Core Viewpoint - The company reported a total revenue of RMB 24.787 billion for August 2025, reflecting a year-on-year growth of 7.86% [2]. Group 1: Business Segments - The express logistics business revenue increased by 14.14% year-on-year, with a business volume growth of 34.80%, driven by the enhancement of standard products and comprehensive logistics service capabilities [2]. - The supply chain and international business faced challenges due to 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 [2]. - Despite the challenges in international freight forwarding, the company maintained stable cargo volumes and achieved rapid growth in international express and cross-border e-commerce logistics revenue [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。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 公司2025年8月速運物流業務、供應鏈及國際業務合計收入為人民幣247.87億 元，同比增長7.86%。其中： （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2025 年 8 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8月業務經 營簡報情況如下： | 項目 | | 2025年8月 | 2024年8月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 163.46 | 14.14% | | | －業務量 （億票） | 14.06 | 10.43 | 34.80% | ...

Core Viewpoint - The article discusses the recent performance and challenges faced by SF Holding, highlighting the disparity between its strong revenue growth and declining stock price, primarily due to market concerns over future stock dilution and profitability issues in its new business segments [4][6][24]. Financial Performance - SF Holding reported a revenue of 146.86 billion yuan for the first half of 2025, a year-on-year increase of 9.26%, with a net profit of 5.74 billion yuan, up 19.37% [6][8]. - The company achieved a business volume of 78.5 billion parcels, growing 25.7% year-on-year, surpassing the industry average growth of 19.3% [6][8]. - The logistics and freight forwarding segment contributed 143.53 billion yuan, accounting for 97.73% of total revenue, with a growth of 10.23% [8]. Business Segments - SF Holding's main business segments include express delivery, supply chain, and same-city delivery, with the express delivery segment generating 1,047.73 billion yuan, a growth of 8.21% [7][19]. - The same-city delivery segment saw a significant increase of 38.77%, reaching 55.83 billion yuan [7][19]. - Despite revenue growth, the average price per shipment fell to 14 yuan, a decrease of 12.2%, impacting the overall gross margin, which dropped to 13.22% [9][19]. Strategic Shifts - SF Holding has shifted its strategy from "price for volume" to "value preservation," but has recently reverted to a price-cutting approach to maintain market share [12][13]. - The company aims to diversify its revenue sources by expanding into logistics, cold chain, and international services, with supply chain and international business becoming significant revenue contributors [15][16]. Stockholder Concerns - The introduction of a stock incentive plan, involving the distribution of up to 200 million shares to employees, raised concerns about potential stock dilution and its impact on share price [21][24]. - The plan, which could lead to significant expenses over the next decade, has been viewed negatively by investors, contributing to the stock's decline [21][24].

Core Viewpoint - SF Holding reported strong revenue and profit growth in the first half of 2025, with a significant increase in operational efficiency and a focus on long-term employee incentives to enhance competitiveness [1][4]. Group 1: Financial Performance - In H1 2025, the company's operating revenue reached 146.86 billion yuan, a year-on-year increase of 9.3%, while net profit attributable to shareholders was 5.74 billion yuan, up 19.4% [1]. - In Q2 2025, operating revenue was 77.01 billion yuan, reflecting an 11.5% year-on-year growth, and net profit was 3.5 billion yuan, a 21.0% increase [1]. - The company announced an interim dividend plan, distributing 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which is about 40% of the net profit for the first half of the year [1]. Group 2: Operational Highlights - In H1 2025, the express delivery business volume increased by 25.7%, with time-sensitive and economy express volumes growing by 19% and 30%, respectively [2]. - In Q2 2025, the logistics business volume grew by 31.2% to 4.27 billion pieces, with market share increasing by 0.9 percentage points to 8.5% [2]. - The company experienced significant growth in various business segments, with same-city delivery revenue increasing by 38.9% in H1 2025 [2]. Group 3: Profitability and Strategic Initiatives - The gross profit margin in Q2 2025 decreased by 1.4 percentage points to 13.1% year-on-year, attributed to strategic resource investments and flexible pricing strategies [3]. - The company reported a tax-adjusted investment income of 590 million yuan from the disposal of shares in the Southern SF Logistics REIT [3]. - A new employee stock ownership plan was introduced, granting up to 200 million A-shares to core employees, aimed at aligning employee interests with company performance [3]. Group 4: Future Outlook - The company is expected to see a positive trend in its operating cycle, with projected net profits of 11.67 billion, 13.75 billion, and 15.91 billion yuan for 2025, 2026, and 2027, respectively [4]. - The corresponding price-to-earnings ratios for A-shares are forecasted to be 18.0, 15.3, and 13.2 times for the respective years [4]. - The company maintains a high dividend policy and continues to implement share buyback strategies to enhance shareholder returns [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][18]. Core Views - The company demonstrates resilient growth under diversified operations, with expectations for profit margin recovery to enhance earnings elasticity [2][14][15]. - The company has achieved a year-on-year revenue increase of 9.26% in H1 2025, reaching 1468.58 billion yuan, and a net profit increase of 19.37%, totaling 57.38 billion yuan [6][12]. - The report highlights the company's strategic focus on cost reduction and operational efficiency improvements through multi-network integration and operational model transformation [14][15]. Financial Performance Summary - In H1 2025, the company reported a gross margin of 13.22%, a decrease of 0.64 percentage points year-on-year, while the net profit margin increased to 3.91%, up 0.33 percentage points [8][11]. - The company processed 7.813 billion parcels in H1 2025, reflecting a 25.73% increase year-on-year, although the average revenue per parcel decreased by 12.32% to 13.97 yuan [7][12]. - The company’s revenue from various segments showed robust growth, with express delivery, economic express, and same-city instant delivery increasing by 6.8%, 14.4%, and 38.9% respectively [12][14]. Profitability and Forecast - The company is projected to achieve revenues of 3170.76 billion yuan, 3512.63 billion yuan, and 3899.48 billion yuan for the years 2025, 2026, and 2027, respectively, with a consistent growth rate of 11% [16][17]. - The forecasted net profit for the same years is 117.73 billion yuan, 136.68 billion yuan, and 158.68 billion yuan, reflecting a growth rate of 16% [17]. - The report anticipates that ongoing cost reduction initiatives and profit margin recovery will significantly enhance the company's earnings elasticity [15][17].

Core Insights - The company reported a revenue of 146.86 billion yuan for H1 2025, representing a year-on-year increase of 9.26% [1] - The net profit attributable to shareholders reached 5.74 billion yuan, up 19.37% year-on-year, while the net profit after deducting non-recurring items was 4.55 billion yuan, reflecting a 9.72% increase [1] Business Performance - The company achieved a business volume of 7.85 billion parcels in H1 2025, marking a significant year-on-year growth of 25.7%, driven by an enhanced product matrix and improved service competitiveness [2] - Express delivery services generated revenue of 63.23 billion yuan, a 6.84% increase, accounting for 43.06% of total revenue [2] - Economic express services saw revenue of 15.16 billion yuan, up 14.38% [2] - The freight business reported revenue of 19.57 billion yuan, increasing by 11.50% [2] - Same-city instant delivery services experienced rapid growth, with revenue reaching 5.49 billion yuan, a remarkable 38.86% increase, and order volume growing over 50% year-on-year [2] - Supply chain and international business became a new growth engine, generating revenue of 34.23 billion yuan, up 9.74% [2] - The company has established 19 international routes at its air cargo hub in Ezhou, enhancing logistics connectivity [2] - Other non-logistics businesses reported a revenue of 3.33 billion yuan, down 20.81% [2] Employee Engagement and Shareholder Returns - The company introduced a 9-year "shared growth plan" to align core talent with long-term company value, involving the allocation of up to 200 million A-shares from the controlling shareholder [3] - A mid-term cash dividend of 4.6 yuan per 10 shares was announced, amounting to approximately 2.32 billion yuan, which is 40% of the net profit attributable to shareholders for H1 2025, indicating strong cash flow and financial stability [3] - The increase in dividend reflects management's confidence in future business development and commitment to enhancing long-term shareholder value [3]

Core Viewpoint - The logistics industry is experiencing a "slow bull" market driven by "anti-involution" and technological innovation, with significant growth in express delivery volumes and a shift from price competition to value competition [1][3]. Industry Overview - As of August 29, 2025, the Shanghai Composite Index has risen by 15.1%, the Shenzhen Component Index by 21.91%, the ChiNext by 34.95%, and the Hang Seng Index by 25.1% [2]. - The express delivery sector saw a total of 956.4 billion packages delivered in the first half of 2025, marking a year-on-year increase of 19.3% [3]. Company Performance - SF Holding reported a revenue of 146.858 billion yuan for the first half of 2025, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37% [5][19]. - The company's express logistics business volume reached 7.85 billion packages, growing by 25.7% year-on-year, outperforming the industry average [9][10]. Business Model Transformation - SF Holding's business model has shifted from "scale-driven" to "value-driven," achieving a threefold resonance in volume, revenue, and profit [7][12]. - The company has enhanced its service quality and efficiency, focusing on customer-centric differentiated product strategies [13][14]. Technological Advancements - SF Holding is leveraging technology to enhance operational efficiency, with significant investments in automation and smart logistics systems [20]. - The company has improved its small package transfer efficiency by 12.5% in the first half of 2025, while reducing transfer costs [20]. Market Position and Competitive Advantage - SF Holding has established a comprehensive global supply chain network, covering 339 domestic administrative regions and 95 countries internationally [17]. - The company has a strong brand reputation, with over 95% of Fortune China 500 companies collaborating with SF Holding [19]. Investment Outlook - Short-term prospects are bolstered by improved cyclical performance and the potential of international business [21]. - Mid-term strategies include expanding into REITs and diversifying revenue streams across various logistics sectors [22]. - Long-term growth is expected from continuous value creation and technological advancements, which may redefine the logistics industry landscape [24][25].

Core Viewpoint - The logistics industry is experiencing a transformation driven by "anti-involution" and "technological innovation," which are complementary forces that enhance value investment opportunities [4]. Industry Overview - As of August 29, 2025, the Shanghai Composite Index has risen by 15.1%, the Shenzhen Component Index by 21.91%, the ChiNext Index by 34.95%, and the Hang Seng Index by 25.1% [3]. - The logistics sector is positioned at the intersection of these two driving forces, with a notable increase in express delivery volume, which reached 95.64 billion pieces in the first half of 2025, marking a year-on-year growth of 19.3% [5]. Company Performance - SF Holding's mid-year report for 2025 shows revenue of 146.858 billion yuan, a year-on-year increase of 9.26%, and a net profit of 5.738 billion yuan, up 19.37%, with a net profit margin of 3.9% [6][40]. - The company's express logistics segment has shifted from a "scale-driven" model to a "value-driven" dual-engine model, achieving a threefold resonance in volume, revenue, and profit [11]. Business Segments - The express logistics segment saw a volume of 7.85 billion pieces in the first half of 2025, growing by 25.7%, outpacing the industry average [13]. - The high-value express business has expanded into various sectors, including consumer goods and high-end manufacturing, contributing to a revenue increase of over 20% in these areas [16]. Competitive Advantage - SF Holding is transitioning from volume growth to enhancing service quality and efficiency, establishing a strong competitive edge through a comprehensive ecosystem [24]. - The company has built a robust logistics network, including 59 domestic and 19 international routes from its Ezhou cargo hub, enhancing its service capabilities [26]. Technological Innovation - SF Holding is leveraging technology to improve operational efficiency, with significant investments in automation and smart logistics, resulting in a 12.5% increase in small package transfer efficiency [32]. - The company has implemented intelligent systems that enhance service delivery, achieving a 13.7% improvement in small package collection and delivery efficiency [32]. Investment Outlook - From a short-term perspective, the company's performance indicates cyclical improvements and potential in international business, supported by a strong fundamental outlook [34]. - In the medium term, SF Holding's expansion into REITs and diversified business segments is expected to reshape its asset value and profitability [35]. - Long-term prospects include the continuous enhancement of its global supply chain network and technological advancements that could redefine the logistics industry landscape [38].

Core Viewpoint - SF Holding achieved record high performance in the first half of 2025, driven by rapid growth in the food delivery and instant retail sectors, leading to significant revenue increases in its urban logistics segment [1][6]. Financial Performance - In the first half of 2025, SF Holding reported revenue of 146.858 billion yuan, a year-on-year increase of 9.26% [1]. - The net profit attributable to shareholders reached 5.738 billion yuan, up 19.37% year-on-year, with a net profit margin of 3.9%, an increase of 0.3 percentage points [1]. - Free cash flow amounted to 8.74 billion yuan, reflecting a 6.1% year-on-year increase [1]. - The company plans to distribute a mid-term cash dividend of 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which represents 40% of the net profit attributable to shareholders for the first half of 2025, an increase from the previous year [1]. Cost Structure - Labor costs accounted for 42.98% of revenue, rising 1.87 percentage points from the previous year, primarily due to increased wages for frontline staff and sales incentives [2]. - Transportation costs represented 32.59% of revenue, showing a slight decrease of 0.25 percentage points [2]. - Other operating costs accounted for 11.38% of revenue, down 0.82 percentage points [2]. Business Segments - The express logistics business generated revenue of 109.3 billion yuan, a 10.4% year-on-year increase, with the express delivery segment achieving 63.23 billion yuan in revenue, up 6.8% [2]. - The volume of express logistics reached 7.85 billion parcels, a 25.7% increase year-on-year, significantly outpacing the industry average growth rate of 19.3% [3][5]. - The urban logistics segment saw revenue of 10.236 billion yuan, a remarkable 48.8% increase year-on-year, with net profit attributable to shareholders reaching 137 million yuan, up 120.4% [5][6]. Market Trends - The company is focusing on industry-specific solutions rather than standard products, leading to over 20% growth in logistics revenue from sectors such as consumer goods, automotive, and high-tech communications [3]. - The average revenue per parcel decreased by 12.2% due to changes in product structure [4]. - The competitive landscape in the express delivery market is intensifying, with a shift towards cost reduction and efficiency improvements [7][8]. Future Outlook - SF Holding anticipates that the industry will stabilize due to trends such as "anti-price undercutting" and improved protections for delivery personnel [8]. - The company plans to implement structural cost reductions and enhance its logistics network to better respond to market fluctuations [8].

Company Overview - SF Holding Co., Ltd. is located in Shenzhen, Guangdong Province, China, and was established on May 22, 2003. The company went public on February 5, 2010. Its main business involves comprehensive express logistics services [1] - The revenue composition of SF Holding includes: express delivery (42.97%), supply chain and international business (26.02%), freight (13.23%), economic express (9.58%), cold chain and pharmaceutical (3.45%), same-city instant delivery (3.17%), other services (1.14%), and undistributed portion (0.44%) [1] Stock Performance - On August 29, SF Holding's stock price fell by 5.17%, closing at 45.90 CNY per share, with a trading volume of 1.023 billion CNY and a turnover rate of 0.46%. The total market capitalization is 231.309 billion CNY [1] Fund Holdings - According to data from the top ten holdings of funds, Boyuan Fund has one fund heavily invested in SF Holding. The Boyuan Youxiang Mixed A Fund (010906) held 17,000 shares in the second quarter, unchanged from the previous period, accounting for 2.78% of the fund's net value, making it the second-largest holding [2] - The Boyuan Youxiang Mixed A Fund was established on March 30, 2021, with a latest scale of 28.1864 million CNY. Year-to-date returns are 6.49%, ranking 6252 out of 8189 in its category; the one-year return is 15.54%, ranking 6109 out of 7969; and since inception, it has a loss of 1.24% [2] Fund Management - The fund manager of Boyuan Youxiang Mixed A Fund is Huang Junfeng, who has been in the position for 2 years and 157 days. The total asset scale of the fund is 29.8653 million CNY, with the best fund return during his tenure being 7% and the worst being 5.96% [3]