S.F. Holding Co. (002352) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached RMB 74.14 billion, up 6.1% year-over-year; net profit attributable to shareholders was RMB 2.53 billion, up 13.0% year-over-year.

• Total parcel volume was 3.73 billion, up 4.9% year-over-year, maintaining steady growth despite a high base.

• The company continued to optimize its business structure, focusing on high-value segments and international expansion.

Financial highlights

• Operating income: RMB 74.14 billion, up 6.1% year-over-year.

• Net profit attributable to shareholders: RMB 2.53 billion, up 13.0% year-over-year; net margin improved by 0.2 percentage points to 3.4%.

• Gross profit: RMB 10.19 billion, up 9.7% year-over-year; gross margin increased by 0.4 percentage points to 13.7%.

• Operating cash flow: RMB 3.36 billion, down 17.2% year-over-year.

• Basic EPS: RMB 0.51, up 13.3% year-over-year.

Outlook and guidance

• The company remains committed to value-driven growth, international expansion, and optimizing its logistics network.

• Strategic focus on high-value business and international logistics is expected to drive future growth.