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. 順豐控股股份有限公司 上述資料未經審計，與定期報告資料可能存在差異，僅供投資者參考。相關資 料以公司定期報告為準。 股東及潛在投資者於買賣本公司證券時應注意投資風險並審慎行事。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2 025 年 7 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2025年7月業務經 營簡報情況如下： | 項目 | | 2025年7月 | 2024年7月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 162.28 | 14.97% | | | （億票） －業 ...

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]

Group 1 - The core viewpoint of the articles highlights the performance and market position of SF Holding, indicating a decline in stock price and a comparison of its PE ratio with industry averages [1][2] - As of July 2, SF Holding's stock closed at 48.27 yuan, down 1.89%, with a rolling PE ratio of 22.97 times and a total market capitalization of 240.997 billion yuan [1] - In terms of capital flow, on July 2, SF Holding experienced a net outflow of 88.5187 million yuan, with a total outflow of 42.2472 million yuan over the past five days [1] Group 2 - SF Holding's main business is comprehensive express logistics services, including time-sensitive express, economy express, freight, cold chain, medical delivery, same-city instant delivery, international express, international freight and agency, and supply chain [1] - The company achieved a revenue of 69.850 billion yuan in the first quarter of 2025, representing a year-on-year increase of 6.90%, and a net profit of 2.234 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] - In 2024, SF Holding received multiple international awards and national-level case certifications in logistics technology, and it was the only Chinese representative to reach the global finals of the Franz Edelman Award in 2025 [1]

Core Viewpoint - SF Holding's stock closed at 49.15 yuan, down 2.27%, with a rolling PE ratio of 23.39 times and a total market value of 245.39 billion yuan [1] Company Summary - SF Holding specializes in 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 services [1] - In Q1 2025, the company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit of 2.23 billion yuan, up 16.87%, with a gross profit margin of 13.30% [1] Industry Summary - The average PE ratio for the logistics industry is 25.14 times, with a median of 26.82 times, placing SF Holding at 31st in the industry ranking [1][2] - The company has received multiple international awards and national-level case certifications in logistics technology and is the only Chinese representative to reach the finals of the 2025 Franz Edelman Award [1]

Core Viewpoint - The company reported a total revenue of RMB 25.113 billion for May 2025, reflecting a year-on-year growth of 11.34% in its express logistics and supply chain businesses [2]. Group 1: Express Logistics Business - The revenue from the express logistics business increased by 13.36% year-on-year, with a business volume growth of 31.76%, attributed to the implementation of activation strategies and increased incentives for frontline operations [2]. - The early promotional period of major e-commerce platforms during the 618 sales event contributed to the increased demand for deliveries in May [2]. Group 2: Supply Chain and International Business - The revenue from international freight forwarding was impacted by fluctuations in international trade relations; however, the company leveraged its global network and diversified business layout to adapt to market changes [2]. - The company actively explored new demands, which supported steady growth in its supply chain and international business segments [2].

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 69.85 billion RMB in Q1, representing a year-on-year growth of 6.9%, and a net profit attributable to shareholders of 2.23 billion RMB, up 16.9% year-on-year, slightly exceeding expectations due to operational model transformation and network optimization [1][2] - The company is expected to benefit from stable profits from express delivery, diversified business growth, and international expansion, leading to a revaluation from an express delivery company to a comprehensive logistics service provider [1][3] Revenue and Volume Growth - The average daily volume of parcels increased by 21.0% year-on-year to 3.56 billion parcels, with total parcel volume growing by 19.7% to 3.54 billion parcels [2] - The average price per parcel decreased by approximately 11.0% year-on-year to 14.55 RMB, continuing the trend of "price for volume" established over the past 24 years [2] Business Segments and Cost Optimization - Revenue from express logistics grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year, driven by competitive product offerings and enhanced international network capabilities [2] - The company achieved a gross margin of 13.3%, a slight increase of 0.1 percentage points year-on-year, with gross profit rising by 8.0% to 9.29 billion RMB [2] Profit Forecast and Valuation - The company maintains net profit forecasts of 11.8 billion RMB, 14.2 billion RMB, and 16.0 billion RMB for 2025-2027, with corresponding EBITDA of 34.9 billion RMB, 38.5 billion RMB, and 41.3 billion RMB [3] - The valuation for A-shares is set at 8.0x EV/EBITDA for 2025, above the average of 4.8x for comparable companies, while H-shares are valued at 7.7x EV/EBITDA, also above the average of 5.2x [3]

Core Viewpoint - The company has demonstrated resilience and achieved high-quality growth in the first quarter of 2025, with significant increases in both revenue and net profit despite a complex global economic environment [7]. Financial Performance - In Q1 2025, the company achieved a total volume of 3.56 billion parcels, a year-on-year increase of 19.7%, and generated operating revenue of RMB 69.85 billion, up 6.9% year-on-year [7]. - The express logistics business revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9% [7]. - Gross profit reached RMB 9.29 billion, reflecting an 8.0% year-on-year increase, with a gross margin of 13.3%, up 0.1 percentage points [8]. - The net profit attributable to shareholders was RMB 2.23 billion, a 16.9% increase year-on-year, with a net profit margin of 3.2%, up 0.3 percentage points [8]. Share Buyback Program - The company announced a share buyback plan for 2025, intending to repurchase A-shares with a total amount between RMB 5 billion and RMB 10 billion, at a price not exceeding RMB 60 per share [40][41]. - The buyback aims to enhance the long-term incentive mechanism and motivate core employees, with shares intended for future employee stock ownership plans or equity incentive plans [41][46]. - The buyback period is set for 12 months from the board's approval date [42]. Debt Financing - The company issued a super short-term financing bond of RMB 500 million through its wholly-owned subsidiary to support business development needs [12]. REITs Issuance - The company is actively pursuing the issuance of public infrastructure REITs to support the sustainable development of logistics industrial parks, with a total fundraising amount of RMB 3.29 billion [14].