Ultrafast magnetization dynamics represent the forefront of modern spintronics and magnetic materials research, addressing the response and evolution of magnetic moments in magnetic systems on a femtosecond-to-nanosecond timescale. To elucidate such ultrafast magnetic processes, a variety of time-resolved experimental techniques have been developed. Among these techniques, synchrotron-based X-ray ferromagnetic resonance (XFMR) combines microwave-driven ferromagnetic resonance (FMR) with X-ray magnetic circular dichroism (XMCD) detection, enabling element-, valence-, and lattice space-resolved measurements of magnetization precession on a picosecond timescale and providing direct access to both the amplitude and the phase of the dynamic magnetic moment. This work develops a picosecond time-resolved XFMR platform at the BL07U vector magnet beamline of the Shanghai Synchrotron Radiation Facility (SSRF). The system employs a lock-in modulation detection scheme precisely synchronized with the storage-ring master clock, realizing stable excitation and detection of spin precession in magnetic materials up to 6 GHz, with the background noise effectively suppressed to 30 fA, and an overall phase time resolution better than 10 ps. The successful implementation of this technique establishes a state-of-the-art XFMR capability in China, achieving internationally competitive performance in both temporal resolution and detection sensitivity. This development provides a strong experimental foundation for future research on spin current and orbital current detection, as well as ferrimagnetic and antiferromagnetic dynamics.