Summary of SF Express Conference Call Company Overview - SF Express, established in 1993, is one of China's earliest private express delivery companies and has grown to become the largest logistics service provider in China and the fourth largest globally [3][5][6] Core Business and Competitive Advantages - SF Express has a diversified business layout including time-sensitive express delivery, economy express, freight, cold chain, medical same-city urgent delivery, supply chain, and international business, demonstrating strong competitiveness in various segments [3][5] - The company operates on a direct management model, having transitioned to this model in 2002, which reduces reliance on franchisees and enhances control over logistics networks and infrastructure [3][5] - In 2023, the average revenue per shipment reached 16.1 yuan, significantly higher than the industry average of 9.1 yuan [4][5] Financial Performance - In 2023, SF Express reported revenue of 258.4 billion yuan, with a net profit of 8.2 billion yuan, marking a year-on-year growth of 33% [5] - The express and large parcel business segment achieved a net profit of 8.45 billion yuan, a 55% increase year-on-year [5] - Time-sensitive shipments accounted for 44.7% of total revenue, with large parcel and same-city delivery segments achieving profitability for the first time [5] Logistics Business Segments - The logistics business includes time-sensitive express, economy express, freight, cold chain, and medical same-city delivery, with time-sensitive express contributing nearly 80% of express business revenue [6][7] - From 2016 to 2022, revenue from time-sensitive services grew from 39.7 billion yuan to 105.7 billion yuan, with a compound annual growth rate (CAGR) of 18% [6] Development of Same-City Delivery and Supply Chain - SF Same-City Delivery, listed in Hong Kong at the end of 2021, has become the largest third-party real-time delivery service platform in China [7] - The supply chain and international business segment has seen a 27.2% year-on-year revenue growth, bolstered by the acquisition of a 51.5% stake in Kerry Logistics to enhance cross-border capabilities in Southeast Asia [7] Aviation Development - Since its launch in 2009, SF Airlines has expanded its fleet to 87 cargo aircraft by May 2024, leading among domestic logistics companies [8][9] - The company plans to operate 1,727 flights in the summer and autumn of 2024, capturing approximately 22% of the market share [10] Ezhou Huahu Airport - Ezhou Huahu Airport, operational since July 2022, is Asia's first professional cargo hub airport, expected to handle 2.45 million tons of cargo by 2025 [11][12] - SF Express has invested approximately 115 billion yuan in a transfer center and 37.5 billion yuan in an aviation base at the airport, enhancing sorting efficiency and service capacity [12] Impact of E-commerce on the Express Industry - New e-commerce scenarios, such as gift delivery features on platforms like Taobao, JD.com, and Douyin, are expected to increase demand for high-end express services due to higher quality requirements [13] - The express industry has shown strong performance in early 2025, with a year-on-year growth of 37.6% in package collection during the Spring Festival period [14] - The overall express industry is projected to achieve double-digit growth in package volume for 2025, indicating a positive outlook [14]

1、速运物流业务：主要包括公司的时效快递、经济快递、快运、冷运及医药、同城即时配送业务板块。 2、供应链及国际业务：主要包括公司的国际快递、国际货运及代理、供应链业务板块。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-004 顺丰控股股份有限公司 2025年1月快递物流业务经营简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2025 年 1 月业务经 营简报情况如下： | 项目 | 2025 | 年 | 1 月 | 2024 | 年 | 1 月 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | | 营业收入（人民币亿元） | | | 207.63 | | 195.01 | | 6.47% | | 业务量（亿票） | | | 13.30 | | 11.47 | | 15.95% | | 单票收 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-003 顺丰控股股份有限公司 关于回购公司 A 股股份的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、回购进展 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，本次回购股份的种类为公司发行的 A 股社会公众股份，回购价格不超过人民币 51.02 元/股（实施权益分派除权除息调 整后价格），回购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2025 年 1 月 31 日，公司通 过股份回购专用证券账户以集中竞价方式累计回购公司 A 股股份 20,771,358 股， 回购总金额约为人民 ...

公司名稱: 順豐控股股份有限公司（於中華人民共和國註冊成立的股份有限公司） 呈交日期: 2025年2月5日 I. 法定/註冊股本變動 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 FF301 截至月份: 2025年1月31日 狀態: 新提交 本月底法定/註冊股本總額： RMB 4,986,186,983 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002352 | 說明 | A股 (於深圳證券交易所上市) | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,816,186,983 RMB | | 1 | RMB | | 4,816,186,983 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 4,816,186,983 R ...

Core Viewpoint - SF Holding successfully listed on the Hong Kong stock market in November 2024, becoming the first logistics company in the express delivery industry to achieve an "A to H" listing, marking a new milestone in its internationalization journey [1] Group 1: Company Overview - Founded in 1993, SF Holding has grown into a leading logistics enterprise in Asia over 31 years, recognized as the largest integrated logistics service provider in China and Asia by revenue in 2023, and the fourth largest globally [1] - SF Holding's logistics ecosystem includes a wide range of services such as express delivery, economy express, freight, cold chain, pharmaceuticals, same-city instant delivery, international express, international freight forwarding, and supply chain services, providing end-to-end solutions for both domestic and international clients [1] - The company leads in various segments, including express delivery, freight, cold chain, same-city instant delivery, and supply chain services in China, and ranks first in Asia for express delivery, less-than-truckload freight, same-city instant delivery, and international business [1] Group 2: Financial Performance - In the first three quarters of 2024, SF Holding achieved a revenue of 206.86 billion yuan and a net profit of 7.617 billion yuan, with Q3 revenue reaching 72.451 billion yuan, a year-on-year increase of 12.07%, and a net profit of 2.810 billion yuan, up 34.59% year-on-year [3] - The company announced a mid-term dividend plan in October 2024, distributing 4 yuan per 10 shares, totaling approximately 1.92 billion yuan, which accounts for 40% of its net profit for the first half of 2024 [4] - SF Holding's board has set a shareholder return plan for the next five years (2024-2028), indicating a gradual increase in cash dividend payout ratio from 35% in 2023, reflecting confidence in future performance [3][4] Group 3: International Expansion - SF Holding is actively pursuing an internationalization strategy, aligning with the trend of supply chain and value chain restructuring, and has successfully won over 40 cross-border supply chain cooperation projects in Asia in the first half of 2024 [5] - The company reported a 27.22% year-on-year revenue growth in its supply chain and international business segments in Q3 2024, indicating strong momentum in international markets [6] - The establishment of Ezhou Huahu International Airport, which has become the fastest-growing cargo hub in China, supports SF Holding's logistics capabilities, with 31,800 cargo flights and a total cargo throughput of 1.025 million tons in 2024 [6]

Investment Rating - The report maintains a "Buy" rating with a target price of RMB 51.48 for the company [4][5]. Core Insights - The management expects overall revenue growth in 2025 to be in the high single digits to low double digits, with net profit margin improving by 20-30 basis points compared to 2024 [1]. - The improvement in profit margins is attributed to enhanced profitability from new business, cost reduction initiatives including multi-network integration, and the release of operational leverage [1]. - The company anticipates a gradual increase in the dividend payout ratio, which was 40% last year, expected to rise steadily by 2028 [1]. Summary by Sections Revenue and Profitability - The company reported a revenue of RMB 258.409 billion in 2023, with projections of RMB 283.659 billion for 2024 and RMB 315.882 billion for 2025 [7]. - The EBITDA margin is projected to improve from 3.8% in 2023 to 5.0% in 2024 [7]. Market Position and Competition - The company holds over 50% market share in the return logistics business on platforms like Douyin, with daily returns averaging 5 million items, representing 12-13% of total volume [3]. - The management believes that the recent integration of JD Logistics into the Taobao platform will have a limited impact on the company, as Taobao buyers can now choose to use SF Express for deliveries [2]. Valuation Metrics - The report indicates a projected stock price increase of 26.8% and a dividend yield of 2.3%, leading to an expected total return of 29.1% [8]. - The company’s market capitalization is reported at RMB 202 billion (approximately USD 27.6 billion) [5].

证券代码：002352 证券简称：顺丰控股 公告编号：2025-001 顺丰控股股份有限公司 关于回购公司 A 股股份的进展公告 公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性 陈述或重大遗漏。 一、回购进展 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，本次回购股份的种类为公司发行的 A 股社会公众股份，回购价格不超过人民币 51.02 元/股（实施权益分派除权除息调 整后价格），回购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2024 年 12 月 31 日，公司 通过股份回购专用证券账户以集中竞价方式累计回购公司 A 股股份 20,771,358 股，回购总金额约为人民 ...

1 股东名 称 是否为控股股东 或第一大股东及 其一致行动人 本次解除质押 A 股股份数量 （股） 占其所持 股份比例 占公司总 股本比例 注 2 质押起始日 质押解除日 质权人 明德控 股 注 1 是 23,000,000 0.86% 0.46% 2023 年 6 月 15 日 2024 年 12 月 26 日 中信银行股 份有限公司 深圳分行 明德控 股 注 1 是 52,000,000 1.95% 1.04% 2024 年 1 月 18 日 2024 年 12 月 26 日 中信银行股 份有限公司 深圳分行 合计 75,000,000 2.82% 1.50% — 一、 股东股份解除质押的基本情况 证券代码：002352 证券简称：顺丰控股 公告编号：2024-123 顺丰控股股份有限公司 关于控股股东部分 A 股股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整, 没有虚假记载、误导 性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）近日收到控股股东深圳明德控 股发展有限公司（以下简称"明德控股"）的通知，获悉其所持有的公司部分 A 股股份解除质押，具体事项如下： 二 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [4][8]. Core Insights - The company is expected to see a slight increase in profit forecasts, with projected net profits of 9.7 billion, 11.2 billion, and 12.8 billion RMB for 2024-2026, reflecting year-over-year growth rates of +18%, +15%, and +14% respectively [4]. - The company has been included in the Hong Kong Stock Connect list, which is anticipated to enhance the liquidity of its H shares and positively impact their price performance [18]. - The international and supply chain business is recovering, with a significant revenue increase of 25% year-over-year in the latter half of the year [9]. Company Overview - The company operates in the transportation industry, with a current A-share price of 40.25 RMB and a market capitalization of 192.746 billion RMB [1]. - Major shareholders include Shenzhen Mingde Holdings Development Co., Ltd., holding 51.38% of shares [1]. - The company has a total of 4,986.19 million shares issued, with 4,788.73 million A-shares [1]. Financial Performance - The company’s earnings per share (EPS) are projected to be 2.0 RMB, 2.3 RMB, and 2.7 RMB for 2024-2026, with corresponding price-to-earnings (P/E) ratios of 20x, 17x, and 15x for A shares, and 16x, 14x, and 12x for H shares [4]. - The net profit for 2023 is estimated at 82.34 billion RMB, with a year-over-year growth of 33.38% [21]. - The company’s revenue is projected to grow from 258.409 billion RMB in 2023 to 279.234 billion RMB in 2024 [23]. Product Mix - The company’s product mix includes 44.0% from time-sensitive services, 9.9% from economic services, 13.1% from express services, 3.8% from cold chain and pharmaceutical services, 2.9% from same-city delivery, and 23.2% from supply chain and international services [3].

Group 1 - The company, SF Holding (002352), announced that its H-shares will be included in the Stock Connect program starting December 23 [1] - The global offering's stabilization period ended on December 22, which is 30 days after the deadline for submitting the application for the Hong Kong public offering [1]