SF Holding(002352) 上海证券报·2025-04-29 08:10Core 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].