Core Insights - The company has invested over 8 million yuan to upgrade its logistics capabilities, enhancing efficiency and service quality [3][4][5] - The new automated sorting equipment can handle up to 500,000 packages daily, with a peak capacity of 600,000 during busy seasons [3][4] - The logistics center has also upgraded its vehicle fleet, acquiring nine new 9.6-meter trucks and advanced unloading machines, significantly reducing unloading time from 45 minutes to 15 minutes [3][4] Operational Enhancements - The logistics center features a 4,800 square meter standard high platform warehouse equipped with advanced automated sorting technology [1][3] - Dynamic weighing on 30 supply platforms minimizes errors related to package weight differences, improving overall efficiency [3] - The introduction of automated unloading machines has increased operational efficiency by 60-70% [3][4] Customer Service Improvements - The company has implemented comprehensive training for its customer service team to enhance professional capabilities and responsiveness [4] - Adjustments to customer service hours and the introduction of a 24-hour intelligent customer service robot ensure timely issue resolution [4] - The goal is to create a customer-centric team that addresses inquiries promptly, enhancing customer satisfaction [4][5] Market Impact - The upgraded logistics center has improved shipping processes for local e-commerce businesses, alleviating concerns during peak promotional periods [5][7] - The company aims to continuously optimize service models based on market changes and customer needs, fostering deeper partnerships with local businesses [5][7] - The vibrant activity at the logistics center reflects the dynamic growth of the local e-commerce economy and the company's commitment to excellence [5][7]

现代物流报《物流参考·生活物流》第8期为大家梳理了10条值得关注的消息。 （图源：沃尔玛官微） 京东外卖上线40天日单量破百万；国货航增资至122亿元；华南邮政航空国际枢纽中心投入使用…… 1.京东外卖上线40天日单量破百万 据3月24日京东物流消息，京东外卖宣布，上线40天，日订单量已突破100万！"0佣金"政策助商家获益，平台上已涌现大量月 销订单突破2000单门店。 目前，京东外卖平台上，已有超45万家品质堂食餐厅为全国142城用户提供放心、可靠、好吃的餐品。 2.国货航增资至122亿元 据天眼查App消息，3月份，中国国际货运航空股份有限公司发生工商变更，注册资本由约106.9亿元人民币增至约122亿元人民 币。 该公司成立于2003年11月，法定代表人为阎非，经营范围包括与主营业务有关的地面服务和航空速递，地面设备的制造、维修 等，由中国航空资本控股有限责任公司、浙江菜鸟供应链管理有限公司、国泰航空中国货运控股有限公司等共同持股。 3.华南邮政航空国际枢纽中心投入使用 据3月20日中国新闻网消息，一批重约14吨的货物和邮件3月19日在位于广州白云国际机场内的华南邮政航空国际枢纽中心办结 通关手续，随 ...

Core Insights - SF Holding achieved record-high operating performance in 2024, with revenue reaching approximately 284.4 billion yuan, a year-on-year increase of over 10%, and net profit surpassing 10 billion yuan for the first time, reaching 10.17 billion yuan, a growth of over 20% [1][3][4] Financial Performance - In 2024, SF Holding's revenue increased by 26.01 billion yuan compared to the previous year, marking a growth rate of 10.07% [3] - The net profit attributable to shareholders grew by 1.93 billion yuan, with a year-on-year increase of 23.51% [3] - The company plans to distribute cash dividends exceeding 8.9 billion yuan, setting a historical high [2] Business Segments - The express delivery business generated 122.21 billion yuan in revenue, up 5.8% year-on-year, with a business volume increase of 11.8% [5] - The economic express segment reported 27.25 billion yuan in revenue, a growth of 8.8%, with a business volume increase of 17.5% [5] - The freight business achieved 37.64 billion yuan in revenue, reflecting a 13.8% increase, with cargo volume growing over 20% [5] - The cold chain and pharmaceutical segment saw a revenue decline of 4.9% to 9.81 billion yuan, primarily due to climate factors affecting seasonal fresh produce [5] - The same-city instant delivery business grew by 22.4%, generating 8.87 billion yuan [5] - Supply chain and international business revenue exceeded 70.49 billion yuan, with a growth rate of 17.5%, indicating a solid second growth curve [5] Cost Management - Structural cost reduction has been a significant factor in the net profit growth, with continuous optimization of the network and a decrease in average operating costs [6] - The comprehensive gross margin and net margin for 2024 were 13.93% and 3.59%, respectively, both showing year-on-year increases [7] Technological Innovation - SF Holding emphasizes technological empowerment, integrating advanced logistics technology to enhance operational efficiency and customer service [8] - The company has developed proprietary models for logistics decision-making and large language models, improving demand forecasting and operational decision-making [8][9] - The application of automation technologies, such as AGV and RPA, has optimized business processes and enhanced network efficiency [8][9] R&D Investment - Since 2020, SF Holding has invested over 3 billion yuan annually in research and development [10] - As of the end of 2024, the company holds 4,180 active and pending patents, with 2,505 software copyrights, of which 61.5% are invention patents [10] - The company aims to accelerate industry transformation by shifting from a "product-selling" model to a "solution-selling" model, expanding its supply chain capabilities [10]

Trading Information - On March 28, 2025, SF Holding (002352) closed at 42.04 yuan, down 0.69%, with a turnover rate of 0.22% and a trading volume of 104,600 shares, amounting to 439 million yuan [1] - The capital flow on the same day showed a net inflow of 13.66 million yuan from main funds, accounting for 3.11% of the total trading volume, while retail investors had a net outflow of 14.01 million yuan, representing 3.19% of the total [1][6] Shareholder Changes - As of February 28, 2025, the number of shareholders of SF Holding was 178,800, a decrease of 10,800 from December 31, 2024, representing a reduction of 5.72% [2][6] - The average number of shares held per shareholder increased from 25,400 to 26,900 shares, with an average market value of 1.1241 million yuan [2] Performance Disclosure - The 2024 annual report of SF Holding indicated a total revenue of 284.42 billion yuan, an increase of 10.07% year-on-year, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][4][6] - The fourth quarter of 2024 saw a single-quarter revenue of 77.56 billion yuan, a year-on-year increase of 11.76%, and a net profit of 2.55 billion yuan, up 29.61% year-on-year [3] Company Announcements - The board of directors proposed to increase the cash dividend ratio for 2024 from 35% in 2023 to 40%, with an expected total cash dividend of 4.104 billion yuan for the year [6][7] - The company has repurchased a total of 79.29 million shares, which will be canceled, and announced a second phase of share repurchase with an expected total amount of approximately 758 million yuan [5][8]

Core Viewpoint - SF Holding (002352.SZ; 6936.HK) reported a strong financial performance for 2024, with revenue reaching 284.4 billion yuan, a year-on-year increase of 10.1%, and net profit of 10.2 billion yuan, up 23.5%, marking a historical high since its A-share listing. However, losses in the supply chain and international business raise concerns for future growth [1][2]. Financial Performance - In 2024, SF Holding achieved revenue of 284.4 billion yuan, a 10.1% increase year-on-year, and net profit of 10.2 billion yuan, reflecting a 23.5% growth [2]. - The gross profit margin improved from 12.82% to 13.93% [2]. - Despite revenue growth, the supply chain and international business reported a loss of 132 million yuan, indicating ongoing challenges in these segments [2]. Business Segment Analysis - The supply chain and international business generated revenue of 70.49 billion yuan, a 17.5% increase, but continued to incur losses due to restructuring and market pressures [2]. - The core express delivery business faced increased competition, with revenue of 122.21 billion yuan, a 5.8% increase, while the business volume grew by 11.8%, leading to a 3.4% decline in average price per shipment [2]. - The market share of SF Holding in the express delivery sector is 7.57%, below the industry average growth rate of 21.5% [2]. Highlights and Challenges - Same-city instant delivery emerged as a bright spot, with revenue growing by 27.1% to 15.75 billion yuan and net profit increasing by 161.8% to 133 million yuan, driven by an increase in active merchants and coverage in e-commerce returns [3]. - However, the company faces strong competition from rivals like Jitu and Tongda, which are aggressively penetrating the market through price wars [3]. International Expansion - SF Holding made significant strides in its international strategy by becoming the first A+H listed company in the express logistics sector, marking a milestone in its capital market internationalization [4]. - Despite rapid expansion in Southeast Asia and Japan, the company continues to face profitability challenges in overseas markets, with unclear profit models leading to short-term losses [4]. Future Outlook - The company plans to enhance its market position through technological innovation and diversified strategies, focusing on high-efficiency express delivery and air logistics network development [4]. - SF Holding aims to optimize its supply chain and international business to turn losses into profits and strengthen its competitive edge [4]. - In the capital market, the company is taking measures such as cash dividends and share buybacks to boost investor confidence, with operating cash flow reaching 32.19 billion yuan, a 21.1% increase [5].

瑞财经 吴文婷3月28日，顺丰控股发布2024年度报告。 何捷，1975年出生，毕业于香港大学及清华大学，香港注册会计师及美国注册会计师，在财务控制、企 业融资、审计及经营管理方面拥有丰富经验。1997年至2005年先后就职于安达信会计师事务所、普华永 道会计师事务所任审计及咨询部高级经理;2005年至2008年任搜狐 (SOHU.US)高级财务总监;2009年至 2014年任畅游公司 (CYOU.US)首席财务官;2014年至2021年任狐狸金服金融科技集团首席执行官。2021 年9月至今任公司副总经理兼财务负责人，2021年11月起任公司董事，并于2023年8月调任为执行董 事;2021年10月至2024年8月任 KLN(0636.HK)非执行董事，并于2024年9月调任为执行董事、首席战略主 管;2022年4月担任顺丰房托资产管理有限公司(顺丰房托基金(2191.HK)的管理人)的非执行董事并自2023 年8月担任董事会主席。 薪酬方面，2024年董事长、总经理王卫从公司获得的税前报酬总额为130.9万元，董事、副总经理、财 务负责人何捷从公司获得的税前报酬总额为784.8万元，远超董事长。 | | | ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Insights - The company achieved a revenue of 284.4 billion RMB in 2024, a year-on-year increase of 10.1%, and a net profit attributable to shareholders of 10.17 billion RMB, up 23.5% year-on-year, slightly exceeding expectations [1] - The core express logistics business saw a volume increase of 11.5% to 13.26 billion parcels, with revenue from same-city instant delivery rising 22.4% to 8.87 billion RMB [2] - The international and supply chain business grew by 17.5% to 70.49 billion RMB, driven by a significant increase in international express revenue and cross-border e-commerce customer numbers [3] - Operational optimization led to a gross margin increase of 1.1 percentage points to 13.9%, with a decrease in cost ratios contributing to improved profitability [4] - The company has adjusted profit forecasts for 2025 and 2026, projecting net profits of 11.80 billion RMB and 14.18 billion RMB respectively, with an EBITDA of 34.90 billion RMB for 2025 [5] Summary by Sections Domestic Operations - The express logistics business experienced a volume increase of 11.5% to 132.6 billion parcels, with revenue from time-sensitive, economical, and express services growing by 5.8%, 8.8%, and 13.8% respectively [2] - The same-city delivery segment saw a revenue increase of 22.4% to 8.87 billion RMB, with net profit soaring by 161.8% to 130 million RMB [2] International and Supply Chain - The international and supply chain segment's revenue increased by 17.5% to 70.49 billion RMB, with international express revenue growing over 20% and cross-border e-commerce customers increasing by 24% [3] - The company’s domestic cargo volume accounted for 31.1% of the national air cargo transport volume, with international flights increasing by 19% to 9,100 flights [3] Operational Efficiency - The company implemented operational optimizations that improved gross margins and reduced cost ratios, leading to a net profit margin increase of 0.4 percentage points to 3.6% [4] - Future strategies include enhancing logistics network intelligence and promoting smart supply chain applications to sustain cost reductions and efficiency improvements [4] Financial Projections - The company has slightly adjusted its profit forecasts for 2025 and 2026, with projected net profits of 11.80 billion RMB and 14.18 billion RMB respectively, and an EBITDA of 34.90 billion RMB for 2025 [5] - The target prices for A-shares and H-shares are set at 48.70 RMB and 51.30 HKD respectively, reflecting a premium over comparable companies [5][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and has opened up opportunities in international markets [2] - The company's profitability and cash flow have maintained high growth, indicating an improvement in profit efficiency and value enhancement [2][3] - The company plans to increase its cash dividend payout ratio, reflecting a commitment to shareholder returns [8] Financial Performance Summary - In 2024, the company achieved total revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] - The express delivery and large parcel segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of approximately 10.98 billion yuan, up 29.91% [4] - The instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to approximately 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of approximately 1.32 billion yuan [5] Capital Expenditure and Cash Flow - The peak period for capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, and free cash flow rose by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the 2024 fiscal year, with an expected total dividend payout of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is expected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown steady growth in domestic business and opened up opportunities in international markets [2] - The report highlights that the company's profit and cash flow maintain high growth, indicating an improvement in profitability efficiency [2][3] - The company is expected to have a significant long-term value potential as a leading integrated express logistics provider [9] Financial Performance Summary - In 2024, the company achieved operating revenue of 284.42 billion yuan, a year-on-year increase of 10.07%, and a net profit attributable to shareholders of 10.17 billion yuan, up 23.51% year-on-year [3][10] - The fourth quarter of 2024 saw a net profit of 2.55 billion yuan, reflecting a year-on-year growth of 29.61% [3] - The company's net profit margin for 2024 was approximately 3.58%, an increase of 0.39 percentage points year-on-year [3] Segment Performance Summary - The express and freight segment generated revenue of approximately 200.16 billion yuan, a year-on-year increase of 7.10%, with a net profit of about 10.98 billion yuan, up 29.91% [4] - The same-city instant delivery segment saw revenue of approximately 9.01 billion yuan, a year-on-year increase of 22.24%, with net profit doubling to 132 million yuan [5] - The supply chain and international segment reported revenue of approximately 74.00 billion yuan, a year-on-year increase of 17.72%, but a net loss of 1.32 billion yuan [5] Cash Flow and Capital Expenditure - The peak period of capital expenditure has passed, with 2024 capital expenditure at 9.9 billion yuan, a decrease of 27% year-on-year [6] - Operating cash flow for 2024 was 32.2 billion yuan, an increase of 21% year-on-year, while free cash flow surged by 70% to 22.3 billion yuan [7] Dividend Policy - The company plans to distribute a cash dividend of 4.4 yuan per 10 shares for the end of 2024, with an expected total dividend amount of approximately 4.1 billion yuan, representing a payout ratio of about 40% [8] Earnings Forecast - The company is projected to achieve net profits of 11.91 billion yuan, 14.26 billion yuan, and 16.85 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.1%, 19.8%, and 18.1% [9][10]

Business Overview - In 2024, the total business volume reached 13.33 billion parcels, a year-on-year increase of 11.3% [2] - Revenue for 2024 was CNY 284.4 billion, up 10.1% year-on-year [2] - International revenue growth outpaced domestic, with express logistics revenue at CNY 205.8 billion (up 7.7%) and supply chain & international revenue at CNY 70.5 billion (up 17.5%) [2] Financial Performance - EBITDA profit reached CNY 32.7 billion, a year-on-year increase of 11.0%, with an EBITDA margin of 11.5% [2] - Net profit attributable to shareholders was CNY 10.2 billion, up 23.5%, with a net profit margin of 3.6% [2] - The company returned CNY 10.66 billion to shareholders through dividends and share buybacks [2][17] Operational Efficiency - Labor costs as a percentage of revenue (excluding KLN) increased by 0.8 percentage points [10] - Transportation costs as a percentage of revenue (excluding KLN) decreased by 0.8 percentage points [10] - Other operating costs as a percentage of revenue (excluding KLN) decreased by 1.2 percentage points [10] Strategic Initiatives - The company aims to enhance operational agility by empowering frontline decision-making and transitioning from management to service-oriented headquarters [3] - Focus on industry transformation and expanding supply chain capabilities to improve market penetration [3] - Emphasis on cross-border logistics and tailored solutions for clients [3] Growth Segments - Time-sensitive express revenue grew by 5.8%, with a parcel volume increase of 12% [5] - Economic express revenue (excluding Fengwang) increased by 11.8%, with parcel volume up 18% [5] - Fast freight revenue grew by 13.8%, with a volume increase exceeding 20% [6] International Expansion - The international business is positioned as a second growth curve, with international revenue growth exceeding domestic growth by over 2 times in 2024 [28] - The company has secured over 100 overseas supply chain projects, enhancing its cross-border capabilities [7][29] ESG Commitment - The company improved carbon efficiency by 9.3% in 2024, with a 12% reduction in carbon footprint per parcel [18] - Recognized for its ESG practices, ranking high in various international ratings [18] Future Outlook - The company plans to maintain a dual focus on high-end express and economic segments to drive growth [20] - Continuous investment in technology and operational efficiency to enhance service quality and reduce costs [22] - Anticipates stable revenue growth and profitability improvements in 2025 [25]