服务渗透多场景多行业 顺丰控股2025年中期营收1469亿元 归母净利润57.4亿元

Core Insights - SF Holding reported a revenue of 146.858 billion yuan for the first half of 2025, marking a year-on-year growth of 9.26%, with a net profit of 5.738 billion yuan, up 19.37% [1] - The company demonstrated resilience and risk management capabilities amid increasing competition and market demand adjustments in the logistics industry [1] Financial Performance - The operating revenue for the first half of 2025 reached 146.858 billion yuan, a 9.26% increase year-on-year, with a net profit of 5.738 billion yuan, reflecting a 19.37% growth [2] - The net profit margin improved to 3.9%, up 0.3 percentage points from the previous year, and free cash flow increased by 6.1% to 8.74 billion yuan [2] - The express logistics business volume reached 7.85 billion parcels, with a year-on-year growth of 25.7%, significantly exceeding the industry average growth rate of 19.3% [2] Business Segments - The express logistics revenue was 109.3 billion yuan, growing 10.4% year-on-year, driven by penetration into niche industries and new consumption scenarios [3] - The fast delivery business saw revenue of 19.57 billion yuan, up 11.5%, while the same-city instant delivery business surged to 5.49 billion yuan, a 38.9% increase [4] - The supply chain and international business generated 34.23 billion yuan, a 9.7% increase, with over 95% of Fortune China 500 companies collaborating with SF [5] Strategic Developments - The company is enhancing its international logistics capabilities through the Ezhou cargo hub, which has opened 59 domestic and 19 international routes, improving logistics efficiency [6] - A mid-term cash dividend of 4.6 yuan per 10 shares was proposed, amounting to 2.32 billion yuan, reflecting strong cash flow and financial stability [7] - The company launched a long-term employee stock ownership plan to align the interests of core talents with the company's growth [7] Market Recognition - The half-year report received positive feedback from domestic and international investors, with firms like Morgan Stanley highlighting the clear growth logic and profitability of new business segments [8] - The company's strategy of stabilizing core business while accelerating new business growth is expected to enhance its competitive edge and provide long-term value for shareholders [8]