Shengfeng Development Limited Reports 107.8% Revenue Increase from China Post Services During 2024 Double 11 Shopping Festival

Rhea-AI Summary

Shengfeng Development (NASDAQ: SFWL) reported a significant 107.8% year-over-year revenue increase from services provided to China Post Group during the 2024 Double 11 Shopping Festival. The company's revenue grew from $6.7 million to $13.9 million during the period from October 20 to November 20, 2024. The growth was attributed to increased service volume across multiple post offices during China's largest annual online shopping event, comparable to Black Friday in the United States.

Positive

• Revenue increased 107.8% year-over-year during Double 11 Shopping Festival
• Revenue grew from $6.7 million to $13.9 million
• Successful partnership with China Post Group

Negative

• None.

Revenue grows from $6.7 million to $13.9 million

FUZHOU, China, Nov. 25, 2024 /PRNewswire/ -- Shengfeng Development Limited ("Shengfeng" or the "Company") (NASDAQ: SFWL), a contract logistics company in China providing customers with integrated logistics solutions, announced today a 107.8% year-over-year increase in revenue generated from China Post Group Corporation during the 2024 Double 11 Shopping Festival.

The Double 11 Shopping Festival, also known as the "Singles' Day, is China's largest annual online shopping event, comparable to Black Friday in the United States. Held each year on November 11, the festival has evolved into a major e-commerce event, with consumers nationwide taking advantage of substantial discounts and promotions offered by various retailers. From October 20, 2024 to November 20, 2024, Shengfeng provided postal logistics services to China Post Group Corporation across multiple post offices. This collaboration resulted in an increase in Shengfeng's service volume and revenue. The Company's revenue from these services totaled RMB 100,221,043 (approximately $13.9 million), which was an increase from RMB 48,230,091 (approximately $6.7 million) during the same period in 2023, marking a 107.8% year-over-year growth.

"We are thrilled to report this substantial revenue growth during the Double 11 Shopping Festival," said Mr. Yongxu Liu, Chairman and CEO of Shengfeng Development Limited. "Our strategic partnership with China Post Group Corporation and our commitment to delivering efficient logistics solutions have been instrumental in achieving this milestone. We look forward to continuing to support China's dynamic e-commerce landscape."

About Shengfeng Development Limited

Shengfeng Development Limited is a contract logistics company in China providing customers with integrated logistics solution services. Established in 2001, the Company has developed extensive and reliable transportation networks in China, covering 341 cities across 31 provinces, as of June 30, 2024. The Company provides integrated logistics solutions comprised of B2B freight transportation services, cloud storage services, and value-added services. The Company applies well-established management system and operation procedures to assist companies in China to increase efficiency and improve their own management systems with respect to transportation, warehousing and time management. For more information, please visit the Company's website: http://ir.sfwl.com.cn/.

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

 

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SOURCE Shengfeng Development Limited

FAQ

What was Shengfeng Development's (SFWL) revenue growth during the 2024 Double 11 Shopping Festival?

Shengfeng Development (SFWL) reported a 107.8% year-over-year revenue growth, increasing from $6.7 million to $13.9 million during the 2024 Double 11 Shopping Festival period.

When did Shengfeng (SFWL) provide services to China Post during the 2024 Double 11 Festival?

Shengfeng (SFWL) provided postal logistics services to China Post Group from October 20, 2024 to November 20, 2024.

How much revenue did Shengfeng (SFWL) generate from China Post services in 2024?

Shengfeng (SFWL) generated revenue of RMB 100,221,043 (approximately $13.9 million) from China Post services during the 2024 Double 11 Shopping Festival period.