顺丰控股A股回购进展公告深度解读：回购股份比例突破2%，总金额近40亿元

一、公告要点概述

• 回购方案及调整：顺丰控股股份有限公司（以下简称“公司”）基于对未来发展前景的信心及公司价值的认同，自2025年4月28日董事会通过回购方案，并于2025年10月30日和2026年3月30日作出调整。调整后的方案为：
  – 回购资金总额不低于30亿元且不超过60亿元人民币
  – 回购股份类型为公司A股社会公众股
  – 回购价格上限调整为每股59.10元（因实施A股权益分派），不得超过60元/股
  – 回购期限延长至2027年3月29日止
  – 回购股份用途将变更为注销并减少注册资本（该变更尚需2025年年度股东大会审议通过后方可生效）
• 回购进展：公司自2025年9月3日启动回购。截至2026年5月6日，已通过集中竞价方式累计回购A股104,368,189股，耗资约39.99亿元（不含交易费用），占公司总股本的2.07%。平均成交价格为38.31元/股，最高成交价42.23元/股，最低成交价36.05元/股。
• 信息披露合规：公司回购时间、数量和交易时段均符合《深圳证券交易所上市公司自律监管指引第9号——回购股份》相关规定。未在敏感期、涨跌幅限制日等违规时段进行回购。

二、对股东的重大影响及潜在股价影响因素

• 回购比例超过2%临界线：此次回购进展使累计回购股份已达总股本2.07%，根据相关规定，回购比例每增加1%需及时披露，属于重大事项。大规模回购行为通常被视为公司对自身价值的高度认可，有望提振市场信心，支撑或提升股价。
• 股份注销及注册资本减少：回购股份拟用于注销并减少注册资本，意味着市场流通股本将减少，有助于提升每股收益与净资产，有可能对未来股价形成正面支撑。变更用途尚需年度股东大会审议通过，股东应密切留意相关进展。
• 回购价格与市场价差：回购均价38.31元/股，最高42.23元/股，显示公司愿意在当前价格区间回购，反映管理层对公司价值的判断。如未来市场价格显著高于回购上限，可能影响后续回购进度。
• 后续不确定性：公司明确表示将在回购期限内根据市场情况继续实施回购，不排除后续回购金额继续增加，对流动性及股价具有持续影响。

三、合规与风险提示

• 公司严格遵循监管规定，未在敏感期或价格波动异常时段进行回购。
• 股东需关注回购股份变更为注销的议案能否在年度股东大会上获得通过，若未通过，回购股份处置方式可能发生变化，带来一定不确定性。
• 投资者应关注公司后续公告，及时把握回购进展。

四、结语

顺丰控股本次大规模回购且拟注销股份，展示出管理层对公司价值和未来发展的高度信心。对于长期投资者来说，回购与注销动作有望提升公司每股指标，改善股东回报，短期内也具备一定的积极股价催化效应。建议投资者关注后续年度股东大会相关议案表决及公司进一步回购进展公告，理性判断投资风险与机会。

免责声明：本文仅为信息披露解读，不构成任何投资建议。股市有风险，投资需谨慎。投资者应充分了解相关政策法规及公司经营状况，独立作出投资决策。

English Version:

S.F. Holding A-Share Buyback Progress: Buyback Ratio Breaks 2%, Total Amount Nearly CNY 4 Billion

1. Key Highlights

• Buyback Plan & Adjustment: S.F. Holding launched its A-share buyback plan on April 28, 2025, with the board later adjusting the plan on October 30, 2025, and March 30, 2026. The revised plan:
  – Total buyback funds between CNY 3–6 billion
  – Buyback only from public A-shares
  – Buyback price cap adjusted to CNY 59.10/share (due to equity allocation), not exceeding CNY 60/share
  – Buyback period extended to March 29, 2027
  – Repurchased shares will be cancelled and registered capital reduced (pending approval at the 2025 AGM)
• Buyback Progress: Since September 3, 2025, S.F. Holding has repurchased 104,368,189 A-shares via centralized bidding, worth approximately CNY 3.999 billion (excluding transaction fees), accounting for 2.07% of total shares. The average price is CNY 38.31/share, with a high of CNY 42.23/share and a low of CNY 36.05/share.
• Compliance: All buybacks have complied with Shenzhen Stock Exchange regulations, and none were made during sensitive periods or when price limits were in effect.

2. Price-Sensitive Information for Shareholders

• Buyback Ratio Exceeds 2%: The cumulative buyback has reached 2.07% of total shares. Regulatory rules require disclosure for each 1% increment, highlighting the significance of the action. Such large buybacks typically signal management’s confidence and can stimulate market interest, potentially supporting or boosting the share price.
• Share Cancellation & Capital Reduction: The repurchased shares are intended for cancellation, reducing registered capital—this will decrease the number of shares in circulation, potentially increasing EPS and NAV per share, which can positively impact the stock price. However, this is subject to AGM approval.
• Buyback Price Range: With the average buyback price at CNY 38.31/share, and a price cap of CNY 59.10/share, the company’s willingness to buy at current market levels reflects confidence in its valuation. If the market price rises above the cap, buyback pace may be impacted.
• Ongoing Uncertainty: The company will continue the buyback within the approved period and may further increase its involvement, affecting liquidity and share price.

3. Compliance & Risk Reminders

• The company has strictly followed regulatory requirements, avoiding buybacks during sensitive periods or abnormal price fluctuations.
• Shareholders should monitor the AGM for approval of the share cancellation. If not approved, there could be changes in how repurchased shares are handled.
• Investors are advised to follow subsequent announcements closely.

4. Conclusion

S.F. Holding’s large-scale buyback and planned cancellation demonstrates management’s confidence in the company’s value and prospects. For long-term investors, the buyback and cancellation could improve per-share indicators and shareholder returns, while also acting as a short-term catalyst for the stock price. Investors are advised to monitor the outcome of the AGM and further buyback developments, and to assess risks and opportunities rationally.

Disclaimer: This article is a factual interpretation of mandatory disclosures and does not constitute investment advice. The stock market carries risk. Please make investment decisions independently and with caution.

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