Flash | 21 Sep 2025 11:47:49 ET │ 11 pages S.F. Holding (002352.SZ) Aug Operating Data – Continuous Momentum on Volume and Drop on ASP CITI'S TAKE SF reported Aug operating revs up 7.9% yoy with 14% yoy revs growth on express (including express, freight, cold chain and intra-city) and 7.6% yoy drop on supply chain & int'l revs. Express revs growth was on back of 35% yoy volume increase but 15% yoy drop on ASP (Rmb28cents down MoM), implying SF likely was still aggressive on economy express in Aug. That said ...