S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — H1 2025 Earnings Presentation
27 slides from S.f. Holding Co., Ltd. Class A's earnings presentation, August 2025
Slide 1: SF Holding 1H2025 Investor Presentation
SF Holding 1H2025 Investor Presentation Stock Code: 002352.SZ/6936.HK Aug 2025 1
Slide 2: Disclaimer
Disclaimer This document is prepared by S.F. Holding Co., Ltd. (顺丰控股股份有限公司) the "Company"). By reading this document, you agree to be bound by the following limitations: • Unauthorized duplication, reproduction, transmission or redistribution of this document or information contained herein in any e
Slide 3: Agenda – 1H2025 Investor Presentation
Agenda – 1H2025 Investor Presentation No. Section 1 Earnings Highlights and Business Overview 2 Financial Overview 3 Appendix: CAS vs IFRS Financials Earnings Highlights and Business Overview Financial Overview Appendix 3
Slide 4: Commit to Sustainable and Healthy Development
Commit to Sustainable and Healthy Development Resilience · Breakthrough · Cohesion · Expansion Stimulate Empower Vertical “The One in Asia” Product Leadership Operation Vitality Industries Growth Accelerated Preferred Choice of Share Interests Deepen Penetration Go-Global Partners Continuously Enhan
Slide 5: Earnings Highlights: Both Domestic & International Businesses Solidify Revenue Base
Earnings Highlights: Both Domestic & International Businesses Solidify Revenue Base, Steady Profitability Demonstrates Resilience (The following data is for the first half of 2025. Unless otherwise specified, all financial figures are presented in RMB) Parcel Volume Revenue Express & Logistics Reven
Slide 6: Revenue by Segment: Balanced Revenue Mix with High Quality Business Growth
Revenue by Segment: Balanced Revenue Mix with High Quality Business Growth 3.1% 2.3% Time-definite express Economy express 23.2% 23.3% Freight 44.0% 43.1% 2.9% 2024H1 3.7% 2025H1 Cold chain and pharmaceutical Intra-city on-demand Unit: RMB billion 3.8% 4.0% Supply chain and international 13.1% 13.3%
Slide 7: Time-Definite Express: Top-of-Mind Brand Equity from Differentiated Service
Time-Definite Express: Top-of-Mind Brand Equity from Differentiated Service Revenue Growth Surpassed Stimulate Operational Vitality, Deeply Penetrate Multiple Industry Scenarios GDP Growth Time-Definite Express revenue1 Driven by Consumer and Industrial Segments Further Penetrating into more Scenari
Slide 8: Economy Express: Lean Management Unlocks Capacity Potential
Economy Express: Lean Management Unlocks Capacity Potential, Energized Organizational Vitality Expands Scale Robust Revenue Growth Allocate Resources Flexibly, Enhance Economies of Scale Economy Express revenue1 Industry Leading Parcel Volume Growth Empowering E-commerce Platform Deployment Economy
Slide 9: Freight: Diverse Markets Accelerates Growth
Freight: Diverse Markets Accelerates Growth, Flexible Resource Deployment Underpins Efficiency Enhancement Solid Revenue Growth Incremental Volume from Diverse Markets Operation Optimization to Reduce Costs 2 Unit cost (kg)1 Freight revenue1 Volume growth Cost reduction 28% +11.5% 2024H1 2025H1 2024
Slide 10: Intra-City: On-Demand Retail Contributes New Momentum
Intra-City: On-Demand Retail Contributes New Momentum, Solid Operation Network Helps Deliver Robust Performance Robust Growth from Infrastructure-Enabled Robust Revenue Growth Doubling Profit Emerging Scenarios Efficiency Improvement Intra-City On-Demand Delivery revenue 1 Net profit2 Net margin2 Gr
Slide 11: Supply Chain & International: End-to-End Global Connectivity
Supply Chain & International: End-to-End Global Connectivity Empowering Overseas Businesses Expansion Resilient Revenue Growth Over 60% of Fortune China 500 Companies Choose SF International Services1 Supply Chain & International revenue Temporary disruption to Asia-US routes disrupted by trade envi
Slide 12: Supply Chain & International (Cont'd): Comprehensive Capabilities Penetrating Industries Vertically
Supply Chain & International (Cont'd): Comprehensive Capabilities Penetrating Industries Vertically Consumer Goods Telecom & High-Tech Industrial Equipment Automotive Products Go-Global Multiple milktea brands A mowing robot brand A lithium battery manufacturer An international auto part brand Deliv
Slide 13: Global Infrastructure Network: Leading Logistics Capabilities in APAC
Global Infrastructure Network: Leading Logistics Capabilities in APAC, Securing Global Core Infrastructure Enhanced Cross-Border Multimodal Capabilities >2.5mn sqm 107 >6,800 >580,000 TEU 79 1H2025 all-cargo 1H2025 ocean freight Customs clearance Overseas warehouses1 All-cargo aircraft2 internationa
Slide 14: Ezhou Air Cargo Hub: An International Air Gateway
Ezhou Air Cargo Hub: An International Air Gateway to Accelerate Global Connectivity Rising Star Delivering "China Speed" Global Logistics Giants with Air Cargo Hubs Operated 59 19 >14,000 +14% by SF1 Domestic International Flights in YoY 2 3 Hub Operations 2024 Cargo Throughput routes routes 1H2025
Slide 15: Operating Network: Efficiency Enhancement Across the Entire Value Chain
Operating Network: Efficiency Enhancement Across the Entire Value Chain Lean Operation Structural Innovation Tech Empowerment Resource Restructuring Network Streamlining Digital Intelligence Models for Efficiency Gains Higher portion of stable-cost Seasonal flight transportation resources scheduling
Slide 16: Operating Network: Demand-Driven Resource Optimization
Operating Network: Demand-Driven Resource Optimization, Strategic Investment to Boost Service Moats Precise Customer Continuous Product Employee Satisfaction Demand Targeting Capabilities Upgrades Enhancement Expanding toB Service Capabilities Continuous Investment in Sorting Capabilities Inspiring
Slide 17: Agenda – 1H2025 Investor Presentation
Agenda – 1H2025 Investor Presentation No. Section 1 Earnings Highlights and Business Overview 2 Financial Overview 3 Appendix: CAS vs IFRS Financials Earnings Highlights and Business Overview Financial Overview Appendix 17
Slide 18: 2025H1 Results: Both Domestic & International Businesses Solidify Revenue Base
2025H1 Results: Both Domestic & International Businesses Solidify Revenue Base, Steady Profitability Demonstrates Resilience Steady Growth of Net Profit Attributable to 2025H1 2025Q2 Owners of the Company (Unless otherwise specified, all financial figures are presented in RMB) Unit: RMB billion 7.0
Slide 19: Lean Operations Aligns with Strategic Investments, While Gross Profit Margin Faces Short-Term Pressure
Lean Operations Aligns with Strategic Investments, While Gross Profit Margin Faces Short-Term 40.00 Pressure 17.0% Half-year 35.00 Gross Profit and Gross Margin Unit: RMB billion16.0% Influencing Factors 30.00 15.0% 13.9% 13.2% 14.0% 25.00 Industry continues to grow, but the competitive landscape in
Slide 20: Costs: Structural Cost Optimization and Strategic Investment
Costs: Structural Cost Optimization and Strategic Investment to Enhance Market 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) 90 (Unit: RMB billion) 90.00 48.00% 43.00% 80.00 ↑1.
Slide 21: Expense Ratios Decreases Moderately, Profit Margin Increases
Expense Ratios Decreases Moderately, Profit Margin Attributable to Owners of the Company increases and Adjusted Net Margin Remains Stable G&A Expense as % of S&M Expense as % of Profit attributable to owners of the Company Revenue ↓0.5 ppts Revenue ↑0.1 ppts Profit attributable to owners of the Comp
Slide 22: CapEx Passes Peak Cycle, with Abundant Free Cash Flow
CapEx Passes Peak Cycle, with Abundant Free Cash Flow Healthy Capital Structure OCF Maintains Steady CapEx Passes Peak Cycle FCF Improves Unit: RMB billion Unit: RMB billion Unit: RMB billion Unit: RMB billion Tax refund CapEx as % of Revenue 60.00% 53.4% 54.7% 53.4% 33 52.1% 32 51.4% 1.3 5.6% 5.2%
Slide 23: Launch “Grow Together” Shareholding Scheme (A Shares)
Stepping-up the Stimulation of Operation Vitality: Launch “Grow Together” Shareholding Scheme (A Shares) to Share Value with Employees and Support Sustainable and Healthy Development • Enhance the interest-sharing mechanism among employees, the Company and shareholders, with long-term Share Value go
Slide 24: Incentive Scheme
Stepping-up the Stimulation of Operation Vitality: Launch “Grow Together” Shareholding Scheme (A Shares) to Share Value with Employees and Support Sustainable and Healthy Development • Medium-to-long-term arrangement: To be granted in the next 9 years Incentive • Highlights of the scheme: The contro
Slide 25: Agenda – 1H2025 Investor Presentation
Agenda – 1H2025 Investor Presentation No. Section 1 Earnings Highlights and Business Overview 2 Financial Overview 3 Appendix: CAS vs IFRS Financials Earnings Highlights and Business Overview Financial Overview Appendix 25
Slide 26: 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 2024H1 2025H1 YoY 2024H1 2025H1 YoY P&L Revenue 134.4 146.9 9.3% 134.4 146.9 9.3% 1 Gross profit 18.6 19.4 4.2% 18.3 19.1 4.1% G
Slide 27: Vision: To be the Well-Respected and the World's Leading Digital Intelligence Logistics Solution 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/cn/ 27