21世纪经济报道记者雷若馨深圳报道 9月2日，中国物流与采购联合会发布8月份中国物流业景气指数，较上月上升0.4个百分点至50.9%。其中，业务总量指数连续六个月保持在扩张区间，新订 单指数连续七个月保持在扩张区间。 今年上半年，我国快递行业件量继续维持双位数增长，快递企业普遍给出了较为亮眼的营收数据。其中，顺丰控股上半年速运物流业务件量累计达78.5亿 票，同比增幅25.7%，高出上半年行业平均增速的19.3%。 根据顺丰控股发布的2025年半年报，公司实现营收1468.58亿元，同比增加9.26%；归母净利润57.38亿元，同比增加19.37%；实现每股收益1.16元，同比增加 16.00%。 同日披露的分红方案显示，公司拟每10股派发中期现金红利人民币4.6元（含税），预计分红金额为人民币23.2亿元，约占上半年归属净利润的40%，较去年 同期分红金额提升。 今年上半年，顺丰的快运业务踩中了政策红利与消费升级的"双风口"。 财报显示，受益于国内以旧换新政策对家电、家具消费的刺激，顺丰快运加速向大件物流细分场景渗透，延伸 2C的家具家电的拆、验、装、收一站式服务 和2B的入仓、入厂等专业配送服务。上半年， ...

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].