SF Holding's second-quarter revenue rose 6% year on year, but recurring net profit increased only 3%. Revenue from time definite delivery, which is only reported every six months, was flat. SF's shares fell 6% after earnings.
SF would see better-than-expected efficiency improvement and revenue growth following the deployment of Asia’s first cargo hub airport, Ezhou Huahu airport.
Bears
A sharp increase in compensation and labor shortage against the backdrop of significantly more stringent regulations protecting delivery personnel and falling population dividend in China could materially increase costs and disrupt SF’s operations.
SF Holding was the largest logistics integrated service provider in China and Asia, and the fourth largest globally in 2025 by revenue, according to Frost & Sullivan. It is the only large integrated logistics service provider in Asia that has direct control of its operations with minimal reliance on network partners. It is also independent of any e-commerce platforms. The company is equipped with full-product service capabilities in time-definite express delivery, economic express delivery, freight, cold chain and pharmaceutical, intracity on-demand delivery, international express delivery, international freight and forwarding, and supply chain.