Principal Activities

Principally engaged in the development of logistics ecosystem including express delivery, freight delivery, cold chain and pharmaceutical logistics, intra-city on-demand delivery, international logistics service and supply chain solutions in the People’s Republic of China (the “PRC”).

Latest Results

1Q results for the 3 months ended 31-03-2026. No dividend was declared. (Announcement Date: 28 Apr 2026)

Business Review - For the year ended December 31, 2025

Building Intelligent Supply Chains, Leading Global Expansion

In 2025, the global economic and trade environment entered a period of volatility, uncertainty, complexity, and ambiguity.Amid rising geopolitical tensions, increasing trade barriers, and complex multilateral relations, global supply chains underwent a profound restructuring. As a result, security, resilience, and efficiency became the core considerations in the reconfiguration of global industrial and supply chains.

Against this backdrop, China’s economy maintained overall stability, supported by industrial upgrading, resilient exports and synergistic policy measures. The accelerated development of new quality productive forces created structural opportunities across multiple sectors and drove rising demand for specialized and intelligent logistics services. At the same time, as Chinese enterprises evolved from simply exporting products to building production capacity and supply chains overseas, integrated logistics providers with end-to-end globalized capabilities entered a historic window of opportunity.

Confronting a complex and volatile external environment and intensifying market competition, SF continuously adhered to its vision of becoming the well-respected and the world’s leading digital intelligence logistics solution provider. With digital intelligence enablement, deeper supply chain integration and global expansion as key strategic priorities, the Company remained focused on its mission and continued to move forward with determination, delivering another year of record performance. In 2025, SF recorded revenue of RMB308.23 billion, representing a year-on-year increase of 8.4% and surpassing the RMB300 billion revenue milestone for the first time. Profit attributable to owners of the Company reached RMB11.12 billion, representing a year-on-year increase of 9.3%, once again demonstrating its resilience.

In 2025, SF was included in the Fortune Global 500 for the fourth consecutive year, ranking 393rd. In Brand Finance’s“2025 Most Valuable Logistics Brands”, SF ranked sixth globally and remained the No. 1 logistics brand in China. Its MSCI ESG rating was upgraded to AA, ranking first among the world’s four largest integrated logistics service providers. These recognitions are not only milestones for the Company, but also strong affirmation of its long-term commitment to service excellence, technological innovation and sustainable development.

Advancing High-Quality Development and Focusing on Value Creation.

In 2025, SF continued to deepen the implementation of the“Stimulate Operation Vitality”mechanism, further unlocking organizational vitality and strengthening the entrepreneurial drive of its people, thereby promoting scaled business growth.Total parcel volume for 2025 exceeded 16.7 billion, representing year-on-year growth of 25.4% and outpacing the overall express delivery industry. At the same time, in the second half of 2025, the Company progressively and dynamically optimized its market strategy with a greater focus on high-value business and lean operations, shifting from scale-driven to value-driven growth and laying a stronger foundation for high-quality development. In the fourth quarter of 2025, profit attributable to owners of the Company increased by 9.3% quarter-on-quarter, outperforming the expectations the Company had previously communicated to the market in its third-quarter results announcement.

Supported by its comprehensive product matrix and consistently high service standards, the Company responded precisely to the logistics needs created by emerging industries, new consumer scenarios and evolving market trends. Through premium services, SF empowered both industrial upgrading and consumption transformation. The Company’s mid- to high-end time-definite express delivery businesses achieved steady growth at a rate exceeding China’s GDP growth, while the performance foundation of the Company’s core business remained solid. In 2025, domestic express and logistics revenue reached RMB228.56 billion, representing a year-on-year increase of 11.1%.

Deepening Organizational Integration and Accelerating Supply Chain Expansion.

Since the establishment of the“accelerating industry-specific transformation”strategy, the Company has achieved rapid growth in logistics revenue across major industries and continued to increase its market share. In the fourth quarter of 2025, the Company further deepened organizational integration and formally established the supply chain BG. Focusing on seven key sectors—high technology, industrial equipment, automotive, consumer goods, retail food, retail catering and life sciences—the Company introduced a“sales-solutions-operations”triangular operating model spanning headquarters to regional teams, thereby accelerating the execution of its supply chain strategy. In 2025, integrated logistics revenue in industries such as high technology, industrial equipment, automotive and retail food each recorded growth of over 20%, outpacing growth of the total revenue in the corresponding logistics markets.

Establishing Global Logistics Corridors and Leading a New Wave of Globalized Expansion.
Although volatility in international trade and the restructuring of global supply chains have made globalization more challenging, they have also opened up rare strategic opportunities. In 2025, the Company actively captured the shift among Chinese enterprises from“product exports”to“production capacity globalization,”deepened its“the One in Asia with global reach”strategy, and accelerated investment in international end-to-end logistics infrastructure. At the same time, through full-chain technology enablement, the Company built international express and supply chain service capabilities across the Asia-Pacific region and key Europe/U.S. trade lanes benchmarked against the top three global players. While international trade volatility and the sharp decline in ocean freight rates affected revenue growth in the Company’s international freight forwarding business, the Company leveraged its global network and diversified product portfolio to seize the opportunities arising from Chinese enterprises expanding overseas. In 2025, combined revenue from SF’s (excluding KLN) international express, cross-border e-commerce logistics, overseas warehousing and international supply chain services increased by 55.4%, further strengthening SF’s second growth curve.

Digital Intelligence Empowering Supply Chains and Shaping the Future of Logistics.

As artificial intelligence continues to advance rapidly, the logistics industry is moving from localized digitalization to holistic intelligence, and technology is evolving from a digital foundation into an enterprise’s intelligent brain and innovation engine.In 2025, SF accelerated the deployment of frontier technologies such as artificial intelligence, big data, operations research and digital twins across its logistics scenarios. SF’s logistics domain-specific large model processed over 10 billion tokens per day, while the number of active internal AI agents expanded rapidly. These digital employees have been broadly deployed across forecasting, planning, marketing, fulfillment, customer service, customs clearance and data analytics. At the same time, by integrating AI enablement with end-to-end digitalization, the Company continued to provide one-stop digital and intelligent supply chain services—from top-level design to implementation—supporting digital transformation of its customers’supply chain and becoming a close partner in strategic synergy and value co-creation. In 2025, SF Technology was named one of the Fortune China Top 50 Technology Companies, the only logistics technology company on the list.

Business Outlook - For the year ended December 31, 2025

Building on the solid achievements of 2025, and capitalizing on the transformative trends in global logistics and the globalization opportunities for Chinese enterprises, SF remains anchored in its long-term vision of becoming“the well-respected and the world’s leading digital intelligence logistics solution provider.”With“the One in Asia”as its strategic core, SF aims to deepen the synergy between its products and solutions, promote the balanced development of domestic and international businesses, and establish itself as the preferred partner for corporate and individual customers in Asia, thereby achieving sustainable and healthy growth in both business scale and profitability.

In its standardized product services, the Company remains committed to balancing scale and profitability, advancing both small-parcel and freight operations in tandem to reinforce market leadership and achieve simultaneous improvements in quality and efficiency.

For small-parcel services, the Company will focus on maintaining healthy profit growth and sustained leadership in scale.Through continuous optimization of its standardized express product portfolio, the Company will preserve its undisputed service leadership. By deepening network stratification and resource alignment, it will enhance end-to-end cost competitiveness. At the same time, by building differentiated channel barriers across diversified scenarios, it will create synergies with its international and supply chain businesses. For freight services, the Company aims to secure absolute scale leadership while improving profitability. It will accelerate the development of high-quality, cost-effective LTL network capabilities and coordinate the development of economy dedicated route networks. These efforts will continue to reinforce resource synergies and capability spillovers to the international and supply chain businesses.

In the supply chain segment, the Company is committed to deepening penetration into priority industries, significantly increasing the contribution of supply chain solution revenue, and establishing scale leadership in key industry verticals to achieve sustainable and profitable growth.

Strategically, the Company will focus on addressing end-to-end supply chain needs of leading enterprises across industries, building specialized service capabilities spanning domestic and international markets. By establishing a lean and efficient middle-platform operating system, strengthening resource integration and service process standardization, and solidifying a scalable service foundation, the Company will enable large-scale replication. Furthermore, it will promote the deep integration of logistics services with financial and technological capabilities, forming differentiated competitive advantages and delivering higher-value integrated supply chain solutions.

In its international business, the Company targets the Asia-Pacific region with the objective of achieving scale comparable to global industry leaders while maintaining sustainable profitability, accelerating the development of comprehensive cross-border service capabilities.

The Company will continue to strengthen its international network foundation, prioritizing the deployment of key air freight routes while strategically positioning maritime, road, rail and customs clearance resources to form a comprehensive logistics capabilities network. Leveraging its resources, the Company will upgrade its service model from single-resource output to fully integrated end-to-end solutions, comprehensively addressing customers’cross-border supply chain needs. Meanwhile, it will deepen the application of digital technologies in international operations, leveraging data-driven management to enhance operational efficiency and service transparency, thereby building a smart, reliable and efficient global supply chain service system that supports high-quality, scalable growth across Asia-Pacific markets.

The Company is committed to breaking through traditional business boundaries and unlocking the strategic benefits of deep collaboration across its three major business pillars, thereby realizing the full potential of a“1+1+1 > 3”synergy effect. The standardized products, by leveraging the resource support from its small-parcel and freight resources, provide the supply chain and international businesses with highly competitive fulfillment resilience and cost advantages. The supply chain business, in turn, transforms product capabilities into digital and intelligent service capabilities, driving the business toward end-to-end, higher value-added solutions. The international business leverages the Company’s mature domestic operating system to accelerate its global expansion, serving the end-to-end global supply chain needs of leading customers across multiple industries. The deep integration of these three pillars will not only strengthen economies of scale, but also build a solid competitive moat for SF in the global marketplace.

For thirty-three years, SF has forged ahead through wind and rain, crossing one summit after another. Every transformative leap has been born of its steadfast commitment to long-termism, its forward-looking strategic vision, and its unceasing determination to innovate and evolve. The uncertainty of our times is not only a test imposed by the era, but also a crucible in which corporate resilience is forged. Only by holding fast to what must not change can we navigate volatility with confidence, endure through cycles, and go the distance.What remains unchanged is SF’s unwavering commitment to putting customers first. We keep our customers’trust and needs at the very center of all we do, and honor every commitment through precise execution, repaying every trust placed in us with dependable action.What remains unchanged is SF’s spirit of self-renewal. We break through via iteration, grow through transformation, harness digital intelligence to achieve step-change progress, and seize the opportunities of our time through continuous innovation.What remains unchanged is SF’s conviction in its long-term strategy. We are not distracted by temporary gains or losses, nor unsettled by short-term fluctuations. With the discipline and resolve of long-termism, we continue to build the solid foundations for SF’s enduring and sustainable success.

Source: S.F. Holding (06936) Annual Results Announcement