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 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].