Core Viewpoint - SF Holding Co., Ltd. reported a total revenue of RMB 27.173 billion for November 2025, reflecting a year-on-year growth of 7.85% in its express logistics and supply chain businesses [3] Group 1: Express Logistics Business - The express logistics business revenue increased by 9.88% year-on-year, with a business volume growth of 20.13% [3] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to meet the delivery demands during the e-commerce promotional season, thus driving 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 drop 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 continued to grow at a rapid pace year-on-year [3]

Core Viewpoint - SF Holding (002352) reported a decline in stock price and provided an operational update for November 2025, indicating growth in express logistics revenue but a decrease in single ticket revenue [1] Group 1: Stock Performance - As of December 19, 2025, SF Holding's stock closed at 37.85 yuan, down 0.89% from the previous trading day [1] - The stock opened at 38.2 yuan, reached a high of 38.37 yuan, and a low of 37.85 yuan, with a trading volume of 10.98 billion yuan and a turnover rate of 0.6% [1] Group 2: Operational Performance - In November 2025, the express logistics business generated revenue of 20.66 billion yuan, reflecting a year-on-year increase of 9.88% [1] - The total business volume reached 1.534 billion tickets, up 20.13% year-on-year [1] - The average revenue per ticket was 13.47 yuan, showing a decline of 8.49% compared to the previous year [1] - Supply chain and international business revenue amounted to 6.513 billion yuan, marking a year-on-year growth of 1.86% [1] - Overall revenue for the month totaled 27.173 billion yuan, representing a year-on-year increase of 7.85% [1] Group 3: Business Insights - The international freight forwarding business was impacted by a decline in sea freight prices, although the volume remained stable [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid year-on-year growth [1] - The data provided is unaudited and may differ from final reports [1]

Core Viewpoint - SF Express has officially ended its collaboration with Douyin's e-commerce return service, which is described as a normal business practice as the contract naturally expired [1] Group 1: Business Operations - SF Express will not participate in the Douyin e-commerce return service for 2026, indicating a voluntary withdrawal from this market segment [1] - The return service responsibilities will be gradually taken over by other logistics providers such as JD, Zhongtong, and YTO [1] Group 2: Strategic Adjustments - The change is primarily attributed to SF Express's internal business and strategic adjustments, as the company faces growth pressures [1] - SF Express is continuing to scale back its return service operations in response to these pressures [1]

Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85%. The express logistics business revenue grew by 9.88%, with a business volume increase of 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to the performance of listed equity investments [2] - Tianqi Lithium (09696.HK) has completed the construction of the third phase of its chemical-grade lithium concentrate expansion project and has officially commenced trial production [2] - Qingdao Port (06198.HK) plans to purchase two assets from the Qingdao Shipping Financial Center for the development of a cruise port [2] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine and completed the enrollment of the first subject [2] - Fuhong Hanlin (02696.HK) received approval from the U.S. Food and Drug Administration for its application for the Phase I clinical trial of HLX18, a biosimilar to Nivolumab for the treatment of various solid tumors [2] - China National Nuclear Corporation (01763.HK) announced that its subsidiary, CNNC Haidewei, has received clinical approval for its BNCT boron drug [2] - Hisense Home Appliances (00921.HK) subscribed to a financial product from Jingu Trust for 1.892 billion yuan [2] Acquisition and Disposal - Evergrande Property (06666.HK) has received several updated non-binding offers from selected bidders, which the liquidators are currently considering [3] - Ruian Construction (00983.HK) has completed the sale of Ruian Property Management Services Co., Ltd. [4] - Tianjin Port Development (03382.HK) plans to purchase ten gantry cranes for 185 million yuan [5] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.036 million shares at a cost of 636 million HKD, with buyback prices ranging from 607 to 617 HKD [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for 152 million HKD, with buyback prices between 40.42 and 40.56 HKD [6] - COSCO Shipping Holdings (01919.HK) repurchased 3.9655 million shares for 53.6689 million HKD, with buyback prices ranging from 13.47 to 13.73 HKD [6] - Kuaishou-W (01024.HK) repurchased 755,000 shares for 49.9509 million HKD, with buyback prices between 65.4 and 66.6 HKD [7]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business revenue increased by 9.88% year-on-year [1] - The business volume for express logistics grew by 20.13% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operational approach [1] - SF Holding is advancing its operational activation mechanism to ensure high-quality service and stable operations [1] - The company aims to meet customer demand during the e-commerce promotional peak season, driving high-quality business growth [1]

Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable delivery during peak e-commerce promotional seasons, driving 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, actively seizing new opportunities for enterprises going abroad, resulting in stable cargo volumes for the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons and driving 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 advantages and diverse product offerings to adapt to market changes, actively seizing new opportunities for enterprises going abroad, resulting in stable cargo volumes for the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company maintains a sustainable and healthy operational approach, enhancing its operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons [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, resulting in stable cargo volumes for its international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Express has opted not to participate in the 2026 Douyin e-commerce return service, indicating a strategic decision to withdraw from this market segment [1] Group 1: Company Actions - SF Express has confirmed that its contract for the Douyin return service has naturally expired, characterizing this as a normal business operation [1] - The return fulfillment for Douyin e-commerce will now be handled by other logistics providers, including JD Express, ZTO Express, and YTO Express [1]

Major Events - Changfei Fiber announced that the global optical fiber and cable industry market environment is normal, and the proportion of new products related to data centers in total demand is relatively small [1] - GuoDun Quantum appointed director Ying Yong to temporarily perform the duties of chairman and legal representative following the passing of chairman Lü Pin [1] - Huati Technology clarified that it does not engage in commercial aerospace-related businesses, focusing instead on smart city solutions and cultural lighting [1] Corporate Changes - Kuangda Technology's controlling shareholder changed from Shen Jialiang to Zhuzhou City State-owned Assets Supervision and Administration Commission after a share transfer of 412 million shares, representing 28% of the total share capital [2] Termination of Transactions - Geer Software announced the termination of its planned acquisition of over 51% of Shenzhen Weipin Zhiyuan Information Technology due to failure to reach agreement on key terms [3] - Bohai Chemical terminated its major asset restructuring plan involving the sale of Bohai Petrochemical and the acquisition of control over Taida New Materials due to disagreements on core terms [4] Investment Projects - Qingdao Port plans to invest in two terminal projects with a total estimated investment of 15.7 billion yuan, including 9.097 billion yuan for the first phase of the Dongjiakou Port area container terminal [5] - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, which will enhance the company's highway project portfolio [6] Performance Updates - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [7] - SF Holding's logistics business revenue grew by 9.88% year-on-year in November, with total revenue from logistics and supply chain services reaching 27.173 billion yuan [8] - YTO Express reported a 11.08% year-on-year increase in express product revenue in November, amounting to 6.474 billion yuan [9] Major Contracts - Dongfang Cable announced it won contracts totaling 3.125 billion yuan, representing 34.37% of its audited revenue for 2024 [10] - Huadian Technology signed contracts worth approximately 815 million yuan with China Huadian Engineering Group for a wind power and green methanol project [11]