SF Holding(SZ:002352) Chang Jiang Shang Bao·2025-09-22 23:09Core Viewpoint - SF Holding (002352.SZ, 06936.HK) reported a steady growth in its operations for August, with total revenue reaching 24.787 billion yuan, a year-on-year increase of 7.86% [1][2]. Group 1: Financial Performance - In August, the company's revenue totaled 24.787 billion yuan, with express delivery business revenue at 18.657 billion yuan, up 14.14% year-on-year [2]. - The total business volume reached 1.406 billion parcels, reflecting a year-on-year growth of 34.80% [1][2]. - For the first half of 2025, SF Holding achieved an operating revenue of 146.858 billion yuan, a 9.26% increase year-on-year, and a net profit of 5.738 billion yuan, up 19.37% [4][5]. Group 2: Business Segments - The supply chain and international business revenue reached 6.13 billion yuan in August [1][2]. - For the first half of 2025, the express logistics business generated 109.3 billion yuan, a 10.4% increase, while the supply chain and international business revenue was 34.2 billion yuan, up 9.7% [5]. Group 3: Strategic Initiatives - SF Holding is enhancing its global infrastructure, with the international cargo throughput at the Ezhou hub expected to grow over 100% in the first half of 2025 compared to the same period in 2024 [1][7]. - The company launched a "Common Growth" stockholding plan, with the controlling shareholder, Shenzhen Mingde Holdings, completing the donation of 200 million A-shares [1][7]. Group 4: Industry Context - The overall express delivery industry in China reported a business volume growth of 19.3% and revenue exceeding 700 billion yuan in the first half of 2025, although the average revenue per parcel has declined [2][3]. - Several express companies, including SF Holding, have seen improvements in per parcel revenue, but SF Holding experienced the largest decline, with a year-on-year drop of over 15% [3].