春节加收资源调节费 顺丰公告称，因节日期间资源调配受限、极端天气变化等多重因素，快件时效或将受到不同程度影响，将对快件和资源灵活调度匹配，动态调节部分服务 收费标准。其中：2026年1月19日-2月15日，顺丰对部分发运20kg(含)以上产品的客户收取0.1-1.5元/kg资源调节费；2026年2月16日-2月23日春节假期期 间，顺丰对寄递服务加收资源调节费。部分长期深度合作的月结客户、会员客户可享受资源调节费优惠或减免政策。 一年一度的"快递不打烊"伴随春节假期将至。南都N视频记者了解到，日前，多家物流企业发布春节期间服务公告。顺丰速运、京东物流、德邦等企业公 告显示，将保障春节寄递服务需求，并加收高峰期资源调节费，以应对资源调配需求。跨越速运称，春节期间正常取派货，但部分地区不承诺时效。而壹 米滴答、顺心快运(顺丰集团旗下)将于春节假期暂停揽收件。 顺丰、京东快运、德邦 (顺丰公告) 京东物流发布的《快运产品服务公告》显示，受高峰期交通及各地调度资源影响，在2026年1月19日-2026年2月23日期间，将在特快重货产品原价格基础 上加收0.1-1.2元/kg的高峰期资源调节费。对部分合作月结的客户，将 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][3] Core Views - The company's performance is under short-term pressure, with a focus on the effectiveness of operational optimization [1] - Despite a challenging macroeconomic environment, the company achieved double-digit revenue growth in both Q1 and Q2 of 2025, driven by a layered strategy for express delivery products and improvements in delivery quality [1][9] - The integration project with JD Logistics is expected to optimize settlement mechanisms in the second half of 2025, potentially leading to significant revenue contributions [1][9] Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported revenue of 20.55 billion yuan, an increase of 11.4%, while net profit attributable to shareholders was 52 million yuan, a decrease of 84% [1][9] - The second quarter saw revenue of 10.15 billion yuan, up 10.9%, with net profit of 121 million yuan, down 50% [1][9] - The gross margin for the first half of 2025 was 5.33%, a decrease of 2.29 percentage points year-on-year, while the net profit margin was 0.25%, down 1.55 percentage points [2][17] Cost Structure - Labor costs increased by 5.6% year-on-year in the first half of 2025, but their proportion of revenue decreased by 2.04 percentage points [2][17] - Transportation costs surged by 30.2% year-on-year, raising their share of revenue by 6.485 percentage points [2][17] - The company is optimizing its product structure and controlling resource input, leading to a sequential improvement in gross margin to 6.69% in Q2 [2][17] Profit Forecast - The profit forecast for 2024-2026 has been adjusted, with expected net profits of 620 million yuan, 860 million yuan, and 1.07 billion yuan respectively, reflecting a significant downward adjustment of -45.9% and -38.9% for 2025 and 2026 [3][19] - The company is expected to maintain growth potential in the medium to long term despite the current challenges [3][19] Financial Metrics - Projected revenue for 2025 is 44.803 billion yuan, with a year-on-year growth rate of 11% [4] - The projected net profit for 2025 is 618 million yuan, reflecting a year-on-year decline of 28.2% [4] - The company’s earnings per share for 2025 is estimated at 0.61 yuan [4]