Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 27.339 billion for its express logistics, supply chain, and international business in December 2025, representing a year-on-year growth of 3.41% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 3.78% year-on-year, with a business volume growth of 9.33% [1] - The company maintains a sustainable and healthy development approach, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - Market strategies are being optimized to pursue high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, resulting in stable cargo volumes for international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 27.339 billion for its express logistics, supply chain, and international business in December 2025, representing a year-on-year growth of 3.41% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 3.78% year-on-year, with a business volume growth of 9.33% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - The company is gradually optimizing its market strategy, aiming for high-quality business growth [1] Group 2: International Business - Due to fluctuations in international trade and a slowdown in freight market demand, sea freight prices have significantly decreased compared to the same period last year, impacting the revenue of the international freight forwarding business [1] - Leveraging its global network advantages and a rich product portfolio, the company has flexibly responded to market changes and actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics businesses has continued to grow rapidly year-on-year [1]

智通财经APP讯，顺丰控股(06936)发布公告，公司2025年12月速运物流业务、供应链及国际业务合计收 入为人民币273.39亿元，同比增长3.41%。其中：(1)速运物流业务收入同比增长3.78%，业务量同比增 长9.33%。公司坚持可持续健康发展的经营基调，推进激活经营进阶机制，以高品质服务和稳定运营交 付，满足客户多元化物流需求。同时公司逐步优化市场策略，追求业务高质量增长;(2)由于国际贸易波 动及货运市场需求趋缓，海运价格较去年同期明显回落，影响公司国际货运代理业务的收入。但依託全 球网络优势与丰富产品组合，公司灵活应对市场变化，积极把握企业出海新机遇，使得国际货运代理业 务货量保持稳定。国际快递及跨境电商物流业务收入同比保持较快增长。 ...

Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 9.88% year-on-year, with a business volume growth of 20.13% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable operations, thereby meeting customer demand during peak e-commerce promotional seasons and driving high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network advantages and diverse product offerings to adapt to market changes, actively seizing new opportunities for enterprises going abroad, resulting in stable cargo volumes for the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding announced that its revenue from express logistics, supply chain, and international business for November 2025 reached RMB 27.173 billion, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - Revenue from express logistics business increased by 9.88% year-on-year [1] - Business volume for express logistics grew by 20.13% [1] - International freight forwarding revenue was impacted by fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] Group 2: Market Response - The company leveraged its global network advantages and diverse product offerings to adapt to market changes [1] - SF Holding actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics continued to grow at a rapid pace year-on-year [1]

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, representing a year-on-year growth of 9.79% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 13.68% year-on-year, with business volume growing by 26.26% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to ensure high-quality service and stable delivery during peak e-commerce promotional seasons, driving high-quality growth [1] Group 2: International Business - The international freight forwarding business faced slower revenue growth due to fluctuations in international trade and a decline in shipping prices compared to the same period last year [1] - Despite market challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, maintaining stable cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid growth year-on-year [1]

Core Insights - SF Holding reported a revenue of 225.26 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 8.89% [1] - The net profit attributable to shareholders reached 8.31 billion yuan, with a year-on-year increase of 9.07% [1] - The company achieved a total parcel volume of 4.31 billion, marking a year-on-year growth of 33.4% in the third quarter [1] Financial Performance - Revenue for Q3 2025 was 78.4 billion yuan, up 8.2% year-on-year, with express logistics revenue increasing by 14.4% [1] - The R&D expense ratio decreased by 0.2 percentage points, while the financial expense ratio fell by 0.3 percentage points [1] - Earnings per share for the first three quarters was 1.67 yuan, reflecting a growth of 5.70% [1] Business Strategy - The company is implementing an "activation of operations" strategy, focusing on upgrading its diverse logistics business ecosystem [1] - SF Holding is leveraging technology, such as the "Super Brain 2.0" system and unmanned delivery, to enhance operational efficiency and reduce costs [2] - The company aims to transition its supply chain and international business from a "growth engine" to a "profit engine" [2] Market Positioning - SF Holding is actively expanding into new markets, creating an "irreplaceable logistics infrastructure" that establishes a competitive barrier [1] - The company is committed to maintaining stable net profit growth for the fourth quarter of 2025 and the entire year [2] - A new share repurchase plan has been announced, with a total amount adjusted to not less than 1.5 billion yuan and not exceeding 3 billion yuan, indicating a strong commitment to shareholder value [2]

Core Viewpoint - SF Holding (06936) reported a total revenue of RMB 27.007 billion for its express logistics, supply chain, and international business for September 2025, representing a year-on-year growth of 8.78% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 14.21% year-on-year, with business volume growing by 31.81% [1] - The growth is attributed to the company's continuous enhancement of standard products and comprehensive logistics service capabilities, effectively meeting diverse customer logistics needs [1] - The company has optimized its market strategy to promote high-quality business growth [1] Group 2: International Business - The international freight forwarding business revenue was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network advantages and diverse product offerings to adapt to market changes and actively explore new demands [1] - Revenue from international express and cross-border e-commerce logistics business achieved rapid growth year-on-year [1]

Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 27.007 billion for its express logistics, supply chain, and international business for the year ending September 2025, representing a year-on-year growth of 8.78% [1] Group 1: Express Logistics Business - Revenue from the express logistics business increased by 14.21% year-on-year, with a business volume growth of 31.81% [1] - The growth is attributed to the company's continuous enhancement of standard products and comprehensive logistics service capabilities, as well as deepening its engagement in various logistics scenarios to effectively meet diverse customer needs [1] - The company has gradually optimized its market strategy to promote high-quality business growth [1] Group 2: International Business - The international freight forwarding business revenue was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network advantages and diverse product offerings to adapt to market changes and actively explore new demands, maintaining stable overall cargo volume in the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid growth year-on-year [1]

Core Viewpoint - SF Holding Co., Ltd. reported a significant increase in its express logistics business revenue for August 2025, indicating strong operational performance despite challenges in international shipping and supply chain sectors [1] Financial Performance - As of September 19, 2025, SF Holding's stock closed at 41.08 CNY, up 1.36% from the previous trading day, with a total market capitalization of 207.02 billion CNY [1] - The express logistics business generated revenue of 18.657 billion CNY in August 2025, a year-on-year increase of 14.14% [1] - The total business volume reached 1.406 billion parcels, reflecting a year-on-year growth of 34.80% [1] - The average revenue per parcel was 13.27 CNY, which represents a year-on-year decline of 15.32% [1] - The combined revenue from all business segments amounted to 24.787 billion CNY, marking a year-on-year growth of 7.86% [1] Business Segment Analysis - The growth in express logistics revenue is attributed to the company's enhanced standard products and comprehensive logistics service capabilities, as well as its focus on various logistics scenarios [1] - Revenue from supply chain and international business decreased to 6.130 billion CNY, a year-on-year decline of 7.61% [1] - The international freight forwarding business experienced a revenue drop due to fluctuations in international trade and a slowdown in freight market demand, although overall cargo volume remained stable [1] - Revenue from international express and cross-border e-commerce logistics showed rapid year-on-year growth [1]