SF Holding(SZ:002352) Chang Jiang Shang Bao·2025-11-21 08:05Core Viewpoint - SF Holding's logistics business shows strong growth in October 2025, with significant increases in revenue and package volume, reflecting broader trends in the logistics industry driven by national policies aimed at reducing costs and improving efficiency [1][3][4]. Financial Performance - In October 2025, SF Holding reported total revenue of 26.454 billion yuan, a year-on-year increase of 9.79% [3]. - The express logistics business generated revenue of 20.091 billion yuan, up 13.68% year-on-year, while supply chain and international business revenue slightly decreased by 0.93% to 6.363 billion yuan [3][4]. - For the first three quarters of 2025, the company achieved revenue of 225.26 billion yuan, a growth of 8.9%, and a net profit of 8.31 billion yuan, increasing by 9.1% [6]. Business Volume and Growth - In October, the volume of express logistics reached 1.524 billion packages, marking a 26.26% increase year-on-year, the highest in the company's history, averaging 49.16 million packages per day [1][4]. - The average revenue per package decreased to 13.18 yuan, down 9.97% year-on-year, compared to 16.26 yuan in October 2023, indicating a decline of approximately 19% over two years [4]. Market Trends and Strategic Initiatives - The logistics industry is experiencing a transformation, shifting from price competition to a focus on technology, efficiency, service, and cost control [4]. - SF Holding is advancing its supply chain integration services, positioning itself as a leading provider in the industry [4]. - The company is actively enhancing its delivery capabilities through strategic partnerships, such as collaborations with Zeiss and Meituan Health to improve its logistics network [10]. Future Outlook - SF Holding aims for stable growth in net profit for the fourth quarter of 2025, with expectations of maintaining a year-on-year increase for the full year [8].