S.F. Holding Co. (002352) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended June 30, 2025, reached RMB 146.9 billion, up 9.3% year-over-year, with strong growth in both domestic and international businesses.

• Net profit attributable to shareholders increased 19.4% to RMB 5.74 billion, with a net margin of 3.9%.

• Basic and diluted EPS were RMB 1.16, up 16% year-over-year.

• Launched a long-term employee shareholding scheme to align interests and support sustainable growth.

• Total comprehensive income attributable to shareholders was RMB 5.62 billion, up from RMB 3.75 billion year-over-year.

Financial highlights

• EBITDA grew 4.3% year-over-year to RMB 16.6 billion, with an EBITDA margin of 11.3%.

• Operating profit rose to RMB 7.58 billion from RMB 6.36 billion year-over-year.

• Interim cash dividend rose 20.9% to RMB 2.3 billion, with a payout ratio of 40%.

• Gross profit margin declined slightly to 13.2% due to intensified competition and higher customer requirements.

• Free cash flow improved 6.1% to RMB 8.7 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.

• Ongoing investments in infrastructure and technology are expected to support future growth.