顺丰控股：截至2025年9月30日集团资产负债率为49.99%

Group 1 - The core viewpoint of the article is that SF Holding (002352) has demonstrated a further improvement in its capital structure, with a decrease in the debt-to-asset ratio [1] Group 2 - As of September 30, 2025, the company's debt-to-asset ratio stands at 49.99%, down from 51.35% as of June 30, 2025, indicating a strengthening financial position [1]