Core Viewpoint - SF Holding's logistics business shows strong growth in October 2025, with significant increases in revenue and package volume, reflecting broader trends in the logistics industry driven by national policies aimed at reducing costs and improving efficiency [1][3][4]. Financial Performance - In October 2025, SF Holding reported total revenue of 26.454 billion yuan, a year-on-year increase of 9.79% [3]. - The express logistics business generated revenue of 20.091 billion yuan, up 13.68% year-on-year, while supply chain and international business revenue slightly decreased by 0.93% to 6.363 billion yuan [3][4]. - For the first three quarters of 2025, the company achieved revenue of 225.26 billion yuan, a growth of 8.9%, and a net profit of 8.31 billion yuan, increasing by 9.1% [6]. Business Volume and Growth - In October, the volume of express logistics reached 1.524 billion packages, marking a 26.26% increase year-on-year, the highest in the company's history, averaging 49.16 million packages per day [1][4]. - The average revenue per package decreased to 13.18 yuan, down 9.97% year-on-year, compared to 16.26 yuan in October 2023, indicating a decline of approximately 19% over two years [4]. Market Trends and Strategic Initiatives - The logistics industry is experiencing a transformation, shifting from price competition to a focus on technology, efficiency, service, and cost control [4]. - SF Holding is advancing its supply chain integration services, positioning itself as a leading provider in the industry [4]. - The company is actively enhancing its delivery capabilities through strategic partnerships, such as collaborations with Zeiss and Meituan Health to improve its logistics network [10]. Future Outlook - SF Holding aims for stable growth in net profit for the fourth quarter of 2025, with expectations of maintaining a year-on-year increase for the full year [8].

Core Insights - SF Holding reported a total revenue of 26.454 billion yuan in October 2025, representing a year-on-year growth of 9.79% [2][3] - The express logistics business volume reached 1.524 billion packages in October, a year-on-year increase of 26.26%, marking a historical high for the company [4][5] - The company continues to implement its "activation operation" mechanism to enhance market expansion and improve service competitiveness [4][6] Revenue Breakdown - In October, the express logistics business generated revenue of 20.091 billion yuan, up 13.68% year-on-year, while the supply chain and international business revenue was 6.363 billion yuan, showing a slight decline of 0.93% [3][4] - The average revenue per package decreased to 13.18 yuan, down 9.97% year-on-year, compared to 16.26 yuan in October 2023, indicating a decline of approximately 19% over two years [4][5] Market Context - The logistics industry is experiencing steady growth, supported by national policies aimed at reducing costs and improving efficiency [2][4] - The overall postal industry reported a cumulative business volume of 177.25 billion items in the first ten months of 2025, with express delivery volume reaching 162.68 billion items, reflecting a year-on-year growth of 16.1% [2] Strategic Initiatives - SF Holding is focusing on sustainable development and high-quality service to meet the increased demand during peak shopping seasons [4][6] - The company is adapting to market changes by leveraging its global network and product offerings, particularly in international freight and supply chain services [4][6] Future Outlook - The company anticipates steady growth in net profit for 2025, despite short-term pressure on profitability due to pricing declines [6][7] - SF Holding aims to maintain a stable net profit in the fourth quarter of 2025 and continue to strengthen its strategic position in the logistics market [7][8] Partnerships and Collaborations - In October, SF Holding established a strategic partnership with Zeiss for global distribution and collaborated with Meituan Health to enhance its pharmaceutical supply chain capabilities [9]