Core Viewpoint - The company emphasizes that its stock price fluctuations in the secondary market are influenced by multiple factors, including macroeconomic conditions, industry policies, market sentiment, and funding status [1] Group 1: Company Strategy - The company is actively taking various measures to enhance its long-term investment value and to reward shareholders for their trust and support [1] - The company adheres to a business principle of "sustainable and healthy development," leveraging a solid business foundation and a diverse product matrix to flexibly respond to market uncertainties and continuously strengthen growth resilience [1] Group 2: Human Resources - The company views its delivery personnel as a core competitive advantage and is focused on improving salary competitiveness and incentives to promote business revenue growth [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]

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% | ...

Core Viewpoint - The company reported a total revenue of RMB 26.454 billion for October 2025, reflecting a year-on-year growth of 9.79% in its express logistics and supply chain businesses [3]. Group 1: Express Logistics Business - The express logistics business revenue grew by 13.68% year-on-year, with a business volume increase of 26.26% [3]. - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to meet the delivery demands during the e-commerce promotional season, which drives high-quality business growth [3]. Group 2: Supply Chain and International Business - The international freight forwarding business faced challenges due to 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 [3]. - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes, maintaining stable cargo volumes in international freight forwarding [3]. - Revenue from international express and cross-border e-commerce logistics experienced rapid growth year-on-year [3].

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, representing a year-on-year growth of 9.79% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 13.68% year-on-year, with a business volume growth of 26.26% [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 growth [1] Group 2: International Business - The international freight forwarding business experienced a slowdown in revenue growth due to fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] - Despite market challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, maintaining stable cargo volumes in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics business achieved rapid growth year-on-year [1]

Core Viewpoint - The company emphasizes its commitment to sustainable and healthy development amidst a complex macroeconomic environment, focusing on enhancing long-term investment value and shareholder trust [2] Group 1: Market Conditions and Company Strategy - The company's stock price fluctuations are influenced by multiple factors including macroeconomic conditions, industry policies, market sentiment, and funding status [2] - The company is actively implementing various strategies to improve its long-term investment value and reward shareholder trust [2] - In response to increasing industry competition, the company is pursuing a differentiated product strategy to gain market share [2] Group 2: Organizational Upgrades and Market Expansion - The company is promoting organizational upgrades centered around operational activation, aiming to harness collective potential and rapidly explore new industry scenarios and overseas markets [2] - Leveraging its product strength and brand power, the company aims to continuously create value for customers and help them navigate market risks [2] - The company is focused on building resilience in growth to withstand economic cycles [2]

Group 1: Financial Performance - In the first half of 2025, the company achieved a business volume of 7.85 billion parcels, a year-on-year increase of 25.7%, significantly exceeding the industry average growth rate [3] - Revenue reached 146.9 billion RMB, up 9.3% year-on-year, with express logistics revenue at 109.3 billion RMB, growing 10.4% [3] - Net profit attributable to shareholders was 5.74 billion RMB, a 19.4% increase year-on-year, with a net profit margin of 3.9%, up 0.3 percentage points [3] - The company plans to distribute a mid-year dividend of approximately 2.32 billion RMB, a 21% increase year-on-year, with a dividend payout ratio of 40% [3] Group 2: Business Segments Overview - Express delivery revenue grew by 6.8%, outpacing domestic GDP growth, with a 19% increase in volume for time-sensitive deliveries [4] - Economic express revenue increased by 14.4%, with a business volume growth of 30%, driven by differentiated product strategies and lean management [6] - Freight revenue rose by 11.5%, with a volume increase of 28%, focusing on industrial clients and optimizing costs through network efficiency [7] - Supply chain and international business revenue grew by 9.7%, with over 60% of China's top 500 companies using the company's international services, a 15 percentage point increase from last year [10] Group 3: Operational Efficiency and Cost Management - The company optimized its cost structure, achieving a gross profit of 19.4 billion RMB, a 4.2% year-on-year increase, despite a slight decline in gross margin to 13.2% [18] - Labor costs as a percentage of revenue increased by 1.9 percentage points, while transportation costs decreased by 0.3 percentage points [20] - Management and R&D expense ratios decreased by 0.5 and 0.2 percentage points respectively, indicating improved operational efficiency [20] Group 4: Strategic Initiatives and Future Outlook - The company launched a "common growth" stock ownership plan to align employee and shareholder interests, covering a wide range of personnel [23][24] - Future strategies include enhancing operational models, reducing nodes, and leveraging resource synergies to improve efficiency and reduce costs [29] - The company aims to maintain a leading position in the logistics market by focusing on customer experience and expanding its service capabilities [34]

Financial Performance Highlights - SF Holding achieved a revenue of RMB 146.9 billion, a 9.3% year-over-year increase in the first half of 2025 [11] - Profit attributable to owners of the company reached RMB 5.7 billion, representing a 19.4% year-over-year growth [11] - Basic earnings per share (EPS) increased by 16.0% year-over-year to RMB 1.16 [11] - The company declared an interim cash dividend of RMB 2.3 billion, a 20.9% increase, with an interim cash dividend per share of RMB 0.46, up by 15.0% [11] - Parcel volume increased by 25.7% to 7.8 billion [11] Segment Performance - Express & Logistics revenue grew by 10.4% to RMB 109.3 billion [11] - Supply Chain & International revenue increased by 9.7% to RMB 34.2 billion [11] - Intra-City On-Demand Delivery revenue increased by 38.9% [25] Cost and Efficiency - The company is implementing structural cost optimization and strategic investments to enhance market competitiveness [65] - Capital expenditure (CapEx) as a percentage of revenue decreased to 2.9% [85] Strategic Initiatives - SF Holding launched the "Grow Together" Shareholding Scheme to align employee interests with the company's long-term goals [88] - The company is expanding its global infrastructure network, including overseas warehouses and all-cargo international flights [32]