SF Holding(SZ:002352) 经济观察报·2025-10-18 08:06Core Viewpoint - SF Express is enhancing its core competitiveness in logistics through capacity expansion and network optimization while achieving significant breakthroughs in ESG value construction, thereby strengthening its long-term development moat [1][14]. Financial Performance - In September, SF Express reported a total revenue of 27.007 billion yuan, representing a year-on-year increase of 8.78% [2]. - The express logistics segment generated revenue of 20.854 billion yuan, up 14.21% year-on-year, with a business volume of 1.504 billion shipments, reflecting a growth of 31.81% [2]. - The average revenue per shipment was 13.87 yuan, while the supply chain and international business contributed 6.153 billion yuan in revenue [2]. Service Expansion and Innovation - SF Express has been actively enhancing its logistics services for seasonal products, such as the hairy crab, by establishing temporary collection points and deploying specialized service teams, along with smart logistics technologies like unmanned vehicles and drones [5][6]. - The company launched its first intelligent transfer center for hairy crabs in Suzhou, featuring an automated sorting system capable of processing over 20,000 items per hour and exceeding 400,000 items daily [6]. Market Development Strategies - SF Express is integrating logistics with branding and traffic, improving packaging to reflect local cultural characteristics while enhancing freshness [8]. - The company is also collaborating with e-commerce platforms to provide comprehensive logistics services, facilitating the distribution of hairy crabs to a broader consumer base [8]. - In Hong Kong, SF Express has tailored its services to meet local demand, offering seamless delivery from the lake area to Shenzhen pickup points [8]. International Expansion - SF Express is expanding its international logistics network, recently launching a new cargo route from Ezhou to Chicago, enhancing its North American service capabilities [10]. - The company’s air cargo fleet has grown to 90 aircraft, covering domestic and international markets, thereby supporting the dual circulation development pattern in China [12]. ESG Performance - SF Express has achieved a significant upgrade in its ESG rating from MSCI, moving from "BBB" to "A," making it the first logistics company in China to receive this rating [15]. - This recognition underscores the company's strong performance in environmental, social, and governance aspects, which is increasingly important for brand credibility and long-term operational risk reduction [15].