S.F. Holding Co., Ltd. released its financial results for the first half of 2026, reporting revenue of RMB 155.5 billion. The company secured the No. 372 spot on the 2026 Fortune Global 500 list and received an upgraded MSCI ESG Rating of "AA". Growth was recorded across core domestic operations, while the supply chain and international business emerged as a key growth engine.
During the reporting period, revenue from SF's Supply Chain and International business increased by 15.6% year-over-year. Core revenue, excluding KLN, grew by 46.6%. Specifically, international supply chain revenue surged 155%, while international express and cross-border e-commerce logistics revenue increased by 60% compared to the previous year. The company's cross-border operations are supported by a fleet of 111 all-cargo aircraft, 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.
Domestically, SF maintained steady growth across its service offerings. Premium time-definite express revenue rose 5.3% year-over-year, while unit revenue in economy express increased by 6%. Freight volumes for industrial bulky items over 100 kilograms expanded by over 20%. Intra-city delivery also registered revenue and profit growth driven by scale effects.
The company continued to scale its technology and automation infrastructure. As of June 30, 2026, SF deployed nearly 15,000 AI agents across customer engagement, network planning, fulfillment, and administration workflows. Hardware deployments included nine fully automated lights-out warehouses, automated case-handling robots, automated guided vehicles, autopilot trucks for line-haul transportation, and unmanned vehicles for short-haul shuttling.
To enhance shareholder returns, SF lifted its 2026 interim dividend payout ratio to 45%, up 5 percentage points from the 40% payout for the full year of 2025. It also proposed amendments to its Five-Year Shareholder Return Plan (2024-2028) targeting payout ratios of 45% in 2026, 50% in 2027, and no less than 50% in 2028, subject to shareholder approval. Additionally, the company doubled the cap of its A-share repurchase program to RMB 6.0 billion and launched its first H-share repurchase program of HKD 500 million, completing approximately RMB 4.37 billion in share repurchases during the first half of the year.
"SF Holding's first-half 2026 performance highlights the critical importance of scaling cross-border infrastructure and integrating AI-driven automation in modern logistics. By focusing on international supply chain expansion alongside disciplined capital allocation and enhanced shareholder returns, the company demonstrates how established enterprises can build resilience while sustaining operational efficiency in a competitive global market." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
