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.