Core Insights - The global express market is expected to achieve a compound annual growth rate (CAGR) of 7.9% from 2025 to 2029, despite ongoing challenges in global trade [1] - The Asia-Pacific region is identified as a key growth engine for the express market, with a projected CAGR of 10.5%, significantly outpacing North America's 6.0% and Europe's 5.9% [1] - The B2C segment is driving strong growth in the express market, with a forecasted CAGR of 10.8% from 2025 to 2029, compared to the B2B segment's 2.5% [1] Industry Performance - Global logistics giants are experiencing varied performance; UPS has faced operational challenges leading to weak second-quarter results, while FedEx reported its strongest revenue growth since the pandemic [2] - Chinese logistics companies are outperforming the market due to diversified portfolios and efficiency improvements, with SF Express achieving record net profits in the first half of 2025 [2] - Regulatory interventions since July 2025 are expected to curb irrational price competition in China, paving the way for a more rational market structure and recovery in profit margins [2]

Core Insights - The 2025 Beijing Marathon is approaching, and logistics companies in Beijing are well-prepared to ensure smooth operations for the event [1] Group 1: Logistics Preparation - Beijing SF Express has established a "dual warehouse collaboration" system in Daxing, utilizing both temperature-controlled and regular warehouses for efficient storage and delivery of marathon supplies [3] - The regular warehouse will store participant packs and promotional materials, while the cold storage will maintain the freshness of supplies for runners [3] - All supplies will be delivered to key locations such as the starting point and aid stations on the morning of the event, ensuring timely availability [3] Group 2: Participant Services - SF Express will deploy 35 box trucks at Tiananmen Square for "race day storage," capable of accommodating personal items for 32,000 runners, with staff and volunteers ensuring security [3] - After the race, SF Express will provide luggage forwarding services to help participants send home medals, souvenirs, and other belongings [4] Group 3: Marketing and Engagement - SF Express will showcase products such as unmanned vehicles and air transport at the marathon expo, allowing attendees to engage in interactive activities and win prizes [5] - The logistics capabilities demonstrated during large sporting events reflect the professionalism of logistics companies [5] Group 4: Comparison with Previous Events - In 2024, JD Logistics handled the logistics for the Beijing Marathon, managing nearly 2 million items and a total weight of approximately 400 tons, highlighting the scale of logistics operations required for such events [5]

顺丰控股（002352）(06936)发布公告，该公司于2025年10月31日斥资2亿元人民币回购497万股A股，每 股回购价格为40.02-40.4元人民币。 ...

Core Viewpoint - SF Holding (06936) announced a share buyback plan, intending to repurchase 4.97 million A-shares at a total cost of 200 million RMB, with each share priced between 40.02 and 40.4 RMB [1] Summary by Category - **Company Actions** - The company plans to spend 200 million RMB on a buyback of 4.97 million A-shares [1] - The buyback price per share is set between 40.02 and 40.4 RMB [1]

格隆汇10月31日丨顺丰控股(06936.HK)发布公告，2025年10月31日耗资人民币2亿元回购497万股A股， 回购价格每股40.02-40.4元。 ...

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 顺丰控股(002352) | 投资评级 | 买入 | | --- | --- | | 上次评级 | 买入 | [Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 相关研究 [Table_OtherReport] 顺丰控股（002352.SZ）深度分析：国 内业务稳步增长，国际业务打开空间 顺丰控股（002352.SZ）价值分析：中 短期业绩维持相对高增，长期价值空 间可期 顺丰控股（002352.SZ）点评：公司发 布中期及特别分红，看好公司价值提 升 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 顺丰控股（002352.SZ）2025 年三季报点 评：Q3 盈利短期波动，积极回购彰显信心 [Table_Repo ...

Core Points - The logistics sector experienced a slight decline of 0.04% on October 31, with Pulutong leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Summary of Individual Stocks - Hengji Daxin (002492) saw a significant increase of 5.99%, closing at 8.50 with a trading volume of 175,600 shares and a transaction value of 146 million [1] - ST Xuefa (002485) rose by 4.90%, closing at 4.07 with a trading volume of 61,600 shares and a transaction value of 24.57 million [1] - Milkway (603713) increased by 3.26%, closing at 59.47 with a trading volume of less than 35,100 shares and a transaction value of 209 million [1] - Pulutong (002769) led the decline with a drop of 3.49%, closing at 69.6 with a trading volume of 342,600 shares and a transaction value of 334 million [2] - SF Holding (002352) decreased by 1.47%, closing at 40.33 with a trading volume of 564,800 shares and a transaction value of 2.262 billion [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 326 million from institutional investors, while retail investors saw a net inflow of 340 million [2] - Major stocks like Wuchan Zhongda (600704) and Jianfa Co. (600153) had mixed capital flows, with Wuchan Zhongda seeing a net inflow of 19.38 million from institutional investors [3] - ST Xuefa (002485) had a notable net inflow of 391.24 million from retail investors, indicating strong interest despite the overall sector decline [3]

上 市 公 司 交通运输 2025 年 10 月 31 日 顺丰控股 (002352) ——Q3 业绩承压，关注明年调优情况 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 10 月 30 日 | | --- | --- | | 收盘价（元） | 40.93 | | 一年内最高/最低（元） | 51.13/38.43 | | 市净率 | 2.2 | | 股息率%（分红/股价） | 5.62 | | 流通 A 股市值（百万元） | 195,319 | | 上证指数/深证成指 | 3,986.90/13,532.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 19.49 | | 资产负债率% | 49.99 | | 总股本/流通 A 股（百万） | 5,039/4,772 | | 流通 B 股/H 股（百万） | -/240 | 一年内股价与大盘对比走势： 10-30 11-30 12-31 01-31 02-28 03-31 04-30 05-31 06-3 ...

Core Insights - SF Holding reported a revenue of 225.26 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.89% [1] - The net profit attributable to shareholders for the same period was 8.31 billion yuan, an increase of 9.07% year-on-year [1] - In Q3, the total parcel volume reached 4.31 billion, marking a significant year-on-year growth of 33.4% [1] Financial Performance - In Q3, the company achieved a net profit of 2.57 billion yuan, a decline of 8.53% year-on-year [1] - The net profit excluding non-recurring gains and losses was 2.23 billion yuan, down 14.17% year-on-year [1] - The gross profit for Q3 was 9.79 billion yuan, a decrease of 4.4% year-on-year [1] Business Segments - The express logistics business saw a revenue increase of 14.4% year-on-year, indicating stable performance [2] - Revenue from supply chain and international business declined by 5.3%, primarily due to a significant drop in international freight forwarding revenue [2] - Excluding the impact of international freight, revenue from international express and cross-border e-commerce logistics grew by 27% [2] Cash Flow and Receivables - Operating cash flow faced pressure, with a net cash flow from operating activities of 19.42 billion yuan, down 13.91% year-on-year [2] - Accounts receivable increased from 27.72 billion yuan at the beginning of the year to 29.36 billion yuan by the end of the reporting period [2] Future Outlook - Management aims to achieve a net profit attributable to shareholders in Q4 2025 that is roughly flat year-on-year, with a steady growth forecast for the annual net profit [2] - The company announced an adjustment to its share repurchase plan, increasing the total repurchase amount from a range of 0.5 billion to 1 billion yuan to a new range of 1.5 billion to 3 billion yuan [2]

Core Viewpoint - SF Holding reported a robust performance for Q3 2025, with revenue reaching 225.26 billion RMB, a year-on-year increase of 8.9%, and a net profit attributable to shareholders of 8.31 billion RMB, up 9.1% year-on-year, indicating resilience in operations and confidence in long-term growth [1]. Group 1: Financial Performance - In Q3 2025, SF's total revenue was 78.4 billion RMB, reflecting an 8.2% year-on-year growth, while total parcel volume surged by 33.4% to 4.31 billion parcels, significantly outperforming the overall domestic express delivery industry [2]. - The net profit attributable to shareholders showed a short-term decline due to strategic investments and operational adjustments, which are expected to stabilize in the long run [4]. Group 2: Strategic Initiatives - SF is enhancing its core competitiveness through scale expansion and structural upgrades, with a focus on high-quality, timely services and standardized product advantages [2]. - The company is implementing a differentiated regional authorization strategy to optimize operations based on local market conditions and customer needs [12]. - SF is committed to improving operational efficiency and aligning profit targets with performance assessments to drive cost control and value creation [12][13]. Group 3: Market Position and Growth - SF's logistics revenue in key industries such as industrial equipment, high-tech communications, automotive, and consumer goods grew over 25% year-on-year, indicating increased market penetration [3]. - The international express and cross-border e-commerce logistics business saw a 27% year-on-year revenue growth, reflecting the company's ability to capitalize on opportunities for Chinese enterprises going global [3]. Group 4: Shareholder Returns and Future Outlook - SF announced an increase in its share buyback plan to a maximum of 3 billion RMB, the largest in the company's history, demonstrating confidence in its value and commitment to shareholder returns [15]. - The company aims to achieve stable net profit growth in Q4 2025, with a focus on value-driven strategies and operational efficiency improvements [15].