Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 69.85 billion RMB in Q1, representing a year-on-year growth of 6.9%, and a net profit attributable to shareholders of 2.23 billion RMB, up 16.9% year-on-year, slightly exceeding expectations due to operational model transformation and network optimization [1][2] - The company is expected to benefit from stable profits from express delivery, diversified business growth, and international expansion, leading to a revaluation from an express delivery company to a comprehensive logistics service provider [1][3] Revenue and Volume Growth - The average daily volume of parcels increased by 21.0% year-on-year to 3.56 billion parcels, with total parcel volume growing by 19.7% to 3.54 billion parcels [2] - The average price per parcel decreased by approximately 11.0% year-on-year to 14.55 RMB, continuing the trend of "price for volume" established over the past 24 years [2] Business Segments and Cost Optimization - Revenue from express logistics grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year, driven by competitive product offerings and enhanced international network capabilities [2] - The company achieved a gross margin of 13.3%, a slight increase of 0.1 percentage points year-on-year, with gross profit rising by 8.0% to 9.29 billion RMB [2] Profit Forecast and Valuation - The company maintains net profit forecasts of 11.8 billion RMB, 14.2 billion RMB, and 16.0 billion RMB for 2025-2027, with corresponding EBITDA of 34.9 billion RMB, 38.5 billion RMB, and 41.3 billion RMB [3] - The valuation for A-shares is set at 8.0x EV/EBITDA for 2025, above the average of 4.8x for comparable companies, while H-shares are valued at 7.7x EV/EBITDA, also above the average of 5.2x [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 2、本次回购事项存在因未及时推出A股员工持股计划或股权激励计划、因A股员工持股计划或股权激励 对象放弃认购或其他原因，导致已回购A股股票在回购完成之后36个月内无法全部授出的风险。 公司将根据回购事项进展情况及时履行信息披露义务，敬请投资者注意投资风险。 四、报备文件 1、第六届董事会第二十次会议决议； 重要内容提示： 1、顺丰控股股份有限公司（以下简称"公司"）基于对未来发展前景的信心和对公司价值的高度认可， 为进一步健全公司长效激励机制，充分调动公司核心骨干及优秀员工的积极性，共同促进公司的长远发 展，在综合考虑业务发展前景、经营情况、财务状况、未来盈利能力以及近期公司股票在二级市场表现 的基础上，现推出2025年第1期A股回购股份方案，计划以自有资金通过二级市场以集中竞价方式回购 部分A股社会公众股份。 回购报告书 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 2、回购股份事项相关信息知情人名单和重大事项进程备忘录。 特此公告。 顺丰控股股份有限公司 董 事 会 二○二五年四月二十八日 证券代码：0023 ...

上天天基金APP搜索【777】领 98 元券包 ，优选基金10元起投！限量发放！先到先得！ 4月28日晚间，顺丰控股（002352）披露了2025年首份"成绩单"，一季度公司实现营业收入 698.50亿元，同比增长6.90%；实现总件量35.6亿票，同比增长19.7%；归母净利润实现22.34亿 元，同比增长16.87%，再创上市以来的新高；归母净利润率达到3.2%，同比提升0.3个百分 点。 此外，通过数字化系统优化流程、智能工具精准调度资源，实现管理效率的显著提升。这一系 列举措成效逐步显现，公司主要费用率持续改善，其中管理费用率下降0.6个百分点，研发费用 率下降0.1个百分点，财务费用率基本持平，以精细化运营为业绩增长筑牢坚实基础。 启动新一轮股份回购 4月28日晚间，顺丰控股还披露了新一期的回购方案。据公告，公司计划以自有资金通过二级市 场以集中竞价方式回购部分A股社会公众股份，将用于未来拟推出的A股员工持股计划或股权激 励计划。本次回购的资金总额不低于5亿元且不超过10亿元，回购价格不超过60元/股。 值得一提的是， 知名基金经理张坤管理的易方达蓝筹精选混合型证券投资基金"空降"了顺丰控 股前十大 ...

Core Insights - The company has launched a specialized lychee transportation service in Hong Kong, enhancing logistics capabilities to meet customer demands [1][5] - The logistics network for lychee includes a comprehensive service covering production, harvesting, transportation, and sales, aimed at ensuring efficient logistics during peak seasons [1][2] - The company has established a global fresh fruit distribution network, facilitating the export of Chinese agricultural brands to international markets [1][4] Logistics and Operations - The company has implemented a multi-faceted logistics strategy, including the use of dedicated cargo planes, cold chain vehicles, and high-speed rail resources to enhance delivery efficiency [2][3] - A significant increase in logistics resources has been noted, with 34 self-operated cargo flights and 120 chartered flights, representing a year-on-year increase of 10 and 58 respectively [2] - The company has expanded its cold chain logistics capabilities with over 30,000 specialized refrigerated vehicles and more than 200 cold transport routes [3] Market Demand and Growth - The lychee delivery volume has increased dramatically, from over 40,000 shipments in 2013 to over 3 million in 2023, reflecting a 75-fold growth in demand over the past decade [3] - Major cities for lychee consumption include Guangzhou, Shanghai, and Beijing, with emerging markets in cities like Changsha and Hangzhou [3] - The company is focusing on air transport for lychee distribution, achieving nationwide delivery within two days for most locations [4] E-commerce Integration - The company is enhancing its logistics services to support live-streaming e-commerce, integrating with platforms like Douyin to streamline order processing and delivery [5] - The logistics model includes cold chain direct delivery and rapid local and cross-city shipping options to meet consumer demands [5]

4月26日，青山绿水环抱的桐庐县凤川街道外源村的上千平方米的草坪上，凤来社区欢乐百姓日暨 第二届"中通快运杯"全民运动会正火热展开。本次运动会吸引了来自各行各业的青年才俊踊跃参与，涵 盖了凤来社区居民、中通快运企业员工、新业态人员、爱心志愿者等青年群体。 "在绿水青山间尽情嬉戏，在泥土芬芳里参与竞技，这种体验太特别、太令人兴奋了！"参赛选手、 中通快运员工杨涵的感慨，道出了这场运动会的独特魅力。而这场以"体育+农耕"为纽带的活动，正是 凤川街道深入探索政企村协同发展的创新切口。 作为桐庐人口结构最特殊的街道，凤川街道内经济开发区、城中村、城郊村与山区村并存，外来人 口约占全县外来人口的三分之二，是典型的"人口倒挂"区域。"如何让新市民从'过客'变'主人'，如何让 城市资源反哺乡村发展，这是我们必须破解的命题。"凤川街道党工委副书记、办事处主任赵浩道出活 动的内在逻辑。 除了体育互动，凤川街道还在社区治理上同步发力。活动现场，凤川街道凤来社区同步启动"家门 口·一条街"主题街区，致力于打造凤川街道新的特色党建品牌。这条街区整合了社区省级"家门口青少 年宫未来社区"、市级"婴幼儿成长驿站"等现有优质资源，吸纳共建 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic operations and is expanding its international business opportunities [1] - The first quarter of 2025 demonstrated resilience in operations with a revenue increase of 6.9% year-on-year and a net profit growth of 16.87% [2] - The company is expected to maintain a relatively high growth rate in the short to medium term, with long-term value potential [1][6] Financial Performance Summary - In Q1 2025, the company achieved an operating revenue of 698.50 billion, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 22.34 billion, up 16.87% [2] - The company's net profit margin for Q1 2025 was approximately 3.20%, reflecting a year-on-year increase of 0.27 percentage points [3] - The express logistics revenue grew by 7.2% year-on-year, while supply chain and international revenue increased by 9.9% [4] - The company reported a significant increase in free cash flow, up 55.6% year-on-year, indicating improved cash management and operational efficiency [5] Earnings Forecast - The forecasted net profit for the company from 2025 to 2027 is expected to be 119.11 billion, 142.57 billion, and 168.45 billion respectively, with year-on-year growth rates of 17.1%, 19.7%, and 18.2% [6] - The corresponding price-to-earnings ratios for these years are projected to be 18.1, 15.1, and 12.8 [6] Key Financial Indicators - The total revenue for 2023 is reported at 258,409 million, with a projected growth rate of 10.1% for 2024 and 10.9% for 2025 [7] - The gross profit margin is expected to improve from 12.8% in 2023 to 14.8% by 2027 [7] - The return on equity (ROE) is projected to increase from 8.9% in 2023 to 14.6% in 2027 [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic operations and is expanding its international business opportunities [1] - The first quarter of 2025 demonstrated resilience in operations with a revenue increase of 6.9% year-on-year, and a net profit growth of 16.87% [2][3] - The company is focusing on cost reduction and quality improvement, leading to a slight increase in net profit margins [3] - The logistics revenue increased by 7.2% year-on-year, while supply chain and international revenue grew by 9.9% [4] - The peak of capital expenditure has passed, resulting in a significant increase in free cash flow by 55.6% [5] - The company is expected to maintain strong profit growth in the coming years, with projected net profits of 119.11 billion, 142.57 billion, and 168.45 billion for 2025, 2026, and 2027 respectively [6] Financial Summary - In Q1 2025, the company achieved total revenue of 698.50 billion, with a year-on-year growth of 6.9% [2] - The net profit attributable to the parent company for Q1 2025 was 22.34 billion, reflecting a year-on-year increase of 16.87% [2] - The company’s operating cash flow for Q1 2025 was 40.62 billion, down 14.21% year-on-year [5] - The projected revenue for 2025 is 315.54 billion, with a growth rate of 10.9% [7] - The projected net profit for 2025 is 11.91 billion, with a growth rate of 17.1% [7] - The company’s gross margin is expected to improve to 14.0% by 2025 [7]

让荔枝的"出山"之路不再艰难！ 顺丰无人机、无人车配送网络已覆盖广州荔枝的核心产区 打造出"荔枝专递"服务品牌，让千年荔乡焕发新活力 会上，广州市邮政管理局相关负责人在启动仪式上致辞指出，广州荔枝历史悠久、品质优异，是岭南的"金字招牌"。顺丰长年深耕农产品生鲜寄递，在物 流网络、冷链技术、产销对接等方面形成了独特优势，为广州荔枝"走出去"提供了高效、稳定的运输保障，打造出"荔枝专递"服务品牌，让千年荔乡焕发 新活力，为服务广州乡村振兴注入更强动力！ 顺丰集团副总裁、农特商经营部总经理谭靖华致辞：今天，我们正站在一个全新的历史起点。随着低空经济、冷链科技和数智化浪潮的兴起，顺丰正以新 质物流力重塑传统农产品的流通模式，让荔枝通过我们的立体化物流网络，成为国际市场上的一张闪亮"中国名片"。 近年来，随着广东农产品"12221"市场营销体系建设如火如荼，兼具历史悠久、底蕴深厚、种类丰富等众多广州荔枝脱颖而出，在顺丰的寄递量从2013年 的4+万票，到2023年的300+万票，开掘出量变到质变的"蜕变之路"。从引入冷源技术到升级专属包装，从发布"揽收-预处理-物流-配送"全产业链服务，到 打造"铁陆空"立体联运网络， ...

Group 1 - The core viewpoint of the news is that SF Holding Co., Ltd. reported a positive performance in Q1 2025, with revenue and net profit showing significant year-on-year growth [2] - The company achieved an operating income of 69.85 billion yuan, representing a year-on-year increase of 6.90% [2] - The net profit attributable to shareholders was 2.23 billion yuan, reflecting a year-on-year growth of 16.87% [2] Group 2 - The express logistics business revenue grew by 7.2% year-on-year, driven by the enhancement of the product matrix and service competitiveness [2] - The supply chain and international business revenue increased by 9.9% year-on-year, supported by the strengthening of international network capabilities [2] - The gross profit for Q1 2025 was 9.29 billion yuan, up 8.0% year-on-year, with a gross margin of 13.3%, an increase of 0.1 percentage points [2] Group 3 - The company implemented structural cost reductions through operational model changes and network optimization, which positively impacted business expansion [2] - The management expense ratio decreased by 0.6 percentage points, while the research and development expense ratio fell by 0.1 percentage points [2] - The sales expense ratio increased by 0.1 percentage points, while financial expenses remained stable [2] Group 4 - SF Holding announced a share repurchase plan with a total amount between 500 million yuan and 1 billion yuan, with a repurchase price not exceeding 53 yuan per share [3] - The company completed the repurchase of 23.27 million A-shares, totaling approximately 859 million yuan, accounting for 0.47% of the total share capital [3] - The average transaction price during the repurchase was 36.91 yuan per share, with a maximum price of 41.20 yuan and a minimum price of 33.79 yuan [3]

Core Insights - SF Holding reported strong Q1 2025 financial results with revenue of 69.85 billion yuan, a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% [1][3] - The total parcel volume increased by 19.7% to 13.56 billion pieces, indicating a decline in the value per parcel, but higher profitability was achieved through economies of scale and refined operations [1][3] Financial Performance - Revenue: 69.85 billion yuan (up 6.9% YoY) [1][3] - Net Profit: 2.23 billion yuan (up 16.9% YoY) [1][3] - Cash Flow: Net cash flow from operating activities was 4.06 billion yuan (down 14.2% YoY) [3][5] - Basic and Diluted Earnings Per Share: 0.45 yuan [1][3] - Total Assets: 209.40 billion yuan [1] - Shareholder Equity: 94.12 billion yuan [1] Business Structure and Growth - Continued optimization of business structure with steady growth in express logistics and international supply chain operations [2][4] - Express logistics revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9%, indicating successful international network expansion [4][3] Cost Management and Efficiency - Significant cost control measures led to a decrease in management expense ratio by 0.6 percentage points and R&D expense ratio by 0.1 percentage points [4] - Sales expense ratio increased by 0.1 percentage points, reflecting investment in market promotion and sales team development [4] Capital Operations - Successful issuance of Southern SF Logistics REIT raised 3.29 billion yuan, marking a significant step in the light asset model for logistics parks [5][7] - Share repurchase plan completed with approximately 23.27 million shares repurchased for about 859 million yuan, with plans to change the purpose of repurchased shares to cancellation [7][5]