S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — Investor Presentation (April 2026)
32 slides from S.f. Holding Co., Ltd. Class A's investor presentation, April 2026
Slide 1: SF Holding Corporate Overview
SF Holding Corporate Overview April 2026 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
8 7 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 RMB308bn RMB188bn 9.3% 3.6% Revenue in 2025 Latest market cap1 Net profit YoY growth in 20252 Net profit margin in 20252 - China - Southeast Asia Covering 200 countries and regions2 Ezhou Cargo Hub Fortune Global 5
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 c.65% of China’s Top 500 Enterprises are our international logistics service customers2 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
8 7 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 Scale Asia’s largest integrated logistics service provider Winning Directly-operated, integrated and independent business model Global Global gateway connecting Asia and the world Premium focus Premium and differentiated services comma
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 2025 SF provides 2024 Europe/ME air 2023 Logistics solution transportation services in multip
Slide 13: 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 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 111 >1,500 all-cargo aircraft1 Warehouses1,4 Ezhou Ca
Slide 15: Industry-Leading Logistics Technology and Applications
Industry-Leading Logistics Technology and Applications AI-Driven Upgrade of Digital and Intelligent Infrastructure Unmanned Logistics Technology Leads Industry Innovation Deeply Integrating Smart Technology, AI Empowers Full-Chain Operations Actively Exploring Unmanned Technology to Enhance Logistic
Slide 16: Building Intelligent Supply Chains, Leading Global Expansion
Adhere to the Core Operating Principle of Sustainable and Healthy Development 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 consumptio
Slide 17: 03 Growth Strategies
8 7 03 Growth Strategies
Slide 18: Growth Strategies
Growth Strategies Promote strengths in full coverage, strong network, deep relationships 1 Grow business and consumer 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 19: 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 20: 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 21: 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 22: Operating Network: Focusing on Customer Value and Building a 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 23: 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 24: Long-term ESG Commitment
Long-term ESG Commitment Environmental Protection Social Responsibility Corporate Governance Green Ground Employee Development: Empowering Diverse Career Paths Transport Well-established A+H share listed Release of SF Group New Energy Vehicles • In 2025, nearly 10,000 couriers have successfully achi
Slide 25: 04 Recent Financial Highlights
04 Recent Financial Highlights
Slide 26: 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 1Q2026 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 27: Segment Revenue: Steady Growth in Domestic Revenue and Supply Chain Expansion
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 28: 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% 13.9% 15.0% 60.00 13.3% 14.0% Proactive market expansion and necessary long-term strategic 50.00 investments Gross Profit 1
Slide 29: 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 54.7% 60.00% 00.00 53.4% 52.1% 49.0% 5.6% 5.2% 3.5
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 16% Interest coverage ratio2 9.5x S&P Global A- N/A A BBB Cost of debt3 3.2% Moody’s A3 A2 A2 Baa2 Cash, cash equivalents and financia
Slide 31: 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 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/