Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable delivery during peak e-commerce promotional seasons, driving high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes, actively seizing new opportunities for enterprises going abroad, resulting in stable cargo volumes for the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons and driving high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network advantages and diverse product offerings to adapt to market changes, actively seizing new opportunities for enterprises going abroad, resulting in stable cargo volumes for the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company maintains a sustainable and healthy operational approach, enhancing its operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, resulting in stable cargo volumes for its international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

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。 （股份代號：6936） 2025年11月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年11月業務 經營簡報情況如下： | 項目 | | 2025年11月 | 2024年11月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | （人民幣億元） 營業收入 | 206.60 | 188.02 | 9.88% | | | －業務量 （億票） | 15.34 | 12.77 | 20.13% | | | （人民幣元） －單票收入 | 13.47 | 14.72 | -8.49% | | 2. | 供應鏈及國際業務 | | | | | | （人民幣億元） 營業收入 | 65.13 | 63.94 | 1.86% | ...

Macro Dynamics - The Ministry of Commerce reported that from January to November 2025, the actual use of foreign capital in China was 693.18 billion RMB, a year-on-year decrease of 7.5% [2] - In November alone, the actual use of foreign capital increased by 26.1% year-on-year [2] - The manufacturing sector attracted 171.72 billion RMB, while the service sector attracted 506.29 billion RMB [2] - High-tech industries received 221.26 billion RMB in foreign investment, with significant growth in e-commerce services (127%), medical instruments (46.5%), and aerospace manufacturing (41.9%) [2] - Notable increases in investment from Switzerland (67%), UAE (47.6%), and the UK (19.3%) were reported [2] Financial Institutions - Changsha Bank announced plans to fully redeem 60 million preferred shares on December 25, 2025, and will suspend trading of these shares on December 24, 2025 [8] Market Data - On December 19, A-shares closed higher, with the Shanghai Composite Index up 0.36% and the Shenzhen Component Index up 0.66% [9] - The total trading volume in the Shanghai and Shenzhen markets was approximately 1.7259 trillion RMB, an increase of about 70.43 billion RMB from the previous trading day [9] - The market saw 4,477 stocks rise and 905 stocks fall, with 82 hitting the daily limit up and 6 hitting the limit down [9] Company Dynamics - ByteDance announced a 35% increase in bonus investment for 2025, along with a 1.5 times increase in salary adjustments and raising the salary package limits for all levels [10] - Zhongyuan Neipei signed a strategic cooperation framework agreement with Ningbo Puzhi for humanoid robot-related business, aiming to become a core supplier for Puzhi's robot joint modules [11] - Vanke A stated that there were no changes in the personal shareholding of its management team [12] - SF Express has opted out of the Douyin e-commerce return service, with logistics services to be taken over by JD, Zhongtong, and YTO [13]

Core Viewpoint - SF Express has opted not to participate in the 2026 Douyin e-commerce return service, indicating a strategic decision to withdraw from this market segment [1] Group 1: Company Actions - SF Express has confirmed that its contract for the Douyin return service has naturally expired, characterizing this as a normal business operation [1] - The return fulfillment for Douyin e-commerce will now be handled by other logistics providers, including JD Express, ZTO Express, and YTO Express [1]

Major Events - Changfei Fiber announced that the global optical fiber and cable industry market environment is normal, and the proportion of new products related to data centers in total demand is relatively small [1] - GuoDun Quantum appointed director Ying Yong to temporarily perform the duties of chairman and legal representative following the passing of chairman Lü Pin [1] - Huati Technology clarified that it does not engage in commercial aerospace-related businesses, focusing instead on smart city solutions and cultural lighting [1] Corporate Changes - Kuangda Technology's controlling shareholder changed from Shen Jialiang to Zhuzhou City State-owned Assets Supervision and Administration Commission after a share transfer of 412 million shares, representing 28% of the total share capital [2] Termination of Transactions - Geer Software announced the termination of its planned acquisition of over 51% of Shenzhen Weipin Zhiyuan Information Technology due to failure to reach agreement on key terms [3] - Bohai Chemical terminated its major asset restructuring plan involving the sale of Bohai Petrochemical and the acquisition of control over Taida New Materials due to disagreements on core terms [4] Investment Projects - Qingdao Port plans to invest in two terminal projects with a total estimated investment of 15.7 billion yuan, including 9.097 billion yuan for the first phase of the Dongjiakou Port area container terminal [5] - Sichuan Chengyu's wholly-owned subsidiary plans to acquire 85% of Hubei Jingyi Highway Co., Ltd. for 2.409 billion yuan, which will enhance the company's highway project portfolio [6] Performance Updates - China State Construction reported a 0.9% year-on-year increase in new contracts signed in the first 11 months of 2025, totaling 4.0408 trillion yuan [7] - SF Holding's logistics business revenue grew by 9.88% year-on-year in November, with total revenue from logistics and supply chain services reaching 27.173 billion yuan [8] - YTO Express reported a 11.08% year-on-year increase in express product revenue in November, amounting to 6.474 billion yuan [9] Major Contracts - Dongfang Cable announced it won contracts totaling 3.125 billion yuan, representing 34.37% of its audited revenue for 2024 [10] - Huadian Technology signed contracts worth approximately 815 million yuan with China Huadian Engineering Group for a wind power and green methanol project [11]

Core Viewpoint - SF Express has opted out of participating in the 2026 Douyin e-commerce return service, indicating a strategic decision to withdraw from this market segment [1] Group 1: Company Actions - SF Express will not be involved in the Douyin e-commerce return service for 2026, which is a voluntary decision to exit this business market [1] - The return fulfillment for Douyin e-commerce will be gradually taken over by other logistics service providers such as JD.com, Zhongtong, and YTO Express [1] Group 2: Official Statements - SF Express officially stated that the termination of the cooperation contract with Douyin for the return business is a natural conclusion and part of normal business operations [1]

Group 1 - The core point of the article is that SF Holding (002352) reported a total revenue of RMB 27.173 billion from its express logistics, supply chain, and international businesses in November, reflecting a year-on-year growth of 7.85% [1]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.66 billion yuan, reflecting a year-on-year increase of 9.88% [1] - The business volume for express logistics reached 1.534 billion packages, showing a year-on-year growth of 20.13% [1] - The supply chain and international business reported revenue of 6.513 billion yuan, with a year-on-year growth of 1.86% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations [1] - SF Holding is advancing its operational mechanisms to enhance business performance [1] - The focus is on high-quality service and stable operations to meet customer demand during peak e-commerce promotional seasons, driving high-quality business growth [1]