- Supply Chain and International revenue increased 15.6% year-over-year, and excluding KLN the revenue surged by 46.6%, as the Company’s second growth engine accelerated
- Adjusted net profit increased to RMB 5.0 billion, up 9.3% year-over-year, underpinned by continuous operational optimisation and enhanced management efficiency
- Shareholder returns set to reach 125% of profit attributable to owners of the Company, reflecting a commitment to enhancing shareholder returns
HONG KONG, Aug. 28, 2026 /PRNewswire/ — S.F. Holding Co., Ltd. (“SF Holding” or “SF” or “the Company”, 002352.SZ; 06936.HK), the largest integrated logistics service provider in Asia, announced its financial results for the first half of 2026, with revenue of RMB 155.5 billion. Rising to No. 372 on the 2026 Fortune Global 500 list and securing an upgraded MSCI ESG Rating of “AA”, the Company delivered steady growth across its core businesses, with strong momentum in its supply chain and international business, empowered by its digital-intelligence capabilities.
During the first half of 2026, SF delivered resilient domestic business growth, with reinforced competitive advantages across its diverse product offerings. As the second growth engine, the Supply Chain and International business gained accelerating momentum, driven by leading enterprises’ pursuit of greater global supply chain resilience and efficiency. Leveraging its global footprint and enhanced supply chain capabilities, SF continues to deepen penetration into leading enterprises’ supply chains to empower their global development. Notably, revenue from SF’s Supply Chain and International business increased 15.6% year-over-year, with core revenue excluding KLN growing 46.6%, marking a significant acceleration of the Company’s second growth engine.
As a commitment to enhancing shareholder returns, the Company has lifted its 2026 interim dividend payout ratio to 45%, up 5 percentage points from 40% for full-year 2025. It also announced an amendment to the Five-Year Shareholder Return Plan (2024-2028), subject to shareholders’ general meeting approval. The plan envisages a steady rise in dividend payout ratios, targeting 45% in 2026, 50% in 2027 and no less than 50% in 2028.
Commenting on the results, Alex Ho, Executive Director and Chief Financial Officer, said: “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.”
Competitive Moat Deepens, Driving Growth in Revenue and Profits
In the first half of 2026, SF’s core domestic businesses delivered steady growth and maintained leading market positions, while ongoing network optimization, resource integration and lean operations further drove efficiency improvements.
Within time-definite express, driven by proactive business-mix optimization, premium time-definite express revenue rose 5.3% year-over-year, outpacing GDP growth. The growth was underpinned by SF’s extensive service network, customized services across diverse scenarios and deepening penetrations. In the first half of 2026, the Company served approximately 780 concerts and more than 2,000 exhibitions. In economy express, SF focused on the mid-to-high-end segment, lifting unit revenue by 6% year-over-year. Freight delivered strong growth, with volumes of industrial bulky items over 100 kilograms expanding by more than 20%, leveraging resource integration with strategic partners. Intra-city delivery also posted robust revenue and profit growth on the back of unlocked scale effects.
Empowering Customers’ Global Supply Chains, the Second Growth Curve Gathers Strong Momentum
In the first half of 2026, revenue from SF’s Supply Chain and International business increased 15.6% year-over-year, with core revenue excluding KLN growing 46.6%, marking a significant acceleration of the Company’s second growth engine. Notably, driven by leading enterprises’ demand for more efficient, cost-effective and resilient supply chains, SF’s international supply chain (excluding KLN) revenue surged 155%, while international express and cross-border e-commerce logistics revenue increased 60% year-over-year. SF delves into customers’ full-chain logistics demands and streamlines the upstream-downstream ecosystem through intelligent supply chain systems. It supports leading enterprises across their global footprint in building agile and resilient supply chains as their trusted partner.
Centered in Asia with global reach, the Company has further solidified its leading cross-border capabilities. It operates Asia’s largest all-cargo fleet of 111 aircraft, alongside up to 213 weekly cross-border flights and over 2.2 million square meters of overseas warehouses across the Asia-Pacific region. The Company’s customs clearance network spans 100 ports worldwide, and SF recently secured the Authorized Economic Operator (AEO) certification in South Korea. The Company has also obtained GMS and TIR qualifications to facilitate cross-border ground transportation without truck transshipment. As of the end of the Reporting Period, the Company had cumulatively launched 61 domestic routes and 25 international routes at the Ezhou cargo hub, with international air cargo throughput increasing by 23% year-on-year.
AI-Enabled Operations Drive Measurable Results
Leveraging its diverse real-world logistics scenarios, extensive logistics knowhow and proprietary logistics-specific large models, SF further scaled AI-enabled applications across its operations in the first half of 2026. As of 30 June, the Company had deployed nearly 15,000 AI agents to boost efficiency across core workflows spanning customer engagement, network planning, fulfillment and administration.
On the hardware front, SF expanded intelligent equipment deployment across its logistics network. It operates nine fully automated lights-out warehouses, and has scaled adoption of automated case-handling robots (ACR) and automated guided vehicles (AGVs) across its sorting centers. The Company also deploys autopilot trucks for line-haul transportation and unmanned vehicles for short-haul shuttling. This equipment has driven a 7.4% year-on-year improvement in sorting efficiency and 1.5-hour daily reduction in per-capita working hours, easing frontline workloads and enabling employees to focus on higher-value customer service.
Reaffirming Shareholder Commitment
SF Holding remains committed to delivering sustainable returns to shareholders. In the first half of 2026, the Company doubled the cap of its A-share repurchase program to RMB 6.0 billion and launched its first H-share repurchase program of HKD 500 million. In the first half of 2026, the Company completed approximately RMB 4.37 billion in A-share and H-share share repurchases. Together with the proposed interim cash dividend of RMB 2.50 billion, the aggregate amount stands at around RMB 6.87 billion, equivalent to 125% of profit attributable to owners of the Company for the first half year.
To improve shareholder returns, SF has raised its 2026 interim dividend payout ratio to 45%, an increase of 5 percentage points from the 40% payout ratio for full-year 2025. In addition, the Company announced an amendment to the Five-Year Shareholder Return Plan (2024-2028), subject to approval by shareholders’ general meeting. The plan targets cash dividend payout ratios of 45% for 2026, 50% for 2027 and no less than 50% for 2028.
Business Outlook
Looking ahead, SF Holding will remain committed to sustainable and healthy development and reinforce its leadership in integrated logistics. Capitalising on enterprises’ global development and rising demand for supply chain efficiency and stability, the Company will further enhance its cross-border capabilities and deepen partnerships with leading enterprises across diverse industries. By translating these operational strengths into customer value, SF Holding will continue to help customers reduce end-to-end logistics costs, improve fulfillment efficiency and strengthen supply chain resilience. Through value-driven business expansion, technology-empowered operations and ongoing efficiency gains, the Company aims to create enduring value for customers and shareholders.
About S.F. Holding
Founded in 1993, S.F. Holding Co., Ltd. (002352.SZ; 06936.HK) is the largest integrated logistics service provider in Asia and the fourth largest globally. Listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, SF Holding is the constituent stock in the CSI 300 Index, MSCI Emerging Markets Index and holds an “AA” rating in MSCI ESG Ratings. Demonstrating a commitment to being fast, reliable, and customer-focused, the Company utilizes cutting-edge digital technology to promote intelligent and sustainable supply chains, striving to be the well-respected and the world’s leading digital intelligence logistics solution provider. For further information, please visit https://ir.sf-express.com/en/.
