Business
Shengfeng Development Limited Reports 107.8% Revenue Increase from China Post Services During 2024 Double 11 Shopping Festival
Revenue grows from $6.7 million to $13.9 million FUZHOU, China, Nov. 25, 2024 /PRNewswire/ -- Shengfeng Development Limited ("Shengfeng" or the "Company")
About this update from Shengfeng Development Limited
[{"type":"text","content":"Revenue grows from $6.7 million to $13.9 million\nFUZHOU, 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.\n\nThe 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.\n\"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.\"\nAbout Shengfeng Development Limited\nShengfeng 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 re...