S.f. Holding Co., Ltd. Class A · SZSE:002352
S.f. Holding Co., Ltd. Class A — Investor Presentation (October 2026)
33 slides from S.f. Holding Co., Ltd. Class A's investor presentation, October 2026
Slide 1: SF Holding Corporate Overview
SF Holding Corporate Overview October 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 Revenue2 Net Profit Net Profit Margin2 Market Cap1 Attributable to the Parent Company 2 RMB 154 bn 1H2026 RMB 156 bn RMB 5.5 bn 3.5% - China - Southeast Asia Covering 186 countries and regions2 Ezhou Cargo Hub Fortune Global 500 MOST Admired
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 2025A Global, Asia and China logistics spending SF targets an addressable market worth $12.5tn, 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 1: Full-spectrum Coverage and Long-term Partnership with a Leading 3C + EV Brand
Case Study 1: 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 mult
Slide 13: Case Study 2: Long-Term Business Partnership with a Leading Global High-Tech Company
Case Study 2: 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 alignment dri
Slide 14: Case Study 3: Empower the Global Development of a Leading 3C Company
Case Study 3: 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 Sales logisti
Slide 15: Pioneering Intelligent Logistics Solutions, with AI-enabled Cost Optimization
Pioneering Intelligent Logistics Solutions, with AI-enabled Cost Optimization and Efficiency Enhancement Self-developed Tech Infrastructure, Leading the AI Frontier Intelligent Equipment Empowering Full-Chain Operations 2016-2023： Digital & Intelligent Last-Mile Sorting & Transit Warehousing Collect
Slide 16: 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 186 Countries and regions1 Primarily owned & operated 111 >1,500 all-cargo aircraft1 Warehouses1,4 Ezhou Ca
Slide 17: Adhere to the Core Operating Principle of Sustainable and Healthy Development
Adhere to the Core Operating Principle of Sustainable and Healthy Development 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 I
Slide 18: 03 Growth Strategies
8 7 03 Growth Strategies
Slide 19: 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 20: 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 21: 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 22: 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 – Asia Intra – Asia Asia – US/Europe Strong presence in China a
Slide 23: 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 24: 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 25: Long-term ESG Commitment
Long-term ESG Commitment Environmental Protection Social Responsibility Corporate Governance Green Ground Caring for Employees Transport Well-established A+H share listed Release of SF Group New Energy Vehicles • Comprehensively upgrading couriers' rights and protections, companies with leading corp
Slide 26: 04 Recent Financial Highlights
04 Recent Financial Highlights
Slide 27: 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 28: Segment Revenue: Steady Growth in Domestic Revenue, Accelerated 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 43.1% 40.7% 3.7% 1H2025 1H2026 Cold chain and pharmaceutical 4.3% Intra-city on-demand Unit: RMB billion 4.0% Suppl
Slide 29: Lean Operations to Mitigate Short-term Oil Price Volatility
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 Unit: Billion RMB 17.0% Influencing Factors 35.00 16.0% 15.0% 30.00 Growth in China’s domestic express delivery industry is moderating, 13.2% 13
Slide 30: 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 31: 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 18.8% Interest coverage ratio2 10.9x S&P Global A- N/A A BBB Cost of debt3 3.0% Moody’s A3 A2 A2 Baa2 Cash, cash equivalents and finan
Slide 32: 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 33: 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/