SF Holding(SZ:002352) Chang Jiang Shang Bao·2025-09-02 00:09Core Viewpoint - SF Holding (顺丰控股) achieved record-high operating performance in the first half of 2025, with significant growth in revenue and net profit, indicating strong resilience in a competitive market [2][3][6]. Financial Performance - In the first half of 2025, SF Holding reported operating revenue of 1468.58 billion yuan, a year-on-year increase of over 9% [2][3]. - The net profit attributable to shareholders reached approximately 57 billion yuan, reflecting a year-on-year growth of over 19% [2][3]. - The company has achieved four consecutive quarters of net profit growth since mid-2022 [6]. Operational Metrics - Total parcel volume reached 7.85 billion, representing a year-on-year increase of 25.7%, outpacing the overall growth rate of the express delivery industry [2][7]. - Revenue from express logistics business was 109.3 billion yuan, up 10.4% year-on-year, with a notable acceleration in growth in the second quarter [7]. Cost Management and Efficiency - The company has implemented structural cost reduction measures, leading to a decrease in average operating costs per parcel [9]. - SF Holding continues to optimize its operational model and enhance efficiency through technology, including automation and intelligent logistics solutions [9]. Financial Health - As of June 30, 2025, the company's debt-to-asset ratio was 51.35%, a decrease of 0.79 percentage points from the end of 2024 [10]. - The company reported a free cash inflow of 8.74 billion yuan in the first half of 2025, with total cash and cash equivalents amounting to 47.67 billion yuan [10]. Market Sentiment - Capital markets show strong confidence in SF Holding, with 1,130 funds holding approximately 488 million shares, marking a five-year high [2][10]. - In the second quarter of 2025, 1,094 funds increased their holdings by about 250 million shares [10].