SF Holding Co. Ltd.

• Total revenue surpassed RMB 300 billion for the first time in the Company's history, reaching RMB 308.2 billion, up 8.4% year-over-year
• Net profit attributable to owners of the Company reached a record high of RMB 11.1 billion, up 9.3% year-over-year
• The Board proposed a dividend payout ratio of 40%; plans to double the cap of its existing A-share repurchase program to RMB 6.0 billion and launch an H-share repurchase program with a cap of HK$500 million

HONG KONG, March 31, 2026 /PRNewswire/ -- S.F. Holding Co., Ltd. ('SF Holding' or 'SF' or 'the Company', 002352.SZ; 06936.HK), the largest integrated logistics service provider in Asia and the fourth largest globally, has announced 2025 annual financial results, demonstrating industry-leading supply chain capabilities and strong growth in revenue across all business segments. Full-year revenue surpassed RMB 300 billion for the first time in the Company's history, marking a new milestone in SF Holding's three-decade journey as Asia's leading integrated logistics provider.

Despite global economic fluctuations, SF Holding capitalized on China's industrial upgrading and the momentum of enterprises going global with its diversified supply chain footprint. The Company's performance reflects its operational resilience and its ability to turn external challenges into strategic opportunities.

Commenting on the Company's 2025 results, Mr. Alex Ho, SF Holding's Executive Director and Chief Financial Officer, said: "Every transformative leap has been born of our steadfast commitment to unchanging principles, our forward-looking strategic vision, and our unceasing determination to innovate and evolve. 2025 was a banner year for SF Holding. We made strategic investments to build sustained competitiveness, while dynamically optimizing our business mix and enhancing operational efficiency, thereby ensuring solid delivery of full-year results. We remain unwavering in our commitment to putting customers first, continuously renewing ourselves through innovation, and maintaining discipline in executing our enduring strategy—principles that have guided us through thirty-three years of transformation."

Domestic Business

Domestically, the Company recorded total parcel volume exceeding 16.6 billion, representing 25.4% year-over-year growth and outpacing the overall express delivery industry. SF Holding's core business segments each delivered solid progress. The time-definite express business sustained sector-leading momentum, with revenue growth exceeding China's GDP growth rate, driven by the Company's strategy of "scenario-based products and personalized services" that transcends traditional service boundaries to address evolving needs across diverse sectors. The economy express segment delivered robust growth throughout the year, outpacing the industry average growth while refining its pricing strategy for enhanced profitability. The freight segment's annual shipment tonnage achieved over 27% year-on-year growth, securing leading performance in both scale and growth momentum across the industry. The intra-city on-demand delivery business benefited from expansion of the on-demand retail industry and rising market demand, with segment net profit doubling year-over-year to reach a record high.

Supply Chain and International Business

The Company's supply chain and international business achieved RMB 72.9 billion in revenue, a 3.5% increase, with growth tempered by fluctuating ocean freight rates weighing on the freight forwarding business of KLN. Excluding KLN, the Company's core supply chain and international revenue grew 32.3% year-over-year, with growth momentum accelerating in the second half of the year.

SF Holding provides comprehensive, end-to-end supply chain solutions to leading enterprises across industries, combining specialized expertise with intelligent service capabilities spanning domestic and international markets. This growth is fueled by the Company's intensified efforts in penetrating high potential sectors, supported by a dedicated Supply Chain Business Group spanning seven core verticals — high-tech, industrial equipment, automotive, consumer goods, retail food, retail and catering, and life sciences. The Company successfully capitalized on enterprises' accelerating globalization, deepening its global network and expanding overseas warehousing capacity to support end-to-end cross-border supply chain needs.

Advancing Technology, Digitalization Operations

SF Holding integrates advanced technologies and end-to-end digital transformation across its operations to enhance operational efficiency and reduce costs. By delivering fully connected, intelligent supply chain solutions, the Company empowers clients with comprehensive digital services and establishes itself as a trusted strategic partner for shared value creation.

ESG Recognition

In March 2026, SF Holding's MSCI ESG rating was upgraded to AA, ranking first among the world's four largest integrated logistics service providers, reflecting the Company's comprehensive ESG practices and unwavering commitment to sustainable development.

Reaffirming Shareholder Commitment

SF Holding remains committed to delivering sustainable returns to its shareholders. For the fiscal year 2025, the Board of Directors has proposed a final cash dividend of RMB 2.14 billion. Combined with the interim cash dividend of approximately RMB 2.32 billion already distributed, the total cash dividend for 2025 would represent approximately 40% of the profit attributable to owners of the Company for the year.

The Company is dedicated to returning value to shareholders through RMB 4.46 billion in cash dividends and RMB 1.64 billion in share repurchases. The total amount of the Company's cash dividends and share repurchases in 2025 amounted to RMB 6.1 billion, representing 55% of the full-year net profit to owners of the Company.

The Company also plans to double the cap of its existing A-share repurchase program to RMB 6.0 billion, with the repurchased shares to be used for cancellation, and to launch an H-share repurchase program with a cap of HK$500 million. This proactive enhancement of dividends and share repurchases underscores the Company's strong confidence in its future development. The final dividend distribution plan is subject to approval at the 2025 annual general meeting.

2025 Key Financial Results

• For the fiscal year ended December 31, 2025, total revenue increased by 8.4% year-over-year to RMB 308.2 billion.
• Profit attributable to owners of the Company increased by 9.3% year-over-year to RMB 11.1 billion. Net profit margin was 3.61%.
• Net cash generated from operating activities was RMB 27.6 billion. CapEx was RMB 9.6 billion. Free cash flow was RMB 17.9 billion.
• Time-definite express revenue increased by 7.2% year-over-year to RMB 131.1 billion.
• Economy express revenue increased by 17.6% year-over-year to RMB 32.1 billion.
• Freight segment revenue increased by 11.9% year-over-year to RMB 42.1 billion.
• Intra-city on-demand delivery revenue increased by 43.4% year-over-year to RMB 12.7 billion.
• Supply chain and international business revenue increased by 3.5% year-over-year to RMB 72.9 billion.

Business Outlook

The Company maintains strategic agility and unwavering execution amid evolving market dynamics. Upholding customer centricity, continuous innovation and long-term value orientation, SF Holding remains undeterred by short-term market volatility. The Company will further strengthen its strategic position in end-to-end digitalization, integrated supply chain capabilities and global expansion, consolidate core competitive strengths, and drive high-quality sustainable growth to deliver enduring long-term value to customers and all shareholders.

About S.F. Holding

Founded in 1993, S.F. Holding Co., Ltd. (002352.SZ; 06936.HK) is the largest integrated logistics service provider in Asia and the fourth largest globally. Listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, SF Holding is the constituent stock in the CSI 300 Index, MSCI Emerging Markets Index and holds an "AA" rating in MSCI ESG Ratings. Demonstrating a commitment to being fast, reliable, and customer-focused, the Company utilizes cutting-edge digital technology to promote intelligent and sustainable supply chains, striving to be the well-respected and the world's leading digital intelligence logistics solution provider. For further information, please visit https://ir.sf-express.com/en/.

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SOURCE S.F. Holding Co., Ltd.

HONG KONG, March 25, 2026 /PRNewswire/ -- S.F. Holding Co., Ltd. ('SF Holding' or 'SF', 'the Company', 002352.SZ; 06936.HK), the largest integrated logistics service provider in Asia and the fourth largest globally, today announced that it has been upgraded to an "AA" rating in the latest MSCI ESG Ratings, ranking first among the world's top four integrated logistics service providers^[1] and establishing itself as an outstanding leader in ESG practices within the global air freight and logistics industry.

Alex Ho, Executive Director and Chief Financial Officer of SF Holding, said: "The upgrade to an AA rating reflects our strong commitment to sustainability and the progress we have made in advancing green logistics. As an industry leader, SF will continue to deepen ESG integration across our digital and intelligent supply chain, strengthen our resilience and sustainability and work with value chain partners to create long-term value while supporting the logistics sector's transition toward a low-carbon future."

MSCI ESG Ratings serve as an important input for global institutional investors, as higher-rated companies tend to demonstrate stronger profitability, lower financing costs, and more resilient risk management. According to MSCI, SF performed strongly across key ESG areas, including environmental management, corporate governance, and occupational health and safety—with scores above the global industry average, its rating has been upgraded from "A" in 2025 to "AA" as of March 23, 2026.

The upgrade reflects enhanced recognition of SF's ESG capabilities and execution, together with rising confidence from international investors in its green logistics efficiency and long-term growth outlook.

In environmental sustainability (E), SF's targets were officially validated by the Science Based Targets initiative (SBTi), with a commitment to reach net-zero greenhouse gas emissions across its value chain by 2050.

Leveraging its digital and intelligent carbon management system based on the "Fenghe Sustainability Development Management Platform", SF systematically advances decarbonization initiatives including green transportation, green industrial parks, green packaging, and green technologies. At the same time, supported by its standardized carbon management system and advanced carbon accounting capabilities, the Company has provided customized green, low-carbon supply chain solutions to more than 300 leading clients, empowering partners across the value chain to accelerate their low-carbon transition.

In social responsibility (S), SF safeguards employee rights, promotes diverse talent development and enhances employee well-being, while actively supporting rural revitalization, emergency logistics, education, and medical assistance.

Through tailored training and upskilling programs, the Company has empowered nearly 10,000 couriers to transition into skilled professionals and management talent in 2025. 

Leveraging its leading logistics network and technological capabilities, SF facilitates agricultural distribution and rural development. Its rural service network covers more than 2,800 counties across China, contributing to agricultural upgrading and increased farmer incomes.

In corporate governance (G), SF has established a sound governance structure, comprehensive risk management mechanisms, rigorous business ethics standards, and robust information security systems. To date, the Company has obtained ISO 37301 (compliance management), ISO 27001 (information security management), and ISO 27701 (privacy information management) certifications, demonstrating its alignment with internationally recognized standards in compliance and data protection.

Looking ahead, SF will continue to strengthen its ESG strategy and implementation, further integrate green and low-carbon initiatives with digital and intelligent innovation, enhance long-term enterprise value, and guide the global logistics industry toward a higher-quality, sustainable future.

About SF Holding

Founded in 1993, S.F. Holding Co., Ltd. (002352.SZ; 06936.HK) is the largest integrated logistics service provider in Asia and the fourth largest globally. Listed on the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, SF Holding is the constituent stock in the CSI 300 Index, MSCI Emerging Markets Index and holds an "AA" rating in MSCI ESG Ratings. Demonstrating a commitment to being fast, reliable, and customer-centered, the Company possesses digital technology to promote the development of intelligent and green supply chains and aims to be the well-respected and the world's leading digital intelligence logistics solution provider. For further information, please visit https://ir.sf-express.com/en/.

^[1] Note: According to Frost & Sullivan, the world's top four integrated logistics service providers by 2024 revenue are UPS, FedEx, DHL, and SF Holding.

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SOURCE S.F. Holding Co., Ltd.