Core Viewpoint - SF Holding's stock closed at 48.15 yuan, with a rolling PE ratio of 23.23 times, and a total market capitalization of 243.769 billion yuan, indicating a stable position within the logistics industry [1] Company Summary - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - In the first quarter of 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, with a sales gross margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.36 times, with a median of 28.91 times, placing SF Holding at the 30th position in the industry ranking [2] - The company has received multiple international awards and national-level case certifications in logistics technology for 2024 and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award, the highest award in global operations and management science [1]

从接近菜鸟人士独家获悉，菜鸟国际物流与科技业务持续取得突破，近日在多个海外市场中标本地头部 及跨境平台级客户全链路物流项目。拉美、亚太等地区跨境单量显著增长。科技加速出海，在中东连续 拿下千万级自动化项目。此前其官方海外账号曾预告，下周将公布中东重磅动作。（澎湃） ...

NO.1 饿了么上线"悦享会员" 6月18日，饿了么官宣已在全国上线"悦享会员"，推出多项贴心服务和专属权益，主打让用户"用得多省 得多"。官方信息显示，此次饿了么推出的"悦享会员"是针对高频外卖用户全新打造的会员体系，旨在 通过更精细化、个性化的产品和服务，进一步提升用户的体验感与满意度。 每经记者｜陈婷 每经编辑｜陈俊杰 | 2025年6月19日 星期四 | 点评：京东通过打造覆盖仓储到配送的全链条网络，有望迅速抢占市场份额。但跨国物流运营面临文化 差异、政策法规等多重挑战，京东需在本地化运营上持续投入，才能将先发优势转化为长期胜势。 NO.3 菜鸟平价款快递无人车上线预售 6月18日，菜鸟推出新款无人车并同步启动预售。该款车型定价2.18万元，但叠加限时优惠后，仅售1.68 万元。菜鸟相关负责人表示，新款平价车型与高配车型为同平台生产，自动驾驶系统也不作任何减配， 该车型针对快递网点进行专门设计，帮助快递网点节降无人车的使用成本，确保快递网点能用得起，用 得安全。 点评：菜鸟平价无人车的推出，是物流科技下沉与行业降本增效趋势的标志性事件。当前，无人车大规 模商用仍面临技术稳定性、法规限制等挑战，菜鸟需在 ...

Core Insights - The article highlights the rapid expansion of Cainiao's logistics technology capabilities globally, emphasizing its leadership in cross-border logistics and technological innovation [1][2] - Cainiao's logistics technology division has seen a 61% year-on-year increase in large client numbers, indicating strong demand for its automation and digitalization solutions [1] - The company is focusing on enhancing its overseas presence by establishing regional offices and increasing local hiring in key markets [1][10] Group 1: Global Expansion and Market Strategy - Cainiao has successfully secured orders in regions with strong logistics technology competition, attributing this success to "Chinese experience" and "Chinese innovation" [1][12] - The company has established a logistics robotics R&D department to develop operational robots tailored for logistics scenarios, with expectations of higher growth rates overseas compared to domestic markets [1][10] - Cainiao's strategy includes leveraging its extensive domestic experience to address cultural and operational differences in international markets [3][6] Group 2: Product and Brand Strength - Cainiao's logistics technology products are categorized into digitalization and automation, with multiple product lines generating over 100 million in sales [1][8] - The company has built strong relationships with multinational corporations through prior domestic collaborations, facilitating global partnerships [7][9] - Cainiao's competitive edge lies in its ability to enhance efficiency and reduce costs through innovative products, such as its energy-efficient sorting machines [8][12] Group 3: Challenges and Future Goals - Cainiao faces challenges such as differing project management styles across regions and the need to meet stringent requirements from multinational partners [6][7] - The company aims to focus on breakthroughs in logistics robotics and enhance its overseas delivery capabilities through increased investment and local team deployment [10][12] - Cainiao recognizes the importance of adapting to global industry trends, particularly in AI, to establish a competitive barrier in the logistics sector [12]

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 范晨轩 (8621)23297818× fancx@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 2025 年 06 月 08 日 25 年下半年交运新方向：亚洲区域 集运、即时配送、海外仓 看好 ——申万宏源交运一周天地汇(20250601-20250606) 本期投资提示： 相关研究 证 券 研 究 报 告 证券分析师 张慧 A0230524100001 zhanghui@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 研究支持 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 刘衣云 A0230524100007 liuyy@swsresearch.com 王晨鉴 ...

从阿里的最新财报中，可以看到一个新的菜鸟。 5月15日，阿里发布2025财年Q4及全年财报，其中显示在国际物流业务带动之下，菜鸟进入全球市场化 发展新阶段。在这背后，是中国物流企业参与全球竞争的另一抹亮色——当顺丰靠航空网络押注高端时 效件、京东深耕供应链服务主站时，菜鸟选择了一条难、有差异化但正确的路——做国际物流，建设覆 盖全球200多个国家和地区的端到端智慧物流网络。 国际物流曾被欧美巨头垄断，但菜鸟的崛起证明了一件事：中国物流企业不仅能"走出去"，还能用科技 与全球化网络在国际舞台占据一席之地。 一、解码护城河：先发优势之上，筑牢竞争壁垒 国内传统物流企业的竞争逻辑，往往围绕国内市场的价格战和网点密度展开，从"红海"中争夺市场份 额，再逐渐探索出海。但菜鸟则另辟蹊径：聚焦跨境电商，面向国际市场，构建面向未来电商模式的的 物流底座，显露出先发优势。 先发优势的底层逻辑是"基建先行"。当多数企业还在纠结是否要出海时，菜鸟已在全球重点国家和地区 落地物流网络，并且通过核心节点的自营自控，保证对物流网络的把控能力，让这张网灵活且有韧性。 数据显示，作为全球最大的跨境电商物流服务商，菜鸟拥有300万平方米的跨境 ...

网经社电子商务研究中心发布的报告将物流科技定义为：以电商业务为依托的物流生态，包括综合电商物流、跨境物流、即时物流、仓储物流、货运020、 第三方快递、最后一公里、智能物流服务商、物流供应 链以及大宗物流等。 在物流科技产业链中，主要的玩家包括：1)综合电商物流类：菜鸟网络、京东物流、苏宁物流、安迅物流等；2)跨境物流类：运去哪、递四方、纵腾集团 等；3)即时物流类：达达快送、美团配送、顺丰同城、蜂鸟配送等；4)仓储物流：派迅智能、海柔创新、Syrius炬星等；5)货运020类：UU跑腿、闪送、滴滴 货运、货拉拉、快狗打车等；6)第三方快递：顺丰、申通快递、圆通速递、中通速递、韵达快递、极兔快递等；7)最后一公里：丰巢、近邻宝等；8)智慧物 流服务商：地上铁、鸭嘴兽、风火递等；9)大宗物流网络类：网盛运泽、传化智联等；10)物流供应链类：普洛斯、日日顺等。 从网经社企业库了解，"北上广浙"四地的物流科技企业最多。其中，北京地区物流科技企业主要有京东物流、G7易流、闪送、滴滴货运等；上海有达达、 德邦快递、快仓、安能物流、极兔速递、中通快递等；浙江地区有菜鸟、送件侠、顺丰同城、快货运、韵达、申通快递、百世物流等 ...