Investment Rating - The report maintains a "Strong Buy" rating for ZTO Express (02057.HK) [5] Core Insights - ZTO Express achieved a total business volume of 38.52 billion packages in 2025, representing a year-on-year growth of 13.3%. In Q4 alone, the business volume reached 10.56 billion packages, up 9.2% year-on-year [1] - The adjusted net profit for the entire year was 9.51 billion, a decline of 6.3% compared to the previous year, while Q4 adjusted net profit was 2.69 billion, down 1.4% year-on-year [1] - The company’s market share increased from 18.8% in the same period last year to 19.6%, marking the first quarterly year-on-year increase since Q1 2023 [1] - ZTO Express expects a package volume of 42.37 to 43.52 billion for 2026, indicating a year-on-year growth of approximately 10%-13% [2] - The average revenue per package in Q4 was 1.35 RMB, an increase of 0.04 RMB year-on-year and 0.14 RMB quarter-on-quarter, driven by a reduction in price competition and growth in the parcel business [2] - The core cost per package decreased by 0.04 RMB year-on-year, with transportation costs dropping from 0.40 RMB to 0.37 RMB and sorting costs from 0.27 RMB to 0.26 RMB [3] - The company has increased its dividend payout ratio from 40% to 50% starting in 2026 and has approved a stock buyback plan of 1.5 billion USD over two years [3] Financial Forecast and Valuation - The projected net profits for ZTO Express from 2026 to 2028 are 10.42 billion, 11.69 billion, and 13.08 billion respectively, with corresponding P/E ratios of 12.7X, 11.3X, and 10.1X [4]

順豐控股股份有限公司 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。 S.F. Holding Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2026 年 2 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2026年2月業 務經營簡報情況如下： | 項目 | | 2026年2月 | 2025年2月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 164.21 | 131.49 | 24.88% | | | －業務量 （億票） | 10.72 | 9.16 | 17.03% | | | －單票收入 （人民幣元） | 15.32 | 14.35 | 6.76% | | 2. | 供應鏈及國 ...

Core Viewpoint - The company reported a total revenue of RMB 26.86 billion for January 2026, reflecting a year-on-year growth of 2.22% in its express logistics and supply chain and international business segments [1][2]. Group 1: Business Segments - The express logistics business includes time-sensitive express, economy express, freight, cold chain, pharmaceutical, and same-city instant delivery services [1]. - The supply chain and international business primarily encompass international express, international freight and agency, and supply chain services [1]. - The company achieved a year-on-year revenue growth of 17.23% in its supply chain and international business, driven by the growth in international freight forwarding, supply chain, international express, and cross-border e-commerce logistics [2]. Group 2: Strategic Focus - The company emphasizes sustainable and healthy development, upgrading its operational mechanisms, and dynamically adjusting market strategies to meet diverse customer logistics needs and pursue high-quality business growth [1]. - Despite a decline in international shipping prices affecting the growth rate of international freight and agency business, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad [2].

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。 1 1. 速運物流業務：主要包括公司的時效快遞、經濟快遞、快運、冷運及醫藥，及同城即時 配送業務板塊。 2. 供應鏈及國際業務：主要包括公司的國際快遞、國際貨運及代理，及供應鏈業務板塊。 3. 以上收入不含公司其他非物流業務收入。 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） 2026 年 1 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2026年1月業 務經營簡報情況如下： | 項目 | | 2026年1月 | 2025年1月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | （人民幣億元） 營業收入 | 203.96 ...

Core Viewpoint - SF Holding (002352) shows a steady growth in revenue and profit, but recent quarterly results indicate a decline in net profit and net profit after deducting non-recurring items, suggesting potential challenges ahead [2]. Financial Performance - For the first three quarters of 2025, SF Holding reported a main revenue of 225.26 billion yuan, an increase of 8.89% year-on-year [2]. - The net profit attributable to shareholders reached 8.31 billion yuan, up 9.07% year-on-year [2]. - The net profit after deducting non-recurring items was 6.78 billion yuan, a slight increase of 0.52% year-on-year [2]. - In Q3 2025, the company achieved a single-quarter main revenue of 78.40 billion yuan, up 8.21% year-on-year [2]. - However, the single-quarter net profit attributable to shareholders was 2.57 billion yuan, down 8.53% year-on-year [2]. - The single-quarter net profit after deducting non-recurring items was 2.23 billion yuan, down 14.17% year-on-year [2]. - The company's debt ratio stands at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan [2]. - The gross profit margin is reported at 12.96% [2]. Market Activity - As of February 9, 2026, SF Holding's stock closed at 38.97 yuan, with a slight increase of 0.28% [1]. - The trading volume was 228,500 hands, with a total transaction value of 889 million yuan [1]. - The net outflow of main funds was 16.21 million yuan, accounting for 1.82% of the total transaction value, while retail investors saw a net inflow of 13.06 million yuan, representing 1.47% of the total transaction value [1]. Analyst Ratings - In the last 90 days, 12 institutions have provided ratings for SF Holding, with 10 giving a "buy" rating and 2 giving an "increase" rating [2]. - The average target price set by institutions over the past 90 days is 49.27 yuan [2].

Core Viewpoint - SF Holding (002352) shows a positive stock performance with a closing price of 38.47 yuan, up 2.12% as of February 4, 2026, indicating a strong market interest in the company [1]. Financial Performance - For the first three quarters of 2025, SF Holding reported a main business revenue of 225.26 billion yuan, an increase of 8.89% year-on-year, and a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [3]. - The company's third-quarter revenue was 78.40 billion yuan, reflecting an 8.21% year-on-year increase, while the net profit for the same period was 2.57 billion yuan, showing a decline of 8.53% year-on-year [3]. - The company has a debt ratio of 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan [3]. Market Position - SF Holding has a total market value of 193.87 billion yuan, ranking first in the logistics industry, with a net asset value of 108.98 billion yuan, also ranking second [3]. - The company has a price-to-earnings ratio (P/E) of 17.5, which is lower than the industry average of 20.17, and a price-to-book ratio (P/B) of 1.97, compared to the industry average of 2.85 [3]. Investment Sentiment - In the last 90 days, 12 institutions have rated the stock, with 10 buy ratings and 2 hold ratings, indicating strong institutional support [4]. - The average target price set by institutions over the past 90 days is 49.27 yuan, suggesting potential upside from the current trading price [4]. Capital Flow Analysis - On February 4, 2026, the net inflow of main funds was 165 million yuan, accounting for 11.7% of the total transaction amount, while retail investors saw a net outflow of 1.48 billion yuan, representing 10.5% of the total transaction amount [1][2]. - Over the past five days, the stock has experienced fluctuations in capital flow, with varying levels of net inflow and outflow from main funds, retail investors, and speculative funds [2].

Core Viewpoint - SF Holding (002352) experienced a decline in stock price, closing at 37.5 yuan on January 30, 2026, down 1.63% with a trading volume of 294,100 lots and a turnover of 1.108 billion yuan [1] Group 1: Stock Performance and Trading Data - On January 30, 2026, the net outflow of main funds was 74.6155 million yuan, accounting for 6.73% of the total turnover, while retail investors saw a net inflow of 99.3938 million yuan, representing 8.97% of the total turnover [1] - Over the past five days, the stock's closing prices and changes were as follows: January 30: 37.50 (-1.63%), January 29: 38.12 (+1.17%), January 28: 37.68 (-0.48%), January 27: 37.86 (-2.30%), January 26: 38.75 (-1.02%) [2] Group 2: Financial Metrics and Industry Comparison - SF Holding's total market capitalization is 188.979 billion yuan, with a net asset value of 108.975 billion yuan and a net profit of 8.308 billion yuan, ranking first in the logistics industry [3] - The company's revenue for the first three quarters of 2025 was 225.261 billion yuan, an increase of 8.89% year-on-year, while the net profit rose by 9.07% to 8.308 billion yuan [3] - The company's financial ratios include a price-to-earnings ratio of 17.06, a price-to-book ratio of 1.92, a gross margin of 12.96%, and a net margin of 3.87% [3] Group 3: Analyst Ratings - In the last 90 days, 13 institutions provided ratings for SF Holding, with 11 buy ratings and 2 hold ratings, and the average target price set at 51.03 yuan [4]

Group 1 - The core viewpoint of the news is that SF Holding (002352) has shown a positive trend in its stock performance and financial results, with a notable increase in revenue and net profit for the first three quarters of 2025 [1][2] Group 2 - As of January 29, 2026, SF Holding's stock closed at 38.12 yuan, up 1.17%, with a turnover rate of 0.77% and a trading volume of 367,300 hands, resulting in a transaction amount of 1.388 billion yuan [1] - On January 29, the net inflow of main funds was 78.42 million yuan, accounting for 5.65% of the total transaction amount, while retail investors saw a net inflow of 16.21 million yuan, representing 1.17% of the total [1] - For the first three quarters of 2025, SF Holding reported a main revenue of 225.26 billion yuan, an increase of 8.89% year-on-year, and a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [2] - The third quarter of 2025 saw a single-quarter main revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but a decline in net profit attributable to shareholders by 8.53% to 2.57 billion yuan [2] - The company has a debt ratio of 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while maintaining a gross profit margin of 12.96% [2] - SF Holding's main business includes express logistics, supply chain, and international business, covering various delivery services [2] - In the last 90 days, 14 institutions have rated the stock, with 12 buy ratings and 2 hold ratings, and the average target price set by institutions is 51.03 yuan [2]

Core Viewpoint - SF Holding (002352) reported a slight decline in stock price, with a closing price of 37.68 yuan on January 28, 2026, reflecting a decrease of 0.48% [1] Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing a year-on-year increase of 8.89% [2] - The net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year, while the net profit excluding non-recurring items was 6.78 billion yuan, showing a modest increase of 0.52% [2] - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but the net profit attributable to shareholders decreased by 8.53% to 2.57 billion yuan [2] - The company's debt ratio stood at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while the gross profit margin was 12.96% [2] Market Activity - On January 28, 2026, the net inflow of main funds was 33.25 million yuan, accounting for 2.26% of the total transaction volume, while retail investors saw a net inflow of 122 million yuan, representing 8.3% of the total transaction volume [1] - Over the past 90 days, 18 institutions provided ratings for SF Holding, with 15 buy ratings and 3 hold ratings, and the average target price set by institutions was 51.03 yuan [2]

Core Viewpoint - SF Holding (002352) reported a decline in stock price and mixed financial performance, with a notable increase in revenue but a decrease in quarterly net profit [1][2]. Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing an increase of 8.89% year-on-year [2]. - The net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year, while the net profit excluding non-recurring items was 6.78 billion yuan, a modest increase of 0.52% [2]. - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but the net profit attributable to shareholders decreased by 8.53% to 2.57 billion yuan [2]. - The debt ratio stood at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while the gross profit margin was 12.96% [2]. Market Activity - As of January 26, 2026, SF Holding's stock closed at 38.75 yuan, down 1.02%, with a turnover rate of 0.75% and a trading volume of 358,800 hands, resulting in a transaction value of 1.39 billion yuan [1]. - The net outflow of main funds was 90.76 million yuan, accounting for 6.52% of the total transaction value, while retail investors saw a net inflow of 168 million yuan, representing 12.07% of the total transaction value [1]. Analyst Ratings - In the last 90 days, 19 institutions provided ratings for SF Holding, with 16 recommending a buy and 3 recommending an increase in holdings [2]. - The average target price set by institutions over the past 90 days is 5.10 yuan [2].