Core Insights - SF Holding reported strong Q1 2025 financial results with revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% [1][3] - The total parcel volume increased by 19.7% to 13.56 billion pieces, indicating a decline in the value per parcel, but higher profitability was achieved through economies of scale and refined operations [1][3] Financial Performance - Revenue: 69.85 billion yuan (up 6.9% YoY) [1][3] - Net Profit: 2.23 billion yuan (up 16.9% YoY) [1][3] - Cash Flow: Net cash flow from operating activities was 4.06 billion yuan (down 14.2% YoY) [3][5] - Basic and Diluted Earnings Per Share: 0.45 yuan [1][3] - Total Assets: 209.40 billion yuan [1] - Shareholder Equity: 94.12 billion yuan [1] Business Structure and Growth - Continued optimization of business structure with steady growth in express logistics and international supply chain operations [2][4] - Express logistics revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9%, indicating successful international network expansion [4][3] Cost Management and Efficiency - Significant cost control measures led to a decrease in management expense ratio by 0.6 percentage points and R&D expense ratio by 0.1 percentage points [4] - Sales expense ratio increased by 0.1 percentage points, reflecting investment in market promotion and sales team development [4] Capital Operations - Successful issuance of Southern SF Logistics REIT raised 3.29 billion yuan, marking a significant step in the light asset model for logistics parks [5][7] - Share repurchase plan completed with approximately 23.27 million shares repurchased for about 859 million yuan, with plans to change the purpose of repurchased shares to cancellation [7][5]

顺丰控股股份有限公司 关于拟续聘 2025 年度审计机构的公告 本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。 顺丰控股股份有限公司(以下简称"公司")于2025年4月28日召开第六届董 事会第二十次会议、第六届监事会第十五次会议，审议通过了《关于续聘2025年 度审计机构的议案》，董事会同意继续聘任普华永道中天会计师事务所（特殊普 通合伙）（以下简称"普华永道中天"）为公司2025年度境内审计机构，聘任罗 兵咸永道会计师事务所（以下简称"罗兵咸永道"）为公司2025年度境外审计机 构，聘期一年，并提请股东大会授权公司管理层与其签署相关协议并根据行业标 准和公司审计工作的实际情况决定其报酬。本议案尚需提交至公司2024年年度股 东大会审议。公司本次续聘审计机构符合中华人民共和国财政部、国务院国资委、 中国证监会印发的《国有企业、上市公司选聘会计师事务所管理办法》（财会〔2023〕 4号）的相关规定。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-028 一、拟续聘境内会计师事务所的基本信息 （一）机构信息 1、普华永道中天 （1）基本信息 普 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-026 顺丰控股股份有限公司 第六届监事会第十五次会议决议公告 本公司及监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。 顺丰控股股份有限公司（以下简称"公司"）第六届监事会第十五次会议， 于 2025 年 4 月 11 日通过电子邮件发出会议通知，2025 年 4 月 28 日在公司会议 室以通讯表决方式召开。本次会议应参与监事 4 名，实际参与监事 4 名。半数以 上监事推举李菊花女士主持本次会议，监事会会议的召集和召开符合国家有关法 律、法规及《公司章程》的规定。经充分讨论和审议，会议形成决议如下： 一、会议以 4 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年第一季度 报告》 公司监事会经核查认为：《公司 2025 第一季度报告》的编制和审核程序符合 法律、行政法规、中国证监会和证券交易所的规定，报告的内容真实、准确、完 整地反映公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《公司 2025 年第一季度报告》（公告编号：2025-027）具体内容详见公司同 日在《证券 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-025 顺丰控股股份有限公司 第六届董事会第二十次会议决议公告 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。 顺丰控股股份有限公司（以下简称"公司"）第六届董事会第二十次会议于 2025 年 4 月 11 日通过电子邮件发出会议通知，2025 年 4 月 28 日在公司会议室 以现场结合视频通讯方式召开。本次会议应参与董事 7 名，实际参与董事 7 名。 会议由董事长王卫先生主持，董事会会议的召集和召开符合国家有关法律、法规 及《公司章程》的规定。经充分讨论和审议，会议形成决议如下： 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年第一季 度报告》 公司董事认真审议了《公司 2025 年第一季度报告》，认为公司 2025 年第一 季度报告内容真实、准确、完整的反映了公司经营状况，不存在虚假记载、误导 性陈述或重大遗漏。 《公司 2025 年第一季度报告》（公告编号：2025-027）具体内容详见公司同 日在《证券时报》《证券日报》《上海证券报》《中国证券报》和巨潮资讯 ...

顺丰控股（002352）公告，公司计划以自有资金通过二级市场以集中竞价方式回购部分A股社会公众股 份，回购资金总额不低于5亿元且不超过10亿元，回购价格不超过60元/股。按回购金额上限10亿元、回 购价格上限60元/股测算，预计可回购A股股数不低于1666.66万股，约占公司目前总股本的0.33%；按回 购金额下限5亿元、回购价格上限60元/股测算，预计可回购A股股数不低于833.33万股，约占公司目前 总股本的0.17%。本次回购的股份将用于未来拟推出的A股员工持股计划或股权激励计划，回购期限为 自公司董事会审议通过回购方案之日起12个月内。 ...

Financial Performance - The company achieved a total revenue of RMB 69.85 billion in Q1 2025, representing a year-on-year increase of 6.9%[6] - Net profit attributable to shareholders reached RMB 2.23 billion, up 16.87% compared to the same period last year[6] - The total parcel volume for the quarter was 13.56 billion, reflecting a growth of 19.7% year-on-year[10] - The gross profit amounted to RMB 9.29 billion, with a gross margin of 13.3%, an increase of 0.1 percentage points year-on-year[11] - Total operating revenue for the period reached CNY 69,849,924 thousand, an increase of 6.3% compared to CNY 65,341,051 thousand in the previous period[27] - Net profit for the period was CNY 2,360,933 thousand, representing a 29.1% increase from CNY 1,829,344 thousand in the prior period[27] - Basic earnings per share rose to CNY 0.45 from CNY 0.39, reflecting a growth of 15.4%[28] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of RMB 4.06 billion, a decrease of 14.21% from the previous year[13] - The company's cash and cash equivalents decreased to CNY 27,053,937 thousand from CNY 33,936,101 thousand, a decline of 20.2%[25] - Operating cash inflow for the current period reached ¥99,722,049 thousand, an increase of 5.4% from ¥94,567,798 thousand in the previous period[29] - Net cash flow from operating activities was ¥4,061,813 thousand, down 14.2% from ¥4,734,437 thousand in the previous period[29] - Cash outflow from investment activities totaled ¥32,264,838 thousand, significantly higher than ¥15,771,061 thousand in the previous period, resulting in a net cash flow from investment activities of -¥7,380,110 thousand[29] - Cash inflow from financing activities was ¥9,862,594 thousand, a decrease of 32.5% compared to ¥14,698,711 thousand in the previous period[29] - The total cash and cash equivalents decreased by ¥6,702,134 thousand, compared to an increase of ¥473,729 thousand in the previous period[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 167,808, including 167,725 A-share shareholders and 83 H-share shareholders[16] - The largest shareholder, Shenzhen Mingde Holdings Development Co., Ltd., holds 51.37% of shares, totaling 2,561,927,139 shares, with 948,600,000 shares pledged[16] - The company plans to repurchase A-shares with a total amount not less than RMB 500 million and not exceeding RMB 1 billion, at a price not exceeding RMB 53 per share, within 12 months from the board's approval[18] - As of April 28, 2025, the company has repurchased a total of 23,270,358 A-shares, amounting to approximately RMB 859 million, accounting for 0.47% of the total share capital[19] - The repurchase of shares will be used for cancellation and reduction of registered capital, pending approval at the 2024 annual general meeting[19] Asset and Liability Management - The company’s total assets decreased by 2.07% to RMB 209.40 billion compared to the end of the previous year[6] - Total assets decreased to CNY 209,402,181 thousand from CNY 213,824,213 thousand, a reduction of 2.1%[26] - Total liabilities decreased to CNY 104,707,773 thousand from CNY 111,488,992 thousand, a decline of 6.1%[26] - The company's equity attributable to shareholders increased to CNY 94,117,084 thousand from CNY 91,993,286 thousand, an increase of 2.3%[26] Investment and Development - The company issued a super short-term financing bond of RMB 500 million through its wholly-owned subsidiary, Tyson Holdings, on January 3, 2025[20] - The company has initiated the application for public REITs issuance, with logistics parks in Shenzhen, Wuhan, and Hefei as underlying assets[21] - The Southern SF Logistics REIT completed fundraising on March 24, 2025, with a total fundraising scale of RMB 3.29 billion, issuing 1 billion fund shares at a price of RMB 3.290 per share[22] - The company’s subsidiaries subscribed for 340 million shares, accounting for 34% of the total issuance[22] - The company aims to enhance its sustainable operating capacity through the establishment of a light asset capital operation platform for logistics parks[22] Research and Development - Research and development expenses were CNY 584,358 thousand, down from CNY 633,224 thousand, a decrease of 7.7%[27] Comprehensive Income - The company reported a total comprehensive income of CNY 2,287,374 thousand, compared to CNY 990,588 thousand in the previous period, indicating significant growth[28]

Investment Rating - The report maintains a "Positive" outlook for the transportation industry, indicating an expectation of performance exceeding the market benchmark by over 5% [5]. Core Insights - In March, the express delivery industry experienced a year-on-year volume growth of 20.3%, with a total of 16.656 billion packages delivered, slightly down from a cumulative growth of 22.4% in January and February [2][10]. - SF Express saw a significant volume growth of 25.4%, outperforming other companies in the Tongda system, and its market share increased by 0.3 percentage points year-on-year [2][17]. - The price competition remains intense within the industry, with year-on-year declines in average revenue per package for Tongda companies, including a 7.6% drop for YTO Express and an 11.7% drop for SF Express [3][27][29]. Summary by Sections 1. Industry Overview - The express delivery sector's volume growth remains robust, with March figures showing a 20.3% increase year-on-year, despite a slight slowdown from earlier months [2][12]. - The growth in same-city deliveries was 4.3%, while intercity deliveries grew by 21.9% [12][14]. 2. Business Volume - SF Express's business volume growth reached 25.4%, significantly higher than its competitors, with a market share increase of 0.3 percentage points [2][17]. - YTO Express, Shentong, and Yunda's growth rates were close to the industry average, with YTO showing a slight edge [2][17]. 3. Revenue per Package - The average revenue per package for Tongda companies saw declines, with Shentong, Yunda, and YTO experiencing year-on-year decreases of 4.3%, 5.8%, and 7.6% respectively [3][27]. - SF Express's average revenue per package fell by 11.7% year-on-year, attributed to an increased proportion of e-commerce packages [3][29]. 4. Structural Changes - The industry concentration ratio (CR8) was 86.9 in March, showing a year-on-year increase of 1.8 but a slight decrease of 0.2 from the previous month [33][35]. - The market share of the four publicly listed companies in the A-share market was 49.8%, a slight increase from 49.6% year-on-year, driven by YTO's market share ambitions and SF's strong growth [33][36]. 5. Investment Recommendations - The report suggests focusing on industry leaders with superior service quality, particularly Zhongtong and YTO, as the industry shifts towards prioritizing service over cost advantages [4][37].

Investment Rating - The industry investment rating is maintained as "Positive" [2][4]. Core Insights - The first equity-type asset-backed securities (ABS) have been successfully issued, indicating a vibrant issuance market [5][13]. - The market for REITs is expected to continue to perform well due to the downward pressure on bond market interest rates and the anticipated entry of social security and pension funds, enhancing the cost-effectiveness of allocations in this sector [4][6]. Market Overview - As of the 17th week of 2025, the CSI REITs index closed at 858.24, up 6.62% year-on-year but down 0.53% month-on-month. The CSI REITs total return index stood at 1058.94, up 11.55% year-on-year but down 1.43% month-on-month [6][21]. - The trading volume in the REITs market reached 677 million units, a year-on-year increase of 23.32%, with a transaction value of 2.947 billion yuan, up 39.67% year-on-year [28][34]. Sector Performance - Weekly and monthly performance of various REITs sectors showed fluctuations: - Affordable housing REITs decreased by 2.15% weekly but increased by 3.44% monthly - Environmental, highway, industrial park, warehousing logistics, energy, and consumer REITs also experienced declines [40][57]. - The performance of the REITs market indicates a mixed trend, with some sectors showing resilience while others face challenges [40][58]. Upcoming Developments - There are currently 13 REITs funds awaiting listing, indicating ongoing activity in the issuance market [7][40].