Financial Performance
SF Holding Co., Ltd. reported first‑half 2026 revenue of RMB 155.5 billion, marking a 15.6% year‑over‑year increase for its Supply Chain and International business. Excluding the KLN segment, core revenue surged 46.6% YoY, while international supply chain revenue (excluding KLN) jumped 155% and international express and cross‑border e‑commerce logistics revenue rose 60% YoY. Adjusted net profit reached RMB 5.0 billion, a 9.3% increase from the comparable period last year, underpinned by continuous operational optimisation and enhanced management efficiency.
Shareholder Returns
The Company lifted its 2026 interim dividend payout ratio to 45%, up five percentage points from the 40% ratio applied to full‑year 2025, resulting in an interim cash dividend of RMB 2.50 billion. An amendment to the Five‑Year Shareholder Return Plan (2024‑2028) was announced, targeting dividend payout ratios of 45% for 2026, 50% for 2027 and no less than 50% for 2028, subject to shareholder approval. In the first half, SF Holding doubled the cap of its A‑share repurchase programme to RMB 6.0 billion and launched a new H‑share repurchase programme of HKD 500 million, completing approximately RMB 4.37 billion of share repurchases. Combined with the interim dividend, total cash returned to shareholders amounted to roughly RMB 6.87 billion, equivalent to 125% of profit attributable to owners for the period.
Operational Highlights
Domestic operations remained resilient, with premium time‑definite express revenue growing 5.3% YoY, outpacing GDP growth, and economy express unit revenue increasing 6% YoY. Freight volumes of industrial bulky items over 100 kg expanded by more than 20%, and intra‑city delivery posted robust revenue and profit growth. The Company served approximately 780 concerts and more than 2,000 exhibitions during the period. Internationally, the firm operates Asia’s largest all‑cargo fleet of 111 aircraft, conducts up to 213 weekly cross‑border flights, and manages over 2.2 million sq m of overseas warehouses across the Asia‑Pacific. Its customs clearance network spans 100 ports worldwide, and it secured Authorized Economic Operator (AEO) certification in South Korea, as well as GMS and TIR qualifications for ground transportation.
AI & Technology Deployment
By 30 June 2026, SF Holding had deployed nearly 15,000 AI agents across customer engagement, network planning, fulfillment and administration workflows. The Company operates nine fully automated lights‑out warehouses and has expanded the use of automated case‑handling robots (ACR) and automated guided vehicles (AGVs) in sorting centres. Autopilot trucks are used for line‑haul transport and unmanned vehicles for short‑haul shuttling. These technologies delivered a 7.4% year‑on‑year improvement in sorting efficiency and reduced per‑capita working hours by 1.5 hours daily.
Outlook
SF Holding reaffirmed its commitment to sustainable, healthy development and to strengthening its leadership in integrated logistics. Leveraging rising demand for supply‑chain efficiency and resilience, the Company will continue to deepen cross‑border capabilities, expand partnerships with leading enterprises across diverse industries, and translate operational strengths into customer value, aiming to create enduring value for both customers and shareholders.