重庆—仰光航线计划每周运行1班，当日往返，由波音767-300型宽体全货机执飞，每周可为重庆往返仰 光提供超100吨航空运力，将高效服务于国货品牌、生产辅料的出口，以及缅甸特色农产品、普货商品 的进口，为中国面向缅甸、东盟的进出口贸易注入新动能。 缅甸与中国山水相连，中国连续多年是缅甸最大贸易伙伴，缅甸也是重庆合作密切的东盟国家之一。重 庆—仰光航线的开通，有助于吸引更多"买全球、卖全球"场景在重庆落地，将跨境空运效率转化为物流 能势，助力重庆提升"五型"国家物流枢纽开放能级，配合西部陆海新通道打造立体化物流网络，为共 建"一带一路"、畅通国内国际双循环提供坚实的物流支撑。 随着重庆—仰光航线的启航，顺丰航空国际航线通达的东盟国家已达8个，包括缅甸、柬埔寨、老挝、 马来西亚、菲律宾、新加坡、泰国、越南，在东南亚区域的航线布局进一步完善、国际物流供应链服务 能力进一步提升。接下来，顺丰航空将继续发挥90架全货机的运力优势、通航全球120余城的网络优 势，打造更具竞争力的航空物流服务，积极促进产业链供应链的国际合作。（编辑：许浩存 校对：李 佳洹 审核：韩磊） 《中国民航报》、中国民航网 记者田以丹 通讯员王睿捷 ...

Summary of Key Points from Conference Call Records Industry Overview - **Industry Focus**: Instant retail and logistics sectors, particularly involving companies like Alibaba, Douyin, Pinduoduo, and SF Express - **Market Growth**: The instant retail market in China is projected to exceed 2 trillion yuan by 2030, indicating rapid expansion and increasing competition in the sector [1][2] Core Insights - **Alibaba's Commitment**: Alibaba is significantly investing in the instant retail space, with a peak daily order volume of 120 million during the 25H2 Taobao flash sale and an average of 80 million daily orders in August. Instant retail revenue is expected to grow by 60% year-on-year by Q3 2025 [1][1] - **Douyin and Pinduoduo's Entry**: Douyin is integrating its instant retail operations, merging Douyin Supermarket with its hourly delivery service, indicating a competitive response to Alibaba's dominance [1][1] - **SF Express's Position**: SF Express is highlighted as a leading independent third-party instant delivery service, benefiting from the rapid growth of the instant delivery industry and high growth in express delivery volumes [2][2] Financial Metrics - **SF Express's Financial Health**: - Cash on hand is substantial, with a cash-to-market cap ratio of 16.2% for 2024, providing a strong safety margin [2][2] - Projected shareholder return rates for 2025 and 2026 are estimated at 3.8%, with dividend yields of 2.57% and 2.88% respectively [2][2] - Current valuation is at a decade-low level, suggesting a potential for valuation recovery [2][2] Aviation Sector Insights - **Air Travel Trends**: The aviation industry is recovering from a seasonal downturn, with pre-sale prices for the 2026 Spring Festival showing an average ticket price of 677 yuan, up 8.4% year-on-year [2][2] - **Cargo Transport**: Air cargo rates are stabilizing, and demand is expected to rise due to pre-holiday stocking, which may enhance volume and pricing performance [3][4] Logistics and Express Delivery - **Express Delivery Pricing**: The express delivery sector is stabilizing, with a slight increase in market share for major players like SF Express, YTO, and Shentong [4][4] - **Current Pricing Trends**: In December 2025, the average express delivery revenue per ticket was 7.63 yuan, reflecting a 0.1% increase month-on-month [4][4] Recommendations - **Investment Recommendations**: - Favorable outlook on SF Express and SF City due to their positioning in the undervalued segment of the market [4][4] - Positive sentiment towards the aviation sector, particularly major airlines like Air China, China Southern Airlines, and China Eastern Airlines, as well as low-cost carriers [5][5] - Suggested investments in independent third-party delivery leaders like SF City [5][5] Risk Factors - **Potential Risks**: - Economic recovery may not meet expectations, leading to intensified competition within the industry - Rising oil prices and labor costs could impact profitability - Uncertainties in international trade and slower recovery in business travel demand pose additional risks [5][5]

Core Viewpoint - SF Holding (顺丰控股) is experiencing a decline in stock price and facing challenges in maintaining investor confidence, despite being a leading player in the logistics industry. The company is actively engaging with investors to address concerns and enhance its long-term investment value. Financial Performance - As of January 27, 2026, SF Holding's stock closed at 37.86 RMB, down 2.3%, with a turnover rate of 0.84% and a trading volume of 399,000 shares, resulting in a total transaction value of 1.522 billion RMB [1]. Investor Relations - The company clarified that "customer relationships" in its financial statements are recognized as intangible assets during mergers and are recorded at fair value, amortized over their expected benefit period [2]. - SF Holding emphasized its commitment to transparent information disclosure, stating that it adheres to legal requirements and does not have undisclosed negative news affecting its stock price [2][3]. Business Strategy - The company aims to enhance its logistics services by collaborating with high-quality brands like Pang Donglai, which could improve its market presence in the fresh cold chain sector [2]. - SF Holding is focused on becoming a comprehensive logistics solution provider with a global reach, catering to various customer segments, including traditional e-commerce and cross-border logistics [2][3]. Stock Buyback - On January 26, 2026, SF Holding repurchased 1,350,000 A-shares at prices between 38.60 RMB and 38.98 RMB, totaling approximately 52.43 million RMB. The shares will be held as treasury stock [5]. - On January 27, 2026, the company repurchased an additional 2,634,700 A-shares at prices between 37.95 RMB and 38.70 RMB, with a total expenditure of approximately 100.47 million RMB [8]. Market Activity - On January 27, 2026, the main funds experienced a net outflow of 86.12 million RMB, while retail investors saw a net inflow of 202 million RMB [4][7].

Core Insights - The company reported a significant increase in profitability, with a 178% surge in earnings from its supply chain and international business, excluding acquisitions, and a 38.9% growth in same-city business [1] Group 1: International Business - The company is focusing on optimizing its international product system, enhancing network efficiency, and strengthening local operations to cater to high-end corporate clients with customized, high-efficiency international express services [1] - The company is leveraging its brand effect and end-collection network advantages to target Chinese cross-border consumers, expanding into areas such as overseas shopping, global purchasing, and services for business travelers and students [1] - The company is seizing opportunities in the international supply chain sector by providing solutions for various industries, including telecommunications, industrial equipment, automotive, home appliances, and apparel, with services extending to Southeast Asia, the Middle East, Europe, and Latin America [1] Group 2: Same-City Delivery - The company has achieved high growth in service order volume within the same-city instant delivery sector, continuously releasing network scale effects [1] - The net profit of the same-city instant delivery division has doubled, attributed to efficient digital technology capabilities and refined operational management [1] - The company is enhancing customer loyalty and quickly adapting to new domestic and international opportunities to strengthen its long-term core competitiveness [1]

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27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 ...

尊敬的董秘： 贵司在投资者互动中提及＂已建立覆盖全国的标准化内控体系＂，但据了解，部分地区 分支机构存在招聘流程差异化管理的情况。请问： 公司对华南地区（含粤东区域）分支机构的人员招 聘是否执行与总部一致的关联关系审查标准？是否存在因＂本地化需求＂简化背景调查的例外情形？ 内部审计部2024年度是否对粤东地区分支机构开展过专项招聘审计？如已开展，能否说明该区域在关系 申报、入职背景审查等环节的合规率 董秘回答(顺丰控股SZ002352)： 投资者提问： 免责声明：本信息由新浪财经从公开信息中摘录，不构成任何投资建议；新浪财经不保证数据的准确 性，内容仅供参考。 尊敬的投资者，您好！顺丰严格遵守《中华人民共和国劳动法》《中华人民共和国劳动合同法》等法律 法规，建立《顺丰招聘管理制度》规范招聘全流程管理，严格遵循公平、公正、公开的招聘原则，通过 季度性开展招聘活动合规审查、面试官培训与资格认证等举措，确保人才引进工作的规范性与透明度。 感谢您的关注！查看更多董秘问答>> ...

顺丰控股（002352）(06936)公布，2026年1月27日耗资约1亿元回购263.47万股A股股份。 ...

智通财经APP讯，顺丰控股(06936)公布，2026年1月27日耗资约1亿元回购263.47万股A股股份。 ...

格隆汇1月27日丨顺丰控股(06936.HK)发布公告，2026年1月27日耗资人民币1亿元回购263.47万股A股， 回购价格每股37.95-38.7元。 ...

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27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 ...