Half Year 2026 S.F. Holding Co Ltd Earnings Call Transcript

Aug 28, 2026 / 12:00 PM GMT

Release Date Price: $16.75 (-0.36%)

Transcript

Key Points

Positve

SF Holding Co Ltd (SFHOY) reported a 9.3% year-over-year increase in profit attributable to owners after deducting non-recurring gains, reaching RMB5 billion, demonstrating operational resilience despite external headwinds.
The company's second growth curve, supply chain and international business, accelerated with revenue growing 50.6% year-over-year, including a 47% organic growth rate, driven by strong performance in international express and cross-border e-commerce logistics.
AI-driven initiatives are delivering tangible results, with AI agents generating RMB1.6 billion in incremental revenue and contributing to cost savings through improved route planning and fulfillment efficiency.
The company is enhancing shareholder returns by increasing the interim dividend payout ratio to 45% and proposing to raise the full-year payout ratio to 50% by 2027, alongside active share repurchases.
Operational efficiency improvements are evident, with labor cost to revenue ratio down 1.4 percentage points and centralized e-commerce parcel pickup rate rising from 8% to 30%, leading to unit cost savings.
The strategic partnership with J&T is expanding, with cooperation projects now covering 40 countries, including last-mile delivery, customs clearance, and new product development, which is expected to contribute to revenue and cost synergies.

Negative

SF Holding Co Ltd (SFHOY) faced a significant headwind from rising oil prices in H1 2026, which increased transportation costs and put pressure on profitability, with transportation cost to revenue ratio rising 1.9 percentage points.
The company's overall parcel volume declined by 3.7% in Q2 2026 due to a high baseline and proactive product mix optimization, which may signal a slowdown in core volume growth.
Profit attributable to owners fell 50.1% in Q2 2026 due to a high comparison base from the deconsolidation of SF REIT, which could concern investors despite the underlying improvement.
Cash flow from operating activities decreased by 14% to RMB11.2 billion in H1 2026, impacted by timing of receivables, business mix changes, and tax payments, potentially affecting liquidity.
The company's asset-liability ratio increased to 50% due to bridge loans taken for the J&T strategic equity subscription, although it would be 48.5% excluding this impact.
The domestic express market faces moderating growth and high competition, with the company expecting pressure on overall growth in Q3 due to a high baseline, requiring continued focus on value-based operations.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

002352.SZ - S.F. Holding Co Ltd
Half Year 2026 S.F. Holding Co Ltd Earnings Call
Aug 28, 2026 / 12:00PM GMT

=====================
Conference Call Participants
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* Gan Ling
* Huang Sihai
* Geng Yankun
* Liu Gangxian
* Shen Xiaofeng
* Taoying Fan
* Alex Ho
* Kwan Peijing

=====================
Presentation
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Gan Ling, [1]
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Dear investors and analyst friend, good evening. Thank you for attending 2026 interim result conference at S.F. Holding. (Operator Instructions) The meeting's only reserved for the invited investors, and we're also going to provide you the slides, audio, and the written records for only internal use, but not be disclosed publicly. S.F. Holding Co. has not authorized any media or reprint relevant content of this meeting. Any unauthorized reproduction or forwarding will be

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