**: Container shipping rates have shown a downward trend in July, with expectations of continued pressure in August due to high base effects and tariff impacts. The overall volume is expected to stabilize, but rates may continue to decline [12]. - **Air Cargo Market Dynamics**: The air cargo market is expected to maintain low supply levels, particularly for long-haul routes, while domestic airlines are enhancing their logistics capabilities. Positive outcomes from U.S.-China negotiations could serve as a catalyst for growth [30]. - **Investment Recommendations for Airport Stocks**: The airport sector is advised to focus on companies with stable earnings and high dividend yields, especially in light of recent performance and potential geopolitical events that could impact market conditions [15][31]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the express delivery and logistics industry.

Group 1 - The core viewpoint of the articles highlights the performance and market position of SF Holding, noting its stock price increase and market capitalization [1] - As of August 7, SF Holding's stock closed at 47.12 yuan, with a rolling PE ratio of 22.73 times and a total market value of 238.554 billion yuan [1] - The logistics industry average PE ratio is 25.71 times, with a median of 29.76 times, placing SF Holding at the 28th position in the industry ranking [1] Group 2 - SF Holding reported a 2025 Q1 revenue of 69.85 billion yuan, reflecting a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, up 16.87% year-on-year [1] - The company's gross profit margin stands at 13.30% [1] - As of March 31, 2025, SF Holding had 167,725 shareholders, a decrease of 11,060 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]

| 股份代號: | 06936 | | --- | --- | | 上市法國名稱: | 順豐控股股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 07/07/2025 - 07/08/2025 | 格隆汇8月7日丨根据联交所最新权益披露资料显示，2025年8月1日，顺丰控股(06936.HK)获JPMorgan Chase & Co.以每股均价44.3797港元增持好仓26.32万 股，涉资约1168.16万港元。 增持后，JPMorgan Chase & Co.最新持好仓数目为17,035,168股，持好仓比例由6.98%上升至7.09%。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 寶出或涉及的 每股的平均價 | | | | | | 持有權益的股份數目 佔已發行的有關事件的日 相關法 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 股份题目 | | | (語參閱上述 * 註 | 有投票權股 期 (日 / 月 / | | | | | | | | | 份自分玩 ICE | | CS2025080 ...

Summary of Key Points from Conference Call Records Industry Overview - **Manufacturing Sector**: China is undergoing a new round of supply-side reforms, focusing on eliminating inefficient capacity in emerging industries like automotive and electronics, with total manufacturing debt growth expected to slow to 2%-3% [1][3] - **High-Quality Nutritional Chemical Industry**: The industry has significant growth potential due to rising health product demand and high technical barriers, with New Hope Liuhe being a leading player [5][16] - **Aluminum Industry**: China Hongqiao is one of the largest aluminum producers globally, benefiting from high electrolytic aluminum prices and cost advantages [1][22] Company-Specific Insights SF Express (顺丰) - **Rating Upgrade**: SF Express has been upgraded to "overweight" due to its leading position in the high-end express market, operational efficiency improvements, and technological innovations, with expected profit growth of 11%-12% in Q2 [1][4][10] - **Investment Timing**: Current market conditions present a good buying opportunity, with projected free cash flow yields of 6.5%-8% from 2025 to 2027 [13] - **Risks**: The company faces macroeconomic risks that could impact its international and express business revenues, particularly if economic growth slows in 2025 [14][15] New Hope Liuhe (新和成) - **Market Position**: New Hope Liuhe holds approximately 15% of the global methionine market and 30% of the vitamin E market, with a positive outlook on its growth potential [16][19] - **Capacity Growth**: Expected capacity growth in the next three to four years is below 5%, aligning with global demand growth, indicating minimal supply pressure [17] - **Financial Health**: The company has a strong financial position, with a projected net cash status and positive free cash flow even during industry downturns [19] China Hongqiao (中国宏桥) - **Competitive Advantages**: The company benefits from high electrolytic aluminum prices, cost advantages from integrated operations, and a high dividend policy, with a one-year expected P/E ratio close to 7 times [1][22][23] - **Future Projects**: Participation in the Simandou iron ore project is expected to contribute significantly to profits, with an estimated 1.3 million tons of iron ore contributing approximately 1.7 billion in profits by 2027 [23] Financial Policies and Market Dynamics - **New Financial Policies**: Recent policies aim to control overcapacity and credit risks, including regulations on accounts payable management and rational investment by local governments [2][3] - **Investment Trends**: Approximately 74% of industrial sectors have slowed investment growth, but demand remains stable, with financial policies supporting a gradual recovery [7][8] Additional Considerations - **Express Delivery Pricing**: Recent price increases in the express delivery sector, particularly in Guangdong, need to be monitored for sustainability and impact on midstream profits [9][12] - **Market Sentiment**: The overall market sentiment and fundamental changes in the express delivery industry will be influenced by pricing strategies and demand fluctuations [12]