S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — H1 2026 Earnings Presentation
31 slides from S.f. Holding Co., Ltd. Class A's earnings presentation, August 2026
Slide 1: SF Holding 1H2026 Investor Presentation
SF Holding 1H2026 Investor Presentation Stock Code: 002352.SZ/6936.HK August 2026 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 presentation, you agree to be bound by the following limitations: Unauthorized duplication, transmission, or redistribution of this document or information contained herein in any electronic
Slide 3: Agenda – 1H2026 Investor Presentation
Agenda – 1H2026 Investor Presentation No. Section 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Business Highlights Technology Applications Financial Overview Appendix 3
Slide 4: Key Themes for 1H2026
Key Themes for 1H2026 Resilience for AI-Driven the Long-term Innovation Deepen Domestic Competitive Moat End-to-End AI Enablement Products Volume-led growth Consumer-side Revenue growth Efficiency gains Cost reduction Scenarios Stable pricing Industry-side Accelerate International Growth Leading-Edg
Slide 5: 1H2026 Earnings Overview: Advancing the Second Growth Curve, Sharing Value with Shareholders
1H2026 Earnings Overview: Advancing the Second Growth Curve, Sharing Value with Shareholders (Below are 1H2026 data; unless otherwise specified, all amounts are presented in RMB) Parcel Volume Express & Logistics Revenue2 Cash Dividend & Payout Ratio 2026 Interim cash dividend4 7.9bn1 +0.2% 112.8bn
Slide 6: Earnings Recap: Address Short-term Oil Price Volatility Through Long-term Operational Optimization
Earnings Recap: Address Short-term Oil Price Volatility Through Long-term Operational Optimization and Lean Management Operational Optimization to Mitigate Short-term Oil Price Volatility, Solid Domestic Operational Foundation, with Potentials Delivering Resilient Performance from "International Gro
Slide 7: Segment Revenue: Steady Growth in Domestic Revenue, and Accelerated Growth of Supply Chain and International
Segment Revenue: Steady Growth in Domestic Revenue, and Accelerated Growth of Supply Chain and International Revenue 2.3% 2.0% Time-definite express Economy express 23.3% 25.5% Freight 40.7% 43.1% Cold chain and pharmaceutical 3.7% 2025H1 2026H1 4.3% Intra-city on-demand Unit: RMB billion 4.0% Suppl
Slide 8: Time-Definite Express: Going Beyond Speed to Build Differentiated Service Moats
Time-Definite Express: Going Beyond Speed to Build Differentiated Service Moats Across Customer Scenarios Premium Time-Definite Revenue Growth Surpassed GDP Growth Scenario Insights: From Faster Delivery to Customized Services Time-definite Industrial Residential Culture & School express CBD Superma
Slide 9: Economy Express: Optimize Revenue Mix and Stabilize ASP
Economy Express: Optimize Revenue Mix and Stabilize ASP by Targeting Mid-to-High-end Segments Resilient Revenue Growth Optimize Business Mix and Refine Operational Model Economy Express revenue1 2-year CAGR of parcel volume2 Stable volume growth SF: +15% under a high base +7.5% Selectively expand 20
Slide 10: Freight: Deep-dive into Industrial Sectors, Scale up Business
Freight: Deep-dive into Industrial Sectors, Scale up Business to Strengthen Operational Efficiency Robust Revenue Growth Maintain Industry-Leading Scale and Expand Reach in Industrial Sectors Volume growth2 C-end: Quality-led growth Freight revenue1 Focus on high-end furniture and Share of industria
Slide 11: Intra-City: Strong Profit Growth, Driven by Scale Effect and Tech-led Efficiency Gains
Intra-City: Strong Profit Growth, Driven by Scale Effect and Tech-led Efficiency Gains High-Quality Growth Net Profit Hitting Implementation of in Revenue Record High Resilient Demand Growth “AI + Unmanned” Strategy Intra-City On-Demand Delivery1 Revenue Net profit2 Net margin2 3.0% AI agent matrix
Slide 12: Supply Chain & International: Unleashing the Second Growth Engine
Supply Chain & International: Unleashing the Second Growth Engine to Drive Accelerated Growth International express/e-commerce products International supply chain2 business Rapid revenue growth 1 continuously broadening customer base 2 achieves accelerating breakthroughs International express delive
Slide 13: Customer Case Study 1: Long-Term Partnership with a Leading Global High-Tech Company
Customer Case Study 1: Establishing a Long-Term Business Partnership with a Leading Global High-Tech Company From Providing Domestic Express Delivery to Supporting the Customer to Build Resilient and Controllable Global Supply Chain Expansion phase: Jointly built Initial stage: Today: Strategic alig
Slide 14: Customer Case Study 2: Empower the Global Development of a Leading 3C Company
Customer Case Study 2: Empower the Global Development of a Leading 3C Company Through Digital Capabilities Support the Customer’s Overseas Development, Cultivate the Ecosystem of Upstream & Downstream Partners SF TMS System Customer SAP System Facility A Increasing finished goods Finished Goods Sale
Slide 15: Overseas Network: Forward-Looking Resource Deployment with Leading Scale
Overseas Network: Forward-Looking Resource Deployment with Leading Scale, Building Core End-to-End Fulfillment Advantages Enhance Diversified Cross-Border Capabilities >7,100 100 >2.75mn sqm 111 >660k TEU 1H2026 all-cargo Customs clearance Overseas warehouses1 All-cargo aircrafts2 1H2026 ocean freig
Slide 16: Ezhou Air Cargo Hub: Empowering Customers' International Growth
Ezhou Air Cargo Hub: Asia-Centric and Globally-Connected, Empowering Customers’ International Growth Through Industrial Clustering Rising Star Rooted in Asia, Connecting Global Markets Operated 61 25 >15k +6% by SF1 Domestic International Flights in YoY Global logistics giants with air cargo hubs ro
Slide 17: Operating Network: Leading with Cutting-Edge Smart Equipment
Operating Network: Leading with Cutting-Edge Smart Equipment to Strengthen Network Competitiveness Digital & Intelligent Warehousing Sorting & Transit Last-Mile Collection & Delivery Capability Upgrades Empower Lean Management Enhanced courier welfare & protection Multi-temperature Industrial-cluste
Slide 18: Agenda – 1H2026 Investor Presentation
Agenda – 1H2026 Investor Presentation No. Section 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Business Highlights Technology Applications Financial Overview Appendix 18
Slide 19: AI Enablement: Co-Creating an AI Application Ecosystem
AI Enablement: Co-Creating an AI Application Ecosystem to Drive Operational Value State-of-the-Art Complex Logistics Diversified Product Precise Time- Operations Research Multimodal Large Substantial Benefit Potential Scenarios Portfolio Definite Fulfillment Language Model from Full-Chain AI Deploym
Slide 20: AI Agent Case Study 1: Customer and Sales Agents Working Together
AI Agent Case Study 1: Customer and Sales Agents Working Together to Create Customer Value Opportunity insight Quality insight Profitability insight Risk insight Customer agents Opportunity sub-agent Quality sub-agent Profitability sub-agent Risk sub-agent Customer-tag Foundation Agent Customer Agen
Slide 21: AI Agent Case Study 2: Planning & Fulfillment Agents Working Together
AI Agent Case Study 2: Planning & Fulfillment Agents Working Together to Unleash Cost-Reduction Potential Ground Network Planning Agents Ground Transportation Fulfillment Agent From single-point efficiency to cross-agent iteration Line-haul & short-haul route planning Line-haul & short-haul capacity
Slide 22: Agenda – 1H2026 Investor Presentation
Agenda – 1H2026 Investor Presentation No. Section 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Business Highlights Technology Applications Financial Overview Appendix 22
Slide 23: 1H2026 Results: High-Quality Business Growth with Steady Profitability
1H2026 Results: High-Quality Business Growth with Steady Profitability Steady Growth of Net Profit Attributable to 1H2026 2Q2026 Owners of the Company Unit: Billion RMB Volume1 7.9 YoY Growth +0.2% 4.1 YoY Growth -3.7% 11.1 bn parcels bn parcels 10.2 Revenue 155.5 YoY Growth +5.9% 81.4 YoY Growth +5
Slide 24: Lean Operations to Mitigate Short-term Oil Price Volatility, Driving Steady Gross Margin Growth
Lean Operations to Mitigate Short-term Oil Price Volatility, Driving Steady Gross Margin Growth 45.00 18.0% Semi-Annual 40.00 Gross Profit and Gross Margin 17.0% Unit: Billion RMB Influencing Factors 35.00 16.0% 15.0% 30.00 Growth in China’s domestic express delivery industry is moderating, 13.2% 13
Slide 25: Optimize Operations and Lean Management Driving Cost Ratios Down
Optimize Operations and Lean Management Driving Cost Ratios Down Labor Cost and as % of Revenue Transportation Cost and as % of Revenue Other Operating Costs and as % of Revenue 90.00 90 (Unit: RMB billion) 48.00% (Unit: RMB billion) 48.00% (Unit: RMB billion) 80.00 80 ↓1.4ppts ↑1.9ppts 70.00 43.0%
Slide 26: Expense Ratio Went Down amid Stability, and Adjusted Net Profit Registered Steady Growth
Expense Ratio Went Down amid Stability, and Adjusted Net Profit Registered Steady Growth G&A Expense as % of S&M Expense as % of Profit attributable to owners of the Company Revenue ↑0.1ppts Revenue remains flat Profit attributable to owners of the Company Unit: Billion RMB Profit margin attributabl
Slide 27: Healthy Capital Structure with Stable Cash Flows
Healthy Capital Structure with Stable Cash Flows Healthy Capital Structure OCF Remains Steady CapEx Passes Peak Cycle Unit: Billion RMB Unit: Billion RMB Unit: Billion RMB Total assets Equity attributable to owners of the Company Asset-Liability ratio CapEx as % of Revenue 60.00% 300.00 53.4% 52.1%
Slide 28: Enhance Dividends and Share Repurchases to Share Value with Shareholders
Enhance Dividends and Share Repurchases to Share Value with Shareholders Accelerated Share Repurchase Steadily Rising Dividend Payout Ratio 8.00 Accelerate repurchase, Cancel repurchased shares to 7.00 Dividend demonstrate confidence in future development Ratio1 20% 35% 40% 40% 45%5 6.00 (Excl. one-
Slide 29: Agenda – 1H2026 Investor Presentation
Agenda – 1H2026 Investor Presentation No. Section 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials Earnings & Business 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 2025H1 2026H1 YoY 2025H1 2026H1 YoY P&L Revenue 146.9 155.5 5.9% 146.9 155.5 5.9% Gross profit1 19.4 20.9 7.7% 19.1 20.5 7.5% Gr
Slide 31: 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 31