顺丰控股及嘉里物流_2025 年第二季度回顾_收入符合预期，利润低于预期；聚焦市场份额提升；买入顺丰，中性评级嘉里物流

29 August 2025 | 4:42AM HKT S.F. Holding (002352.SZ/6936.HK) & Kerry Logistics (0636.HK) 2Q25 review: Revenue in-line & profit below; focusing on market share gains; Buy S.F./Neutral on Kerry S.F. Holding reported mixed 2Q print with in-line revenue growth of +11% yoy, while pre-exceptional net profit (excluding a Rmb1bn investment gain) came in below-expectations at Rmb2.6bn, -13% vs. GSe, with gross margin at 13.1% (vs. 14.5% in 2Q24) as a result of flexible pricing strategy amid S.F.'s proactive focus on ...