股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 順豐控股股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年4月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06936 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 170,000,000 | RMB | | 1 RMB | | 170,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 170,000,000 | RMB | | 1 RMB | | 170,000,000 | | 2. 股份分類 ...

Core Points - The meeting between the Henan provincial leaders and the chairman of SF Holding highlights the importance of logistics development in Henan for national economic growth [2][3] - SF Holding is recognized as a leading enterprise in the express logistics industry, contributing significantly to the supply chain support for Henan's high-quality development [2] - The provincial government expresses commitment to support SF Holding's operations in Henan, aiming to enhance logistics infrastructure and efficiency [2][3] Group 1 - Henan is positioned as a major economic province with advantages in transportation, industry, and human resources, making it a strategic location for logistics [2][3] - SF Holding plans to integrate various resources to create an international logistics hub in the Central Plains, focusing on smart logistics and multi-modal transport [3] - The provincial leaders emphasize the need for collaboration to optimize logistics operations, reduce costs, and improve supply chain efficiency [2] Group 2 - The meeting reflects the provincial government's strategy to build a modern logistics system and enhance the hub economy in Henan [2] - SF Holding's commitment to developing logistics capabilities in Henan aligns with the province's goals for economic growth and market expansion [3] - The leaders express gratitude for SF Holding's long-term support and contributions to the local economy [2]

Group 1 - The China Securities Index for Hong Kong, Shanghai, and Shenzhen interconnection logistics shows a recent performance with a 1.53% increase over the past month, a 3.20% decrease over the past three months, and a year-to-date decline of 3.20% [1] - The index is based on the comprehensive index samples and the China Securities 500 Index samples, reflecting the overall performance of securities listed in the interconnection range across the three markets [1] - The index's top ten holdings include companies such as Beijing-Shanghai High-Speed Railway (9.37%), SF Holding (6.77%), and COSCO Shipping Holdings (5.95%) [1] Group 2 - The industry composition of the index shows that railway transportation accounts for 18.28%, shipping for 17.98%, and express delivery for 16.64% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In case of special circumstances, temporary adjustments to the index samples may occur, including the removal of companies that are delisted or undergo significant corporate changes [2]

Investment Rating - The report maintains a rating of "Buy" for the company [1][3][5] Core Views - The company reported a revenue of RMB 284.42 billion for 2024, representing a year-on-year growth of 10.07%, and a net profit attributable to shareholders of RMB 10.17 billion, an increase of 23.51% year-on-year [1][4][5] - The recovery of domestic consumption is expected to drive logistics demand, while the company is actively expanding into international markets to seek additional growth opportunities [1][4][5] - The forecast for net profit attributable to shareholders for 2025-2027 is RMB 11.78 billion, RMB 13.61 billion, and RMB 15.67 billion, respectively, with year-on-year growth rates of 15.9%, 15.5%, and 15.1% [1][5][4] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of RMB 284.42 billion and a net profit of RMB 10.17 billion, marking a significant milestone as the net profit exceeded RMB 10 billion for the first time [4][3] - The gross margin improved to 13.9%, up by 1.11 percentage points, and the net profit margin increased to 3.59%, up by 0.53 percentage points [4][5] Business Segments - The express logistics segment generated revenue of RMB 205.78 billion, growing by 7.66% year-on-year, while the supply chain and international segments saw a revenue increase of 17.53% to RMB 70.49 billion [4][5] - The growth in traditional business segments was supported by the expansion of express delivery services and the penetration into county-level markets for same-city delivery [4][5] Future Outlook - The company's future performance is expected to be driven by the gradual recovery of domestic consumption and the progress of international market expansion [5][4] - The earnings per share (EPS) for 2025-2027 are projected to be RMB 2.36, RMB 2.73, and RMB 3.14, respectively, with corresponding price-to-earnings (P/E) ratios of 18.2, 15.8, and 13.7 [5][4]

Investment Rating - The report maintains an "Outperform" rating for SF Holding [2][6] Core Insights - SF Holding reported a revenue of 284.42 billion yuan for 2024, a year-on-year increase of 10.1%, and a net profit of 10.17 billion yuan, up 23.5% year-on-year, slightly exceeding expectations [6] - The express logistics business remains stable, with revenue from the core express delivery segment reaching 122.21 billion yuan, a growth of 5.8% year-on-year, driven by new delivery demand [6] - The company is focused on cost reduction and efficiency improvement, leading to a net profit margin increase of 0.39 percentage points to 3.58% in 2024 [6] - Capital expenditure for 2024 was 9.9 billion yuan, a decrease of 27% year-on-year, indicating that the peak of capital expenditure has passed [6] - The report slightly raises profit forecasts for 2025-2027, expecting net profits of 11.82 billion yuan, 13.59 billion yuan, and 15.31 billion yuan respectively, with corresponding PE ratios of 18, 16, and 14 [6] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 309.27 billion yuan, with a year-on-year growth rate of 8.7% [5] - Net profit for 2025 is projected at 11.82 billion yuan, reflecting a growth rate of 16.2% [5] - Earnings per share for 2025 is estimated at 2.37 yuan [5] - The gross profit margin is expected to remain stable at around 13.9% for 2025 [5] - Return on equity (ROE) is projected to be 11.7% in 2025 [5]

Core Insights - The company achieved a revenue of 284.42 billion RMB in 2024, representing a year-on-year growth of 10.1% [1][2] - The gross profit reached 39.61 billion RMB, with a year-on-year increase of 19.5%, resulting in a gross margin of 13.9%, up by 1.1 percentage points [1] - The net profit attributable to shareholders was 10.17 billion RMB, marking a 23.5% year-on-year growth, with a net profit margin of 3.6%, an increase of 0.4 percentage points [1][2] Revenue Breakdown - The express and large parcel business generated revenue of 200.16 billion RMB, growing by 7.1% year-on-year [2] - The same-city on-demand delivery segment saw a revenue increase of 22.2%, totaling 9.01 billion RMB [2] - The supply chain and international business segments reported a revenue growth of 17.7%, amounting to 74 billion RMB [2] Shareholder Returns - The company has emphasized shareholder returns, planning to steadily increase the cash dividend ratio from the 2023 level [3] - In 2024, the company implemented a mid-term cash dividend of approximately 1.92 billion RMB, with a dividend payout ratio of 39.9% [3] - A special cash dividend of about 4.8 billion RMB was distributed prior to the H-share listing, with an expected year-end dividend of 2.19 billion RMB, leading to a total cash dividend of approximately 4.1 billion RMB for 2024, reflecting a payout ratio of around 40% [3] Future Projections - Revenue forecasts for 2025-2027 are projected at 314.67 billion RMB, 345.13 billion RMB, and 375.41 billion RMB respectively [3] - The net profit estimates for the same period are 11.83 billion RMB, 13.71 billion RMB, and 15.73 billion RMB [3] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.37 RMB, 2.75 RMB, and 3.15 RMB respectively, with corresponding dynamic PE ratios of 18x, 15x, and 13x [3]

Investment Rating - The report maintains a "Neutral" rating for S.F. Holding with a target price of RMB 48.50, based on a current price of RMB 43.12 [2][15]. Core Insights - In FY24, S.F. Holding achieved a revenue of RMB 284.42 billion, representing a year-on-year increase of 10.07%, and a net profit of RMB 10.17 billion, which is up 23.51% YoY [3][12]. - The company is transitioning from a traditional "product-selling" model to a "solution-providing" strategy, which is expected to drive sustained growth [15]. Revenue Performance - The total business volume for 2024 reached 13.33 billion parcels, marking an 11.3% increase YoY, with express logistics revenue of RMB 205.8 billion, up 7.7% YoY [4][13]. - International operations outperformed domestic growth, with supply chain and international business revenue increasing by 17.5% YoY to RMB 70.5 billion [4][13]. Cost Management - The company improved its gross margin by 1.1 percentage points to 13.9% in 2024 through enhanced efficiency in transfer, transportation, and delivery processes [5][13]. Shareholder Returns - S.F. Holding increased its dividend payout ratio from 35% to 40% in 2024, distributing a total of RMB 4.10 billion in dividends, along with a one-time special dividend of RMB 4.80 billion [14]. Earnings Forecast - The projected net profit for FY25-27 is RMB 12.10 billion, RMB 14.38 billion, and RMB 16.45 billion, respectively, with corresponding EPS of RMB 2.43, RMB 2.88, and RMB 3.30 [6][15].

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international travel demand to recover further due to improved international relations and favorable visa policies. The long-term investment logic for the aviation industry remains positive, driven by improved supply-demand dynamics and market-driven pricing [4][7] - In the express delivery sector, there has been a decline in single ticket revenue for major companies, indicating a challenging environment despite some month-on-month improvements [5] - The shipping sector is expected to benefit from a tight supply-demand balance, particularly in oil transportation, which shows potential for profit margin increases [5] - The highway sector is noted for its defensive attributes and investment value, especially in the context of a weak economic recovery and declining interest rates [5] Summary by Sections Air Transportation - The report anticipates a robust recovery in air travel demand, particularly during holidays, with a focus on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines for investment opportunities [4][7] Express Delivery - Major express companies reported declines in single ticket revenue, with specific figures showing a drop of 9.96% for SF Express and 11.40% for Yunda [5] Shipping - The report indicates a recovery in shipping rates due to increased demand influenced by geopolitical events, with a recommendation to focus on the oil shipping sector for investment opportunities [5] Highway Transportation - The highway sector is highlighted for its strong performance relative to the broader market, with a recommendation to consider investments in this area due to its defensive characteristics [5] Recent Developments - The report mentions the successful operation of China's first heavy-duty railway intelligent shunting system, which is expected to enhance operational efficiency significantly [30][31] - The completion of the Jialing River Lize shipping hub is noted as a significant infrastructure development, enhancing transportation capabilities in the region [32] - The successful tunneling of the Shantou Bay underwater tunnel is highlighted, marking a major achievement in high-speed rail infrastructure [34][35]

Group 1: Aluminum Industry - The aluminum industry is experiencing a good destocking performance, but prices are under pressure due to tariffs and macroeconomic uncertainties [4][10]. - Domestic electrolytic aluminum production capacity has slightly increased, with average costs around 16,960 RMB/ton, down 103 RMB/ton week-on-week [5]. - Downstream aluminum processing enterprises are seeing a recovery in orders and operating rates, supported by demand from the photovoltaic sector and automotive aluminum [6]. Group 2: Power Industry - China Power reported a revenue of 54.21 billion RMB for 2024, a year-on-year increase of 22.5%, with a net profit of 3.86 billion RMB, up 25.2% [11][12]. - The company’s coal-fired power segment showed improved performance, while hydropower turned profitable due to favorable water conditions [13]. - The company plans to maintain a dividend payout ratio of 60% for the year [12]. Group 3: Beverage Industry - The food and beverage sector has seen a decline, with the beverage segment down 3.65% over the past two weeks, underperforming the Shanghai Composite Index [15]. - The liquor market is experiencing a seasonal downturn, with prices for premium brands like Moutai decreasing, indicating weaker demand [16]. - The overall performance of liquor companies varies, with some regional brands showing resilience amid macroeconomic pressures [17]. Group 4: Logistics Industry - SF Express reported a revenue of 15.746 billion RMB for 2024, a year-on-year increase of 27%, with a net profit of 132 million RMB, up 161.8% [21][22]. - The company’s last-mile delivery segment saw significant growth, particularly in county-level markets, with a 121% increase in revenue [24]. - The logistics sector is benefiting from network scale effects, leading to improved profit margins and cost reductions [25]. Group 5: Chemical Industry - The chemical sector is expected to enter a replenishment cycle in 2025, driven by low inventory levels and improving profitability [29]. - Phosphate rock supply remains tight, with companies like Baitian Co. expanding production capacity to meet growing demand [28]. - The industry is witnessing price increases for key products like urea and hexafluoropropylene, indicating a positive market sentiment [35].

Core Viewpoint - In 2024, the company achieved significant revenue and profit growth, driven by its express logistics and supply chain businesses, with a focus on cost reduction and efficiency improvement [1][2][3]. Financial Performance - The company reported a total revenue of 284.42 billion yuan in 2024, representing a year-on-year increase of 10.1% [1][2]. - The net profit attributable to shareholders reached 10.17 billion yuan, up 23.5% year-on-year, marking a historical high [3][4]. - The adjusted net profit was 9.15 billion yuan, reflecting a 28.2% increase compared to the previous year [3]. Business Volume and Pricing - The total business volume for 2024 was 13.26 billion parcels, an increase of 15.5% year-on-year, with an average price per parcel of 15.5 yuan, down 6.2% [1][2]. - In Q4 2024, the business volume reached 3.83 billion parcels, up 17.8% year-on-year, with an average price of 14.6 yuan, down 8.2% [1][2]. Cost and Profitability - The gross profit margin for 2024 was 13.9%, an increase of 1.1 percentage points year-on-year [3][4]. - The net profit margin improved from 3.2% to 3.6% year-on-year, driven by cost optimization efforts [3][4]. Shareholder Returns - Capital expenditures decreased by 27% to 9.9 billion yuan, representing 3.5% of revenue [5]. - Free cash flow increased by 70% to 22.3 billion yuan, providing a solid foundation for dividends and share buybacks [5]. - The dividend payout ratio for 2024 was 40%, with a one-time dividend accounting for 47% of net profit [6][7]. Future Outlook - Revenue projections for 2025-2027 are 319.06 billion yuan, 354.32 billion yuan, and 390.61 billion yuan, with expected year-on-year growth rates of 12%, 11%, and 10% respectively [8]. - The company is expected to maintain a focus on cost reduction and efficiency improvements, which will support steady profit growth and shareholder returns [8].