顺丰中期业绩再验证：慢牛行情里最硬的物流核心资产

Core Viewpoint - The logistics industry is experiencing a "slow bull" market driven by "anti-involution" and technological innovation, with significant growth in express delivery volumes and a shift from price competition to value competition [1][3]. Industry Overview - As of August 29, 2025, the Shanghai Composite Index has risen by 15.1%, the Shenzhen Component Index by 21.91%, the ChiNext by 34.95%, and the Hang Seng Index by 25.1% [2]. - The express delivery sector saw a total of 956.4 billion packages delivered in the first half of 2025, marking a year-on-year increase of 19.3% [3]. Company Performance - SF Holding reported a revenue of 146.858 billion yuan for the first half of 2025, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% [5][19]. - The company's express logistics business volume reached 7.85 billion packages, growing by 25.7% year-on-year, outperforming the industry average [9][10]. Business Model Transformation - SF Holding's business model has shifted from "scale-driven" to "value-driven," achieving a threefold resonance in volume, revenue, and profit [7][12]. - The company has enhanced its service quality and efficiency, focusing on customer-centric differentiated product strategies [13][14]. Technological Advancements - SF Holding is leveraging technology to enhance operational efficiency, with significant investments in automation and smart logistics systems [20]. - The company has improved its small package transfer efficiency by 12.5% in the first half of 2025, while reducing transfer costs [20]. Market Position and Competitive Advantage - SF Holding has established a comprehensive global supply chain network, covering 339 domestic administrative regions and 95 countries internationally [17]. - The company has a strong brand reputation, with over 95% of Fortune China 500 companies collaborating with SF Holding [19]. Investment Outlook - Short-term prospects are bolstered by improved cyclical performance and the potential of international business [21]. - Mid-term strategies include expanding into REITs and diversifying revenue streams across various logistics sectors [22]. - Long-term growth is expected from continuous value creation and technological advancements, which may redefine the logistics industry landscape [24][25].