香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，順豐控股股份有限公司（「本公司」）在巨 潮資訊網( www.cninfo.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 順豐控股股份有限公司 聯席公司秘書 甘玲 中國深圳，2025年10月30日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生、王 欣女士及徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 顺丰控股股份有限公司（以下简称"公司"或"顺丰控股"）于 2025 年 10 月 30 日召开第六届董事会第二十五次会议审议通过了《关于注销 2022 年 A 股 股票期权激励计划部分股票期 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 承董事會命 順豐控股股份有限公司 聯席公司秘書 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 甘玲 海外監管公告 中國深圳，2025年10月30日 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，順豐控股股份有限公司（「本公司」）在巨 潮資訊網( www.cninfo.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）第六届监事会第十九次会议， 于 2025 年 10 月 14 日通过电子邮件发出会议通知，2025 年 10 月 30 日在公司会 议室以通讯表决方式召开。本次会议应参与监事 4 名，实际参与监事 4 名。 ...

S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 承董事會命 順豐控股股份有限公司 聯席公司秘書 甘玲 中國深圳，2025年10月30日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生、王 欣女士及徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，順豐控股股份有限公司（「本公司」）在巨 潮資訊網( www.cninfo.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-078 顺丰控股股份有限公司 第六届董事会第二十五次会议决议公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 ...

Investment Rating - The report maintains a positive outlook on the shipping, shipbuilding, and aviation sectors, indicating a fundamental improvement despite low fund holdings [3]. Core Insights - The shipbuilding sector has seen a reversal of negative factors, with second-hand ship prices stabilizing and surpassing 2024 highs, suggesting potential for new ship price increases [3]. - The oil tanker market is experiencing strong demand due to OPEC's production increases and ongoing sanctions on Russian and Iranian oil supplies, leading to a significant rise in freight rates [3]. - Fund holdings in the transportation sector have decreased to a historical low, with notable increases in the market value of shipping, ports, airports, and cross-border logistics [3][4]. Summary by Sections 1. Changes in Fund Holdings in the Transportation Sector - As of Q3 2025, the total market value of funds in the transportation sector reached 18 billion yuan, a 30% decrease from the previous quarter, ranking 17th among 31 sectors [4][5]. - The transportation sector's market value accounts for 2.68% of total A-share market value, with an underweight of 1.59% [4]. 2. Changes in Fund Holdings by Sub-sectors - The proportion of fund holdings in aviation, shipping, ports, airports, raw material supply chain services, and cross-border logistics has increased, with aviation transportation holding the largest share at 37.62% [10]. - The market value changes for various sectors include significant increases in shipping and raw material supply chain services, while express delivery and highways saw declines [10]. 3. Top Ten Fund Holdings in the Transportation Sector - The top ten fund holdings include SF Holding, YTO Express, Huaxia Airlines, and China Merchants Energy, with notable increases in holdings for YTO Express and China Merchants Energy [15]. - Stocks with total holdings exceeding 300 million yuan and growth rates above 10% include YTO Express and China Merchants Energy, with growth rates of 110% and 227% respectively [15]. 4. Valuation of Key Companies in the Transportation Sector - Key companies such as China National Aviation and SF Holding have been evaluated with projected earnings per share (EPS) and price-to-earnings (PE) ratios indicating potential growth [19].

Market Performance - Since July 2025, major indices have risen significantly, with the ChiNext 50, ChiNext Index, and Sci-Tech 50 increasing by over 45%[1] - The Shanghai Composite Index, CSI 300, CSI 500, CSI 1000, and CSI 2000 have risen by 15.79%, 19.20%, 24.10%, 17.67%, and 14.89% respectively[1] Fund Establishment and Holdings - A total of 90 equity-oriented active funds were established in Q3 2025, with a total share of 554.04 billion[2] - The average stock position of various types of equity-oriented active funds increased compared to Q2 2025[3] Industry Distribution - The industries with increased holdings of over 100 billion include electronics, communication, power equipment and new energy, computer, non-ferrous metals, machinery, pharmaceuticals, and media[4] - The electronics sector saw a holding increase of 5.17%, while communication increased by 3.95%[4] Individual Stock Distribution - The top five stocks with the largest increase in holdings are Zhongji Xuchuang, Xinyi Sheng, Industrial Fulian, CATL, and Cambricon[5] - The largest holdings in A-shares are CATL, Xinyi Sheng, Zhongji Xuchuang, Luxshare Precision, and Industrial Fulian[5] Large Fund Holdings Analysis - As of October 28, 2025, there are 34 equity-oriented active funds with holdings exceeding 100 billion, an increase of 10 from the previous quarter[6] - The stocks with the most significant changes in holdings among large funds include Zhongji Xuchuang, Xinyi Sheng, Luxshare Precision, CATL, and Industrial Fulian[6] Hong Kong Stock Holdings - The top six Hong Kong stocks held by funds in Q3 2025 include Tencent Holdings, Alibaba-W, SMIC, Innovent Biologics, Pop Mart, and Xiaomi Group-W, each with a market value exceeding 10 billion[7]

Core Insights - SF Holding reported a revenue of 225.26 billion yuan for the first three quarters of 2025, representing an 8.89% year-on-year increase, with a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [1] - The company is focusing on upgrading its logistics ecosystem and enhancing service quality amid a competitive landscape transitioning towards a "value war" [1][2] - SF Holding's strategic initiatives include expanding its global logistics network and enhancing operational capabilities, particularly in North America and Singapore [2] Financial Performance - In Q3 2025, SF Holding achieved a total parcel volume of 4.31 billion, a 33.4% increase year-on-year, with revenue reaching 78.4 billion yuan, up 8.2% [1] - The express logistics business revenue grew by 14.4%, while international express and cross-border e-commerce logistics revenue increased by 27% after excluding freight forwarding market fluctuations [1][2] Strategic Developments - The company is actively pursuing structural upgrades in its operational network and enhancing its international strategy, which has led to a significant increase in international express and cross-border e-commerce logistics revenue [2] - SF Holding's collaboration with Zeiss at the Ezhou Huahu International Airport exemplifies its entry into high-value manufacturing, creating an integrated platform for logistics and manufacturing [3] Technological Advancements - SF Holding is leveraging technology to address diverse customer needs, utilizing systems like "Super Brain 2.0" and automated logistics solutions to enhance operational efficiency and reduce costs [4] - The company aims to transform its supply chain and international business from a growth engine to a profit engine, with a focus on maintaining stable profitability [4] Shareholder Engagement - SF Holding announced an adjustment to its share repurchase plan for 2025, increasing the total repurchase amount to between 1.5 billion and 3 billion yuan, reflecting the company's commitment to sharing growth with shareholders [4]

Core Viewpoint - SF Holding (002352)(06936) has announced an adjustment to its A-share repurchase plan, increasing the total repurchase fund and extending the implementation period [1] Summary by Relevant Sections Repurchase Plan Adjustment - The total amount for the repurchase fund has been adjusted from "not less than RMB 500 million and not more than RMB 1 billion" to "not less than RMB 1.5 billion and not more than RMB 3 billion" [1] - The implementation period for the repurchase has been extended to 12 months from the date of the board's approval of the adjustment, specifically from April 28, 2025, to October 29, 2026 [1] - Other aspects of the A-share repurchase plan remain unchanged [1]

Core Viewpoint - SF Holding (06936) has announced adjustments to its A-share repurchase plan, increasing the total repurchase fund and extending the implementation period [1] Summary by Relevant Sections Repurchase Plan Adjustments - The total amount for the repurchase of shares has been adjusted from "not less than RMB 500 million and not more than RMB 1 billion" to "not less than RMB 1.5 billion and not more than RMB 3 billion" [1] - The implementation period for the repurchase has been extended to 12 months from the date of the board's approval of the adjustment, specifically from April 28, 2025, to October 29, 2026 [1] - Other aspects of the A-share repurchase plan remain unchanged [1]

Core Insights - SF Holding reported a total operating revenue of 78.4 billion yuan for Q3 2025, representing an 8.2% year-on-year increase, with total parcel volume reaching 4.31 billion, up 33.4% year-on-year [1][2] - The express logistics segment saw a revenue increase of 14.4% year-on-year, while supply chain and international business revenue declined by 5.3% due to a significant drop in international freight forwarding revenue [1] - The company aims to achieve stable year-on-year net profit growth for the full year 2025, despite a reported net profit of 2.57 billion yuan for Q3 2025, down 8.5% year-on-year [2] Financial Performance - Total revenue for the reporting period was 78,402.808 million yuan, an increase of 8.21% compared to the same period last year [2] - Net profit attributable to shareholders was 2,570.557 million yuan, a decrease of 8.53% year-on-year, while the net profit after deducting non-recurring gains and losses was 2,227.033 million yuan, down 14.17% [2] - The company reported a gross profit of 9.79 billion yuan for Q3 2025, a decline of 4.4% year-on-year [2] Customer Base - As of Q3 2025, SF Holding served over 2.4 million active monthly billing customers and had over 780 million individual members [3]

Core Insights - SF Holding (002352.SZ) reported a revenue of 225.26 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.89%, with a net profit of 8.31 billion yuan, up 9.07% year-on-year [1] - In Q3 2025, total revenue reached 78.4 billion yuan, an increase of 8.2% year-on-year, with total parcel volume growing by 33.4% to 4.31 billion [1] - The express logistics segment saw a revenue increase of 14.4% year-on-year, while supply chain and international business revenue declined by 5.3% due to a significant drop in international freight forwarding revenue [1] Business Performance - The company has implemented an "activation operation" mechanism since 2025, empowering frontline business with operational authority and incentives, effectively stimulating market expansion [2] - Cost-saving benefits are being reinvested into front-end business development, enhancing product and service competitiveness [2] - The company’s parcel volume growth rate exceeds the overall average of the domestic express delivery industry, leading to a steady increase in market share [2] Strategic Initiatives - The company is focused on structural upgrades to its operational network and is committed to high-quality service guarantees, reinforcing its competitive advantage in standardized products [2] - As of Q3 2025, the company serves over 2.4 million active monthly customers and has more than 780 million individual members, indicating a strong customer base [2] - The company aims to build a differentiated logistics service ecosystem with strategic depth and a competitive moat, laying a solid foundation for sustainable long-term performance growth [1]