SF Holding Co Ltd Class A

002352: XSHE (CHN)
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SF Holding Earnings: Long-Term Competitiveness Maintained Due to Investment in Scale and Service

SF Holding’s core EBIT fell 1% year on year in the quarter despite an 11% increase in revenue. Management guided for 2025 capital expenditure to be similar to or lower than 2024. The peak of capex has passed. Capex as a percentage of revenue fell to 2.9% in the first half from 4.1% a year ago.

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