S.F. Holding Co., Ltd. has announced its financial results for the first half of 2026, registering a total revenue of RMB 155.5 billion. The company, recognized as Asia's largest integrated logistics service provider, climbed to No. 372 on the Fortune Global 500 list and secured an upgraded MSCI ESG Rating of 'AA'.
During the period, SF delivered steady growth across its domestic operations while accelerating its second growth engine: the Supply Chain and International business. Revenue from this segment increased by 15.6% year-over-year. Core revenue excluding KLN grew 46.6%, driven by international supply chain revenue surging 155% and international express and cross-border e-commerce logistics rising 60%.
The company's cross-border capabilities are supported by an infrastructure network that includes 111 aircraft in its all-cargo fleet, up to 213 weekly cross-border flights, and over 2.2 million square meters of overseas warehouses in the Asia-Pacific region. SF's customs clearance network spans 100 ports globally, and the Ezhou cargo hub has launched 61 domestic and 25 international routes, with international air cargo throughput up 23% year-on-year.
Domestically, SF maintained steady positions through network optimization and lean operations. 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 more than 20%, and intra-city delivery posted robust growth.
Operationally, SF deployed nearly 15,000 AI agents to assist with workflows such as customer engagement, network planning, and fulfillment. The company also expanded its automated hardware infrastructure, operating nine fully automated warehouses and utilizing automated case-handling robots, automated guided vehicles, autopilot trucks, and short-haul unmanned vehicles. This technology 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 raised its 2026 interim dividend payout ratio to 45%, up from 40% for the full year of 2025. It also proposed an amendment to the Five-Year Shareholder Return Plan (2024-2028), targeting a payout ratio of 45% in 2026, 50% in 2027, and no less than 50% in 2028, pending 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 total repurchases during the first half of the year.
"SF Holding's first half 2026 performance highlights the growing importance of global supply chain resilience and digital integration in large-scale logistics. By scaling its automated infrastructure and leveraging proprietary AI applications across core workflows, the company is successfully driving operational efficiency while simultaneously expanding its international footprint. Furthermore, their structured approach to enhancing shareholder returns through increased dividend payout ratios and share buybacks demonstrates a strong commitment to balancing aggressive global expansion with consistent capital return for investors." — Dr. Shishir Gupta, Founder & CEO, StartupLanes
