跨境结盟海外落地，顺丰航空全球铺网国际化提速

Core Insights - SF Airlines, a subsidiary of SF Group, is transforming its operations with the launch of international routes and an increase in long-haul wide-body aircraft, establishing a strong foundation for international market expansion [2][4] - The company reported a revenue of 25.113 billion yuan in May 2023, marking an 11.34% year-on-year increase, with international and supply chain business revenue reaching 5.732 billion yuan, up 5.02% [3] - SF Airlines has established its first overseas branch in Belgium and signed a cooperation agreement with Etihad Airways to enhance its international logistics capabilities [5][6] Operational Developments - SF Airlines has executed 9,100 international cargo flights in 2024, expanding its international route network to 70, including new routes to Bangalore, Islamabad, and Frankfurt [4] - The airline's network now covers over 110 cities globally, including more than 70 domestic and 40 international cities, extending services to the Middle East and Oceania [4] - The establishment of a representative office in Belgium aims to improve operational quality and strengthen competitiveness in the European market [5] Strategic Partnerships - SF Airlines has signed a cargo joint venture agreement with Etihad Airways to create a seamless shared network, enhancing operational efficiency and service quality [6][7] - The partnership focuses on high-value products, including electronics and temperature-sensitive medical goods, aiming to improve competitiveness through collaborative pricing and service standards [7] - Etihad Airways is increasing its presence in the Chinese market, particularly at the Ezhou Huahu Airport, to enhance its logistics capabilities and create a two-way trade channel [8] Fleet and Infrastructure - SF Airlines currently operates a fleet of approximately 90 aircraft, with 30% being long-haul wide-body cargo planes, including the largest fleet of Boeing 767-300 in China [9] - The introduction of the Boeing 737-800BCF signals a modernization of the narrow-body fleet, enhancing operational capacity and efficiency [9]