SF Holding Q3 revenue up 8.2% year-on-year, net profit attributable to shareholders at 2.57 billion yuan, total parcel volume reaches 4.31 billion | Earnings report news
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On Thursday, SF Holding released its third quarter financial report. Here are the key points:
Q3 revenue was 78.40 billion yuan, up 8.2% year-on-year; net profit attributable to shareholders was 2.57 billion yuan, down 8.5% year-on-year;Revenue for the first three quarters was 225.26 billion yuan, up 8.89% year-on-year; net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year;Q3 net profit excluding non-recurring items was 2.23 billion yuan, down 14.17% year-on-year, with gross profit down 4.4% year-on-year;Q3 parcel volume was 4.31 billion, up a significant 33.4% year-on-year, outpacing the industry average growth rate;
Core business developments:
Express logistics revenue grew by 14.4%, but supply chain and international business revenue fell by 5.3%;International freight forwarding was dragged down by a sharp drop in ocean freight rates, while international express and cross-border e-commerce grew by 27%;Active monthly billing customers exceeded 2.4 million, and individual members surpassed 780 million;Revenue growth rate of mid- to high-end time-sensitive services increased quarter-on-quarter;
Express parcel volume increased 33.4% year-on-year
In Q3, SF’s total parcel volume reached 4.31 billion, surging 33.4% year-on-year, with growth rate noticeably higher than the overall domestic express industry, and market share steadily increasing. However, profit margins remain under pressure, with gross profit down 4.4% year-on-year and net profit excluding non-recurring items down 14.17% year-on-year.
The company attributed profit declines to "proactive market expansion strategies" and "necessary long-term strategic investments."
On the expenses side, management expense ratio remained flat, R&D and financial expense ratios declined slightly, and sales expense ratio rose by 0.2 percentage points. For the first three quarters, sales expenses reached 2.77 billion yuan, up 23.92% year-on-year, outpacing revenue growth.
Divergence between express logistics and supply chain business
Express logistics stood out, while supply chain business lagged. Q3 express logistics revenue grew 14.4% year-on-year, with steady expansion of business scale; but supply chain and international business revenue fell 5.3% year-on-year. This contrast was mainly due to the international freight forwarding business being hit by a significant decline in ocean freight rates from last year’s high levels.
Notably, international express and cross-border e-commerce logistics revenue increased 27% year-on-year, accelerating compared to the first half of the year.
Industry-focused strategy has shown initial results, with logistics revenue in sectors such as industrial equipment, telecommunications high-tech, automotive, and consumer goods all achieving year-on-year growth of over 25%, indicating progress in the company's transition from standardized express services to customized supply chain solutions.
More notably, in its Q3 report the company proposed to "shift incentives from scale-driven to value-driven", which is essentially an adjustment to the previous strategy of purely pursuing parcel volume growth. Management has pledged to "strive to achieve year-on-year net profit attributable to shareholders in Q4 2025 that is basically flat, and maintain steady year-on-year growth in net profit attributable to shareholders for the full year of 2025."
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