Core Viewpoint - SF Holding (002352)(06936) reported a total revenue of RMB 24.787 billion for its express logistics, supply chain, and international business in August 2025, representing a year-on-year growth of 7.86% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 14.14% year-on-year, with business volume growing by 34.80%, driven by the company's continuous enhancement of standard products and comprehensive logistics service capabilities [1] - The company has focused on deepening its presence in various logistics scenarios, including manufacturing and consumer goods, effectively meeting diverse customer logistics needs [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 matrix to adapt to market changes and actively explore new demands, maintaining stable overall cargo volume in international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics business achieved rapid growth year-on-year [1]

Core Insights - Jiangsu Feilida International Logistics Co., Ltd. reported a revenue of 3.031 billion yuan and a net profit of 29.87 million yuan for the first half of 2025, marking a year-on-year growth of 39.69% in net profit despite a complex international environment [1] Financial Performance - The company improved its profitability significantly by reducing low-margin businesses and focusing on high-value sectors, resulting in a net profit excluding non-recurring gains of 14.59 million yuan, a year-on-year increase of 713.21% [2] - Operating cash flow saw a substantial improvement, reaching 181 million yuan compared to a negative 1.88 million yuan in the same period last year, reflecting a year-on-year growth of 9727.85% [2] - Revenue from comprehensive logistics services grew by 3.42% year-on-year, with a gross margin of 9.91%, contributing to profit growth [2] International Expansion - The company accelerated its internationalization strategy, with Southeast Asia and North America emerging as new growth areas, expanding its business scale in Thailand, Vietnam, and Malaysia [3] - The company serves over 300 clients in these regions, with established market shares in cross-border transport services [3] - Revenue from the Thai and U.S. markets showed significant growth, while the Vietnamese market maintained stable profitability during adjustments [3] Green Logistics and Digital Transformation - Feilida is actively pursuing green logistics initiatives, having added 32,000 square meters of rooftop solar panels, cumulatively reaching 87,800 square meters, significantly reducing carbon emissions [4] - The company introduced innovative rail transport services to replace traditional air and road transport, helping clients optimize their carbon footprints [4] - In terms of digital transformation, the company is enhancing its "dual middle platform" strategy and applying AI technologies in various operational scenarios, improving efficiency in warehousing and distribution [4] Focus on High-Value Sectors - The company is committed to social responsibility through various charitable activities and improving employee welfare, which enhances employee loyalty [5] - Future plans include deepening engagement in the electronic information, automotive, and new energy sectors, while expanding its international network and local service capabilities in Southeast Asia and North America [5] - Feilida aims to become a "data technology-driven intelligent supply chain management expert," leveraging its extensive warehousing resources and global business network [5]

Core Viewpoint - SF Holding (06936.HK) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] Group 1: Express Logistics Business - Revenue from express logistics business increased by 14.97% year-on-year, with business volume growing by 33.69%, indicating a strong growth trend [1] - The growth is attributed to the company's implementation of activation strategies, increased authorization and incentives for frontline operations, and enhanced operational support [1] - The company has strengthened its standard product and comprehensive logistics service capabilities, effectively meeting diverse customer needs across manufacturing and consumer logistics scenarios [1] Group 2: International Business - The international freight market demand has softened due to fluctuations in international trade, leading to a significant decline in sea freight prices compared to last year's highs [1] - Despite market changes, the company leveraged its global network and diversified business layout to adapt flexibly, actively exploring new demand [1] - Revenue from international express and cross-border e-commerce logistics businesses has seen rapid growth [1]