SF Holding(SZ:002352) Zhong Zheng Wang·2025-10-31 02:56Core Insights - SF Holding reported a revenue of 225.26 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.89% [1] - The net profit attributable to shareholders reached 8.31 billion yuan, with a year-on-year increase of 9.07% [1] - The company achieved a total parcel volume of 4.31 billion, marking a year-on-year growth of 33.4% in the third quarter [1] Financial Performance - Revenue for Q3 2025 was 78.4 billion yuan, up 8.2% year-on-year, with express logistics revenue increasing by 14.4% [1] - The R&D expense ratio decreased by 0.2 percentage points, while the financial expense ratio fell by 0.3 percentage points [1] - Earnings per share for the first three quarters was 1.67 yuan, reflecting a growth of 5.70% [1] Business Strategy - The company is implementing an "activation of operations" strategy, focusing on upgrading its diverse logistics business ecosystem [1] - SF Holding is leveraging technology, such as the "Super Brain 2.0" system and unmanned delivery, to enhance operational efficiency and reduce costs [2] - The company aims to transition its supply chain and international business from a "growth engine" to a "profit engine" [2] Market Positioning - SF Holding is actively expanding into new markets, creating an "irreplaceable logistics infrastructure" that establishes a competitive barrier [1] - The company is committed to maintaining stable net profit growth for the fourth quarter of 2025 and the entire year [2] - A new share repurchase plan has been announced, with a total amount adjusted to not less than 1.5 billion yuan and not exceeding 3 billion yuan, indicating a strong commitment to shareholder value [2]