Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no
responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the
whole or any part of the contents of this announcement.
S.F. Holding Co., Ltd.
順豐控股股份有限公司
(A joint stock company incorporated in the People ’s Republic of China with limited liability)
(Stock Code: 6936)
INTERIM RESULTS ANNOUNCEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2026
The board of directors (the “Board”) of S.F. Holding Co., Ltd. (the “Company”, together
with its subsidiaries, the “Group”) is pleased to announce the unaudited results of the Group
for the six months ended June 30, 2026. This announcement, containing the full text of the
of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited in relation to preliminary announcements of interim results. The Company’s 2026
Interim Report will be published on the HKEXnews’s website (www.hkexnews.hk) and the
Company’s website (www.sf-express.com) in due course, and will be sent to the Company’s
shareholders (if requested).
By Order of the Board
S.F. Holding Co., Ltd.
GAN Ling
Joint Company Secretary
Shenzhen, the PRC, August 28, 2026
As at the date of this announcement, the Board comprises Mr. Wang Wei as chairman and executive director,
Mr. Ho Chit and Mr. Xu Bensong as executive directors; and Mr. Chan Charles Sheung Wai, Mr. Lee Carmelo
Ka Sze and Dr. Ding Yi as independent non-executive directors.
COMPANY
Company Vision
VISION
To be the well-respected and the world's leading
digital intelligence logistics solution provider
Important Notice
The Company’s Board of Directors, Directors, and senior management hereby guarantee that the contents of this interim
report (the “Report”) are true, accurate, and complete, and that there are no misrepresentations, misleading statements, or
material omissions, and shall assume individual and joint legal liabilities.
The interim financial report is prepared in accordance with the International Financial Reporting Standards and reviewed by
PricewaterhouseCoopers.
The Report has been considered and approved at the seventh meeting of the seventh session of the Board of Directors of
the Company (the “Board Meeting”) with all Directors present and voting in favor.
Forward-looking statements such as future development plans contained herein do not constitute any undertaking made
by the Company to investors. Investors are advised to invest rationally and to take into account possible investment risks.
The profit distribution plan considered and approved at the Board Meeting is as follows: based on the total number of Shares
at the record date in respect of the implementation of 2026 interim profit distribution plan, less the Shares in repurchase
securities account of the Company, an interim cash dividend of RMB4.9 (tax inclusive) per 10 Shares will be distributed to
all Shareholders. The Company will not carry out bonus issue or conversion of capital reserve into share capital for the six
months ended June 30, 2026. Upon preliminary calculation using the Company’s total number of Shares as of the date of
this Report and excluding the Shares in the repurchase securities account on the even date, the amount of the 2026 interim
cash dividend distribution is expected to be RMB2.50 billion, accounting for approximately 45% of the profit attributable to
owners of the Company for the six months ended June 30, 2026. The Board has been authorized by the shareholders at the
The Report is prepared in both Chinese and English versions. If there is any ambiguity in understanding the interim financial
report, the English version shall prevail. If there is any ambiguity in understanding of other contents other than the interim
financial report, the Chinese version shall prevail.
Contents
Corporate Information
Board of Directors H Share Registrar
Executive Directors Tricor Investor Services Limited
Mr. Wang Wei (Chairman) 17/F, Far East Finance Centre
Mr. Ho Chit 16 Harcourt Road
Mr. Xu Bensong Hong Kong
Independent Non-executive Directors
Legal Advisers
Mr. Chan Charles Sheung Wai
As to Hong Kong laws:
Mr. Lee Carmelo Ka Sze
Dr. Ding Yi Herbert Smith Freehills Kramer
Audit Committee
Mr. Chan Charles Sheung Wai (Chairman)
Hong Kong
Mr. Lee Carmelo Ka Sze
Dr. Ding Yi
Auditor
Remuneration and Appraisal Committee
PricewaterhouseCoopers
Dr. Ding Yi (Chairlady)
Certified Public Accountants and
Mr. Chan Charles Sheung Wai
Registered Public Interest Entity Auditor
Mr. Lee Carmelo Ka Sze
Nomination Committee Central, Hong Kong
Mr. Lee Carmelo Ka Sze (Chairman)
Dr. Ding Yi Registered Address in the PRC
Mr. Wang Wei 3/F, Complex Building
SF South China Transit Center
Strategy Committee
No. 1111 Hangzhan 4th Road
Mr. Chan Charles Sheung Wai (Chairman)
Shenzhen Airport, Caowei Community
Dr. Ding Yi
Hangcheng Sub-district, Bao’an District, Shenzhen
Mr. Wang Wei
Guangdong Province, the PRC
Risk Management Committee
Mr. Ho Chit (Chairman)
Mr. Chan Charles Sheung Wai
Mr. Lee Carmelo Ka Sze
Corporate Information
Principal Place of Business in the PRC Joint Company Secretaries
TK Chuangzhi Tiandi Building Ms. Gan Ling
Keji South 1st Road Ms. So Ka Man (FCG, HKFCG)
Nanshan District, Shenzhen
Guangdong Province, the PRC Authorized Representatives
Mr. Ho Chit
Principal Place of Business in Hong Ms. Gan Ling
Kong
New Territories, Hong Kong
Interim Report 2026 S.F. Holding Co., Ltd. 005
“SF Holding is the largest integrated logistics service
provider in China and Asia, and the fourth largest in
the world1”
Founded in 1993, SF has evolved into Asia’s largest and the world’s fourth-largest integrated logistics service provider through its
accounts and more than 830 million individual consumers, and offers logistics services spanning time-definite express services,
economy express services, freight services, cold chain and pharmaceutical logistics services, intra-city on-demand delivery services,
as well as supply chain and international services (including international express services, international cargo and freight forwarding
services, and supply chain services). Leveraging its industry-leading technology, SF empowers customers in building global, end-
to-end one-stop secure and efficient smart supply chain systems, with the vision of becoming the well-respected and the world’s
leading digital intelligence logistics solution provider.
SF boasts an extensive global logistics service network, with domestic operations covering all cities in China. SF’s international
express services, international cargo and freight forwarding services, and supply chain services extend to 94 countries and regions
globally, while its international small parcel delivery services establish the footprint in 186 countries and regions. SF is the premium
brand in the logistics industry both in China and globally, having been listed for ten consecutive years among “China’s Most Admired
Companies” by Fortune China, and has ranked first in Express Delivery Service Public Satisfaction in China for 17 consecutive
years. The Company’s time-definite express services maintain a commanding market share in China. In China, SF ranks first in five
segments1: express delivery, freight, cold chain, intra-city on-demand delivery2, and supply chain services3. In Asia, SF ranks first
in four segments1: express delivery, freight, intra-city on-demand delivery2, and international services4.
Looking ahead, as a global logistics leader connecting Asia with the rest of the world, SF will continue to leverage its well-
recognized premium brand, extensive global network coverage and comprehensive logistics service capabilities to accelerate
global development, drive sustainable and healthy business growth, and position itself as the go-to logistics partner for business
customers and retail customers – fostering growth together with customers and creating shared value.
Largest in Asia No. 1 in Asia
No. 1
Integrated logistics service provider1 Express, Freight, Intra-city On-demand Delivery2,
Public satisfaction for express
International Business4
services in China
Integrated logistics service provider1 Express, Freight, Cold Chain, Intra-city
On-demand Delivery2, Supply Chain3
Business Segments
Express Logistics
Time-definite Express Economy Express
● Provide time-definite and high-quality door-to-door domestic express service ● Provide cost-effective, timely and stable domestic parcels delivery services
● Options of half-day delivery, same-day delivery, next morning/next day delivery ● Leverage nationwide warehouse network to provide smart sub-warehouses and
integrated warehousing and distribution service
Cold Chain and Pharmaceutical
Freight
Logistics
● Provide seasonal and fresh food logistics services to deliver seasonal
● Provide domestic large parcels delivery, less-than-truck-load freight transport agricultural products directly from place of origin to consumers
and full-truck-load transport services ● Provide food cold storage and B2B2C end-to-end temperature-controlled
● Dual-brand operation comprising the SF Freight directly-operated network and transportation and delivery services
SX Freight franchising network ● Provide GSP certified pharmaceutical cold storage and pharmaceutical
temperature-controlled transportation and delivery services (from -80°C to 25°C)
Intra-city On-demand Delivery
● Provide point-to-point instant delivery service for merchants and customers within the city
● City-wide delivery services within average 1 hour, delivery services for regions in 3km within average 22 minutes
Supply Chain and International
International Cargo and Freight
International Express
Forwarding
● Provide international time-definite express, cross-border e-commerce parcels ● Provide international air, sea, railway, ground and multi-modal freight
delivery, overseas local express and integrated warehousing and distribution transport solutions
services
Supply Chain
● Provide one-stop domestic and international digital and intelligent supply chain solutions
● Covering high-tech, industrial equipment, automotive, consumer goods, retail food, retail and catering, life sciences and pharmaceuticals, and other
industries
Interim Report 2026 S.F. Holding Co., Ltd. 007
Key Accounting Data and Financial Indicators
Financial Summary
Interim Results Overview for 2026
Revenue Total assets
RMB 155.5 billion RMB 228.9 billion
Equity attributable to owners
Gross profit of the Company
RMB 20.5 billion RMB 102.8 billion
EBITDA Basic earnings per Share
RMB 16.7 billion RMB 1.10 per Share
Profit attributable to owners
of the Company Cash dividend per Share
RMB 5.50 billion RMB 0.49 per Share
Key Accounting Data and Financial Indicators
Total Volume Unit: 1 billion parcels Total Revenue Unit: RMB Billion
The total volume includes the volume of express logistics business and international
express business (exclude oversea local express business).
Revenue Breakdown by Segment
Time-de?nite Express 25.5%
Time-de?nite
Time-de?nite
Express
Express 25.5%25.5%
Freight
Economy
Economy
Express
Express 40.7%
Freightand Pharmaceutical Logistics
Freight 40.7%40.7% 4.3%
Cold ColdOn-demand
Chain and
Chain Delivery Logistics
Pharmaceutical
and Pharmaceutical Logistics 2.8%
Intra-cityChain
Intra-cityand
On-demand International
On-demand
Delivery Business
Delivery
OtherSupply
Supply Non-logistics
Chain and
Chain Business
International
and International
Business
Business 10.5%
Other Non-logistics
Other Non-logistics
Business
Business 10.5%10.5%
Unit: RMB Billion
Time-de?nite Express Economy Express Freight Cold Chain and Intra-city On-demand Supply Chain and Other Non-logistics
Pharmaceutical Delivery International Business
Logistics Business
● 2025H1 ● 2026H1
Interim Report 2026 S.F. Holding Co., Ltd. 009
Key Accounting Data and Financial Indicators
Gross profit Unit: RMB Billion EBITDA Unit: RMB Billion
● Gross profit Gross profit margin ● EBITDA EBITDA margin
Profit attributable to owners Quarterly profit attributable to
of the Company Unit: RMB Billion
owners of the Company Unit: RMB Billion
● Profit attributable to owners of the Company ● Profit attributable to owners of the Company of 2025
Profit margin attributable to owners of the Company ● Profit attributable to owners of the Company of 2026
Profit margin attributable to owners of the Company of 2026
Debt-to-asset ratio Unit: RMB Billion Net cash flow Unit: RMB Billion
● Total assets ● 2025H1 ● 2026H1
● Equity attributable to owners of the Company
Debt-to-asset ratio
-7.3
-17.5
operating activities investing activities ?nancing activities
Key Accounting Data and Financial Indicators
For the six months ended
June 30,
Income Statement Items 2026 2025 Year-on-year change
RMB’000 RMB’000
Revenue 155,506,421 146,858,174 5.89%
Gross profit 20,486,658 19,060,542 7.48%
EBITDA(1) 16,723,953 16,610,359 0.68%
Profit for the period 5,970,017 6,012,403 -0.70%
Profit for the period attributable to owners of the Company 5,501,905 5,737,699 -4.11%
Note:
(1) EBITDA = profit for the period + depreciation and amortization + finance costs, net + income tax expense. EBITDA is not an IFRS measure. For
further details, please refer to page 50 of the “Non-IFRS measures” section of this Report.
As of As of
June 30, December 31,
Period-on-period
Balance Sheet Items 2026 2025 change
RMB’000 RMB’000
Total assets 228,885,266 216,469,037 5.74%
Total liabilities 114,617,329 106,144,286 7.98%
Total equity 114,267,937 110,324,751 3.57%
Equity attributable to owners of the Company 102,786,235 99,309,488 3.50%
Asset-liability ratio Up by 1.05
For the six months ended
June 30,
Cash Flows Statement Items 2026 2025 Year-on-year change
RMB’000 RMB’000
Net cash generated from operating activities 11,171,404 12,936,690 -13.65%
Net cash used in investing activities -12,261,578 -17,516,875 30.00%
Net cash used in financing activities 6,181,988 -7,280,764 184.91%
Interim Report 2026 S.F. Holding Co., Ltd. 011
Key Accounting Data and Financial Indicators
For the six months ended
June 30,
Key Financial Indicators 2026 2025 Year-on-year change
Basic earnings per Share (RMB) 1.10 1.16 -5.17%
Diluted earnings per Share (RMB) 1.10 1.16 -5.17%
Weighted average return on net assets Down by 0.58
Differences in net profit and net assets in the financial reports disclosed in accordance with the International Accounting
Standards and the Chinese Accounting Standards are as follows:
Profit attributable to owners of Equity attributable to owners of
the Company the Company
For the six months ended As of As of
June 30, June 30, December 31,
RMB’000 RMB’000 RMB’000 RMB’000
In accordance with the International Accounting
Standards 5,501,905 5,737,699 102,786,235 99,309,488
In accordance with the Chinese Accounting
Standards 5,501,905 5,737,699 102,786,235 99,309,488
Items and amounts adjusted in accordance with the International Accounting Standards:
In accordance with the International Accounting
Standards – – – –
Difference description No difference
Management Discussion and Analysis
Overall Review
Market Overview
Domestic Market
According to data released by the National Bureau of Statistics, China’s GDP amounted to RMB69.6 trillion in the first
half of 2026, representing a year-on-year increase of 4.7%. The economy exhibited a K-shaped divergence overall, with
upward momentum mainly driven by strong growth across the investment, production and export chains, propelled by the
smart technology boom. In the first half of the year, value-added industrial output of enterprises above the designated size
grew by 5.4% year-on-year, while high-tech manufacturing and computer, communications and other electronic equipment
manufacturing grew by 13.3% and 14.8%, respectively.
Consumer demand recovered at a slower pace. In the first half of the year, total retail sales of consumer goods increased by
waning marginal effects of stimulus measures such as consumer trade-in programs. Service consumption, however, bucked
the trend and led growth, with service retail sales increasing by 5.3%, 4.8 times the growth rate of goods consumption.
Among sub-sectors, service consumption in catering, culture and tourism, live entertainment and sporting events maintained
relatively rapid growth.
According to the China Federation of Logistics & Purchasing, the total value of social logistics in China reached RMB181.1
trillion in the first half of 2026, representing year-on-year growth of 5.1%. Growth was primarily driven by emerging industries
such as high-tech manufacturing, integrated circuits and new energy. The rising share of high-value, lightweight and
time-sensitive goods, coupled with strong import and export demand, drove rapid growth in demand for high-value-added
logistics services, including air freight, cross-border warehousing and distribution, specialized transportation and global supply
chain project logistics.
Meanwhile, total social logistics expenditure amounted to RMB9.6 trillion in the first half of the year, accounting for 13.9%
of GDP, down 0.1 percentage point from the same period last year. Cost reduction and efficiency enhancement remain a
long-term priority for the industry. Smart technologies and automated equipment are being piloted in scenarios such as
warehousing and sorting, continuously improving operational efficiency across logistics networks. At the same time, the
competitive strengths of logistics enterprises have shifted from single-point resource capabilities toward intelligent systems
integration and end-to-end planning and operations. Empowering customers to optimize overall supply chain efficiency through
digital foundation and smart decision-making capabilities has become critical to building a distinct competitive moat.
In the express delivery sector, according to the State Post Bureau, total parcel volume reached 100.38 billion in the first half of
of 7.3% year-on-year. Growth in the express delivery industry gradually moderated, with the overall market characterized by
resilient volumes and enhanced quality. Average revenue per parcel recovered year-on-year as the industry moved toward
high-quality and healthy development. On the supply side, regional conflicts caused crude oil prices to fluctuate at elevated
levels in the second quarter, placing significant pressure on transportation costs for express delivery enterprises. Although
oil prices retreated from elevated levels in June, mid- to long-term volatility risks remain. On the demand side, intensifying
competition in the consumer market, coupled with channel diversification and fragmented customer touchpoints, continues to
add complexity to supply chain management. Customers increasingly prioritize inventory turnover efficiency, response speed
and consumer experience, supply chain resilience and end-to-end cost reduction, rather than purely focusing on transportation
cost-effectiveness. Omni-channel unified inventory management and digital and intelligent supply chain capabilities have
become core customer requirements.
Interim Report 2026 S.F. Holding Co., Ltd. 013
Management Discussion and Analysis
International Market
The global economic environment remained complex and challenging in the first half of the year, with regional tensions, energy
price volatility and uncertainty over tariff policies continuing to disrupt global trade and cross-border logistics. Global supply
chain configurations accelerated their shift from “efficiency-first” to “security and resilience-first,” as enterprises established
manufacturing facilities, warehousing and sales networks across Southeast Asia, South Asia, Europe and Latin America to
reduce their dependence on any single market or route.
The international freight market exhibited structural divergence. In ocean freight, the market softened initially before rebounding
in the first half of the year: capacity supply was ample and freight rates fluctuated at low levels in the first quarter; in the
second quarter, freight rates gradually recovered, driven by regional conflicts, route diversions and the front-loading of peak
season inventories, with marked increases on core deep-sea routes. In air freight, demand on core routes to Europe and
North America remained strong, supported by growth in exports of high-value-added products, peak-season stocking and a
sea-to-air modal shift for certain time-sensitive cargo, driving cargo volume growth on routes from Asia to Europe and North
America.
China’s foreign trade maintained strong growth amid a complex external environment. According to data from the General
Administration of Customs of the PRC, the total value of China’s goods exports increased by 13.4% year-on-year in the
first half of 2026. Exports of mechanical and electrical products increased by 20.1% year-on-year and accounted for more
than 60% of total export value. The overseas development of Chinese enterprises exhibited trends of “expanding global
manufacturing footprints, upgrading brand internationalization, and accelerating supply chain localization”, driving international
logistics demand to shift from standalone line-haul transportation toward end-to-end solutions encompassing “domestic
cargo consolidation — international air and ocean freight — overseas customs clearance — integrated local warehousing and
distribution — reverse logistics for returns and exchanges”.
In addition, changes in tariff policies accelerated the reshaping of the industry landscape. Over the past two years, major
consumer markets have successively removed de minimis tariff exemptions for cross-border small parcels, while regulatory
scrutiny has tightened. As a result, cross-border e-commerce fulfillment models have shifted from “direct mailing from
China” toward “overseas warehouse stocking plus localized compliant fulfillment”, triggering a surge in demand for overseas
warehouses. As regulatory requirements for tax, customs clearance, certification and traceability continue to increase across
jurisdictions, smaller freight forwarding companies with insufficient fulfillment capabilities are being squeezed out of the
market, while customers have shifted to leading logistics enterprises with global compliant fulfillment capabilities and overseas
warehouse networks.
Business Strategy
RESILIENCE FOR THE LONG-TERM
AI-DRIVEN INNOVATION
In the first half of 2026, based upon its strategic blueprint, the Company steadily advanced three core priorities: the express
logistics business remained committed to value-driven operations, achieving “stable volumes and higher profit” and reinforcing
its core earnings foundation; the supply chain and international business captured opportunities arising from the global
development of Chinese enterprises and the upgrading of flexible supply chains, with growth accelerating across the board
and generating strong momentum for the second growth curve; and the AI technology applications drove internal efficiency
enhancement and cost reduction while generating revenue from digital and intelligent services, establishing industry-leading
advantages.
The Company continued to deepen its business strategy of shifting “from product operations to deeper scenario penetration,
from consumer-facing services to industrial empowerment, from standalone logistics process to deeper penetration into
digital and intelligent supply chains, and from domestic market cultivation to international growth”. Its business and revenue
mix continued to improve, significantly strengthening growth resilience. During the Reporting Period, the Company achieved
revenue of RMB155.51 billion, representing a year-on-year increase of 5.9%.
Management Discussion and Analysis
Meanwhile, operational optimization and lean management remain the Company’s long-term commitments. In the first half of
the year, by focusing on value-driven operations, optimizing the business mix, enhancing end-to-end management efficiency,
and leveraging AI to reduce costs and boost efficiency, the Company mitigated the pressure from the substantial increase in
fuel prices in the second quarter to a certain extent, reflecting steady improvement in operating quality.
Express Logistics Business: Value-Driven Operations Drive High-Quality Growth
Since the Company began implementing the “Stimulate Operation Vitality” mechanism in 2025, rapid growth in parcel volume
initially drove network capacity expansion and operating model optimization. To further optimize its business mix, the Company
introduced an enhanced “Stimulate Operation Vitality” mechanism in the third quarter of 2025, shifting its operating focus
from “scale-driven growth” to “value-driven development”. By fine-tuning its market strategies dynamically, the Company
safeguarded high-quality business growth. Against the high base in the same period last year, parcel volume of the express
logistics business remained broadly stable in the first half of 2026, while revenue still recorded steady year-on-year growth of
and effective implementation of the Company’s business strategy.
The Company focused on the in-depth and refined cultivation of scenario ecosystems. By precisely identifying differentiated
needs and incremental opportunities across various scenarios, it shifted from passively responding to logistics demand to
proactively embedding itself in customer value chains, strengthening competitive barriers and customer retention. In the first
half of 2026, the Company made rapid breakthroughs in the culture and tourism sectors – such as concerts, skiing, and
golf – as well as the exhibition sector. The mid-to-high-end time-definite express business (excluding e-commerce returns)
achieved steady growth at a rate higher than China’s GDP growth, continuously reinforcing its competitive moat.
While consolidating its consumer-facing service foundation, the Company actively expanded into the upstream production
side of the industry chain. As demand from high-end manufacturing continued to materialize, the Company enhanced its
end-to-end solutions and core operational delivery capabilities for customers in industrial zones. During the Reporting Period,
both cargo volume and revenue from the Company’s LTL freight business in industrial zones grew by more than 20%, laying
a solid foundation for deeper penetration into upstream supply chains.
At the same time, the Company deepened network stratification, structural streamlining and resource integration, establishing
network models and resource structures tailored to different products to achieve an optimal balance between end-to-end
timeliness and cost. To offset pressure from rising fuel costs, the Company accelerated the transition to new-energy
transportation capacity and the application of advanced technologies. It deployed more than 1,000 additional LNG-powered
heavy trucks on line-haul routes, while the number of new energy vehicles used on feeder routes and at the last mile exceeded
and robotic arms, advanced driver-assistance systems, unmanned light and heavy trucks, and last-mile unmanned vehicles,
driving network efficiency and cost reductions. As a result, net profit for the express and freight delivery segment increased
by 3.5% year-on-year in the first half of 2026, and the profitability of the core business remained resilient.
Supply Chain and International Business: Deepening Strategic Deployment and Unlocking Growth Momentum
The Company accelerated the strategic deployment and business expansion of its supply chain and international business,
unlocking strong momentum for the second growth curve. In the first half of 2026, the Company’s supply chain and
international business recorded revenue of RMB39.58 billion, representing a year-on-year increase of 15.6%. The revenue
from the supply chain and international business segments of SF (excluding KLN) increased by 46.6% year-on-year.
In the supply chain business, for manufacturing sector, the Company captured opportunities arising from industrial upgrading
and the rapid development of intelligent manufacturing, achieving rapid logistics business growth in high-growth sectors
including electronic components, telecommunications equipment, new energy vehicles and smart wearable devices. For
consumer sector, the Company centered its offering on digitally and intelligently enabled omni-channel unified inventory
solutions covering both online and offline channels, helping customers improve inventory turnover, reduce capital tied up
in inventory and respond efficiently to sales demand. Against a backdrop of slower overall consumer market growth, the
Company’s supply chain business grew significantly faster than the industry.
Interim Report 2026 S.F. Holding Co., Ltd. 015
Management Discussion and Analysis
At the same time, through technological empowerment and the dual drivers of digital intelligence and automation, the Company
not only sustained growth in logistics and supply chain revenue but also generated standalone revenue from digital and
intelligent consulting projects and smart technologies. Leveraging its leading digital and intelligent delivery capabilities, the
Company extended contract durations with its top-tier customers from 1-2 years to 3-5 years or more, significantly enhancing
the stability of its partnerships.
In expanding its international supply chain business, the Company focused on its strategy of “the One in Asia with global
reach”, extending its services along the upstream and downstream supply chains of anchor enterprises across industry value
chains and seeking to become a strategic partner for the overseas development of Chinese enterprises. The Company entered
into global strategic cooperation agreements with several leading customers and piloted the LLP (Lead Logistics Provider)
model for the first time by undertaking full supply chain operation services for customers in select overseas markets. In serving
global enterprise accounts, the Company became one of three major logistics service providers globally serving a leading 3C
and high-tech enterprise, with the cooperation gradually extending overseas. The Company’s advanced digital, intelligent and
automated practices implemented in China in partnership with a leading global beauty brand have earned high recognition
from the client, serving as a best practice benchmark for its global supply chain management. In the first half of 2026, revenue
from the international supply chain business of SF (excluding KLN) increased by 155% year-on-year.
In addition to its supply chain business, revenue from the international express and cross-border e-commerce logistics business
of SF (excluding KLN) also increased rapidly by 60%. The Company continued to improve its international network connectivity
and strengthen its end-to-end fulfillment capabilities, with transit times across core Asia-Pacific corridors comparable to those
of leading global express delivery enterprises. Enhanced product competitiveness supported rapid business expansion and
a more diversified range of growth drivers. While consolidating cooperation with leading global e-commerce platforms, the
Company actively expanded its business with brands’ independent overseas websites, specialized markets in manufacturing
clusters and local e-commerce platforms overseas, while also developing the markets for corporate document and parcel
deliveries, as well as individual ad-hoc shipments. As tariffs and regulatory requirements on cross-border parcels tighten,
accelerating market consolidation, the Company has effectively captured spillover demand by leveraging its compliant fulfillment
capabilities and overseas warehouse resources.
For KLN, although regional conflicts disrupted air and sea freight routes, leading to cost increases and freight rate volatility,
steady progress in the “KLN 2.0” initiative, together with its comprehensive service portfolio and solution capabilities, enabled
KLN to secure a substantial number of new customers in both the integrated logistics and international freight forwarding
segments, driving steady growth in overall revenue.
AI-Driven Operations: Driving Cost Efficiencies and Fortifying Our Competitive Moat
SF has established a leadership position in AI-driven logistics, delivering measurable value through top-line growth and
operational cost reductions.
Driven by the goal of full-chain intelligence, the Company has deployed multiple agents across various logistics operations,
achieving end-to-end intelligent management from demand insights to precise fulfillment. In marketing and customer
management, these agents facilitate end-to-end intelligent management from market insights and lead generation to contract
conversion. In the first half of the year, this empowered frontline teams to generate over RMB1 billion in newly contracted
revenue, driving revenue generation efficiency and strengthening yield management. In planning and fulfillment, spanning
from network planning to execution, complex logistics network design can now be rapidly completed through human-AI
collaboration. This outputs optimal solutions that balance transit times, quality, and cost, and has already begun driving internal
cost efficiencies in the first half of the year. Furthermore, in parcel quality control, agents leverage multimodal recognition to
enable full-chain quality monitoring, automated liability determination, and damage alerts, utilizing technology to fortify our
competitive moat in service quality.
Management Discussion and Analysis
Financial Results
In the first half of 2026, the Company recorded total revenue of RMB155.51 billion, up 5.9% year-on-year, and total parcel
volume of 7.86 billion, up 0.2% year-on-year. For details of revenue growth by business segment, please refer to “Business
Strategy” above.
The Company has consistently advanced operational optimization and lean management. On the one hand, by optimizing the
business mix, yield per shipment rebounded year-over-year, leading to steady improvements in operating profitability. On the
other hand, the Company institutionalized lean controls, refined network models and resource allocation, and continuously
drove structural cost reductions. Furthermore, the Company accelerated the large-scale deployment of AI technologies and
automated equipments, unlocking further potential for technology-driven cost efficiencies.
Concurrently, the Company continued to strengthen its LTL and cross-border line-haul transportation networks. To accelerate
expansion into domestic industrial zones and international markets, investments in air and ground capacity resources increased.
Compounded by rising fuel prices in the second quarter, transportation costs rose significantly year-over-year. However,
benefiting from the effective implementation of the aforementioned lean operations, the upward pressure on transportation
costs was partially mitigated. Ultimately, the Company achieved a gross profit of RMB20.49 billion in the first half of 2026,
representing a 7.5% increase year-over-year; the gross margin stood at 13.2%, up 0.2 percentage point year-over-year.
In terms of expenses, due to the Company’s strengthened incentives for the expansion of high-value business and its enhanced
efforts in building sales capabilities for the market in industrial zones, the supply chain, and international business, the total
general and administrative expense ratio and the selling and distribution expense ratio slightly increased by 0.1 percentage
point year-on-year. At the same time, as the Company’s technological and intelligent capabilities improved and R&D efficiency
increased, the R&D expense ratio decreased by 0.1 percentage point year-on-year. In addition, the Company maintained a
stable capital structure. The average borrowing balance declined year-on-year, and the net finance cost ratio decreased by
In terms of profit, the profit attributable to owners of the Company for the Reporting Period amounted to RMB5.50 billion,
representing a year-on-year decrease of 4.1%. The decrease was primarily attributable to a high comparative base of the net
profit attributable to owners of the Company in the corresponding period last year, which resulted from a one-off after-tax gain
on disposal of RMB590 million generated from the transfer of three wholly-owned property-holding subsidiaries to Southern
SF Logistics REIT in the first half of 2025. Excluding such non-recurring item, the profit attributable to owners of the Company
recorded a year-on-year increase of 7.0%, reflecting steady improvement in profitability.
In terms of capital structure, as of the end of the Reporting Period, the Company’s total assets amounted to RMB228.9 billion,
and equity attributable to owners of the Company reached RMB102.8 billion. The debt-to-asset ratio was 50.1%, indicating
an overall robust capital structure. At the same time, operating cash flow remained strong, with net cash generated from
operating activities amounting to RMB11.2 billion.
The Company has always placed a strong emphasis on delivering value and returns to shareholders. During the first half of
billion and launched its first H-Share repurchase plan. From January 1 to July 31, 2026, the Company completed cumulative
repurchases of A Shares and H Shares amounting to approximately RMB4.65 billion. Furthermore, under the 2026 interim
profit distribution plan, the Company proposes to distribute a cash dividend of approximately RMB2.5 billion, accounting for
approximately 45% of the profit attributable to owners of the Company for the first half of 2026. This represents a further
increase of 5 percentage points in the interim cash dividend payout ratio compared to 2025. On such basis, the Company
proposes to amend the Shareholders’ Return Plan for the Following Five Years (2024-2028) (subject to consideration and
approval at the general meeting), specifying that the cash dividend payout ratio will be increased to 45% for the year of 2026,
increased to 50% for the year of 2027, and be not less than 50% for the year of 2028. Through these concrete actions, the
Company delivers value to its shareholders and shares in the success of its operational achievements.
Interim Report 2026 S.F. Holding Co., Ltd. 017
Management Discussion and Analysis
Business Development of the Company
Time-Definite Express Services
In the first half of 2026, the Company’s time-definite express business achieved a revenue of RMB63.37 billion,
representing a year-on-year increase of 0.2%. Excluding e-commerce returns, revenue from the time-definite express
business increased by 5.3% year-on-year, outpacing GDP growth.
Domestic high-end manufacturing continued to gain momentum, driving a steady release of demand for time-definite logistics,
while structural opportunities emerged in the consumer market, with demand for services such as cultural tourism remaining
robust. Adhering to value-driven operations, the Company focuses on specialized market segments to tap into customers’
diverse needs and optimizes its positioning and footprint across core channels. It boosts customer loyalty through precise,
flexible and customer-centric services, thereby consolidating its competitive moat in time-definite express services.
Optimizing and Upgrading Time-Definite Networks and Services: The Company further deepened multimodal coordination
across its air, ground and high-speed rail networks. By launching new key routes, increasing flight frequencies, optimizing
the volume-consolidated direct shipping model and introducing flexible capacity resources, it comprehensively elevated its
time-definite service standards. Leveraging its well-established time-definite network and refined operations, the Company
steadily expanded the coverage of its “Peace-of-Mind Delivery • On-Time Guarantee” service, extending it to all delivery routes
for its SF Speedy Express and Half-Day Delivery products, giving effect to its customer-centric philosophy in both product
design and service.
Shifting from Product Operations to Deepening Sector-Specific Services: The Company continued to explore end-to-end
business opportunities, accelerating its expansion into key verticals including cultural tourism, campuses, supermarkets,
exhibitions and specialized markets, and building a differentiated and refined operating ecosystem.
In the cultural and tourism sector, the Company continued to extend its services to key touchpoints such as airports,
high-speed rail stations, hotels and tourist attractions, while deepening engagement with customer groups including cultural
tourism groups, airlines and organizers of major sporting events and live concerts, delivering a number of benchmark cultural
tourism projects. In travel services, the Company partnered with an airline to launch its “Easy Travel” service, providing
seamless “door-to-cabin” luggage delivery across major aviation hubs including Beijing, Shanghai and Guangzhou and
improving the passenger travel experience. In the live entertainment sector, the Company worked with event organizers to
deliver one-stop solutions: for attendees, services covered luggage storage, belongings consignment and merchandise shipping
throughout the event journey; for organizers, the Company provided full-lifecycle logistics support spanning stage equipment
transportation, on-site replenishment, and post-event clearance and removal. In the first half of the year, the Company served
approximately 780 concerts, with revenue from this sector increasing by 11% year-on-year.
In the exhibition vertical, the Company established a full-process, one-stop service covering pre-exhibition transportation,
on-site delivery during the exhibition and post-exhibition clearance, complemented by dedicated exhibit packaging, fully
visualized transportation and on-site stationed services. Using exhibition services as an entry point, the Company built
trusted relationships with industrial manufacturing, high-tech and other enterprises, creating further opportunities for deeper
cooperation. In the first half of the year, the Company served more than 2,000 exhibitions, with revenue from this vertical
increasing by 19% year-on-year. In campus markets, the Company accelerated the establishment of campus express service
centers, with revenue from core graduation-season business increasing by nearly 15% year-on-year. It also actively worked
with a number of universities to develop smart logistics practical training centers and practice platforms, further deepening
integration and collaboration between education and industry.
Management Discussion and Analysis
Accelerating Air Freight to Empower Smart Manufacturing: In the heavy air freight business, the Company continued to
consolidate its operational foundation, focusing on core industries such as industrial production, auto parts, and high-tech
industries. By advancing a “direct-pickup and direct-delivery” model for terminal operations and deploying 34 dedicated
smart operating facilities, the Company reduced cargo collection time by 3.2 hours. Concurrently, by leveraging algorithms
to match optimal flights, the Company utilized an average of over 4,000 commercial flights daily, thereby increasing the
on-time fulfillment rate of its next-day heavy freight delivery by 3 percentage points. Furthermore, the Company continued to
refine its customized solutions, complementing its same-day delivery products to ensure shipments are “dispatched in the
morning, delivered by evening”. This enabled the Company to efficiently respond to customers’ urgent requirements through
comprehensive service capabilities and tailored solutions.
Furthermore, the Ezhou cargo hub is building a globally leading integrated system combining a “hub-and-spoke air network,
multimodal transport and smart logistics”, providing strong support for industrial upgrading. 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.
The Ezhou cargo hub continued to cultivate three airport-oriented industries: fresh produce and pharmaceutical bases, rapid
processing and turnaround centers, and the cross-border e-commerce gateway. Building on this, the Company leveraged
the hub to strengthen its time-definite services and after-sales value chain for high-end smart manufacturing. In serving a
leading global optical eyewear enterprise, for example, the Company built on its existing eyewear processing and integrated
warehousing and distribution business to expand into processing for emerging smart wearable devices such as VR and AR
products, further enhancing its integrated service capabilities. The Company also worked closely with the high-tech industry
clusters surrounding the hub to develop an efficient “global aerial gateway”, establishing premium routes to Europe, America
and India that precisely serve customers’ import and export requirements for high-end equipment and raw materials.
Driven by seamless “air-to-air trans-shipment capabilities” and “air-truck multimodal connections”, the efficient operations of
its all-in-one international cargo terminals and the continued expansion of the cross-border e-commerce comprehensive pilot
zone, the Ezhou cargo hub is delivering exceptional logistics performance that continues to attract trade flows and industrial
clustering. As a result, it has evolved into a vital gateway linking global markets and continues to generate incremental air
cargo volumes.
Economy Express Services
In the first half of 2026, the Company’s economy express business achieved a revenue of RMB16.29 billion, up 7.5%
year-on-year.
In the first half of 2026, overall growth in the domestic e-commerce express delivery market slowed, while industry regulatory
authorities continued to steer the express delivery industry toward more orderly competition and high-quality, steady
development. The Company’s economy express business adhered to a value-oriented strategy of selective volume expansion.
By deepening its presence in premium product categories and optimizing resource allocation, the Company achieved steady
growth in business scale and continued optimization in its business structure, with revenue per parcel increasing by 6%
year-on-year.
Interim Report 2026 S.F. Holding Co., Ltd. 019
Management Discussion and Analysis
In category management, the Company focused on high-value core categories such as maternity and baby products,
automotive supplies, toys, and personal care and beauty products, pursuing targeted improvements in business quality to
build a solid foundation for the high-quality and sustainable development of its e-commerce business. The Company also
strategically focused on key industry clusters, actively deploying industrial cluster warehouses and launching origin warehouses
covering multiple categories including designer toys and entertainment products, home textiles and tea. Through an integrated
service model combining regional consolidation warehousing, digitalized operations, customized packaging and consolidated
line-haul transportation, the Company provided industry cluster customers with stable and efficient services, continuously
supporting the development of distinctive regional industries and the cultivation of regional iconic brands.
In platform cooperation, leveraging its position as an independent third-party logistics provider, the Company deepened
strategic collaboration with major e-commerce platforms, proactively adapting to platforms’ new business formats and
implementing innovative service models. In particular, in the proximity-based e-commerce and instant retail segments, the
Company developed differentiated fulfillment products. Drawing on smart warehousing and efficient picking capabilities, and
integrating with its nationwide transit and delivery networks, the Company established a mature “proximity-based half-day
delivery” (“近場半日達”) fulfillment model, effectively helping platforms expand their business boundaries.
In integrated warehousing and distribution, the Company continued to increase investment in automation across all
warehousing operations, with the cumulative number of automated devices deployed increasing by nearly 200% year-on-year
in the first half of 2026. By deploying high-density high-bay storage, multiple “goods-to-person” automated picking systems,
differentiated intelligent put-wall sorting and “upper-layer warehouse, lower-layer sorting” (“上倉下中轉”) automated sorting
systems, combined with intelligent applications in order wave optimization, inventory distribution planning and AMR route
scheduling, the Company achieved efficient end-to-end operations from storage and outbound dispatch through to reverse
logistics. To date, the Company has built highly automated benchmark warehouses for a number of industries including 3C,
footwear and apparel, and beauty products, successfully rolling out 9 “Lights-out Warehouses”. Supported by its omni-channel
unified inventory management model, these capabilities effectively drove rapid growth in the integrated warehousing and
distribution business.
Freight Delivery Services
In the first half of 2026, the Company’s freight delivery business achieved a revenue of RMB22.05 billion, up 12.6%
year-on-year.
The freight industry sustained stable volume growth alongside improving service quality, with market share continuing to
concentrate among leading enterprises and structural growth opportunities emerging. Driven by the rapid rise of high-tech
manufacturing, the LTL market serving industrial production remained relatively strong. Customer requirements in industrial
zones continued to become more sophisticated, gradually shifting from price alone toward superior cost-performance, stable
transit times, damage-free delivery and personalized services.
SF Freight adheres to a customer-centric service philosophy. While consolidating its leading position in the large-parcel market,
it concentrated resources on business customers in industrial zones and built an end-to-end premium delivery experience
aligned with the exacting standards of manufacturing supply chains. In the first half of 2026, the overall shipment volume of
freight delivery services increased by 9% year-on-year and the Company maintained its leading market share. The Company
also continued to pursue operational excellence across key areas such as network planning, technology empowerment and
operational management. By integrating external resources to optimize its network model, the Company reduced unit costs
per kilogram and helped customers lower costs and improve efficiency.
Management Discussion and Analysis
Continuously Enhancing Freight Product Competitiveness: Through direct line-hauls from local stations and hubs and
line-haul network optimization, the Company increased service frequency on more than 1,000 routes in the first half of the
year, improving the on-time delivery rate for “Next-Morning Freight” services within economic circles by 9.9 percentage
points year-on-year and that for “Second-Day Morning Freight” services between economic circles by 8.8 percentage
points year-on-year. The Company also strengthened its personalized service capabilities. In the B2C segment, it focused
on furniture and home appliances, deploying dedicated installation teams in 32 core cities to build specialized delivery
capabilities combining in-home delivery of large items with integrated “delivery + installation” services. In the B2B segment, it
comprehensively upgraded its service capabilities, expanding its fleet of larger vehicles and tail-lift trucks, supported by more
than 10,000 onboard cameras and over a thousand dedicated inbound warehouse staff, responding precisely to enterprise
customers’ customized logistics requirements.
Actively Expanding the LTL Market in Industrial Zones: The Company continued to refine its business model for industrial
zones, deepening the integration of route resources with Dekun to reduce operating costs and strengthen its high-quality
PTL backbone network. As of June 2026, the two parties had jointly established 224 trunk routes and 28 direct distribution
centers, with average daily integrated cargo volume exceeding 2,100 tonnes, representing a year-on-year increase of 58%. The
Company also continued to expand its specialized sales teams for industrial zones, deepening and broadening sales coverage,
driving a comprehensive transformation of its services for business customers and building an end-to-end premium delivery
system for industrial zone customers. In the first half of 2026, SF Freight’s directly-operated industrial large-parcel shipments
(above 100 kg) increased by more than 20% year-on-year, accounting for more than 55% of directly-operated freight volume.
Maintaining Steady Growth of the Franchise Network: SX Freight continued to increase its network density, with the total
number of outlets exceeding 23,800 in the first half of the year and its shipment volume maintaining a top-three market position
in the franchised freight delivery market. SX Freight further optimized its product structure and network ecosystem, maintaining
close collaboration with SF Freight’s directly-operated network to achieve complementary synergies and streamlining processes
to enhance efficiency. Average delivery time was shortened by 1.3 hours and customer complaint rate declined by 45%
year-on-year, accelerating the development of differentiated competitive advantages.
Leveraging the synergy and complementary operations of SF Freight, SX Freight and Dekun networks, the Company continued
to expand shipment volume while upgrading transit time performance and strengthening personalized service capabilities,
delivering efficient and reliable logistics services that generate mutual value for customers, partners and itself.
Cold Chain and Pharmaceutical Logistics
In the first half of 2026, the Company’s cold chain and pharmaceutical logistics business achieved a revenue of
RMB4.40 billion, representing a year-on-year decrease of 24.7%. This was primarily because climate-related factors
significantly reduced the output of certain mid- to high-end seasonal fresh fruits, weighing on the growth of the fresh and
seasonal food logistics business.
Interim Report 2026 S.F. Holding Co., Ltd. 021
Management Discussion and Analysis
Fresh and Seasonal Food Logistics Services
Upholding the principle of “quality-driven agriculture empowered by brand building”, the Company supported the transformation
of agriculture from “volume-driven growth” to “quality-driven growth”. The Company further deepened cooperation with
governments in production regions, organizing multiple producer-to-buyer matchmaking events during the first half of the year
for agricultural products such as spring tea, fresh flowers and cherries. It also continued to advance its influencer partnership
framework, leveraging KOL-driven livestreaming to drive customer traffic and building commercial channels that connect
production regions directly with end consumers. In addition, the Company worked with local governments to jointly establish
fruit quality and safety assurance systems, for example, advancing the “One Product, One Code” (“一品一碼”) initiative in Fujian
and promoting the “Zhejiang Agriculture Code” (“浙農碼”) in Zhejiang, incorporating logistics information into the traceability
chain, thereby enabling full-process verifiability and traceability across origin, harvesting, testing, and logistics, strengthening
consumer confidence in food safety. The Company upgraded its packaging design, putting into use more than 100,000
“Fengtiao Boxes” (“豐調箱”), whose lightweight design and reusability extend freshness by 12 hours compared to standard
packaging. Furthermore, the Company innovatively launched the integrated “multi-origin consolidation – professional cold
storage – advance customs clearance – direct air freight” model, opening multiple dedicated export corridors for domestic
seasonal fresh fruits and continuing to expand into overseas premium fresh markets.
Food Cold Chain Logistics Services
The Company continued to deepen its presence across the entire food cold chain value chain, integrating the operational
capabilities of SXH China Logistics and the express delivery network resources. Focusing on four core segments, chain
restaurants, food ingredient supply, supermarket retail and cross-border export, the Company continuously iterated its cold
chain service solutions, broadening the growth potential of the food cold chain logistics.
In the chain restaurant segment, the Company scaled and replicated its extensive experience derived from serving leading
western-style dining customers across the Chinese dining, tea and coffee segments. Taking a Chinese restaurant chain
brand as an example, the Company initially entered through the standalone line-haul transportation, progressively extended
its services to integrated warehousing, line-haul transportation and distribution, and ultimately assumed management of the
customer’s entire supply chain. This allowed the Company to scale its service revenue with the client from millions of RMB
to over RMB100 million and help the customer reduce costs by more than RMB10 million annually, thereby cementing a
durable long-term partnership. In the food ingredient supply segment, in line with the industry trend toward integrated B2B
and B2C warehousing, the Company continued to expand its presence in lower-tier markets, effectively reducing last-mile
fulfillment costs through measures such as direct dispatch via dedicated cold chain routes, optimization of its vehicle mix,
and the roll-out of standardized “cold roll-cage-to-store” (“冷籠到店”) delivery.
The Company also continued to deepen strategic cooperation with leading supermarket customers. Addressing the industry
pain point of high spoilage rates for fresh produce at supermarkets, the Company delivered specialized and customized cold
chain warehousing and logistics solutions, building a comprehensive integrated warehousing and distribution service system
for supermarkets. In the cross-border cold chain segment, the Company closely followed the trend of Chinese catering brands
expanding overseas, strengthening its closed-loop capabilities in customs clearance compliance and localized overseas
warehousing and distribution, with cold chain services now covering 10 overseas countries in support of brands’ global
development.
Management Discussion and Analysis
Pharmaceutical Logistics Services
Leveraging iterative advances in temperature-control technology and the synergistic advantages of its nationwide network
resources, the Company continued to enhance its compliant and professional pharmaceutical cold chain service system,
effectively strengthening the market competitiveness of its temperature-controlled logistics services. In the first half of 2026,
revenue from the precision temperature-controlled business achieved rapid year-on-year growth.
In the pharmaceutical supply chain market, leveraging direct-to-hospital delivery of medical devices as an entry point, the
Company has expanded into high value-added services such as the managed operations of clients’ medical device warehouses.
By deeply embedding itself into the supply chain networks of top-tier enterprises, the Company drives cost optimization
and operational efficiency for its customers. Meanwhile, the Company continued to deepen its traditional Chinese medicine
business, developing end-to-end supply chain solutions. In the online pharmaceutical retail market, the Company established
dedicated pharmaceutical warehouses at the Ezhou cargo hub and built a rapid fulfillment system enabling nationwide
fulfillment from a single warehouse, attracting the health and wellness segments of leading domestic e-commerce platforms
to successively establish their presence.
Intra-city On-demand Delivery
In the first half of 2026, the Company’s intra-city on-demand delivery business recorded revenue of RMB6.71 billion,
up 22.1% year-on-year.
In terms of merchant cooperation, SF Intra-city leveraged its flexible and scalable delivery network to provide customers
with high-quality fulfillment services. The market share in cooperation with multiple major customers maintained leading
and continuously growing, with over 4,300 new cooperative stores added during the Reporting Period. By broadening
customer acquisition channels and optimizing marketing strategies, the Company expanded the scale and types of small and
medium-sized merchants it works with. Meanwhile, the Company continued to deepen diversified scenarios in cooperation with
platforms, delivering stable capacity support and differentiated services tailored to each platform’s diversified needs, covering
to-home delivery services such as livestreaming e-commerce and supermarket one-hour delivery. For the 12 months ended
In addition, SF Intra-city continued to optimize products and services around core industries and categories. In the food
and beverage sector, it provided chain restaurant merchants with centralized multi-channel order management and delivery
services, while expanding more value-added services to enhance cooperation stickiness. In the retail sector, it continued to
iterate industry solutions for supermarket merchants, combining micro-fulfillment centers (MFCs) with intra-city on-demand
delivery. Revenue from MFC customers increased rapidly, with overall delivery revenue from the supermarket industry growing
over 50% year-on-year during the Reporting Period.
In terms of individual consumers services, SF Intra-city was dedicated to providing industry-leading professional on-demand
fulfilment services, reinforcing the brand image as “SF Intra-city, the first choice for urgent delivery of valuable items”. The
number of cities covered by the “Exclusive Delivery” service continued to increase steadily, with revenue and order volume
growing rapidly during the Reporting Period. At the same time, SF Intra-city supported the SF Group in accelerating the
fulfillment of its intra-city express delivery business, with the order volume of 0-6 km “delivery within an hour” service continuing
to increase. For the 12 months ended 30 June 2026, the number of annual active consumers of SF Intra-city exceeded 27.03
million.
Interim Report 2026 S.F. Holding Co., Ltd. 023
Management Discussion and Analysis
In terms of technology and intelligent upgrades, SF Intra-city continued to iterate the City Logistics System (CLS), leveraging
data analytics and algorithms to achieve better matching of orders and delivery capacity across complex networks. Meanwhile,
SF Intra-city built a comprehensive agent ecosystem to deeply empower core business workflows and enhance the efficiency
of internal operations. During the Reporting Period, SF Intra-city completed integration with mainstream AI applications,
including WeChat “Xiaowei” (“小微”) and Alipay “Abao” (“阿寶”), enabling voice-interaction processes for both merchants and
consumers through “placing an order with one sentence”. Meanwhile, SF Intra-city focused on planning three major intelligent
agents for fulfillment, dispatching and customer service, deeply empowering frontline operations.
SF Intra-city also continued to deepen the large-scale application of smart logistics and unmanned delivery technologies
across diversified commercial applications. The scale and scope of the Company’s unmanned vehicle operations continued
to expand steadily across diversified scenarios, including last-mile delivery, catering, and campus delivery. Meanwhile, the
Company launched innovative pilot programs for shared unmanned vehicle delivery capacity, continuously improving operational
efficiency and service quality. During the Reporting Period, the on-time delivery (OTD) rate was approximately 95%, with an
average delivery time of 22 minutes for orders within 3 kilometers, and the fluctuation in OTD rate during holidays and adverse
weather conditions did not exceed 3 percentage points.
Supply Chain and International Business
In the first half of 2026, the Company’s supply chain and international business achieved a revenue of RMB39.58
billion, representing a year-on-year increase of 15.6%. Excluding the KLN business, the revenue from the supply chain
and international business segments of SF increased by 46.6% year-on-year.
Supply Chain Business
The Company continued to strengthen the organizational foundation of its supply chain business, stepping up the development
of industry-specific sales teams and solutions talent, and deepening the collaborative triad among Sales, Solutions, and
Operations between the Supply Chain Division and frontline regional teams, thereby accelerating the implementation of its
digital and intelligent supply chain strategy.
For manufacturing sector, the Company focused on core sectors driven by industrial upgrading and new quality productive
forces, vigorously expanding manufacturing logistics operations and increasing the revenue contribution of raw materials
and inbound logistics services. For consumer sector, the Company was committed to optimizing customers’ overall
inventory operations across diversified sales channels, and continued to scale up its digital and intelligent warehousing and
integrated warehousing and distribution businesses. The implementation of the Company’s industry-focused transformation
is accelerating, driving robust growth in supply chain operations across the high-tech, industrial equipment, automotive,
consumer goods, and food retail sectors.
High-Tech Industry
Anchoring the high-tech manufacturing sector as a new growth pole, the Company consolidated its supply chain capabilities
in areas including cross-border supply chains for high-end large-scale equipment, integrated domestic warehousing and
transportation and export consolidation for components, and integrated spare parts warehousing and distribution together
with last-mile services, further supported by digital and intelligent solutions. In the first half of 2026, the Company’s supply
chain service revenue from sub-sectors including electronic components, telecommunications equipment, and consumer
electronics achieved high growth of 27% to 53%, of which revenue from cross-border business increased by more than
Management Discussion and Analysis
In the consumer electronics industry, the Company continued to deepen its penetration into the production supply chains
of leading consumer electronics OEM/ODM customers. By providing one-stop domestic and export consolidation services
for components, the Company progressively connected to logistics business opportunities from hundreds of the customers’
upstream suppliers, while precisely aligning with customers’ domestic and overseas production line plans to support their
capacity globalization and localized fulfillment.
Drawing on its deep understanding of customers’ upstream and downstream supply chains and the trust established over
many years, the Company provided a number of leading consumer electronics enterprises with digital and intelligent consulting
services spanning pain-point diagnosis through to full-suite solutions. Additionally, the Company partnered with a leading client
to pilot the Lead Logistics Provider (LLP) model in select overseas countries. SF helps the client orchestrate, coordinate, and
manage all execution partners across the end-to-end supply chain, empowering the client to efficiently expand into overseas
markets and further solidifying the Company’s strategic position as a core global supply chain partner.
Industrial Equipment Industry
Intelligent manufacturing equipment and new-generation electronic information equipment have become a core engine of
industrial growth, while the deep integration of smart technologies with manufacturing is driving digital and intelligent upgrades
across entire industry chains. Market scale and overseas development demand are both growing rapidly across industries
such as smart industrial equipment, engineering machinery, energy storage installations and power grid equipment.
Centering on anchor enterprises across industry chains, the Company leverages its digital and intelligent technologies and
global network to provide end-to-end integrated services spanning procurement, production, sales, after-sales services and
international reach. In the first half of 2026, the Company’s supply chain service revenue from customers in industries such
as intelligent equipment, machinery and power equipment increased by more than 70% year-on-year, of which revenue from
cross-border business grew by nearly 180% year-on-year.
In the intelligent equipment sector, the Company provided a top-tier industrial control enterprise with milk-run pickup of
supplier components, in-park line-side warehouse management and line-side logistics services, applying digital and intelligent
technologies to achieve deep coordination between procurement and production and establishing a “lighthouse” case for
intelligent equipment supply chain services. In the machinery sector, the Company developed a global integrated spare parts
warehousing and distribution solution for a leading enterprise, spanning smart industrial park planning through to fulfillment
via a global multi-tier warehouse network, helping the customer improve its 24-hour fulfillment rate by 40%.
Automotive Industry
The accelerating iteration of new domestic vehicle models is placing higher demands on the flexibility and digital coordination
capabilities of automakers’ production supply chains. At the same time, as Chinese automakers advance toward overseas
production capacity expansion and globalization, cross-border knock-down parts and after-sales spare parts businesses have
grown markedly faster, with customers increasingly focused on end-to-end fulfillment and localized overseas warehousing and
distribution capabilities. The Company deepened its supply chain services for OEMs, with supply chain revenue from the top
and distribution service capabilities in the Asia-Pacific and Europe, with revenue from cross-border business increasing by
Interim Report 2026 S.F. Holding Co., Ltd. 025
Management Discussion and Analysis
On the manufacturing side, drawing on its extensive end-to-end inbound logistics experience, the Company completed a
pre-production regional distribution center (“RDC”) integrated warehousing and distribution project for a new energy vehicle
manufacturer’s new plant within a highly compressed project timeline, establishing a flexible supply chain solution adapted to
fast-paced production. The project efficiently achieved stable RDC warehousing and distribution operations and the precise
inbound delivery of components in line with production schedules, setting a benchmark case for automotive production
logistics in the new era. On the international development side, the Company provided overseas after-sales spare parts
supply chain services for a new energy vehicle manufacturer, building a fully localized fulfillment system covering “overseas
warehousing-regional distribution-last-mile delivery”. Through end-to-end digital management enabling inventory visibility,
real-time tracking and exception alerts, the solution has been successfully implemented in multiple countries including Australia,
New Zealand, Singapore and the Philippines, supporting new energy vehicle manufacturers’ global development.
Consumer Goods and Retail Food Industries
Against the backdrop of more rational consumer spending and increasingly diversified sales channels, enterprises face
more pressing needs for omni-channel inventory coordination and improved turnover efficiency, efficient multi-channel
responsiveness, and effective control of fulfillment costs. Digital and intelligent supply chains have evolved from an “option”
for consumer goods enterprises into a critical pillar for their survival and growth.
The Company has built core solution capabilities in multi-consignor, multi-channel and overseas omni-channel unified inventory
solutions, progressing from validation with benchmark customers to scaled replication among mid-tier customers. Focusing
on key commercial districts, the Company developed smart store digitalization solutions, supporting rapid growth in its offline
store delivery business. In addition, the Company progressively built nationwide reverse logistics and repair centers, applying
new technologies to improve quality inspection efficiency and achieve an end-to-end service loop. In the first half of 2026,
the Company’s supply chain service revenue from core consumer-facing scenarios including omni-channel unified inventory
solutions, store delivery, reverse returns and overseas warehouses achieved relatively fast year-on-year growth.
The Company built a smart delivery center for a leading sports brand. This facility integrates inventory across the full value chain
– including e-commerce, offline stores, distributors, as well as forward and reverse logistics. By highly integrating automated
equipment across all operational stages, the center achieved a 160% increase in storage capacity and a 50% improvement in
outbound efficiency. The Company also established micro-fulfillment centers around core shopping districts to centrally fulfill
replenishment, returns and instant retail order demands, deploying automated equipment and unmanned vehicles for efficient
fulfillment, effectively lowering stores’ warehousing and labor costs while enhancing the consumer experience.
Furthermore, capturing the high-growth opportunity in fresh, short shelf-life snacks, the Company continued to win warehousing
and urban distribution business from leading bulk retail snack food brands, meeting customers’ high-frequency, multi-SKU
store replenishment needs through high-standard temperature control and stable fulfillment, effectively reducing product
damage and lowering overall supply chain costs.
International Business
In the first half of 2026, the Company remained committed to the strategy of “the One in Asia with global reach”, continuing
to deepen its comprehensive service capabilities across all scenarios and extending its offering from standardized products
to international supply chain services. Supported by its stable and efficient global network and its ability to deliver integrated
solutions across all scenarios, the Company helped customers build agile global supply chain systems that flexibly adapt to
external challenges.
Management Discussion and Analysis
International Network Infrastructure
Establishing an Integrated Intercontinental Backbone Network Across Air, Rail, Ground and Ocean. For air transportation,
the Company launched 11 new international cargo routes in the first half of 2026 from China to destinations including Japan,
Southeast Asia and Europe, bringing the total number of routes to 68. The Company continued to increase international flight
frequencies. During the Reporting Period, the Company operated 7,100 international all-cargo flights. Among these, weekly
return all-cargo flights in the Asia-Pacific region exceeded 210, with network density ranking among the industry leaders.
The Company also worked with strategic partners to optimize its route deployment in response to geopolitical tensions and
energy price movements, and expanded air-to-air transshipment capabilities covering emerging markets in South America.
For ground transportation, the Company extended its cross-border trucking network into Southeast Asia, Central Asia and
Mongolia, and established hubs at multiple inland ports in Southwest and Northwest China. The Company also obtained key
qualifications including international ground transportation licenses, with progressive enhancement in its cross-border trunk
routes, cold chain capabilities and port hub facilities. For rail transportation, it has newly opened trunk routes for Central
Asia block trains and launched the rail transport corridor linking Southeast Asia and Europe, strengthening network coverage
and fulfillment reliability. For ocean freight, while maintaining its leading position in intercontinental routes, the Company
strengthened its Southeast Asian short-sea shipping routes, forming a global delivery network underpinned by complementary
air, rail, ground and ocean transport.
Enhancing Global Customs Clearance Capabilities and Improving Clearance Efficiency Through Digital and Intelligent
Systems. The Company strengthened its in-house customs clearance capabilities at core hubs, launching in-house clearance
services at core ports in Singapore and Malaysia and improving pickup and clearance efficiency at key ports by 30% to 60%.
It continued to upgrade clearance capabilities across markets including Japan, South Korea, Europe and the United States.
As of the end of the Reporting Period, the Company provided customs clearance services at 100 ports worldwide through
in-house operations or agency partnerships. It held 12 domestic AEO Advanced Certificates and operated in-house customs
clearance capabilities at 13 overseas ports, with intelligent and online systems further improving clearance efficiency.
Expanding the Global Warehouse Network and Deepening Localized Overseas Supply Chain Capabilities. Anchored
in serving leading domestic brands’ needs for the overseas development of their products and production capacity, the
Company continued to expand its warehousing networks across Europe, the Americas and Asia-Pacific, covering fulfillment
requirements for both cross-border e-commerce and localized overseas supply chains. As of the end of the Reporting Period,
the Company’s total overseas warehousing area exceeded 2.75 million square meters. Warehouse operations have expanded
beyond general cargo and e-commerce shipments to cover temperature- and humidity-controlled, high-value and bonded
goods, further reinforcing localized end-to-end supply chain services from production to sales overseas.
Enhancing Domestic and Overseas Last-Mile Networks to Strengthen End-to-End Service Capabilities. In China, the
Company operated 19 dedicated international service outlets and four international small-parcel operating centers in major
cross-border e-commerce clusters, enabling efficient cargo consolidation and rapid loading onto outbound flights. Overseas,
through a combination of in-house development and local partnerships, the Company continued to strengthen last-mile delivery
and local service capabilities in major markets including Asia-Pacific, Europe and the Americas.
Interim Report 2026 S.F. Holding Co., Ltd. 027
Management Discussion and Analysis
International Express and Cross-Border E-Commerce Logistics
In the first half of 2026, the Company continued to strengthen its service competitiveness across core Asia-Pacific and
intercontinental routes, accelerating the expansion of international express and cross-border e-commerce logistics with
revenue increasing by 60% year-on-year.
The Company comprehensively upgraded its end-to-end logistics product capabilities across its three core markets of Asia,
the Americas and Europe. Drawing on its all-cargo aircraft resources to develop premium and dedicated air freight lanes, the
China-U.K. and China-France lanes ranked among the top three industry-wide by cargo volume, and the China-Japan lane
ranked among the top five industry-wide. End-to-end next-day and second-day fulfillment capabilities improved across core
Asia-Pacific corridors; in particular, the second-day delivery success rate on the China-Japan corridor improved by nearly 40
percentage points. Backed by product competitiveness and cost-effectiveness with online and offline omni-channel marketing,
the Company delivered strong growth in its international business.
The Company continued to optimize the international business structure, with a more diversified customer base and broader
growth drivers. Leveraging its dense domestic last-mile network and self-operated overseas customs clearance capabilities,
the Company built strong competitive barriers in express delivery within the Asia-Pacific region, sustaining healthy growth in
retail parcel services covering corporate business documents and parcels, high-value items, industrial samples and personal
effects. The Company also continued to penetrate specialized niche markets such as wedding apparel, home textiles and
electric curtains, establishing dedicated international outlets in industry clusters and offering combined solutions covering both
“sample delivery and heavy and bulky freight”, which drove related revenue to more than double year-on-year. In cross-border
e-commerce, while consolidating its cooperation with leading platforms, the Company actively expanded business with brands’
independent websites and overseas local e-commerce platforms, and explored a new model connecting domestic industry
clusters with overseas livestream hosts under the “dropshipping” model. In addition, as tariffs and regulatory requirements
on cross-border parcels tighten and less compliant, the industry is phasing out certain non-compliant small and mid-sized
players. Backed by extensive overseas warehouse resources and end-to-end compliant fulfillment capabilities, the Company
is well-positioned to capture the spillover demand and secure greater merchant recognition and business opportunities.
International Supply Chain Business
The Company captured opportunities arising from Chinese enterprises’ capacity globalization and flexible supply chain
upgrading, focusing on several hundred leading enterprises across industry value chains and continuing to build a service
ecosystem coordinated across upstream and downstream partners. Revenue from the international supply chain business
of SF (excluding KLN) increased by 155% year-on-year, with revenue from overseas warehouses increasing by over 200%.
Entering the market on the strength of its cross-border line-haul transportation capabilities, the Company expanded overseas
warehouses to secure core hubs in overseas supply chains, driving the integration of upstream and downstream resources
and extending its supply chain services from standalone transportation to multi-scenario coverage. The Company continued to
expand its overseas warehousing areas in key Asia-Pacific markets, developing specialized operating capabilities in a number
of countries for new energy products, temperature- and humidity-controlled goods, high-value consumer goods and bonded
goods, and implementing a series of high-barrier specialized warehouse projects across the high-tech, new energy, automotive
parts and cold chain sectors, which significantly strengthened its localized fulfillment and customized service capabilities.
Management Discussion and Analysis
The Company also pursued opportunities arising from local headquarters operations and industry clusters across Asia-Pacific
markets. For a Korean beauty brand, the Company began with single-warehouse services in South Korea, establishing trust
and demonstrating its fulfillment capabilities. As the customer’s global footprint progressed, the Company extended its
warehousing network to Malaysia, the Philippines, Indonesia, Thailand and Japan, achieving efficient coordination across
globally distributed warehouses. The Company’s service scope likewise expanded from last-mile delivery to seven scenarios
including air and sea line-haul transportation, customs clearance agency services, local distribution, overseas warehouse
operation and system support, making the project a benchmark case for serving foreign enterprises’ globally distributed
warehousing needs and demonstrating the organizational synergy of SF’s global network.
The Company continued to reinforce the digital foundation of its international operations. Guided by the objectives of
“full-process visibility, controllability of key nodes and early warning of exceptions”, it further developed its digital and
intelligent closed-loop supply chain management capabilities, helping enterprises strengthen the supply chain resilience and
risk resistance of their overseas operations.
International Cargo and Freight Forwarding Business
In the first half of 2026, driven by the steady advancement of the “KLN 2.0” initiative, the International Freight Forwarding
business of the controlling subsidiary KLN achieved steady growth in both volume and revenue.
In terms of ocean freight, volumes achieved relatively fast growth, supported by growth in Asian exports, supply chain
diversification and tariff-driven front-loading of shipments. Compounded by trade lane disruptions in the second quarter and
elevated fuel costs causing freight rate volatility, freight rates remained higher year-on-year in the first half, driving an increase
in ocean freight revenue.
In terms of air freight, volume and revenue both achieved solid growth. Ezhou Shunjia Aviation Ground Service Co., Ltd., a
subsidiary of the Company, successfully obtained all four IATA CEIV certifications (covering Pharma, Lithium Batteries, Fresh,
and Live Animals), signifying that the Company has reached leading global standards in special air cargo handling.
Operational Optimization
Transit Efficiency Enhancement
The Company continued to advance sorting center consolidation and the upgrading of its network structure, streamlining
transfer nodes to shorten parcel routing and improve network-wide transit timeliness. In the first half of 2026, the Company
reduced the number of sorting centers by 10 through the consolidation and optimization of facility resources, making its
network structure leaner and more efficient.
For transit automation deployment, the Company continued to upgrade its automation equipment across the four core
processes of loading and unloading, sorting, parcel induction and bag consolidation. As of June 30, 2026, the Company
deployed a total of over 3,800 sets of transit automation equipment and approximately 2,400 AGVs of various types. The
Company actively explored and rolled out solutions including robotic-arm parcel induction, automated equipments for stacking,
loading and unloading, and AGV-based centralized bag consolidation, leading the application of cutting-edge intelligent
technologies in logistics scenarios and achieving a 7.4% year-on-year increase in transit operational efficiency. Concurrently,
the Company also accelerated the construction of automated roll cage transfer centers, utilizing a roll cage containerization
model to reduce the number of times parcels are sorted and lower the risk of parcel damage. The automated cage transfer
centers deliver three times the operational efficiency of conventional sorting centers. Additionally, the increased deployment
of automatic cage stacking and loading/unloading equipments will continue to significantly improve labor productivity at these
centers.
Interim Report 2026 S.F. Holding Co., Ltd. 029
Management Discussion and Analysis
For intelligent transit operations, the Company upgraded its underlying systems and developed dedicated agents to accelerate
the build-out of an intelligent transit operating system based on real-time sensing, intelligent analysis, and dynamic optimization.
In capacity monitoring, the Company advanced the development of an end-to-end facility monitoring and early warning platform
to proactively prevent over-capacity risks and improve capacity utilization. In quality control, the Company leveraged computer
vision to enable early warnings of mis-sorted anomalies, alongside end-to-end automatic scanning and rapid liability attribution
for damaged parcels, effectively safeguarding delivery timeliness and improving transit operating quality. In management
decision-making, the Company launched avatars and intelligent assistants that provide staff across multiple roles with transit
operating data analysis, process diagnosis and optimization, and dispatch recommendations, supporting transit management
and decision-making and advancing the transition of sorting centers from “digitalization” to “digital intelligence”.
Transportation Cost Optimization
The Company continued to optimize its ground transportation network to maximize delivery consolidation and route
streamlining. As industrial LTL volume increased, the Company further scaled up its outlet-level consolidated direct-shipment
model, dispatching freight to its destinations through the fewest possible routing nodes. As of the end of the Reporting
Period, average daily direct-shipment volume under the new model exceeded 9,000 tonnes. The Company also continued to
strengthen its heavy LTL network capabilities, with over 4,700 direct trunk routes in operation.
In response to rising fuel prices, the Company actively expanded its deployment of new energy vehicles and the application
of new technologies. As of the end of the Reporting Period, the Company had over 54,000 new energy vehicles in operation
across its network. Among these, over 1,100 LNG heavy trucks were added on line-haul routes during the period, bringing
the total in operation to approximately 1,300 and contributing to fuel cost savings. The Company also expanded its use of
advanced driver-assistance systems, adding more than 700 smart-driving vehicles during the period and bringing the total in
operation to over 1,400, which reduced the driver-to-vehicle ratio, lowered driver workload and improved driving safety. In
unmanned driving, the Company introduced 4.2-meter unmanned light trucks within industrial parks to handle freight transfers
between facilities, carrying out route surveys, supplementary data collection and issue validation to lay a foundation for future
fleet-scale deployment. In parallel, the Company commenced testing of L4 unmanned heavy trucks, continuing to validate
the application of cutting-edge technologies in logistics scenarios.
The Company developed intelligent land transportation network planning tools and agents, building an end-to-end intelligent
assistant spanning network planning, data inquiry, diagnostic analysis, and solution output. The Company used intelligent
system decision-making to form more round-trip routes. Through intelligent matching of controllable capacity resources and
suitable vehicle types, average daily operating mileage per self-operated vehicle increased by more than 20% year-on-year,
and the share of line-haul tasks handled by high-capacity vehicles rose by 7.8 percentage points year-on-year. In addition,
the intelligent vehicle scheduling system automatically allocates drivers and vehicles, moving from fixed driver-vehicle pairing
to dynamic 24/7 vehicle deployment which, combined with optimized driver shifts, maximizes operating efficiency.
Management Discussion and Analysis
Last-Mile Capability Enhancement
The Company continued to advance last-mile network stratification, adhering to the principle of precisely matching products,
resources and models so as to optimize costs while meeting customers’ time-definite requirements. In areas with dense
e-commerce parcel volume, the Company established dedicated outlets as appropriate and matched them with flexible
resources. Through measures such as consolidated pickup on fixed schedules and line-haul transportation using high-cube
vehicles, the Company fully realized economies of scale and achieved a dynamic balance between service quality and
operational efficiency.
The Company regards increasing income and safeguarding the rights and interests of frontline couriers as the foundation
of sustainable development. In the first half of 2026, the Company further refined its credit authorization system and team
model, making incentive rules fairer and more precisely targeted. The Company also upgraded its courier recognition system,
allocating dedicated funding to implement six categories of benefits and twelve core initiatives, adding long-term incentives
for residential areas, incentives for developing LTL and large-parcel business, medical insurance with coverage of up to RMB1
million and the “SF Second Generation” (豐二代) care program, further strengthening frontline couriers’ sense of fulfillment
and belonging, delivering a year-on-year decline in employee turnover.
The Company also drew on smart technologies and intelligent hardware to comprehensively empower last-mile fulfillment
and substantially reduce couriers’ physical workload. It developed a dedicated smart copilot for couriers, supporting voice
inquiries and conversational interaction, which responds precisely to questions on pickup and delivery standards, product
pricing and other operational matters, handling an average of more than 900,000 queries per month and helping couriers
develop business efficiently. AI-powered outbound calling was applied to contact customers in batches and independently
gather their delivery preferences, substantially reducing the volume of manual telephone communication. Additionally, our
handheld terminals are voice-enabled, allowing for voice-controlled app navigation, automated form filling, and exception
tagging. This allows couriers to work hands-free and improves on-site operating efficiency. In addition, the Company continued
to deploy unmanned vehicles for feeder transit, reducing courier’s transit time and mileage so that they can devote more time
to high-value customer-facing services and revenue generation.
Interim Report 2026 S.F. Holding Co., Ltd. 031
Global Service Network Coverage
Note: The data below are all as of June 30, 2026.
Domestic
Prefecture-level County-level
divisions coverage in China divisions coverage in China
Overseas
International express
delivery, freight forwarding International small
and supply chain businesses parcels business
countries and regions
countries and
covered regions covered
Ground Railway
Transport Transport
Total volume Total volume of rail shipments
>7.86 billion >1,500,000 tons
Vehicles under operation Lines of railway trains
>230,000 1,436
Sea Freight Air Cargo
Sea freight shipments Global air cargo volume
>660,000 TEU >1,450,000 tons
Maritime routes All-cargo aircraft in operation
>13,000 111
Service Sorting
Outlets Hubs
Domestic self-operated & Domestic sorting hubs of
agency & cooperative service outlets express and freight business
>350,000 333
Overseas self-operated & agency &
cooperative service outlets Overseas sorting hubs & facilities
>90,000 47
Warehouses Property
Assets*
Global warehouse resources Total land area
>14.65 million sqm 12.70 million sqm
Number of warehouses Total building area
>1,500 11.59 million sqm
* Key facility assets, such as logistics parks and logistics
centers, held directly by the Company and through REITs
Management Discussion and Analysis
Core Competitiveness
Efficient and Reliable Global Logistics Infrastructure Network Deeply Rooted in Asia and
Connecting the World
As of the end of the first half of 2026, the Company’s service network covered all cities across China, while its international
express, freight and supply chain businesses expanded to 94 countries and regions worldwide. Its international small-parcel
services reached 186 countries and regions globally.
China’s Largest and Globally Leading Cargo Airline and the Largest Air Cargo Operator in China
A comprehensive and industry-leading aviation network forms the cornerstone of the Company’s premium time-definite
services. In the first half of 2026, the Company’s total air cargo volume was over 1.45 million tonnes globally, representing a
year-on-year increase of 8.6%. Domestic air cargo volume surpassed 930,000 tonnes, accounting for 33.8% of China’s total
air cargo volume and consistently ranking first nationwide. International air cargo volume reached nearly 520,000 tonnes,
representing a year-on-year increase of 27.2%.
As of the end of the first half of 2026, the Company operated 111 all-cargo aircraft globally, of which 90 are self-operated
aircraft of SF Airlines. Since its establishment in 2009, SF Airlines has become the largest cargo airline in China and one of
the world’s leading cargo carriers. It employs 895 pilots and holds 356 pairs of scarce traffic rights and flight slots. In the
first half of 2026, the Company’s all-cargo fleet covered 205 global routes with nearly 30,000 flights, reaching 74 domestic
destinations and 59 international and regional destinations. Total all-cargo air freight volume exceeded 760,000 tonnes. Among
these, international routes totaled 68, operating over 7,100 flights and carrying nearly 270,000 tonnes of cargo.
In addition, the Company maintains deep cooperation with multiple domestic and international passenger airlines to utilize
belly capacity, forming a complementary airlift network with broader coverage, greater scheduling flexibility and optimized
cost efficiency. In the first half of 2026, the Company transported more than 680,000 tonnes of cargo through over 1 million
passenger flights globally, including more than 250,000 tonnes of international shipments.
The Ezhou cargo hub is the first dedicated air cargo hub in Asia, and fourth in the world, possessing significant strategic
scarcity value. The Company commenced operation of its logistics complex in the Ezhou cargo hub in September 2023. As
of the end of the Reporting Period, 61 domestic cargo routes and 25 international cargo routes have been launched. In the
first half of 2026, the Company recorded over 15,000 flight movements at the hub. The hub’s logistics complex is equipped
with 52 kilometers of intelligent sorting lines, capable of processing up to 280,000 parcels per hour at peak capacity. Fourteen
smart customs inspection lines operate in coordination with fully automated sorting systems to enable efficient customs
clearance and dispatch of international shipments. In the first half of 2026, international cargo throughput at the Ezhou cargo
hub increased by 23% compared with the first half of 2025.
Comprehensive Multimodal Transportation Capabilities Addressing Domestic and Cross-Border Needs
The Company commands extensive road, rail, and maritime transportation resources that operate in synergy with its aviation
network, enabling the provision of tailored, cost-effective and time-efficient multimodal transportation solutions.
As of the end of the Reporting Period, the Company operated over 120,000 line-haul and short-haul trucks globally, as well as
more than 110,000 vehicles dedicated to last-mile pickup and delivery. The Company also utilizes diverse railway transportation
resources to meet varying product fulfillment requirements. As of the end of the Reporting Period, the Company utilized 1,012
high-speed railway routes domestically to support time-sensitive products and 156 conventional railway routes to transport
economy products and heavy cargo. Internationally, it operated 268 international block train routes reaching 34 countries
and regions. Total rail cargo volume in the first half of 2026 exceeded 1.5 million tonnes.
Management Discussion and Analysis
Furthermore, through extensive cooperation with shipping lines, as of the end of the Reporting Period, the Company operated
over 13,000 maritime routes. In the first half of 2026, total maritime cargo volume exceeded 660,000 TEUs. Its expansive
maritime network enables the Company to provide global customers with stable, reliable and cost-efficient international freight
solutions.
Global Network of Service Outlets, Sorting Centers and Warehouses Supporting Globalized and Localized
Operations
As of the end of the Reporting Period, the Company had established more than 42,000 self-operated and agency service
outlets and customer-facing touchpoints in China, along with over 310,000 external last-mile partnership service outlets
such as urban parcel stations and rural co-distribution stores, providing customers with convenient, reliable and efficient
logistics services. Globally, the Company operated more than 90,000 pickup and delivery outlets – established through both
self-operated initiatives and partnerships with local service providers overseas – effectively supporting cross-border end-to-end
and localized delivery. The Company’s network includes approximately 400,000 couriers, delivering responsive, reliable and
customer-centric services that enhance the overall service experience.
The Company has established a highly efficient and intelligent integrated sorting and transit network capable of flexibly
accommodating parcels of varying weights and dimensions. As of the end of the first half of 2026, it operated 192 small-parcel
and 141 bulky and heavy freight sorting centers, fully equipped with advanced automated sorting systems. Overseas, the
Company operates 47 sorting and consolidation facilities, strengthening its competitiveness in cross-border and overseas
local markets.
The Company has established a comprehensive and diversified global warehousing network, delivering specialized warehousing
solutions tailored to the unique needs of industries. As of the end of the first half of 2026, total global warehouse area
exceeded 14.65 million square meters, including over 10.2 million square meters of self-operated domestic warehouses and
over 1.7 million square meters of franchised partner warehouses. Internationally, overseas warehouses have been established
in 37 countries and regions, totaling over 2.75 million square meters, efficiently supporting cross-border e-commerce and
international supply chain operations. In addition to conventional ambient storage, the Company operates high-standard
multi-temperature food cold storage facilities reaching 1.18 million square meters and pharmaceutical cold storage facilities
reaching 0.17 million square meters, providing high-quality, compliant cold chain services.
In addition, the Company owns and, through REIT structures, holds significant logistics parks and logistics center assets
across China and Southeast Asia. As of the end of the Reporting Period, such properties encompassed a total land area of
projects accounted for 10.58 million square meters of land area and 9.98 million square meters of gross floor area, while
projects currently under construction accounted for 2.12 million square meters of land area and 1.61 million square meters
of gross floor area.
Interim Report 2026 S.F. Holding Co., Ltd. 039
Management Discussion and Analysis
Pioneering Logistics Technology Driving the Evolution of Smart Supply Chains
Leveraging its broad industry coverage, diverse logistics scenarios and end-to-end service capabilities, together with
the customer trust it has built through years of consistent and reliable service delivery, SF has worked with numerous
industry-leading customers to implement a broad range of benchmark digital and intelligent transformation projects, establishing
leading practices for the digital and intelligent transformation of end-to-end supply chains.
SF’s innovation and capabilities in logistics technology continued to be recognized by leading industry organizations in
China and overseas. The Company’s innovations in AI foundation models, agents and smart logistics applications received
numerous awards, including the 2026 China Artificial Intelligence Innovation Award awarded by IDC, a leading international
research institution, and the Red Dot Design Award. As of the end of the Reporting Period, SF had 4,391 patents and patent
applications, as well as 2,574 software copyrights, with invention patents accounting for 66.20% of its total patents.
Leveraging AI to Drive End-to-End Efficiency Gains and Cost Reductions Across the Logistics Network
With enterprise-wide intelligence as its objective, the Company has deployed multiple agents across various logistics
operations. These agents are being embedded into day-to-day workflows across marketing, service fulfillment, finance and
employee management, and research and innovation. The Company is building a closed-loop, end-to-end intelligent workflow
extending from demand insights to precise fulfillment services.
Sales Management: Leveraging market intelligence, the agent can automatically analyze potential business opportunities in
specific scenarios. It scores and categorizes business opportunities and leads, and routes them via a “one-click dispatch”
system to dedicated frontline sales personnel, regional service outlets/couriers, and call center representatives for rapid
follow-up. Simultaneously with lead dispatch, the agent automatically generates marketing strategies, products, and solution
recommendations tailored to customer needs, thereby driving sales efficiency and conversion rates. Supported by the AI-
enabled customer management infrastructure, frontline teams followed up on hundreds of thousands of dispatched leads
during the Reporting Period, helping generate over RMB1 billion in newly contracted revenue.
Planning: The Ground Network Planning Agent integrates volume forecasting, route planning, resource planning, dynamic
planning, and post-implementation review and optimization. It automatically generates data-driven analyses, recommendations
and plans and, in real time, produces an optimal plan that balances service quality, delivery time and cost. As of the end of the
Reporting Period, the agent had been rolled out across the network. It reduced the daily workload of each network planner
by an average of two hours and shortened the time required for route review and plan optimization from several hours to
minutes. Following the rollout, issues affecting vehicle load factors could be identified the following day, compared with the
previous retrospective review cycle of two to three days, and the network-wide empty mileage rate decreased by 35%. In a
network-wide reconfiguration project for short-haul routes, the agent optimized more than 100 routes and increased the load
factor of such routes by 3 percentage points.
Management Discussion and Analysis
Fulfillment: Taking the Ground Fulfillment Agent as an example, its capabilities encompass scheduling, execution, auditing,
and exception resolution. For intelligent scheduling, the automated scheduling rate for line-haul and short-haul routes exceeded
agent optimizes scheduling to increase the utilization of the Company’s self-operated vehicles, effectively reducing reliance
on outsourced transportation capacity and generating cost savings. Additionally, the Company built a Parcel Quality Agent
that leverages enhanced computer vision algorithms to improve risk prevention and evidence gathering throughout the parcel
journey. Its “Fengyu Detective” tool provides end-to-end monitoring and visualization of each parcel’s journey, generates
diagnostic conclusions for individual parcel exceptions within seconds and achieves diagnostic accuracy of over 90%, thereby
improving the efficiency of parcel tracking and location. During the first half of 2026, the planning and fulfillment agents began
to support cost savings.
Human Resources and Financial Management: In human resources management, it has developed multiple agents, including
human resources shared service center (HRSSC) digital workforce and AI-powered simulation training tools, covering the full
cycle of talent recruitment, development, management and deployment. Digital workforce now handle 100% of employee
onboarding procedures across the network, and more than 99% of professional skills training for customer service personnel
incorporates AI-powered simulations.
In financial management, the agent’s functions encompass automated document submission, document review, account
reconciliation, contract review, intelligent Q&A, intelligent price comparison, financial analysis, automated attribution, and
cost-reduction opportunity recommendations. These capabilities effectively reduce employees’ routine transactional work,
empowering them to focus on high-value creation.
In addition, the Company has made foundation model applications and agent development tools available to all employees
to promote the joint development of the platform ecosystem. Through a three-tier training system comprising online courses,
scenario-based practical training and capability certification, more than 10,000 employees across the Group participated in
AI learning and practical application during the first half of 2026. Employees have independently developed approximately
administrative efficiency. While actively advancing comprehensive intelligent transformation, the Company has reduced its
cost per million tokens by over 90% compared to the beginning of the year.
Interim Report 2026 S.F. Holding Co., Ltd. 041
Management Discussion and Analysis
Actively Exploring Automated and Unmanned Equipment
Warehousing
Leveraging its self-developed Baichuan Digital and Intelligent Supply Chain Platform, SF has developed flexible, intelligent and
data-driven automated warehousing solutions. The Company has also successfully developed several large-scale automated
high-bay warehouses, providing customers across industries with digitalized, integrated and automated warehousing services.
Case study – beauty industry: SF helped a leading global beauty brand develop its intelligent supply chain operations
center in China, the industry’s first benchmark project featuring comprehensive automation. Incorporating advanced smart
warehousing capabilities, the center is equipped with automated storage and retrieval systems (AS/RS), multi-level shuttle
systems, goods-to-person picking systems and other intelligent equipment. It adopts an integrated layout with warehousing
above and sorting below, providing storage capacity for more than ten million items and enabling seamless operations from
picking and sorting through dispatch.
The warehouse features a 36-meter-high, high-density pallet AS/RS served by stacker cranes, with more than 35,000 pallet
positions, together with a multi-level shuttle-based tote storage system. This has increased storage density to five times
that of a conventional single-level warehouse. The stacker crane system uses computer vision technology to quickly identify
the correspondence between storage locations and containers, enabling automated stocktaking and improving operational
efficiency by 50% to 80%. The warehouse is directly connected to a bonded warehouse. The system intelligently coordinates
automated conveyor lines and AGVs to complete automated receiving and put-away without manual intervention, enabling
seamless inter-warehouse transfers. The logistics park also uses scheduled patrols by quadruped inspection robots and an
infrared security system to establish a dual-layer, around-the-clock security network.
These highly integrated smart warehousing capabilities not only meet the customer’s stringent requirement that 75% of orders
be fulfilled within 24 hours, but also support the processing of more than 400,000 orders per day during peak seasons.
Through an omnichannel inventory-sharing mechanism, SF helped the customer reduce its inventory cost by 10% to 20%,
significantly improving inventory turnover.
Case study – footwear and apparel industry: SF helped a leading sportswear brand develop a smart fulfillment center
covering e-commerce, retail store and distributor orders across both forward and reverse logistics. The center has 200,000
storage locations and a peak daily processing capacity of 370,000 items, reshaping the end-customer delivery experience
through highly responsive operations.
The project integrates SF’s self-developed Baichuan intelligent warehousing system to enable end-to-end digital management.
Supported by the Baichuan AI-powered wave-planning agent, the supply chain has progressed from passive execution
to proactive decision-making. Through real-time scheduling at the millisecond level, AI algorithms automatically generate
system-wide optimal operating paths, significantly improving operational efficiency in complex scenarios. The project adopts
an industry-leading mixed-size robotic coordination solution and has established a CTU (Carton Transfer Unit) tote AS/RS
and a goods-to-person picking system. These systems increased picking efficiency to 3.5 times that of manual operations
and reduced the required storage area by 30%, improving operating performance while reducing costs.
For B2B store orders requiring items of the same SKU to be packed together, efficient algorithms are combined with
high-speed cross-belt sorters to achieve sortation throughput of 12,000 items per hour. For B2C orders containing multiple
items across multiple SKUs, high-speed automated put-wall systems achieve sortation throughput of 1,500 items per hour
with a sorting accuracy of 99.9%, three times the efficiency of manual operations. In addition, AMRs support end-to-end
material flows throughout the warehouse, reducing the overall distance traveled by employees by 60% and increasing picking
productivity by 30%.
Management Discussion and Analysis
Transit Operations
Focusing on core operating scenarios such as end-to-end sorting, parcel induction and roll cage loading at sorting centers,
the Company has deployed various types of new automated equipment and digital hardware and software at scale. This has
comprehensively upgraded its sorting processes while reducing costs, improving efficiency and enhancing quality in transit
operations.
In the first half of 2026, the Company deployed more than 300 additional units of automated sorting equipment for transit
operations, further increasing the level of automated sorting at facilities handling small and large parcels. The equipment
also overcomes the limitation of conventional sorting machines, which are generally designed for parcels of a single size, by
enabling small and large parcels to be sorted simultaneously on the same equipment. This reduces the floor space required
for operating flows by 30%, while increasing peak processing capacity per unit by 42% compared with the conventional model
using separate lines for small and large parcels.
In addition, the Company has actively introduced various types of intelligent equipments for sorting center operations. In
heavy parcel facilities, the Company deployed automated palletizing equipments to increase the automated processing
rate for oversized items and significantly reduce physical labor intensity for employees. In small parcel facilities, automated
induction equipments were deployed to perform dexterous manipulations — such as label-facing rotation and the separation
of irregularly shaped items — thereby boosting overall induction efficiency. The Company has also established an intelligent,
centrally coordinated AGV fleet transfer system covering all handling and sorting scenarios within sorting centers. The system
enables dynamic task allocation and intelligent path planning for AGVs, increasing their effective utilization rate by 48%. The
Company has deployed approximately 2,400 AGVs for transit operations, which can handle approximately 12 million parcels
per day on average.
Transportation
For line-haul transportation, the Company had put more than 1,400 intelligent-driving vehicles into operation as of the end
of the Reporting Period and was also piloting 4.2-meter unmanned light-duty trucks and L4 unmanned heavy-duty trucks.
In terms of short-haul feeder operations, the Company had put a cumulative total of more than 3,200 unmanned vehicles
into operation in more than 150 cities, achieving large-scale deployment across multiple scenarios. For last-mile delivery, the
Company has deployed automated last-mile delivery equipments in residential communities, campuses and hospitals. These
equipments can automatically enter buildings and open access doors, call and operate elevators through integration with
elevator control systems, issue automated calls and alerts, and deliver parcels automatically.
Interim Report 2026 S.F. Holding Co., Ltd. 043
Management Discussion and Analysis
Premium Service Establishing an Unparalleled Brand Value
The Company has consistently adhered to a customer-centric philosophy, striving to deliver service offerings that exceed
expectations. From express delivery products to comprehensive logistics services and bespoke industry-specific supply chain
solutions, the Company remains deeply committed to honoring the trust placed in SF by every customer, providing services
that are both reliable and value-enhancing. As of the end of the Reporting Period, the Company served more than 2.39 million
customers with active credit accounts and over 830 million retail customers.
In China, SF has become the household name and synonym for high-timeliness express delivery service. “Let me SF this to
you” has been equivalent to “express delivery to you”. The Company has built a strong brand reputation centered around “fast”,
“reliable” and “premium service” in customers’ mindset, setting the industry benchmark for superior customer experiences.
As a result, many corporate customers and e-commerce platforms actively advertise their use of SF as a symbol of premium
service and brand trustworthiness. By associating their products with SF’s premium services, corporate customers and
e-commerce platforms are able to enhance consumer perception of their product quality, foster greater trust and improve
sales performance.
SF’s commitment to excellence has led to unparalleled brand value. Leveraging on its peer-leading service quality and
reputation, the Company has built a loyal and highly engaged customer base across various industries, becoming the go-
to logistics partner for many top-tier customers. This dedication to premium service has earned SF wide recognition from
customers, industry peers and the public alike.
In the ranking released by the State Post Bureau, SF has been ranked first in public satisfaction with express delivery services
for 17 consecutive years (2009-2025). The Company ranked 372nd (up 21 places) in the Fortune Global 500 list for 2026
released by Fortune magazine. It has been on this list for five consecutive years, and it is also the first and only Chinese private
express delivery enterprise among the Fortune Global 500. Additionally, according to Brand Finance’s 2025 Global Logistics
Brand Value Ranking, the Company ranked 6th globally and 1st among Chinese logistics brands.
State Post Bureau
No. 1
in Overall Public Satisfaction
No. 1 for 17 consecutive years
in Overall Public Satisfaction in 2025
in the first half of 2026
Fortune
China ESG
Impact List
among “2026 Global 500 Companies” among “China’s Most Admired
Companies” in 2026
Brand Finance
among “World’s Top 500 Most Valuable Brands”
among “World’s Most Valuable Logistics
in 2026 Brands” in 2025
Management Discussion and Analysis
Financial Review
Revenue
In the first half of 2026, the total revenue of the Group reached RMB155.51 billion, representing an increase of 5.89% as
compared to the same period in 2025. The breakdown of the revenue categorized by industry, by operating segment and
by geographical region is set out below. For details of the development of each major business, please refer to “Business
Development of the Company” in this section.
For the six months ended June 30,
Percentage of Percentage of Year-on-year
Amount revenue Amount revenue amount change
RMB’000 RMB’000
Total revenue 155,506,421 100.00% 146,858,174 100.00% 5.89%
Categorized by industry:
Logistics and freight
forwarding 152,390,950 98.00% 143,530,874 97.73% 6.17%
Other non-logistics business(1) 3,115,471 2.00% 3,327,300 2.27% -6.37%
Categorized by operating
segment:
Express and freight delivery
segment 106,807,062 68.68% 104,772,845 71.34% 1.94%
Time-definite express 63,365,292 40.75% 63,233,100 43.06% 0.21%
Economy express 16,293,567 10.48% 15,160,431 10.32% 7.47%
Freight 22,047,671 14.18% 19,572,650 13.33% 12.65%
Cold chain and
pharmaceutical logistics 4,397,144 2.83% 5,836,978 3.97% -24.67%
Others (2)
Intra-city on-demand
delivery segment 6,796,137 4.37% 5,582,531 3.80% 21.74%
Intra-city on-demand
delivery 6,709,255 4.31% 5,493,390 3.74% 22.13%
Others (2)
Supply chain and
international segment 41,297,465 26.56% 35,768,179 24.36% 15.46%
Supply chain and
international business 39,578,020 25.45% 34,234,325 23.31% 15.61%
Others (2)
Undistributed units(3) 605,757 0.39% 734,619 0.50% -17.54%
Categorized by region:
Mainland China 134,457,351 86.46% 126,936,236 86.43% 5.93%
Hong Kong, Macao,
and Taiwan, China 5,010,789 3.22% 4,705,646 3.20% 6.48%
Other international 16,038,281 10.31% 15,216,292 10.36% 5.40%
Interim Report 2026 S.F. Holding Co., Ltd. 045
Management Discussion and Analysis
Notes:
(1) “Other non-logistics business” categorized by industry mainly represents the ancillary non-logistics services provided by the Company, including the
purchase and sales of goods involved in the process of providing end-to-end supply chain services for customers, leasing services and provision
of technical services.
(2) “Others” categorized by operating segment mainly comprise the purchase and sales of goods involved in the process of providing end-to-end supply
chain services for customers.
(3) “Undistributed units” mainly comprise leasing services and provision of technical services.
(4) Any discrepancies between totals and sums of the numbers are due to rounding.
Cost of Revenue
The cost of revenue of the Group in the first half of 2026 amounted to RMB135.02 billion, representing an increase of 5.65%
as compared to the same period in 2025, which was in line with the growth trend of revenue during the Reporting Period.
The breakdown of the cost categorized by industry is set out below:
For the six months ended June 30,
Percentage of Percentage of Year-on-year
Amount cost of revenue Amount cost of revenue amount change
RMB’000 RMB’000
Total cost of revenue 135,019,763 100.00% 127,797,632 100.00% 5.65%
Categorized by industry:
Logistics and freight
forwarding 132,587,426 98.20% 125,144,444 97.92% 5.95%
Other non-logistics business 2,432,337 1.80% 2,653,188 2.08% -8.32%
Gross Profit and Gross Profit Margin
The overall gross profit of the Group in the first half of 2026 amounted to RMB20.49 billion, representing an increase of
For the six months ended June 30,
Gross profit Gross profit Change in Change in gross
Amount margin Amount margin amount profit margin
RMB’000 RMB’000
Up by 0.19
Total gross profit 20,486,658 13.17% 19,060,542 12.98% 7.48% percentage point
Categorized by
industry:
Logistics and freight Up by 0.19
forwarding 19,803,524 13.00% 18,386,430 12.81% 7.71% percentage point
Other non-logistics Up by 1.67
business 683,134 21.93% 674,112 20.26% 1.34% percentage points
Management Discussion and Analysis
Among which, in the first half of 2026, the gross profit of logistics and freight forwarding business was RMB19.80 billion,
representing an increase of 7.71% as compared to the same period in 2025, and the gross profit margin was 13.00%,
representing an increase of 0.19 percentage point as compared to the same period in 2025. The change in gross profit margin
was mainly affected by changes in the percentage of the following three major cost items to revenue:
For the six months ended June 30,
Percentage Percentage Change in Change in the
Amount of revenue Amount of revenue amount percentage of revenue
RMB’000 RMB’000
Down by 1.40
Labor cost 63,359,044 41.58% 61,684,717 42.98% 2.71% percentage points
Up by 1.86
Transportation cost 52,494,767 34.45% 46,774,772 32.59% 12.23% percentage points
Other operating Down by 0.65
costs 16,733,615 10.97% 16,684,955 11.62% 0.29% percentage point
The labor cost-to-revenue ratio decreased by 1.40 percentage points compared with the same period in 2025. This was
primarily driven by the Company’s focus on value-driven operations and business mix optimization. Meanwhile, operational
efficiency was enhanced through the application of smart and automated technologies, effectively moderating the rise in labor
costs. Furthermore, the Company remained committed to enhancing the competitiveness of the compensation mechanism
for frontline employees, allocated dedicated funds to launch various measures to safeguard their rights and interests, and
strengthened incentives for revenue generation, thereby fostering employees’ sense of achievement and belonging.
The transportation cost-to-revenue ratio increased by 1.86 percentage points compared with the same period in 2025. This
was mainly because the Company accelerated the expansion of its domestic industrial park and international businesses,
strengthening the development of its domestic LTL and international line-haul transportation networks. The corresponding
investments in air and ground routes led to an increase in transportation costs. Coupled with a sharp rise in fuel prices in
the second quarter, this resulted in a significant increase in transportation costs. At the same time, the Company partially
mitigated the upward pressure on transportation costs by accelerating the replacement with new energy vehicles, deploying
smart driving technologies and unmanned vehicles, and leveraging digital and intelligent capabilities to empower smart network
planning and lean operations.
The other operating cost-to-revenue ratio decreased by 0.65 percentage point compared with the same period in 2025. This
was primarily attributable to the Company advancing site integration, strengthening control over resource ROI, and leveraging
digital and intelligent capabilities to elevate lean management, thereby keeping other operating costs stable.
Selling and Marketing Expenses
The selling and marketing expenses of the Group in the first half of 2026 amounted to RMB1.89 billion, representing a year-
on-year increase of 7.38% compared with RMB1.76 billion in the same period of 2025, and the ratio of selling and marketing
expense to revenue was 1.22% in the first half of 2026, representing a year-on-year increase of 0.02 percentage point
compared with 1.20% in the same period of 2025. This was primarily driven by the Company’s accelerated expansion of its
sales team to bolster business development.
Interim Report 2026 S.F. Holding Co., Ltd. 047
Management Discussion and Analysis
General and Administrative Expenses
The general and administrative expenses of the Group in the first half of 2026 amounted to RMB9.74 billion, representing
a year-on-year increase of 6.75% compared with RMB9.12 billion in the same period of 2025, and the ratio of general
and administrative expenses to revenue was 6.26% in the first half of 2026, representing a year-on-year increase of 0.05
percentage point compared with 6.21% in the same period of 2025. This was mainly due to the Company’s strengthened
incentives for the expansion of high-value businesses and the building of organizational capabilities for its supply chain and
international businesses.
Research and Development Expenses
The research and development expenses of the Group in the first half of 2026 amounted to RMB1.08 billion, representing
a year-on-year decrease of 6.16% compared with RMB1.15 billion in the same period of 2025. The ratio of research and
development expenses to revenue was 0.70% in the first half of 2026, representing a year-on-year decrease of 0.09 percentage
point compared with 0.79% in the same period of 2025. The overall investment in research and development of the Group
remained stable. The Group’s total research and development investment (including research and development expenses and
development expenditures) in the first half of 2026 amounted to RMB1.45 billion, representing a decrease of 2.34% compared
with the same period in 2025, and its proportion to revenue was 0.93%, representing a decrease of 0.08 percentage point
compared with the same period in 2025.
Other Gains, Net
Other gains, net, of the Group in the first half of 2026 amounted to RMB0.28 billion, representing a year-on-year decrease
of RMB0.54 billion compared with RMB0.82 billion in the same period of 2025, which was mainly attributable to the gain on
disposal arising from the transfer of three wholly-owned property-holding subsidiaries to Southern SF Logistics REIT recorded
in the same period of 2025, whereas no such gain was recorded in the first half of 2026.
Finance Costs, Net
The finance costs, net, of the Group in the first half of 2026 amounted to RMB0.68 billion, representing a year-on-year decrease
of 11.58% compared with RMB0.77 billion in the same period of 2025, mainly due to the combined effect of the decrease in
average borrowing balance and borrowing interest rates.
Income Tax Expense
The income tax expense of the Group in the first half of 2026 amounted to RMB1.80 billion, representing an increase of
profit during the first half of the year.
Management Discussion and Analysis
Profit
The Group achieved profit of RMB5.97 billion in the first half of 2026, representing a decrease of 0.70% as compared to the
same period in 2025. Of which, profit attributable to owners of the Company amounted to RMB5.50 billion, representing a
decrease of 4.11% as compared to the same period in 2025. The net profit and change over the previous year for each of
the Company’s operating segments are set forth below:
For the six months ended June 30,
RMB’000 RMB’000
Express and freight delivery segment 5,574,383 5,384,678 3.52%
Intra-city on-demand delivery segment 349,345 137,049 154.91%
Supply chain and international segment 30,313 -7,731 492.10%
Undistributed units1 66,460 554,937 -88.02%
Note 1: To better reflect the profit results of each operating segment, effective from the 2025 annual report, the Group has reallocated the financing
interest expenses related to the M&A of KLN to unallocated units and restated the data for the comparative period, and will apply this approach
going forward. The segment net profit for the first half of 2025 presented herein has been restated by reallocating RMB290 million in financing
interest expenses related to the KLN acquisition to unallocated units.
The net profit of the express and freight delivery segment in the first half of 2026 was approximately RMB5.57 billion,
representing an increase of 3.52% compared with the same period in 2025. This was mainly due to the effective implementation
of the Company’s advanced “Stimulate Operation Vitality” mechanism, realizing the progression from being “scale-driven
growth” to “value-driven growth”, with the revenue per parcel rebounding year-on-year, resulting in a healthier business mix.
Furthermore, the Company effectively mitigated the impact of rising fuel prices and maintained operating costs at an optimal
level through accelerated adoption of new energy fleets, deployment of automated and unmanned intelligent equipment, and
digital intelligence-empowered lean management.
The net profit of the intra-city on-demand delivery segment in the first half of 2026 was approximately RMB350 million,
representing an increase of 154.91% compared with the same period in 2025. This was primarily driven by the resilient demand
in the on-demand delivery industry, which boosted order volumes and overall revenue. Meanwhile, relying on enhanced
economies of scale, optimized investment strategies, lean operation of the courier base and the application of AI technology,
the Company promoted full-chain synergy to improve quality and efficiency, achieving steady profit growth. In addition,
alongside the healthy growth of its core business, the investment income of SF Intra-city also increased during the period.
The net profit of the supply chain and international segment in the first half of 2026 was approximately RMB30 million,
achieving a turnaround to profitability year-on-year, representing an increase of RMB40 million compared with the same
period of last year. This was mainly due to the overseas subsidiary KEX reducing its losses year-on-year through business
structure optimization and cost reduction via lean operations, coupled with the rapid growth of the broader supply chain and
international business.
The net profit for the unallocated units in the first half of 2026 was approximately RMB70 million. The decrease compared
with the same period in 2025 was mainly due to the gain on disposal arising from the transfer of three wholly-owned
property-holding subsidiaries to Southern SF Logistics REIT recorded in the same period of 2025, whereas no such gain was
recorded in the first half of 2026.
Interim Report 2026 S.F. Holding Co., Ltd. 049
Management Discussion and Analysis
Non-IFRS Measures
To supplement the consolidated financial statements which are presented by the Company in accordance with IFRS, the
Company also uses certain additional non-IFRS measures, namely, EBITDA and EBITDA margin, as additional financial metrics.
These non-IFRS measures are not required by or presented in accordance with IFRS.
The Company believes that these non-IFRS measures facilitate evaluation of its operating performance by eliminating potential
impacts of certain items listed below. The Company also believes that such non-IFRS measures present useful information
to investors in understanding and evaluating its consolidated results of operations in the same manner as they present to
its management. However, its presentation of such non-IFRS measures may not be comparable to similarly titled measures
presented by other companies. The use of these non-IFRS measures has limitations as an analytical tool, and you should
not consider them on an isolated basis, or as substitute for analysis of, the results of operations or financial condition of the
Company as reported under IFRS.
The following table reconciles profit for the period of the Company, calculated and presented in accordance with IFRS, to
EBITDA (non-IFRS measure) for the periods indicated:
For the six months ended June 30,
RMB’000 RMB’000
Profit for the period 5,970,017 6,012,403
Add:
Depreciation and amortization 8,265,272 8,197,307
－Depreciation of right-of-use assets 3,488,477 3,337,161
－Depreciation and amortization (excluding right-of-use assets) 4,776,795 4,860,146
Finance costs, net 683,786 773,324
Income tax expense 1,804,878 1,627,325
EBITDA 16,723,953 16,610,359
EBITDA margin 10.75% 11.31%
Management Discussion and Analysis
Cash Flow
For the six months ended June 30,
RMB’000 RMB’000
Net cash generated from operating activities 11,171,404 12,936,690 -13.65%
Net cash used in investing activities -12,261,578 -17,516,875 30.00%
Net cash used in financing activities 6,181,988 -7,280,764 184.91%
Net cash generated from operating activities: In the first half of 2026, net cash generated from operating activities of the
Group was RMB11.17 billion, representing a decrease of 13.65% as compared to the same period in 2025, primarily due to
the combined effects of an increase in cash received from sales of goods or rendering of services, an increase in payments
of taxes and levies and an increase in cash paid to and on behalf of employees. Please refer to note 26(a) to the consolidated
financial statements for a detailed explanation of the difference between the Group’s net cash generated from operating
activities and net profit in the first half of 2026.
Net cash used in investing activities: In the first half of 2026, net cash used in investing activities of the Group was
RMB12.26 billion, representing a decrease of 30.00% as compared to the same period in 2025, mainly attributable to the
combined effects of a decrease in net outflow from structured deposit investments and an increase in net outflow from equity
investments.
Net cash used in financing activities: In the first half of 2026, net cash generated from financing activities of the Group
was RMB6.18 billion, representing an increase of 184.91% as compared to the same period in 2025, mainly attributable to
the combined effects of an increase in net inflow from borrowings, an increase in net inflow from the issuance of H Shares
to J&T Express, and an increase in net outflow from the repurchase of the Company’s shares.
Interim Report 2026 S.F. Holding Co., Ltd. 051
Management Discussion and Analysis
Assets and Liabilities
Changes in Major Items of Assets and Liabilities
As of June 30,
change in the
Percentage of Percentage of Year-on-year percentage of
Amount total assets Amount total assets amount change total assets
RMB’000 RMB’000
Non-current assets
Property, plant and equipment 57,948,534 25.32% 57,047,334 26.35% 1.58% -1.04%
Right-of-use assets 22,044,740 9.63% 21,977,705 10.15% 0.31% -0.52%
Investment properties 6,717,949 2.94% 7,355,231 3.40% -8.66% -0.46%
Investments in associates and
joint ventures 14,176,563 6.19% 7,033,620 3.25% 101.55% 2.94%
Financial assets at fair
value through other
comprehensive income 5,652,195 2.47% 8,297,043 3.83% -31.88% -1.36%
Current assets
Inventories 2,999,268 1.31% 3,039,030 1.40% -1.31% -0.09%
Contract assets 3,077,673 1.34% 3,049,117 1.41% 0.94% -0.07%
Trade and note receivables 32,722,352 14.30% 31,055,349 14.35% 5.37% -0.05%
Financial assets at fair value
through profit or loss 21,017,193 9.18% 16,198,976 7.48% 29.74% 1.70%
Cash and cash equivalents 25,017,931 10.93% 19,959,631 9.22% 25.34% 1.71%
Non-current liabilities
Borrowings 16,193,497 7.07% 17,720,711 8.19% -8.62% -1.11%
Lease liabilities 9,682,022 4.23% 9,588,355 4.43% 0.98% -0.20%
Current liabilities
Trade and note payables 31,298,360 13.67% 30,281,225 13.99% 3.36% -0.31%
Contract liabilities 1,981,763 0.87% 1,987,018 0.92% -0.26% -0.05%
Borrowings 26,822,663 11.72% 16,087,687 7.43% 66.73% 4.29%
Lease liabilities 5,722,495 2.50% 5,828,895 2.69% -1.83% -0.19%
Equity
Reserves 54,788,203 23.94% 50,046,845 23.12% 9.47% 0.82%
Investments in associates and joint ventures: As of June 30, 2026, investments in associates and joint ventures amounted
to RMB14.18 billion, representing an increase of 101.55% as compared with the end of 2025, primarily due to the additional
investment through the issuance of H Shares to J&T Express. For details, please refer to note 16(a) to the consolidated
financial statements.
Management Discussion and Analysis
Financial assets at fair value through other comprehensive income: As of 30 June 2026, the amount of financial assets
at fair value through other comprehensive income was RMB5.65 billion, representing a decrease of 31.88% as compared
with the end of 2025, primarily due to the reclassification of the investment in J&T Express from financial assets at fair value
through other comprehensive income to investments in associates and joint ventures as a result of the additional investment.
Financial assets at fair value through profit or loss: As of June 30, 2026, financial assets at fair value through profit or
loss amounted to RMB21.02 billion, representing an increase of 29.74% as compared with the end of 2025, mainly due to
the increase in structured deposits.
Borrowings: As of June 30, 2026, the Group’s borrowings under current liabilities amounted to RMB26.82 billion, representing
an increase of 66.73% as compared with the end of 2025, mainly due to the bridge loan borrowed for the subscription of
shares in J&T Express.
Reserves: As of June 30, 2026, the Group’s reserves amounted to RMB54.79 billion, representing an increase of 23.12%
as compared with the end of 2025, primarily due to the issuance of H Shares to J&T Express.
Liquidity and Capital Structure
Sources and Uses of Funds
In the first half of 2026, the Group primarily raised funds required for its development through cash generated from operating
activities, proceeds from external debts and other financing activities. As of June 30, 2026, the total amount of the Group’s
cash and cash equivalents and structured deposits and fixed-income certificates in other current assets was RMB45.90 billion.
The Group has always adopted a prudent financial management policy, maintaining sufficient and appropriate funds to meet
the repayment of matured debts, capital expenditures and normal operations.
As of June 30, As of December 31,
RMB’000 RMB’000
Cash and cash equivalents 25,017,931 19,959,631
Prepayments, other receivables and other assets – fixed income certificates 50,000 5,618,400
Financial assets at fair value through profit or loss – structured deposits 20,829,599 16,080,264
Total 45,897,530 41,658,295
The free cash inflow of the Group in the first half of 2026 was RMB5.03 billion, which was derived from net cash generated from
operating activities of RMB11.17 billion less capital expenditures (excluding equity investments) of RMB6.14 billion. Looking
forward, the Group believes that it will be able to meet the liquidity requirements of the Company by using the existing cash
and cash equivalents, cash generated from operating activities and financing activities.
As of June 30, 2026, the Group’s debt to asset ratio was 50.08%, representing an increase of 1.05 percentage points from
liabilities dividing total assets on the corresponding date)
Interim Report 2026 S.F. Holding Co., Ltd. 053
Management Discussion and Analysis
Borrowings
As of June 30, 2026, the Group’s short-term borrowings, convertible bonds, long-term borrowings, corporate bonds, and loans
from non-controlling interests and other parties amounted to RMB43.02 billion in aggregate, which were mainly denominated
in RMB, HKD and USD with no significant seasonal demand. Among which, the aggregate amount of non-current corporate
bonds with fixed interest rates amounted to approximately RMB10.92 billion, and the rest were carried at floating interest
rates. Most of the bank borrowings are unsecured, and the assets involved in some of the secured borrowings are set out
in “Limitation of asset rights” under “Assets and Liabilities” in “Financial Review” in this section. The Group did not have any
borrowings that were past due during the Reporting Period. Please refer to note 20 to the consolidated financial statements
in the Report for details of the bank borrowings and other borrowings of the Group. The details are as follows:
As of June 30, As of December 31,
RMB’000 RMB’000
Non-current: 16,193,497 17,720,711
Long-term bank borrowings 5,102,931 5,183,331
Corporate bonds 10,916,503 12,358,825
Loans from non-controlling interests 174,063 178,555
Current: 26,822,663 16,087,687
Current portion of long-term bank borrowings 433,425 215,879
Short-term bank borrowings 17,419,452 7,197,332
Convertible bonds 2,567,427 2,620,001
Corporate bonds 6,029,711 5,693,782
Loans from non-controlling interests and other parties 372,648 360,693
Total 43,016,160 33,808,398
Limitation of Asset Rights
As of June 30, 2026, the Group’s assets subject to restricted rights are mainly statutory reserve placed at the Central Bank
and the bank borrowing mortgage, as set out below:
As of June 30, 2026 Reasons for limitation
RMB’000
Restricted cash 1,383,685 Mainly statutory reserves in the Central Bank
Property, plant and equipment 446,894 Bank borrowing mortgage
Right-of-use assets 90,565 Bank borrowing mortgage
Investment properties 107,249 Bank borrowing mortgage
Total 2,028,393
Management Discussion and Analysis
External Guarantees
As of June 30, 2026, the Group provided guarantees of RMB995 million to investee companies (such amount was RMB968
million as of December 31, 2025).
Contingent Liabilities
As of June 30, 2026, the Group did not have any material contingent liabilities.
Investments
Capital Expenditures
For the six months ended June 30,
Year-on-year
RMB’000 RMB’000
Total investment amount 13,834,841 5,400,677 156.17%
The amounts of the Group’s capital expenditure items during the Reporting Period are set out below:
For the six months
ended June 30, 2026
RMB’000
Office and buildings 169,754
Land 108,018
Warehouse 365,659
Sorting center 2,484,497
Aircraft 1,363,349
Vehicle 553,516
Information technology equipment 457,839
Equity investments 7,694,395
Others 637,814
Total 13,834,841
Interim Report 2026 S.F. Holding Co., Ltd. 055
Management Discussion and Analysis
Capital Commitments
As of June 30, 2026, the Group’s capital commitments amounted to RMB3.20 billion, which mainly represented capital
commitments contracted but not yet provided for. All such amounts will be settled along with the progress of the projects.
Investments in Financial Assets
Assets and liabilities measured at fair value
Fair value
Gains and changes
losses from recognized Decreased
changes in in other Amount of amount from
fair value in comprehensive purchase in disposal in
Opening the Reporting income in the the Reporting the Reporting Other Closing
Item balance Period Reporting Period Period Period changes(2) balance
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Financial assets 25,130,532 145,669 -1,082,061 4,850,213 152,326 -1,265,625 27,626,402
Current financial assets at fair value
through profit or loss (excluding
derivative financial assets)(1) 16,198,976 40,443 79,534 4,538,843 4,473 163,870 21,017,193
Other non-current financial assets
at fair value through profit or loss 634,513 105,226 – 256,169 22,700 -16,194 957,014
Financial assets at fair value through
other comprehensive income 8,297,043 – -1,161,595 55,201 125,153 -1,413,301 5,652,195
Financial liabilities 107,268 -1,158 – – – -3,955 104,471
Notes:
(1) This item includes structured deposits that do not meet the principal-plus-interest contractual cash flow characteristics. These structured deposits,
characterized by short maturities and high liquidity, are presented on a net basis for the current period’s purchase and sale amounts. Except for
structured deposits, all other items are presented separately with their respective purchase and sale amounts for the current period.
(2) Other changes in current financial assets at fair value through profit or loss are mainly income realized from matured structured deposits, and other
changes in financial assets at fair value through other comprehensive income are primarily due to the reclassification of the investment in J&T Express
to investments in associates. The Company’s investment in J&T Express was originally measured at fair value. Following the additional investment
during the Reporting Period, J&T Express became an associate of the Company and is accounted for using the equity method.
Management Discussion and Analysis
Investments in Securities
Gains and Fair value
losses changes
from changes recognized Increased
Book value in fair value in other amount Decreased
Initial at the beginning during comprehensive during the amount during Book value at
Abbreviation of investment of the Reporting the Reporting income in the Reporting the Reporting Other the end of the
Security type Stock code security cost Period Period Reporting Period Period Period changes Reporting Period
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Funds 180302.SZ China AMC-Shenzhen
International REIT 47,962 55,519 – 1,808 – -584 – 56,743
Total 47,962 55,519 – 1,808 – -584 – 56,743
Note: The book value of the Company’s investment in J&T Express at the beginning of the Reporting Period was RMB1.53 billion. Due to the additional
investment in J&T Express during the Reporting Period, the equity interest in J&T Express, which was originally classified as financial assets at
fair value through other comprehensive income, was reclassified as investments in associates accounted for using the equity method.
Investments in Derivatives
The amounts of the Group’s derivatives investments for hedging purpose during the Reporting Period are set out below:
Percentage
of investment
Fair value amount at the
Gains and changes end of the
losses from recognized Reporting Period
changes in in other Amount of Amount at to net assets of
Initial Amount at the fair value during comprehensive purchase during Amount of the end of the Company at
Type of derivatives investment beginning of the the Reporting income in the the Reporting sales during the the Reporting the end of the
investment amount Reporting Period Period Reporting Period Period Reporting Period Period Reporting Period
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Forward foreign exchange 6,932,328 7,714,851 20,295 1,454 N/A N/A 6,932,328 6.74%
Total 6,932,328 7,714,851 20,295 1,454 N/A N/A 6,932,328 6.74%
Actual gains/losses during the Reporting Period: The actual gains/losses of derivatives investments refer to the fair value
changes of derivative financial instruments recognized in other comprehensive income, which amounted to RMB80 million
for the Reporting Period.
Hedging effects: The Company’s derivative investment business mainly consists of hedging contracts to reduce the risks
caused by fluctuations in exchange rates and interest rates, primarily involving hedging operations for the Company’s US dollar
bonds. Exchange losses on the US dollar bonds and gains on changes in the fair value of the forward exchange contracts are
generated simultaneously when the USD strengthens against the HKD. By utilizing the derivative transactions to lock in costs,
the impact of significant fluctuations in exchange rates and interest rates on the Company’s profit was effectively reduced.
Use of Proceeds
Issuance of H Shares by the Company on the Hong Kong Stock Exchange
The Company was successfully listed on the Main Board of the Hong Kong Stock Exchange on November 27, 2024. A
total of 170,000,000 ordinary Shares with a par value of RMB1 per Share were successfully placed and issued at a price of
HKD34.3 per Share in the global offering, with an aggregate par value of RMB170,000,000. After deducting the underwriting
commissions and other estimated expenses related to the global offering, the net proceeds from the share issuance in the
global offering for the Company were approximately HKD5,662 million, equivalent to approximately RMB5,299 million at the
exchange rate of HKD1.00 to RMB0.9358.
Interim Report 2026 S.F. Holding Co., Ltd. 057
Management Discussion and Analysis
In light of the latest operational and business requirements, the Company convened the 4th meeting of the Seventh Session
of the Board of Directors on March 30, 2026, at which the proposal on the change in the use of certain proceeds from the
global offering was considered and approved. The Board of Directors approved the reallocation of approximately RMB930
million of the proceeds from the global offering of the Company, which was originally allocated for strengthening international
and cross-border logistics capabilities, to strengthening and optimizing logistics network and service offerings in China.
As of June 30, 2026, the proceeds from the global offering were utilized in accordance with the planned uses and proportions
as stated in the Prospectus and as reallocated pursuant to the afore-mentioned proposal of the Board of Directors. The
details are as follows:
Planned use of proceeds As of June 30, 2026
Expected timeline for
Utilized Unutilized the utilization of the
Percentage Amount amount amount unutilized amount
RMB’000 RMB’000 RMB’000
Strengthening international and cross- On or before
border logistics capabilities 27% 1,454,395 1,268,505 185,890 the end of 2026
Strengthening and optimizing logistics On or before
network and service offerings in China 53% 2,784,529 1,992,430 792,099 the end of 2026
Research and development of advanced
technologies and digital solutions to
upgrade supply chain and logistics
services and implement ESG-related
initiatives 10% 529,866 529,866 – –
Working capital and general corporate
purposes 10% 529,866 529,866 – –
Total 100% 5,298,656 4,320,667 977,989
Placing of New H Shares under General Mandate
On July 4, 2025, the Company completed the allotment and issuance of a total of 70,000,000 H Shares with a par value of
RMB1 each pursuant to the General Mandate (the “Placing of H Shares”), with an aggregate par value of RMB70,000,000.
The closing price as quoted on the Hong Kong Stock Exchange on June 25, 2025 (being the date on which the terms of the
Placing of H Shares were fixed) was HKD46.20 per H Share. For details, please refer to the announcements of the Company
dated June 26, 2025 and July 4, 2025.
The net proceeds from the placing were approximately HKD2,934 million, equivalent to approximately RMB2,681 million
based on the exchange rate of HKD1.00 to RMB0.9139, after deducting the underwriting commissions and other estimated
expenses related to the placing. The net price per H Share was approximately HKD41.91.
Management Discussion and Analysis
As of June 30, 2026, the proceeds from the placing have been utilized according to the planned uses and proportions set
out in the placing announcement. The details are as follows:
Planned use of proceeds As of June 30, 2026
Expected timeline for
Utilized Unutilized the utilization of the
Percentage Amount amount amount unutilized amount
RMB’000 RMB’000 RMB’000
Strengthening international and cross- On or before
border logistics capabilities 30% 804,317 149,551 654,766 the end of 2027
Research and development of advanced On or before
technologies and digital solutions 30% 804,317 775,416 28,901 the end of 2027
Optimizing the capital structure of the
Company 30% 804,317 804,317 – –
General corporate purposes 10% 268,106 268,106 – –
Total 100% 2,681,057 1,997,390 683,667
Issuance of Convertible Bonds under General Mandate
On July 10, 2025, the Company issued the bonds that may be converted into H Shares of the Company in an aggregate
principal amount of HKD2,950.0 million due 2026 through SF Holding Investment 2023 Limited, a wholly-owned subsidiary of
the Company, pursuant to the General Mandate (the “Convertible Bonds”), which have been unconditionally and irrevocably
guaranteed by the Company. The closing price as quoted on the Hong Kong Stock Exchange on June 25, 2025 (being the date
on which the terms of the subscription agreement for the Convertible Bonds was entered into) was HKD46.20 per H Share.
The Convertible Bonds have an initial conversion price of HKD48.47 per Share. As a result of the Company’s distribution of
the 2025 interim dividend and the 2025 final dividend, the conversion price of the Convertible Bonds has been adjusted to
HKD47.43 per Share with effect from May 19, 2026 (the “Adjusted Conversion Price”). Assuming full conversion at the Adjusted
Conversion Price, the Convertible Bonds may be converted into a maximum of 62,196,921 ordinary Shares with a par value
of RMB1.00 each, representing an aggregate par value of RMB62,196,921. For details, please refer to the announcements
of the Company dated June 26, 2025, July 10, 2025 and May 13, 2026.
The net proceeds from the issuance of Convertible Bonds were approximately HKD2,909 million, equivalent to approximately
RMB2,666 million based on the exchange rate of HKD1.00 to RMB0.9165, after deducting the underwriting commissions
and other estimated expenses related to the issuance of Convertible Bonds.
As of June 30, 2026, the proceeds from the issuance of Convertible Bonds have been utilized according to the planned uses
set out in the issuance announcement. The Company has utilized an aggregate of RMB2.533 billion for the enhancement
of the Group’s international and cross-border logistics capabilities, research and development of advanced technologies
and digital solutions, optimizing the capital structure of the Company and general corporate purposes. The utilized amount
accounted for approximately 95% of net proceeds.
On July 8, 2026, the Convertible Bonds were due, and the Company has fully settled and cancelled the Convertible Bonds.
Interim Report 2026 S.F. Holding Co., Ltd. 059
Management Discussion and Analysis
Issuance of H Shares to J&T Express under General Mandate
To further consolidate and enhance the comprehensive competitiveness of the Company in the Asian and global logistics
markets, on January 15, 2026, the Company and J&T Express entered into a subscription agreement, pursuant to which,
subject to satisfaction of the relevant terms and conditions, the Company has agreed to subscribe, and J&T Express has
agreed to issue 821,657,973 J&T Express Class B shares at the price of HKD10.10 per share, and J&T Express has agreed
to subscribe, and the Company has agreed to issue 225,877,669 H Shares of the Company under the General Mandate at the
price of HKD36.74 per Share. The closing price as quoted on the Hong Kong Stock Exchange on January 14, 2026 (being the
last trading day before the terms of the issuance of H Shares to J&T Express were fixed on January 15, 2026 before trading
commenced) was HKD35.36 per H Share. On June 9, 2026, certain conditions precedent set out in the aforementioned
subscription agreement were all fulfilled, and the Company successfully allotted and issued 225,877,669 H Shares of the
Company to J&T Express. After deducting the fees and other estimated expenses related to the issuance, the net proceeds
from the issuance of the Company’s H Shares to J&T Express amounted to approximately HKD8,289 million (approximately
RMB7,208 million). The net price per H Share of the Company was approximately HKD36.70. The net proceeds will be fully
utilized to repay the bridge loan borrowed by an offshore subsidiary of the Company for the subscription of 821,657,973 J&T
Express Class B shares.
For details, please refer to the announcements of the Company dated January 15, 2026 and June 9, 2026.
Significant Investments, Acquisitions and Disposals
The Group did not make any significant investments, acquisitions and disposals of equity interests in subsidiaries or investee
companies, or any significant investments and disposals of non-equity assets for the six months ended June 30, 2026.
Future Plans for Significant Investments and Capital Assets
As of June 30, 2026, the Group did not have any significant investment and capital asset plans.
Subsequent Event
On August 24, 2026, the Board approved the exercise by the Company’s indirect wholly-owned subsidiary of its pre-emptive
rights and potential over-allotment pre-emptive rights to subscribe for new shares issued by Hive Box Holdings Limited (“Hive
Box”), subject to a maximum amount of RMB305 million. On August 28, 2026, the Company’s indirect wholly-owned subsidiary
entered into a subscription agreement with Hive Box to subscribe for an aggregate of 106,971,473 Class A ordinary shares
of Hive Box at RMB2.8489 per share for a total consideration of approximately RMB304.8 million, increasing its shareholding
in Hive Box from 8.73% to approximately 10.03% on a fully diluted and as-converted basis. For details, please refer to the
announcements of the Company dated August 24, 2026 and August 28, 2026.
Corporate Governance and Other Information
Corporate Governance Practices
The Board recognizes the importance of good corporate governance to the Company’s healthy growth and has devoted
considerable efforts to formulating and implementing corporate governance practices appropriate to the Company’s needs.
The Company has adopted the principles and code provisions of the CG Code as the basis of the Company’s corporate
governance practices.
During the Reporting Period and up to the date of this Report, the Company has complied with all applicable principles of
good corporate governance and code provisions of the CG Code, save and except in respect of code provision C.2.1 of
Part 2 of the CG Code, which requires that the roles of chairman and chief executive should be separate and should not be
performed by the same individual.
Chairman and General Manager
Mr. Wang Wei is the chairman of the Board and the general manager (same nature as chief executive) of the Company.
Since Mr. Wang has been operating and managing the main operating subsidiaries of the Company since incorporation of
the Group, the Board is of the view that it is in the best interest of the Group to have Mr. Wang taking up both roles for
effective management and business development of the Group and Mr. Wang will provide strong and consistent leadership
to the Group. This arrangement ensures a more effective and efficient overall strategic planning of the Group as this structure
enables the Company to make and implement decisions promptly and effectively. Further, the Company has put in place an
appropriate check-and-balance mechanism through the Board including three independent non-executive Directors. Therefore,
the Board considers that the balance of power and authority of the present arrangement will not be impaired because such
arrangement would not result in excessive concentration of power in one individual which could adversely affect the interest
of minority Shareholders.
The Company will continue to review and monitor its corporate governance practices to ensure compliance with the CG Code.
Model Code for Securities Transactions
The Company has adopted the Model Code regarding Directors’ dealings in the securities of the Company. Having made
specific enquiry of all the Directors, all Directors confirmed that they have complied with the provisions of the Model Code
during the Reporting Period and up to the date of the Report.
The Company has also established written guidelines for securities transactions by employees who are likely to be in possession
of inside information of the Company on terms no less exacting than the Model Code. No incident of non-compliance with
the written guidelines by the employees has been noted by the Company.
In case the Company is aware of any restricted period for dealings in the Company’s securities, the Company will notify its
Directors and relevant employees in advance.
Interim Report 2026 S.F. Holding Co., Ltd. 061
Corporate Governance and Other Information
Interim Dividend
As the 2025 Annual General Meeting has considered and approved the authorization granted to the Board of Directors to
determine the 2026 interim profit distribution plan, the Board reviewed and approved the 2026 interim profit distribution plan
on August 28, 2026, details of which are as follows:
Based on the total number of Shares registered on the record date (the “Record Date”) for the 2026 interim profit distribution
plan, the Company proposes to distribute cash dividends to all shareholders whose names appear on the register of members
on the Record Date, with a cash dividend of RMB4.9 (tax inclusive) per 10 Shares. The Company will not carry out bonus
issue and conversion of capital reserve into share capital. Upon preliminary calculation based on the Company’s total number
of issued Shares as of the date of this Report, net of Shares in the repurchase securities account as of the same date, the
amount of the interim cash dividend distribution is expected to be RMB2.50 billion, accounting for 45% of the profit attributable
to owners of the Company for the six months ended June 30, 2026. The exact amount distributed therefor is subject to the
actual distribution by the Company. Cash dividends distributed by the Company are denominated and declared in RMB and
payable in RMB to holders of A Shares, and in HKD to holders of H Shares. The exchange rate for the dividend to be paid
in HKD will be the average central parity rate of RMB against HKD as announced by the People’s Bank of China during the
five Business Days prior to the date (exclusive) of the Board’s resolution on the dividend distribution plan, being RMB1.00
to HKD1.15566.
The Record Date for the 2026 interim dividend is September 16, 2026. To determine H Shareholders’ entitlement to the 2026
interim dividend, the Company’s H Share register will close from September 14, 2026 to September 16, 2026 (both days
inclusive), with no H Share transfers registered during this period. In order to be entitled to receive the 2026 interim dividend,
the H Shareholders whose transfers of Shares have not been registered shall lodge all transfer documents together with the
relevant share certificates to Tricor Investor Services Limited at 17/F, Far East Finance Centre, 16 Harcourt Road, Hong Kong
not later than 4:30 p.m. on September 11, 2026.
Please refer to the section headed “Reduction and Exemption of Dividend Tax” in the 2025 annual report of the Company for
detailed information on tax applicable to the dividend declared for the Shareholders.
Issued Shares
As at June 30, 2026, the Company had a total of 5,265,308,078 ordinary Shares in issue. Details of movements in the share
capital of the Company during the Reporting Period are as follows:
Changes in the Reporting Period
Number of Cancellation of Number of
Shares as at repurchased Issuance of Shares as at
January 1, 2026 Shares new Shares Total June 30, 2026
A Shares 4,799,430,409(1) – – – 4,799,430,409(2)
H Shares 240,000,000 – 225,877,669 225,877,669 465,877,669(3)
Total 5,039,430,409 – 225,877,669 225,877,669 5,265,308,078
Notes:
(1) Including 38,959,689 A Shares, which are treasury shares repurchased by the Company pursuant to the 2025 First A-Share Repurchase Plan and
are placed in the Company’s repurchase securities account. On May 8, 2026, the resolution on the amendment to the A Share repurchase plan
was considered and approved at the 2025 annual general meeting, to change the use of the repurchased shares under the 2025 First A-Share
Repurchase Plan from “employee share ownership plan or equity incentive scheme” to “cancellation and reduction of registered share capital”.
(2) Including 156,622,000 A Shares, which are the shares repurchased for cancellation but not yet cancelled and placed in the Company’s repurchase
securities account.
(3) Including 1,284,800 H Shares, which are the treasury shares repurchased and held by the Company.
Corporate Governance and Other Information
Purchase, Sale and Redemption of Listed Securities of the Company
During the six months ended June 30, 2026, the particulars of listed securities repurchased by the Company on the Shenzhen
Stock Exchange are as follows:
Number of Shares Highest price Lowest price Aggregate
Month repurchased paid per A Share paid per A Share Consideration
A Shares RMB RMB RMB
January 9,329,000 38.98 37.61 357,349,312.00
February 2,669,800 37.70 37.25 99,991,082.56
March 16,084,700 38.33 36.05 599,939,203.03
April 29,243,894 38.34 36.75 1,098,975,199.34
May 57,461,517 37.77 35.06 2,080,919,099.44
June 2,873,400 34.90 34.31 99,993,571.47
The repurchased A Shares listed in the table above were repurchased pursuant to the 2025 First A-Share Repurchase Plan, and
will be cancelled in due course. For details of the 2025 First A-Share Repurchase Plan, please refer to the announcements of
the Company dated April 28, 2025, October 30, 2025, March 30, 2026 and May 8, 2026 and the circular dated April 16, 2026.
During the six months ended June 30, 2026, the particulars of listed securities repurchased by the Company on the Hong
Kong Stock Exchange are as follows:
Number of Shares Highest price Lowest price Aggregate
Month repurchased paid per H Share paid per H Share Consideration
H Shares HKD HKD HKD
June 1,284,800 30.32 29.08 38,443,160.01
The repurchased H Shares listed in the table above were repurchased pursuant to the 2026 H Share Repurchase Plan, and
are held as treasury shares. For details of the 2026 H Share Repurchase Plan, please refer to the announcement of the
Company dated March 30, 2026.
Save as disclosed above, neither the Company nor any of its subsidiaries purchased, sold or redeemed any of the Company’s
securities (including sale of treasury shares) listed on the Hong Kong Stock Exchange or the Shenzhen Stock Exchange during
the Reporting Period.
Sufficient Public Float
As at June 30, 2026, the number of issued H Shares was 465,877,669, which included 1,284,800 treasury shares, and the
remaining 464,592,869 H Shares were all counted toward the Company’s public float.
As at June 30, 2026, the percentage of public float of H Shares represented 8.83% of the total number of issued shares in
the class to which the listed shares belong (excluding treasury shares), which is above 5% as required in Rule 19A.28B(2)(b)
of the Listing Rules.
Interim Report 2026 S.F. Holding Co., Ltd. 063
Corporate Governance and Other Information
The Directors confirmed that, during the six months ended June 30, 2026, the public float of the Company has been in
compliance with the applicable public float requirements.
The Company has adopted the 2022 Stock Option Incentive Plan as approved by the second extraordinary general meeting
of 2022 on May 17, 2022. The source of shares of the 2022 Stock Option Incentive Plan shall be the A Shares repurchased
by the Company and placed in the Company’s repurchase securities account and/or the A Shares issued to participants. All
the options under the 2022 Stock Option Incentive Plan have been granted before the Company’s listing on the Hong Kong
Stock Exchange and no option will be further granted.
Details of the options granted and their movements during the Reporting Period are as follows:
Number of Options
Weighted
average
closing price
immediately
before the date
Outstanding Exercised Cancelled Outstanding of exercise of
Name or as at during the during the as at options during
category of January 1, Reporting Reporting June 30, the Reporting
participants Date of grant Exercise price 2026 Period Period(1) 2026(2) Period
Directors (on individual named basis):
Ho Chit May 30, 2022 RMB39.301 244,000 – – 244,000 –
Xu Bensong May 30, 2022 RMB39.301 136,000 – – 136,000 –
Other Eligible Participants:
Subtotal May 30, 2022 and
October 28, 2022 RMB39.301 17,086,709 – – 17,086,709 –
Total 17,466,709 – – 17,466,709
Notes:
(1) Including (i) options that cannot be exercised as individual performance targets were not achieved, (ii) options that cannot be exercised as the
holding participant is no longer an employee of the Group, and (iii) options exercisable but not exercised during the respective exercise period and
lapsed, with exercise prices being RMB39.301.
(2) Of these, the exercise period for 50% of the outstanding options shall be from the first trading day after the 36-month anniversary of the grant date
to the last trading day before the 48-month anniversary of the grant date; the exercise period for the remaining 50% shall be from the first trading
day after the 48-month anniversary of the grant date to the last trading day before the 60-month anniversary of the grant date. The vesting period
of the options is from the grant date until the commencement of the exercise period.
(3) During the Reporting Period, there were no options granted. Therefore, the number of shares that may be issued in respect of options granted
under the 2022 Stock Option Incentive Plan during the Reporting Period divided by the weighted average number of shares of the relevant class
in issue (excluding treasury shares) is nil.
Corporate Governance and Other Information
“Grow Together” Employee Shareholding Scheme (A Shares)
The Company has adopted the “Grow Together” Employee Shareholding Scheme as approved by the 2025 first extraordinary
general meeting held on September 15, 2025. The source of shares of the “Grow Together” Employee Shareholding Scheme
is 200,000,000 A Shares transferred from Mingde Holding to the Company on September 17, 2025 at nil consideration, which
represents approximately 3.80% of the Company’s issued shares as at the date of the Report (excluding treasury shares).
Details and changes to virtual share units granted under the “Grow Together” Employee Shareholding Scheme for the six
months ended June 30, 2026 are as follows:
As at January 1, 2026 During the Reporting Period As at June 30, 2026
The number The number
of Shares of Shares
corresponding The number corresponding
to the of Shares to the
Shareholding corresponding The number Shareholding
Scheme to the of Shares Scheme
Units that Number Shareholding corresponding Units that
Number of have been Number of Number of of virtual Scheme Units to the Number of have been
virtual share accounted virtual virtual share share units that have been Shareholding virtual share accounted
Name or category of units not yet for and share units units accounted accounted for Scheme units not yet for and
eligible participants accounted for vested granted(1) cancelled(2) for(3) and vested(3) Units expired(4) accounted for vested
(Units) (Shares) (Units) (Units) (Units) (Shares) (Shares) (Units) (Shares)
Directors (on individual named basis):
Ho Chit 2,300,000 – – – 2,300,000 421,494 – – 421,494
Xu Bensong 700,000 – – – 700,000 128,281 – – 128,281
Other Participants:
Subtotal 76,819,300 – – 3,944,550 72,874,750 13,357,274 86,511 – 13,270,763
Total 79,819,300 – – 3,944,550 75,874,750 13,907,049 86,511 – 13,820,538
Notes:
(1) During the Reporting Period, no virtual share units were granted.
(2) During the Reporting Period, upon review and approval by the Shareholding Scheme Management Committee, a total of 3,944,550 virtual share
units that were initially granted but failed to meet the vesting conditions were forfeited at nil consideration and cancelled.
(3) On March 30, 2026, the 75,874,750 virtual share units held by 6,407 grantees who met the performance targets were vested as 13,907,049
Shareholding Scheme Units of the Company, corresponding to 13,907,049 A Shares.
(4) During the Reporting Period, 86,511 Shareholding Scheme Units held by 75 participants were forfeited at nil consideration due to their departure.
(5) The grantee is only entitled to cash dividends from the Relevant Shares held, and does not have the right to dispose of the Relevant Shares. The full
rights to the Shares corresponding to the Shareholding Scheme Units that have been accounted for and vested will be enjoyed upon the expiration
of the service period. Upon the expiration of the service period and before the expiration of the duration of the scheme, the Scheme Management
Committee will, in accordance with market conditions, complete the transfer of Relevant Shares or distribute cash to the holders of the Scheme
after the sale of Relevant Shares as soon as possible.
Interim Report 2026 S.F. Holding Co., Ltd. 065
Corporate Governance and Other Information
Interests and Short Positions of Substantial Shareholders in Shares and Underlying
Shares of the Company
As at June 30, 2026, so far as is known to the Directors, the following persons (not being Directors or chief executive of
the Company) had, or were deemed to have, interests or short positions in the Shares, underlying Shares or debentures of
the Company which would fall to be disclosed to the Company and the Hong Kong Stock Exchange under the provisions of
Divisions 2 and 3 of Part XV of the SFO or which were required to be recorded in the register of interests required to be kept
by the Company under section 336 of the SFO:
Approximate Approximate
percentage of percentage of
shareholding in the shareholding in
Class of Number of Shares relevant class of the total issued
Name of substantial Shareholder Shares Nature of interest interested(1) Shares(2) Shares(2)
Wang Wei (3)
A Shares Interest of controlled 2,461,920,119 (L) 51.30% 46.76%
corporation
Mingde Holding(3) A Shares Beneficial Owner 2,361,920,119 (L)(4) 49.21% 44.86%
A Shares Interest of controlled 100,000,000 (L) 2.08% 1.90%
corporation
Li Jie(5) H Shares Interest of controlled 225,877,669 (L) 48.48% 4.29%
corporation
Vistra Trust (Singapore) Pte. H Shares Interest of controlled 225,877,669 (L) 48.48% 4.29%
Limited(5) corporation
Exceeding Summit Holding H Shares Interest of controlled 225,877,669 (L) 48.48% 4.29%
Limited(5) corporation
Topping Summit Limited(5) H Shares Interest of controlled 225,877,669 (L) 48.48% 4.29%
corporation
Jumping Summit Limited(5) H Shares Interest of controlled 225,877,669 (L) 48.48% 4.29%
corporation
J&T Express(5) H Shares Beneficial Owner 225,877,669 (L) 48.48% 4.29%
Notes:
(1) The letter “L” denotes the person’s long position in the Shares and the letter “S” denotes the person’s short position in the Shares.
(2) The calculation is based on the total number of 5,265,308,078 issued Shares as at June 30, 2026, comprised of 4,799,430,409 A Shares and
(3) Mr. Wang held the A Shares through Mingde Holding. Mingde Holding directly held 2,361,920,119 A Shares and indirectly held 100,000,000 A
Shares through Shenzhen Weishun, its wholly-owned subsidiary. Mr. Wang held 99.90% of the equity interest in Mingde Holding. Accordingly, Mr.
Wang was deemed to be interested in the A Shares held by Mingde Holding under Part XV of the SFO.
(4) Among them, an aggregate of 762,092,980 A Shares were subject to pledges granted under certain loans, bonds and credit facilities in favor of
certain PRC financial institutions regulated by NAFR and/or CSRC.
(5) Mr. Li Jie was interested in an aggregate of 225,877,669 H Shares in the Company, which were held indirectly through certain corporations controlled
by him, including Vistra Trust (Singapore) Pte. Limited, Exceeding Summit Holding Limited, Topping Summit Limited, Jumping Summit Limited and
J&T Express.
(6) Pursuant to Section 336 of the SFO, if certain conditions are met, the Shareholders are required to submit a disclosure of interest notice. In the
event of changes in the shareholding of the Shareholders in the Company, the Shareholders will not be required to notify the Company and the Hong
Kong Stock Exchange unless certain conditions are met. Therefore, the latest shareholding of the Shareholders in the Company may be different
from the shareholding submitted to the Hong Kong Stock Exchange.
Save as disclosed above, as at June 30, 2026, the Directors of the Company are not aware of any other person or corporation
having an interest or short position in the Shares and underlying Shares of the Company which would require to be disclosed
to the Company under the provisions of Divisions 2 and 3 of Part XV of the SFO, or which were recorded in the register
required to be kept by the Company pursuant to section 336 of the SFO.
Corporate Governance and Other Information
Interests and Short Positions of Directors and Chief Executive in Shares, Underlying
Shares and Debentures of the Company and its Associated Corporations
As at June 30, 2026, the interests or short positions of the Directors and chief executive of the Company in the Shares,
underlying Shares and debentures of the Company or its associated corporations (within the meaning of Part XV of the SFO)
which (a) were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to Divisions 7 and 8 of
Part XV of the SFO (including interests and short positions which were held or deemed to have under such provisions of the
SFO); or (b) were required, pursuant to section 352 of the SFO, to be recorded in the register referred to therein; or (c) were
required to be notified to the Company and the Hong Kong Stock Exchange pursuant to the Model Code, were as follows:
Interest in Shares or Underlying Shares of the Company
Approximate Approximate
percentage of percentage of
shareholding in the shareholding in
Name of Director Class of Number of Shares relevant class of the total issued
and chief executive Shares Nature of interest interested(1) Shares(2) Shares(2)
Wang Wei A Shares Interest of controlled
corporation(3) 2,461,920,119 (L)(3) 51.30% 46.76%
Ho Chit A Shares Beneficial Owner 787,494 (L) (4)
Xu Bensong A Shares Beneficial Owner 318,481 (L)(5) 0.01% 0.01%
Lee Carmelo Ka Sze A Shares Beneficial Owner 38,000 (L) 0.001% 0.001%
Notes:
(1) The letter “L” denotes the person’s long position in the Shares.
(2) The calculation is based on the total number of 5,265,308,078 issued Shares as at June 30, 2026, comprised of 4,799,430,409 A Shares and
(3) Including (i) 2,361,920,119 A Shares held by Mingde Holding, and (ii) 100,000,000 A Shares held by Shenzhen Weishun, a wholly-owned subsidiary
of Mingde Holding. As at June 30, 2026, Mr. Wang held 99.90% of the equity interests in Mingde Holding. Therefore, Mr. Wang was deemed to
be interested in the A Shares held by Mingde Holding under Part XV of the SFO.
(4) Including (i) 122,000 A Shares held by Mr. Ho, (ii) 244,000 options granted to Mr. Ho under the 2022 Stock Option Incentive Plan, and (iii) 421,494
Shareholding Scheme Units held by Mr. Ho under the “Grow Together” Employee Shareholding Scheme, involving 421,494 A Shares.
(5) Including (i) 54,200 A Shares held by Mr. Xu, (ii) 136,000 options granted to Mr. Xu under the 2022 Stock Option Incentive Plan, and (iii) 128,281
Shareholding Scheme Units held by Mr. Xu under the “Grow Together” Employee Shareholding Scheme, involving 128,281 A Shares.
Interim Report 2026 S.F. Holding Co., Ltd. 067
Corporate Governance and Other Information
Interest in Shares or Underlying Shares of the Associated Corporation of the Company
Total number
of shares/
Number of registered
Name of shares/registered capital of Approximate
Name of Director associated capital the associated percentage of
and chief executive corporation Nature of interest Class of interest interested(1) corporation equity interest
Wang Wei Mingde Holding Beneficial Owner Registered capital RMB RMB 99.90%
Wang Wei SF Intra-city Interest in a controlled H Shares 364,738,662 (L) 745,610,609 48.92%
corporation and others(2) Unlisted domestic shares 171,764,898 (L) 171,764,898 100.00%
Wang Wei KLN Interest in a controlled H Shares 931,209,117 (L) 1,807,429,342 51.52%
corporation and others(3)
Notes:
(1) The letter “L” denotes the person’s long position in the shares of the associated corporation.
(2) Including 171,764,898 H Shares and 171,764,898 domestic shares held by SF Taisen, 75,000,000 H Shares held by Beijing SF Intra-city Technology
Co., Ltd. (北京順豐同城科技有限公司), 117,076,764 H Shares held by SF Holding (HK), and 897,000 H Shares held by Celestial Ocean Investment
Limited. Beijing SF Intra-city Technology Co., Ltd. is a non-wholly owned subsidiary of SF Technology, while Celestial Ocean Investment Limited
is a wholly-owned subsidiary of SF Holding (HK), and both SF Technology and SF Holding (HK) are wholly-owned subsidiaries of SF Taisen. SF
Taisen is a wholly-owned subsidiary of the Company and therefore a non-wholly owned subsidiary of Mingde Holding, which is held by Mr. Wang
as to approximately 99.90%. As such, Mr. Wang was deemed to be interested in the shares of SF Intra-city.
(3) Being 931,209,117 shares of KLN held through Flourish Harmony Holdings Company Limited. Flourish Harmony Holdings Company Limited is
a wholly-owned subsidiary of Advance Harmony Holdings Company Limited. Advance Harmony Holdings Company Limited is a wholly-owned
subsidiary of SF Holding (HK). SF Holding (HK) is a wholly-owned subsidiary of SF Taisen. SF Taisen is a wholly-owned subsidiary of the Company
and therefore a non-wholly owned subsidiary of Mingde Holding, which is held by Mr. Wang as to approximately 99.90%. As such, Mr. Wang was
deemed to be interested in the shares of KLN.
(4) The shares of SF Intra-city and KLN held by Mr. Wang are all ordinary shares.
Save as disclosed above and so far as is known to the Directors and chief executive of the Company, as at June 30, 2026,
none of the Directors or chief executive of the Company had or was deemed to have any other interests or short positions
in the Shares, underlying Shares or debentures of the Company or any of its associated corporations (within the meaning of
Part XV of the SFO) (a) which were required to be notified to the Company and the Hong Kong Stock Exchange pursuant to
Divisions 7 and 8 of Part XV of the SFO (including interests and short positions which they were taken or deemed to have
under such provisions of the SFO); or (b) which were required, pursuant to section 352 of the SFO, to be entered in the
register referred to therein; or (c) which were required to be notified to the Company and the Hong Kong Stock Exchange
pursuant to the Model Code.
Corporate Governance and Other Information
Employees
People-centric culture promotes sustainable growth internally and customer bonding externally. The Company is dedicated to
creating a fair, just and open environment for its employees, with the aim of establishing SF’s brand as a platform for global
shining talents to realize their dreams, seek excellence and achieve career pride. The Company attracts talents through a
fair recruitment policy and provides employees with training opportunities, good career development prospects and growth
opportunities. The Company will continue to attract, cultivate and retain highly motivated talents with diversity, and build an
energetic workforce by enriching the Company’s talent pool.
The Group adopts a comprehensive remuneration policy that takes into account various factors including market benchmarks,
individual performance, and the overall financial results of the Company. This approach ensures that compensation remains
competitive and aligned with both corporate’s overall development objectives and individual contribution levels of employees.
As at June 30, 2026, the Group had 148,200 full-time employees around the world.
Audit Committee and Review of Interim Financial Information
The Company has established an Audit Committee in compliance with Rule 3.21 of the Listing Rules of SEHK and the CG Code
to monitor the implementation of the risk management policies across the Company on an ongoing basis, thereby ensuring
that the internal control system is effective in identifying, managing and mitigating risks involved in the business operations.
The Audit Committee comprises all the independent non-executive Directors, namely Mr. Chan Charles Sheung Wai, Mr.
Lee Carmelo Ka Sze and Dr. Ding Yi. Mr. Chan Charles Sheung Wai serves as the chairman of the Audit Committee and has
the appropriate professional qualifications as required under Rules 3.10(2) and 3.21 of the Listing Rules of SEHK. The Audit
Committee has reviewed interim results and the interim financial information of the Group for the six months ended June 30,
control with senior management members and PricewaterhouseCoopers, the auditor of the Company.
Changes in Information of Directors
Material changes in information of Directors from the date of publication of the 2025 annual report to the date of this Report
are set out below:
Director Details of changes
Wang Wei Appointed as a non-executive director of J&T Express with effect from August 20, 2026
Save as disclosed above, there were no other changes to the information of the Directors that are required to be disclosed
pursuant to Rule 13.51B(1) of the Listing Rules of SEHK.
Continuing Disclosure Obligation Pursuant to the Listing Rules of SEHK
As at the end of the Reporting Period, the Company does not have any disclosure obligations under Rules 13.20, 13.21 and
Interim Report 2026 S.F. Holding Co., Ltd. 069
Report on Review of Interim Financial Information
To the Board of Directors of S.F. Holding Co., Ltd.
(incorporated in the People’s Republic of China with limited liability)
Introduction
We have reviewed the interim financial information set out on pages 71 to 120, which comprises the interim condensed
consolidated statement of financial position of S.F. Holding Co., Ltd. (the “Company”) and its subsidiaries (together, the
“Group”) as at 30 June 2026 and the interim condensed consolidated statement of profit or loss, the interim condensed
consolidated statement of comprehensive income, the interim condensed consolidated statement of changes in equity and
the interim condensed consolidated statement of cash flows for the six-month period then ended, and selected explanatory
notes. The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited require the preparation of
a report on interim financial information to be in compliance with the relevant provisions thereof and International Accounting
Standard 34 “Interim Financial Reporting”. The directors of the Company are responsible for the preparation and presentation
of this interim financial information in accordance with International Accounting Standard 34 “Interim Financial Reporting”. Our
responsibility is to express a conclusion on this interim financial information based on our review and to report our conclusion
solely to you, as a body, in accordance with our agreed terms of engagement, and for no other purpose. We do not assume
responsibility towards or accept liability to any other person for the contents of this report.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim
Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists
of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards
on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the interim financial information of the
Group is not prepared, in all material respects, in accordance with International Accounting Standard 34 “Interim Financial
Reporting”.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, August 28, 2026
Condensed Consolidated Statement of Profit or Loss
For the six months ended June 30, 2026
Six months ended June 30,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Unaudited)
Revenue 4 155,506,421 146,858,174
Cost of revenue 7 (135,019,763) (127,797,632)
Gross profit 20,486,658 19,060,542
Selling and marketing expenses 7 (1,892,187) (1,762,136)
General and administrative expenses 7 (9,735,692) (9,120,144)
Research and development expenses 7 (1,082,256) (1,153,311)
(Impairment losses)/net reversal of impairment losses on
financial assets and contract assets (165,369) 117,104
Other income 5 424,460 485,428
Other gains, net 6 283,883 821,866
Operating profit 8,319,497 8,449,349
Finance income 8 100,132 155,037
Finance costs 8 (783,918) (928,361)
Finance costs, net (683,786) (773,324)
Share of profit/(loss) of associates and joint ventures, net 16 171,425 (36,297)
Impairment provision for investments in associates and
joint ventures (32,241) –
Profit before income tax 7,774,895 7,639,728
Income tax expense 9 (1,804,878) (1,627,325)
Profit for the period 5,970,017 6,012,403
Attributable to:
Owners of the Company 5,501,905 5,737,699
Non-controlling interests 468,112 274,704
Earnings per share for profit attributable to the owners of the
Company:
– Basic (RMB) 1.10 1.16
– Diluted (RMB) 1.10 1.16
The above condensed consolidated statement of profit or loss should be read in conjunction with the accompanying notes.
Interim Report 2026 S.F. Holding Co., Ltd. 071
Condensed Consolidated Statement of Comprehensive Income
For the six months ended June 30, 2026
Six months ended June 30,
RMB’000 RMB’000
(Unaudited) (Unaudited)
Profit for the period 5,970,017 6,012,403
Other comprehensive income:
Items that may be reclassified to profit or loss
– Effective portion of changes in fair value of hedging instruments arising
during the year 1,454 (70,072)
– Share of other comprehensive income of associates and joint ventures
accounted for using the equity method 8,852 (6,390)
– Currency translation differences of foreign operations (713,578) 274,856
Items that will not be reclassified to profit or loss
– Fair value changes of equity investments designated at fair value through
other comprehensive income (1,161,595) 168,278
– Income tax effect 234,151 (11,297)
Other comprehensive income for the period net of tax (1,630,716) 355,375
Total comprehensive income for the period 4,339,301 6,367,778
Attributable to:
Owners of the Company 3,817,062 5,617,090
Non-controlling interests 522,239 750,688
The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying
notes.
Condensed Consolidated Statement of Financial Position
As at June 30, 2026
June 30, December 31,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Audited)
ASSETS
Non-current assets
Property, plant and equipment 11 57,948,534 57,047,334
Right-of-use assets 12 22,044,740 21,977,705
Investment properties 13 6,717,949 7,355,231
Intangible assets 14 17,823,484 18,571,560
Deferred tax assets 2,366,911 2,071,156
Prepayments, other receivables and other assets 15 2,296,698 2,153,828
Investments in associates and joint ventures 16 14,176,563 7,033,620
Financial assets at fair value through other comprehensive income 17 5,652,195 8,297,043
Financial assets at fair value through profit or loss 17 957,014 634,513
Total non-current assets 129,984,088 125,141,990
Current assets
Inventories 2,999,268 3,039,030
Contract assets 3,077,673 3,049,117
Trade and note receivables 18 32,722,352 31,055,349
Prepayments, other receivables and other assets 15 12,365,327 16,674,609
Financial assets at fair value through other comprehensive income 17 317,749 244,734
Financial assets at fair value through profit or loss 17 21,017,193 16,198,976
Restricted cash 19 1,383,685 1,105,601
Cash and cash equivalents 19 25,017,931 19,959,631
Total current assets 98,901,178 91,327,047
Total assets 228,885,266 216,469,037
Interim Report 2026 S.F. Holding Co., Ltd. 073
Condensed Consolidated Statement of Financial Position
As at June 30, 2026
June 30, December 31,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Audited)
LIABILITIES
Non-current liabilities
Borrowings 20 16,193,497 17,720,711
Lease liabilities 12 9,682,022 9,588,355
Deferred tax liabilities 3,589,882 4,099,050
Other payables and accruals 22 232,654 228,092
Deferred income 1,671,953 1,613,357
Total non-current liabilities 31,370,008 33,249,565
Current liabilities
Trade and note payables 21 31,298,360 30,281,225
Contract liabilities 1,981,763 1,987,018
Borrowings 20 26,822,663 16,087,687
Lease liabilities 12 5,722,495 5,828,895
Financial liabilities at fair value through profit or loss 104,471 107,268
Income tax payable 990,820 1,244,330
Other payables and accruals 22 16,286,798 17,326,696
Advances from customers 39,951 31,602
Total current liabilities 83,247,321 72,894,721
Total liabilities 114,617,329 106,144,286
Net assets 114,267,937 110,324,751
Condensed Consolidated Statement of Financial Position
As at June 30, 2026
June 30, December 31,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Audited)
EQUITY
Share capital 23 5,265,308 5,039,430
Less: Treasury shares 23 (5,913,630) (1,542,636)
Reserves 24 54,788,203 50,046,845
Retained earnings 48,646,354 45,765,849
Equity attributable to owners of the Company 102,786,235 99,309,488
Non-controlling interests 11,481,702 11,015,263
Total equity 114,267,937 110,324,751
The above condensed consolidated statement of financial position should be read in conjunction with the accompanying notes.
The financial statements on pages 71 to 120 were approved by the Board of Directors on August 28, 2026 and were signed
on its behalf.
WANG Wei HO Chit
Chairman Director
Interim Report 2026 S.F. Holding Co., Ltd. 075
Condensed Consolidated Statement of Changes in Equity
For the six months ended June 30, 2026
Attributable to owners of the Company
Less: Non-
Share Treasury Reserves Retained controlling Total
capital shares (Note 24) earnings Total interests equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
At January 1, 2026 5,039,430 (1,542,636) 50,046,845 45,765,849 99,309,488 11,015,263 110,324,751
Comprehensive income:
Profit for the period – – – 5,501,905 5,501,905 468,112 5,970,017
Other comprehensive income – – (1,684,843) – (1,684,843) 54,127 (1,630,716)
Total comprehensive income – – (1,684,843) 5,501,905 3,817,062 522,239 4,339,301
Transfer of loss on disposal of equity
investments at fair value through
other comprehensive income to
retained earnings – – 505,222 (505,222) – – –
Transactions with owners
Share-based payment – – 58,974 – 58,974 43,291 102,265
Issue of shares 225,878 – 5,870,889 – 6,096,767 86,013 6,182,780
Repurchase of shares – (4,370,994) – – (4,370,994) – (4,370,994)
Transaction with non-controlling
interests and others – – (64,154) – (64,154) (35,950) (100,104)
Business combination – – – – – 8,564 8,564
Dividends – – – (2,116,178) (2,116,178) (161,376) (2,277,554)
Safety reserve appropriation – – 209,527 – 209,527 – 209,527
Safety reserve utilisation – – (209,527) – (209,527) – (209,527)
Others – – 55,270 – 55,270 3,658 58,928
At June 30, 2026 5,265,308 (5,913,630) 54,788,203 48,646,354 102,786,235 11,481,702 114,267,937
Condensed Consolidated Statement of Changes in Equity
For the six months ended June 30, 2026
Attributable to owners of the Company
Less: Non-
Share Treasury Reserves Retained controlling Total
capital shares (Note 24) earnings Total interests equity
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
(Unaudited)
At January 1, 2025 4,986,187 (758,081) 48,624,934 39,140,246 91,993,286 10,341,935 102,335,221
Comprehensive income:
Profit for the period – – – 5,737,699 5,737,699 274,704 6,012,403
Other comprehensive income – – (120,609) – (120,609) 475,984 355,375
Total comprehensive income – – (120,609) 5,737,699 5,617,090 750,688 6,367,778
Transfer of gain on disposal of equity
investments at fair value through
other comprehensive income to
retained earnings – – (19,113) 19,113 – – –
Transactions with owners
Net proceeds from share option exercising 6,505 – 254,993 – 261,498 – 261,498
Capital contribution of non-controlling
interests – – 802 – 802 30,073 30,875
Repurchase of shares – (100,984) – – (100,984) – (100,984)
Share-based payment – – 33,635 – 33,635 9,558 43,193
Transaction with non-controlling interests
and others – – (205,554) – (205,554) (208,146) (413,700)
Profit appropriations to statutory reserve – – 3,253 (3,253) – – –
Business combination – – – – – 2,113 2,113
Dividends – – – (2,186,424) (2,186,424) (160,714) (2,347,138)
Safety reserve appropriation – – 207,453 – 207,453 – 207,453
Safety reserve utilisation – – (207,453) – (207,453) – (207,453)
Others – – (13,619) – (13,619) – (13,619)
At June 30, 2025 4,992,692 (859,065) 48,558,722 42,707,381 95,399,730 10,765,507 106,165,237
The above condensed consolidated statement of changes in equity should be read in conjunction with the accompanying notes.
Interim Report 2026 S.F. Holding Co., Ltd. 077
Condensed Consolidated Statement of Cash Flows
For the six months ended June 30, 2026
Six months ended June 30,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Unaudited)
Cash flows from operating activities
Cash generated from operations 26(a) 13,531,620 15,109,107
Income tax paid (2,360,216) (2,172,417)
Net cash generated from operating activities 11,171,404 12,936,690
Cash flows from investing activities
Redemption of financial assets at fair value through profit or loss 50,005,358 50,574,710
Disposal of financial assets at fair value through other
comprehensive income 125,052 25,064
Proceeds from sales of associates and joint ventures 24,822 4,279
Investment gains or dividend income from financial assets at
fair value through profit or loss 238,994 264,312
Dividends received from associates and joint ventures 159,036 138,699
Investment gains or dividend income from financial assets at
fair value through other comprehensive income 961 1,849
Proceeds from disposal of property, plant and equipment and
other non-current assets 90,947 77,057
Disposal of subsidiaries, net of cash and cash equivalents held
by subsidiaries at the disposal dates 9,948 1,906,107
Repayment from former subsidiaries – 1,149,220
Purchase of property, plant and equipment and other
non-current assets (6,083,116) (4,138,165)
Acquisition of financial assets at fair value through other
comprehensive income (55,128) –
Acquisition of financial assets at fair value through profit or loss (49,397,654) (66,352,871)
Acquisition of associates and joint ventures (7,228,840) (1,146,005)
Acquisition of subsidiaries, net of cash and cash equivalents held
by subsidiaries at the acquisition dates (151,958) (21,131)
Net cash used in investing activities (12,261,578) (17,516,875)
Condensed Consolidated Statement of Cash Flows
For the six months ended June 30, 2026
Six months ended June 30,
Note 2026 2025
RMB’000 RMB’000
(Unaudited) (Unaudited)
Cash flows from financing activities
Proceeds from issue of shares 7,216,340 –
Capital injection from non-controlling interests 90,680 31,665
Drawdown of bank borrowings 18,495,914 15,546,599
Drawdown of loans from non-controlling interests and other parties 55,627 248,770
Exercise of share options – 261,498
Net cash consideration receive from non-controlling interests
without change of control 1,500 –
Proceeds from corporate bonds and short-term debentures 2,999,638 2,499,378
Deposits received from lessors after the expiry of lease contracts 18,733 10,090
Repayment of bank borrowings (7,937,271) (18,751,194)
Repayment of corporate bonds and short-term debentures (3,632,532) (2,048,572)
Dividend paid to non-controlling interests (163,114) (315,310)
Dividend paid (2,110,307) –
Interests paid (482,359) (669,395)
Repayment of loans from non-controlling interests (38,399) (21,645)
Net cash consideration paid to non-controlling interests without
change of control (98,051) (399,941)
Payments for repurchase of shares (4,370,994) (100,984)
Payments of lease liabilities (3,863,417) (3,553,854)
Payment of transaction costs related to financing activities – (17,869)
Net cash generated from/(used) in financing activities 6,181,988 (7,280,764)
Net increase/(decrease) in cash and cash equivalents 5,091,814 (11,860,949)
Cash and cash equivalents at beginning of the period 19,959,631 32,646,055
Exchange losses on cash and cash equivalents (33,514) (42,445)
Cash and cash equivalents at the end of the period 25,017,931 20,742,661
The above condensed consolidated statement of cash flows should be read in conjunction with the accompanying notes.
Interim Report 2026 S.F. Holding Co., Ltd. 079
Notes to the Condensed Consolidated Financial Statements
S.F. Holding Co., Ltd. (hereinafter “S.F. Holding” or “the Company”), formerly known as Ma’anshan Dingtai Science &
Technology Co., Ltd., was established by 11 natural persons including Liu Jilu and the Labour Union of Ma’anshan Dingtai
Metallic Products Co., Ltd. by cash contribution on May 22, 2003. On October 22, 2007, the Company officially changed to
Ma’anshan Dingtai Rare Earth and New Materials Co., Ltd., and issued additional 19.5 million shares to the public and listed
with trading on Shenzhen Stock Exchange (hereinafter “SZSE”) on February 5, 2010.
In December 2016, approved by China Securities Regulatory Commission, the Company conducted a series of material
asset restructuring arrangements, including entering into a material asset swap and share subscription agreement. Upon the
completion of material asset restructuring, Shenzhen Mingde Holding Development Co., Ltd. (“Mingde Holding”) became the
parent company and ultimate controlling company of the Company, and Mr. Wang Wei was the ultimate controlling shareholder.
On November 27, 2024, the Company was successfully listed on the Main Board of Stock Exchange of Hong Kong Limited
(“HKEx”).
As at June 30, 2026, the Company had 5,265,308,078 shares issued and outstanding, of which 4,799,430,409 shares were
listed on the SZSE (“A Shares”) and 465,877,669 shares were listed on the HKEx (“H Shares”).
The address of the Company’s registered office is 3/F, Complex Building, SF South China Transit Center, No. 1111, Hangzhan
investment holding company. The Company and its subsidiaries (collectively, the “Group”) are principally engaged in the
development of logistics ecosystem including express delivery, freight delivery, cold chain and pharmaceutical logistics,
intra-city on-demand delivery, international logistics service and supply chain solutions.
Hangzhou SF Intra-city Industrial Co., Ltd., an indirect non-wholly owned subsidiary of the Company, is a listed company on
the Main Board of the HKEx and primarily engaged in intra-city on-demand delivery services.
KLN Logistics Group Limited (“KLN”), an indirect non-wholly-owned subsidiary of the Company, is a listed company on the
Main Board of the HKEx and primarily engaged in the provision of integrated logistics and freight forwarding services.
These unaudited condensed consolidated interim financial information are prepared in accordance with IAS 34 “Interim
Financial Reporting” issued by the International Accounting Standards Board (“IASB”) and the disclosure requirements of
Appendix D2 to the Listing Rules of HKEx. These unaudited condensed consolidated interim financial information should be
read in conjunction with the annual financial statements for the year ended December 31, 2025, which have been prepared
in accordance with International Financial Reporting Standards (the “IFRS accounting standards”) issued by the IASB.
The accounting policies used in the preparation of these condensed consolidated interim financial information are consistent
with those used in the annual financial statements for the year ended December 31, 2025, except for the adoption of new
and amended IFRS Accounting Standards as set out below.
The condensed consolidated financial statements are presented in Renminbi (“RMB”) and all values are rounded to the nearest
thousand (RMB’000) except when otherwise indicated.
Notes to the Condensed Consolidated Financial Statements
(a) New standards and interpretations adopted by the Group
The following amendments to existing standards and interpretation have been published that are effective for the accounting
period of the Group beginning on January 1, 2026:
Amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments,
Contract Referencing Nature-dependent Electricity
Annual improvement to IFRS Annual Improvements to IFRS Accounting Standards — Volume 11
In the current interim period, the Group has applied, for the first time, the above amendments to existing standards and
interpretation issued by the IASB. The adoption of the above amendments to existing standards and interpretation had no
material impact on the Group’s accounting policies and did not require retrospective adjustments.
(b) Impact of IFRS Accounting Standards issued but not yet applied by the Group
Standards, amendments to existing standards and interpretations that have been issued but not yet effective and have not
been early adopted by the Group are as follows:
Effective for annual
periods beginning on
or after
IFRS 18 Presentation and Disclosure in Financial Statements January 1, 2027
IFRS 19 Subsidiaries without Public Accountability: Disclosures January 1, 2027
Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency January 1, 2027
Amendments to IAS 28 Amendments to the Fair Value Option for Investments in January 1, 2027
Associates and Joint Ventures
Amendments to Illustrative Examples Disclosures about Uncertainties in the Financial Statements January 1, 2027
on IFRS 7, IFRS 18, IAS 1, IAS 8,
IAS 36 and IAS 37
IFRS 20 Regulatory Assets and Regulatory Liabilities January 1, 2029
Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its To be determined
Associate or Joint Venture
IFRS 18 will replace IAS 1 ‘Presentation of Financial Statements’, introducing new requirements that will help to achieve
comparability of the financial performance of similar entities and provide more relevant information and transparency to
users. Even though IFRS 18 will not impact the recognition or measurement of items in the condensed consolidated financial
statements, its impacts on presentation and disclosure are expected to be pervasive, in particular those related to the
condensed consolidated statement of profit or loss and providing management-defined performance measures within the
condensed consolidated financial statements.
Management is currently assessing the detailed implications of applying the new standard on the Group’s consolidated financial
statements. The Group will apply the new standard from its mandatory effective date of January 1, 2027. Retrospective
application is required, and so the comparative information for the financial year ending December 31, 2026 will be stated in
accordance with IFRS 18.
Except for IFRS 18, none of the above is expected to have a significant effect on the consolidated financial statements of
the Group.
Interim Report 2026 S.F. Holding Co., Ltd. 081
Notes to the Condensed Consolidated Financial Statements
(b) Impact of IFRS Accounting Standards issued but not yet applied by the Group (Continued)
Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual
earnings. The preparation of condensed consolidated interim financial information requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities,
income and expense. Actual results may differ from these estimates.
In preparing these condensed consolidated interim financial information, the significant judgements made by management in
applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied
to the annual financial statements for the year ended December 31, 2025, except for the adoption of amendments to existing
standards and interpretation as set out above.
The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, price risk and
interest rate risk), credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability
of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management
is carried out by the directors and senior management of the Group.
The condensed consolidated interim financial information does not include all financial risk management information and
disclosures required in the annual financial statements; and should be read in conjunction with the Group’s annual financial
statements at December 31, 2025. There have been no changes in the Group’s financial risk management structure and
policies since the year end.
The table below analyzes the Group’s financial instruments carried at fair value at June 30, 2026 and December 31, 2025
by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorized into three levels within
a fair value hierarchy as follows:
• Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
• Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that
is, as prices) or indirectly (that is, derived from prices) (level 2); and
• Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
Notes to the Condensed Consolidated Financial Statements
At June 30, 2026 and December 31, 2025, the financial assets measured at fair value on a recurring basis by the above three
levels were analyzed below:
Level 1 Level 2 Level 3 Total
RMB’000 RMB’000 RMB’000 RMB’000
At June 30, 2026
Non-current:
Financial assets at fair value through profit or
loss (“FVPL”)
– Industry fund investments – – 278,884 278,884
– Others – – 678,130 678,130
Financial assets at fair value through other
comprehensive income (“FVOCI”)
– Equity investment in entities, at fair value 56,743 – 5,595,452 5,652,195
Current:
Financial assets at FVPL
– Structured deposits – – 20,829,599 20,829,599
– Fund investment and others 79 114,946 72,569 187,594
Financial assets at FVOCI
– Notes held for sale – 317,749 – 317,749
At December 31, 2025
Non-current:
Financial assets at FVPL
– Industry fund investments – – 289,307 289,307
– Others – – 345,206 345,206
Financial assets at FVOCI
– Equity investment in entities, at fair value 1,587,405 – 6,709,638 8,297,043
Current:
Financial assets at FVPL
– Structured deposits – – 16,080,264 16,080,264
– Fund investment and others 79 34,709 83,924 118,712
Financial assets at FVOCI
– Notes held for sale – 244,734 – 244,734
Interim Report 2026 S.F. Holding Co., Ltd. 083
Notes to the Condensed Consolidated Financial Statements
The fair value of financial instruments traded in an active market is determined at the quoted market price; and the fair value
of those not traded in an active market is determined by the Group using valuation technique. The valuation models used
mainly comprise discounted cash flow model and market comparable companies model. The major inputs of the valuation
models include expected rate of return and discount of lack of market liquidity.
The changes in Level 3 assets for the six months ended June 30, 2026 are analyzed below:
Financial assets
Financial assets at FVPL at FVOCI
Current Non-Current Non-Current
Equity
Fund Industry investment
Structured investment fund in entities,
deposits and others investments Others(i) at fair value
Opening balance 16,080,264 83,924 289,307 345,206 6,709,638
Additions 49,089,000 – – 256,169 55,201
Reclassification – – – 150 (150)
Disposals/settlements (44,550,014) (4,472) (10,595) (12,105) (596)
Changes in fair value recognized in profit or loss 210,349 (6,883) 5,246 89,459 –
Changes in fair value recognized in other
comprehensive income – – – – (926,254)
Currency translation differences – – (5,074) (749) (242,387)
Closing balance 20,829,599 72,569 278,884 678,130 5,595,452
(i) Others represent the Group’s equity investments in unlisted companies. The increase during the period primarily arose
from an investment in an embodied intelligence company. Under the Shareholders’ Agreement, the Group is entitled
to certain preferred shareholder rights, including, among others, a put option (i.e., the right to require the investee
to repurchase the equity interests held by the Group upon the satisfaction of specified conditions) and a liquidation
preference right. Accordingly, the Group’s management has determined that the risks and rewards assumed by the
Group with respect to this equity investment are significantly different from those held by ordinary shareholders. The
investment is therefore measured at FVTPL.
The Group determines the fair value of the abovementioned investment in preferred shares by reference to the recent
issuance price by the investee, incorporating the expected volatility of the share price, and taking into account the
specific features of such preferred shares, including the put option and liquidation preference right. The valuation is
performed using appropriate valuation techniques to estimate the fair value of this investment.
Notes to the Condensed Consolidated Financial Statements
The Group has assessed that the fair value of cash and cash equivalents,restricted bank deposits, trade receivables, trade and
note payables,financial assets included in prepayments and other receivables, financial liabilities included in other payables
and accruals, short-term bank borrowings and short-term debentures approximate to their carrying amounts largely due to
the short-term maturities of these instruments. For the six months ended June 30, 2026, there were no significant transfers
among Level 1, 2 and 3 of fair value measurements.
The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value
measurements and the sensitivity analysis of fair value to the inputs:
Fair value
Range of inputs
At At Significant (probability-
June 30, December 31, Valuation unobservable weighted
Description 2026 2025 technique(s) input(s) average) Sensitivity of fair value to the input(s)
RMB’000 RMB’000
Current:
Financial assets at FVPL
– Structured deposits 20,829,599 16,080,264 Discounted cash Expected rate of 1.60%-3.00% 10% increase/decrease in expected
flow return rate of return would result in
increase/decrease in fair value
by 0.04%
– Fund investment and others 72,569 83,924 Adjusted net Adjusted net N/A 10% increase/decrease in adjusted
assets value assets value net assets value would result in
increase/decrease in fair value
by 10%
Non-current:
Financial assets at FVPL
– Industry fund investments 278,884 289,307 Adjusted net Adjusted net N/A 10% increase/decrease in adjusted
assets value assets value net assets value would result in
increase/decrease in fair value
by 10%
– Others 678,130 345,206 Market approach Expected volatility 49.41%~63.35% The higher the expected volatility, the
lower the fair value
Financial assets at FVOCI
– Equity investment in entities, 5,595,452 6,709,638 Recent transaction Discount for lack 15%~30% 10% increase/decrease in discount
at fair value price or a of marketability for lack of marketability would result
combination of in decrease/increase in fair value
observable and by 1.76%-3.10%
unobservable
inputs
Interim Report 2026 S.F. Holding Co., Ltd. 085
Notes to the Condensed Consolidated Financial Statements
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision-maker (“CODM”). The CODM, who is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the executive management team that makes strategic decisions.
(a) CODM reviews the Group’s internal reporting in order to assess performance and allocate
resources:
The CODM identifies operating segments based on the internal organization structure, management requirements and internal
reporting system, and discloses segment information of reportable segments which is determined on the basis of operating
segments. An operating segment is a component of the Group that satisfies all of the following conditions: (1) the component
is able to earn revenues and incur expenses from its ordinary activities; (2) whose operating results are regularly reviewed by
the Group’s management to make decisions about resources to be allocated to the segment and to assess its performance,
and (3) for which the information on financial position, operating results and cash flows is available to the Group. If two or
more operating segments have similar economic characteristics and satisfy certain conditions, they are aggregated into one
single operating segment.
The segment businesses are separately presented as the express and freight delivery segment, the intra-city on-demand
delivery segment, and supply chain and international segment. The types of services from which reportable segments derive
revenue are listed below:
• Express and freight delivery segment, which provides time-define express, economy express, cold chain and
pharmaceuticals logistics service, as well as freight service;
• Intra-city on-demand delivery segment, which provides intra-city delivery for merchants and consumers, and last-mile
delivery services;
• Supply chain and international segment, which provides supply chain services, international express service and
international freight forwarding service.
Except for the above business segments, the other segments did not have a material impact on the Group’s operating
outcome, and as such are not separately presented. Management monitors the operating results of the Group’s business
units separately for the purpose of making decisions regarding resource allocation and performance assessment.
Segment performance is assessed based on key performance indicators. Transfer prices between operating segments are
based on the amount stated in the contracts agreed by both sides.
To improve the system of segment performance evaluation, the Group conducted adjustments on the internal management
structure of the Supply Chain and International Segment during the year ended December 31, 2025, with a reallocation of
the Group’s certain subsidiaries, which engaged in providing the Supply Chain and International Segment offshore financing
services, to the Unallocated units.
The Group’s segment information is summarized and disclosed based on the revised segment reporting scope. The impacts
on the disclosure of segment information are summarized as follows:
The total liabilities of the Unallocated units increased by RMB16,428,010,000.
At June 30, 2025, the total liabilities of the Supply Chain and International Segment decreased by RMB16,428,010,000 and the
total liabilities of the Unallocated units increased by RMB16,428,010,000. For the six months ended June 30, 2025, the profit
before income tax and net profit of the Supply Chain and International Segment increased by RMB288,176,000. Meanwhile,
the profit before income tax and net profit of the Unallocated units decreased by RMB288,176,000.
For the six months ended June 30, 2026 and 2025, no revenue from a single customer exceeded 10% or more of the total
revenue.
Notes to the Condensed Consolidated Financial Statements
(a) CODM reviews the Group’s internal reporting in order to assess performance and
allocate resources: (Continued)
Segment information for the six months ended June 30, 2026 is as follows:
Supply chain Intra-city
Express and and on-demand
freight delivery international delivery Undistributed Inter-segment
segment segment segment units elimination Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Revenue from external customers 106,807,062 41,297,465 6,796,137 605,757 – 155,506,421
Inter-segment revenue 5,078,273 1,541,808 4,943,396 3,008,068 (14,571,545) –
Cost of revenue 94,456,953 39,951,063 10,945,759 2,398,845 (12,732,857) 135,019,763
Profit before income tax 6,918,708 267,927 448,147 193,212 (53,099) 7,774,895
Income tax expenses 1,344,325 237,614 98,802 126,752 (2,615) 1,804,878
Net profit 5,574,383 30,313 349,345 66,460 (50,484) 5,970,017
Total assets 111,098,953 64,322,670 5,624,311 156,594,037 (108,754,705) 228,885,266
Total liabilities 76,743,953 42,431,585 2,377,074 82,868,612 (89,803,895) 114,617,329
Depreciation of right-of-use assets
(Note 7) 2,799,178 871,829 7,624 130,565 (320,719) 3,488,477
Depreciation and amortization
(excluding right-of-use assets)
(Note 7) 3,597,927 741,339 28,612 429,811 (20,894) 4,776,795
Impairment losses/(net reversal of
impairment losses) on financial assets
and contract assets 71,087 78,457 5,904 (36,554) 46,475 165,369
Interim Report 2026 S.F. Holding Co., Ltd. 087
Notes to the Condensed Consolidated Financial Statements
(a) CODM reviews the Group’s internal reporting in order to assess performance and allocate
resources: (Continued)
Segment information for the six months ended June 30, 2025 is as follows:
Supply Intra-city on-
Express and chain and demand
freight delivery international delivery Undistributed Inter-segment
segment segment segment units elimination Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Revenue from external customers 104,772,845 35,768,179 5,582,531 734,619 – 146,858,174
Inter-segment revenue 4,205,446 961,448 4,653,419 2,427,769 (12,248,082) –
Cost of revenue 92,919,243 33,704,619 9,561,887 2,705,907 (11,094,024) 127,797,632
Profit before income tax 6,349,245 402,372 157,843 795,712 (65,444) 7,639,728
Income tax expenses 964,567 410,103 20,794 240,775 (8,914) 1,627,325
Net profit/(loss) 5,384,678 (7,731) 137,049 554,937 (56,530) 6,012,403
Total assets 105,853,049 64,227,110 4,952,282 138,301,907 (95,097,845) 218,236,503
Total liabilities 75,830,311 41,264,278 1,970,058 69,497,472 (76,490,853) 112,071,266
Depreciation of right-of-use assets
(Note 7) 2,729,313 789,829 6,681 143,512 (332,174) 3,337,161
Depreciation and amortization
(excluding right-of-use assets)
(Note 7) 3,657,347 763,324 25,470 423,947 (9,942) 4,860,146
(Net reversal of impairment losses)/
impairment losses on financial
assets and contract assets (6,400) (113,195) 1,699 (29,879) 30,671 (117,104)
Notes to the Condensed Consolidated Financial Statements
(b) Disaggregation of revenue
In the following table, revenue of the Group from contracts with customers is disaggregated by timing of satisfaction of
performance obligations. The table also includes a reconciliation to the segment information in respect of revenue of the
Group that is disclosed in the operating segment Note 4(a).
Six months ended June 30, 2026
Logistics and
freight
forwarding
services Sales of goods Others Total
RMB’000 RMB’000 RMB’000 RMB’000
Revenue from main operations
Including: At a point in time – 2,182,046 200,005 2,382,051
Over time 152,390,950 – 288,093 152,679,043
Lease income – – 157,707 157,707
Revenue from other operations
Including: At a point in time – – 88,957 88,957
Over time – – 43,737 43,737
Lease income – – 154,926 154,926
– – 287,620 287,620
Six months ended June 30, 2025
Logistics and
freight
forwarding
services Sales of goods Others Total
RMB’000 RMB’000 RMB’000 RMB’000
Revenue from main operations
Including: At a point in time – 2,361,627 259,362 2,620,989
Over time 143,530,874 – 255,439 143,786,313
Lease income – – 189,652 189,652
Revenue from other operations
Including: At a point in time – – 93,667 93,667
Over time – – 38,527 38,527
Lease income – – 129,026 129,026
– – 261,220 261,220
Interim Report 2026 S.F. Holding Co., Ltd. 089
Notes to the Condensed Consolidated Financial Statements
Six months ended June 30,
RMB’000 RMB’000
Government grants (Note (a)) 271,522 317,688
Dividend income 1,951 1,360
Others 150,987 166,380
(a) The government grants were mainly incentives provided by local government authorities in the PRC, including various
forms of government financial incentives and tax preferences, to recognize the Group’s support and contribution to the
development of local economies. As at June 30, 2026 and 2025, there were no unfulfilled conditions or contingencies
relating to these government grants.
Six months ended June 30,
RMB’000 RMB’000
(Losses)/gains on disposal of investments in associates and joint ventures (4,173) 11,712
(Losses)/gains on disposal of investments in subsidiaries (40,401) 777,717
Fair value changes in financial assets at FVPL 372,988 293,339
Losses on disposal of property, plant and equipment,
right-of-use assets and other non-current assets (55,962) (55,366)
Impairment of inventories, property, plant and equipment and other
non-current assets (496) (43,644)
Net exchange gains/(losses) 61,973 (125,935)
Gains on repurchase of corporate bonds 26,462 65,199
Others (76,508) (101,156)
Notes to the Condensed Consolidated Financial Statements
Expenses included in cost of revenue, selling and marketing expenses, general and administrative expenses and research
and development expenses are analyzed as follows:
Six months ended June 30,
RMB’000 RMB’000
Labour outsourcing cost 55,668,766 54,280,302
Transportation expenses 29,942,519 26,171,863
Transportation outsourcing cost 22,552,248 20,602,909
Employee benefit expenses 17,729,005 16,751,576
Depreciation and amortization (excluding right-of-use assets) 4,776,795 4,860,146
Rent and venue usage expenses 3,995,950 3,816,529
Depreciation of right-of-use assets (Note 12 (b)) 3,488,477 3,337,161
Others 9,576,138 10,012,737
(a) Government grants amounting to approximately RMB209,223,000 and RMB612,658,000 had been recognized as
deduction in the cost of revenue for the six months ended June 30, 2026 and 2025, respectively.
Six months ended June 30,
RMB’000 RMB’000
Finance income:
Interest income on deposits in financial institutions 100,132 155,037
Finance costs:
Interest expenses on borrowings 547,040 695,519
Interest expenses on lease liabilities (Note 12 (b)) 243,380 243,551
Less: Interest capitalized (6,502) (10,709)
Finance costs, net 683,786 773,324
Interim Report 2026 S.F. Holding Co., Ltd. 091
Notes to the Condensed Consolidated Financial Statements
The following table sets forth the component of income tax expense of the Group for the six months ended June 30, 2026
and 2025 respectively:
Six months ended June 30,
RMB’000 RMB’000
Current income tax 2,274,005 1,659,277
Deferred income tax (469,127) (31,952)
Reconciliation between income tax expenses and profit before income tax at applicable tax rates for the six months ended
June 30, 2026 and 2025:
Six months ended June 30,
RMB’000 RMB’000
Profit before income tax 7,774,895 7,639,728
Tax at the statutory tax rate of 25% (Note (a)) 1,943,724 1,909,932
Effect of different tax rates available to different jurisdictions (Note (b)) (131,096) (128,644)
Tax effect of non-taxable income (16,931) (36,382)
Adjustments of prior years (32,625) (56,142)
Tax effect of non-deductible expenses 46,847 78,781
Tax effect of preferential tax rate (Note (a)) (93,330) (137,085)
Tax losses and temporary differences not recognized 293,316 284,032
Reversal of previously recognized tax losses and temporary differences 4,179 132,189
Utilization of previously unrecognized tax losses and temporary differences (193,658) (289,923)
Recognition of tax losses and temporary differences not recognized in prior years (15,548) (129,433)
(a) PRC corporate income tax (“PRC CIT”)
The income tax rate applicable to the principal subsidiaries in Chinese Mainland is 25%, except for certain subsidiaries which
enjoy a preferential income tax rate.
For qualified small and micro-sized enterprises, the annual taxable income up to RMB3,000,000 (inclusive) is subject to an
effective CIT rate of 5% from January 1, 2023 to December 31, 2027.
Besides, certain Group’s subsidiaries benefit from a preferential tax rate of 15% under the CIT Law if they are qualified as
high and new technology enterprises under relevant regulations or located in applicable PRC regions, such as certain western
regions and special economic zone, as specified in the relevant catalogue of encouraged industries, subject to certain general
restrictions described in the CIT Law and the related regulations.
Notes to the Condensed Consolidated Financial Statements
(b) Corporate income tax in Hong Kong and other jurisdictions
(i) Hong Kong profits tax
Hong Kong profits tax has been provided for at the rate of 8.25% on assessable profits up to HK$2,000,000 and 16.5% on
any assessable profits over HK$2,000,000 for the six months ended June 30, 2026 and 2025.
(ii) Corporate income tax in other jurisdictions
Income tax on profit arising from other jurisdictions, including Macau, Singapore, Japan, South Korea, the United States and
Thailand, has been calculated on the estimated assessable profit for the year at the respective rates prevailing in the relevant
jurisdictions, ranging from 12% to 25% for the six months ended June 30, 2026 and 2025.
(c) OECD Pillar Two Model Rules
The Group is within the scope of the Organization for Economic Co-operation and Development (“OECD”) Pillar Two model
rules. Pillar Two legislation became effective in certain jurisdictions from January 1, 2024. Under the legislation, the Group is
obligated to pay a top-up tax for the difference if the Global Anti-Base Erosion (“GloBE”) effective tax rate in any jurisdictions
that are below the 15% minimum rate.
For the six months ended June 30, 2026, the management’s assessment indicates that the quantitative impact of this Pillar
Two top-up tax is not material to the Group’s financial statements.
An interim dividend for the six months ended June 30, 2026 of RMB49 cents per ordinary share (tax inclusive) (for the six
months ended June 30, 2025: an interim dividend of RMB46 cents per share), which is payable to shareholders whose names
appear on the Registers of Members, were approved by the directors on August 28, 2026. The dividend were not recognized
as liabilities as at June 30, 2026.
Interim Report 2026 S.F. Holding Co., Ltd. 093
Notes to the Condensed Consolidated Financial Statements
Aircraft, aircraft
engines,
rotables Computers Office and
Freehold land and high-value Machinery and Transportation and electronic other Leasehold Construction
and buildings maintenance equipment vehicles equipment equipment improvements in progress Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Cost
At January 1, 2026 30,454,328 19,341,759 17,716,128 7,332,135 5,564,989 10,251,492 9,194,694 2,908,619 102,764,144
Additions 8,451 318,330 165,672 990,570 476,128 148,751 97,849 2,974,781 5,180,532
Disposals (396) (60,854) (232,364) (355,518) (221,535) (324,983) (40,482) – (1,236,132)
Disposal of subsidiaries – – (179) – (4,013) (1,083) – – (5,275)
Transfer/reclassification 977,020 755,533 827,396 415 41,159 13,956 242,809 (2,538,086) 320,202
Currency translation differences (240,675) (1,274) (241,082) (63,703) (42,098) (42,662) (84,732) (4,576) (720,802)
At June 30, 2026 31,198,728 20,353,494 18,235,571 7,903,899 5,814,630 10,045,471 9,410,138 3,340,738 106,302,669
Accumulated depreciation
At January 1, 2026 4,163,749 9,467,728 7,470,916 4,992,478 4,276,442 8,239,845 6,977,450 – 45,588,608
Charge for the period (Note (b)) 411,266 868,254 1,004,505 407,291 326,927 449,135 492,611 – 3,959,989
Disposals (365) (54,903) (113,145) (330,870) (194,878) (264,864) (36,115) – (995,140)
Disposal of subsidiaries – – (37) – (1,813) (585) – – (2,435)
Transfer/reclassification 28,121 – – – – – – – 28,121
Currency translation differences (58,032) (95) (129,251) (47,212) (40,750) (39,540) (26,666) – (341,546)
At June 30, 2026 4,544,739 10,280,984 8,232,988 5,021,687 4,365,928 8,383,991 7,407,280 – 48,237,597
Accumulated impairment
At January 1, 2026 – – 86,925 33,416 7,037 697 127 – 128,202
Charge for the year – – – – – – – 87 87
Disposal of subsidiaries – – (1,746) (385) (1,416) (41) – – (3,588)
Currency translation differences – – (4,828) (2,732) (576) (27) – – (8,163)
At June 30, 2026 – – 80,351 30,299 5,045 629 127 87 116,538
Net book value
At June 30, 2026 (Note (a)) 26,653,989 10,072,510 9,922,232 2,851,913 1,443,657 1,660,851 2,002,731 3,340,651 57,948,534
(a) Certain property, plant and equipment with a net carrying amount of approximately RMB446,894,000 at June 30,
to the Group (Note 20).
(b) Depreciation amounting to approximately RMB3,931,430,000 had been recognized in the condensed consolidated
statements of profit or loss for the six months ended June 30, 2026 (six months period ended June 30, 2025:
RMB4,001,493,000).
Notes to the Condensed Consolidated Financial Statements
This note provides information for leases where the Group is a lessee.
(a) Amounts recognized in the condensed consolidated statement of financial position
At June 30, At December 31,
RMB’000 RMB’000
Right-of-use assets
Buildings 15,296,727 15,371,723
Leasehold land and land use rights 6,667,956 6,521,358
Motor vehicles 59,125 59,294
Equipment and others 20,932 25,330
Lease liabilities
Current 5,722,495 5,828,895
Non-current 9,682,022 9,588,355
Additions to the right-of-use assets for the six months period ended June 30, 2026 were approximately RMB4,057,754,000
(six months period ended June 30, 2025: RMB6,006,348,000).
Leasehold land and land use rights with a net carrying amount of approximately RMB90,565,000 at June 30, 2026 (At
December 31, 2025: RMB95,927,000) were pledged as securities for bank loans and bank overdrafts granted to the Group
(Note 20).
Interim Report 2026 S.F. Holding Co., Ltd. 095
Notes to the Condensed Consolidated Financial Statements
(b) Amounts recognized in the condensed consolidated statement of profit or loss
The condensed consolidated statement of profit or loss show the following amounts relating to leases:
Six months ended June 30,
RMB’000 RMB’000
Depreciation charge of right-of-use assets
Buildings 3,372,345 3,197,926
Leasehold land and land use rights 87,595 104,903
Motor vehicles 21,744 26,294
Equipment and others 6,793 8,038
Interest expenses (Note 8) 243,380 243,551
Expense relating to short-term leases and low-value assets
(included in costs and expenses) 2,189,293 2,108,487
Total cash outflow for leases (included in operating and
financing cash outflow) 6,184,068 5,788,850
The Group has various lease contracts that have not yet commenced at June 30, 2026 and December 31, 2025. The future
lease payments for these non-cancellable lease contracts are as below:
At June 30, At December 31,
RMB’000 RMB’000
Within 1 year (including 1 year) 1,479,768 1,128,349
Between 1 and 2 years (including 2 years) 717,152 400,916
Between 2 and 3 years (including 3 years) 437,552 367,397
Over 3 years 1,340,407 339,518
Notes to the Condensed Consolidated Financial Statements
At June 30,
RMB’000
Cost
At the beginning of the period 8,231,519
Disposals (56)
Transfer/reclassification (565,552)
Exchange adjustment (27,004)
At the end of the period 7,638,907
Accumulated depreciation
At the beginning of the period 876,288
Charge for the period 85,691
Transfer/reclassification (43,137)
Exchange adjustment 2,116
At the end of the period 920,958
Net book value
At the end of the period (Note (a)) 6,717,949
(a) Certain investment properties with a net carrying amount of approximately RMB107,249,000 at June 30, 2026 (At
December 31, 2025: RMB112,094,000) were pledged as securities for bank loans and bank overdrafts granted to the
Group (Note 20).
Interim Report 2026 S.F. Holding Co., Ltd. 097
Notes to the Condensed Consolidated Financial Statements
(b) Leasing arrangements
The Group leases various offices and warehouses to lessees under non-cancellable operating lease agreements with monthly
rental payments. The lease terms are mainly between 1 year and 5 years, and the majority of lease agreements are renewable
at the end of the lease period at market rates.
Minimum lease payments receivable on leases of investment properties at June 30, 2026 and December 31, 2025, were as
follows:
At June 30, At December 31,
RMB’000 RMB’000
Land and buildings:
Within 1 year (including 1 year) 468,164 424,677
Between 1 and 2 years (including 2 years) 259,382 218,889
Between 2 and 3 years (including 3 years) 148,324 136,443
Between 3 and 4 years (including 4 years) 98,801 85,833
Between 4 and 5 years (including 5 years) 59,258 60,825
Over 5 years 221,354 150,053
Notes to the Condensed Consolidated Financial Statements
Development Customer
expenditures Goodwill relationships Software Trademarks Others Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
Cost
At January 1, 2026 161,679 9,609,469 5,936,131 9,230,796 4,932,762 369,173 30,240,010
Additions 365,608 137,702 – 68,597 – 40 571,947
Disposals (423) – (11,050) (45,169) (10,016) (7,728) (74,386)
Transfer/reclassification (399,099) – – 399,099 – – –
Currency translation differences – (333,910) (209,296) (20,651) (178,113) (5,056) (747,026)
At June 30, 2026 127,765 9,413,261 5,715,785 9,632,672 4,744,633 356,429 29,990,545
Accumulated amortization
At January 1, 2026 – – 1,800,263 7,977,586 1,483,294 261,383 11,522,526
Charge for the period – – 170,661 436,242 108,109 11,077 726,089
Disposals – – (11,050) (37,258) (10,013) (7,714) (66,035)
Currency translation differences – – (81,428) (17,212) (55,047) (4,490) (158,177)
At June 30, 2026 – – 1,878,446 8,359,358 1,526,343 260,256 12,024,403
Impairment
At January 1, 2026 70 64,160 14,738 66,950 – 6 145,924
Currency translation differences – (2,244) (536) (486) – – (3,266)
At June 30, 2026 70 61,916 14,202 66,464 – 6 142,658
Net book value
At June 30, 2026 127,695 9,351,345 3,823,137 1,206,850 3,218,290 96,167 17,823,484
Interim Report 2026 S.F. Holding Co., Ltd. 099
Notes to the Condensed Consolidated Financial Statements
(a) Goodwill
The carrying amount of goodwill allocated to Cash-Generating Units (“CGUs”) or the groups of Cash-Generating Units:
At June 30, At December 31,
RMB’000 RMB’000
KLN CGUs 5,691,379 5,895,878
Fenghao Supply Chain CGUs 2,936,548 3,047,302
SXH China Logistics CGUs 350,369 363,743
SX Freight CGUs 149,587 149,587
Others 223,462 88,799
Goodwill is allocated to the CGUs that are expected to benefit from business combination.
Goodwill would be tested for impairment annually and when there is indication that they may be impaired. The recoverable
amount of a CGU is determined based on the higher of its fair value less costs of disposal and value in-use.
Management did not identify any adverse changes indicating any impairment in the carrying amounts of goodwill for all CGU
at June 30, 2026.
Notes to the Condensed Consolidated Financial Statements
At June 30, At December 31,
RMB’000 RMB’000
Non-current:
Amounts due from related parties (Note 29(d)) 129,058 106,973
Prepayments (Note (a)) 959,637 922,010
Deferred pilot recruitment costs 689,643 706,707
Finance lease receivables 121,737 129,553
Others 416,693 307,644
Less: Allowance for expected credit losses (20,070) (19,059)
Current:
Amounts due from related parties (Note 29(d)) 485,455 323,686
Value-added tax recoverable 3,507,710 3,529,293
Prepayments (Note (b)) 3,543,161 2,881,143
Fixed Income Certificates 50,000 5,618,400
Deposits 1,997,307 1,790,403
Cash to collect on behalf of customers 597,265 723,087
Prepaid corporate income tax 186,092 353,392
Finance lease receivables 35,512 41,459
Others 2,309,370 1,755,991
Less: Allowance for expected credit losses (346,545) (342,245)
(a) The balances of the Group mainly comprised prepaid construction equipment balances at June 30, 2026 and December
(b) The balances of the Group mainly comprised prepaid freight and transportation costs at June 30, 2026 and December
Interim Report 2026 S.F. Holding Co., Ltd. 101
Notes to the Condensed Consolidated Financial Statements
Movement of investments in associates and joint ventures for the six months ended June 30, 2026 is analyzed as follows:
Investments in Investments in
associates joint ventures
RMB’000 RMB’000
At the beginning of the period 4,356,047 2,677,573
Additions and disposals, net (Note (a)) 7,202,628 8,500
Share of profit, net 38,520 132,905
Share of other comprehensive income 9,970 (1,118)
Share of other equity movement 68,982 19
Dividend declared during the period (154,144) –
Exchange differences (130,136) (942)
Less: Impairment loss provided for the period (912) (31,329)
At the end of the period 11,390,955 2,785,608
Notes:
(a) Investment in J&T Express Global Limited
On January 15, 2026, the Group entered into a subscription agreement with J&T Express Global Limited (“J&T
Express”), under which the Group subscribed for 821,657,973 newly issued Class B shares of J&T Express for
HK$8,298.75 million, and J&T Express subscribed for 225,877,669 newly issued H shares of the Company for
HK$8,298.75 million, resulting in a cross-shareholding between the two parties. Both subscriptions were completed
on June 9, 2026 (the “Completion Date”), and the transaction price is equivalent to approximately RMB7,216,340,000.
The Group previously held 150,300,355 Class B ordinary shares of J&T Express. Upon completion of the above
subscriptions, the Group’s aggregate shareholding in J&T Express increased to 971,958,328 Class B ordinary shares,
representing approximately 10% of the total issued share capital of J&T Express. Concurrently, J&T Express holds
approximately 4% of the Company’s total issued H shares.
Prior to the Completion Date, the Group designated its original equity investment in J&T Express as a financial asset
measured at fair value through other comprehensive income. Pursuant to the subscription agreement, the Group
concluded that, upon completion of the transaction, the Group’s shareholding percentage in J&T Express increased,
and it has the right to appoint a director to the board of J&T Express and is able to exercise significant influence
over J&T Express’s financial and operating policies. Accordingly, the Group concluded that J&T Express became
an associate of the Group, and the investment is accounted for using the equity method in accordance with IAS 28
Investments in Associates and Joint Ventures. The Group concluded that the substance of the transaction was to
acquire newly issued shares of J&T Express by issuing the Company’s own H shares as consideration. The initial
carrying amount of the associate was determined based on the fair value of the previously held equity interest of
RMB1,125,298,000 and the fair value of the 225,877,669 H shares issued by the Company of RMB6,096,767,000
(HK$31.04 fair value of per share), amounting to RMB7,222,065,000 in total. The cumulative fair value changes
previously recognized in other comprehensive income amounting to RMB446,255,000 were reclassified to retained
earnings upon the reclassification of the investment.
(b) There is no associate and joint venture that is individually significant to the Group.
Notes to the Condensed Consolidated Financial Statements
(a) Financial assets at FVPL
At June 30, At December 31,
RMB’000 RMB’000
Non-current:
– Industry fund investments 278,884 289,307
– Equity investment in unlisted entities, at fair value 671,939 338,816
– Others 6,191 6,390
Current:
– Structured deposits 20,829,599 16,080,264
– Fund investment and others 187,594 118,712
(b) Financial assets at FVOCI
At June 30, At December 31,
RMB’000 RMB’000
Non-current:
– Listed equity investments, at fair value (Note 16(a)) 56,743 1,587,405
– Unlisted equity investments, at fair value (i) 5,595,452 6,709,638
Current:
– Notes held for sale 317,749 244,734
For the six months ended June 30, 2026, the loss recognized in other comprehensive income was primarily attributable to
the changes in fair value of Hive Box Holdings Limited (“Hive Box”).
Interim Report 2026 S.F. Holding Co., Ltd. 103
Notes to the Condensed Consolidated Financial Statements
At June 30, At December 31,
RMB’000 RMB’000
Trade and note receivables
– related parties (Note 29(d)) 507,490 525,273
– third parties 33,138,298 31,362,506
Less: Allowance for expected credit losses (923,436) (832,430)
(a) The Group has various credit policies for different business operations depending on the requirements of the markets
and businesses. The ageing analysis of the trade and note receivables based on invoice dates is as follows:
At June 30, At December 31,
RMB’000 RMB’000
Within 1 year (including 1 year) 32,826,930 31,224,876
Between 1 and 2 years (including 2 years) 286,162 308,010
Over 2 years 532,696 354,893
There is no concentration of credit risk with respect to trade and note receivables, as the Group has a large number of
customers.
(b) The Group applies the simplified approach to provide for expected credit losses prescribed by IFRS 9. At June 30,
and provided for impairment provision.
(c) The provision and reversal of provision for impairment of receivables have been included in impairment losses on
financial assets and contract assets in the condensed consolidated statement of profit or loss. Amounts charged to
the allowance account are written off when it is expected cannot be recovered.
(d) The carrying amount at the reporting date approximated the fair value of each class of receivables mentioned above.
Notes to the Condensed Consolidated Financial Statements
At June 30, At December 31,
RMB’000 RMB’000
Restricted cash
Statutory reserve deposits with the PBOC for banking operations (Note (a)) 1,003,587 895,679
Pledged bank deposits and others 380,098 209,922
Cash and cash equivalents
Cash on hand and cash at banks (excluding PBOC) 25,010,393 19,951,626
Surplus reserve deposits with the PBOC (Note (b)) 7,538 8,005
Notes:
(a) On September 18, 2016, the Group incorporated SF Holding Group Finance Co., Ltd., a licensed financial institution,
principally engaging in the provision of cash management services within the group internally.
(b) SF Holding Group Finance Co., Ltd. is required to deposit with the People’s Bank of China (the “PBOC”) an amount
that equals to 5% of qualified RMB deposits from corporates. The required reserve deposits are restricted and not
available for use in the daily business. Deposits with the PBOC in excess of the required reserve deposits are excess
reserve deposits, which are maintained mainly for clearance settlement purposes.
Interim Report 2026 S.F. Holding Co., Ltd. 105
Notes to the Condensed Consolidated Financial Statements
At June 30, At December 31,
RMB’000 RMB’000
Non-current:
Long-term bank borrowings (Note (a))
– secured (Note (a)(i)) 3,432 4,930
– unsecured (Note (a)(ii)) 5,099,499 5,178,401
Corporate bonds (Note (c)) 10,916,503 12,358,825
Loans from non-controlling interests and other parties 174,063 178,555
Current portion of non-current:
Long-term bank borrowings (Note (a))
– secured (Note (a)(i)) 20,724 24,609
– unsecured (Note (a)(ii)) 412,701 191,270
Corporate bonds (Note (c)) 6,029,711 5,693,782
Short term:
Short-term bank borrowings (Note (b))
– secured (Note (b)(i)) 82,658 104,338
– unsecured (Note (b)(ii)) 17,336,794 7,092,994
Convertible bonds (Note (c)) 2,567,427 2,620,001
Loans from non-controlling interests and other parties 372,648 360,693
Notes:
(a) Long-term bank borrowings
(i) Certain non-current assets had been pledged as securities for long-term bank borrowings at June 30, 2026
and December 31, 2025. Refer to Note 11(a), Note 12(a), Note 13(a) and Note 18(d).
(ii) The bank borrowings of approximately RMB5,270,425,000 at June 30, 2026 (At December 31, 2025:
RMB5,124,631,000) had been guaranteed by the subsidiaries within the Group.
(iii) The Group had complied with all of the financial covenants of its borrowing facilities for the six months ended
June 30,2026 and the year ended December 31, 2025.
(iv) The range of interest rates of major non-current bank borrowings were 1.50% to 4.59% at June 30, 2026 (At
December 31, 2025: 1.00% to 6.17%).
Notes to the Condensed Consolidated Financial Statements
Notes: (Continued)
(b) Short-term bank borrowings
(i) Certain non-current assets had been pledged as securities for short-term bank borrowings at June 30, 2026
and December 31, 2025. Refer to Note 11(a), Note 12(a), Note 13(a) and Note 18(d).
(ii) Short-term bank borrowings of approximately RMB2,013,760,000 at June 30, 2026 (At December 31, 2025:
RMB2,477,183,000) had been guaranteed by the subsidiaries of the Group.
(iii) The range of interest rates of major short-term bank borrowings were 0.52% to 8.54% at June 30, 2026 (At
December 31, 2025: 1.00% to 9.25%).
(c) Corporate bonds and convertible bonds
(i) Bonds amounting to RMB17,487,952,000 at June 30, 2026 (At December 31, 2025: RMB18,645,270,000)
had been guaranteed by the Company.
(ii) The range of interest rates of bonds and debentures were 2.38% to 3.13% at June 30, 2026 (At December
(iii) With the approval of the Hong Kong Stock Exchange, SF Holding Investment 2023 Limited, a wholly-owned
subsidiary of the Group, issued offshore convertible bonds at a total of HK$2,950,000,000 (equivalent of
RMB2,703,675,000), which can be converted into H Shares of the Company under specific conditions (“H Share
convertible bonds”) to professional investors on July 10, 2025. After deduction of issue fees and expenses, the
actual net proceeds raised were RMB2,666,878,000. Among which, the liability component of the convertible
bonds amounted to RMB2,626,737,000 was included in borrowings, while the equity component amounted
to RMB40,141,000 was included in reserve.
The H Share convertible bonds have a term of 363 days, and the maturity date is July 8, 2026, with a zero
coupon rate and no interest bearing. Unless previously redeemed, converted or purchased or cancelled,
the Group will redeem each convertible bond at 100.50% of its principal amount on the maturity date. The
conversion period is from the 41st day after the issue date up to the close of business on the date falling into
the bondholders may apply for conversion. The initial conversion price of the H Share convertible bonds at the
time of issuance was HK$48.47 per share, which was subsequently adjusted to HK$47.43 per share due to
the distribution of dividends to shareholders.
At June 30, At December 31,
RMB’000 RMB’000
Trade and note payables
– related parties (Note 29(d)) 504,921 505,415
– third parties 30,793,439 29,775,810
Interim Report 2026 S.F. Holding Co., Ltd. 107
Notes to the Condensed Consolidated Financial Statements
The ageing analysis of the trade and note payables based on invoice date at June 30, 2026 and December 31, 2025 were
as follows:
At June 30, At December 31,
RMB’000 RMB’000
Within 1 year (including 1 year) 31,080,599 30,110,808
Over 1 year 217,761 170,417
At June 30, At December 31,
RMB’000 RMB’000
Non-current:
Salaries, wages and benefits 74,991 75,741
Others 157,663 152,351
Current:
Amounts due to related parties (Note 29(d)) 169,075 166,552
Salaries, wages and benefits 4,923,446 6,193,421
Payable for purchase of property, plant and equipment 2,888,259 3,156,556
Deposits 3,117,789 2,864,951
Dividend payable 30,233 24,945
Payables of cash collected on delivery service 1,238,016 1,367,940
Other taxes payable 961,878 881,517
Consideration payable for business combinations 9,118 10,961
Others 2,948,984 2,659,853
Notes to the Condensed Consolidated Financial Statements
Number of
fully paid
ordinary shares Share capital Treasury shares Total
RMB’000 RMB’000 RMB’000
At January 1, 2026 5,039,430,409 5,039,430 (1,542,636) 3,496,794
Issue of shares (Note (a)) 225,877,669 225,878 – 225,878
Repurchase of shares (Note (b)) – – (4,370,994) (4,370,994)
At June 30, 2026 5,265,308,078 5,265,308 (5,913,630) (648,322)
At January 1, 2025 4,986,186,983 4,986,187 (758,081) 4,228,106
Exercise of share options (Note (a)) 6,505,034 6,505 – 6,505
Repurchase of shares (Note (b)) – – (100,984) (100,984)
At June 30, 2025 4,992,692,017 4,992,692 (859,065) 4,133,627
(a) Issuance of H Shares to J&T Express
As disclosed in Note 16(a), on June 9, 2026, the Company issued 225,877,669 H Shares to J&T Express. The fair
value of the H shares issued was RMB6,096,767,000, of which RMB225,878,000 was credited to share capital and
RMB5,870,889,000 was credited to capital reserve.
(b) Repurchase of shares
During the six months ended June 30, 2026, a total of 117,662,311 A shares and 1,284,800 H shares were repurchased
for cancellation to reduce the Company’s registered capital. Treasury shares of approximately RMB4,337,620,000 (A
shares) and RMB33,374,000 (H shares) were recorded as a deduction from equity.
Interim Report 2026 S.F. Holding Co., Ltd. 109
Notes to the Condensed Consolidated Financial Statements
Other General and
Capital Conversion comprehensive regulatory Special Statutory
reserve option reserve income reserve reserve reserve Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At January 1, 2026 42,363,874 40,141 4,445,694 524,376 – 2,672,760 50,046,845
Other comprehensive income – – (1,684,843) – – – (1,684,843)
Transfer of loss on disposal of equity investments
at fair value through other comprehensive
income to retained earnings – – 505,222 – – – 505,222
Transactions with owners
Issue of shares 5,870,889 – – – – – 5,870,889
Share-based payment 58,974 – – – – – 58,974
Transaction with non-controlling interests and
others (64,154) – – – – – (64,154)
Safety reserve appropriation – – – – 209,527 – 209,527
Safety reserve utilisation – – – – (209,527) – (209,527)
Others 55,270 – – – – – 55,270
At June 30, 2026 48,284,853 40,141 3,266,073 524,376 – 2,672,760 54,788,203
Other General and
Capital comprehensive regulatory Special Statutory
reserve income reserve reserve reserve Total
RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000
At January 1, 2025 40,924,932 4,529,488 524,376 – 2,646,138 48,624,934
Other comprehensive income – (120,609) – – – (120,609)
Transfer of gain on disposal of equity investments
at fair value through other comprehensive income to
retained earnings – (19,113) – – – (19,113)
Transactions with owners
Net proceeds from share option exercising 254,993 – – – – 254,993
Capital contribution of non-controlling interests 802 – – – – 802
Profit appropriations to statutory reserve – – – – 3,253 3,253
Share-based payment 33,635 – – – – 33,635
Transaction with non-controlling interests and others (205,554) – – – – (205,554)
Safety reserve appropriation – – – 207,453 – 207,453
Safety reserve utilisation – – – (207,453) – (207,453)
Others (13,619) – – – – (13,619)
At June 30, 2025 40,995,189 4,389,766 524,376 – 2,649,391 48,558,722
Notes to the Condensed Consolidated Financial Statements
(a) Share-based payment expenses during the period were as follows:
Six months ended June 30,
RMB’000 RMB’000
Equity settled share-based payment 102,265 43,193
(b) Equity settled share-based payment arrangement
(i) 2022 A Share Option Incentive Plan of the Company
contribute to the growth of the Group’s operations and provide long-term incentives for employees to deliver sustainable
shareholder returns.
The stock options vest over a period of 4 years on the condition that the employees, officers and directors remain in service
and certain performance standards are met.
As of June 30, 2026, there were 17,467,709 share options outstanding under the 2022 A Share Option Incentive Plan.
The Group recognizes share-based payments in capital reserves and its consolidated statement of profit or loss based on
options ultimately expected to vest, after considering estimated forfeitures of the share options. Forfeitures are estimated
based on the historical experience and revised in the subsequent periods if actual forfeitures differ from those estimates. The
impact of the revision of the original estimates on non-market vesting conditions, if any, is recognized in the profit and loss
over the remaining vesting period, with a corresponding adjustment to capital reserves.
Share-based payment expenses of RMB13,895,000 related to the above share options were reversed in the condensed
consolidated statement of profit or loss for the six months ended June 30, 2026 (six months ended June 30, 2025: expenses
of RMB20,167,000 were recognized).
An accumulated amount of RMB569,936,000 had been recognized as capital reserve at June 30, 2026 (At December 31,
(ii) “Grow Together” Employee Shareholding Scheme (A Shares)
On September 15, 2025, the “Grow Together Employee Shareholding Scheme (A Share) (Draft)” (“the Scheme”) was reviewed
and approved in the 2025 first extraordinary general meeting held by the Company. A total quantity of up to 1,620,000,000
virtual share units will be granted to the qualified employees of the Group over a period of 9 years within the Scheme’s duration
of no more than 15 years. In the first quarter of the next year after the virtual share units are granted to the qualified employees
in each year, under the jointly consideration of the performance of the Company and the individual employee, the Board of
Directors will calculate the total number of each employee’s shares eligible for vesting based on the increase amount of the
agreed share price compared to the grant price of the virtual share units.
The shares under the Scheme, comprising 200,000,000 A Shares of the Company, were donated by Mingde Holding with
no consideration payment made by the Group. The total number of shares had been transferred to the securities account in
China Securities Depository and Clearing Corporation Limited established by the Scheme.
Interim Report 2026 S.F. Holding Co., Ltd. 111
Notes to the Condensed Consolidated Financial Statements
(b) Equity settled share-based payment arrangement (Continued)
(ii) “Grow Together” Employee Shareholding Scheme (A Shares) (Continued)
The portfolio holders who are the qualified employees of the Group are responsible for the operation and management of
the Scheme itself. Holders’ Meeting is set up and serves as a top authorized organization of the Scheme. If any holders are
directors or supervisors, or members of the senior management, they should waive their voting and proposal rights in the
Holders’ Meeting, and waive their voting rights on any resolutions related to the Scheme at board meetings or shareholders’
meeting of the Company. A Management Committee is established and authorized to serve as the administrator by the Holders’
Meeting. The Management Committee is responsible for the management of the Scheme’s daily operation and execution
of the holders’ rights on behalf of all holders of the Scheme. Members of the Management Committee are elected by the
Holders’ Meeting. Controlling shareholders, ultimate controlling persons, directors, supervisors, and members of the senior
management of the Company, or any of their connected parties, cannot serve as members of the Management Committee.
The assets held by the Scheme are independent from the Company’s assets. Throughout the duration of the Scheme and its
liquidation period, any ungranted shares and dividends or any other assets held by the Scheme do not belong to the Company.
The 2025 initial grant of Virtual Share Units (“the 2025 Plan”)
The agreed share price of the shares eligible for vesting is the average closing price of the Company’s A shares during the
year. A 12-month lock-up period starting from each vesting date is applied to each vesting. At the same time, a service period
is set after the end of the lock-up period, starting from the date after the last lock-up period date. The service period of the
first vesting will be 96 months, following by an 84 months service period for the second vesting, and so on. No service period
is required for the ninth vesting, which is only applied for a 12-month lock-up period. On September 15, 2025, as approved
by the 2025 first extraordinary general meeting, a total of 79,819,300 virtual share units were granted to qualified employees
with a grant price of RMB35 yuan per share.
The Company determines the fair value of the shares on the grant date based on the closing market price and uses a Monte
Carlo simulation model to calculate the estimated number of share units to be eligible for vesting. As at June 30, 2026 the
accumulated amount recognized in capital reserve and attributable to the owners of the Company related to the Scheme was
RMB21,611,000 (At December 31, 2025: RMB8,332,000). Share-based payment expenses of RMB13,279,000 related to the
Scheme were recognized in the condensed consolidated statement of profit or loss for the six months ended June 30, 2026
(six months ended June 30, 2025: nil).
(iii) Share incentive Plan of the subsidiary entities
Subsidiaries of the Group issued restricted share units (‘RSU’) or share options of their own shares to senior executives and
other employees.
The fair value at grant date is independently determined by share price or using the Discounted Cash Flow model or Binomial
Option Pricing model.
Share-based payment expenses of approximately RMB102,881,000 related to the above share awards were recognized in
the condensed consolidated statement of profit or loss for the six months ended June 30, 2026 (six months ended June 30,
An accumulated amount of RMB845,191,000 has been recognized as capital reserve as at June 30, 2026 (At December 31,
Notes to the Condensed Consolidated Financial Statements
(a) Reconciliation of profit before income tax to net cash generated from operations:
Six months ended June 30,
RMB’000 RMB’000
Profit before income tax for the period 7,774,895 7,639,728
Adjustments for:
Depreciation of right-of-use assets (Note 12 (b)) 3,488,477 3,337,161
Depreciation and amortization (excluding right-of-use assets) (Note 7) 4,776,795 4,860,146
Impairment losses / (net reversal of impairment losses) on financial assets and
contract assets 165,369 (117,104)
Impairment of inventories, property, plant and equipment and other
non-current assets (Note 6) 496 43,644
Equity settled share-based compensation expenses 102,265 43,193
Losses on disposal of property, plant and equipment, right-of-use assets
and other non-current assets (Note 6) 55,962 55,366
Fair value changes in financial assets at FVPL (Note 6) (372,988) (293,339)
Gains on repurchase of corporate bonds (Note 6) (26,462) (65,199)
Losses/(gains) on disposal of investments in subsidiaries 40,401 (777,717)
Share of (profit)/loss of associates and joint ventures, net (171,425) 36,297
Losses/(gains) on disposal of investments in associates and joint ventures
(Note 6) 4,173 (11,712)
Dividend income (Note 5) (1,951) (1,360)
Amortization of deferred income (56,809) (33,044)
Finance costs (Note 8) 783,918 928,361
Operating cash flow before working capital changes 16,563,116 15,644,421
Changes in working capital:
Decrease in inventories 39,368 106,309
Increase in trade receivables, prepayment, contract assets and
other receivable (4,148,409) (2,057,725)
Increase in trade payables, contract liabilities, and other payables 1,077,545 1,416,102
Cash generated from operations 13,531,620 15,109,107
Interim Report 2026 S.F. Holding Co., Ltd. 113
Notes to the Condensed Consolidated Financial Statements
No material disposals of subsidiaries by the Group for the six months ended June 30, 2026.
Set out below is summarized financial information for KLN which has material non-controlling interests.
At June 30, At December 31,
RMB’000 RMB’000
Current assets 21,264,345 20,566,942
Non-current assets 22,324,021 23,865,727
Total assets 43,588,366 44,432,669
Current liabilities 14,597,264 14,654,013
Non-current liabilities 8,545,872 8,931,977
Total liabilities 23,143,136 23,585,990
Six months ended June 30,
RMB’000 RMB’000
Revenue 26,201,160 25,316,546
Net profit 607,939 639,240
Attributable to owners of the Company 277,212 283,307
Net cash generated from operating activities 649,395 1,707,819
(i) The financial position, operating results and cash flows of KLN are disclosed in its performance announcements
published on HKEx. The financial information presented above has been adjusted to reflect the fair value of identifiable
assets and liabilities at the acquisition date, as well as the alignment of accounting policies, but do not take the
eliminations of the transactions between KLN and other subsidiaries of the Group into account.
(ii) Except for KLN and its subsidiaries, no other subsidiaries had non-controlling interests that are material to the Group
for the six months ended June 30, 2026 and 2025.
Notes to the Condensed Consolidated Financial Statements
(a) Parent entities
Ownership interest
At June 30, At December 31,
Name Type Place of incorporation 2026 2025
Shenzhen Mingde Holding
Development Co., Ltd.
(“Mingde Holding”) Investment Shenzhen 46.76% 48.85%
The Company’s ultimate holding company is Mingde Holding, and the ultimate controlling person is Mr. Wang Wei.
(b) Names and relationships with related parties
Related parties are those parties that have the ability to control, jointly control or exercise significant influence over the other
party in holding power over the investee; exposure or rights to variable returns from its involvement with the investee; and
the ability to use its power over the investee to affect the amount of the investor’s returns. Parties are also considered to be
related if they are subject to common control or joint control. Related parties maybe individuals or other entities.
The directors of the Company are of the view that the following parties/companies were related parties that had transactions
with the Group during the six months ended June 30, 2026 and 2025, and/or balances with the Group as of June 30, 2026
and December 31, 2025.
Name of related parties Relationship with the Group
Hive Box Holdings Limited and its subsidiaries Entities controlled by the ultimate controlling person of the Company
Shenzhen Fengxiang Information Technology Co., Ltd. and its subsidiaries Entities controlled by the ultimate controlling person of the Company
Hangzhou Fengtai E-Commerce Industrial Park Management Ltd. Entities controlled by the ultimate controlling person of the Company
and its subsidiaries
Guangdong Fengxing Zhitu Technology Co., Ltd. and its subsidiaries Entities controlled by the ultimate controlling person of the Company
Shenzhen Weitai Enterprise Development Co., Ltd. and its subsidiaries Entities controlled by the ultimate controlling person of the Company
Shenzhen Fengxiu Technology Co., Ltd. and its subsidiaries Changed from a subsidiary of the Group to an associate since April
J&T Express and its subsidiaries Became an associate company of the Group since June 2026
Shenzhen Zhongwang Finance and Tax Supply Chain Co., Ltd. Associates of the Group
Sichuan Wulianyida Technology Co., Ltd. and its subsidiaries Associates of the Group
SF Real Estate Investment Trust and its subsidiaries Associates of the Group
Zhejiang Galaxis Technology Group Co., Ltd. and its subsidiaries Associates of the Group
KENGIC Intelligent Technology Co., Ltd and its subsidiaries Associates of the Group
Yihai SF (Shanghai) Supply Chain Technology Co., Ltd. Associates of the Group
South SF Logistics REIT Associates of the Group
ST Engineering Aerospace (Hubei) Aviation Services Co., Ltd. Associates of the Group
Interim Report 2026 S.F. Holding Co., Ltd. 115
Notes to the Condensed Consolidated Financial Statements
(b) Names and relationships with related parties (Continued)
Name of related parties Relationship with the Group
Ezhou CCCC SF Airport Industrial Park Investment and Development Co., Ltd. A joint venture of the Group
Hubei International Logistics Airport Co., Ltd. A joint venture of the Group
Chinese Security Culture Co., Ltd. A joint venture of the Group
Hubei Nongfa Chushi Fresh Supply Chain Co., Ltd. A joint venture of the Group
Guangzhou Xuehang Logistics Co., Ltd. and its subsidiaries A joint venture of the Group
Shenzhen Yizhan Renewal Service Technology Co., Ltd. and its subsidiaries A joint venture of the Group
Global Connect Holding Limited A joint venture of the Group
Beijing Wulian Shuntong Technology Co., Ltd. and its subsidiaries A joint venture of the Group
CR-SF International Express Co., Ltd. A joint venture of the Group
SF Public Welfare Foundation An organization established by the controlling shareholder and
subsidiaries of the Company, in which senior management of the
Company serve as members of the board of directors
(c) Transactions with related parties
The following significant transactions were carried out between the Group and its related parties for the six months ended
June 30, 2026 and 2025. In the opinion of the directors of the Company, the related party transactions were carried out in
the normal course of business and at terms negotiated between the Group and the respective related parties.
Six months ended June 30,
RMB’000 RMB’000
Sales of goods and services:
Controlling shareholder 447 282
Entities controlled by the ultimate controlling person of the Company 947,839 806,235
Joint ventures of the Group 24,113 13,668
Associates of the Group 45,554 18,192
Notes to the Condensed Consolidated Financial Statements
(c) Transactions with related parties (Continued)
Six months ended June 30,
RMB’000 RMB’000
Purchases of goods and services:
Joint ventures of the Group 923,405 582,638
Entities controlled by the ultimate controlling person of the Company 437,915 393,935
Associates of the Group 591,987 261,582
Disposal of equity:
Associates of the Group – 2,083,358
– 2,083,358
Absorb investment:
Associates of the Group 50,019 –
Depreciation and interest expenses borne by the Group as the lessee:
Associates of the Group 187,792 167,665
Entities controlled by the ultimate controlling person of the Company 3,218 3,781
Joint ventures of the Group 2,634 –
Additions of right-of-use assets:
Associates of the Group 434,940 311,283
Entities controlled by the ultimate controlling person of the Company – 838
Other transactions:
Associates of the Group 45,293 42,311
Entities controlled by the ultimate controlling person of the Company 3,258 3,185
Controlling shareholder 347 343
Joint ventures of the Group 491 305
Interim Report 2026 S.F. Holding Co., Ltd. 117
Notes to the Condensed Consolidated Financial Statements
(d) Balances with related parties
At June 30, At December 31,
RMB’000 RMB’000
Amounts due from related parties:
Controlling shareholder 84 45
Entities controlled by the ultimate controlling person of the Company 569,847 634,358
Joint ventures of the Group 98,587 18,738
Associates of the Group 472,327 319,280
Amounts due to related parties:
Controlling shareholder 137 131
Entities controlled by the ultimate controlling person of the Company 158,286 171,288
Joint ventures of the Group 297,924 304,134
Associates of the Group 246,466 260,877
Lease Liabilities:
Entities controlled by the ultimate controlling person of the Company 50,152 53,156
Associates of the Group 641,329 411,879
(e) Guarantee to related parties
(i) Guarantee provided
At June 30, 2026
Guaranteed Guaranteed Whether the guarantee
Guaranteed entities: amount period has been fulfilled
RMB’000
Joint ventures 864,571 September 29, 2021 to No
April 29, 2055
Notes to the Condensed Consolidated Financial Statements
(e) Guarantee to related parties (Continued)
(i) Guarantee provided (Continued)
At December 31, 2025
Guaranteed Guaranteed Whether the guarantee
Guaranteed entities: amount period has been fulfilled
RMB’000
Joint ventures 805,000 September 29, 2021 to No
April 29, 2055
(ii) Contracted not yet provided
At June 30, At December 31,
RMB’000 RMB’000
Joint ventures 2,289,420 2,361,180
(f) Key management compensation
Six months ended June 30,
RMB’000 RMB’000
Key management compensation 18,558 22,579
(a) Capital Commitments
At June 30, At December 31,
RMB’000 RMB’000
Contracted, but not provided for purchase of property, plant and equipment 3,108,368 3,556,117
Investment to be paid 87,786 39,723
Interim Report 2026 S.F. Holding Co., Ltd. 119
Notes to the Condensed Consolidated Financial Statements
(a) Redemption of Convertible Bonds
On July 10, 2025, the Company’s subsidiary, SF Holding Investment 2023 Limited, issued convertible bonds (the
“Bonds”) to institutional investors with an aggregate principal amount of HK$2,950,000,000 (equivalent to approximately
RMB2,703,675,000). The Bonds were convertible into H Shares of the Company upon satisfaction of certain conditions.
On 8 July 2026, upon maturity of the Bonds, the Group redeemed all outstanding Bonds issued at a redemption price of
(b) Repurchase of A Shares
Pursuant to the Resolution on amendments to the A-Share Repurchase Plan, as approved by the Board of Directors on
March 30, 2026, the Company repurchased 3,538,000 A-shares through a dedicated securities account by way of centralized
bidding from July 1, 2026 to July 22, 2026 (the date of the last repurchase progress announcement prior to the authorisation
date of these financial statements).
The 2025 First Tranche A-Share Repurchase Programme was completed during the period from September 3, 2025 to July
bidding, using its own funds, with a total consideration of approximately RMB5,999,593,000(excluding transaction costs).
(c) Profit distribution after the balance sheet date
As stated in Note 10, the Directors have declared an interim dividend of RMB49 cents per share (tax inclusive) for the six
months ended June 30, 2026 (for the six months ended June 30, 2025: an interim dividend of RMB46 cents per share (tax
inclusive).
(d) Subscription of Hive Box Shares
On August 24, 2026, the Board approved the exercise of the Group’s preemptive right to subscribe for 46,829,077 Class A
Shares of Hive Box at RMB2.8489 per share (approximately RMB133 million in aggregate). The Group may also exercise the
excess preemptive right, subject to an aggregate cap of RMB305,000,000.Assuming full exercise up to the cap, the Group
would hold approximately 107 million shares, representing approximately 10.03% of Hive Box.
Upon completion, as the Group will obtain a board seat and participate in financial and operating policy decisions, the
investment in Hive Box will be reclassified from FVOCI to an associate accounted for using the equity method.
Definitions
“active consumer(s)” the number of unique consumer accounts that purchase a particular service at least once
during the prescribed period
“active merchant(s)” the number of unique merchant accounts that purchase a particular service at least once
during the prescribed period
“A Share(s)” ordinary shares issued by the Company, with a nominal value of RMB1.00 each, which
are listed on the Shenzhen Stock Exchange and traded in RMB
“AEO” Authorized Economic Operator, qualified enterprises certified by the World Customs
Organization and provided with facilitation and preferential policies for customs clearance
“AFRC” Accounting and Financial Reporting Council of Hong Kong
“AGV” automated guided vehicle, a transport vehicle with handling function that can travel
automatically along a prescribed path
“AMR” Automated Mobile Robot
“Articles of Association” the articles of association of the Company adopted on August 17, 2023 with effect upon
Listing (as amended from time to time)
“associate(s)” has the meaning ascribed thereto under the Listing Rules of SEHK
“Audit Committee” the audit committee of the Board
“Board” or “Board of Directors” the board of Directors of the Company
“B2B” business to business
“B2C” business to customer
“Business Day” a day on which banks in Hong Kong are generally open for normal business to the public
and which is not a Saturday, Sunday or public holiday in Hong Kong
“China” or “the PRC” the People’s Republic of China, except where the content or context requires otherwise
“China Federation of Logistics & China Federation of Logistics & Purchasing
Purchasing”
“CG Code” the Corporate Governance Code as set out in the Appendix C1 to the Listing Rules of
SEHK
“Companies Ordinance” the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), as amended,
supplemented or otherwise modified from time to time
“Company” or “SF” S.F. Holding Co., Ltd. (順豐控股股份有限公司), formerly registered under the name
Maanshan Dingtai Rare Earth & New Materials Co., Ltd.* (馬鞍山鼎泰稀土新材料股份有
限公司), a joint stock company with limited liability established in the PRC on May 22,
code: 002352.SZ) and the H Shares of which have been listed on the Hong Kong Stock
Exchange (stock code: 6936.HK)
“connected person(s)” has the meaning ascribed thereto under the Listing Rules of SEHK
“connected transaction(s)” has the meaning ascribed thereto under the Listing Rules of SEHK
“Controlling Shareholder(s)” has the meaning ascribed thereto under the Listing Rules of SEHK
“CSRC” China Securities Regulatory Commission
“Director(s)” the director(s) of the Company
Interim Report 2026 S.F. Holding Co., Ltd. 121
Definitions
“dividend payout ratio” calculated as the dividends paid in respect of a year/reporting period divided by the profit
attributable to owners of the Company for the same period, expressed as a percentage
“express logistics business” includes the Company’s time-definite express, economy express, freight delivery, cold
chain and pharmaceuticals logistics, and intra-city on-demand delivery business
“Ezhou cargo hub” the air cargo hub located in Ezhou, Hubei Province, which mainly comprises Ezhou Huahu
International Airport and the logistics complex
“Fenghao Supply Chain” the business entities acquired by the Company from DHL that engage in supply chain
business in Chinese Mainland, Hong Kong and Macau
“Frost & Sullivan Report” the industry report prepared by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. on
the global logistics market
“GDP” gross domestic product
“General Mandate” the general mandate granted to the Board to allot and issue H Shares by the Shareholders
pursuant to a special resolution passed at the 2024 Annual General Meeting
“Group” the Company and its subsidiaries
“H Share(s)” overseas listed foreign ordinary share(s) in the share capital of the Company with a
nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange
and traded in HKD
“H Share Registrar” Tricor Investor Services Limited
“HKFRS(s)” Hong Kong Financial Reporting Standards, amendments and interpretations issued by
the Hong Kong Institute of Certified Public Accountants
“Hong Kong” or “HK” the Hong Kong Special Administrative Region of the PRC
“Hong Kong dollars” or “HKD” Hong Kong dollars and cents respectively, the lawful currency of Hong Kong
“Hong Kong Stock Exchange” or The Stock Exchange of Hong Kong Limited, a wholly owned subsidiary of Hong Kong
“SEHK” Exchanges and Clearing Limited
“IASB” International Accounting Standards Board
“IFRS” the IFRS Accounting Standards, which as collective term includes all applicable individual
International Financial Reporting Standards, International Accounting Standards and
Interpretations issued by the IASB
“J&T Express” J&T Global Express Limited (極兔速遞環球有限公司), an exempted company incorporated
in the Cayman Islands with limited liability on October 24, 2019, the shares of which are
listed on the Hong Kong Stock Exchange (stock code: 1519.HK)
“KEX” KEX Express (Thailand) Public Company Limited, a holding subsidiary of the Company
operating express delivery business in Thailand
“KLN” KLN Logistics Group Limited, a company listed on the Main Board of the Hong Kong
Stock Exchange (stock code: 0636.HK), and a holding subsidiary of the Company
“Listing Rules of SEHK” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong
Limited (as amended, supplemented or otherwise modified from time to time)
“LLP” Lead Logistics Provider
“logistics and freight forwarding includes the Company’s time-definite express, economy express, freight delivery, cold
services” chain and pharmaceuticals logistics, intra-city on-demand delivery, and supply chain and
international business
Definitions
“lower-tier markets” generally refers to the market in third- or lower-tier cities, counties, towns and rural areas,
or the market where customers place greater emphasis on cost-effectiveness
“LTL” less-than-truckload, the transportation of goods that do not require a full truckload
“Mingde Holding” Shenzhen Mingde Holding Development Co., Ltd.* (深圳明德控股發展有限公司), a limited
liability company established under the laws of the PRC on November 5, 1997, one of
the Controlling Shareholders
“Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers contained in
Appendix C3 to the Listing Rules of SEHK
“NAFR” National Administration of Financial Regulation of the PRC (中華人民共和國國家金融監
督管理總局) (which was established on the basis of the China Banking and Insurance
Regulatory Commission (中國銀行保險監督管理委員會))
“Nomination Committee” the nomination committee of the Board
“ODM” Original Design Manufacturer
“OEM” Original Equipment Manufacturer
“PRC Company Law” the Company Law of the People’s Republic of China (中華人民共和國公司法), as
amended, supplemented or otherwise modified from time to time
“PRC GAAP” Generally accepted accounting principles of the PRC
“Prospectus” the prospectus of the Company dated November 19, 2024
“PTL” Partial Truckload, the transportation of goods that are relatively large in volume but still
not sufficient for a full truckload, requiring consolidated shipping
“RDC” Regional Distribution Center
“Reporting Period” from January 1, 2026 to June 30, 2026
“Remuneration and Appraisal the remuneration and appraisal committee of the Board
Committee”
“reverse logistics” logistics services that manage the movement of goods from consumers back to
manufacturers or sellers, generally for purposes including returns, recycling, or repairs
“RFID” Radio Frequency Identification
“Risk Management Committee” the risk management committee of the Board
“RMB” Renminbi, the lawful currency of the PRC
“R&D” research and development
“Securities and Futures the Securities and Futures Commission of Hong Kong
Commission” or “SFC”
“SF Express” S.F. Express Co., Ltd.* (順豐速運有限公司), an indirect wholly-owned subsidiary of the
Company
“SF Express (Group)” SF Express (Group) Limited* (順豐速運(集團)有限公司), the predecessor of Mingde Holding
“SF Holding (Group)” SF Holding (Group) Co., Limited* (順豐控股(集團)股份有限公司), the predecessor of SF
Taisen
“SF Holding (HK)” SF Holding (HK) Limited (順豐控股(香港)有限公司), an indirect wholly-owned subsidiary
of the Company, formerly known as SF Holding Limited (順豐控股有限公司)
“SF Intra-city” or “Intra-city Hangzhou SF Intra-city Industrial Co., Ltd. (杭州順豐同城實業股份有限公司), a company
Industrial” listed on the Main Board of the Hong Kong Stock Exchange (stock code: 9699.HK), an
indirect non-wholly owned subsidiary of the Company
Interim Report 2026 S.F. Holding Co., Ltd. 123
Definitions
“SF REIT” SF Real Estate Investment Trust, listed on the Main Board of the Hong Kong Stock
Exchange (stock code: 2191.HK), is an associate of the Company
“SF Taisen” Shenzhen S.F. Taisen Holding (Group) Co., Ltd.* (深圳順豐泰森控股(集團)有限公司),
previously known as SF Holding (Group) Co., Limited* (順豐控股(集團)股份有限公司), a
direct wholly-owned subsidiary of the Company
“SF Technology” SF Technology Co., Ltd.* (順豐科技有限公司), an indirect wholly-owned subsidiary of
the Company
“SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong), as
amended, supplemented or otherwise modified from time to time
“Share(s)” ordinary share(s) in the capital of the Company with a nominal value of RMB1.00 each,
including both A Shares and H Shares
“Shareholder(s)” holder(s) of the Share(s)
“Shenzhen Stock Exchange” Shenzhen Stock Exchange
“Shenzhen Weishun” Shenzhen Weishun Enterprise Management Co., Ltd.*(深圳市瑋順企業管理有限公司), a
limited liability company established under the laws of the PRC on January 31, 2023, one
of the Controlling Shareholders and owned as to 100% by Mingde Holding
“SKU” stock keeping unit, a unique code that identifies a commodity, which represents the
smallest traceable unit in inventory management and is used to illustrate the identification
and tracking of inventory
“Southern SF Logistics REIT” the Southern SF Warehouse Logistics Closed-end Infrastructure Securities Investment
Fund, listed on the Shenzhen Stock Exchange (180305), is an associate of the Company
“Strategy Committee” the strategy committee of the Board
“subsidiary(ies)” has the meaning ascribed thereto under the Listing Rules of SEHK
“substantial shareholder(s)” has the meaning ascribed thereto under the Listing Rules of SEHK
“Supply chain and international includes the Company’s international express, international cargo and freight forwarding
business” business, and supply chain business
“SXH China Logistics” the business entities acquired by the Company from HAVI China Holding LLC that engage
in cold chain business in mainland China, Hong Kong and Macau
“TEU” twenty-foot equivalent unit, a standard unit of measurement of the volume of a container
with a length of 20 feet, height of eight feet six inches and width of eight feet
“US dollar(s)” or “USD” United States dollars, the lawful currency of the United States
“2022 Stock Option Incentive the stock option incentive plan approved and adopted by the Company on April 28, 2022,
Plan” selected participants including Directors and members of senior management team, key
management members and key staff
“2024 Annual General Meeting” the annual general meeting of the Company held on June 13, 2025
“2025 Annual General Meeting” the annual general meeting of the Company held on May 8, 2026
“3C electronics” computer, communication, and consumer electronic
“%” per cent
* For identification purpose only
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