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

Executive summary

• Achieved record revenue of RMB308.23 billion in 2025, up 8.4% year-over-year, surpassing RMB300 billion for the first time. Profit attributable to owners reached RMB11.12 billion, up 9.3% year-over-year. Recognized for service excellence, innovation, and ESG leadership, including Fortune Global 500 ranking and MSCI ESG AA rating.

• Total parcel volume exceeded 16.7 billion, up 25.4% year-over-year, outpacing industry growth. Strategic focus shifted from scale-driven to value-driven growth, with high-value business and lean operations prioritized in H2 2025.

Financial highlights

• Revenue: RMB308.23 billion (+8.4% YoY); Gross profit: RMB40.28 billion (+3.6% YoY); EBITDA: RMB32.78 billion (+0.3% YoY); Net profit: RMB11.68 billion (+14.4% YoY); Profit attributable to owners: RMB11.12 billion (+9.3% YoY).

• Basic EPS: RMB2.23 (+5.7% YoY); Gross profit margin: 13.07% (down 0.61pp YoY); EBITDA margin: 10.64% (down 0.86pp YoY); Weighted average ROE: 11.5% (+0.35pp YoY); Debt-to-asset ratio: 49.03% (down 3.11pp YoY).

• Net cash from operating activities: RMB27.56 billion (down 14.4% YoY); Capex: RMB11.28 billion (+5.3% YoY); Free cash flow: RMB17.93 billion.

Outlook and guidance

• Strategic focus on deepening product-solution synergy, balanced domestic/international growth, and sustainable profitability. Plans to reinforce market leadership in small-parcel and freight, expand supply chain penetration in key industries, and accelerate international network development, especially in Asia-Pacific.

• Continued investment in digital intelligence, automation, and ESG initiatives. Guidance for further scale and profitability improvements, with a commitment to high-quality, value-driven growth.