SF Holding(SZ:002352) Nan Fang Du Shi Bao·2025-10-31 07:36Core 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 for the same period was 8.31 billion yuan, an increase of 9.07% year-on-year [1] - In Q3, the total parcel volume reached 4.31 billion, marking a significant year-on-year growth of 33.4% [1] Financial Performance - In Q3, the company achieved a net profit of 2.57 billion yuan, a decline of 8.53% year-on-year [1] - The net profit excluding non-recurring gains and losses was 2.23 billion yuan, down 14.17% year-on-year [1] - The gross profit for Q3 was 9.79 billion yuan, a decrease of 4.4% year-on-year [1] Business Segments - The express logistics business saw a revenue increase of 14.4% year-on-year, indicating stable performance [2] - Revenue from supply chain and international business declined by 5.3%, primarily due to a significant drop in international freight forwarding revenue [2] - Excluding the impact of international freight, revenue from international express and cross-border e-commerce logistics grew by 27% [2] Cash Flow and Receivables - Operating cash flow faced pressure, with a net cash flow from operating activities of 19.42 billion yuan, down 13.91% year-on-year [2] - Accounts receivable increased from 27.72 billion yuan at the beginning of the year to 29.36 billion yuan by the end of the reporting period [2] Future Outlook - Management aims to achieve a net profit attributable to shareholders in Q4 2025 that is roughly flat year-on-year, with a steady growth forecast for the annual net profit [2] - The company announced an adjustment to its share repurchase plan, increasing the total repurchase amount from a range of 0.5 billion to 1 billion yuan to a new range of 1.5 billion to 3 billion yuan [2]