Core Viewpoint - SF Holding (002352.SZ; 6936.HK) reported a strong financial performance for 2024, with revenue reaching 284.4 billion yuan, a year-on-year increase of 10.1%, and net profit of 10.2 billion yuan, up 23.5%, marking a historical high since its A-share listing. However, losses in the supply chain and international business raise concerns for future growth [1][2]. Financial Performance - In 2024, SF Holding achieved revenue of 284.4 billion yuan, a 10.1% increase year-on-year, and net profit of 10.2 billion yuan, reflecting a 23.5% growth [2]. - The gross profit margin improved from 12.82% to 13.93% [2]. - Despite revenue growth, the supply chain and international business reported a loss of 132 million yuan, indicating ongoing challenges in these segments [2]. Business Segment Analysis - The supply chain and international business generated revenue of 70.49 billion yuan, a 17.5% increase, but continued to incur losses due to restructuring and market pressures [2]. - The core express delivery business faced increased competition, with revenue of 122.21 billion yuan, a 5.8% increase, while the business volume grew by 11.8%, leading to a 3.4% decline in average price per shipment [2]. - The market share of SF Holding in the express delivery sector is 7.57%, below the industry average growth rate of 21.5% [2]. Highlights and Challenges - Same-city instant delivery emerged as a bright spot, with revenue growing by 27.1% to 15.75 billion yuan and net profit increasing by 161.8% to 133 million yuan, driven by an increase in active merchants and coverage in e-commerce returns [3]. - However, the company faces strong competition from rivals like Jitu and Tongda, which are aggressively penetrating the market through price wars [3]. International Expansion - SF Holding made significant strides in its international strategy by becoming the first A+H listed company in the express logistics sector, marking a milestone in its capital market internationalization [4]. - Despite rapid expansion in Southeast Asia and Japan, the company continues to face profitability challenges in overseas markets, with unclear profit models leading to short-term losses [4]. Future Outlook - The company plans to enhance its market position through technological innovation and diversified strategies, focusing on high-efficiency express delivery and air logistics network development [4]. - SF Holding aims to optimize its supply chain and international business to turn losses into profits and strengthen its competitive edge [4]. - In the capital market, the company is taking measures such as cash dividends and share buybacks to boost investor confidence, with operating cash flow reaching 32.19 billion yuan, a 21.1% increase [5].

瑞财经 吴文婷3月28日，顺丰控股发布2024年度报告。 何捷，1975年出生，毕业于香港大学及清华大学，香港注册会计师及美国注册会计师，在财务控制、企 业融资、审计及经营管理方面拥有丰富经验。1997年至2005年先后就职于安达信会计师事务所、普华永 道会计师事务所任审计及咨询部高级经理;2005年至2008年任搜狐 (SOHU.US)高级财务总监;2009年至 2014年任畅游公司 (CYOU.US)首席财务官;2014年至2021年任狐狸金服金融科技集团首席执行官。2021 年9月至今任公司副总经理兼财务负责人，2021年11月起任公司董事，并于2023年8月调任为执行董 事;2021年10月至2024年8月任 KLN(0636.HK)非执行董事，并于2024年9月调任为执行董事、首席战略主 管;2022年4月担任顺丰房托资产管理有限公司(顺丰房托基金(2191.HK)的管理人)的非执行董事并自2023 年8月担任董事会主席。 薪酬方面，2024年董事长、总经理王卫从公司获得的税前报酬总额为130.9万元，董事、副总经理、财 务负责人何捷从公司获得的税前报酬总额为784.8万元，远超董事长。 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a revenue of 284.4 billion RMB in 2024, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion RMB, up 23.5% year-on-year, slightly exceeding expectations [1] - The core express logistics business saw a volume increase of 11.5% to 13.26 billion parcels, with revenue from same-city instant delivery rising 22.4% to 8.87 billion RMB [2] - The international and supply chain business grew by 17.5% to 70.49 billion RMB, driven by a significant increase in international express revenue and cross-border e-commerce customer numbers [3] - Operational optimization led to a gross margin increase of 1.1 percentage points to 13.9%, with a decrease in cost ratios contributing to improved profitability [4] - The company has adjusted profit forecasts for 2025 and 2026, projecting net profits of 11.80 billion RMB and 14.18 billion RMB respectively, with an EBITDA of 34.90 billion RMB for 2025 [5] Summary by Sections Domestic Operations - The express logistics business experienced a volume increase of 11.5% to 132.6 billion parcels, with revenue from time-sensitive, economical, and express services growing by 5.8%, 8.8%, and 13.8% respectively [2] - The same-city delivery segment saw a revenue increase of 22.4% to 8.87 billion RMB, with net profit soaring by 161.8% to 130 million RMB [2] International and Supply Chain - The international and supply chain segment's revenue increased by 17.5% to 70.49 billion RMB, with international express revenue growing over 20% and cross-border e-commerce customers increasing by 24% [3] - The company’s domestic cargo volume accounted for 31.1% of the national air cargo transport volume, with international flights increasing by 19% to 9,100 flights [3] Operational Efficiency - The company implemented operational optimizations that improved gross margins and reduced cost ratios, leading to a net profit margin increase of 0.4 percentage points to 3.6% [4] - Future strategies include enhancing logistics network intelligence and promoting smart supply chain applications to sustain cost reductions and efficiency improvements [4] Financial Projections - The company has slightly adjusted its profit forecasts for 2025 and 2026, with projected net profits of 11.80 billion RMB and 14.18 billion RMB respectively, and an EBITDA of 34.90 billion RMB for 2025 [5] - The target prices for A-shares and H-shares are set at 48.70 RMB and 51.30 HKD respectively, reflecting a premium over comparable companies [5][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and has opened up opportunities in international markets [2] - The company's profitability and cash flow have maintained high growth, indicating an improvement in profit efficiency and value enhancement [2][3] - The company plans to increase its cash dividend payout ratio, reflecting a commitment to shareholder returns [8] Financial Performance Summary - In 2024, the company achieved total revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] - The express delivery and large parcel segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of approximately 10.98 billion yuan, up 29.91% [4] - The instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to approximately 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of approximately 1.32 billion yuan [5] Capital Expenditure and Cash Flow - The peak period for capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, and free cash flow rose by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the 2024 fiscal year, with an expected total dividend payout of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is expected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and opened up opportunities in international markets [2] - The report highlights that the company's profit and cash flow maintain high growth, indicating an improvement in profitability efficiency [2][3] - The company is expected to have a significant long-term value potential as a leading integrated express logistics provider [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The fourth quarter of 2024 saw a net profit of 2.55 billion yuan, reflecting a year-on-year growth of 29.61% [3] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] Segment Performance Summary - The express and freight segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of about 10.98 billion yuan, up 29.91% [4] - The same-city instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of 1.32 billion yuan [5] Cash Flow and Capital Expenditure - The peak period of capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, while free cash flow surged by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the end of 2024, with an expected total dividend amount of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is projected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9][10]

业绩 2025 年 3 月 28 日，顺丰控股发布 2024 年年度报告。2024 年公司 实现收入 2844 亿元，同比上升 10%；归母净利为 102 亿元，同比 增长 23.5%；其中 Q4 公司实现收入 776 亿元，同比上升 12%；归 母净利为 26 亿元，同比增长 30%。 经营分析 时效件增速具备韧性，经济件增速超行业平均。2024 年公司收入 同比上升 10%，完成件量 133 亿票，同比增长 11.3%，分业务看： （1）时效快递：2024 年收入增速 5.8%，高于国内 GDP 增速， 件量同比增长 12%；（2）经济快递：2024 年收入（不含丰网）同 比增长 11.8%，件量同比增长 18%。（3）快运板块：2024 年收入 同比增长 13.8%，其中货量同比增长超 20%。（4）同城板块：收 入实现超 22% 的突破性增长，净利润同比增长 162%。（5）供应链 及国际板块：2024 年收入同比增长 17.5%，国际快递收入同比增 速超过 20%。 坚持精益化管控提升管理效益，全年盈利能力同比改善。2024 年 公司不含 KLN 人工成本占比占收入比同比上升 0.8pct，运力成本 ...

外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达0.61%。 对于社保基金，本期新披露持有顺丰控股的社保基金共计1个，即全国社保基金一一二组合。 2025年3月29日，顺丰控股(002352.SZ)发布2024年年度报告。截至2025年3月28日，共有317个机构投资 者披露持有顺丰控股A股股份，合计持股量达33.85亿股，占顺丰控股总股本的67.88%。其中，前十大 机构投资者包括深圳明德控股发展有限公司、香港中央结算有限公司、招商局先进技术开发(深圳)有限 公司、深圳市玮顺企业管理有限公司、宁波顺达丰润创业投资合伙企业(有限合伙)、中国工商银行股份 有限公司–华泰柏瑞沪深300交易型开放式指数证券投资基金、中国建设银行股份有限公司–易方达沪深 300交易型开放式指数发起式证券投资基金、全国社保基金一一二组合、嘉实沪深300ETF、交银新生活 力灵活配置混合，前十大机构投资者合计持股比例达65.06%。相较于上一季度，前十大机构持股比例 合计下跌了4.75个百分点。 公募基金方面，本期较上一期持股增加的公募基金共计7个，主要包括泓德优选成长混合、泓德致远混 合A ...

Summary of Key Points Core Viewpoint - SF Holding Co., Ltd. plans to provide a total external guarantee limit of RMB 50 billion for the year 2025 to support the operational and business development needs of the company and its subsidiaries [3]. Group 1: Guarantee Overview - The total external guarantee amount exceeds 100% of the company's most recent audited net assets, with 97% of the guarantees allocated to subsidiaries and 3% to equity investees [2]. - The external guarantee limit will be effective from the date of approval at the 2024 annual general meeting until the 2025 annual general meeting [3]. - The board of directors has proposed to authorize the financial officer to manage the implementation and sign relevant contracts and documents [3]. Group 2: Expected External Guarantee Situation - The company plans to provide a total guarantee of RMB 50 billion to its subsidiaries during the effective period of the external guarantee limit [4].

Business Overview - In 2024, the total business volume reached 13.33 billion parcels, a year-on-year increase of 11.3% [2] - Revenue for 2024 was CNY 284.4 billion, up 10.1% year-on-year [2] - International revenue growth outpaced domestic, with express logistics revenue at CNY 205.8 billion (up 7.7%) and supply chain & international revenue at CNY 70.5 billion (up 17.5%) [2] Financial Performance - EBITDA profit reached CNY 32.7 billion, a year-on-year increase of 11.0%, with an EBITDA margin of 11.5% [2] - Net profit attributable to shareholders was CNY 10.2 billion, up 23.5%, with a net profit margin of 3.6% [2] - The company returned CNY 10.66 billion to shareholders through dividends and share buybacks [2][17] Operational Efficiency - Labor costs as a percentage of revenue (excluding KLN) increased by 0.8 percentage points [10] - Transportation costs as a percentage of revenue (excluding KLN) decreased by 0.8 percentage points [10] - Other operating costs as a percentage of revenue (excluding KLN) decreased by 1.2 percentage points [10] Strategic Initiatives - The company aims to enhance operational agility by empowering frontline decision-making and transitioning from management to service-oriented headquarters [3] - Focus on industry transformation and expanding supply chain capabilities to improve market penetration [3] - Emphasis on cross-border logistics and tailored solutions for clients [3] Growth Segments - Time-sensitive express revenue grew by 5.8%, with a parcel volume increase of 12% [5] - Economic express revenue (excluding Fengwang) increased by 11.8%, with parcel volume up 18% [5] - Fast freight revenue grew by 13.8%, with a volume increase exceeding 20% [6] International Expansion - The international business is positioned as a second growth curve, with international revenue growth exceeding domestic growth by over 2 times in 2024 [28] - The company has secured over 100 overseas supply chain projects, enhancing its cross-border capabilities [7][29] ESG Commitment - The company improved carbon efficiency by 9.3% in 2024, with a 12% reduction in carbon footprint per parcel [18] - Recognized for its ESG practices, ranking high in various international ratings [18] Future Outlook - The company plans to maintain a dual focus on high-end express and economic segments to drive growth [20] - Continuous investment in technology and operational efficiency to enhance service quality and reduce costs [22] - Anticipates stable revenue growth and profitability improvements in 2025 [25]

Group 1 - The core point of the announcement is that SF Holding Co., Ltd. has decided to change the purpose of its A-share repurchase plan from "for employee stock ownership plans or equity incentives" to "for cancellation and reduction of registered capital" [1][2] - The company held a board meeting on March 28, 2025, to approve this change, which will require shareholder approval to take effect [1][3] - The A-share repurchase plan was initially approved on April 29, 2024, with a total repurchase amount between RMB 500 million and RMB 1 billion, at a maximum price of RMB 53 per share, within a 12-month period [1][2] Group 2 - As of February 28, 2025, the company has repurchased 20,771,358 A-shares for approximately RMB 758 million, accounting for 0.42% of the total share capital, with an average price of RMB 36.49 per share [2] - The change in the purpose of the repurchased shares is aimed at enhancing shareholder returns and increasing investor confidence, while not significantly impacting the company's debt servicing ability or operational capacity [2][3] - The decision to change the repurchase purpose will not affect the company's controlling shareholder or actual controller, nor will it impact the company's compliance with listing conditions [2]