顺丰控股：H股发行最终价格为每股34.3港元

Core Viewpoint - SF Holding has set the final price for its H-share issuance at HKD 34.30 per share, with the listing expected on November 27, 2024, on the Hong Kong Stock Exchange, aiming to enhance its international strategy and brand image [1] Group 1: Company Overview - According to Frost & Sullivan, SF Holding is the largest integrated logistics service provider in China and Asia by revenue in 2023, and the fourth largest globally [2] - The company leads in five logistics segments in China and four in Asia, offering comprehensive services including express delivery, freight, cold chain logistics, same-city delivery, supply chain solutions, and international logistics [2] - As of June 30, 2024, SF Holding operates a vast global delivery network covering 202 countries and regions, with 99 aircraft and over 186,000 vehicles, making it the largest air and ground fleet in Asia [2] Group 2: Market Position - In various sub-sectors in China, SF Holding holds market shares of 11.7% in express delivery, 1.7% in freight, 2.2% in cold chain logistics, 13.8% in same-city delivery, and 3.2% in end-to-end supply chain solutions, with express delivery being its flagship product at a 63.9% market share in 2023 [3] Group 3: Financial Performance - For the first three quarters of 2024, SF Holding reported revenues of CNY 206.861 billion and a net profit of CNY 7.617 billion, with Q3 revenue reaching CNY 72.451 billion, a year-on-year increase of 12.07%, and a net profit of CNY 2.810 billion, up 34.59% [3] - The strong financial performance has enabled the company to enhance shareholder returns, with a five-year shareholder return plan set to increase the cash dividend ratio from 35% in 2023 [3] Group 4: Dividend Plans - In October, SF Holding announced a mid-term cash dividend of CNY 4 per 10 shares, totaling approximately CNY 1.92 billion, which represents 40% of the company's net profit for the first half of 2024 [4] - Additionally, a special cash dividend of approximately CNY 4.8 billion is planned for all shareholders before the H-share issuance, bringing the total dividend amount to over CNY 6.7 billion, reflecting the company's confidence in future performance [4]