S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — Investor Presentation (September 2025)
32 slides from S.f. Holding Co., Ltd. Class A's investor presentation, September 2025
Slide 1: SF Holding Corporate Overview
SF Holding Corporate Overview September 2025 Stock Ticker: 002352.SZ, 6936.HK 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
Slide 3: 01 Company Overview
S : 01 Company Overview
Slide 4: SF is Asia's Largest Integrated Logistics Service Provider
SF is Asia’s Largest Integrated Logistics Service Provider Scale Growth Profitability RMB146bn RMB206bn 19.4% 3.9% Revenue in 1H2025 Latest market cap1 Net profit YoY growth in 1H20252 Net profit margin in 1H20252 - China - Southeast Asia Covering 200 countries and regions2 Ezhou Cargo Hub Fortune G
Slide 5: Leadership across Logistics Sub-sectors in Asia
Leadership across Logistics Sub-sectors in Asia Economy LTL Cold Chain & Intra-city Time-definite Express Supply Chain International8 Express Freight Pharmaceutical On-demand Market position1 No.1 No.1 No.1 No.1 No.1 No.1 No.1 in Asia3 in China in Asia4 in Asia in Asia6 in China7 in Asia9 in mid- to
Slide 6: Premium Brand Serving the Largest Customer Base in Asia
Premium Brand Serving the Largest Customer Base in Asia c.95% “Let me of China’s Top 500 Enterprises are our customers1 60%+ of China’s Top 500 Enterprises are our international logistics service customers 2 Largest Customer Base this to you” Among logistics service providers in Asia1 Synonymous wit
Slide 7: Evolution from China's No.1 Express Company into a Top Global Integrated Player
Evolution from China’s No.1 Express Company into a Top Global Integrated Player CHINA CHINA + ASIA CHINA + ASIA + GLOBAL Single-product, single-market, profitable Multi-product, multi-market, growing profitability Multi-product, global-market, high profitability Supply chain management Intra-city On
Slide 8: 02 Investment Highlights
S : 02 Investment Highlights
Slide 9: Logistics Represents an Enormous Market Opportunity
Logistics Represents an Enormous Market Opportunity Massive TAM1 SF has enormous room to grow 2024A Global, Asia and China logistics spending SF targets an addressable market worth $11.8tn, over 19x the size of global e-commerce logistics and 58x of China’s express market3 Asia and China’s logis
Slide 10: SF is Best Positioned to Tap This Enormous Logistics Opportunity
SF is Best Positioned to Tap This Enormous Logistics Opportunity 1 Scale Asia’s largest integrated logistics service provider Winning 2 business model Directly-operated, integrated and independent 3 Global Global gateway connecting Asia and the world 4 Premium focus Premium and differentiated servic
Slide 11: Winning Business Model – Directly Operated, Integrated and Independent
Winning Business Model – Directly Operated, Integrated and Independent Directly operated Integrated Independent All processes directly operated Full spectrum of services No affiliation with e-commerce platform Premium services Able to address all customer needs Best positioned to capture growt
Slide 12: Case Study: Full-spectrum Coverage and Long-term Partnership with a Leading 3C + EV Brand
Case Study: Full-spectrum Coverage and Long-term Partnership with a Leading 3C + EV Brand Our dedicated and integrated services enable us to continuously capture larger wallet share and grow with the client 2024 2023 Logistics solution for SF provides EV charging piles Bonded services in multiple wa
Slide 13: Case Study: Comprehensive Capabilities Penetrating Industries Vertically
Case Study: 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 Deliver products to overseas con
Slide 14: Global Gateway Connecting Asia and the World
Global Gateway Connecting Asia and the World Unrivalled network and capabilities in Asia with significant early-mover advantages Largest aircraft and ground fleet in Asia Global ground network 200 Countries and regions1 Primarily owned & operated 107 1,500 all-cargo aircraft1 Warehouses1,4 Ezhou Car
Slide 15: Proprietary Technology Platform Powering Complex Operations
Proprietary Technology Platform Powering Complex Operations 4,1341 Patents and patent Advanced technology platform driving superior operating efficiency applications obtained by SF1 Intelligent forecasts Intelligent deployment of High degree of Data-driven financial of volumes resources automation m
Slide 16: Visionary Management Promoting a People-centric Culture
Visionary Management Promoting a People-centric Culture “Most Admired Chinese Companies” – 9 years in a row Founder of SF Former CFO of Changyou Former Global Senior Former general manager of Led SF’s expansion and CPA in Hong Kong and US Partner of Roland Berger SF Beijing district evolution since
Slide 17: Visionary Management Promoting a People-centric Culture (cont'd)
Visionary Management Promoting a People-centric Culture (cont’d) “There is always a SF courier in your contacts to make your life easier.” Self-achievement …… Career progression to senior management in SF 03 More career choices Personal success Success stories 02 Mr. Wang, from a warehouse keeper to
Slide 18: 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 Enhancin
Slide 19: 03 Growth Strategies
8 : 03 Growth Strategies
Slide 20: Growth Strategies
Growth Strategies Promote strengths in full coverage, strong network, deep relationships Grow business and consumer 1 mindshare as “The One in Asia” and seamless integration Establish a brand image to be the first choice for consumers Expand international Expand network coverage in Asia and re
Slide 21: Grow Business and Consumer Mindshare as "The One in Asia"
Grow Business and Consumer Mindshare as “The One in Asia” To become the first name in minds for clients with integrated logistics needs in Asia Full coverage in Strong network consisting Directly operated network Broad first and last-mile access across China and SEA Asia’s only dedicated air c
Slide 22: 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 23: Our Areas of Focus for International Growth
Our Areas of Focus for International Growth Become a global leader providing end-to-end services fulfilling diverse customer needs Priority geographies / lanes Key success factors 1 2 3 Ownership / access to key infrastructure - - China – SEA SEA domestic China/SEA – logistics Japan/Korea/US/Europe
Slide 24: Long-term Commitment to ESG
Long-term Commitment to ESG Environment Social responsibility Governance Net-Zero Science-Based Targets Approved by SBTi Care for employees Near-Term Targets (by 2030) 1 • To reduce absolute scope 1 and 2 GHG emissions A seasoned A+H listed company with 42% by 2030 from a 2023 base year The only Chi
Slide 25: 04 Recent Financial Highlights
04 Recent Financial Highlights
Slide 26: 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 27: 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% Cold chain and pharmaceutical 2.9% 2024H1 3.7% 2025H1 Intra-city on-demand Unit: RMB billion 3.8% 4.0% Supply chain and international 13.1% 13.3%
Slide 28: Steady Earnings Growth and Margins
Steady Earnings Growth and Margins Strong earnings growth Multiple drivers of continued growth EBITDA1 Net profit attributable to owners (RMB bn) of our company New businesses turning profitable (RMB bn) 6.2% 4.3% 28.3% 19.4% 32.7 29.4 10.2 Optimize cost efficiencies from: 29.0 8.2 ① Operational cos
Slide 29: 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 32 52.1% 51.4% 1.3 5.6% 5.2%
Slide 30: Fortress Balance Sheet and Strong Liquidity
Fortress Balance Sheet and Strong Liquidity Low leverage and strong liquidity Strong investment grade credit rating Peer C Peer A Peer B Interest-bearing debt ratio1 26% Interest coverage ratio2 9.2x S&P Global A- N/A A BBB Cost of debt3 3.3% Moody’s A3 A2 A2 Baa2 Cash, cash equivalents and financia
Slide 31: Combining Dividend and Share Repurchase to Improve Shareholder Returns
Combining Dividend and Share Repurchase to Improve Shareholder Returns Increasing Dividend Payout Ratio Cancelling Repurchased Shares “To Steadily Increase Dividend Payout Ratio from 2024 to 2028, Buy back More Shares in due course to as compared to the level of 2023” Boost Market Sentiment Plan of
Slide 32: Vision
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/