Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company maintains a sustainable and healthy operational approach, enhancing its operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, resulting in stable cargo volumes for its international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

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。 （股份代號：6936） 2025年11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11月業務 經營簡報情況如下： | 項目 | | 2025年11月 | 2024年11月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | （人民幣億元） 營業收入 | 206.60 | 188.02 | 9.88% | | | －業務量 （億票） | 15.34 | 12.77 | 20.13% | | | （人民幣元） －單票收入 | 13.47 | 14.72 | -8.49% | | 2. | 供應鏈及國際業務 | | | | | | （人民幣億元） 營業收入 | 65.13 | 63.94 | 1.86% | ...

Core Viewpoint - SF Express has opted not to participate in the 2026 Douyin e-commerce return service, indicating a strategic decision to withdraw from this market segment [1] Group 1: Company Actions - SF Express has confirmed that its contract for the Douyin return service has naturally expired, characterizing this as a normal business operation [1] - The return fulfillment for Douyin e-commerce will now be handled by other logistics providers, including JD Express, ZTO Express, and YTO Express [1]

Core Viewpoint - SF Express has opted out of participating in the 2026 Douyin e-commerce return service, indicating a strategic decision to withdraw from this market segment [1] Group 1: Company Actions - SF Express will not be involved in the Douyin e-commerce return service for 2026, which is a voluntary decision to exit this business market [1] - The return fulfillment for Douyin e-commerce will be gradually taken over by other logistics service providers such as JD.com, Zhongtong, and YTO Express [1] Group 2: Official Statements - SF Express officially stated that the termination of the cooperation contract with Douyin for the return business is a natural conclusion and part of normal business operations [1]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.66 billion yuan, reflecting a year-on-year increase of 9.88% [1] - The business volume for express logistics reached 1.534 billion packages, showing a year-on-year growth of 20.13% [1] - The supply chain and international business reported revenue of 6.513 billion yuan, with a year-on-year growth of 1.86% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations [1] - SF Holding is advancing its operational mechanisms to enhance business performance [1] - The focus is on high-quality service and stable operations to meet customer demand during peak e-commerce promotional seasons, driving high-quality business growth [1]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.66 billion yuan, reflecting a year-on-year increase of 9.88% [1] - The business volume for express logistics reached 1.534 billion packages, which is a year-on-year growth of 20.13% [1] - The supply chain and international business reported revenue of 6.513 billion yuan, showing a year-on-year increase of 1.86% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations [1] - SF Holding is advancing its operational mechanisms to enhance business quality and stability [1] - The focus on high-quality service and stable operations aims to meet customer demand during the e-commerce promotional peak season, driving high-quality business growth [1]

Core Viewpoint - SF Holding (002352) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business revenue increased by 9.88% year-on-year [1] - The business volume for express logistics grew by 20.13% year-on-year [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operational approach [1] - SF Holding is advancing its operational activation mechanism to ensure high-quality service and stable operations [1] - The company aims to meet customer demand during the peak e-commerce promotional season, driving high-quality business growth [1]

顺丰控股公告，2025年11月速运物流业务收入为206.6亿元，同比增长9.88%，业务量为15.34亿票，同 比增长20.13%，单票收入为13.47元，同比下降8.49%。供应链及国际业务收入为65.13亿元，同比增长 1.86%。公司2025年11月速运物流业务、供应链及国际业务合计收入为271.73亿元，同比增长7.85%。速 运物流业务收入同比增长9.88%，业务量同比增长20.13%。 ...

Core Viewpoint - SF Holding announced that its revenue from express logistics, supply chain, and international business for November 2025 reached RMB 27.173 billion, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - Revenue from express logistics business increased by 9.88% year-on-year [1] - Business volume for express logistics grew by 20.13% [1] - International freight forwarding revenue was impacted by fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] Group 2: Market Response - The company leveraged its global network advantages and diverse product offerings to adapt to market changes [1] - SF Holding actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics continued to grow at a rapid pace year-on-year [1]

Core Insights - FedEx reported a strong quarter with revenues exceeding expectations, achieving a 7% increase in revenue and a 17% increase in earnings, prompting management to raise the lower end of their full-year forecast for both revenue and earnings [1][3][4] Financial Performance - The company achieved a revenue growth of 7% and a bottom line growth of 17% in the latest quarter [3] - Management has successfully implemented cost-cutting measures, removing $4 billion in costs over the last three years, with a target of an additional $1 billion for the current year [5][21] Business Strategy - FedEx is focusing on structural cost reduction and has seen positive results from its delivery network optimization efforts [2][5] - The company plans to spin off its freight division, which has been underperforming, indicating a strategic shift towards more profitable segments [2] Market Position - FedEx is positioning itself as a leader in B2B logistics, with 66% of its revenue coming from business-to-business operations, which typically have higher margins compared to B2C [12][14] - The company is experiencing growth in key verticals such as healthcare, aerospace, and defense, as well as in the emerging data center market [6][11] Technological Advancements - FedEx is investing in AI and robotics to enhance operational efficiency in its warehouses and delivery processes [7][8] - The company has modernized its fleet, resulting in a younger average age of aircraft compared to competitors, which supports its operational capabilities [33] Global Operations - FedEx is adapting to changing global trade patterns, particularly in Asia and Europe, and is seeing increased intra-Asia traffic and growth in B2B shipments [27][28] - The company has launched new direct flights and opened facilities in key international markets, enhancing its global logistics network [31]