Core Insights - The rise of unmanned logistics vehicles is transforming the delivery landscape, showcasing a clash between advanced technology and traditional agricultural practices [1] - The demand for unmanned logistics vehicles has surged, driven by technological advancements and the need for contactless delivery solutions during the pandemic [8][13] - Major logistics companies are heavily investing in unmanned logistics vehicles, indicating a significant market potential estimated to be worth hundreds of billions [15][18] Demand Explosion - Unmanned logistics vehicles are not new; they have evolved from early tests by companies like JD.com and Suning, which began in 2016 [8][11] - The pandemic accelerated the adoption of unmanned logistics vehicles, as companies like Meituan and SF Express adapted to new delivery challenges [13] - The technology has matured, with L4-level autonomous delivery vehicles being deployed in urban environments, expanding their operational scope [11][19] Industry Growth - The unmanned logistics vehicle market is projected to be a trillion-yuan industry by 2025, driven by increasing demand and technological advancements [15][20] - Major logistics firms are ramping up their investments, with China Post planning to procure 7,000 unmanned vehicles and JD Logistics aiming for 1 million units in five years [18] - The operational model of logistics is shifting from traditional methods to a more efficient system utilizing unmanned vehicles for direct delivery [19] Technological and Policy Support - The Chinese government has been supportive of unmanned logistics vehicle development, issuing guidelines to promote their use in various environments [17] - The cost of producing unmanned logistics vehicles has significantly decreased, making them more accessible for logistics companies [28] - The industry is witnessing a surge in investment, with leading companies securing substantial funding to enhance their capabilities [21][23] Future Outlook - The commercial application of unmanned logistics vehicles is expected to expand beyond delivery services, integrating into a broader autonomous transportation network [30] - The successful trials of unmanned heavy-duty trains and mining vehicles indicate the potential for widespread adoption across various sectors [32][35] - The development of unmanned logistics vehicles is seen as a critical component of China's strategic goals in industrial modernization and technological advancement [39]

Core Viewpoint - The company reported a total revenue of RMB 26.454 billion for October 2025, reflecting a year-on-year growth of 9.79% in its express logistics and supply chain businesses [3]. Group 1: Express Logistics Business - The express logistics business revenue grew by 13.68% year-on-year, with a business volume increase of 26.26% [3]. - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to meet the delivery demands during the e-commerce promotional season, which drives high-quality business growth [3]. Group 2: Supply Chain and International Business - The international freight forwarding business faced challenges due to 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 [3]. - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes, maintaining stable cargo volumes in international freight forwarding [3]. - Revenue from international express and cross-border e-commerce logistics experienced rapid growth year-on-year [3].

Core Insights - SF Holding (002352) reported a closing price of 39.68 CNY on November 19, 2025, with a market capitalization of 199.965 billion CNY, reflecting a 0.1% increase from the previous trading day [1] Financial Performance Summary - The express logistics business generated revenue of 20.091 billion CNY in October 2025, marking a year-on-year increase of 13.68% [1] - The total business volume reached 1.524 billion parcels, up 26.26% year-on-year [1] - The average revenue per parcel was 13.18 CNY, showing a decline of 9.97% compared to the previous year [1] - Supply chain and international business revenue was 6.363 billion CNY, a slight decrease of 0.93% year-on-year [1] - Overall revenue amounted to 26.454 billion CNY, reflecting a year-on-year growth of 9.79% [1] - The slowdown in revenue growth for international freight forwarding was attributed to a decline in shipping prices, while international express and cross-border e-commerce logistics saw rapid growth [1]

Acquisitions - Chenyi Intelligent plans to acquire 55% equity of Huaze Electronics for cash, making Huaze a subsidiary after the transaction [1] - Beijiete intends to acquire 55% equity of Dahao Mining for 224.8 million yuan, which will be included in the consolidated financial statements post-transaction [2] - Jinbei Automotive aims to invest 158 million yuan to acquire 52% equity of Zhongtuo Technology through capital subscription and equity transfer, resulting in Zhongtuo becoming a subsidiary [3] Performance Disclosure - SF Holding reported a 13.68% year-on-year increase in express logistics revenue for October, totaling 20.091 billion yuan, with a business volume of 1.524 billion pieces, up 26.26% [4] - YTO Express announced an 8.97% year-on-year growth in express product revenue for October, reaching 6.216 billion yuan, with a business volume of 2.79 billion pieces, up 12.78% [5] - Yunda Holdings experienced a 0.88% year-on-year decline in express service revenue for October, totaling 4.495 billion yuan, with a business volume of 2.135 billion pieces, down 5.11% [6] Shareholding Changes - Kanglongda announced that Huzhou Helin Fund plans to reduce its stake by up to 3%, equating to a maximum of 4.8333 million shares [7] - Yandong Microelectronics disclosed that the National Integrated Circuit Fund and Jingguorui plan to reduce their stakes by a combined maximum of 2.5%, with the National Fund reducing up to 21.4143 million shares and Jingguorui up to 14.2762 million shares [8] - Fuguang Co., Ltd. reported that its controlling shareholder plans to increase its stake by no less than 80 million yuan and no more than 150 million yuan, with a minimum purchase price of 21 yuan per share [9] Risk Matters - Xuelang Environment received a pre-restructuring application from a creditor, citing the company's inability to repay due debts and lack of repayment capacity, but indicating potential for restructuring [10] - Jieqiang Equipment received a warning letter from Tianjin Securities Regulatory Bureau for administrative regulatory measures due to compliance issues [11] - Hefei Urban Construction confirmed that its operations are normal and there are no undisclosed significant matters, despite abnormal stock price fluctuations [12]

分析人士认为，物流行业正迎来深刻变革，竞争范式将从单一价格竞争转向科技、效率、服务与成 本控制的综合竞争，对物流企业而言，需要从传统运输服务商向供应链集成解决方案提供商转型。而顺 丰供应链的布局已走在行业前列，正在向更高阶的供应链集成服务商转型。 11月，顺丰速运与美团医药健康达成合作，双方从物流协同升级为"事业合伙人"，携手构建覆盖全 国的高效医药供应链体系，助力"健康中国"战略落地。双方启用全国首个与机场"零距离"的医药电商航 空物流中心，融合鄂州航空枢纽运力与美团用户网络，构建起"采购-仓储-运输-配送"全链路体系，实 现"一夜达全国，隔日连世界"的医药流通服务。 在第十五届全运会物流保障中，顺丰更是将服务能力升维至标准输出层面，搭建的赛事"智慧仓"通 过大数据与物联网实现全流程可视化管控，同时采用光伏仓、可循环包装及新能源车辆构建绿色供应 链，定制冷链食材专仓、跨境样本运输等场景化方案，联动粤港澳三地通关保障赛事需求。 近日，顺丰发布"中越智达""中印速航"等产品，形成陆运、空运协同的区域解决方案，依托"天网 +地网+信息网"三网合一优势及全球清关资质，精准破解跨境物流痛点，持续完善亚洲供应链网络。 ...

格隆汇11月19日丨顺丰控股(002352.SZ)公布，公司2025年10月速运物流业务、供应链及国际业务合计 收入为人民币264.54亿元，同比增长9.79%。速运物流业务收入同比增长13.68%，业务量同比增长 26.26%。公司坚持可持续健康发展的经营基调，推进激活经营进阶机制，以高品质服务和稳定运营交 付，保障客户电商促销旺季的寄递需求，推动业务高质量增长。 ...

智通财经APP讯，顺丰控股(06936)发布公告，公司2025年10月速运物流业务、供应链及国际业务合计收 入为人民币264.54亿元，同比增长9.79%。其中： (2)由于国际贸易波动及货运市场需求趋缓，海运价格较去年同期明显回落，影响公司国际货运代理业 务的收入增速。但依托全球网络优势与丰富产品组合，公司灵活应对市场变化，积极把握企业出海新机 遇，使得国际货运代理业务货量保持稳定。国际快递及跨境电商物流业务收入同比实现较快增长。 (1)速运物流业务收入同比增长13.68%，业务量同比增长26.26%。公司坚持可持续健康发展的经营基 调，推进激活经营进阶机制，以高品质服务和稳定运营交付，保障客户电商促销旺季的寄递需求，推动 业务高质量增长; ...

(1)速运物流业务收入同比增长13.68%，业务量同比增长26.26%。公司坚持可持续健康发展的经营基 调，推进激活经营进阶机制，以高品质服务和稳定运营交付，保障客户电商促销旺季的寄递需求，推动 业务高质量增长; 智通财经APP讯，顺丰控股(06936)发布公告，公司2025年10月速运物流业务、供应链及国际业务合计收 入为人民币264.54亿元，同比增长9.79%。其中： (2)由于国际贸易波动及货运市场需求趋缓，海运价格较去年同期明显回落，影响公司国际货运代理业 务的收入增速。但依托全球网络优势与丰富产品组合，公司灵活应对市场变化，积极把握企业出海新机 遇，使得国际货运代理业务货量保持稳定。国际快递及跨境电商物流业务收入同比实现较快增长。 ...

格隆汇11月19日丨公司2025年10月速运物流业务、供应链及国际业务合计收入为人民币264.54亿元，同 比增长9.79%。其中： (1)速运物流业务收入同比增长13.68%，业务量同比增长26.26%。公司坚持可持续健康发展的经营基 调，推进激活经营进阶机制，以高品质服务和稳定运营交付，保障客户电商促销旺季的寄递需求，推动 业务高质量增长； (2)由于国际贸易波动及货运市场需求趋缓，海运价格较去年同期明显回落，影响公司国际货运代理业 务的收入增速。但依托全球网络优势与丰富产品组合，公司灵活应对市场变化，积极把握企业出海新机 遇，使得国际货运代理业务货量保持稳定。国际快递及跨境电商物流业务收入同比实现较快增长。 ...

格隆汇11月19日｜顺丰控股(002352)公告，2025年10月速运物流业务收入为200.91亿元，同比增长 13.68%，业务量为15.24亿票，同比增长26.26%，单票收入为13.18元，同比下降9.97%。供应链及国际 业务收入为63.63亿元，同比下降0.93%。 ...