Economic Observation Network The 2025 financial report of SF Express shows that its revenue increased by 45.4% year-on-year to 22.899 billion yuan, and its net profit increased by 109.7% year-on-year. However, its gross profit margin has declined, and its business structure is highly dependent on the B-end.

Performance and business situation
Despite SF Express's 2025 financial report showing a year-on-year revenue growth of 45.4% to 22.899 billion yuan and a net profit growth of 109.7% However, the market may be concerned about potential concerns regarding the quality of its profits. According to the analysis of Blue Whale Finance, the company's gross profit margin was 6.3%, a year-on-year decrease of 0.5 percentage points, and the gross profit growth rate (34.8%) was lower than the revenue growth rate (45.4%), indicating a trend of "increasing income without increasing profits" ?

Business Progress
In addition, the business structure is highly dependent on the B-end (merchant delivery and last mile service), while the C-end revenue accounts for only 12.1%. This imbalance may trigger investors to consider long-term growth stability ?

The above content is based on publicly available information and does not constitute investment advice.