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