Core Viewpoint - The announcement reveals that Liu Jilu, a supervisor of SF Holding, plans to transfer up to 7 million shares of A-shares to his son-in-law Zhao Yingkun, which represents no more than 0.14% of the company's total share capital, for family asset planning purposes [1][2][3]. Share Transfer Details - Liu Jilu will transfer 7 million shares, reducing his holding from 35,793,780 shares (0.71%) to 28,793,780 shares (0.57%) [2][3]. - Zhao Yingkun will acquire 7 million shares, resulting in a new holding of 7 million shares (0.14%) [2][3]. - The transfer price is expected to exceed 280 million yuan based on the closing price of 40.42 yuan per share on September 22 [1]. Company Background - SF Holding was established in 2003 and went public in 2010 through a reverse merger with a company previously known as Ma'anshan Ding Tai Rare Earth New Materials Co., Ltd. [5]. - Liu Jilu has been a supervisor at SF Holding since December 2016 and has a background in economic management [4][5]. Financial Performance - In the first half of 2025, SF Holding reported revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit attributable to shareholders of 5.738 billion yuan, up 19.37% [6][7]. - The net profit margin improved to 3.9%, an increase of 0.3 percentage points year-on-year [6][7]. Strategic Outlook - The company aims to enhance its market share through a differentiated product strategy and is expanding into new industry scenarios and overseas markets [7]. - SF Holding plans to implement cost-reduction strategies and anticipates stable performance in the coming year, supported by ongoing investments and resource allocation [7].

Core Insights - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index rose by 0.4 percentage points to 50.9 in August, with the total business volume index and new order index remaining in the expansion zone for six and seven consecutive months respectively [2] Company Performance - SF Holding's express logistics business volume reached 7.85 billion parcels in the first half of the year, a year-on-year increase of 25.7%, surpassing the industry average growth rate of 19.3% [2] - The company reported a revenue of 146.858 billion yuan in the first half of the year, an increase of 9.26% year-on-year, with a net profit of 5.738 billion yuan, up 19.37% year-on-year, and earnings per share of 1.16 yuan, an increase of 16% [2] - SF Holding plans to distribute a mid-term cash dividend of 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which accounts for 40% of the net profit attributable to shareholders in the first half of the year, an increase from the previous year [2] Business Segments - All six business segments of SF Holding saw revenue growth, with traditional express delivery maintaining stable growth and new business developments progressing well [3] - The express delivery business benefited from domestic policies promoting consumption upgrades, with the express business revenue reaching 19.57 billion yuan, a year-on-year increase of 11.5% [4] - The same-city instant delivery service emerged as the fastest-growing segment, generating 5.49 billion yuan in revenue, a year-on-year increase of 38.9%, with net profit doubling to 140 million yuan, up 120.43% [4] International and Supply Chain Business - SF Holding's international and supply chain business ranked second in revenue, with 59 domestic and 19 international routes opened by June, and over 2.5 million square meters of overseas warehouse space [6] - The international air freight operations exceeded 6,800 flights in the first half of the year, a year-on-year increase of 84%, although the supply chain and international division reported a net loss of approximately 300 million yuan [6] - Excluding certain factors, the net profit for the supply chain and international division grew by 178% year-on-year [6] Industry Trends - The express delivery market is transitioning from explosive growth to normalized growth, leading to intensified competition in the existing market [7] - The average price per parcel for major companies, including SF Holding, has decreased, with a year-on-year drop of 12.2% for SF Holding [8] - The industry is responding to price pressures by raising parcel prices and focusing on technology development, service upgrades, and brand building [8] Future Outlook - SF Holding aims to stabilize the competitive environment through measures against low-price competition and improved worker protections [9] - The company plans to continue proactive investment strategies to expand business and resources, expecting these investments to yield stable performance in the coming year [9]

Core Viewpoint - SF Holding achieved record high performance in the first half of 2025, driven by rapid growth in the food delivery and instant retail sectors, leading to significant revenue increases in its urban logistics segment [1][6]. Financial Performance - In the first half of 2025, SF Holding reported revenue of 146.858 billion yuan, a year-on-year increase of 9.26% [1]. - The net profit attributable to shareholders reached 5.738 billion yuan, up 19.37% year-on-year, with a net profit margin of 3.9%, an increase of 0.3 percentage points [1]. - Free cash flow amounted to 8.74 billion yuan, reflecting a 6.1% year-on-year increase [1]. - The company plans to distribute a mid-term cash dividend of 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which represents 40% of the net profit attributable to shareholders for the first half of 2025, an increase from the previous year [1]. Cost Structure - Labor costs accounted for 42.98% of revenue, rising 1.87 percentage points from the previous year, primarily due to increased wages for frontline staff and sales incentives [2]. - Transportation costs represented 32.59% of revenue, showing a slight decrease of 0.25 percentage points [2]. - Other operating costs accounted for 11.38% of revenue, down 0.82 percentage points [2]. Business Segments - The express logistics business generated revenue of 109.3 billion yuan, a 10.4% year-on-year increase, with the express delivery segment achieving 63.23 billion yuan in revenue, up 6.8% [2]. - The volume of express logistics reached 7.85 billion parcels, a 25.7% increase year-on-year, significantly outpacing the industry average growth rate of 19.3% [3][5]. - The urban logistics segment saw revenue of 10.236 billion yuan, a remarkable 48.8% increase year-on-year, with net profit attributable to shareholders reaching 137 million yuan, up 120.4% [5][6]. Market Trends - The company is focusing on industry-specific solutions rather than standard products, leading to over 20% growth in logistics revenue from sectors such as consumer goods, automotive, and high-tech communications [3]. - The average revenue per parcel decreased by 12.2% due to changes in product structure [4]. - The competitive landscape in the express delivery market is intensifying, with a shift towards cost reduction and efficiency improvements [7][8]. Future Outlook - SF Holding anticipates that the industry will stabilize due to trends such as "anti-price undercutting" and improved protections for delivery personnel [8]. - The company plans to implement structural cost reductions and enhance its logistics network to better respond to market fluctuations [8].