Summary of S.F. Holding (002352.SZ) Conference Call Company Overview - **Company**: S.F. Holding (002352.SZ) - **Industry**: Logistics and Express Delivery Key Points Operating Performance - **August Operating Revenue**: Increased by 7.9% year-over-year (YoY) [1] - **Express Revenue Growth**: 14% YoY growth, driven by a 35% YoY increase in parcel volume [1] - **Supply Chain & International Revenue**: Decreased by 7.6% YoY, impacted by declining freight rates [1] - **Average Selling Price (ASP)**: Dropped by 15% YoY, indicating aggressive pricing strategies in the economy express segment [1] Volume and Pricing Dynamics - **Parcel Volume**: Increased to 1,406 million in August, reflecting a 35% YoY growth [3] - **ASP Decline**: Average unit price fell to Rmb13.3, a 15% YoY decrease [3] Future Outlook - **3Q25E Earnings Growth**: Expected to face pressure due to increased investments and tough comparisons, but improvement is anticipated in 4Q25E [1] - **ASP Recovery**: Anticipated optimization of economy express services may lead to some recovery in ASP [1] Investment Recommendation - **Target Price**: Rmb59, representing a potential upside of 43.6% from the current price of Rmb41.08 [2] - **Expected Total Return**: 45.1%, including a 1.5% dividend yield [2] - **Rating**: Maintain "Buy" due to S.F. Holding's leading position in the premium express sector and international expansion prospects [1] Risks - **Market Growth Rebound**: Risks associated with an exceptionally strong or weak market rebound [9] - **Revenue Growth Variability**: Uncertainty in revenue growth from new business lines such as Freight and Cold Chain [9] - **Competitive Landscape**: Potential changes in market competition and pricing strategies could impact performance [9] - **Cost Control**: Better or worse-than-expected cost management could affect profitability [9] Additional Insights - **Investment Strategy**: The valuation is based on a sum-of-the-parts (SOTP) method, assigning a 14x P/E to the express business and a 0.6x P/S to new business lines [8] - **Market Capitalization**: Approximately Rmb197.16 billion (US$27.71 billion) [2] This summary encapsulates the essential insights from the conference call regarding S.F. Holding's performance, outlook, and investment potential, highlighting both opportunities and risks in the logistics sector.

Core Viewpoint - Burford Capital Limited reported significant increases in revenue and profitability for the second quarter and year-to-date, indicating strong demand and a robust business pipeline [2]. Financial Performance - Burford's financial results for the three and six months ended June 30, 2025, show sharp increases in both revenue and profitability [2]. - The company raised $500 million in new capital within two days in July 2025, reflecting market confidence in its growth trajectory [2]. Business Operations - Burford operates as a leading global finance and asset management firm focused on law, providing services such as litigation finance, risk management, and asset recovery [5]. - The firm has established a strong competitive position in the market, supported by substantial new business written in 2025 [2]. Investor Relations - Burford will hold a conference call for investors and analysts on August 7, 2025, to discuss its financial results and business outlook [2][3]. - Pre-registration for the conference call is encouraged to ensure swift access [2][3]. Company Overview - Burford Capital is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) [5]. - The company collaborates with various companies and law firms globally, leveraging its extensive network of offices [5].