S.F. Holding Co. (002352) Q3 2026 earnings summary

Executive summary

• Q3 revenue was RMB82.22bn, up 4.87% YoY; net income attributable to shareholders reached RMB2.71bn, up 5.54%, while adjusted net income rose 13.77% to RMB2.53bn.

• Parcels totaled 4.03bn; strategic priorities remained express logistics, digital supply chain and international business, with value-led growth and operating efficiency emphasized.

Financial highlights

• Q3 gross profit was RMB10.43bn, up 6.5% YoY; revenue was RMB82.22bn, up 4.87%.

• 9M revenue rose 5.53% to RMB237.73bn; attributable net income fell 1.12% to RMB8.21bn, while adjusted attributable net income increased 10.78% to RMB7.51bn.

• 9M operating income was RMB11.33bn versus RMB10.73bn YoY; net income was RMB8.91bn versus RMB8.72bn.

• 9M operating cash flow was RMB19.07bn, down 1.80% YoY; investing cash outflow narrowed to RMB12.69bn and financing cash flow shifted to RMB9.69bn inflow.

Outlook and guidance

• Strategy centers on express logistics, digital supply chain and international business, with focus on value-led growth, business mix optimization and disciplined cost management.

• International network development prioritizes air, sea, land and rail routes, customs clearance and overseas warehouses, while targeting opportunities from Chinese companies expanding overseas.

• H-share IPO proceeds allocated to China logistics network upgrades and international/cross-border capability were expected to be used by end-2026; 2025 placement proceeds for international logistics were scheduled through end-2027.