SF Holding(SZ:002352) Ge Long Hui·2025-11-01 03:44Core Viewpoint - SF Holding reported its Q3 2025 results, achieving operating revenue of 78.403 billion yuan, a year-on-year increase of 8.21%, while net profit attributable to shareholders decreased by 8.53% to 2.571 billion yuan, meeting expectations [1][2] Group 1: Financial Performance - In Q3 2025, the company maintained a high growth rate in express delivery volume, with a year-on-year increase of 33% in express business volume [1] - The revenue from express logistics grew by 14.4% year-on-year, and high-end express product revenue accelerated for two consecutive quarters [1] - The gross profit for Q3 2025 was 9.79 billion yuan, with a gross margin of 12.49%, down 1.65 percentage points year-on-year [1] Group 2: Strategic Investments - The company continued strategic investments to enhance the competitiveness of timely products and adopted flexible pricing strategies to drive key e-commerce volume growth [1] - The company has initiated the "Gain Plan" to comprehensively optimize the volume structure, indicating a focus on improving future gross margins [1] Group 3: Capital Expenditure and Shareholder Returns - The peak of capital expenditure has passed, with cash payments for fixed assets and other long-term assets amounting to 6.672 billion yuan, a decrease of 3% year-on-year [2] - The net cash flow from operating activities for the first three quarters was 19.4 billion yuan, indicating a strong cash flow position [2] - The company announced an increase in the share repurchase program from 5-10 billion yuan to 15-30 billion yuan, enhancing shareholder returns [2] Group 4: Profit Forecast Adjustments - The profit forecast for 2025-2027 has been revised downwards, with expected net profits of 10.812 billion yuan, 12.286 billion yuan, and 13.920 billion yuan for 2025E-2027E, reflecting growth rates of 6.3%, 13.6%, and 13.3% respectively [2] - The company maintains a "buy" rating, anticipating further recovery in volume growth and performance [2]