(Yicai Global) Oct. 27 -- Revenue at SF Holding, a Chinese express delivery giant, beat expectations to jump 34 percent in the third quarter from a year earlier amid an accelerating shift to digital retailing in China.

Revenue stood at CNY38.5 billion (USD5.7 billion) in the three months ended September, the Shenzhen-based company said in an earnings report published yesterday. Net profit increased 52 percent to CNY1.8 billion (USD273.9 million).

The country’s couriers have seen a surge in business since February as lockdown measures to prevent the spread of the coronavirus forced people to stay at home. Rising express delivery volumes in the post-epidemic period also suggest China is embracing e-commerce at an even more rapid pace.

Retailers around the world are moving online and September is a peak season for e-commerce in China, which helped to bump up SF's business, an analyst at Guosen Securities said, according to financial news outlet JRJ.com.

The volume of goods that SF delivered jumped 65 percent to 2 billion packages in the third quarter. In the first three quarters, the figure soared 75 percent to about 5.7 billion, a 10th of the domestic market.

SF Holding's stock price [SHE: 002352] closed little changed today at CNY87.03 (USD12.94), after gaining almost 2.7 percent to CNY87.25 yesterday. The shares have more than doubled in value so far this year.

The courier is maintaining its lead by strengthening its positioning in medium and high-end e-commerce segments, business-to-business logistics, and international supply chains, an analyst at Essence Securities told JRJ. Hubei province’s upcoming Ezhou cargo airport will also boost the company’s business.

SF may reach CNY150 billion (USD22.4 billion) in revenue this year based on current growth, the 21st Century Business Herald reported, citing industry expert Zhao Xiaomin.

Between January and September, the company's revenue rose 39 percent to CNY109.6 billion and its net profit climbed 30 percent to CNY5.6 billion.

Editor: Emmi Laine