SF Holding reported RMB 155.51 billion in revenue for the first half of 2026, an increase of 5.9% year on year, driven by steady gains in express, freight, and international businesses.

• Earnings: Profit attributable to shareholders reached RMB 5.50 billion, 4.1% lower than a high prior-year base that included a one-off gain. Adjusted for that item, underlying profit rose 7.0%.

• Margins: Gross profit climbed 7.5% to RMB 20.49 billion; gross margin improved 0.2 percentage point to 13.2%. EBITDA inched up 0.7% to RMB 16.72 billion.

• Segment performance: – Express & Freight Delivery contributed RMB 106.81 billion (+1.9%). – Supply Chain & International revenue advanced 15.6% to RMB 41.30 billion, with SF-only (ex-KLN) up 46.6%. – Intra-city On-Demand Delivery grew 21.7% to RMB 6.80 billion.

• Volume and network: Parcel volume was 7.86 billion pieces, broadly flat (+0.2%) on a high prior-year base. The group operated 111 all-cargo aircraft and over 230,000 vehicles, with logistics services reaching 94 countries and regions.

• Cash and balance sheet: Operating cash flow totaled RMB 11.17 billion (-13.7% YoY). Total assets stood at RMB 228.89 billion and the debt-to-asset ratio was 50.1%.

• Dividend: The Board declared an interim cash dividend of RMB 0.49 per share (tax inclusive), equivalent to about RMB 2.50 billion and representing a 45% payout of first-half earnings, up from 40% a year earlier.

• Share buy-backs: From January to July 2026 the company repurchased roughly RMB 4.65 billion of A and H shares and lifted the A-share buy-back cap to RMB 6 billion.

• Outlook & strategy: Management reiterated its focus on “value-driven” express operations, accelerated expansion of supply-chain and international services, and broader deployment of AI and automated technologies to enhance efficiency and margins.

• Events after period end: SF redeemed its HK$2.95 billion zero-coupon convertible bonds on July 8 2026 and plans to raise its stake in Hive Box to about 10.03% for up to RMB 305 million.