顺丰控股Q1营收同比增6.9%，国际业务增长9.9%，盈利能力小幅提升｜财报见闻

Core Insights - SF Holding reported strong Q1 2025 financial results with revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% [1][3] - The total parcel volume increased by 19.7% to 13.56 billion pieces, indicating a decline in the value per parcel, but higher profitability was achieved through economies of scale and refined operations [1][3] Financial Performance - Revenue: 69.85 billion yuan (up 6.9% YoY) [1][3] - Net Profit: 2.23 billion yuan (up 16.9% YoY) [1][3] - Cash Flow: Net cash flow from operating activities was 4.06 billion yuan (down 14.2% YoY) [3][5] - Basic and Diluted Earnings Per Share: 0.45 yuan [1][3] - Total Assets: 209.40 billion yuan [1] - Shareholder Equity: 94.12 billion yuan [1] Business Structure and Growth - Continued optimization of business structure with steady growth in express logistics and international supply chain operations [2][4] - Express logistics revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9%, indicating successful international network expansion [4][3] Cost Management and Efficiency - Significant cost control measures led to a decrease in management expense ratio by 0.6 percentage points and R&D expense ratio by 0.1 percentage points [4] - Sales expense ratio increased by 0.1 percentage points, reflecting investment in market promotion and sales team development [4] Capital Operations - Successful issuance of Southern SF Logistics REIT raised 3.29 billion yuan, marking a significant step in the light asset model for logistics parks [5][7] - Share repurchase plan completed with approximately 23.27 million shares repurchased for about 859 million yuan, with plans to change the purpose of repurchased shares to cancellation [7][5]