FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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： 2026年1月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 002352 | 說明 | A股（於深圳交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | 事件 | 已發行股份（不包 ...

智通财经APP讯，顺丰控股(06936)发布公告，于2026年1月26日，该公司斥资人民币5242.84万元回购 135万股A股，每股回购价格为38.6-39.98元。 ...

格隆汇1月26日丨顺丰控股(06936.HK)发布公告，2026年1月26日耗资人民币5242.84万元回购135万股A 股，回购价格每股38.6-38.98元。 ...

顺丰控股（002352）(06936)发布公告，于2026年1月26日，该公司斥资人民币5242.84万元回购135万股 A股，每股回购价格为38.6-39.98元。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 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： 2026年1月26日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | ...

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

国海证券研报指出，顺丰控股短期利润扰动或面临拐点；收入稳增叠加降本增效，中期盈利能力有望稳 步提升；长期看供应链及国际业务第二增长曲线蓄势待发。考虑到多网融通及营运变革深入推进，对成 本费用节约的效果逐步显现，预计2025-2027年归母净利润分别110.75亿元、122.85亿元、138.23亿元， 同比增长8.90%、10.92%、12.52%，对应PE分别18倍、16倍、14倍。参考顺丰控股A股近三年平均PE （TTM）约24倍，考虑公司激活经营下业务量增长、精益管理成本费用有望带动利润率提升，预计进 入产能投放后回报周期，远期国际业务有望打开增长空间，首次覆盖，给予公司"买入"评级。 ...

Core Viewpoint - Several logistics companies, including SF Express, JD Logistics, and Deppon, have announced their service plans for the Spring Festival, indicating a commitment to meet delivery service demands during this period while implementing peak resource adjustment fees to manage resource allocation needs [1] Group 1 - SF Express has stated that due to limited resource allocation during the holiday period and extreme weather changes, the timeliness of deliveries may be affected to varying degrees [1] - The company plans to flexibly adjust the scheduling of packages and resources, dynamically modifying certain service fee standards [1]

Summary of SF Holding Conference Call Company Overview - SF Holding is the largest integrated logistics service provider in China and Asia, and the fourth largest globally. Its direct operation model and comprehensive logistics capabilities are its core competitive advantages, allowing it to lead in the express delivery and mid-to-high-end economic express markets and adapt quickly to market changes [2][3]. Core Business Insights - Express delivery remains the core business, but its revenue share has decreased from 66% in 2017 to 43% in the first half of 2025. Despite this, SF Holding maintains a leading position with a 64% market share in the highly concentrated express delivery market [5]. - Future growth drivers include increased online sales and return demands for mid-to-high-end products, logistics needs from high-end manufacturing, and international business growth driven by global supply chain restructuring and cross-border e-commerce [2][5]. Financial Performance - From 2016 to 2020, the net profit attributable to shareholders grew consistently. However, in 2021, net profit declined due to increased investments and rising labor costs. From 2022 to 2024, profitability is expected to recover through business structure adjustments and cost reduction measures, with a 9.07% year-on-year increase in net profit for the first three quarters of 2025 [7][8]. - The company plans to steadily increase cash dividend ratios, projecting a rise to 40% in 2024, and has repurchased approximately 5.16 billion yuan worth of shares from 2022 to October 2025 [8]. Cost Control Measures - Since 2021, SF Holding has implemented a cost control strategy through the integration of its logistics networks, achieving cumulative cost reductions exceeding 3.8 billion yuan from 2021 to 2024. The company has optimized transportation routes and reduced the number of network nodes to enhance efficiency [6]. Strategic Partnerships - SF Holding has entered a strategic partnership with J&T Express, involving mutual shareholding worth 8.3 billion HKD. This collaboration aims to leverage each other's strengths in cross-border logistics and enhance global network coverage and operational efficiency [11][13]. Market Position and Future Outlook - The company has opened 59 domestic and 19 international routes, with over 1.4 million flights operated in the first half of 2025, marking a 14% year-on-year increase. The partnership with J&T is expected to enhance local delivery capabilities and optimize logistics operations [13]. - Investors are advised to consider the company's long-term investment value, with a projected net profit of 100.2 billion yuan for 2026, translating to a price-to-earnings ratio of approximately 16 times. The company is expected to show improved performance in the fourth quarter and the first quarter of the following year [14].

Core Viewpoint - The performance landscape of China's major express delivery companies is becoming clearer as they report their 2025 operational data, indicating a shift towards high-quality development in the industry, with significant growth in business volume and revenue [1][6]. Group 1: Performance of Major Companies - SF Holding achieved a milestone in 2025 with annual revenue surpassing 300 billion yuan, driven by logistics and international business growth, despite a slight decline in per-package revenue [2][6]. - YTO Express maintained its leading position within the Tongda system, reporting 683.18 billion yuan in revenue and 311.44 billion packages delivered, with a focus on cost control and international expansion [3][6]. - Shentong Express emerged as a significant player in 2025, with a 28.23% year-on-year increase in revenue to 58.36 billion yuan, benefiting from the consolidation of Daniao Logistics [3][6]. - Yunda Express experienced a decline in package volume but managed to increase per-package revenue, indicating a strategic shift towards rational development and profitability [4][6]. Group 2: Industry Trends and Developments - The express delivery industry is transitioning from low-price competition to high-quality development, with companies prioritizing profitability over volume [6][8]. - Technological advancements and green transformation are becoming key drivers of industry growth, with increased investment in smart logistics and sustainable practices [7][8]. - Internationalization and collaborative development are emerging as strategic priorities for leading companies, enhancing their global service networks and competitiveness [7][8]. Group 3: Future Outlook - The ongoing optimization of industry structure is expected to enhance the resource integration capabilities and brand advantages of leading companies, while compressing the survival space for smaller firms [8]. - Competition surrounding service upgrades, technological innovation, and international expansion is anticipated to intensify, positioning the Chinese express delivery industry for robust resilience and growth potential in the global logistics market [8].