顺丰控股(002352):H股公告-截至2025年6月30日止六个月之中期业绩公告（英文版）
原标题:顺丰控股:H股公告-截至2025年6月30日止六个月之中期业绩公告（英文版） and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 順豐控股股份有限公司 (A joint stock company incorporated in the People’s Republic of China with limited liability)(Stock Code: 6936) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2025 The board of directors (the “Board”) of the S.F. Holding Co., Ltd. (the “Company”, together with its subsidiaries, the “Group”) is pleased to announce the unaudited results of the Group for the six months ended June 30, 2025. This announcement, containing the full text of the 2025 interim report of the Company, is prepared with reference to the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to preliminary announcements of interim results. The Company’s 2025 interim report will be published on the HKExnews’s website ( www.hkexnews.hk) and the Company’s website ( www.sf-express.com) in due course, and will be sent to the Company’s shareholders (if requested). By Order of the Board S.F. Holding Co., Ltd. GAN Ling Joint Company Secretary Shenzhen, the PRC, August 28, 2025 As at the date of this announcement, the Board comprises Mr. Wang Wei as chairman and executive director, Mr. Ho Chit, Ms. Wang Xin and Mr. Xu Bensong as executive directors; and Mr. Chan Charles Sheung Wai, Mr. Lee Carmelo Ka Sze and Dr. Ding Yi as independent non-executive directors. Board of Directors H Share Registrar Executive Directors Tricor Investor Services Limited Mr. Wang Wei (Chairman) 17/F, Far East Finance Centre Mr. Ho Chit 16 Harcourt Road Ms. Wang Xin Hong Kong Mr. Xu Bensong Legal Advisers Independent Non-executive Directors As to Hong Kong laws: Mr. Chan Charles Sheung Wai Herbert Smith Freehills Kramer Mr. Lee Carmelo Ka Sze 23rd Floor, Gloucester Tower Dr. Ding Yi ’ 15 Queen s Road Central Hong Kong Audit Committee Mr. Chan Charles Sheung Wai (Chairman) Auditor Mr. Lee Carmelo Ka Sze Dr. Ding Yi PricewaterhouseCoopers Certified Public Accountants and Nomination Committee Registered Public Interest Entity Auditor Mr. Lee Carmelo Ka Sze (Chairman) ’ 22/F, Prince s Building Dr. Ding Yi Central, Hong Kong Mr. Wang Wei Compliance Adviser Remuneration and Appraisal Committee Dr. Ding Yi (Chairlady) Caitong International Capital Co., Limited Mr. Chan Charles Sheung Wai Unit 2401-05, 24th Floor Mr. Lee Carmelo Ka Sze Grand Millennium Plaza ’ 181 Queen s Road Central Risk Management Committee Hong Kong Mr. Ho Chit (Chairman) Mr. Chan Charles Sheung Wai Registered Address in the PRC Mr. Lee Carmelo Ka Sze 3/F, Complex Building SF South China Transit Center, No. 1111, Hangzhan 4th Road Strategy Committee Shenzhen Airport, Caowei Community Mr. Chan Charles Sheung Wai (Chairman) ’ Hangcheng Sub-district, Bao an District, Shenzhen Dr. Ding Yi Guangdong Province, the PRC Mr. Wang Wei Corporate Information 005 Principal Place of Business in the PRC Authorized RepresentativesTK Chuangzhi Tiandi Building Mr. Ho Chit Keji South 1st Road Ms. Gan Ling Nanshan District, Shenzhen Joint Company Secretaries Guangdong Province, the PRC Ms. Gan Ling Principal Place of Business in Hong Kong Ms. So Ka Man (FCG, HKFCG (PE)) 9/F, Asia Logistics Hub – SF Centre Company’s Website 36 Hong Wan Road, Tsing Yi www.sf-express.com New Territories, Hong Kong Founded in 1993, SF has evolved into Asia’s largest and the world’s fourth-largest integrated logistics service provider through its 32-year development, ranking 393rd on the Fortune Global 500 list. SF offers customers comprehensive, end-to-end domestic and international logistics solutions, spanning time-definite express services, economy express services, freight services, cold chain and pharmaceutical logistics services, intra-city on-demand delivery services, as well as supply chain and international services (including international express services, international cargo and freight forwarding services, and supply chain services). SF boasts an extensive global service network, with domestic ’ operations covering all 339 prefecture-level administrative divisions in China, achieving 100% coverage. SF s international express services, international cargo and freight forwarding services, and supply chain services extend to 95 countries and regions globally, while its international small parcel delivery services establish the footprint in 200 countries and regions. SF is also the premium brand in the logistics industry both in China and globally, having been listed for eight consecutive years among “China’s Most Admired Companies” by Fortune China, and ranks first in Express Delivery Service Public Satisfaction in China for 16 consecutive years.The Company’s flagship time-definite express services maintain a commanding market share in China. Leveraging the resources and capabilities of its express network, SF has efficiently expanded into multiple logistics sub-segments – ranging from small parcels to bulky and heavy cargo, from standard express service to customized supply chain solutions, and from the Chinese market to Asia and globally. In China, SF ranks 2 3 first in five segments: express delivery, freight, cold chain, intra-city on-demand delivery , and supply chain services . In Asia, SF ranks first 2 4 in four segments: express delivery, freight, intra-city on-demand delivery , and international services . Leveraging its industry-leading R&D capabilities, SF harnesses technology to empower customers in building secure and efficient smart supply chains, with the vision of becoming the well-respected and the world’s leading digital intelligence logistics solution provider.Looking ahead, as a global logistics leader connecting Asia with the rest of the world, SF will continue to leverage its well-recognized premium brand, extensive global network coverage and comprehensive logistics service capabilities to accelerate domestic and international expansion, drive sustainable and healthy business growth, and position itself as the go-to logistics partner for business customers and retail customers – fostering growth together with customers and creating shared value.1 Extensive Scale Leadership Premium Brand Largest in Asia No. 1 in Asia No. 1 2 Express, LTL Freight, Intra-city On-demand Delivery , Customer satisfaction for express 4 International Business services in China 4th Largest Globally No. 1 in China 1 Integrated logistics service provider Express, LTL Freight, Cold Chain, Intra-city 16 years in a row 2 3 On-demand Delivery , Supply Chain 1 3 According to Frost & Sullivan Report, in terms of revenue in 2024 Among non-state-owned independent third-party supply chain solution providers 2 4 Among third-party intra-city on-demand delivery service providers Among the integrated logistics service providers in Asia Express Logistics Provide time-de?nite and high-quality door-to-door delivery service for consumers, enterprises, and mid- to high-end brand merchants Options of half-day delivery, same-day delivery, next morning/next day delivery, taking into account on shipping route and distance; Time-de?nite Addressing time-ef?cient and door-to-door delivery demands such as personal pieces, industrial and commercial pieces, mid- to high-end brand order Express ful?llment, parcel return services for e-commerce platforms, immediate response in JIT mode of production and distribution, and other scenarios. Provide cost-effective and quality-guaranteed delivery services mainly for e-commerce platforms and merchants We focus on serving e-commerce platforms and merchants with stringent requirement on user experience by virtue of our high-quality ful?llment capabilities, standing out in the market attributable to timeliness and door-to-door delivery;Integrated warehousing and distribution service to serve warehousing needs arising from differentiated service offering and pricing level, with Economy Express nationwide sub-warehouses, smart cloud-based warehouses and integrated warehousing and distribution service. Provide one-stop comprehensive logistics transportation distribution and to-door extended service of large parcel mainly for enterprise production and commercial distribution, and personal life scenariosProvide large parcels B2C delivery, B2B batch shipments, less-than-truck-load freight transport and full-truck-load transport; Large parcel warehousing and distribution, moving, store distribution, integrated delivery and installation, and other scenarios; Freight SF Freight carried out through directly-operated network to serve mid- to high-end customers while SX Freight carried out through franchising network to serve lower-tier markets. Mainly for customers from three sectors: seasonal and fresh, frozen food and pharmaceutical Seasonal and fresh food logistics: Deliver seasonal agricultural products across China directly from place of origin to consumers; Cold chain food logistics: Provide high-standard B2B2C end-to-end temperature-controlled cold chain logistics services; Cold Chain and Pharmaceutical logistics: Serve clients throughout the entire pharmaceutical value chain, capable of conducting multi-temperature zone control and Pharmaceutical transportation (from -80°C to 25°), and GSP certi?ed pharmaceutical cold storage service.Logistics Point-to-point instant delivery service mainly for merchants and customers within the cityProvide customized and standardized product system for business merchants, service integrating features of ‘Fetch for Me, Deliver for Me, Purchase for Me, Solve for Me’ for consumer-end users and city-wide on-demand delivery services within average 1 hour. Intra-City On-demand Delivery Supply Chain and International Provide domestic and foreign manufacturers, trading enterprises, cross-border e-commerce merchants and consumers with international express delivery, overseas local express, cross-border e-commerce parcel delivery and overseas warehousing services Cross-border standard express: Standard services with high timeliness that meet the needs of cross-border expedite delivery, including high-quality international standard express and cost-effective international special-offer products; International Cross-border e-commerce delivery: Cost-effective and economical services that meet the needs of cross-border e-commerce platforms and Express merchants, including ef?cient international e-commerce express and economical international small parcels delivery; Overseas local express: Offered in Southeast Asian countries such as Thailand, Vietnam, Malaysia, Singapore, Indonesia. Provide customers with air, sea, railway, ground and multi-modal freight transport solutionsAir transport: provide air transport services such as pick-up at departure point, multiple integration, customs clearance, delivery to end customer; Sea freight: provide sea freight service including all kinds of traditional freight, FCL freight and LCL freight; International Cargo and Freight Ground transport: provide innovative and economical road and railway transport services across Europe and Asia. Forwarding Key Accounting Data and Financial Indicators Financial Summary Interim Results Overview for 2025 Revenue Total assets 6.07% 0.8 ppts Key Accounting Data and Financial Indicators 009 Total Volume Unit: RMB billion Unit: billion parcels Total Revenue +25.7% +9.3% 7.85 146.9 134.4 124.4 6.24 5.88 2023H1 2024H1 2025H1 2023H1 2024H1 2025H1 The total volume includes the volume of express logistics business andinternational express business (exclude oversea local express business).Revenue Breakdown by Segment 3.1% 2.3% Time-de?nite Express 23.3% 23.2% Economy Express Freight 44.0% 43.1% Cold Chain and 2024H1 2025H1 Pharmaceutical Logistics 2.9% 3.7% Intra-city On-demand 3.8% 4.0% Delivery Supply Chain and 13.1% 13.3% International Business Other Non-logistics Business 9.9% 10.3% Unit: RMB billion 2024H1 2025H1 6.8% 63.23 59.19 9.7% 34.23 31.20 11.5% 14.4% 19.57 17.55 15.3% 15.16 38. 9% 20.8% 13.25 5.84 Key Accounting Data and Financial Indicators Gross pro?t EBITDA Unit: RMB billion Unit: RMB billion EBITDA EBITDA margin Gross pro?t Gross pro?t margin 13.6% 13.3% 13.0% 11.8% 11.8% 11.3% 19.1 18.3 16.6 16.6 15.9 14.7 2023H1 2024H1 2025H1 2023H1 2024H1 2025H1 EBITDA is not an IFRS measure. Pro?t attributable to Quarterly pro?t attributable to Unit: RMB billion Unit: RMB billion owners of the Company owners of the Company Pro?t attributable to owners of the Company of 2024 Pro?t attributable to owners of the Company Pro?t attributable to owners of the Company of 2025 Pro?t margin attributable to owners of the Company Pro?t margin attributable to owners of the Company of 2025 3.9% 4.5% 3.6% 3.4% 3.2% 5.74 4.81 4.18 3.50 2.90 2.23 1.91 Q1 Q2 2023H1 2024H1 2025H1 Assets Net cash ?ow Unit: RMB billion Unit: RMB billion Total assets Equity attributable to Debt/asset ratio 2024H1 2025H1 owners of the Company 53.4% 52.1% 51.4% 13.7 12.9 221.5 218.2 213.8 -6.2 -7.3 -15.4 -17.5 95.4 92.8 92.0 Key Accounting Data and Financial Indicators 011 For the six months ended June 30, Year-on-year Income Statement Items 2025 2024 change RMB’000 RMB’000 Revenue 146,858,174 134,409,720 9.26% Gross profit 19,060,542 18,313,439 4.08% (1) EBITDA 16,610,359 15,925,561 4.30% Profit for the period 6,012,403 4,760,922 26.29% Profit for the period attributable to owners of the Company 5,737,699 4,806,714 19.37%Note: (1) EBITDA = profit for the period + depreciation and amortization + finance costs, net + income tax expense. EBITDA is not an IFRS measure. For further details, please refer to page 38 of the “Non-IFRS measures” section of this Report.As of As of June 30, December 31, Period-on-period Balance Sheet Items 2025 2024 change RMB’000 RMB’000 Total assets 218,236,503 213,824,213 2.06% Total liabilities 112,071,266 111,488,992 0.52% Total equity 106,165,237 102,335,221 3.74% Equity attributable to owners of the Company 95,399,730 91,993,286 3.70%Asset-liability ratio 51.35% 52.14% Down by 0.79 percentage point For the six months ended June 30, Year-on-year Cash Flows Statement Items 2025 2024 change RMB’000 RMB’000 Net cash generated from operating activities 12,936,690 13,722,269 -5.72%Net cash used in investing activities -17,516,875 -15,444,553 -13.42%Net cash used in financing activities -7,280,764 -6,181,865 -17.78%Key Accounting Data and Financial Indicators For the six months ended June 30, Year-on-year Key Financial Indicators 2025 2024 change Basic earnings per share (RMB) 1.16 1.00 16.00% Diluted earnings per share (RMB) 1.16 1.00 16.00% Weighted average return on net assets 6.07% 5.23% Up by 0.84percentage point Differences in net profit and net assets in the financial reports disclosed in accordance with the International Accounting Standards and the Chinese Accounting Standards are as follows: Profit attributable to owners Equity attributable to owners of the Company of the Company For the As of As of six months ended June 30, June 30, December 31, 2025 2024 2025 2024 RMB’000 RMB’000 RMB’000 RMB’000 In accordance with the International 5,737,699 4,806,714 95,399,730 91,993,286 Accounting Standards In accordance with the Chinese Accounting Standards 5,737,699 4,806,714 95,399,730 91,993,286Items and amounts adjusted in accordance with the International Accounting Standards: In accordance with the International – – – – Accounting Standards Difference description No difference Management Discussion and Analysis e-commerce platforms into instant retail, where the integration of Overall Review online and offline near-field commerce models continues to flourish, becoming an essential driver of consumer market growth.Market Overview The upgrading of industries and the evolution of consumption patterns are driving accelerated development of the logistics Domestic Market industry towards efficiency, greater flexibility and intelligence.New quality productive forces have steadily advanced, According to the China Federation of Logistics & Purchasing, the accelerating industrial transformation and upgrading. total social logistics expenditure reached RMB9.2 trillion in the first half of 2025, representing a year-on-year increase of 5.0%, In the first half of 2025, value-added industrial output of enterprises and accounted for 14.0% of GDP, down by 0.2 percentage point above designated size grew by 6.4% year-on-year, with high-tech compared with the same period last year, demonstrating continuous manufacturing and equipment manufacturing sectors achieving improvements in cost efficiency driven by industrial structure growth rates of 9.5% and 10.2%, respectively, marking significant optimization and technological innovation. optimization and upgrading of industrial structures. This rapid growth was largely driven by the acceleration of high-end Rapid growth in high-tech manufacturing, characterized by manufacturing’s overseas expansion and the strategic shift towards dispersed production modes, is increasingly steering logistics high-end, intelligent, and environmentally sustainable emerging demands toward flexible and customized services. To meet industries. Notably, the production of new energy vehicles and changing customer requirements and supply chain optimization industrial robots surged by 36.2% and 35.6% year-on-year, needs, logistics companies have accelerated their digital and respectively, underscoring China’s industrial transition towards intelligent transformations, deploying unmanned and intelligent a more innovation-driven, high-value, and efficient development technologies to build efficient supply chain capabilities. Such model, further strengthening its position within global value chains.advancements have significantly enhanced responsiveness and adaptability, helping customers achieve cost reductions, efficiency Driven by supportive policies, the consumer market in China gains, and shared value creation. recorded steady growth with notable structural transformation.In the express delivery market segment, business volume maintained In the first half of 2025, under continued national initiatives aimed rapid growth. According to the State Post Bureau, express delivery at expanding domestic demand and promoting consumption, parcel volume reached 95.64 billion in the first half of 2025, up by the consumer market remained steady growth. According to 19.3% year-on-year, while revenue reached RMB718.78 billion, the National Bureau of Statistics, total retail sales of consumer representing an increase of 10.1% year-on-year. Intensifying market goods in China grew by 5.0% year-on-year in the first half of competition has propelled express delivery enterprises to enhance 2025, with online retail sales of physical goods rising by 6.0%, operational precision and technological innovation, continuously slightly lower than that of the same period last year. Stimulated optimizing costs and improving efficiency to secure service quality by the government’s trade-in of old consumer goods policies, and product competitiveness, thereby stabilizing market share and major product categories such as home appliances, furniture, and pursuing sustainable profitability. consumer electronics recorded rapid growth. Furthermore, consumption patterns are transitioning from online At the same time, structural shifts in consumer preferences have “traffic-based” to a “scenario-based” integration of online and offline catalyzed diverse new business formats and consumption scenarios. experiences. Growing demand driven by holiday economies, instant Emotional and experiential consumption is rapidly emerging as a retail, and emerging lower-tier markets places higher demands on key growth driver, with sectors such as immersive cultural tourism express delivery enterprises’ ability to provide diversified services, experiences, popular performances and sports events, the pet deliver instantaneous responses, and expand terminal network economy, and designer toys blind box increasingly gaining traction penetration. Express delivery companies are therefore required to and deeply reshaping the commercial landscape. continuously enhance network coverage, expand product portfolios In traditional e-commerce sectors, consumers’ growing emphasis Management Discussion and Analysis Against the backdrop of global supply chain restructuring, the International Market rapid rise of cross-border e-commerce, and the accelerating Increasing global trade volatility highlights Asia’s critical role international expansion of Chinese enterprises, Chinese as both a growth engine and a center for global supply chains.logistics companies are presented with a strategic opportunity to advance their global footprint. In the first half of 2025, the international environment remained complex and volatile, with global economic growth exhibiting signs Asia remains the pivotal region for network expansion, where of mild recovery. Adjustments in trade policies by major importing deepening regional connectivity is key. By reinforcing line-haul countries, increasing tariff barriers, and frequent geopolitical transportation, transit hubs, and last-mile delivery infrastructure conflicts amplified volatility in global trade, prompting the World across Southeast Asia, South Asia, Japan and Korea, logistics Bank to forecast global real GDP growth to slow to 2.3% in 2025.enterprises are well-positioned to develop a highly efficient, multi-node Pan-Asian logistics corridor – enhancing their ability to Despite the turbulent global trading environment, Asia has deliver comprehensive, end-to-end solutions for regional customers. demonstrated remarkable economic resilience and has solidified its Furthermore, the integrated deployment of air and ocean freight pivotal role in global supply chains. The International Monetary Fund capacity alongside overseas warehousing is fundamental to building anticipates that growth in Asian emerging markets and developing robust cross-border fulfillment capabilities. In response to the rising economies will reach 4.5% in 2025, significantly surpassing global demands of cross-border e-commerce for time definiteness and average. As a manufacturing hub and emerging consumption cost efficiency, Chinese logistics service providers are leveraging market, Asia’s role in global supply chains continues to strengthen. self-operated air cargo fleet, block space agreements, and globally The Regional Comprehensive Economic Partnership (RCEP) has distributed warehouse networks to establish “air and sea freight + further accelerated regional trade and investment flows, particularly overseas warehouses” integrated fulfillment models. These offerings in electronics, textiles, and automotive parts, solidifying Asia enable customers to achieve best-in-class cross-border fulfillment as a critical hub for multinational corporations’ manufacturing efficiency and cost efficiency. In an increasingly volatile global policy diversification and regional procurement strategies. environment, clients are placing greater emphasis on supply chain China’s foreign trade resilience is robust, accompanied by elasticity. As a critical enabler within this ecosystem, logistics service accelerated overseas expansion and strategic shifts by Chinese providers are required not only to offer bespoke, scenario-specific enterprises. solutions, but also to demonstrate strong adaptability to regulatory dynamics and operational resilience at a global scale. Chinese Despite numerous external challenges, China’s foreign trade logistics enterprises that combine cross-border capabilities with maintained positive growth momentum, reflecting its strong localized services are well-positioned to differentiate themselves resilience. According to the data from the General Administration in the global market – empowering Chinese companies in their of Customs of the PRC, the total value of China’s goods imports international expansion and serving as a vital link between global and exports grew by 2.9% year-on-year in the first half of 2025, with manufacturing and consumption. exports rising by 7.2% year-on-year. In terms of the structure of trading partners, export growth to regions including Southeast Asia, Business Strategy the Middle East, and the European Union demonstrated notable strength. In terms of categories, exports of electromechanical In the first half of 2025, four themes defined SF’s trajectory — products rose to 60% of total exports, with high-end equipment resilience, breakthrough, cohesion and expansion. exports increasing over 20%. Meanwhile, the “new trio” – new energy vehicles, photovoltaic modules, and lithium batteries – Confronting a complex and volatile domestic and international collectively achieved export growth exceeding 30% year-on-year, macroeconomic environment, the Company adhered to the business becoming new engines of foreign trade growth. principle of “Sustainable and Healthy Development”, underpinned by a robust operating foundation and diversified product portfolio, Amid evolving international trade policies and overseas market flexibly responded to market volatility. Notwithstanding the entry requirements, Chinese enterprises’ overseas expansion increasingly competitive market trends, the Company continued is characterized by simultaneous acceleration and strategic to strengthen the resilience of its growth, pursued a differentiated realignment. Companies are intensifying capacity expansion abroad, product strategy to stand out among the peers, and delivered solid establishing factories in Southeast Asia, South Asia, the Middle results. In parallel, the Company advanced its organizationally-wide East, and Latin America, particularly in new energy, household “ ” upgrade centered on Stimulate Operation Vitality strategy, appliances, construction materials, and textiles sectors, fostering mobilizing enterprise-wide momentum to rapidly accelerate its localized global supply chains. Concurrently, tightening policies in penetration of emerging industry scenarios and new overseas Europe and the United States have prompted Chinese enterprises markets. Leveraging its proven product capabilities, premium to prioritize brand development and enhance localized operations and strong brand equity, the Company remains committed to capabilities. Cross-border e-commerce companies have expanded consistently creating value for its customers as well as works their overseas presence and local warehousing and fulfillment closely with its customers to mitigate market risks and navigate networks to mitigate policy risks and expand local market influence.economic cycles. Management Discussion and Analysis 015 Deepening stimulate operation vitality strategy, unleashing replication of standardized product portfolios to accelerate its organizational potential to drive high-quality growth. industry-specific strategy. In the international market, the Company is investing further in cross-border transportation, customs The Company deepened the implementation of its “Stimulate clearance capabilities, and overseas localization resources, thereby Operation Vitality” strategy, refining supporting mechanisms. In strengthening its global network coverage and service capabilities the first half of 2025, the Company focused on core teams such to support the execution of its long-term “second growth curve” as sales personnel, couriers, service outlets, sorting centers, strategy. Step by step, the Company is building a differentiated and headquarters staff. By optimizing authorization, incentive, and specialized network tailored to various business scenarios, reward, punishment and evaluation mechanisms, the Company reinforcing both its product and sales infrastructure, expanding promoted organizational transformation and energized individual business boundaries, and sustaining its competitive leadership in initiative. For frontline business units, substantial marketing the market. autonomy was granted to stimulate business expansion. For backend operations and functional departments, the Company Accelerated industry-specific transformation boosts market streamlined organizational structures, implemented flat management share across multiple sectors.approaches, optimized compensation structures, and introduced ’ The Company s strategic shift towards an industry-specific model performance-based incentives to closely link operational results accelerated significantly in 2024, transitioning from selling standard to individual rewards. Additionally, differentiated incentives drove products to delivering customized solutions. In the first half of high-quality business development, ensuring a healthy business 2025, dedicated industry-specific departments were established structure, while a robust risk control system established clear to handle business planning, solution development, service reward and penalty mechanisms focused on customer experience, standardization and iterative enhancements, fostering capabilities service quality, and operational compliance, safeguarding healthy for industry-specific solutions and standardized product portfolio. growth amid rapid expansion. Concurrently, operational infrastructures tailored to industry Enhancing efficiency and reducing costs to fulfill market characteristics were established to support scaled logistics revenue breakthroughs, upgrading the operational networks to forge growth across various sectors.sustainable competitive edges. During the first half of 2025, the Company achieved breakthroughs Adhering to the principles of lean management, the Company in expanding upstream and downstream supply chain scenarios for continues to optimize its operating model, streamline its network, customers across numerous industries, empowering clients with and flexibly integrate internal and external resources to drive digital and intelligent technologies to establish efficient, flexible structural cost reductions. Through the technological empowerment domestic and international supply chains. In consumption sectors, of intelligent and unmanned technologies across the end-to-end the Company offered comprehensive omni-channel logistics logistics value chain, the Company has significantly enhanced solutions, high-efficiency national warehousing and intra-city operational efficiency, enabling highly efficient operations amid on-demand delivery for instant retail, and cross-border air-sea large-scale business expansion. As lean management initiatives freight with local overseas operations, helping clients capture progress, the Company’s structural improvements in network emerging consumption trends and penetrate new markets. In efficiency and cost optimization have begun to yield tangible results. industrial manufacturing sectors, the Company provided end-to-end The benefits from cost optimization are reinvested into front-end domestic and international logistics services covering inbound business development, enhancing product competitiveness in the logistics, production, sales, and after-sales, meeting immediate market and increasing incentives for frontline revenue generation, production needs and flexible supply chain demands in high-end thereby expanding market share and propelling the Company manufacturing through efficient air freight and reliable logistics toward business growth that outpaces the industry. services, thus supporting industrial upgrades. In the first half of 2025, the Company’s logistics revenue in the consumer goods, At the same time, the Company continues to upgrade its automotive, industrial equipment, and telecommunications and operational networks to reinforce long-term core competitiveness. high-tech sectors grew by over 20%. The successful implementation In terms of standardized product, it has maintained its premium of the industry-specific strategy significantly increased the services and market leadership by securing critical air transport Company’s market share in key industries. resources, investing in direct line-haul routes and transit speed enhancements, expanding coverage for large parcel and LTL Anchoring in Asia, advancing sustainable development with networks, strengthening channel penetration, and increasing the one in Asia strategy.customer touchpoints across key scenarios. In terms of Focusing on its “The One in Asia, globally connected” strategy, the non-standard products, leveraging experience derived from ’ Company seized opportunities from Chinese enterprises overseas solution implementation for leading customers across industries, expansion in products, production capacity, and cross-border the Company has developed standardized product portfolios consumption, offering customers highly reliable standardized tailored to specific supply chain scenarios, while concurrently logistics products and comprehensive supply chain solutions, investing resources to build logistics operating infrastructures that aspiring to become their preferred logistics partner for global cater to the unique needs of each industry. It has also expanded expansion. its pool of industry-focused sales talent, enabling large-scale Management Discussion and Analysis In the first half of 2025, the Company enhanced its global 2) Supply chain and international business recorded revenue of capabilities through intensified global air network connections, RMB34.2 billion, representing an increase of 9.7% year-on-year. upgraded customs clearance capabilities, and expanded overseas Despite a complex and volatile global trade policy environment in warehousing, comprehensively strengthening cross-border the second quarter in 2025, which affected the growth rate for its fulfillment capacities. Its international express services to key international freight forwarding services, the Company capitalized on Asia-Pacific countries and Europe and America achieved top-three its comprehensive global network, diversified international product global standards in terms of time definiteness. Leveraging its offerings, and localized operations in key countries to seize new competitive edges in cross-border air and sea freight and overseas opportunities arising from the international expansion of Chinese warehouses, the Company served numerous mid-to-high-end enterprises. This enabled the Company to help customers build enterprises and cross-border e-commerce customers, flexibly agile international supply chains, mitigate market fluctuations, and adapting to global trade dynamics and challenges, thus facilitating achieve stable business growth. 3) Other non-logistics businesses Chinese brands’ global expansion. Specifically, cross-border recorded revenue of RMB3.3 billion, primarily attributable to the e-commerce logistics revenue from China to Europe doubled trading of raw materials and equipment embedded within the year-on-year in the first half of 2025. Company’s end-to-end supply chain service offerings.Additionally, leveraging strategic resource advantages, an extensive In terms of gross profit: the Company recorded a gross profit product offering portfolio, advanced digital technologies, and of RMB19.1 billion in the first half of 2025, representing a year- combining KLN’s cross-border and local service capabilities on-year increase of 4.1%. The Company’s gross profit margin in Asia, the Company effectively addressed complexities in was 13.0% in the first half of 2025, representing a year-on-year cross-border logistics, offering stable, efficient international supply decrease of 0.6 percentage point. Confronted with intensifying chain solutions. The Company further strengthened end-to-end competition in the domestic express delivery industry and the cross-border and local operational capabilities across Southeast volatility in the international trade environment, on the one hand, and South Asia via air, sea, and land transportation, customs the Company continued to optimize its cost structure by adopting clearance, and local delivery. Services included raw material flexible business strategies to expand business scale and improve transportation, overseas warehousing of semi-finished products network capacity, thus improving asset utilization efficiency and and spare parts, and finished goods export for industries such as diluting fixed costs. Meanwhile, the Company leveraged scale apparel, telecommunications and high-tech, industrial equipment, effect to enhance direct transportation routes, streamlined transit automotive and new energy, supporting production capacity nodes, as well as promoted operating model innovation. These expansion overseas. As of June 30, 2025, over 95% of the Fortune efforts led to continuous structural improvements in network China 500 companies have partnered with SF, and more than 60% efficiency and cost reductions. On the other hand, building on the of the Fortune China 500 companies utilized SF’s international reinforcement of its standardized network to support its operations, logistics services. the Company increased its investment in strategic resources to press ahead with the implementation of its strategic priorities — industry-specific transformation and globalization to cultivate Financial Review long-term core competitiveness. The aforementioned measures had In the first half of 2025, leveraging multiple strategic initiatives — a short-term impact on the gross profit margin, but the Company including stimulating operation vitality, accelerating penetration still maintained steady growth in gross profit while achieving growth across key industries, and focused expansion in both new domestic for market share and strategic capabilities. and international markets, the Company shined out in market ’ In terms of expenses: driven by the Company s continued efforts in competition and achieved robust growth in business scale. In the strengthening lean management and enhancing efficiency through first half of 2025, the Company achieved revenue of RMB146.9 technological empowerment, the general and administrative billion, representing a year-on-year increase of 9.3%. During the expense ratio and R&D expense ratio decreased by 0.5 and 0.2 same period, total parcel volume of the Company amounted to 7.85 percentage point, respectively, in the first half of 2025. During the billion, representing an increase of 25.7% year-on-year, outpacing same period, the net finance cost ratio of the Company decreased the overall growth rate of the express delivery industry. slightly. The selling and distribution expense ratio increased slightly In terms of revenue by business segment: 1) Express logistics by 0.1 percentage point, primarily due to the Company’s enhanced business recorded revenue of RMB109.3 billion, representing efforts in building its sales team to support the expansion of its a year-on-year increase of 10.4%. Notably, the second quarter industry-specific solutions and international business. witnessed an acceleration in revenue growth rate compared to In summary, the Company delivered steady growth in the first half that in the first quarter in 2025. This was primarily driven by the of 2025: profit attributable to owners of the Company was RMB5.74 Company’s continued enhancement of its product portfolio and billion, representing an increase of 19.4% year-on-year, and the service competitiveness, which allowed it to deepen its penetration net profit margin attributable to owners of the Company was 3.9%, into end-to-end logistics scenarios across the manufacturing and representing an increase of 0.3 percentage point year-on-year.consumer scenarios, leading to steady business scale expansion. Management Discussion and Analysis 017 In terms of capital structure, as of the end of the Reporting Period, significant improvements in both sales volume and repeat purchase the Company’s total assets amounted to RMB218.2 billion, and rates. In the health supplements segment, the Company provided equity attributable to owners of the Company reached RMB95.4 an integrated, temperature-controlled warehousing and distribution billion. The asset-liability ratio decreased to 51.35% from 52.14% as solution tailored to both B2B and B2C needs for a prominent of December 31, 2024, representing a decrease of 0.79 percentage traditional wellness brand. This end-to-end solution effectively point, reflecting a continued solid financial position. The Company’s addressed the challenges of multi-temperature requirements, high weighted average return on net assets in the first half of 2025 was SKU complexity and peak order volumes. It enabled direct delivery 6.07%, representing an increase of 0.84 percentage point from of freshly prepared products from origin to consumer and offered the same period last year. At the same time, operating cash flow seamless fulfillment services for ambient and frozen goods, thereby remained strong, with net cash inflow from operating activities enhancing delivery efficiency and product freshness across diverse reaching RMB12.9 billion; and free cash inflow of the Company consumption scenarios.amounted to RMB8.74 billion, representing a year-on-year increase In the automotive sector, the Company continued to strengthen of 6.1%. its logistics capabilities across the full spectrum of this industry, Looking ahead, the Company will continue to invest key resources covering passenger vehicles, commercial vehicles and the that align with its strategic initiatives to enhance its long-term automotive aftermarket. In the passenger vehicle segment, the （未完）  |