FUZHOU,
China, Sept. 24, 2024 /PRNewswire/ -- Shengfeng
Development Limited ("Shengfeng" or the "Company") (NASDAQ: SFWL),
a contract logistics company providing customers with integrated
logistics solutions, today announced the renewal of its logistics
services contract (the "Contract") with BYD Co. Ltd., China-based company principally engaged in the
manufacture and sales of transportation equipment, including
electric vehicles (EVs), battery technologies, and renewable energy
("BYD").
Since January 2023, BYD has been a
key client for Shengfeng, and the renewal of the Contract
underscores the success of this business alliance. Under the
renewed Contract, Shengfeng will continue to provide critical
logistics services, including the transportation of auto parts,
molds, components, and fixtures for BYD's operations.
The collaboration with BYD has been a major growth driver for
Shengfeng's new energy sector. In fiscal year 2023, BYD contributed
over 25.7 million RMB (approximately
$3.6 million USD) of
Shengfeng's revenue, and in the first half of fiscal year 2024
alone, revenues from BYD reached 24.5
million RMB (approximately $3.4
million USD). This reflects
both the strength of the business alliance and the growing
logistics demands of the new energy industry.
Shengfeng's new energy sector has witnessed substantial growth,
with revenue increasing by 47% year-over-year in fiscal year 2023.
During the first half of fiscal year 2024, the new energy sector
generated approximately 286.9 million
RMB (around $40.2 million
USD), surpassing the total revenue generated from the new
energy sector in fiscal year 2023. The new energy sector now
accounts for 17% of Shengfeng's total revenue, reflecting the
Company's strategic focus on serving high-growth clients in the
energy transition.
"We are excited to continue our work with BYD, which we believe
is one of the most innovative and influential companies in the new
energy industry," said Mr. Yongxu Liu, CEO of Shengfeng. "It is our
view that this contract renewal highlights our capability to
deliver high-quality, scalable logistics solutions for world-class
clients and further solidifies our position in the booming new
energy sector."
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