Core Viewpoint - SF Holding's logistics business showed strong growth in November 2025, driven by high-quality service and stable operations, despite challenges in international freight due to trade fluctuations and declining shipping prices [1] Financial Performance - In November 2025, SF Express's logistics business generated revenue of 20.66 billion yuan, representing a year-on-year increase of 9.88% [1] - The total business volume reached 1.534 billion parcels, up 20.13% year-on-year [1] - The average revenue per parcel was 13.47 yuan, a decrease of 8.49% compared to the previous year [1] - Supply chain and international business achieved revenue of 6.513 billion yuan, reflecting a year-on-year growth of 1.86% [1] - The combined total revenue for the month was 27.173 billion yuan, marking a year-on-year increase of 7.85% [1] Market Context - The growth in the express logistics business was attributed to the demand during the e-commerce promotional season [1] - The international freight forwarding business faced revenue pressure due to fluctuations in international trade and a decline in shipping prices, although the volume remained stable [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid growth [1]