SF Holding Sept express revenue 20.835B yuan, per-ticket income up 7.71%

The mix shift is the real story: falling volume alongside rising per-ticket revenue points to SF prioritizing yield over parcel share, and a seventh consecutive month of per-ticket growth suggests that stance is holding rather than a one-off. The supply chain and international segment, growing far faster than the core express business, is doing the heavy lifting on total revenue. Whether per-ticket gains keep offsetting volume declines, and whether international momentum persists, are the open questions.