Core Viewpoint - SF Holding (002352) reported a total revenue of 27.173 billion yuan 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% year-on-year [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 peak e-commerce promotional season, driving high-quality business growth [1]

顺丰控股公告，2025年11月速运物流业务收入为206.6亿元，同比增长9.88%，业务量为15.34亿票，同 比增长20.13%，单票收入为13.47元，同比下降8.49%。供应链及国际业务收入为65.13亿元，同比增长 1.86%。公司2025年11月速运物流业务、供应链及国际业务合计收入为271.73亿元，同比增长7.85%。速 运物流业务收入同比增长9.88%，业务量同比增长20.13%。 ...

Core Viewpoint - SF Holding announced that its revenue from express logistics, supply chain, and international business for November 2025 reached RMB 27.173 billion, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - Revenue from express logistics business increased by 9.88% year-on-year [1] - Business volume for express logistics grew by 20.13% [1] - International freight forwarding revenue was impacted by fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] Group 2: Market Response - The company leveraged its global network advantages and diverse product offerings to adapt to market changes [1] - SF Holding actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics continued to grow at a rapid pace year-on-year [1]

Core Viewpoint - SF Express has voluntarily abandoned its participation in the Douyin e-commerce return service for 2026, indicating a strategic shift in its business operations [1] Group 1: Business Strategy - SF Express is withdrawing from the return logistics market, which will now be handled by other logistics providers such as JD, Zhongtong, and YTO [1] - The decision is attributed to internal business and strategic adjustments within SF Express, reflecting ongoing pressures for business growth [1] Group 2: Industry Impact - The shift in return service responsibilities signifies a potential change in the competitive landscape of e-commerce logistics in China [1] - Other logistics companies may benefit from the opportunity to fill the gap left by SF Express in the return service market [1]

Group 1: Real Estate and Urban Development - Shenzhen has issued its first housing voucher worth 40.55 million yuan, allowing displaced residents to choose their preferred location, unit type, and developer, marking a significant innovation in urban relocation compensation methods [1] Group 2: Financial Regulations - The State-owned Assets Supervision and Administration Commission (SASAC) has outlined 98 specific scenarios for accountability regarding violations in the management of central enterprises, emphasizing the importance of safeguarding state assets [2] Group 3: Monetary Policy - The People's Bank of China has resumed 14-day reverse repurchase operations for the first time in nearly three months, indicating a flexible and efficient monetary policy approach to ensure liquidity at year-end [3] Group 4: Industry Growth - The national biomanufacturing industry has reached a total scale of 1.1 trillion yuan, with bioproducts accounting for over 70% of global production [4] Group 5: Banking and Investment Trends - As of the end of November, the total scale of bank wealth management products has reached approximately 34 trillion yuan, marking a historical high and reflecting a trend of capital migration due to declining deposit rates [5] Group 6: International Trade and Cooperation - SF Express Middle East has signed a cooperation agreement with Oman Asyad Group to enhance collaboration in cross-border transportation, supply chain cooperation, and logistics innovation [9] Group 7: Corporate Developments - NIO is introducing a new channel cooperation model where users can open stores without authorization from the company, focusing on community engagement and offline touchpoints [7][8] - Oracle and OpenAI have received approval for power supply to their planned large data center in Michigan, which is expected to involve over 450 billion yuan in investments across the U.S. [15]

本报讯(记者李如是)近日，昆明云内动力股份有限公司(以下简称"云内动力")控股股东云南云内动力集 团有限公司与顺丰速运有限公司(以下简称"顺丰速运")正式达成全方位战略合作。双方依托制造研发与 物流服务领域的核心优势，将在五大维度深度携手，构建"产运融合"的智慧物流新生态。 在国际业务层面，双方将推动"技术出海+物流护航"的协同模式，顺丰速运将通过国际联运、海外仓配 等服务，助力云内动力拓展全球市场。此外，双方还将积极挖掘仓储共享、技术联合研发等潜在合作机 会。 本次战略合作聚焦智能配送机器人领域，顺丰速运将在云内动力已获路权的区域范围内，开展无人车租 赁、智能驾驶运维等相关业务。同时，顺丰速运在采购卡车、叉车等设备时，在同等条件下优先选用搭 载云内动力发动机产品。 此次合作打破了制造业与物流业的行业边界，形成了"研发—应用—拓展"的完整闭环。双方表示，将以 此次合作为重要契机，推动智慧物流与高端制造产业的高质量发展，为行业提供可复制、可推广的合作 样本。 在物流服务领域，顺丰速运将为云内动力提供从采购到售后的全链条物流解决方案，并依托其全国性仓 储网络，满足云内动力位于山东、成都等地子公司的仓储服务需求。 ...

扬子晚报网12月18日讯(通讯员张小丽徐晶记者万凌云姜天圣)近日，顺丰集团旗下丰翼科技自主研发的方舟ARK80物流无人机成功获得中国民用航空局颁 型号合格证，这也是全球首个升力翼多旋翼无人机型号合格证。 | CIVIL AVIATION AD 100 100 RATION OF CHINA | CIVIL AVIATION AD BATION OF CHINA | | --- | --- | | 루 當 | 附 件 / APPENDIX | | TYPE CERTIFICATE | | | ■号/No.TC0104A-HD | 本附件是型号合格证 TC0104A-HD 的一部分。 | | 本型号合格证顺发给: | | | 江西丰羽眼童科技有限公司 江西省级州市南康区戈岭镇新屋村 | 产品型号 中请日期 技准日期 取消目期 | | 经中国民用航空局审查确认下列暨号站设计符合中国民用航空规章 CCAR-92 的规定,主要 | ARKSO 2024 中 06 月 19 日 2025 年 11 月 25 日 | | 性能数据见本证所附型号合格证数据单。 | | | 型号:ARK80 | | | 本证件和作为本证件一部 ...

Market Overview - The logistics sector experienced a decline of 0.48% on December 16, with Longzhou Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 3824.81, down 1.11%, while the Shenzhen Component Index closed at 12914.67, down 1.51% [1] Stock Performance - Notable gainers in the logistics sector included Huami Yuanhai, which rose by 3.52% to a closing price of 23.50, and Zhejiang Merchants Zhongtuo, which increased by 1.03% to 5.89 [1] - Longzhou Co., Ltd. saw the largest decline, falling by 9.97% to a closing price of 10.74, followed by Huapengfei, which dropped by 5.88% to 6.56 [2] Trading Volume and Value - The trading volume for Huami Yuanhai was 34,900 shares with a transaction value of approximately 82.45 million yuan, while Longzhou Co., Ltd. had a trading volume of 269,500 shares and a transaction value of about 289 million yuan [1][2] Capital Flow - The logistics sector experienced a net outflow of 321 million yuan from institutional investors, while retail investors saw a net inflow of 335 million yuan [2] - The capital flow data indicates that major funds had a negative net inflow in several companies, including SF Holding, which had a net outflow of 27.55 million yuan from institutional investors [3]

Core Viewpoint - SF Holding (002352) reported a slight decline in stock price, with a closing price of 37.41 yuan on December 15, 2025, reflecting a 0.05% decrease. The trading volume was 188,200 hands, with a total transaction amount of 707 million yuan [1]. Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing an 8.89% year-on-year increase. The net profit attributable to shareholders was 8.31 billion yuan, up by 9.07% year-on-year. The net profit excluding non-recurring items was 6.78 billion yuan, showing a modest increase of 0.52% [2]. - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, which is an 8.21% increase year-on-year. However, the net profit attributable to shareholders for the same quarter was 2.57 billion yuan, reflecting a decline of 8.53% year-on-year. The net profit excluding non-recurring items was 2.23 billion yuan, down by 14.17% [2]. - The company's debt ratio stands at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan. The gross profit margin is reported at 12.96% [2]. Market Sentiment - On December 15, 2025, the net inflow of main funds was 35.41 million yuan, accounting for 5.01% of the total transaction amount. Retail investors experienced a net outflow of 35.82 million yuan, which is 5.07% of the total transaction amount [1]. - Over the past 90 days, 16 institutions have provided ratings for the stock, with 13 buy ratings and 3 hold ratings. The average target price set by institutions is 52.53 yuan [2].

Core Insights - Douyin has switched its return logistics to multiple courier companies, including JD Logistics, Zhongtong, YTO, and others, starting from December 16, indicating a significant shift in its return business strategy [1] - The average daily return volume for Douyin e-commerce reaches millions of orders, presenting a lucrative market opportunity for courier companies [1][4] - The competition among courier companies for return services is intensifying, as they recognize the higher profitability of return shipments compared to regular deliveries [2] Group 1: Market Dynamics - The average daily return business volume in China exceeds 20 million packages, highlighting the potential for courier companies to expand their market share amid slowing growth in traditional e-commerce channels [4] - Courier companies are increasingly focusing on return services due to their higher profit margins, with return shipments generating around 4 to 5 yuan per package, compared to minimal profits or losses on regular e-commerce deliveries [2] Group 2: Operational Challenges - Douyin e-commerce is tightening its assessment of collection rates, meaning courier companies that fail to meet standards risk losing their contracts or being switched out [5] - Courier companies are hiring dedicated personnel to improve collection rates and meet the high frequency of pickup demands, indicating a significant operational shift [5] - The complexity of return logistics, including quality checks, packaging, and scheduling, poses challenges for courier companies, particularly in maintaining efficiency and managing high complaint rates [6][8] Group 3: Financial Incentives - Courier companies are offering incentives to their networks, with a reported profit share of 2.72 yuan per package, which includes a base profit and a timely pickup bonus [6] - However, achieving these financial incentives is challenging due to strict performance assessments and the need for efficient operations [6] Group 4: Industry Sentiment - There is a growing sentiment among couriers that the return process is less attractive due to low pay and high complaint rates, leading to concerns about profitability and job satisfaction [8] - The current e-commerce environment, characterized by price wars and refund policies, is causing stress across the supply chain, affecting courier companies significantly [8]