Financial Performance

SF Holding Co., Ltd. announced first‑half 2026 results with total revenue of RMB 155.5 billion. Revenue from the Supply Chain and International segment grew 15.6% year‑over‑year, while core revenue excluding KLN surged 46.6%, indicating accelerated momentum in the company’s second growth engine. Adjusted net profit increased 9.3% year‑over‑year to RMB 5.0 billion, driven by continuous operational optimisation and enhanced management efficiency.

Business Segments

In premium time‑definite express, revenue rose 5.3% year‑over‑year, outpacing overall GDP growth, and the company served approximately 780 concerts and more than 2,000 exhibitions. Economy express focused on the mid‑to‑high‑end segment, achieving a 6% increase in unit revenue. Freight volumes for industrial bulky items over 100 kg expanded by more than 20%, and intra‑city delivery posted robust revenue and profit growth.

International Growth

International supply chain revenue (excluding KLN) surged 155% year‑over‑year, while international express and cross‑border e‑commerce logistics revenue increased 60% year‑over‑year. The company operates Asia’s largest all‑cargo fleet of 111 aircraft, conducts up to 213 weekly cross‑border flights, and maintains over 2.2 million sq m of overseas warehouses across the Asia‑Pacific region. Its customs clearance network spans 100 ports worldwide, and it recently obtained Authorized Economic Operator (AEO) certification in South Korea, as well as GMS and TIR qualifications for ground transportation.

Network Expansion

By the end of the reporting period, SF Holding had launched 61 domestic routes and 25 international routes at the Ezhou cargo hub, with international air cargo throughput rising 23% year‑on‑year.

AI‑Enabled Operations

As of 30 June, the company deployed nearly 15,000 AI agents across core workflows such as customer engagement, network planning, fulfillment and administration. It operates nine fully automated lights‑out warehouses and has scaled the use of automated case‑handling robots (ACR) and automated guided vehicles (AGVs) in sorting centres. Autopilot trucks are used for line‑haul transportation 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.

Shareholder Returns

SF Holding reaffirmed its commitment to shareholder returns by targeting cash distributions equal to 125% of profit attributable to owners for the first half of 2026. The interim dividend payout ratio was raised to 45%, up five percentage points from the 40% ratio for full‑year 2025, resulting in an interim cash dividend of RMB 2.50 billion. The company doubled the cap of its A‑share repurchase programme to RMB 6.0 billion and launched a first H‑share repurchase programme of HKD 500 million, completing approximately RMB 4.37 billion in share repurchases during the period. The aggregate cash return of dividend and repurchases totals around RMB 6.87 billion, equivalent to 125% of first‑half profit. 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.

Outlook

Looking ahead, SF Holding will continue to leverage global enterprise demand for supply‑chain efficiency and resilience, further enhancing cross‑border capabilities and deepening partnerships across diverse industries. The company 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.