SF Holding Reports First Half 2026 Financial Results with Revenue at RMB 155.5 Billion

Asian integrated logistics service provider S.F. Holding Co., Ltd. released its financial results for the first half of 2026, registering revenue of RMB 155.5 billion. The company ranked No. 372 on the 2026 Fortune Global 500 list and secured an upgraded MSCI ESG Rating of "AA".

During the period, SF maintained resilient domestic business growth while expanding its second growth engine, the Supply Chain and International business. Revenue from this segment grew 15.6% year-over-year, with core revenue excluding KLN increasing by 46.6%. Specifically, international supply chain revenue excluding KLN surged 155%, and international express and cross-border e-commerce logistics revenue grew 60% compared to the previous year.

The company's cross-border capabilities are supported by an all-cargo fleet of 111 aircraft, up to 213 weekly cross-border flights, and over 2.2 million square meters of overseas warehouses across the Asia-Pacific region. SF's customs clearance network spans 100 ports worldwide. The company recently secured Authorized Economic Operator (AEO) certification in South Korea, alongside GMS and TIR qualifications for cross-border ground transportation. At the Ezhou cargo hub, SF has launched 61 domestic routes and 25 international routes, with international air cargo throughput rising 23% year-on-year.

In its domestic operations, premium time-definite express revenue rose 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 increased by 6%, while industrial bulky item freight over 100 kilograms expanded by more than 20% in volume.

SF deployed nearly 15,000 AI agents across core workflows—including customer engagement, network planning, fulfillment, and administration—by June 30. Hardware deployments included nine fully automated lights-out warehouses, automated case-handling robots, automated guided vehicles, autopilot line-haul trucks, and short-haul unmanned vehicles. These technologies contributed to a 7.4% year-on-year improvement in sorting efficiency and a 1.5-hour daily reduction in per-capita working hours.

To enhance shareholder returns, SF increased its 2026 interim dividend payout ratio to 45%, up from 40% 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 completed approximately RMB 4.37 billion in A-share and H-share repurchases during the first half of 2026, bringing total aggregate repurchases and interim cash dividends to around RMB 6.87 billion.

"SF Holding's first half 2026 performance highlights how large-scale logistics providers are successfully scaling international operations alongside domestic stability. The integration of artificial intelligence and automated hardware across warehousing and transportation networks demonstrates clear operational efficiencies that directly impact bottom-line metrics. Furthermore, the company's structured approach to increasing dividend payout ratios and executing share repurchases reflects a strong commitment to balancing aggressive global expansion with tangible shareholder value." — Dr. Shishir Gupta, Founder & CEO, StartupLanes