Core Viewpoint - SF Holding's stock closed at 48.15 yuan, with a rolling PE ratio of 23.23 times, and a total market capitalization of 243.769 billion yuan, indicating a stable position within the logistics industry [1] Company Summary - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, pharmaceutical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - In the first quarter of 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, a year-on-year increase of 16.87%, with a sales gross margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.36 times, with a median of 28.91 times, placing SF Holding at the 30th position in the industry ranking [2] - The company has received multiple international awards and national-level case certifications in logistics technology for 2024 and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award, the highest award in global operations and management science [1]

Core Insights - In 2024, China's express delivery volume surpassed 170 billion packages, maintaining its position as the world's largest market for the 11th consecutive year, highlighting the significant environmental impact of packaging materials used in the industry [1] - The shift towards green packaging is driven by policies, corporate initiatives, and technological advancements, with a focus on reusable packaging solutions like circular express boxes to address the challenges of high costs and low recycling rates [1][15] Group 1: Industry Trends - The concept of "gray environmentalism" was introduced by entrepreneur Chai Aina in 2017, emphasizing that packaging should not be single-use but reusable, marking the beginning of a gradual transition towards sustainable logistics [2] - Gray Environmental's first product, made from renewable materials, has attracted significant investment, enabling the deployment of over 10 million circular boxes across China, resulting in a reduction of approximately 160,000 tons of carbon emissions [4][6] - The circular packaging model is gaining traction among major brands like Anta, which has reported significant cost savings and environmental benefits from using circular boxes for short-distance transportation [6][8] Group 2: Challenges and Solutions - The scalability of circular packaging faces challenges such as high initial costs, complex recovery processes, low consumer participation, and data sharing issues among stakeholders [7] - SF Express has been a pioneer in implementing circular packaging, having deployed over 1.4 million circular boxes by 2021, but still faces challenges in user awareness and operational complexity [8][9] - The integration of circular packaging into cold chain logistics has shown promising results, with SF Express reporting significant carbon reductions through the use of reusable cold transport boxes [9][14] Group 3: Corporate Strategies - JD.com has developed a diverse circular packaging system under its "Qingliu Plan," achieving over 70 million uses annually, focusing on product variety and ecological layout [10][12] - EMS is leveraging its extensive network to implement smart reusable packaging solutions, allowing users to easily return packaging through a mobile app [13][14] - The future of circular packaging relies on a collaborative approach among technology, user engagement, and corporate execution to create a sustainable system [14] Group 4: Policy Influence - The development of circular packaging is accelerating due to strengthened policy guidance, with clear targets set for the promotion of reusable packaging [15][16] - The revised "Interim Regulations on Express Delivery" effective June 1, 2025, mandates express companies to establish packaging operation standards and recycling management systems, making circular packaging a compliance requirement [16][17] - Recommendations for effective implementation include creating a shared recovery system, addressing data barriers, and adopting international best practices to support the transition to circular packaging [17]

从行业市盈率排名来看，公司所处的物流行业行业市盈率平均25.21倍，行业中值27.20倍，顺丰控股排 名第30位。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13顺丰控股22.9723.702.562409.97亿行业平均 25.2127.591.91171.60亿行业中值27.2027.091.7156.04亿1东航物流7.947.811.16209.87亿2物产中大 8.759.190.69282.95亿3中国外运9.869.460.93370.55亿4中谷物流10.2111.091.75203.50亿5韵达股份 10.6610.150.95194.25亿6圆通速递11.1610.921.35438.08亿7嘉友国际12.1111.682.55149.11亿8厦门象屿 13.0513.981.16198.41亿9密尔克卫14.0414.571.8782.34亿10浙商中拓14.4812.450.9345.92亿11安通控股 14.8019.411.08118.48亿12中创物流14.9115.281.5938.62亿 资金流向方面，7月2日，顺丰控股主力资金净流出8851.87万元，近5日总体 ...

来源：金融界 顺丰控股股份有限公司的主营业务是综合性快递物流服务。公司的主要产品是时效快递、经济快递、快 运、冷运及医药、同城即时配送、国际快递、国际货运及代理、供应链。公司2024年在物流科技领域获 得多项国际奖项与国家级案例认证，并入围2025年弗兰兹厄德曼奖（FranzEdelmanAward，全球运筹与 管理科学届最高奖项）的全球总决赛，成为该年度唯一入围决赛的中国代表。 最新一期业绩显示，2025年一季报，公司实现营业收入698.50亿元，同比6.90%；净利润22.34亿元，同 比16.87%，销售毛利率13.30%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)13顺丰控股23.3924.132.612453.91亿行业平均 25.1427.271.92171.33亿行业中值26.8227.211.7154.51亿1东航物流7.687.561.12203.05亿2物产中大 8.518.940.67275.16亿3中国外运9.639.230.90361.79亿4中谷物流10.1811.051.75202.87亿5韵达股份 10.6110.100.94193.38亿6嘉友国际10.9210 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 3、以上收入不含公司其他非物流业务收入。 公司2025年5月速运物流业务、供应链及国际业务合计收入为人民币251.13亿元，同比增长11.34%。其 中：（1）速运物流业务收入同比增长13.36%，业务量同比增长31.76%，保持良好增长态势，主要得益 于公司推进落实激活经营策略，加大对前线业务的授权与激励，助力业务实现较快增长；同时今年各大 电商平台618促销周期较去年提前，带动5月寄递需求增加。（2）国际货运代理业务的收入受到部分流 向的国际贸易关系波动影响，但公司依托全球网络优势与多元业务布局，灵活应对市场变化，积极挖掘 新需求，助力供应链及国际业务实现稳健增长。 本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。 根据《深圳证券交易所上市公司自律监管指引第3号一一行业信息披露》的规定，顺丰控股股份有限公 司（以下简称"公司"）现披露2025年5月业务经营简报情况如下： ■ 注： 1、速运物流业务：主要包括公司的时效快递、经济快递、快运、冷运及医药、同城即时配送业务板 块。 2、供应链及国际业务：主要包括公司 ...

证券代码：300249 证券简称：依米康 | 投资者关系活动 | √特定对象调研□ 分析师会议 | | --- | --- | | 类别 | □ 媒体采访□业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他（请文字说明其他活动内容） | | 参与单位名称及 | 富达基金陈月桥 | | 人员姓名 | | | 时间 | 2025 年 6 月 16 日（周一）上午 10:00~11:00 | | 地点 | 公司会议室 | | 上市公司接待人 | 董事会秘书：叶静 | | 员姓名 | 证券事务代表：吴慧敏 | | | Q1：目前公司液冷进展如何？ | | | A：公司已成功完成浸没式液冷产品的开发，并在中东地区 | | | 成功投运首台套 NetLiq200 2.0 液冷升级版产品；继液冷集装箱 | | | 于中东成功投运后，公司持续开发基于风冷、水冷等多种室外散 | | | 热形式的冷板、浸没式液冷整体解决方案，包括：液冷整套系统 | | | 解决方案及配套的液冷控制系统、液冷运维系统等，实现客户液 | | 投资者关系活动 | 冷从建设到运维的整体解决方案。 | | ...

生鲜冷链物流运输管理平台是基于物联网、大数据、云计算、区块链等新一代信息技术，针对生鲜产品（如水果、蔬菜、肉类、水产品等）在运输环节中对 温度、湿度、时效等敏感特性，构建的全链条数字化管理系统。该平台通过整合冷链运输资源（车辆、冷库、配送网点等），实时采集并处理运输过程中的 环境数据（温度、湿度、位置信息等），实现对生鲜产品从产地到销地的全程监控、智能调度、协同管理与风险预警，最终达成 "产品质量可控、运输效率 可提、成本损耗可降" 的一体化解决方案。 （1）管理模式：从 "经验驱动" 到 "数据驱动" 传统生鲜物流依赖人工经验制定运输计划，路线规划、车辆调度、库存管理等环节缺乏精准数据支撑，常出现 "车辆空驶率高""货物积压 / 缺货并存" 等问 题。例如，某蔬菜批发商因无法实时掌握运输车辆位置，导致仓库滞销与门店断供同时发生。而管理平台通过集成 GPS 定位、传感器数据、历史订单等多 维数据，利用算法自动生成最优运输方案。以粤十冷链云为例，其智能调度系统可根据实时交通路况、车辆负载率、货物保鲜周期等参数，将车辆空驶率降 低 30% 以上，运输成本压缩 20%。 （2）温控能力：从 "事后补救" 到 "实时 ...

转自：前瞻产业研究院 行业主要上市公司：九州通(600998)、国药控股(01099)、京东物流(02618)等; 本文核心数据：中国医药冷链物流行业市场规模 2024年中国医药冷链物流行业市场规模约280亿元 医药冷链物流行业即为冷藏冷冻类、易腐类医药产品在生产、加工、储藏、运输、配送、销售等过程， 一直到消费者的各个环节中始终处于特定的温度范围，以保证医药品质量，同时降低储运损耗，控制时 间，节约成本的系统工程。2024年中国医药冷链物流行业市场规模约280亿元，近五年行业复合增速 14.84%。 细分产品市场 医药冷链物流分为IVD领域、血液制品、疫苗领域和其他。根据中物联医药物流分会数据显示，根据数 据显示，2023年IVD类冷链物流市场和疫苗类冷链物流市场是中国医药冷链物流行业最大的两个细分产 品市场，占比分别达到27%和13%。 产业竞争 中国医药冷链物流领先企业主要有九州通、国药控股、华润医药商业集团等，企业具体布局情况如下： | 企业名称 | 简介 | 布局情况 | | --- | --- | --- | | | 九州通为科技驱动型的全链医 医药流通、物流服务及医疗健康 等大健康行业,主营业务 ...

以下文章来源于妙投APP ，作者Eastland 提起顺丰，自然联想到"时效"、"服务"等标签，是寄递重要文件、高价值物品的首选，一句"顺丰包邮"足可打消对方顾虑……但顺丰对用户心智的占 领已大不如前。 1）三驾马车 顺丰业务按三个板块披露：速运及大件、供应链及国际、同城即时配送。 速运及大件（简称"快递业务"） 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 作者｜Eastland 头图｜视觉中国 2025年3月29日，顺丰控股（ SZ：002352 ）发布的《2024年度报告》可谓靓丽——营收2844亿、业务量132.6亿、同比增长11.4%；净利润102亿、同比 增长23.5%。3月31日，股价放量上涨2.57%，看来投资人比较满意。 按4月28日收盘价，顺丰控股市值2155亿、市盈率21.2倍。 B端收入权重增长 顺丰核心业务：2023年营收1869亿、占营收的72.3%；2024年营收2002亿、占营收的70.4%。 供应链及国际（简称"跨境业务"） 以强大的"干线运输"能力——空运、海运、铁运为基础，顺丰面向国内外制造企业、贸易企业、跨境电商提供国际 ...

Core Viewpoint - SF Express reported strong financial results for 2024, with revenue of 284.4 billion and net profit of 10.2 billion, showing year-on-year growth of 11.4% and 23.5% respectively, leading to a positive market reaction with a 2.57% increase in stock price [1][2]. Group 1: Business Segments - SF Express operates through three main segments: Express and Large Items, Supply Chain and International, and Same-City Instant Delivery [4]. - The Express and Large Items segment generated revenue of 186.9 billion in 2023, accounting for 72.3% of total revenue, and is projected to reach 200.2 billion in 2024, representing 70.4% of total revenue [5]. - The Supply Chain and International segment reported revenue of 628.6 billion in 2023, contributing 24.3% to total revenue, with an expected increase to 740 billion in 2024, making up 26% of total revenue [7]. - The Same-City Instant Delivery segment had revenue of 73.7 billion in 2023, representing 2.85% of total revenue, and is anticipated to grow to 90 billion in 2024, accounting for 3.2% of total revenue [9]. Group 2: Revenue Growth Contributions - In 2024, SF Express's revenue is expected to grow by 26 billion, with contributions from various segments: Express and Large Items (51%), Supply Chain and International (42.8%), and Same-City Instant Delivery (6.3%) [11]. - The Express segment's revenue growth is primarily driven by the core express delivery service, which is projected to reach 1.222 trillion in 2024, with a year-on-year growth of 5.8% [14]. - The Supply Chain and International segment is expected to contribute significantly to revenue growth, but at the cost of profit margins, with a projected net loss of 1.32 billion in 2024 [32]. Group 3: Market Position and Strategy - SF Express has shifted its strategy from "volume over price" to "price preservation," focusing on maintaining profit margins rather than increasing market share [25][29]. - The company has seen a decline in market share, with a reported 7.6% in 2024, down 1.4 percentage points from the previous year [23]. - The competitive landscape has led to a decrease in the average price per shipment, with the overall market price dropping to approximately 8 yuan per shipment in 2024 [22]. Group 4: Profitability and Financial Health - The Express segment has become the sole profit source for SF Express, with net profit margins improving to 5.5% in 2024 [29]. - The Supply Chain and International segment has faced challenges, with a significant drop in profit margins and a net loss of 1.32 billion in 2024 [32]. - The Same-City Instant Delivery segment continues to struggle with high costs and low profitability, showing a loss rate of 62.9% in 2024 [35].