SF Holding First‑Half 2026 Financial and Operational Highlights

S.F. Holding Co., Ltd. (stock codes 002352.SZ and 06936.HK), the largest integrated logistics service provider in Asia, announced its first‑half 2026 results on 28 August 2026. The company generated total revenue of RMB 155.5 billion, representing a 15.6% year‑over‑year increase. Within the Supply Chain and International segment, revenue grew 15.6% YoY, while core revenue excluding KLN surged 46.6%.

Adjusted net profit for the period rose 9.3% YoY to RMB 5.0 billion, driven by continuous operational optimisation and the deployment of AI‑enabled efficiency measures. The firm highlighted that premium time‑definite express revenue increased 5.3% YoY, outpacing domestic GDP growth, and economy‑express unit revenue grew 6% YoY. Freight volumes for industrial bulky items over 100 kg expanded by more than 20%, and intra‑city delivery posted robust revenue and profit growth.

Internationally, revenue from the Supply Chain and International business grew 15.6% YoY, with core revenue excluding KLN jumping 46.6%. Specifically, international supply‑chain revenue (excluding KLN) surged 155%, and international express and cross‑border e‑commerce logistics revenue rose 60% YoY. The company now operates Asia’s largest all‑cargo fleet of 111 aircraft, conducts up to 213 weekly cross‑border flights, and manages over 2.2 million sqm of overseas warehouses across the Asia‑Pacific. Its customs‑clearance network spans 100 ports worldwide, and it recently obtained Authorized Economic Operator (AEO) certification in South Korea, together with GMS and TIR qualifications for ground transport.

At the Ezhou cargo hub, SF Holding had launched 61 domestic routes and 25 international routes by the end of the reporting period, with international air‑cargo throughput increasing 23% YoY. The firm served approximately 780 concerts and more than 2,000 exhibitions during the first half of the year.

AI‑Enabled Operations

By 30 June, SF Holding had deployed nearly 15,000 AI agents across customer engagement, network planning, fulfillment and administration workflows. Hardware upgrades included nine fully automated lights‑out warehouses, expanded use of automated case‑handling robots (ACR) and automated guided vehicles (AGVs) in sorting centres, as well as autopilot trucks for line‑haul and unmanned vehicles for short‑haul shuttling. These technologies delivered a 7.4% YoY improvement in sorting efficiency and reduced per‑capita working hours by 1.5 hours daily.

Shareholder Return Initiatives

The company reaffirmed its commitment to shareholders by doubling the cap of its A‑share repurchase programme to RMB 6.0 billion and launching a HKD 500 million H‑share repurchase programme. In H1 2026, SF Holding completed approximately RMB 4.37 billion of share repurchases (both A‑share and H‑share). Together with a proposed interim cash dividend of RMB 2.50 billion, total cash returns amounted to roughly RMB 6.87 billion, equivalent to 125% of profit attributable to owners for the half‑year.

The interim dividend payout ratio was raised to 45%, up 5 percentage points from the 40% ratio applied to full‑year 2025. An amendment to the Five‑Year Shareholder Return Plan (2024‑2028) was announced, targeting dividend payout ratios of 45% in 2026, 50% in 2027, and no less than 50% in 2028, subject to shareholder‑meeting approval.

Outlook

SF Holding indicated that it will continue to leverage global demand for supply‑chain efficiency and resilience, further enhance cross‑border capabilities, and deepen partnerships with leading enterprises across diverse industries. The firm aims to translate operational strengths into customer value, reduce end‑to‑end logistics costs, improve fulfillment efficiency and strengthen supply‑chain resilience, thereby creating enduring value for both customers and shareholders.

Executive Comment

Alex Ho, Executive Director and Chief Financial Officer, stated: “We remained focused on sustainable and healthy development, prioritizing customer value above all. Through seizing global growth opportunities, leveraging lean management and AI‑driven efficiency gains across our business lines, and creating long‑term value for our customers’ global supply chains, we will drive sustainable business growth and deliver enhanced returns to our shareholders.”