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

Executive summary

• Revenue reached RMB 308.23 billion, up 8.4% year-over-year, with net profit at RMB 11.68 billion, a 14.3% increase from 2024.

• Operating profit rose to RMB 14.76 billion, and basic EPS increased to RMB 2.23.

• The audit opinion is unqualified, confirming fair presentation under Chinese GAAP.

Financial highlights

• Gross margin remained stable as cost increases were offset by revenue growth.

• Net cash from operating activities was RMB 27.56 billion, with year-end cash and equivalents at RMB 19.96 billion.

• Total assets stood at RMB 216.47 billion, with a debt-to-asset ratio of 49.03%, down from 52.14% last year.

• Non-recurring profit items contributed RMB 1.85 billion to net profit.

Outlook and guidance

• The company plans a cash dividend of RMB 4.3 per 10 shares for 2025, pending shareholder approval.

• No material impact expected from new tax regulations or accounting standards.

• Post-balance sheet, the company announced a major investment in J&T Express and continued share buybacks.