9月3日，顺丰控股通过股份回购专用证券账户以集中竞价方式回购了A股股份118.5万股，回购总金额为 人民币4978万元。此次回购为顺丰控股此前四月底回购计划公布以来的首次回购。 具体看，2025年4月28日，顺丰控股召开第六届董事会第二十次会议审议通过了《关于2025年第1期A股 回购股份方案的议案》，本次回购的资金总额不低于人民币5亿元且不超过人民币10亿元，本次回购股 份的种类为公司发行的A股社会公众股，回购价格不超过人民币60元/股。 此次回购的背后离不开顺丰控股持续向好的基本面。 值得一提的是，披露半年报的同时，顺丰控股还公布了一则中期分红方案和一则员工持股计划。 中期分红方面，顺丰控股拟每10股派现4.6元（含税），总计金额约23.2亿元，分红比例达40%。 员工持股计划方面，顺丰控股推出了一个名为"共同成长"的计划，控股股东明德控股将无偿向员工提供 不超过2亿股的股权激励，若以公告发布时股价计算，这批股份总价值接近96.8亿元。 8月28日，顺丰控股披露了2025年中期业绩报告。财报数据显示，顺丰控股实现营业收入为1468.58亿 元，同比增长9.26%；期内利润为60.12亿元，同比增长26.2 ...

风险提示：宏观经济下滑的风险，需求恢复不及预期的风险，快递总件量增速不及预期的风险，快递市 场竞争加剧的风险，鄂州枢纽产能提升不及预期的风险。 时效快递贡献稳定，业务量高增领跑行业。2025年H1，公司业务量为78.5 亿票，同比+25.7%。主要得 益于其持续完善产品矩阵并强化服务竞争实力，并且逐步渗透进国内生产制造与生活消费领域客户的端 到端物流场景，进而推动业务规模实现稳步扩大。1）时数快递业务：实现收入632.33亿元，同比 +6.84%，占比43.06%。2）经济快递业务：实现收入151.60亿元，同比 +14.38%。3）快运业务：实现收 入195.73亿元，同比+11.50%。3）同城即时配送业务：业绩高速增长，科技提质增效。公司实现同城即 配业务54.93亿元，同比+38.86%公司强化全场景配送能力与弹性运力建设，推动网络能力再升级；凭借 网络规模效应，同城即时配送服务订单量同比增长超50%；还通过优质服务带动商家及消费者业务双向 增长、均衡业务结构，并借助科技赋能夯实精细化运营底盘以实现提质增效，使得同城即时配送分部净 利润继续实现翻倍增长。4）供应链及国际业务：成为新引擎，展现深度拓展能 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady revenue growth of 9.26% year-on-year, achieving an operating income of 146.86 billion yuan in the first half of 2025, with a net profit attributable to the parent company of 5.738 billion yuan, reflecting a year-on-year increase of 19.37% [1][2] - The report highlights that the company's logistics business is experiencing robust growth, with total business volume reaching 7.85 billion parcels, a year-on-year increase of 25.7% [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] Summary by Sections Financial Performance - In the first half of 2025, the company achieved a net profit margin of 3.91%, an increase of 0.33 percentage points year-on-year, with non-recurring gains contributing 1.187 billion yuan [2][3] - The express delivery and large parcel segment reported a net profit of 5.385 billion yuan, up 12.28% year-on-year, driven by rapid business scale growth and improved operational efficiency [3] - The company’s free cash flow increased by 6.29% to 8.436 billion yuan, supporting its dividend and share repurchase plans [4] Business Segments - The express logistics segment generated revenue of 109.3 billion yuan, a year-on-year increase of 10.4%, while the supply chain and international business segment reported revenue of 34.2 billion yuan, up 9.7% [2][3] - The same-city instant delivery segment saw a significant profit increase of 120.43%, attributed to rising demand and network scale effects [3] Future Outlook - The company forecasts net profits of 11.911 billion yuan, 14.246 billion yuan, and 16.834 billion yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 17.1%, 19.6%, and 18.2% [6] - The report emphasizes the company's long-term value potential as a leading integrated express logistics provider [6]

值得注意的是，公司利润的增长在一定程度上受益于非经常性损益。报告期内，归属于母公司股东的非经 常性损益达11.87亿元，较去年同期的6.59亿元大幅增加，其中主要来自处置子公司（基础设施项目 REITs）产生的7.78亿元投资收益。若扣除非经常性损益，其归母净利润为45.51亿元，同比增长仅为9.71% 速运主业稳固盈利基本盘 作为顺丰的"压舱石"，速运及大件分部依然是公司最核心的利润来源。分部数据显示，该业务板块上半年 对外交易收入达1047.73亿元，贡献了63.49亿元的利润总额，构成了集团盈利的坚实基本盘 。 在快递物流行业"内卷"加剧的背景下，8月28日晚间，顺丰控股（002352.SZ）发布了上半年业绩报。 财报显示，顺丰控股2025年上半年实现营业收入1468.58亿元，同比增长9.26% ；归属于母公司股东的净利 润达到57.38亿元，同比增长19.37%。 然而，在净利润双位数增长的背后，公司经营活动产生的现金流量净额却同比略有下滑，从上年同期的 137.22亿元降至129.37亿元。此外，毛利率夜有所下滑，在毛利额层面，公司上半年实现毛利额194亿元， 同比增长4.2%；毛利率为13.2% ...

公司在亚洲及欧美地区增设服务于生产供应链及跨境电商的海外仓。截至2025年6月底，公司海外仓储 资源面积超250万平方米，其中亚太区域超210万平方米，整合自营及合作仓库资源，覆盖新加坡、马来 西亚、越南、菲律宾、印尼、日本、韩国、澳大利亚等主要国家。 格隆汇8月28日丨顺丰控股(06936.HK)发布公告，2025年上半年，公司总营业收入达成1,469亿元，同比 增长9.3%，总件量达成78.5亿票，同比增长25.7%，件量增速高于快递行业整体水平。归属于上市公司 所有者的利润达成57.4亿元，同比增长19.4%；归属于上市公司所有者的利润率为3.9%，同比提升0.3个 百分点。向全体股东每10股派发中期现金红利人民币4.6元(含税)。 在资本结构方面，截至报告期末，公司总资产规模2,182亿元，归属于上市公司所有者的权益954亿元， 资产负债率51.35%，较2024年末的52.14%下降0.79个百分点，资本结构整体保持稳健。公司2025年上半 年加权平均净资产收益率为6.07%，较上年同期提升0.84个百分点。同时，公司经营活动现金流量净额 129亿元，保持现金流充裕；自由现金流入为87.4亿元，同比 ...

Core Insights - The company reported a revenue of 69.85 billion yuan in Q1 2025, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.87% year-on-year [1] - The net cash flow from operating activities was 4.06 billion yuan, indicating a strong cash flow position [2] Business Segments - The company achieved a total parcel volume of 3.56 billion pieces in Q1 2025, a year-on-year growth of 19.7%, driven by a robust logistics service capability and a diverse product matrix [3] - Revenue from express logistics, which includes various delivery services, grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year due to enhanced international network capabilities [3] Cost and Efficiency - The company improved resource utilization and reduced costs, achieving a gross profit of 9.29 billion yuan in Q1 2025, an 8.0% increase year-on-year, with a gross margin of 13.3% [4] - Management expense ratio decreased by 0.6 percentage points, while the net profit margin increased to 3.2%, up 0.3 percentage points year-on-year [4] Capital Operations - The company completed a share buyback program, repurchasing 23.27 million shares for approximately 859 million yuan, which represents 0.47% of the total share capital [5] - The Southern SF Logistics REIT raised 3.29 billion yuan and was listed on the Shenzhen Stock Exchange, enhancing asset liquidity [5] Profit Forecast - The core express business is expected to remain stable, with the opening of Ezhou Airport likely to expand the express business scale and improve profitability [6] - The company forecasts net profits attributable to shareholders of 11.73 billion, 13.61 billion, and 15.72 billion yuan for 2025-2027, corresponding to P/E ratios of 18.4, 15.8, and 13.7 times, respectively [6]

顺丰控股披露2024 年年报 顺丰控股披露2024 年年报，全年营业收入2844 亿元，同比增长10.1%，归母净利润102 亿元，同比增长 23.5%。2024 年四季度公司营业收入775.6 亿元，同比增长11.8%，实现归母净利润25.5 亿元，同比增长 29.6%。 激活经营，各业务板块收入整体实现良好增长2024 年公司实施"激活经营"策略，各业务板块收入整体 实现良好增长，速运物流业务板块132.6 亿票，同比增长11.5%。时效快递业务，业务结构从商务件稳 步向大消费及工业制造领域，产品竞争力不断升级，业务量同比增长11.8%，不含税营业收入1222.1 亿 元，同比增长5.8%；经济快递业务不断做大规模，若不含丰网业务，2024 年经济快递收入同比增长 11.8%，业务量同比增长17.5%；快运业务构筑中高端陆运大包裹竞争壁垒，打造适配工业生产领域零 担网络，并推进加盟网络拓展下沉市场，公司快运业务货量规模同比增长超20%，不含税营业收入 376.4 亿元，同比增长13.8%；冷运及医药业务主要受气候因素影响影响生鲜产品减产，进而影响业务 量导致营收下降4.9%至98.1 亿元；同城即时配送领 ...