Core Insights - Shengfeng Development Limited has renewed its logistics services contract with BYD Co. Ltd., highlighting the success of their business alliance [1][2] - The collaboration with BYD has significantly contributed to Shengfeng's growth in the new energy sector, with substantial revenue generated from this partnership [3][4] Company Overview - Shengfeng Development Limited is a contract logistics company in China, providing integrated logistics solutions and established in 2001 [5] - The company has developed extensive transportation networks covering 341 cities across 31 provinces in China as of June 30, 2024 [5] Financial Performance - In fiscal year 2023, BYD contributed over 25.7 million RMB (approximately $3.6 million USD) to Shengfeng's revenue, while in the first half of fiscal year 2024, revenues from BYD reached 24.5 million RMB (approximately $3.4 million USD) [3] - Shengfeng's new energy sector revenue increased by 47% year-over-year in fiscal year 2023, generating approximately 286.9 million RMB (around $40.2 million USD) in the first half of fiscal year 2024, surpassing the total revenue from the previous fiscal year [4]
Shengfeng Development Limited Secures Contract Renewal with BYD