SF Holding(SZ:002352) Quan Jing Wang·2025-08-29 01:04Core Viewpoint - SF Holding reported a strong performance in the first half of 2025, with revenue reaching 146.9 billion yuan, a year-on-year increase of 9.3%, and a net profit of 5.74 billion yuan, up 19.4% from the previous year, driven by strategic innovations and enhanced global capabilities [1][9]. Group 1: Financial Performance - Revenue for the first half of 2025 was 146.9 billion yuan, representing a 9.3% increase year-on-year [1]. - The total package volume reached 7.85 billion, a growth of 25.7% year-on-year, outpacing the overall express delivery industry [1]. - Net profit attributable to shareholders was 5.74 billion yuan, reflecting a 19.4% increase compared to the previous year [1]. Group 2: Strategic Initiatives - The "Activate Operations" strategy has significantly improved organizational efficiency, with a 0.5% reduction in management expense ratio in the first half of 2025 [2]. - The company transitioned from a "management-type" to a "service support-type" organization, enhancing strategic planning and talent development [2]. - SF Holding shifted its incentive mechanism from traditional KPI rewards to a profit-sharing model, boosting frontline employee efficiency [2]. Group 3: Business Segments - The express logistics business generated 109.3 billion yuan in revenue, a 10.4% increase year-on-year, while the supply chain and international business revenue reached 34.2 billion yuan, up 9.7% [1]. - The time-sensitive express business achieved 63.23 billion yuan in revenue, growing 6.8% year-on-year, with an 18.6% increase in business volume [3]. Group 4: Market Positioning - SF Holding has maintained a leading position in the domestic market through a differentiated product strategy, focusing on deep penetration into various consumption scenarios [3]. - The company has developed integrated solutions for the apparel and footwear industry, addressing inventory turnover and reverse logistics challenges [3]. Group 5: Global Expansion - SF Holding's supply chain and international business continued to grow, supported by investments in global infrastructure, including the Ezhou Huahu International Airport and overseas warehouse networks [7][8]. - The company opened three international cargo routes in the first half of 2025, enhancing its global air freight network [7]. - As of June 2025, SF Holding's overseas warehouse resources exceeded 2.5 million square meters, covering major countries in the Asia-Pacific region [8]. Group 6: Comprehensive Growth Strategy - The company's growth is attributed to strategic innovations, multi-scenario penetration, and the enhancement of its global resource advantages, ensuring both short-term resilience and long-term development as a leading digital logistics solution provider [9].