Core Insights - On December 31, SF Holding executed a block trade of 120,000 shares, amounting to 4.4184 million yuan, which represented 0.96% of the total trading volume for that day [1][2] - The transaction price was 36.82 yuan per share, reflecting a discount of 3.91% compared to the market closing price of 38.32 yuan [1][2] Summary by Category - **Transaction Details** - Date of transaction: December 31, 2025 [2] - Security code: 002352 [2] - Security name: SF Holding [2] - Transaction price: 36.82 yuan [2] - Volume of shares traded: 120,000 shares [2] - Total transaction amount: 4.4184 million yuan [2] - Buyer and seller brokerage: Huatai Securities [2]

Core Viewpoint - SF Holding has completed its board and management restructuring, with a focus on continuity and strategic stability under the leadership of founder Wang Wei [2][4]. Group 1: Board and Management Structure - The first meeting of the seventh board of directors confirmed the roles of Wang Wei, He Jie, and Xu Bensong as executive directors, with Wang Wei serving as chairman [2]. - He Jie has been reappointed as the financial head, while Gan Ling continues as the board secretary, ensuring continuity in key financial and operational roles [2][4]. - New vice presidents, Huang Cihai and Sun Haijin, have been appointed to oversee the express and local delivery businesses, respectively, indicating a strategic focus on these areas [3][4]. Group 2: Strategic Implications - The board's composition, featuring a mix of experienced leaders and new appointees, aims to enhance transparency and governance while ensuring operational efficiency [4]. - The emphasis on digitalization and supply chain integration, led by the new vice presidents, suggests a commitment to technological investment and long-term growth strategies [4]. - The combination of seasoned executives and fresh talent is designed to stabilize short-term profitability while positioning the company for international expansion and diversification in the long run [4].

Investment Rating - The report indicates a positive investment outlook for the cross-border logistics sector, with a noted increase in the sector's performance by 1.16% this week [7][55]. Core Insights - The shipping sector shows a rise in various indices: the China Export Container Freight Index (CCFI) is at 1146.67 points, up by 1.95% week-on-week; the Shanghai Container Freight Index (SCFI) is at 1,656.32 points, up by 6.66%; and the Ningbo Container Freight Index (NCFI) is at 1060.86 points, up by 10.23% [5]. - In air freight, the global air cargo index (BAI) reports a decline, with BAI at 2495 points, down by 3.33%, and BAI80 at 5821 points, down by 8.60% [5]. - Significant developments include MSC's order for six 11,400 TEU container ships at a Chinese shipyard and the opening of new shipping routes to enhance trade efficiency [5][17]. Summary by Sections 1. Global Cross-Border Logistics News - Thailand and Laos postal services have signed a cooperation agreement to enhance e-commerce and cross-border trade [13]. - Amazon has terminated its drone delivery project in Italy due to regulatory challenges [13]. - China plans to adjust certain import tariff rates starting January 1, 2026, to enhance market dynamics [13]. 2. Cross-Border Logistics Data Changes - The shipping sector's weekly leading data shows an increase in freight rates, with the CCFI and SCFI indices reflecting positive trends [5][9]. - Air freight volumes are experiencing a decline, as indicated by the BAI index [5][10]. 3. Capital Market Perspective on Cross-Border Logistics - The cross-border logistics sector has seen a 1.16% increase this week, with a cumulative increase of 2.53% since the beginning of the year [7][55]. - Individual stock performance in the cross-border logistics sector has remained stable overall [7].

Core Viewpoint - SF Holding Co., Ltd. has elected Xu Bensong as the employee representative director for the seventh board of directors, with the election conducted via video conference on December 30, 2025, where all 78 participating employee representatives voted in favor [1][2]. Group 1: Board Election and Structure - The seventh board of directors will consist of Xu Bensong and five non-employee representative directors elected at the second extraordinary general meeting of shareholders in 2025, ensuring that the number of executive directors and employee representatives does not exceed half of the total board members [1][2][14]. - The term of the seventh board of directors will not exceed three years, effective from the date of approval at the second extraordinary general meeting of shareholders in 2025 [2]. Group 2: Board Meeting Decisions - The first meeting of the seventh board of directors was held on December 30, 2025, with all six participating directors present, and the meeting confirmed the roles of the directors, including Wang Wei as chairman [7][8]. - The board approved the establishment of various committees, including the audit committee, remuneration and assessment committee, nomination committee, strategy committee, and risk management committee, with specific members appointed to each [8]. - Wang Wei was appointed as the general manager, responsible for the daily operations of the company, effective from December 30, 2025 [9]. Group 3: Appointments of Key Personnel - He Jie, Huang Cehai, Geng Yankun, Li Sheng, and Sun Haijin were appointed as vice presidents, overseeing daily management [10]. - He Jie was appointed as the financial officer, responsible for financial management [11]. - Gan Ling was appointed as the board secretary, managing information disclosure and investor relations [12]. - Zeng Jing was appointed as the securities affairs representative, effective from December 30, 2025 [16]. - Liu Guohua was appointed as the head of the internal audit department, effective from December 30, 2025 [17].

Core Viewpoint - SF Holding (002352)(06936) announced the convening of a workers' representative meeting on December 30, 2025, where Mr. Xu Bensong was democratically elected as the employee representative director of the seventh board of directors [1] Group 1 - The workers' representative meeting will officially elect the employee representative director [1] - Mr. Xu Bensong's term will commence from the date of the workers' representative meeting until the end of the seventh board's term [1]

Core Viewpoint - SF Holding (06936) announced the convening of a staff representative meeting on December 30, 2025, where Xu Bensong was democratically elected as the employee representative director of the seventh board of directors [1] Group 1 - The staff representative meeting will officially elect Xu Bensong as the employee representative director [1] - Xu Bensong's term will commence from the date of the staff representative meeting until the end of the seventh board's term [1]

格隆汇12月30日丨顺丰控股(06936.HK)宣布，公司于2025年12月30日召开职工代表大会。徐本松于职工 代表大会上经民主表决正式获选为第七届董事会职工代表董事。 ...

Group 1 - The core announcement is that SF Holding (002352) will hold a workers' representative meeting on December 30, 2025, where Mr. Xu Bensong has been elected as the employee representative director of the seventh board of directors with unanimous votes from 78 employee representatives [1]

Core Insights - The express delivery industry is transitioning from a high-growth phase to a focus on efficiency and service competition, indicating a need for independent thinking and adaptation to new challenges [1] - The industry is experiencing a slowdown in growth rates, with the overall business volume growth dropping to 5% in November, down from 20% earlier in the year, suggesting a shift towards a more mature and stable growth phase [3] Group 1: Industry Trends - The "anti-involution" campaign initiated by the State Post Bureau aims to address the industry's low-price competition, leading to improved profitability for express companies, although some frontline outlets still face challenges due to rising costs [2] - The double eleven shopping festival saw a total of 139.38 billion packages collected, marking a 9% increase from the previous year, but the growth rate is slowing, indicating a potential shift in consumer behavior and market saturation [3] - The introduction of tax reporting requirements for online platforms starting October 1, 2025, will expose fraudulent activities such as order brushing, pushing the industry towards compliance and authenticity [5] Group 2: Company Developments - YTO Express launched its strategic hub, the Dongfang Tiandi Port, with an investment of 12.2 billion yuan, marking a significant step in its internationalization strategy and aiming to enhance its competitive edge in the logistics sector [6] - Shentong Express completed the acquisition of Daniao Logistics for 362 million yuan, enhancing its operational capabilities and positioning itself in the "quality express" market while Alibaba shifts its focus towards core strategic areas [7] - JD Logistics and SF Express are expanding their international operations, with JD launching a new self-operated B2C brand in Saudi Arabia and SF establishing international air routes, indicating a strong push towards global market penetration [14] Group 3: Technological Advancements - The integration of AI technologies in the express delivery sector is transforming operations, with applications in route optimization and operational efficiency, exemplified by YTO's "smart routing" system [9] - The rise of robotics in the industry is being observed, with advancements in sorting and delivery processes, although challenges remain in achieving efficiency comparable to human workers [15] Group 4: Market Dynamics - The frequent switching of return logistics among various express companies highlights the competitive nature of the market, with companies vying for the more profitable return business as opposed to standard deliveries [10] - The emergence of "sheep shearing" tactics among consumers exploiting platform loopholes poses a challenge for express companies, necessitating stricter regulations to protect the integrity of the logistics chain [12]

顺丰控股股份有限公司（以下简称"公司"、"顺丰控股"）第六届董事会 董事任期即将届满，根据《公司法》及《公司章程》的相关规定，2025 年 12 月 30 日公司以视频会议通讯表决方式召开了职工代表大会，参加本次会议的职工 代表共 78 名。经公司职工代表大会民主表决，会议以 78 票同意、0 票反对、0 票弃权选举了徐本松先生（简历详见附件）为公司第七届董事会职工代表董事。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-098 顺丰控股股份有限公司 关于选举产生第七届董事会职工代表董事的公告 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。 徐本松先生具备《公司法》《公司章程》等规定的董事任职资格。公司第七 届董事会将由徐本松先生与公司 2025 年第二次临时股东大会选举产生的五名非 职工代表董事组成，其中董事会中兼任公司高级管理人员以及由职工代表担任的 董事人数总计未超过公司董事总数的二分之一。 1 附件： 顺丰控股股份有限公司 第七届董事会职工代表董事简历 徐本松先生，男，1985 年出生，四川大学工商管理硕士及北京大学高级管 理人员工商管 ...