顺丰控股(002352)：核心业务协同发展 长期投资价值显现

Core Insights - The company reported a revenue of 146.86 billion yuan for H1 2025, representing a year-on-year increase of 9.26% [1] - The net profit attributable to shareholders reached 5.74 billion yuan, up 19.37% year-on-year, while the net profit after deducting non-recurring items was 4.55 billion yuan, reflecting a 9.72% increase [1] Business Performance - The company achieved a business volume of 7.85 billion parcels in H1 2025, marking a significant year-on-year growth of 25.7%, driven by an enhanced product matrix and improved service competitiveness [2] - Express delivery services generated revenue of 63.23 billion yuan, a 6.84% increase, accounting for 43.06% of total revenue [2] - Economic express services saw revenue of 15.16 billion yuan, up 14.38% [2] - The freight business reported revenue of 19.57 billion yuan, increasing by 11.50% [2] - Same-city instant delivery services experienced rapid growth, with revenue reaching 5.49 billion yuan, a remarkable 38.86% increase, and order volume growing over 50% year-on-year [2] - Supply chain and international business became a new growth engine, generating revenue of 34.23 billion yuan, up 9.74% [2] - The company has established 19 international routes at its air cargo hub in Ezhou, enhancing logistics connectivity [2] - Other non-logistics businesses reported a revenue of 3.33 billion yuan, down 20.81% [2] Employee Engagement and Shareholder Returns - The company introduced a 9-year "shared growth plan" to align core talent with long-term company value, involving the allocation of up to 200 million A-shares from the controlling shareholder [3] - A mid-term cash dividend of 4.6 yuan per 10 shares was announced, amounting to approximately 2.32 billion yuan, which is 40% of the net profit attributable to shareholders for H1 2025, indicating strong cash flow and financial stability [3] - The increase in dividend reflects management's confidence in future business development and commitment to enhancing long-term shareholder value [3]