Group 1 - SF Express has terminated its return logistics cooperation with Douyin E-commerce, which has raised significant industry attention. The termination is attributed to the natural expiration of the contract and is considered a normal business practice [2] - During the partnership, SF Express's high-end service capabilities matched Douyin's stringent service quality requirements. However, as the collaboration progressed, the core demands of both parties began to diverge [2] - SF Express's revenue for Q3 2025 reached 78.4 billion yuan, reflecting an 8.2% year-on-year increase, while its net profit attributable to shareholders decreased by 8.53%, indicating a typical scenario of revenue growth without profit increase [2] Group 2 - Douyin's growing e-commerce scale has led to increased sensitivity to costs, prompting the platform to optimize return logistics costs, which contrasts with SF Express's recent "gain plan" aimed at improving overall profit margins and strictly selecting clients [2] - The transition of return logistics to companies like JD Logistics and other express delivery firms presents challenges, as these companies must adapt to the high service and timeliness requirements of Douyin's return business [3] - The shift in logistics providers may lead to longer pickup times and inconsistent service quality for consumers accustomed to SF Express's efficiency, particularly affecting the response speed in lower-tier markets [3][4] Group 3 - For Douyin merchants, failure to establish collective procurement agreements with new carriers may result in increased return shipping costs, while service discrepancies among different couriers could lead to delays and package damage [4] - The reshuffling of logistics providers is expected to accelerate upgrades in the reverse logistics industry regarding service standardization and cost optimization, but the ability of new carriers to meet the dual expectations of platforms and users remains to be seen [5]

中新网银川12月25日电 (记者 李佩珊)记者25日从银川海关获悉，顺丰速运(宁夏)有限公司在银川已完成 宁夏首票B类快件税款担保电子化备案。系统显示，由银行开立的电子保函即时生效，并与相应快件申 报数据自动完成关联核扣，标志着B类快件税款担保电子化业务在宁夏正式落地。 "以前办理担保备案和额度释放，要在海关和银行之间来回跑，周期长、手续多。现在大部分操作都能 在线完成，系统自动核扣和释放额度，业务办理时间预计能缩短50%以上，资金周转效率明显提 高。"顺丰速运(宁夏)有限公司关务负责人说。 据悉，为确保改革红利尽快落地见效，银川河东机场海关通过政策宣讲、系统实操培训和"专人专窗"服 务，帮助快件企业和报关单位熟练掌握新功能。相关负责人表示，B类快件税款担保电子化实现了担保 数据电子化流转、自动化核碰和智能化管理，为企业带来了通关效率提升与合规成本降低的双重利好。 (完) B类快件即个人物品类进出境快件，是境内自然人收寄的个人自用物品。此前，企业为B类快件提供税 款担保主要采用纸质保函或逐票缴纳保证金方式，担保额度无法与报关数据实时自动核扣，货物放行后 还需另行办理销案手续以释放额度，占用企业资金与时间，影响 ...

Core Viewpoint - SF Express has chosen to prioritize profit over volume by relinquishing its e-commerce return business with Douyin, aligning with its strategy to enhance profitability amidst ongoing industry challenges [5][15]. Business Strategy - SF Express has decided to terminate its contract for e-commerce return services with Douyin, which will now be handled by other logistics providers like JD Logistics and ZTO [5]. - The decision to abandon low-margin e-commerce return orders is consistent with SF's focus on improving profitability and optimizing its business structure [5][15]. - The company has been facing pressure on its profitability due to a prolonged price war in the logistics industry, leading to a decline in single-package pricing [17][21]. Financial Performance - In the first three quarters of 2025, SF Express reported a total business volume of 12.15 billion packages, a year-on-year increase of 28.3%, and revenue of 225.3 billion yuan, up 8.9% [13]. - Despite revenue growth, the average revenue per package has decreased by 8.49% to 13.47 yuan, contributing to a decline in gross profit [18][21]. - The gross profit for the first three quarters of 2025 was 29.2 billion yuan, reflecting a year-on-year increase of only 1.2%, while the gross profit margin fell by 1.0 percentage points to 13.0% [13][21]. Operational Adjustments - SF Express has initiated an "Enhancement Plan" aimed at optimizing customer structure, reasonable pricing, and cost reduction to improve the proportion of high-value orders [14]. - The company is also implementing flexible resource cost-reduction strategies, including the introduction of local and external resources for e-commerce and return orders [14]. - SF Express has launched new high-value services, such as the "High-Speed Express" product, which aims to provide high-quality, time-sensitive delivery services [23]. Market Context - The e-commerce sector, particularly driven by live-streaming sales, is projected to generate significant order volumes, with Douyin's GMV expected to exceed 4 trillion yuan in 2025 [7]. - However, the high return rates in the e-commerce industry pose challenges for logistics companies, particularly those like SF Express that focus on premium services [8][10]. - The logistics industry is currently experiencing a recovery phase, but SF Express has yet to benefit from this trend, as indicated by its continued decline in single-package revenue [18][25].

中新网云南新闻12月24日电 冬天树上还结桃子？冬天还有鲜花盛开？冬天还有露天蔬菜……网络平台 上北方网友的"震惊"与云南网友的"凡尔赛"此起彼伏。 冬至已过，全国大部分地区将进入最寒冷阶段。当北方的寒风裹挟着雪花席卷大地，江南的湿冷渗入骨 髓，云南却以斑斓色彩颠覆冬日边界。独特的地理位置与地形，不仅孕育出云南"一山分四季，十里不 同天"的立体气候，更是凝结出缤纷多彩的丰饶特色农产品。 冬日里的"甜蜜经济"，正成为云南高原特色农业的亮眼名片。而对于高原生鲜农产品"出山难、保鲜 难、卖不远"的挑战，以顺丰为代表的快递物流企业，成为云南冬日经济蓬勃发展的关键加速器。 顺丰智慧物流驱动区域性农产品香飘世界 以云南冬季农业的明星产品蓝莓为例，顺丰通过长期投入与全面赋能，有效助力云南蓝莓实现产业级跃 升。 服务+生态协同赋能，构建产供销一体新范式 当前，云南蓝莓产业正迎来高速发展期。数据显示，云南蓝莓年产量从2020年的3万吨猛增至2024年的 17.1万吨，复合增长率高达54.5%，已成为中国蓝莓产业的核心增长极。在此过程中，高效、可靠的物 流供应链成为产业发展的关键支撑。顺丰作为深耕蓝莓寄递领域八年的物流企业，见证 ...

Core Insights - SF Express has officially launched its Southern Jiangsu headquarters in Wujiang Taihu New City, marking a significant step in enhancing its logistics capabilities in the region [1] - The new headquarters aims to integrate regional logistics resources and establish a comprehensive logistics service system in Southern Jiangsu, with a projected annual revenue of no less than 5 billion yuan [1] - The facility includes nine modern logistics transfer centers with a daily processing capacity of 4 million parcels, ensuring 100% coverage of the Suzhou, Wuxi, and Changzhou areas [1] Company Developments - The new office space is designed with a youthful atmosphere, featuring elements that appeal to younger employees, and will serve as a platform for over 400 young SF Express employees [2] - The headquarters is located in the Hengli Ring Enterprise Center, a major project by Hengli Group, which aims to attract various corporate headquarters and foster industrial collaboration [2] - The rapid establishment of the headquarters, completed in less than four months, highlights the effective collaboration between government and enterprises, contributing to a favorable business environment in the Taihu New City [2]

Core Viewpoint - SF Holding (002352) reported a closing price of 38.27 yuan on December 23, 2025, with a slight decline of 0.1% and a trading volume of 16.7 million shares, amounting to a total transaction value of 640 million yuan [1] Group 1: Financial Performance - For the first three quarters of 2025, SF Holding achieved a main operating revenue of 225.26 billion yuan, representing a year-on-year increase of 8.89% [3] - The net profit attributable to shareholders for the same period was 8.31 billion yuan, up 9.07% year-on-year [3] - The third quarter of 2025 saw a single-quarter main operating revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, while the net profit for the quarter was 2.57 billion yuan, down 8.53% year-on-year [3] Group 2: Market Position and Ratios - SF Holding's total market capitalization is 192.86 billion yuan, ranking first in the logistics industry [3] - The company has a net asset value of 108.98 billion yuan, also ranking second in the industry [3] - The price-to-earnings ratio (P/E) is 17.41, slightly above the industry average of 17.11, ranking 13th [3] - The gross profit margin stands at 12.96%, below the industry average of 13.97%, ranking 22nd [3] Group 3: Fund Flow Analysis - On December 23, 2025, the net inflow of main funds was 37.24 million yuan, accounting for 5.82% of the total transaction value [2] - Retail investors experienced a net outflow of 7.08 million yuan, representing 1.11% of the total transaction value [2] - Over the past five days, the highest net inflow of main funds was recorded on December 22, with 81.07 million yuan, while the largest net outflow of retail funds occurred on December 19, totaling 93.32 million yuan [2]

Core Viewpoint - The A-share market has seen a significant wave of stock buybacks in 2025, with nearly 1,500 companies participating, reflecting a robust response to economic recovery and external fluctuations [2][3]. Group 1: Market Overview - As of December 23, the Shanghai Composite Index closed at 3,919.98 points, with a year-to-date increase of 16.95%, peaking above 4,000 points [1]. - The overall market has shown a "shock bottoming and gradual recovery" trend, supported by favorable policies and improved corporate earnings [3]. - The three major indices have all risen this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.95%, 28.37%, and 49.66%, respectively [3]. Group 2: Buyback Activity - Nearly 1,500 companies have initiated stock buybacks this year, with a total repurchase amount exceeding 1,400 billion yuan and over 13 billion shares repurchased [2][3]. - The buyback trend spans various sectors, including consumer, manufacturing, technology, and finance, indicating a comprehensive market support structure [2]. - Companies are increasingly using buybacks to enhance shareholder value and stabilize market expectations [2][3]. Group 3: Leading Companies in Buybacks - The top ten companies by buyback amount include Midea Group (11.55 billion yuan), Kweichow Moutai (5.99 billion yuan), and CATL (4.39 billion yuan) [1][6]. - Notably, Midea Group is the only company with a buyback amount exceeding 10 billion yuan this year [6]. - Companies like JD Display and XCMG Machinery have also made significant contributions to both buyback quantity and amount, showcasing their commitment to shareholder interests [6][7]. Group 4: Industry Participation - The manufacturing, consumer, and information technology sectors have the highest participation rates in buybacks, with leading firms like BOE Technology Group and XCMG Machinery actively repurchasing shares [4][5]. - These companies, backed by stable operating performance and ample cash flow, play a crucial role in stabilizing their stock prices and driving industry valuation recovery [4]. Group 5: Regulatory Support - The ongoing buyback trend is supported by regulatory policies, including the establishment of stock buyback and repurchase loans, which provide low-cost funding for companies [7]. - As of December 23, over 780 companies have disclosed receiving buyback loan support, with total loan amounts reaching over 100 billion yuan [7]. - The combination of these policies encourages companies to shift from passive stabilization to proactive value management [7][8].

Core Insights - November is the peak season for the express delivery industry in China, influenced by events like "Double 11" and overseas "Black Friday," making it a crucial indicator for the following year's market dynamics [1] Group 1: Company Performance - SF Express reported a revenue of 20.66 billion yuan in November, a year-on-year increase of 9.88%, with a business volume of 1.534 billion packages, up 20.13% [3] - YTO Express achieved a revenue of 6.474 billion yuan, growing 11.08% year-on-year, with a business volume of 2.886 billion packages, an increase of 13.55% [3] - Shentong Express saw a significant revenue increase of 33.10% to 6.028 billion yuan, with a business volume of 2.502 billion packages, up 14.67% [3][4] - Yunda Express reported a slight revenue increase of 2.17% to 4.698 billion yuan, but its business volume declined by 4.19% to 2.175 billion packages, making it the only major company to experience a decrease in volume [5] Group 2: Industry Trends - The express delivery industry is witnessing a clear performance divergence among major listed companies, with a shift from price competition to a focus on service quality and logistics efficiency [2] - The "anti-involution" trend has led to a recovery in single-package revenue, with a reduction in price wars that have plagued the industry [7] - A price increase trend began in August 2025, with November data showing improvements in single-package revenue compared to July, indicating a stabilization in pricing [8] - The industry is transitioning from a model of "price for volume" to one of "value competition," with a focus on differentiated services and cost efficiency [9]

12月18日，海南自贸港全岛封关运作，"一线放开、二线管住、岛内自由"的监管新模式正式全面落地。 封关不是"封岛"，而是对标国际最高水平开放形态的重要一步。封关后，海南全岛将成为一个"境内关外"区域，岛内可以享受零关税等优惠政策。 亿豹网发现，对快递行业来说，封关之后正在迎来新机遇，目前顺丰、京东等快递企业均已提前布局，争夺新的业务增长点。 快递影响几何 封关后，全岛实施以"一线放开、二线管住、岛内自由"为基本特征的自由化便利化政策制度。其中"一线放开"，就是将海南自贸港与其他国家和地区之间 实施一系列自由便利进出举措；"二线管住"就是在海南自贸港与内地之间实施精准管理；"岛内自由"就是各类要素可以在岛内自由流通。 对于行业从业人员关心的"快递在封关后有何变化"？海南省邮政管理局相关负责人介绍，除部分货物从海南自贸港进入内地需要接受查验外，大多数货物 以及所有的人员、物品、交通运输工具等进出海南岛，仍按现行规定管理，封关前后没有变化。 业内周知，发往海南的快递费比其他省份更高，主要原因为海南是岛屿，所有进出岛货物都依赖轮渡或空运，运输环节多、成本高。过海费、燃油附加费 等都会体现到快递价格上。 发往海南的快递 ...

"年度卓越CFO"奖旨在表彰做出卓越贡献并展现出卓著领导力的企业财务领袖。CFO是企业财务管理的 核心角色，也是企业战略和经营的重要支持者。本次评选从战略贡献、资本市场运营、企业价值创造等 多个指标，通过严格的评审程序和定量数据分析，评选出最终的获奖者。 格隆汇昨日线上举办"科技赋能·资本破局"分享会。备受瞩目的卓越公司评选榜单隆重揭晓。其中，格 隆汇"金格奖"年度卓越公司评选中，顺丰控股(002352.SZ/6936.HK)何捷荣获"年度卓越CFO"奖项。 ...