SF Holding reported consolidated revenue of RMB 155.51 billion for the six months ended 30 June 2026, up 5.9% year-on-year. Gross profit grew 7.5% to RMB 20.49 billion, lifting gross margin 0.2 percentage points to 13.2%. EBITDA edged up 0.7% to RMB 16.72 billion.

Profit attributable to shareholders declined 4.1% to RMB 5.50 billion, reflecting the absence of a one-off gain recorded in the prior year. Excluding that disposal gain, underlying profit rose 7.0%. Basic earnings per share were RMB 1.10 (-5.2% YoY).

The Board declared an interim cash dividend of RMB 0.49 per share (tax inclusive), equal to a 45% payout of interim earnings versus about 40% in 2025.

Segment highlights: • Express & Freight Delivery contributed RMB 106.81 billion revenue (+1.9% YoY) and RMB 5.57 billion net profit (+3.5% YoY). • Supply Chain & International revenue advanced 15.6% to RMB 41.30 billion; net profit turned positive at RMB 30 million. Excluding KLN, revenue in this segment surged 46.6%. • Intra-city On-Demand Delivery expanded 21.7% to RMB 6.80 billion, with net profit more than doubling to RMB 349 million. • Parcel volume remained broadly stable at 7.86 billion parcels (+0.2% YoY).

Operating cash flow totalled RMB 11.17 billion (-13.6% YoY). Net cash used in investing activities narrowed to RMB 12.26 billion, while financing inflow swung positive to RMB 6.18 billion, helped by new share issuance and increased borrowings. Total assets reached RMB 228.89 billion (+5.7% versus end-2025) and the debt-to-asset ratio stood at 50.1%.

During the period SF Holding issued 225.88 million new H Shares to J&T Express, simultaneously investing HKD 8.30 billion (around RMB 7.22 billion) for a 10% stake in J&T, which is now accounted for as an associate. Share repurchases totaled about RMB 4.65 billion between 1 January and 31 July 2026, covering both A and H shares.

The company continued to emphasise AI-driven efficiency, network optimisation and a value-focused strategy amid moderate volume growth and higher fuel costs. Management retained a robust capital position, with RMB 45.90 billion in cash, deposits and short-term investments at period-end.