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].

8月29日盘后，港股极兔速递公布2025年中期业绩。上半年，公司总收入达到55.0亿美元，同比增长 13.1%，其中，核心业务快递服务收入为53.4亿美元，同比增长12.7%；净利润录得8893.2万美元，去年 同期为3102.6万美元，同比大幅增长186.6%；经调整净利润为1.6亿美元，同比增长147.1%；经调整 EBITDA达到4.4亿美元，同比增长24.2%；经调整EBIT达到2.0亿美元，同比增长65.4%。 今年上半年，极兔速递总包裹量达到139.9亿件，同比增长27%；日均包裹量7690万件。截至2025年6月 30日，极兔在全球共拥有约19200个网点，运营着239个转运中心，配备了337套自动化分拣线。 极兔速递的业务主要集中在东南亚和中国市场，以及部分新市场（包括沙特阿拉伯、阿联酋、墨西哥、 巴西及埃及）。其中，中国市场仍占主要地位，而东南亚市场增长较快，新市场则首次实现EBITDA转 正。 具体来看，上半年，极兔在东南亚市场的包裹量同比增长57.9%至32.3亿件，市场份额由去年同期的 27.4%增加5.4个百分点至32.8%，连续6年稳居行业首位。报告期内，极兔在东南亚市场的收入同比 ...

格隆汇8月29日｜极兔速递上半年总营收54.99亿美元，同比增加13.1%；毛利为5.39亿美元，同比增加 0.5%；经调整净利润1.56亿美元，同比增长147.1%。 ...

每经AI快讯，8月29日，极兔速递公告，上半年总营收54.99亿美元，同比增加13.1%；毛利为5.39亿美 元，同比增加0.5%；经调整净利润1.56亿美元，同比增长147.1%。 ...

Group 1: Company Performance Overview - In the first half of 2025, the domestic online retail sales grew by 6.0%, accounting for 24.9% of total retail sales, driving strong growth in the express delivery sector [1] - The company completed a total business volume of 12.35 billion pieces, a year-on-year increase of 20.7%, with a market share of 12.91%, up by 0.15 percentage points [2] - The company's revenue reached 25.02 billion CNY, a year-on-year growth of 16.0%, with express delivery revenue at 24.69 billion CNY, increasing by 15.7% [2] Group 2: Cost and Profit Analysis - Operating costs amounted to 23.67 billion CNY, up by 16.8%, with express delivery costs at 23.49 billion CNY, increasing by 16.7% [2] - The net profit attributable to the parent company was 453 million CNY, reflecting a year-on-year growth of 3.7% [2] - The net cash flow from operating activities was 741 million CNY, a decrease of 59.6% due to increased revenue from monthly settlement clients and reduced pre-collection of waybill fees for franchisees [3] Group 3: Industry Trends and Company Strategy - The express delivery industry is responding to the "anti-involution" policy, with significant actions taken in regions like Zhejiang and Guangdong to curb low-price competition [4] - The company plans to enhance its digital and intelligent operations while fostering a new franchise network culture to improve service quality [4] - The company is focusing on integrating AI technologies into its operations to optimize management processes and reduce costs [6] Group 4: Future Outlook - The expected growth rate for the express delivery industry may slow down in the second half of 2025 due to the "anti-involution" policies and an expanded volume base [5] - The company anticipates that the acquisition of Danbird Logistics will enhance its market position in high-end services and improve overall profitability [5] - The company aims to increase its daily capacity to over 90 million pieces by the end of 2025, with capital expenditures expected to remain similar to the previous year [4]

Financial Data and Key Metrics Changes - The company's total revenue increased by 13.1% year on year, from $4.9 billion in 2024 to $5.5 billion in 2025 [21] - Adjusted net profit reached $156 million in 2025, representing a 147% increase from $63 million in the first half of last year [30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, revenue increased by 29.6% year on year, from $1.5 billion in 2024 to $2 billion in 2025 [22] - In China, revenue grew by 4.6% year on year to $3.1 billion, with revenue per parcel decreasing from $0.34 to $0.30 [25] - New markets achieved a revenue increase of 24.3% year on year, from $292 million in 2024 to $362 million in 2025 [28] Market Data and Key Metrics Changes - The parcel volume in Southeast Asia reached 3.23 billion parcels, a year on year increase of 58% [10] - In China, parcel volume reached 10.6 billion parcels, representing a year on year increase of 20% [13] - New markets saw parcel volume reach 170 million parcels, a year on year increase of 22% [15] Company Strategy and Development Direction - The company aims to focus on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [12] - The strategy includes leveraging automation and digitalization to improve operational efficiency and customer experience [17] - The company plans to maintain its strategic position as a third-party logistics provider in Latin America, capitalizing on the growth of e-commerce platforms [40] Management's Comments on Operating Environment and Future Outlook - The management highlighted the challenges posed by geopolitical conflicts and uncertainties in international trade policies [7] - There is optimism regarding the growth potential in Southeast Asia and new markets, with expectations for continued parcel volume growth [17] - The management noted that the anti-involution policy in China may lead to price recovery and improved earnings in the future [37] Other Important Information - The company achieved adjusted EBITDA breakeven in new markets for the first time, indicating improved operational efficiency [28] - The company has deployed over 900 autonomous delivery vehicles to enhance last-mile delivery efficiency [95] - The total cash balance as of June 30, 2025, was $1.7 billion, indicating strong cash generation capabilities [32] Q&A Session Summary Question: Thoughts on domestic policy and its impact on earnings - Management noted that price recovery has been observed in certain provinces due to anti-involution policies, which may lead to improved earnings [37] Question: Outlook for Latin American market performance - Management expressed optimism about the growth potential in Latin America, citing successful partnerships and a significant increase in parcel volume [40] Question: Update on non-ecommerce platform businesses in Southeast Asia - Management confirmed ongoing development of non-ecommerce customers, which, while growing slower than e-commerce parcels, contribute higher margins [45] Question: Capacity to handle strong volume growth in Southeast Asia - Management stated that current capacity can handle over 30 million parcels daily, with plans for continued upgrades to meet future demand [49] Question: Cost reduction and efficiency improvements - Management highlighted ongoing efforts to reduce costs through fleet expansion, automation, and network optimization [55] Question: Growth expectations and market expansion plans - Management indicated that the e-commerce market in Southeast Asia is expected to grow rapidly, and they are evaluating potential new markets for expansion [63] Question: Cooperation with MercadoLibre - Management shared that collaboration with MercadoLibre is progressing well, with significant potential for future growth [92] Question: Initiatives for embracing AI technologies - Management mentioned ongoing deployment of autonomous delivery vehicles and plans to localize automated sorting equipment in new markets [96]

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [8] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [8] - Adjusted net profit rose to $160 million, a significant year-on-year increase of 147% [8][30] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the China market [21] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with market share rising to 32.8% [9] - Revenue in Southeast Asia increased by 29.6% year-on-year to $2 billion, with adjusted EBIT growing by 74% [22] - In China, parcel volume reached 10.6 billion parcels, a year-on-year increase of 20%, but revenue per parcel decreased to $0.30 [13][25] - New markets saw parcel volume increase to 170 million parcels, a year-on-year growth of 22%, achieving positive EBITDA for the first time [15][27] Market Data and Key Metrics Changes - Southeast Asia's market share increased by 5.4 percentage points year-on-year, solidifying the company's leadership position [9] - The new markets segment achieved a significant turnaround, with a market share increase of 6.2% [15] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [11] - Plans to replicate China's cost reduction experience in Southeast Asia and new markets [16] - Emphasis on investing in network capacity and automation to improve operational efficiency [16][28] Management's Comments on Operating Environment and Future Outlook - The global economic environment remains volatile, with geopolitical conflicts and trade uncertainties posing challenges [7] - Management expressed confidence in future growth, particularly in Southeast Asia and Latin America, driven by strong local partnerships [16][39] - The company aims to maintain a long-term focus on value creation amidst competitive pressures [17] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million, an increase of 21.8% [30][32] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [32] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [36] - The Latin American market is expected to grow further, supported by partnerships with platforms like TikTok and MercadoLibre [39] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business accounts for less than 10% of total parcels but contributes higher margins [44] - Current capacity in Southeast Asia can handle over 30 million parcels daily, with ongoing investments in capacity expansion [47] Question: Cost reduction potential and market share expansion plans - Transportation and sorting costs per parcel have decreased, with ongoing efforts to further reduce costs [51] - The company is evaluating potential new markets for expansion, with a focus on maintaining leadership in Southeast Asia [60] Question: Unit economics guidance and franchise model adoption - The company aims to balance parcel volume growth with ASP strategy, maintaining stable EBIT per parcel [72] - The network partner model is being implemented across Southeast Asia, with 30% of the network run by partners [77] Question: Cooperation with MercadoLibre and AI technology initiatives - Collaboration with MercadoLibre is progressing well, with significant potential for growth [90] - The company has deployed over 900 autonomous delivery vehicles in China, enhancing last-mile delivery efficiency [94]

Financial Data and Key Metrics Changes - The company's parcel volume reached 13.99 billion parcels, a year-on-year increase of 27% [7] - Revenue increased to $5.5 billion, representing a year-on-year growth of 13% [19] - Adjusted net profit rose to $156 million, a significant year-on-year increase of 147% [27] - Gross profit margin declined from 11% to 9.8% due to competitive pressures in the Chinese market [19] Business Line Data and Key Metrics Changes - In Southeast Asia, parcel volume reached 3.23 billion parcels, a year-on-year increase of 58%, with revenue growing by 29.6% to $2 billion [8][20] - In China, parcel volume increased to 10.6 billion parcels, a year-on-year growth of 20%, but revenue per parcel decreased from $0.34 to $0.30 [11][23] - New markets saw parcel volume reach 170 million parcels, a year-on-year increase of 22%, achieving positive EBITDA for the first time [14][25] Market Data and Key Metrics Changes - Southeast Asia's market share increased to 32.8%, up by 5.4 percentage points year-on-year [8] - The Chinese market's share rose slightly to 11.1%, with revenue growing by 4.6% to $3.1 billion [11][23] - New markets accounted for a significant turnaround, with revenue increasing by 24.3% year-on-year [25] Company Strategy and Development Direction - The company focuses on continuous cost reduction and developing non-ecommerce platform customers to enhance profitability [9][11] - Plans to replicate cost reduction strategies from China to Southeast Asia and new markets [15] - Emphasis on investing in network capacity and automation to improve operational efficiency [25][92] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from geopolitical conflicts and trade uncertainties but highlighted resilience and growth in Southeast Asia [6] - The company is optimistic about future growth in Latin America, expecting it to become a key growth engine [15][36] - Management noted the importance of adapting to market conditions and maintaining competitive pricing strategies [34][50] Other Important Information - The company achieved a strong cash flow, with net cash flow from operating activities amounting to $421 million [28] - Total cash and cash equivalents reached $1.7 billion as of June 30, 2025 [29] Q&A Session Summary Question: Impact of domestic policy on earnings and performance in Latin America - Management noted price recovery in certain provinces due to anti-involution policies, which may improve earnings [33] - The Latin American market is expected to grow further, supported by partnerships with key players like TikTok and MercadoLibre [36] Question: Update on non-ecommerce platform businesses and operational capacity in Southeast Asia - Non-ecommerce business is growing but at a slower rate than ecommerce parcels; it currently accounts for less than 10% of total parcels [41] - Capacity in Southeast Asia is sufficient to handle current volume growth, with plans for continued investment in capacity [45] Question: Cost reduction potential and market share expansion in Southeast Asia - The company aims to reduce costs further and improve efficiencies through various strategies [50] - Southeast Asia's e-commerce market is expected to grow significantly, and the company plans to enhance its market share [57] Question: Unit economics guidance and franchise model adoption - The company maintains stable EBIT per parcel and aims to balance growth with pricing strategies [70] - The franchise model is being implemented across Southeast Asia, with 30% of the network run by partners [74] Question: Cooperation with MercadoLibre and AI technologies - Collaboration with MercadoLibre is progressing well, with significant potential for growth [88] - The company is piloting autonomous delivery vehicles and deploying automated sorting equipment to enhance efficiency [90][92]

（原标题：极兔速递2025上半年经调整净利润同比大增147.1% 东南亚市占率同比飙升5.4个百分点至 32.8% 新市场经调整EBITDA首次转正） 中国市场持续盈利 客户结构趋向改善 期内，极兔在中国的市场份额稳中有升，包裹量同比增长20.0%至106.0亿件。按包裹量计，极兔在中国 的市场占有率增长至11.1%。包裹量的增长主要得益于公司深化与各大电商平台的合作，提升服务质量 以增强客户黏性，并积极开拓下沉市场及助农项目。公司亦与电商平台合作开展香港地区的集运业务， 以高效服务将平台商品销往香港，拓展公司的业务足迹。 客户结构方面，极兔积极与产业客户深度合作，重点发掘优质客户共同成长。期内，公司主动执行客户 置换，积极引入优质品牌客户，品牌客户的包裹量增速明显。例如极兔广州云仓成功为美妆大客户提供 专业仓储与定制化物流方案，助其精准应对市场挑战，拓展新蓝海。 香港，2025年8月29日 —— 全球物流服务运营商极兔速递环球有限公司(简称"极兔速递"或"极兔"或"公 司"，股票代码：01519)公布2025年中期业绩。上半年，极兔凭借在各市场的强劲业务增长和运营的持 续优化，实现稳健的财务表现。随着业务量 ...

来源：智通财经 财报指出，上半年快递行业竞争激烈，价格持续下调。公司单票快递收入承压，达0.30美元，上年同期 为0.34美元。公司持续优化不同电商平台的包裹量结构，改善货物品类结构，推动逆向件和散单件稳步 发展。自今年7月起在国家邮政局"反内卷"政策倡导下，行业价格竞争趋于理性，义乌、广东等重要产 粮区价格边际回升。（智通财经记者 邵冰燕） 8月29日，极兔速递（1519.HK）公布今年中期业绩，上半年总收入55亿美元，同比增长13.1%；经调整 净利润1.6亿美元，同比大增147.1%；期内利润为0.89亿美元，同比增186.6%。上半年完成总包裹量达 139.9亿件，同比增27%。 其中，中国市场包裹量提升20%，市场份额提升0.1个百分点至11.1%。上半年中国业务的经调整EBIT为 0.13亿美元，上年同期为0.6亿美元，经调整EBIT率为0.4%。经调整EBITDA为1.55亿美元，上年同期为 2亿美元。 ...