Shengfeng Development Limited Reports 107.8% Revenue Increase from China Post Services During 2024 Double 11 Shopping Festival

Company Overview - Shengfeng Development Limited is a contract logistics company in China that provides integrated logistics solutions, established in 2001 [3] - The company has developed extensive transportation networks covering 341 cities across 31 provinces in China as of June 30, 2024 [3] Revenue Growth - Shengfeng reported a revenue increase from approximately $6.7 million (RMB 48,230,091) in 2023 to approximately $13.9 million (RMB 100,221,043) during the 2024 Double 11 Shopping Festival, marking a 107.8% year-over-year growth [2][3] Strategic Partnership - The significant revenue growth is attributed to the strategic partnership with China Post Group Corporation, which enhanced Shengfeng's service volume and revenue during the festival [2][3] - Shengfeng provided postal logistics services to China Post Group Corporation from October 20, 2024, to November 20, 2024, across multiple post offices [2] Industry Context - The Double 11 Shopping Festival, also known as Singles' Day, is China's largest annual online shopping event, comparable to Black Friday in the United States, and has become a major e-commerce event with substantial discounts and promotions [2]