香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 上述資料未經審計，與定期報告資料可能存在差異，僅供投資者參考。相關資 料以公司定期報告為準。 股東及潛在投資者於買賣本公司證券時應注意投資風險並審慎行事。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2 025 年 7 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年7月業務經 營簡報情況如下： | 項目 | | 2025年7月 | 2024年7月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 162.28 | 14.97% | | | （億票） －業 ...

此外，顺丰稳步推进全球化布局，不断完善全球化物流网络。7月，顺丰航空开通了"湖北鄂州-阿布扎 比-河内-湖北鄂州"国际货运航线，架起连通国内、中东、东南亚主要城市的航空物流通道。数据显 示，7月顺丰供应链及国际业务实现营收61.90亿元。 值得关注的是，国际头部投行与国内知名基金对顺丰控股的长期价值均表现出积极认可。摩根士丹利于 7月31日宣布，将顺丰控股A股评级上调至"超配"；与此同时，易方达蓝筹精选等多只市场关注度较高 的基金产品，在二季度进一步增持顺丰控股A股；国际投行摩根大通在8月再次增持顺丰控股H股。境内 外投资人看好顺丰利润规模与现金流状况稳健增长，整体增长潜力获市场认可。 暑假旅游高峰期，游客更注重"轻出行+即时享受"的旅行需求，顺丰瞄准这一需求，与多地文旅部门共 建"旅游+物流"服务生态，从"物流服务商"升级为"IP消费场景合作伙伴"。 8月，开海季"鲜活速达"成为消费者的核心诉求。顺丰捕捉这一季节性机遇，以"产地直采-运输保障-末 端配送"全链路服务体系，助力开海经济释放消费潜力。在重点产区与消费市场，顺丰推出针对性服务 提升渗透率。同时，顺丰还推出大件冷链服务，全方位覆盖不同客户的寄递需求 ...

Core Insights - SF Holding announced that the combined revenue from express logistics, supply chain, and international business for July was RMB 24.847 billion, representing a year-on-year growth of 9.95% [1] - The express logistics business revenue grew by 14.97% year-on-year, with a business volume increase of 33.69% [1] - The international freight market demand has softened due to fluctuations in international trade, and sea freight prices have significantly declined from last year's high levels [1]

8月19日晚间，顺丰控股（002352.SZ，06936.HK）发布7月经营简报。数据显示，在深化落实激活经营 策略、持续渗透新业务场景、满足客户多元化业务需求等因素带动下，顺丰控股7月合计营收248.47亿 元，同比增长9.95%，速运物流业务实现营收186.57亿元，同比增14.97%，业务量13.77亿票，同比大幅 增加33.69%；供应链及国际业务实现营收61.90亿元。 从服务商到合作伙伴 顺丰新消费场景抢占优质份额 当下，即时零售、兴趣电商、文旅等新消费场景的持续涌现，为快递物流行业带来明确增量需求，顺丰 正是凭借对新消费场景的深度渗透，持续抢占优质市场份额。 7月顺丰速运业务量达到13.77亿票，实现了超三成的增长，增长背后是顺丰对新消费趋势的精准把握 ——以"体验化、个性化、场景化"为核心的新消费需求，推动服务从"基础寄递"向"场景嵌入"升级，顺 丰通过深度渗透旅游、主题乐园等领域，实现了与新消费需求的同频共振。 暑假的旅游高峰期，出游的游客更注重"轻出行+即时享受"的旅行需求，顺丰瞄准这一需求，与多地文 旅部门共建"旅游+物流"服务生态，从"物流服务商"升级为"IP消费场景合作伙伴"。 7月 ...

Core Insights - SF Holding (002352.SZ) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] - The express logistics business generated revenue of RMB 18.657 billion, showing a year-on-year increase of 14.97%, with a total volume of 1.377 billion parcels, up by 33.69% year-on-year [1] Business Performance - The express logistics business maintained a strong growth momentum, attributed to the company's implementation of activation strategies and increased authorization and incentives for frontline operations [1] - The company enhanced its operational support investments, strengthened standard product offerings, and improved comprehensive logistics service capabilities [1] - SF Holding continued to penetrate various logistics scenarios in manufacturing and consumer sectors, effectively meeting diverse customer needs [1]

Core Insights - SF Holding (002352.SZ) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] - The express logistics business generated revenue of RMB 18.657 billion, showing a year-on-year increase of 14.97%, with a business volume of 1.377 billion parcels, up 33.69% year-on-year [1] - The growth in the express logistics business is attributed to the company's implementation of activation strategies, increased authorization and incentives for frontline operations, enhanced operational support, and improved standard products and comprehensive logistics service capabilities [1] Revenue Breakdown - Total revenue for express logistics, supply chain, and international business in July 2025 was RMB 24.847 billion, a 9.95% increase from the previous year [1] - Revenue from express logistics alone was RMB 18.657 billion, reflecting a 14.97% year-on-year growth [1] - The business volume for express logistics reached 1.377 billion parcels, marking a significant increase of 33.69% year-on-year [1] Strategic Initiatives - The company has focused on deepening the implementation of activation strategies to drive growth [1] - Increased authorization and incentives for frontline business operations have been a key factor in enhancing performance [1] - Investments in operational support and the strengthening of standard products and comprehensive logistics services have contributed to meeting diverse customer needs [1]

Core Insights - The company reported a revenue of 18.657 billion yuan for its express logistics business in July 2025, representing a year-on-year growth of 14.97% [1] - The total business volume reached 1.377 billion shipments, showing a significant increase of 33.69% year-on-year [1] - The average revenue per shipment decreased to 13.55 yuan, reflecting a year-on-year decline of 14.02% [1] - Revenue from supply chain and international business amounted to 6.19 billion yuan, which is a year-on-year decrease of 2.83% [1] - The combined revenue from express logistics, supply chain, and international business totaled 24.847 billion yuan, marking a year-on-year growth of 9.95% [1]

Group 1: Express Delivery Industry - The State Post Bureau reported that in July 2025, the express delivery business volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, while the business revenue was 120.64 billion yuan, up 8.9% year-on-year [1][2] - The "old-for-new" policy continues to drive growth in the express delivery market, with companies actively expanding diverse demand scenarios to meet consumer needs for summer appliance deliveries [1][2] - From January to July, the express delivery business volume distribution among eastern, central, and western regions was 71.5%, 19.4%, and 9.1% respectively, indicating a trend of industry expansion towards central and western regions [2] Group 2: Industry Competition and Regulation - The Beijing and Baoji express delivery associations issued a "resist involution" initiative, promoting fair competition and urging companies to enhance core competitiveness and fulfill corporate responsibilities [2][3] - The Jiangsu Provincial Postal Administration announced plans to initiate an "anti-involution" campaign due to severe impacts from price wars, calling for compliance with legal requirements and the elimination of irrational competition [3] Group 3: Company Performance - Milky Way's 2025 semi-annual report showed a 13.12% year-on-year increase in net profit, with significant growth in distribution business driven by new platform expansions [4] - Debon Holdings reported a 11.43% year-on-year increase in revenue for the first half of 2025, but a significant drop in net profit by 84.34%, indicating short-term pressure on performance [5] Group 4: Aviation Industry - The China Air Transport Association released a self-discipline convention aimed at guiding high-quality development in the aviation industry, focusing on safety, service quality, and operational efficiency [6] - Direct flights between China and India are expected to resume after five years, potentially announced around the time of Indian Prime Minister Modi's visit to China [6] Group 5: Shipping and Port Industry - The potential ceasefire in the Russia-Ukraine conflict and the lifting of oil sanctions could significantly impact the crude oil tanker market, with two possible scenarios affecting supply and demand dynamics [7][8] - Brazil's iron ore exports have seen a notable increase, with July shipments reaching nearly 38 million tons, supporting the bulk shipping market [9] Group 6: Logistics and Transportation - Zhongyuan Expressway reported a 5.77% year-on-year increase in toll revenue for July 2025, with significant contributions from specific highway segments [13] - National logistics operations remained orderly from August 4 to August 10, with increases in both railway and highway freight transport [13]

Group 1: Industry Overview - The express delivery industry in China saw a business volume of 16.4 billion pieces in July 2025, representing a year-on-year growth of 15.1%, with revenue reaching 120.64 billion yuan, up 8.9% year-on-year [4][25]. - The "anti-involution" trend in the express delivery sector is gaining traction, with associations in Beijing and Baoji advocating for fair competition and the cessation of irrational price wars [5]. - The logistics sector is experiencing a shift towards the central and western regions of China, with the proportion of express delivery business volume in these areas increasing [4]. Group 2: Company Performance - Milky Way reported a 17.4% increase in revenue to 7.035 billion yuan in H1 2025, with a net profit of 352 million yuan, up 13.12% year-on-year [6]. - Debon Express achieved a revenue of 20.555 billion yuan in H1 2025, an increase of 11.43%, but faced a significant drop in net profit by 84.34% [7][8]. - The new management at Debon Express is expected to focus on improving service quality and operational efficiency, which may enhance revenue quality [8]. Group 3: Aviation Sector - The aviation industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential growth [15]. - The release of the "Self-Regulation Convention for Air Passenger Transport" aims to promote high-quality development and fair competition in the aviation market [9]. - The restoration of direct flights between China and India is anticipated, which could enhance passenger transport volumes [9]. Group 4: Shipping and Port Operations - The oil tanker market may be influenced by the potential end of the Russia-Ukraine conflict and the lifting of sanctions on Russian oil, which could lead to a reduction in old tanker capacity [10]. - Brazil's iron ore exports have significantly increased, supporting the bulk shipping market, with July shipments reaching nearly 38 million tons [11]. - China's port cargo throughput increased by 10.87% week-on-week to 26.894 million tons, while container throughput rose by 19.58% to 679,000 TEU [78]. Group 5: Road and Rail Transport - Zhongyuan Expressway reported a 5.77% increase in toll revenue in July 2025, with total revenue reaching 411 million yuan [14]. - National logistics operations remained stable, with rail freight increasing by 1.29% and highway freight traffic up by 1.34% during early August [14].

Group 1 - The total volume of import and export express shipments at Mohan Port reached 385,000 items and a value of 90.517 million yuan in the first seven months of this year, marking a year-on-year increase of 1,030% and 14.7% respectively, setting a historical record [1] - The types of goods include over 200 categories such as food, clothing, and home appliances, with the express business network covering 12 countries and regions including Laos, Thailand, and Nepal [1] - The express packages are transported via the China-Laos Railway to major cities in Laos, with a delivery time of as fast as 48 hours through the "road-rail combined transport" model [1] Group 2 - The Mohan Port International Express Supervision Center is the only land border port for cross-border international express supervision in the country, accelerating its role as a logistics hub connecting China with South Asia and Southeast Asia [1] - The center currently has three automatic sorting lines with a maximum daily processing capacity of 10,000 items, and logistics costs are reduced by over 50% compared to air transport, with delivery times being six days faster than sea transport [1] - The Mengla Customs has implemented multiple facilitation measures focusing on the characteristics of express business, including the deployment of X-ray and CT machines for precise supervision of medium and high-risk shipments, and automatic release for low-risk shipments [2]