【Zhenzhuo Institutional Perspective】SF Holding (06936.HK): November per-ticket revenue increased month-on-month

November logistics data shows the industry is undergoing a critical transformation from "price wars" to high-quality development. During the Double 11 shopping festival, the industry-wide parcel collection volume reached 13.94 billion, with a single-day peak hitting a new record of 777 million parcels. The average daily processing volume increased by 18% compared to normal days. Unlike previous years' singular focus on scale, this year's market emphasizes rational pricing and service quality under regulatory guidance, with the decline in average unit prices showing a clear narrowing trend.

SF Holding $SF HOLDING(06936.HK) November operational report further confirms this growth momentum. The company's monthly revenue reached 27.173 billion yuan, up 7.85% year-on-year. Driven by the e-commerce promotion season, express logistics volume surged 20.13% to 1.534 billion parcels. Although declining international shipping rates affected some revenue growth, its supply chain and international business still achieved 1.86% growth, demonstrating resilience under its global network strategy.

Industry leaders are improving operational efficiency by focusing on high-quality clients rather than blind expansion. With pricing discipline established, companies with scale advantages and asset barriers will dominate the new logistics order, driving the industry's transition from "quantity" to "quality."

Source: KGI Securities