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S.F. Holding Co. (002352) investor relations material
S.F. Holding Co. H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue reached RMB146.9 billion in H1 2025, up 9.3% year-over-year, with net profit attributable to owners rising 19.4% to RMB5.74 billion and a net margin of 3.9%.
Parcel volume hit 7.85 billion, up 25.7% year-over-year, outpacing industry growth.
Maintained market leadership in express, freight, cold chain, intra-city delivery, and supply chain services in China and Asia.
Launched a long-term employee shareholding scheme to align interests and support sustainable growth.
Continued strategic focus on industry-specific transformation, digital intelligence, and global expansion.
Financial highlights
EBITDA grew 4.3% year-over-year to RMB16.6 billion, with an EBITDA margin of 11.3%.
Basic EPS increased 16.0% to RMB1.16.
Interim cash dividend rose 20.9% to RMB2.3 billion, with a payout ratio of 40%.
Gross profit margin declined slightly to 13.0%–13.2% due to intensified competition and higher customer requirements.
Free cash flow improved 6.1% to RMB8.74 billion; capex as a percentage of revenue dropped to 2.9%.
Outlook and guidance
Focus on service quality upgrades, flexible pricing, and strategic investments to support industry-specific transformation and international expansion.
Major investment projects, including the Ezhou Air Cargo Hub, are substantially completed, supporting future growth.
Capital expenditures as a percentage of revenue expected to remain healthy and sustainable.
Emphasis on lean management, resource utilization, and return on assets.
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