S.F. Holding Co., Ltd., a major integrated logistics service provider in Asia, has released its financial performance data for the first half of 2026, reporting total revenue of RMB 155.5 billion. During this period, the company rose to No. 372 on the Fortune Global 500 list and received an upgraded MSCI ESG Rating of "AA".
The company reported resilient growth across its domestic operations alongside accelerating momentum in its supply chain and international business. Revenue from SF's Supply Chain and International business increased by 15.6% year-over-year. Core revenue in this segment, excluding KLN, grew by 46.6%. Specifically, international supply chain revenue (excluding KLN) surged 155%, while international express and cross-border e-commerce logistics revenue increased by 60% compared to the same period last year.
To support its cross-border operations, SF Holding maintains a fleet of 111 all-cargo aircraft, up to 213 weekly cross-border flights, over 2.2 million square meters of overseas warehouses in the Asia-Pacific region, and a customs clearance network spanning 100 ports worldwide. The company also reported progress at the Ezhou cargo hub, having launched 61 domestic routes and 25 international routes, with international air cargo throughput rising 23% year-on-year.
In its domestic logistics operations, premium time-definite express revenue grew 5.3% year-over-year. The company served approximately 780 concerts and over 2,000 exhibitions during the first half of the year. Economy express unit revenue rose 6% year-over-year, while freight volumes for industrial bulky items over 100 kilograms expanded by more than 20%.
On the technology front, SF deployed nearly 15,000 AI agents to support workflows in customer engagement, network planning, fulfillment, and administration. The company also expanded its deployment of automated equipment, operating nine fully automated warehouses and utilizing automated case-handling robots, automated guided vehicles, autopilot trucks, and unmanned vehicles. This technological integration contributed to a 7.4% year-on-year improvement in sorting efficiency and a reduction in per-capita working hours.
Alongside operational results, SF Holding announced measures concerning shareholder returns. The company lifted its 2026 interim dividend payout ratio to 45%, up from 40% for the full year 2025. It also proposed an amendment to its Five-Year Shareholder Return Plan (2024-2028), targeting a 45% dividend payout ratio in 2026, 50% in 2027, and no less than 50% in 2028, subject to shareholder approval.
Furthermore, the company doubled the cap of its A-share repurchase program to RMB 6.0 billion and launched an H-share repurchase program of HKD 500 million. In the first half of 2026, SF completed approximately RMB 4.37 billion in share repurchases. Combined with the proposed interim cash dividend of RMB 2.50 billion, total aggregate returns stand at approximately RMB 6.87 billion.
"SF Holding's first-half 2026 results demonstrate how established logistics giants are scaling operations through technology and international expansion. The notable growth in their cross-border supply chain segment highlights the rising demand for resilient global logistics networks. Furthermore, their structured approach to enhancing shareholder returns through increased dividend payout ratios and active share repurchases reflects a clear commitment to balancing capital allocation with long-term business expansion." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
