Core Viewpoint - SF Holding (002352.SZ) 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: Business Performance - The express logistics business revenue increased by 13.68% year-on-year [1] - The business volume for express logistics grew by 26.26% year-on-year [1] Group 2: Strategic Focus - The company emphasizes sustainable and healthy development in its operational approach [1] - SF Holding is advancing its operational activation mechanism to enhance service quality and stable operations [1] - The company aims to meet customer demand during the peak e-commerce promotional season, driving high-quality business growth [1]

智通财经APP讯，顺丰控股(06936)发布公告，公司2025年10月速运物流业务、供应链及国际业务合计收 入为人民币264.54亿元，同比增长9.79%。其中： (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 务的收入增速。但依托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实现较快增长。 (1)速运物流业务收入同比增长13.68%，业务量同比增长26.26%。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，保障客户电商促销旺季的寄递需求，推动 业务高质量增长; ...

(1)速运物流业务收入同比增长13.68%，业务量同比增长26.26%。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，保障客户电商促销旺季的寄递需求，推动 业务高质量增长; 智通财经APP讯，顺丰控股(06936)发布公告，公司2025年10月速运物流业务、供应链及国际业务合计收 入为人民币264.54亿元，同比增长9.79%。其中： (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 务的收入增速。但依托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实现较快增长。 ...

Core Viewpoint - The company reported a total revenue of RMB 26.454 billion for its express logistics, supply chain, and international business in October 2025, reflecting a year-on-year growth of 9.79% [1] Group 1: Express Logistics Business - Revenue from the 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, maintaining stable cargo volumes 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 (002352) reported a revenue of 20.091 billion yuan for its express logistics business in October 2025, representing a year-on-year growth of 13.68% [1] - The total business volume reached 1.524 billion parcels, marking a year-on-year increase of 26.26% [1] - The average revenue per parcel was 13.18 yuan, which reflects a year-on-year decline of 9.97% [1] - Revenue from supply chain and international business amounted to 6.363 billion yuan, showing a slight year-on-year decrease of 0.93% [1]

Core Insights - SF Holding (002352) reported a total revenue of 26.454 billion yuan for its express logistics, supply chain, and international business in October 2025, representing a year-on-year growth of 9.79% [1] - The express logistics segment generated revenue of 20.091 billion yuan, showing a year-on-year increase of 13.68% [1] - The total business volume for express logistics reached 1.524 billion shipments, which is a year-on-year growth of 26.26% [1]

Core Viewpoint - SF Holding (002352.SZ) 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: Revenue and Growth - The express logistics business generated revenue of RMB 20.091 billion in October 2025, reflecting a year-on-year increase of 13.68% [1] - The business volume for express logistics reached 1.524 billion packages, marking a year-on-year growth of 26.26% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operations, focusing on activating operational advancement mechanisms [1] - High-quality service and stable operational delivery are prioritized to meet customer demand during the e-commerce promotional peak season, driving high-quality business growth [1]

智通财经APP讯，顺丰控股(002352.SZ)披露2025年10月快递物流业务经营简报，公司2025年10月速运物 流业务、供应链及国际业务合计收入为人民币264.54亿元，同比增长9.79%。速运物流业务方面，2025 年10月营业收入200.91亿元，同比增长13.68%;业务量15.24亿票，同比增长26.26%。 公告称，速运物流业务收入同比增长13.68%，业务量同比增长26.26%。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，保障客户电商促销旺季的寄递需求， 推动业务高质量增长。 ...

Group 1 - The core point of the article is that SF Holding announced its logistics revenue for 2025, projecting a total of 20.09 billion yuan, which represents a year-on-year growth of 13.68% [1] - The volume of deliveries is expected to reach 1.524 billion packages, showing a year-on-year increase of 26.26% [1] - The average revenue per package is projected to be 13.18 yuan, reflecting a year-on-year decline of 9.97% [1] Group 2 - The revenue from supply chain and international business is projected to be 6.363 billion yuan, indicating a slight year-on-year decrease of 0.93% [1]

Core Insights - The company reported a decline in net profit for Q3 2025, with a year-on-year decrease of 8.5%, while total revenue increased by 8.2% to 784.0 billion yuan [1][2] - The company aims to maintain stable net profit growth for the full year 2025, despite short-term profit pressures [4] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 225.26 billion yuan, up 8.9% year-on-year, with a net profit of 8.31 billion yuan, reflecting a 9.1% increase [1] - The net cash flow from operating activities for the first three quarters was 19.42 billion yuan, down 13.9% year-on-year, indicating a still robust cash flow position [2] - The gross profit for Q3 2025 was 9.79 billion yuan, a decrease of 4.4% year-on-year, with a net profit margin of 3.3%, down 0.6 percentage points [2][3] Operational Highlights - The company experienced a strong growth in total parcel volume, reaching 4.31 billion parcels in Q3, a year-on-year increase of 33.4%, leading to a market share of 8.7%, up 1.3 percentage points [3] - The express logistics business showed a solid revenue growth of 14.4% year-on-year, while international business revenue declined by 5.3% due to falling sea freight prices [3] - The core international express and cross-border e-commerce logistics business saw a revenue increase of 27% year-on-year, indicating strong competitiveness in the market [3] Strategic Initiatives - The company announced an adjustment to its share repurchase plan, increasing the total repurchase amount from a range of 0.5 to 1 billion yuan to a range of 1.5 to 3 billion yuan, reflecting management's confidence in future performance [4] - The company is focusing on structural upgrades in its operational network and enhancing its strategic capabilities in industry and international markets to strengthen customer loyalty and build a differentiated logistics service ecosystem [4] Profit Forecast - The company expects to achieve net profits of 10.91 billion yuan, 12.65 billion yuan, and 14.48 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 18.6, 16.1, and 14.0 times [5]