Core Viewpoint - The company reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, reflecting a year-on-year growth of 9.79% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 13.68% year-on-year, with business volume growing by 26.26% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable delivery during peak e-commerce promotional seasons, driving high-quality growth [1] Group 2: International Business - The international freight forwarding business faced slower revenue growth due to fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] - Despite market challenges, the company leveraged its global network and diverse product offerings to adapt to market changes, maintaining stable cargo volumes in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid growth year-on-year [1]

S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 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。 2025年10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10月業務 經營簡報情況如下： | 項目 | | 2025年10月 | 2024年10月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 200.91 | 176.73 | 13.68% | | | －業務量 （億票） | 15.24 | 12.07 | 26.26% | | | －單票收入 （人民幣元） | 13.18 | 14.64 | -9.97% | | 2. | 供應鏈 ...

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, representing a year-on-year growth of 9.79% [1] Group 1: Revenue and Growth - The express logistics business generated revenue of RMB 20.091 billion in October 2025, reflecting a year-on-year increase of 13.68% [1] - The business volume for express logistics reached 1.524 billion packages, marking a year-on-year growth of 26.26% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations, focusing on activating operational advancement mechanisms [1] - High-quality service and stable operational delivery are prioritized to meet customer demand during the e-commerce promotional peak season, driving high-quality business growth [1]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, representing a year-on-year growth of 9.79% [1] Group 1: Revenue and Growth - The express logistics business generated revenue of RMB 20.091 billion in October 2025, reflecting a year-on-year increase of 13.68% [1] - The business volume for express logistics reached 1.524 billion parcels, marking a year-on-year growth of 26.26% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations, focusing on high-quality service and stable operational delivery [1] - SF Holding aims to meet customer demand during the peak e-commerce promotional season, driving high-quality business growth [1]

Core Insights - The logistics hub in Nanyang, Henan Province, has attracted 16 leading logistics companies, including China Post and Muyuan Logistics, with over 400,000 packages dispatched daily [1] - The "Hub Economy" strategy aims to enhance logistics infrastructure and services, focusing on international, cold chain, and e-commerce logistics [1] - The establishment of regional public distribution centers and village-level service stations is improving logistics efficiency and accessibility in rural areas [2] Group 1 - The Nanyang Yuzhi Haiyuan Supply Chain Management Company reports a bustling logistics environment with packages being sorted and dispatched rapidly [1] - The "Hub + Logistics + Channel" infrastructure system is being developed to facilitate the efficient movement of goods between urban and rural areas [1] - A new regional logistics distribution center is being constructed on a 30-acre site to support the integration of major express delivery companies [1] Group 2 - Nine regional public distribution service centers are being planned to enhance the logistics network in surrounding towns, with two centers already operational [2] - The operational centers have successfully integrated services from major brands like China Post and YTO Express, handling over 600,000 packages daily [2] - The establishment of 165 village-level comprehensive service stations is aimed at improving rural logistics services and accessibility for residents [2]

Core Insights - The launch of Tongda Future City marks a significant milestone for the express logistics industry in Tonglu, with the return of major companies from the "Three Express" group (Shentong, Yunda, Zhongtong, and Yunda) to their hometown [1][2] - The integration of technology and express logistics is emphasized, with AI applications enhancing delivery efficiency and the establishment of a comprehensive logistics ecosystem [2][3] - Tonglu aims to create a trillion-level express logistics industry cluster while fostering the development of related sectors such as visual intelligence, new energy, new materials, and life health [3] Group 1 - The return of the "Three Express" companies to Tonglu is driven by nostalgia and the need to leverage local advantages for the development of smart logistics [1] - Tongda Future City features headquarters for major express companies and aims for over 60% occupancy by the end of the year [1][2] - The city is focusing on building a full industry chain ecosystem, with 51 enterprises already established in the logistics sector [2] Group 2 - The introduction of advanced technologies, such as AI for smart path planning and automated sorting systems, is a key focus for enhancing operational efficiency [2] - Tonglu has attracted 183 express logistics projects and aims to integrate education and industry through initiatives like the establishment of Tongda Academy [3] - The goal is to elevate the city's economic capabilities and create a robust ecosystem for the logistics industry [2][3]

Core Insights - The shipping industry is experiencing fluctuations in oil freight rates, with the China Import Crude Oil Index (CTFI) rising by 9.5% to 2231.96 points as of November 13 [3] - VLCC market activity is slowing down as the end of November cargoes approaches, with a general optimism about future rates despite a temporary pause in geopolitical premiums [3] - The air transport sector sees significant developments, including Volant Air's completion of a multi-hundred million yuan Series B financing and the debut of China's C919 aircraft at the Dubai Airshow [2][3] - The logistics sector is witnessing record-breaking parcel volumes during the "Double Eleven" shopping festival, with Jitu Express reporting over 100 million parcels on November 11, a 9% year-on-year increase [2][3] Shipping Industry - Oil freight rates have shown a pattern of decline followed by an increase, with the CTFI reflecting a recent upward trend [3] - The European shipping market remains stable, with spot market rates increasing due to solid supply-demand fundamentals [3] - In contrast, the US shipping market is facing a lack of growth momentum, leading to a decline in booking prices for routes to the West and East coasts [3] Air Transport - Volant Air has successfully raised several hundred million yuan in Series B funding, with participation from various investors [2][3] - The C919 aircraft made its first appearance in the Middle East at the Dubai Airshow, marking a significant milestone for Chinese aviation [2][3] Logistics and Express Delivery - Jitu Express reported a record-breaking parcel volume during the "Double Eleven" shopping festival, with a daily average of 94.59 million parcels from November 1 to 12, reflecting a 15% year-on-year growth [2][3] - National postal services recorded a total of 13.938 billion parcels collected from October 21 to November 11, with a peak daily volume of 777 million parcels [2][3] Investment Recommendations - The company suggests focusing on the industrial goods export chain, recommending stocks such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - There is an emphasis on investment opportunities related to the construction of hydropower stations in the Yarlung Tsangpo River basin, with recommendations for Sichuan Chengyu, Chongqing Port, and Fulinyunyi [5] - The low-altitude economy is highlighted as a trend for investment, with a recommendation for CITIC Offshore Helicopter [6] - The road and rail sectors are also noted for investment opportunities, with specific companies recommended [7] - The express delivery sector is advised for investment, with recommendations for SF Express, Jitu Express, and Yunda [8]

Core Insights - The logistics industry is becoming the primary sector for the large-scale implementation of low-altitude economy, driven by high order volumes and mature development [2] - The rapid growth of drone logistics is supported by advancements in AI, 5G, big data, and cloud computing, which provide a solid foundation for the application of drones in express delivery [1][3] - The shortage of human resources in the logistics sector, particularly in courier services, is prompting the adoption of unmanned technologies to meet increasing delivery demands [1] Group 1: Industry Growth and Trends - The number of drone routes is expected to double in 2024 compared to the total established in the past decade, with over 500 new routes planned by a leading logistics company [1] - The average daily express delivery volume has surged from 100 million packages in 2019 to 729 million at peak last year, with projections to reach 1 billion packages daily in the future [1] - Major express companies are already operating over 1,000 drone takeoffs and landings daily at some distribution points, indicating a gradual realization of scale effects in drone logistics [2] Group 2: Technological Innovations - The introduction of passive IoT technology allows for the sensing of product information without unpacking, significantly reducing logistics time and costs [3] - AI safety technologies have expanded the operational range for drones, with previously restricted airspace now becoming accessible for safe flights, increasing suitable flying areas from 17% to 80% in some cities [3] - The integration of drones with other transport modes, such as ground stations and rail systems, has led to the development of a seamless logistics model that can save 60%-80% in time and reduce logistics costs by 30%-50% [5]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - Crude oil freight rates initially declined but then increased, with a divergence in container shipping rates on long-distance routes. The China Import Crude Oil Composite Index (CTFI) rose to 2231.96 points, up 9.5% from November 6 [2][13] - Volant Aviation completed a multi-hundred million yuan Series B financing round, and the C919 aircraft made its debut at the Dubai Airshow [2][15] - Jitu Express reported over 100 million packages on "Double Eleven," marking a 9% year-on-year increase, with an average daily package volume of 94.59 million during the peak season [2][23] Summary by Sections Industry Hot Events - Crude oil freight rates fluctuated, with the CTFI at 2231.96 points, a 9.5% increase from November 6. The VLCC market is optimistic about future rates due to tight vessel availability [2][13] - Volant Aviation's Series B financing was led by Huaying Capital, with existing shareholders also increasing their investments. The C919 aircraft is set to showcase its capabilities at the 2025 Dubai Airshow [2][15] - Jitu Express achieved a record-breaking package volume during "Double Eleven," with a total of 1.3938 billion packages collected nationwide from October 21 to November 11, reflecting a 17.8% increase in daily average volume [2][25] High-Frequency Dynamic Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was 5356.00 points, down 2.5% year-on-year [27][28] - Domestic freight flights increased by 0.32% year-on-year, while international flights rose by 11.12% [28] - The SCFI index reported a decrease of 2.92% week-on-week, while the CCFI index increased by 3.39% week-on-week [35] Investment Recommendations - Focus on the equipment and manufacturing industrial products export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [4] - Investment opportunities in the low-altitude economy, with a recommendation for CITIC Offshore Helicopter [4] - Recommendations for highway and railway sectors, including Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Straits Shares [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, and Spring Airlines [4]

Core Viewpoint - The logistics industry is rapidly adopting low-altitude drone delivery, with significant growth in the number of drone routes and technological advancements supporting this trend [1][2]. Group 1: Industry Growth and Trends - The logistics sector is experiencing explosive growth in low-altitude drone routes, with a leading logistics company planning to open over 500 drone routes in 2024, more than double the total opened in the past decade [1]. - The average daily express delivery volume has surged from 100 million packages in 2019 to a peak of 729 million packages last year, with projections to reach 1 billion packages daily in the future [1]. - The logistics industry is seen as the primary sector for the large-scale implementation of low-altitude economy due to its maturity and high order volume [2]. Group 2: Technological Innovations - The integration of AI, 5G, big data, and cloud computing is laying a solid foundation for the application of drones in logistics [1]. - The introduction of passive IoT technology allows for the sensing of product information without unpacking, significantly improving logistics efficiency [3]. - AI safety technologies have expanded the operational range of drones, increasing the suitable flying areas from 17% to 80% in some cities [3]. Group 3: Policy Support and Applications - Recent policies from various government departments support the development of smart cloud warehouses, unmanned delivery, and low-altitude logistics [2]. - Major logistics companies, such as SF Express, are implementing innovative models that connect drones with ground and underground transport systems, achieving seamless logistics transitions [4][5]. - This new model has been successfully implemented in regions like Zhejiang and the Greater Bay Area, reducing time costs by 60%-80% and logistics costs by 30%-50% [5].