S.F. Holding Co. (002352) H2 2025 earnings summary

Executive summary

• Achieved revenue of RMB 308.2 billion in 2025, up 8.37% year-over-year, with net profit attributable to shareholders of RMB 11.12 billion, up 9.31%.

• Business volume reached 16.63 billion parcels, up 25.4% year-over-year, outpacing industry growth.

• Maintained leading market position in China and Asia, ranked 393rd in Fortune Global 500, and 6th in Brand Finance global logistics brands.

• Continued high investment in technology and digital transformation, with AI and automation driving operational efficiency.

Financial highlights

• Gross profit reached RMB 41.05 billion, up 3.63% year-over-year; gross margin at 13.32%, down 0.61 percentage points.

• EBITDA was RMB 32.78 billion, up 0.26% year-over-year.

• Net profit margin attributable to shareholders was 3.61%, up 0.03 percentage points.

• Basic EPS was RMB 2.23, up 5.69% year-over-year.

• Total assets at year-end were RMB 2,164.7 billion, up 1.24% year-over-year.

• Free cash flow was RMB 17.93 billion, down 19.57% year-over-year.

Outlook and guidance

• Strategic focus on balanced growth between scale and profitability, with dual drivers in small and large parcel businesses.

• Supply chain business to deepen industry penetration and increase solution revenue share.

• International business to accelerate network buildout in Asia-Pacific and enhance global supply chain capabilities.

• 2026 plan emphasizes scenario-based product innovation, cost control, and digital transformation.