S.F. Holding Co. (002352) H1 2024 earnings summary

Executive summary

• Achieved revenue of RMB 134.4 billion in H1 2024, up 8.1% year-over-year, with net profit attributable to shareholders rising 15.1% to RMB 4.81 billion and gross profit up 10.8% to RMB 18.6 billion.

• Parcel volume reached 6.24 billion, up 6.3% year-over-year; excluding Fengwang business, parcel volume grew 14.3%.

• Maintained industry leadership in express, freight, cold chain, intra-city delivery, and supply chain segments in China and Asia.

Financial highlights

• Gross profit margin improved to 13.9% (+0.4pp), net profit margin attributable to parent company at 3.6% (+0.2pp).

• Basic and diluted EPS both RMB 1.00, up 16.3% year-over-year.

• Net assets attributable to shareholders at RMB 88.6 billion; gearing ratio at 55.0%.

• Net cash flow from operating activities at RMB 13.7 billion; capital expenditure RMB 5.48 billion, down 7.8% year-over-year.

Outlook and guidance

• Expects continued solid revenue growth in H2 2024, with full-year net profit attributable to parent company projected to exceed 2023.

• Anticipates lower profit margin in H2 due to seasonality and higher resource prices, but ongoing cost control and lean management to support profitability.