顺丰控股股份有限公司 2025 年度财务报表及审计报告 顺丰控股股份有限公司 2025 年度财务报表及审计报告 | | 页码 | | --- | --- | | 审计报告 | 1 - 7 | | 2025 年度财务报表 | | | 合并资产负债表 | 1 - 2 | | 公司资产负债表 | 3 - 4 | | 合并及公司利润表 | 5 - 6 | | 合并及公司现金流量表 | 7 - 8 | | 合并股东权益变动表 | 9 - 10 | | 公司股东权益变动表 | 11 - 12 | 财务报表附注 13 - 165 (二) 我们的意见 补充资料 1 - 2 审计报告 普华永道中天审字(2026)第10009号 (第一页,共七页) 顺丰控股股份有限公司全体股东: 审计意见 r (一) 我们审计的内容 我们审计了顺丰控股股份有限公司〈以下简称"顺丰控股"〉的财务报表,包括 2025 年 12 月 31 日 的合并及公司资产负债表，2025年度的合并及公司利润表、合并及公司现金流量表、合并及公司股东权益 变动表以及财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公允反映了顺丰控股 ...

顺丰控股股份有限公司 2025 年度控股股东及其他关联方占用资金情况专项报告 关于顺丰控股股份有限公司 控股股东及其他关联方占用资金情况专项报告 普华永道中天特审字(2026) 第 0100 号 (第一页,共二页) 顺丰控股股份有限公司董事会: 我们审计了顺丰控股股份有限公司（以下简称"顺丰控股公司"）2025 年 12 月 31 日的合并及公司 资产负债表、2025 年度合并及公司利润表、合并及公司股东权益变动表、合并及公司现金流量表和财务报 表附注（以下合称"财务报表"）,并于 2026年 3 月 30 日出具了报告号为普华永道中天审字(2026) 第 10009 号的无保留意见审计报告。财务报表的编制和公允列报是顺丰控股公司管理层的责任，我们的责 任是在按照中国注册会计师审计准则执行审计工作的基础上对财务报表整体发表审计意见。 在对上述财务报表执行审计的基础上,我们对后附的截至 2025 年 12 月 31 日止年度顺丰控股公司控 股股东及其他关联方非经营性资金占用及其他关联资金往来情况汇总表(以下简称"情况表")执行了有 限保证的鉴证业务。 根据我们的工作程序,我们没有发现后附由顺丰控股公司编制的截至 ...

2025 年度独立董事述职报告 （丁益） 各位股东及股东代表： 顺丰控股股份有限公司 作为顺丰控股股份有限公司（以下简称"公司"或"顺丰控股"）第七届董 事会独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》等法律、法规以及公司《章程》、公司《独立董 事工作制度》的相关规定，在 2025 年度充分发挥独立董事的监督作用，忠实履 行各项职责，积极出席相关会议，并以谨慎的态度对相关议案发表了表决意见， 维护了公司的整体利益和中小股东的合法利益。现将 2025 年度工作述职如下： 一、独立董事基本情况 （一）工作履历、专业背景及兼职情况 本人丁益，女，1964 年出生，毕业于中国人民大学，经济学博士学位，高 级经济师。本人拥有丰富的金融管理经验，曾任中国人民大学财政金融学院讲师， 中国人保（601319.SH、1339.HK）投资管理部副总经理，中国人保资产管理有 限公司董事、总裁助理，华能资本服务有限公司总经理、董事长，景顺长城基金 管理有限公司董事长。现任通威股份（600438.SH）董事，华夏银行（600015.SH）、 华泰资产管理有限公司独立董事。2022 年 ...

董事会关于 2025 年度独立董事独立性的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指 引第 1 号—主板上市公司规范运作》等要求，顺丰控股股份有限公司(以下简称 "公司")董事会对 2025 年度独立董事陈尚伟、李嘉士、丁益的独立性情况进行 评估并出具如下专项意见： 经核查独立董事陈尚伟、李嘉士、丁益的任职经历及其签署的独立性自查报 告，上述人员不属于： 1、在公司或者其附属企业任职的人员及其配偶、父母、子女、主要社会关 系； 2、直接或者间接持有公司已发行股份百分之一以上或者是公司前十名股东 中的自然人股东及其配偶、父母、子女； 3、在直接或者间接持有公司已发行股份百分之五以上的股东或者在公司前 五名股东任职的人员及其配偶、父母、子女； 4、在公司控股股东、实际控制人的附属企业任职的人员及其配偶、父母、 子女； 5、与公司及其控股股东、实际控制人或者其各自的附属企业有重大业务往 来的人员，或者在有重大业务往来的单位及其控股股东、实际控制人任职的人员； 顺丰控股股份有限公司 6、为公司及其控股股东、实际控制人或者其各自附属企业提供财务、法律、 咨询、保荐等服务的人员，包括但不 ...

2025 年度独立董事述职报告 （李嘉士） 各位股东及股东代表： 作为顺丰控股股份有限公司（以下简称"公司"或"顺丰控股"）第七届董 事会独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》等法律、法规以及公司《章程》、公司《独立董 事工作制度》的相关规定，在 2025 年度充分发挥独立董事的监督作用，忠实履 行各项职责，积极出席相关会议，并以谨慎的态度对相关议案发表了表决意见， 维护了公司的整体利益和中小股东的合法利益。现将 2025 年度工作述职如下： 顺丰控股股份有限公司 一、独立董事基本情况 （一）工作履历、专业背景及兼职情况 本人李嘉士，1960 年出生，香港大学法律学士，为香港、英格兰及威尔斯、 新加坡及澳洲首都地区的合资格律师。本人拥有丰富的法律经验，自 1989 年起 历任胡关李罗律师行合伙人、高级合伙人，并于 2022 年成为管理合伙人。本人 亦为香港公益金筹募委员会成员、公益慈善半程马拉松筹划委员会联席主席。曾 担任香港政府创新科技署 InnoHK 督导委员会委员、上诉审裁团（建筑物）主席、 香港联合交易所有限公司上市复核委员会候选主席及上市委员 ...

顺丰控股股份有限公司 2025 年度独立董事述职报告 （陈尚伟） 各位股东及股东代表： 作为顺丰控股股份有限公司（以下简称"公司"或"顺丰控股"）第七届董 事会独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司独立董事管理办法》等法律、法规以及公司《章程》、公司《独立董 事工作制度》的相关规定，在 2025 年度充分发挥独立董事的监督作用，忠实履 行各项职责，积极出席相关会议，并以谨慎的态度对相关议案发表了表决意见， 维护了公司的整体利益和中小股东的合法利益。现将 2025 年度工作述职如下： 一、独立董事基本情况 （一）工作履历、专业背景及兼职情况 本人陈尚伟，男，1954 年出生，毕业于加拿大曼尼托巴大学，加拿大特许 专业会计师及香港注册会计师。本人拥有丰富的审计、金融及风险管理经验，曾 任安达信中国大陆及香港审计部合伙人、普华永道中国大陆及香港主管合伙人、 风险管理咨询公司甫瀚咨询的高级董事总经理，亦曾任香港联交所上市委员会成 员、香港第一届立法局选举委员会成员、中信证券（600030.SH、6030.HK）、百 心安（2185.HK）独立非执行董事。现任猫眼娱乐（1896. ...

Dividend Distribution - The company plans to distribute a final cash dividend of RMB 4.3 per 10 shares, totaling approximately RMB 21.4 billion, which is about 40% of the net profit attributable to shareholders for 2025[7]. - The total cash dividend for 2025, including the interim dividend of approximately RMB 23.2 billion, is expected to reach RMB 44.6 billion[7]. Financial Performance - The company reported a total revenue of RMB 328 billion for 2025, representing a year-on-year growth of 8.4%[30]. - The gross profit for 2025 was RMB 410 billion, with a gross margin of 3.6%[30]. - The net profit attributable to shareholders for 2025 was RMB 111 billion, reflecting a growth of 9.3% compared to the previous year[30]. - The total assets of the company reached RMB 2,165 billion in 2025, with a slight increase of 1.2% from 2024[30]. - The operating cash flow for 2024 is expected to improve significantly, with a net cash flow of RMB 322 billion[40]. - The net profit attributable to shareholders reached RMB 11.12 billion, reflecting a growth of 9.31% compared to 2024[45]. - The gross profit margin decreased to 13.32%, down 0.61 percentage points from the previous year[47]. - The company reported a decline in free cash flow by 19.57%, totaling RMB 17.93 billion[47]. - The net cash flow from operating activities was RMB 27.56 billion, a decrease of 14.39% from 2024[50]. Business Operations - The company has not reported any changes in its main business operations during the reporting period[18]. - The company has maintained its major shareholders without any changes during the reporting period[18]. - The company’s registered address has changed multiple times, with the latest being at the South China Transfer Center in Shenzhen[14]. - The company’s financial statements have been audited by PwC, ensuring the accuracy and completeness of the financial report[19]. - The company’s board of directors has confirmed the authenticity and completeness of the annual report, taking legal responsibility for any misstatements[5]. Market Position and Strategy - SF Holding is the largest integrated logistics service provider in Asia and the fourth largest globally, serving over 2.35 million enterprise customers and more than 800 million individual consumers[21]. - The company aims to expand its global market presence and enhance sustainable growth by leveraging its recognized brand and extensive logistics network[22]. - The company maintains a leading position in domestic express delivery, freight, cold chain, and same-city instant delivery services[21]. - The company is committed to deepening penetration into key industries, increasing the revenue share of supply chain solutions, and establishing a leading scale advantage in core sectors[64]. - The company targets the Asia-Pacific market, aiming to build leading cross-border comprehensive service capabilities while enhancing its international network and resource integration[65]. Technological Advancements - The company plans to continue investing in technology to enhance its smart supply chain solutions and improve service efficiency[21]. - The company aims to accelerate the application of artificial intelligence, big data, and digital twin technologies in logistics scenarios by 2025, with daily token consumption of its logistics model exceeding 10 billion[61]. - The company has integrated AI decision-making agents across over 30 core business scenarios, with more than 5,000 agents driving operational efficiency[88]. - The company has developed AI-powered tools for real-time monitoring of parcel packaging anomalies, significantly improving processing efficiency[196]. - AI technology has improved customer interaction, achieving over 90% intent understanding and response accuracy through AI customer service robots[197]. Logistics and Delivery - The total parcel volume is projected to reach 28.1 billion in 2025, marking a growth of 25.4% from 2023[33]. - The company’s air freight volume reached nearly 2.8 million tons in 2025, supported by the largest cargo fleet in China and Asia[82]. - The company’s international air routes connect to 63 international stations, with nearly 14,000 international flights operated[84]. - The company has established a logistics ecosystem in the cultural tourism sector, collaborating with over 300 scenic spots and 20 leading brands to offer 27 specialized services[94]. - The company has expanded its same-city delivery network to nearly 2,400 cities and counties, with a 95% on-time delivery rate and an average delivery time of 22 minutes for orders within 3 kilometers[113]. Environmental and Social Governance (ESG) - The company's ESG rating improved to AA in March 2026, ranking first among global integrated logistics service providers[90]. - The company aims to achieve net-zero greenhouse gas emissions across its entire value chain by 2050, having submitted its science-based target application in November 2023[90]. - The company has developed a digital carbon management system, providing customized green supply chain solutions to over 300 leading brand clients[91]. International Expansion - The company has expanded its international air cargo network to 69 routes, with nearly 14,000 international flights operated, marking a 53% year-on-year increase[128]. - Approximately 65% of the Fortune China 500 companies utilized the company's international services in 2025[131]. - The company achieved over 27.8% revenue growth in international express and cross-border e-commerce logistics products in 2025[133]. - The company has opened new international routes to key cities in Europe and North America, enhancing connectivity and cross-border fulfillment efficiency[134]. Customer Engagement and Satisfaction - The company has improved customer complaint rates by over 20% in its express delivery services, enhancing service quality[100]. - The company implemented a credit authorization system for delivery personnel, enhancing customer engagement and satisfaction, with a significant reduction in customer complaint rates[149].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） H 股全球發售募集資金用途變更 茲提述：(i)順豐控股股份有限公司（「本公司」，連同其附屬公司統稱「本集團」） 日期為2024年11月19日的H股招股章程（「招股章程」）；及(ii)本公司日期為2024 年11月26日的分配結果公告（「分配結果公告」）。除另有界定者外，本公告所用 詞彙與招股章程所界定者具有相同涵義。 H股全球發售募集資金用途 誠如分配結果公告所披露，經扣除承銷佣金及其他開支後，H股全球發售募集 資金淨額（「全球發售募集資金淨額」）約為5,661.3百萬港元（相當於約人民幣 5,299百萬元）。全球發售募集資金淨額的原擬定用途已於招股章程「未來計劃及 募集資金用途」一節披露。 截至本公告日期，本公司已動用全球發售募集資金淨額約人民幣3,977百萬元， 佔全球發售募集資金淨額約75%。 募集資金用途變更 S.F. Holdi ...

Company Overview - S.F. Holding Co., Ltd. is recognized as the largest integrated logistics service provider in Asia and the fourth largest globally, serving over 2.35 million corporate clients and more than 800 million individual consumers[15]. - The company is recognized as the largest comprehensive logistics service provider in China and Asia, and the fourth largest globally[68]. - The company ranked 393rd in the Fortune Global 500 list and maintained its position as the top logistics brand in China according to Brand Finance[45]. - The company ranked 377th in the Brand Finance's 2025 Global Most Valuable Brands and 6th in the Global Most Valuable Logistics Brands, maintaining its position as the top logistics brand in China[68]. Financial Performance - The company reported a total cash dividend of approximately RMB 4.46 billion for the fiscal year 2025, which accounts for about 40% of the profit attributable to the owners of the company[11]. - Total revenue for 2025 reached RMB 308.23 billion, an increase of 8.37% compared to 2024[40]. - Net profit attributable to the owners of the company for 2025 was RMB 11.12 billion, reflecting a growth of 9.31% year-over-year[40]. - The anticipated final cash dividend for the fiscal year 2025 is RMB 2.14 billion, in addition to the mid-year cash dividend of approximately RMB 2.32 billion[11]. - The company's equity attributable to owners increased by 7.95% to RMB 99.31 billion in 2025[41]. - The gross profit for 2025 was RMB 40.28 billion, with a gross margin of 13.06%[40]. - The gross profit margin for 2025 is expected to be 13.1%, slightly down from 13.7% in 2024[31]. - The company’s gross profit margin decreased to 13.07% in 2025, down 0.61 percentage points from 2024[42]. - Operating cash flow for 2025 was RMB 27.56 billion, a decrease of 14.39% from 2024[41]. - The weighted average return on equity increased to 11.51% in 2025, up 0.35 percentage points from the previous year[42]. - Supply chain and international business revenue amounted to 72.94 billion yuan in 2025, reflecting a year-on-year growth of 3.5%[105]. Market Position and Strategy - S.F. Holding aims to expand its global market presence and enhance sustainable growth, leveraging its recognized brand and extensive logistics network[16]. - The company has maintained its leading position in domestic express delivery, freight, cold chain, same-city instant delivery, and supply chain services, as well as in international express and freight services across Asia[17]. - The company aims to maintain its market leadership in the standard product business by balancing scale and efficiency, focusing on both small and large parcel services to enhance service quality and cost competitiveness[51]. - The company is focusing on expanding its smart warehousing and integrated logistics services across various sectors, including high-tech and life sciences[22]. - The company is committed to developing a smart supply chain system powered by advanced technology, aiming to provide efficient and secure logistics solutions[15]. - The company is focusing on the Asia-Pacific market in its international business, aiming to build a leading cross-border comprehensive service capability while enhancing its international network and resource allocation[53]. - The company is positioned to support Chinese enterprises in their international expansion, becoming a key player in linking global manufacturing and consumption[67]. Operational Efficiency and Technology - The company is leveraging new technologies such as AI and automation to improve operational efficiency and reduce labor costs[61]. - The company has integrated AI technology into its logistics operations, achieving a daily token consumption of over 10 billion by the end of 2025, with more than 5,000 AI agents deployed across various business scenarios[188]. - The AI-driven logistics network optimization has enabled the generation of over 2,000 transportation route plans within minutes, significantly reducing transportation costs while improving efficiency[189]. - The company has implemented AI monitoring systems in over 200 transfer stations, improving operational quality and efficiency by automating the identification of anomalies and optimization points[191]. - The company has developed a highly automated sorting network with 196 small and 144 large item transfer hubs in China, enhancing operational efficiency[182]. - The deployment of over 1,000 AGVs (Automated Guided Vehicles) has enabled the handling of nearly 10 million packages daily, improving operational efficiency[200]. Logistics Network and Infrastructure - The company operates the largest air cargo fleet in Asia, with an expected air cargo volume of nearly 2.8 million tons by 2025[70]. - The company has established 63 international cargo routes with nearly 14,000 international flights, enhancing its international supply chain capabilities[72]. - The logistics network covers all domestic cities and extends international express, freight, and supply chain services to 95 countries and regions[175]. - The company has established over 6,000 direct delivery routes between cities, maximizing delivery efficiency[135]. - The company has established over 18,000 maritime routes, with expected shipping volume of nearly 1.15 million TEUs by 2025[181]. - The total area of the company's properties is approximately 12.57 million square meters, with global warehousing resources exceeding 14 million square meters[167]. Sustainability and Corporate Responsibility - The company has signed a commitment to achieve net-zero greenhouse gas emissions across its entire value chain by 2050[79]. - The company’s MSCI ESG rating improved to AA in March 2026, ranking first among global integrated logistics service providers[79]. - The company has developed a digital carbon management system, providing customized green supply chain solutions to over 300 leading brand clients[80]. Customer Experience and Service Quality - The company improved customer complaint rates by over 20% through enhanced service quality in its express delivery business[91]. - The overall efficiency of same-city instant delivery reached approximately 95% in 2025, with an average delivery time of 22 minutes for orders within 3 kilometers[104]. - The company has established a high-standard delivery system in urban business circles, facilitating immediate fulfillment of online orders for brand clients[116]. - The company has achieved a 100% quality inspection completion rate within 48 hours and a 95% repair success rate in its reverse logistics service, enhancing inventory health for high-end consumer brands[115]. Growth and Expansion - The company aims for over 27.8% rapid growth in international express and cross-border e-commerce logistics product revenue by 2025[125]. - The company has successfully implemented cross-border supply chain projects in multiple sectors, including consumer electronics and industrial manufacturing, by 2025[128]. - The company has established a dedicated supply chain business group in Q4 2025 to accelerate the implementation of its digital supply chain strategy, covering various industries[106]. - The company has successfully supported the overseas expansion of multiple leading Chinese tea brands, facilitating the opening and operation of hundreds of stores in countries like Singapore, Malaysia, and Canada[97].

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].