S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — FY2025 Earnings Presentation
31 slides from S.f. Holding Co., Ltd. Class A's earnings presentation, March 2026
Slide 1: SF Holding FY2025 Investor Presentation
保密 SF Holding FY2025 Investor Presentation Stock Code: 002352.SZ/6936.HK March 2026 1
Slide 2: Disclaimer
Disclaimer This presentation is prepared by S.F. Holding Co., Ltd. (the "Company"). By reading this presentation, you agree to be bound by the following limitations: Unauthorized duplication, transmission, or redistribution of this presentation or information contained herein in any electronic or ph
Slide 3: Agenda - FY2025 Investor Presentation
Agenda - FY2025 Investor Presentation No. Section 1 Earnings and Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Operational Highlights Technology Applications Financial Overview Appendix 3
Slide 4: Building Intelligent Supply Chains, Leading Global Expansion
Key Themes for the Year 2025 Building Intelligent Supply Chains, Leading Global Expansion Upgrade Digital and Deepen Empower Lead Intelligent End-to-end Enterprises’ Global Industry Growth Infrastructure Service Coverage Expansion Penetrate consumption Iterate logistics-specific Sustain resilient do
Slide 5: Earnings Highlights: Resilient Operations Deliver Solid Full-Year Performance
Earnings Highlights: Resilient Operations Deliver Solid Full-Year Performance (The following data is for FY2025. Unless otherwise specified, all financial figures are presented in RMB) Parcel Volume Express & Logistics Revenue2 Cash Dividend & Payout Ratio 16.7bn1 +25.4% 228.6bn +11.1% 2025 final ca
Slide 6: Segment Revenue: Steady Growth in Domestic Revenue and Supply Chain & International
Segment Revenue: Steady Growth in Domestic Revenue, and High-Quality Expansion of Supply Chain and International Segment 2.9% 2.2% Time-definite express Economy express 24.8% 23.7% Freight 43.0% 42.5% 2024 4.1% 2025 Cold chain and pharmaceutical 3.1% Intra-city on-demand Unit: RMB billion 3.4% 3.4%
Slide 7: Time-Definite Express: High-Quality Growth Across Cycles
Time-Definite Express: High-Quality Growth Across Cycles, Winning Customer Mindshare through Value Creation Revenue Growth Surpassed Scenario-Based Products and Personalized Services GDP Growth Time-Definite Express revenue1 Driven by Consumer and Further Penetrating into More Scenarios Industrial S
Slide 8: Economy Express: Dynamically Optimizing Product Mix
Economy Express: Dynamically Optimizing Product Mix, Refining Operations to Enhance Customer Stickiness Robust Revenue Growth ASP QoQ improved, Parcel Volume Growth Outpacing Industry Average Economy Express revenue1 SF Economy Express ASP 2025Q4 +17.6% Dual Rise in Price and Volume Underpinned by C
Slide 9: Freight: Superior Scale and Quality Driving Industry Upgrade
Freight: Superior Scale and Quality Driving Industry Upgrade, Strategic Synergy Optimizing Network Structure Steady Revenue Growth High Quality Growth Leading the Industry Freight revenue1 Industry-Leading Growth Penetrating Segmented Markets with Superior Value-for-Money Differentiated Capabilities
Slide 10: Intra-City: Capitalizing on Industry Expansion Opportunities
Intra-City: Capitalizing on Industry Expansion Opportunities, Driving Quality Growth Through Technology Empowerment Seizing Opportunities for Leveraging the Merchants High-Quality Growth in Revenue Net Profit Hitting Record High Industry Expansion Partnerships 1 Intra-City On-Demand Delivery revenue
Slide 11: Supply Chain & International: Navigating Global Dynamics
Supply Chain & International: Navigating Global Dynamics with Diverse Capabilities, Empower Business Expansion with Stable Resources High-Quality Revenue Growth Accelerated Growth of SF Supply Chain & Supply Chain & International revenue (RMB billion) Non-Freight Forwarding International1 revenue Yo
Slide 12: Supply Chain & International (Cont'd): End-to-end Solutions for Leading Enterprises
Supply Chain & International (Cont'd): End-to-end Solutions for Leading Enterprises, Comprehensive Capabilities Empowering Global Expansion Automotives Industrial Equipment High-tech Consumer A leading domestic A clean energy technology Multiple leading consumer A leading Chinese EV manufacturer com
Slide 13: Securing Global Core Infrastructure, Leading Logistics Capabilities in APAC
Securing Global Core Infrastructure, Leading Logistics Capabilities in APAC Enhanced Cross-Border Multimodal Capabilities ~2.55mn sqm 111 ~14,000 ~1,15mn TEU 94 FY2025 all-cargo FY2025 ocean freight Customs clearance Overseas warehouses1 All-cargo aircraft2 international flights volume service ports
Slide 14: Ezhou Air Cargo Hub: Asia-Centric and Globally-Connected
Ezhou Air Cargo Hub: Asia-Centric and Globally-Connected, Empowering Customers’ International Growth Cargo Volume Surged Operated 59 22 >30,000 +11% after Two Years into Operation by SF1 Cargo Throughput (10,000 tons) 2 Domestic International routes routes Flights in 2025 YoY +44% 148 103 地图来源：审图号GS
Slide 15: Operating Network: Focusing on Customer Value and Resilient Ecosystem
Operating Network: Focusing on Customer Value, Building a Resilient Ecosystem, and Strengthening the Digital Intelligence Infrastructure Deepen Value Proposition Co-develop Resource Resilience Leverage Technology Advancement Drive Efficiency Improvement Continuously Cultivate Benchmark Services Buil
Slide 16: Agenda - FY2025 Investor Presentation
Agenda - FY2025 Investor Presentation No. Section 1 Earnings and Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Operational Highlights Technology Applications Financial Overview Appendix 16
Slide 17: AI Infrastructure: Proprietary Large Model Driving Full-Chain Synergy
AI Infrastructure: Proprietary Large Model Driving Full-Chain Synergy SF’s proprietary large model Number of internal AI agents Large model system applied in processed >10 billion tokens 5,000+ >30 core business scenarios per day Enhance Logistics Networks Efficiency and Service Quality Empower Supp
Slide 18: AI Use Case: Business Opportunity Mining and Conversion
AI Use Case: Business Opportunity Mining and Conversion Powered by Intelligence Application Past: Manual Screening with High Miss Present: Intelligent Analytics for Enhanced Future: Ecosystem-wide Intelligence Rate and Low Efficiency Efficiency and Comprehensiveness for Predictive Insights Internal
Slide 19: Intelligent Supply Chain Case Study: In-House Baichuan Platform
Intelligent Supply Chain Case Study: In-House “Baichuan” Platform Empowers Exceptional End-to-End Customer Experiences Smart Warehousing and Distribution China-Vietnam Smart Express Helping Global Brands Thrive in China Ground Shipping Solution for Chinese Companies Going Global Partnering with an I
Slide 20: Agenda - FY2025 Investor Presentation
Agenda - FY2025 Investor Presentation No. Section 1 Earnings and Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Operational Highlights Technology Applications Financial Overview Appendix 20
Slide 21: FY2025 Results: Steady Business Scale Expansion with Q4 Outperformance
FY2025 Results: Steady Business Scale Expansion with Q4 Outperformance Steady Growth of Net Profit Attributable to FY2025 4Q2025 Owners of the Company Unit: Billion RMB Volume1 16.7 YoY Growth 25.4% 4.6 YoY Growth 18.3% bn parcels bn parcels 11.1 308.2 83.0 10.2 YoY Growth YoY Growth Revenue 8.4% 7.
Slide 22: Dynamic Business Structure Optimization Drives Q4 Gross Margin Rebound
Dynamic Business Structure Optimization Drives Q4 Gross Margin Rebound 90.00 18.0% FY Gross 80.00 Profit and Gross Margin Unit: Billion RMB17.0% Influencing Factors 70.00 16.0% 15.0% 60.00 13.9% 13.3% 14.0% Proactive market expansion and necessary long-term strategic 50.00 investments Gross Profit 1
Slide 23: Costs & Strategic Investment: Structural Cost Optimization
Costs & Strategic Investment: Structural Cost Optimization and Strategic Investment Enhance Competitiveness Labor Cost and as % of Revenue Transportation Cost and as % of Revenue Other Operating Costs and as % of Revenue (Unit: RMB billion) (Unit: RMB billion) (Unit: RMB billion) 180.00 48.00% 180 4
Slide 24: Expenses as % of Revenue Trends Down While Net Margin Remains Stable
Expenses as % of Revenue Trends Down While Net Margin Remains Stable G&A Expense as % of S&M Expense as % of Profit attributable to owners of the Company Revenue ↓0.2 ppts Revenue ↑0.2ppts Profit attributable to owners of the Company Unit: Billion RMB 20 4.70% Profit margin attributable to owners of
Slide 25: Healthy Capital Structure with Robust Free Cash Flow
Healthy Capital Structure with Robust Free Cash Flow Healthy Capital Structure OCF Remains Steady CapEx Passes Peak Cycle FCF Maintains Abundant Unit: Billion RMB Unit: Billion RMB Unit: Billion RMB Unit: Billion RMB Tax refund CapEx as % of Revenue 60.00% 54.7% 53.4% 00.00 52.1% 49.0% 5.6% 5.2% 3.5
Slide 26: Continuous Increase in Repurchases Effectively Enhances Shareholder Returns
Continuous Increase in Repurchases Effectively Enhances Shareholder Returns Steadily Increase Dividends Substantial Repurchase Expansion “the proportion of cash dividends of the Company from Increase repurchase quota, Cancel repurchased shares to boost market confidence 2024 to 2028 will increase st
Slide 27: Driving ESG Excellence, Shaping Low-Carbon Logistics
Driving ESG Excellence, Shaping Low-Carbon Logistics In April 2025, SF officially passed the target 1 validation by the Science Based Targets initiative (SBTi), striving Release of SF Group Climate Action White Paper to reach net-zero greenhouse gas emissions across the value chain by 2050. Striving
Slide 28: Leading ESG Ratings Among Global Peers
Leading ESG Ratings Among Global Peers Rating Performance Awards & Honors Fortune 2025 MSCI ESG Rating: Upgraded to AA (March 2026) China's Most Admired Companies (9 consecutive years) China ESG Impact List (4 consecutive years) Ranked 1st among the Top 4 Global Integrated Logistics Service Provider
Slide 29: Agenda - FY2025 Investor Presentation
Agenda - FY2025 Investor Presentation No. Section 1 Earnings and Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Operational Highlights Technology Applications Financial Overview Appendix 29
Slide 30: Appendix: Summary Financials - CAS vs. IFRS
Appendix: Summary Financials - CAS vs. IFRS Chinese Accounting Standards (CAS) International Financial Reporting Standards (IFRS) in RMB billion,unless otherwise specified 2024 2025 YoY 2024 2025 YoY P&L Revenue 284.4 308.2 8.4% 284.4 308.2 8.4% 1 Gross profit 39.6 41.0 3.6% 38.9 40.3 3.6% Gross mar
Slide 31: Vision: To be the Well-Respected and World's Leading Provider
愿景 Vision 成为备受尊重全球领先的 To be the Well-Respected and the World’s Leading 数智物流解决方案服务商 Digital Intelligence Logistics Solution Provider For more information, please visit https://ir.sf-express.com 31