Core Insights - The company reported a revenue of 69.85 billion yuan in Q1 2025, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.87% year-on-year [1] - The net cash flow from operating activities was 4.06 billion yuan, indicating a strong cash flow position [2] Business Segments - The company achieved a total parcel volume of 3.56 billion pieces in Q1 2025, a year-on-year growth of 19.7%, driven by a robust logistics service capability and a diverse product matrix [3] - Revenue from express logistics, which includes various delivery services, grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year due to enhanced international network capabilities [3] Cost and Efficiency - The company improved resource utilization and reduced costs, achieving a gross profit of 9.29 billion yuan in Q1 2025, an 8.0% increase year-on-year, with a gross margin of 13.3% [4] - Management expense ratio decreased by 0.6 percentage points, while the net profit margin increased to 3.2%, up 0.3 percentage points year-on-year [4] Capital Operations - The company completed a share buyback program, repurchasing 23.27 million shares for approximately 859 million yuan, which represents 0.47% of the total share capital [5] - The Southern SF Logistics REIT raised 3.29 billion yuan and was listed on the Shenzhen Stock Exchange, enhancing asset liquidity [5] Profit Forecast - The core express business is expected to remain stable, with the opening of Ezhou Airport likely to expand the express business scale and improve profitability [6] - The company forecasts net profits attributable to shareholders of 11.73 billion, 13.61 billion, and 15.72 billion yuan for 2025-2027, corresponding to P/E ratios of 18.4, 15.8, and 13.7 times, respectively [6]

| 序号 | 股东名称 | 持股数量（股） | 占公司总股 | | --- | --- | --- | --- | | | | | 本比例（%） | | 1 | 深圳明德控股发展有限公司 | 2,561,927,139 | 51.36 | | 2 | 香港中央结算有限公司 | 321,889,110 | 6.45 | | 3 | HKSCC NOMINEES LIMITED | 169,977,460 | 3.41 | | 4 | 深圳市玮顺企业管理有限公司 | 100,000,000 | 2.00 | | 5 | 宁波顺达丰润创业投资合伙企业（有限合 伙） | 81,450,959 | 1.63 | | 6 | 中国工商银行股份有限公司－华泰柏瑞沪 | 44,583,519 | 0.89 | | | 深 300 交易型开放式指数证券投资基金 | | | 证券代码：002352 证券简称：顺丰控股 公告编号：2025-031 顺丰控股股份有限公司 关于回购 A 股股份事项前十名股东及前十名无限售条件股东 持股情况的公告 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 ...

事件: 2025 年4 月28 日，顺丰控股发布2025 年一季报： 2025Q1，顺丰控股实现营业收入698.5 亿元,同比+6.9%;实现归母净利润22.3 亿元，同比+16.9%; 实现扣 非归母净利润19.7 亿元，同比+19.1%。 其中2025Q1 公司速运物流业务（包括时效件+经济件+冷运及医药+快运+同城即时配）收入518.6 亿 元，同比+7.2%；供应链及国际板块收入同比+9.9%。 业务方面，公司2025Q1 总业务量35.6 亿票，其中速运物流业务量完成35.4 亿票，同比+19.7%；速运物 流单票收入14.6 元，同比-10.5%。 投资要点: 坚持高质量发展，2025Q1 收入实现稳健增长 2025Q1，公司实现业务的高质量发展，其中得益于公司持续完善产品矩阵及强化服务竞争力，不断渗 透各行各业客户的端到端物流场景，稳步扩大业务规模，公司速运物流业务量完成35.4 亿票，同比 +19.7%，速运物流单票收入14.6 元，同比-10.5%，最终实现该板块收入518.6 亿元，同比+7.2%；同时 公司持续加强国际网络能力建设，并深化业务融通，积极拓展供应链及国际市场，公司供应链及国 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][11][12] Core Insights - The company has demonstrated steady revenue growth and improved profitability, with a resilient performance in its first quarter of 2025 [5][6][9] - The company achieved a revenue of 69.85 billion yuan in Q1 2025, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 2.23 billion yuan, up 16.9% year-on-year [5][6] - The report emphasizes the company's focus on high-quality development, cost reduction, and efficiency improvement, which are expected to continue driving performance [7][9] Revenue and Profitability - In Q1 2025, the express logistics business generated revenue of 51.86 billion yuan, a 7.2% increase year-on-year, while the supply chain and international segments saw a 9.9% increase [5][6] - The total business volume reached 3.56 billion parcels, with a year-on-year growth of 19.7% [5][6] - The gross profit margin for Q1 2025 was 13.3%, reflecting a slight year-on-year increase, while the net profit margin improved to 3.20% [7][8] Cost Management and Shareholder Returns - The company has successfully implemented cost control measures, resulting in a decrease in the cost-to-revenue ratio to 86.7% [7] - Free cash flow increased by 70% year-on-year to 22.3 billion yuan, providing a solid foundation for dividends and share buybacks [9] - The company plans to repurchase shares with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, with a buyback price capped at 60 yuan per share [9] Future Projections - Revenue forecasts for 2025-2027 are 319.06 billion yuan, 354.32 billion yuan, and 390.61 billion yuan, with growth rates of 12%, 11%, and 10% respectively [10][11] - Net profit projections for the same period are 11.796 billion yuan, 13.520 billion yuan, and 15.319 billion yuan, with growth rates of 16%, 15%, and 13% respectively [10][11] - The report highlights the company's commitment to shareholder returns and the potential for value creation through strategic initiatives [9][11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company reported a revenue of 69.85 billion RMB in Q1, representing a year-on-year growth of 6.9%, and a net profit attributable to shareholders of 2.23 billion RMB, up 16.9% year-on-year, slightly exceeding expectations due to operational model transformation and network optimization [1][2] - The company is expected to benefit from stable profits from express delivery, diversified business growth, and international expansion, leading to a revaluation from an express delivery company to a comprehensive logistics service provider [1][3] Revenue and Volume Growth - The average daily volume of parcels increased by 21.0% year-on-year to 3.56 billion parcels, with total parcel volume growing by 19.7% to 3.54 billion parcels [2] - The average price per parcel decreased by approximately 11.0% year-on-year to 14.55 RMB, continuing the trend of "price for volume" established over the past 24 years [2] Business Segments and Cost Optimization - Revenue from express logistics grew by 7.2% year-on-year, while supply chain and international business revenue increased by 9.9% year-on-year, driven by competitive product offerings and enhanced international network capabilities [2] - The company achieved a gross margin of 13.3%, a slight increase of 0.1 percentage points year-on-year, with gross profit rising by 8.0% to 9.29 billion RMB [2] Profit Forecast and Valuation - The company maintains net profit forecasts of 11.8 billion RMB, 14.2 billion RMB, and 16.0 billion RMB for 2025-2027, with corresponding EBITDA of 34.9 billion RMB, 38.5 billion RMB, and 41.3 billion RMB [3] - The valuation for A-shares is set at 8.0x EV/EBITDA for 2025, above the average of 4.8x for comparable companies, while H-shares are valued at 7.7x EV/EBITDA, also above the average of 5.2x [3]

Core Viewpoint - The company has demonstrated resilience and achieved high-quality growth in the first quarter of 2025, with significant increases in both revenue and net profit despite a complex global economic environment [7]. Financial Performance - In Q1 2025, the company achieved a total volume of 3.56 billion parcels, a year-on-year increase of 19.7%, and generated operating revenue of RMB 69.85 billion, up 6.9% year-on-year [7]. - The express logistics business revenue grew by 7.2%, while supply chain and international business revenue increased by 9.9% [7]. - Gross profit reached RMB 9.29 billion, reflecting an 8.0% year-on-year increase, with a gross margin of 13.3%, up 0.1 percentage points [8]. - The net profit attributable to shareholders was RMB 2.23 billion, a 16.9% increase year-on-year, with a net profit margin of 3.2%, up 0.3 percentage points [8]. Share Buyback Program - The company announced a share buyback plan for 2025, intending to repurchase A-shares with a total amount between RMB 5 billion and RMB 10 billion, at a price not exceeding RMB 60 per share [40][41]. - The buyback aims to enhance the long-term incentive mechanism and motivate core employees, with shares intended for future employee stock ownership plans or equity incentive plans [41][46]. - The buyback period is set for 12 months from the board's approval date [42]. Debt Financing - The company issued a super short-term financing bond of RMB 500 million through its wholly-owned subsidiary to support business development needs [12]. REITs Issuance - The company is actively pursuing the issuance of public infrastructure REITs to support the sustainable development of logistics industrial parks, with a total fundraising amount of RMB 3.29 billion [14].

登录新浪财经APP 搜索【信披】查看更多考评等级 2、本次回购事项存在因未及时推出A股员工持股计划或股权激励计划、因A股员工持股计划或股权激励 对象放弃认购或其他原因，导致已回购A股股票在回购完成之后36个月内无法全部授出的风险。 公司将根据回购事项进展情况及时履行信息披露义务，敬请投资者注意投资风险。 四、报备文件 1、第六届董事会第二十次会议决议； 重要内容提示： 1、顺丰控股股份有限公司（以下简称"公司"）基于对未来发展前景的信心和对公司价值的高度认可， 为进一步健全公司长效激励机制，充分调动公司核心骨干及优秀员工的积极性，共同促进公司的长远发 展，在综合考虑业务发展前景、经营情况、财务状况、未来盈利能力以及近期公司股票在二级市场表现 的基础上，现推出2025年第1期A股回购股份方案，计划以自有资金通过二级市场以集中竞价方式回购 部分A股社会公众股份。 回购报告书 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。 2、回购股份事项相关信息知情人名单和重大事项进程备忘录。 特此公告。 顺丰控股股份有限公司 董 事 会 二○二五年四月二十八日 证券代码：0023 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation to outperform the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company reported a revenue of 69.85 billion, a year-on-year increase of 6.9%, with express logistics revenue at 51.81 billion, up 7.2% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 2.23 billion, reflecting a year-on-year growth of 16.9% [1]. - The report highlights a continuous improvement in net profit margin, which reached 3.2%, an increase of 0.3 percentage points year-on-year [1]. Financial Performance Summary - **Revenue and Growth**: The company achieved a revenue of 698.5 billion in Q1 2025, with a year-on-year growth of 6.9%. The express logistics segment contributed 518.1 billion, growing by 7.2% [1]. - **Profitability**: The net profit for Q1 2025 was 22.3 billion, up 16.9% year-on-year, with a net profit margin of 3.2%, which is an increase of 0.3 percentage points from the previous year [1]. - **Operational Metrics**: The express business volume reached 3.54 billion pieces, marking a 19.7% increase year-on-year. However, the average revenue per ticket decreased by 10.5% to 14.63 yuan [1]. - **Cost Management**: The gross profit for Q1 2025 was 9.29 billion, with a gross margin of 13.3%, which is a slight increase of 0.1 percentage points year-on-year. The operating expense ratio improved to 8.9%, down by 0.7 percentage points [1]. Shareholder Returns - The company has initiated a share repurchase plan for A-shares, with a total amount not less than 500 million and not exceeding 1 billion, at a price not exceeding 60 yuan per share [2].

Group 1 - The core viewpoint of the news is that SF Holding reported strong financial performance for Q1 2025, with significant growth in revenue and net profit, marking a record high for quarterly net profit since its listing [1] - The company achieved operating revenue of 69.85 billion yuan, a year-on-year increase of 6.90%, and a net profit attributable to shareholders of approximately 2.23 billion yuan, up 16.87% year-on-year [1] - The net profit margin reached 3.2%, indicating improved profitability [1] Group 2 - The express logistics and supply chain and international business segments both saw revenue growth, increasing by 7.2% and 9.9% respectively, with a total parcel volume of 3.56 billion, a year-on-year increase of 19.7% [1] - Gross profit for Q1 was 9.29 billion yuan, an increase of 8.0% year-on-year, with a gross profit margin of 13.3% [1] - Management expense ratio decreased by 0.6 percentage points, and R&D expense ratio decreased by 0.1 percentage points [1] Group 3 - SF Holding announced a new share repurchase plan, intending to buy back A-shares with a total amount not less than 500 million yuan and not exceeding 1 billion yuan, at a price not exceeding 60 yuan per share [1] - The repurchased shares will be used for future employee stock ownership plans or equity incentive plans [1] Group 4 - As of the end of Q1, E Fund Blue Chip Select Fund became the tenth largest shareholder of SF Holding, holding approximately 35 million shares, representing 0.7% of the total shares [2] - SF Holding also entered the top ten holdings of E Fund Quality Select Fund for the first time, accounting for about 4.96% of the portfolio [2] - The fund manager, Zhang Kun, began building a position in SF Holding in the second half of 2024 and significantly increased holdings in Q1 2025, with E Fund Quality Select holding 16.3 million shares valued at approximately 703 million yuan [2]

Investment Rating - The report maintains a "Strong Buy" rating for the company, indicating an expectation of outperforming the benchmark index by over 20% in the next six months [1][25]. Core Insights - The company reported a revenue of 69.85 billion, a year-on-year increase of 6.9%, with express logistics revenue at 51.81 billion, up 7.2% year-on-year [1]. - The net profit attributable to shareholders for Q1 2025 was 2.23 billion, reflecting a year-on-year growth of 16.9% [1]. - The report highlights a continuous improvement in net profit margin, which reached 3.2%, an increase of 0.3 percentage points year-on-year [1]. Financial Performance Summary - **Revenue and Growth**: The company achieved a revenue of 698.5 billion in Q1 2025, with a year-on-year growth of 6.9%. The express logistics segment contributed 518.1 billion, growing 7.2% year-on-year [1]. - **Profitability**: The net profit for Q1 2025 was 22.3 billion, up 16.9% year-on-year, with a net profit margin of 3.2%, which is an increase of 0.3 percentage points from the previous year [1]. - **Operational Metrics**: The express business volume reached 3.54 billion, marking a year-on-year increase of 19.7%. However, the average revenue per ticket decreased by 10.5% to 14.63 yuan [1]. - **Cost Management**: The gross profit for Q1 2025 was 9.29 billion, with a gross margin of 13.3%, which is an increase of 0.1 percentage points year-on-year. The operating expense ratio decreased by 0.7 percentage points to 8.9% [1]. Shareholder Returns - The company announced a share repurchase plan for A-shares, with a total amount not less than 500 million and not exceeding 1 billion yuan, at a price not exceeding 60 yuan per share [2].