SF Holding's annual revenue is 308.2 billion yuan: net profit of 11.1 billion yuan, cash dividends of 2.1 billion yuan

Leidi Network, Lei Jianping, April 5

SF Holding (Securities Code: 002352) recently released its financial report for the period ended December 31, 2025. The financial report shows that SF Holding’s 2025 revenue was RMB 308.23B, up 8.37% from RMB 284.4 billion in the same period last year.

In 2025, SF Holding’s time-sensitive express delivery business achieved operating revenue of RMB 131.05 billion, up 7.2% year over year; its freight forwarding business achieved operating revenue of RMB 42.13 billion, up 11.9% year over year.

In 2025, SF Holding’s economic express business achieved operating revenue of RMB 32.05 billion, up 17.6% year over year; its cold-chain and pharmaceuticals business achieved operating revenue of RMB 10.61 billion, up 8.1% year over year.

In 2025, SF Holding’s intra-city instant delivery business achieved operating revenue of RMB 12.72 billion, up 43.4% year over year; the company’s supply chain and international business achieved operating revenue of RMB 72.94 billion, up 3.5% year over year.

Annual net profit: RMB 11.1 billion

SF Holding’s gross profit for 2025 was RMB 41.0 billion, up 3.63% from RMB 39.6 billion in the same period last year; SF Holding’s gross profit margin for 2025 was 13.3%.

SF Holding’s profit before income tax, interest, depreciation, and amortization (EBITDA) for 2025 was RMB 32.78 billion, up 0.26% from RMB 32.7 billion in the same period last year.

SF Holding’s net profit for 2025 was RMB 11.12B, up 9.31% from RMB 10.17 billion in the same period last year; net profit after excluding non-recurring items was RMB 9.26B, up 1.29% from RMB 9.15B in the same period last year.

SF Holding’s revenue in the fourth quarter of 2025 was RMB 82.97B, net profit was RMB 2.8 billion, and net profit after excluding non-recurring items was RMB 2.49B.

As of December 31, 2025, SF Holding’s total assets were RMB 216.5 billion, of which current assets were RMB 91.3 billion and non-current assets were RMB 125.14B.

As of December 31, 2025, SF Holding’s total liabilities were RMB 106.1 billion, of which current liabilities were RMB 72.9B and non-current liabilities were RMB 33.25 billion; total shareholders’ equity was RMB 110.3 billion.

As of December 31, 2025, SF Holding’s free cash flow was RMB 17.93B, down 19.57% from RMB 22.3 billion in the same period last year.

Cash dividend: RMB 2.14 billion

SF Holding will distribute a final cash dividend of RMB 4.3 per 10 shares to all shareholders (including tax), with no bonus shares distributed (including tax), and no capitalization of capital reserves to increase share capital.

SF Holding expects that the amount of this final cash dividend will be RMB 2.14 billion. Together with the approximately RMB 2.32 billion of interim cash dividends already distributed for 2025, the company’s total cash dividends for 2025 are expected to be RMB 4.46 billion, representing about 40% of the company’s net profit attributable to shareholders of listed companies for 2025.

Wang Wei controls 48.85% of the equity

As of December 31, 2025, Shenzhen Mingde Holding Development Co., Ltd. held 46.87%, HKSCC NOMINEES LIMITED held 4.76%, the equity incentive plan of SF Holding Co., Ltd. — “Common Growth” (A Shares) held 3.97%, Hong Kong Securities Clearing Company Limited held 3.41%, and Shenzhen Weishun Enterprise Management Co., Ltd. held 1.98%;

As of December 31, 2025, SF Holding’s equity structure

Ningbo Shunda Fengrun Venture Capital Partnership (Limited Partnership) held 1.62%, Lin Zhey ing held 0.81%, Industrial and Commercial Bank of China Limited — HuaTai-PineBridge CSI 300 Exchange-Traded Fund held 0.79%;

Liu Jil u held 0.57%, China Construction Bank Corporation — E fund CSI 300 Exchange-Traded Fund (ETF) held 0.56%.

SF Holding’s founder, Wang Wei, controls a total of 48.85% of the company’s equity.

As of September 30, 2025, Shenzhen Mingde Holding Development Co., Ltd. held 46.87%, Hong Kong Securities Clearing Company Limited held 5.15%, HKSCC NOMINEES LIMITED held 4.76%, the equity incentive plan of SF Holding Co., Ltd. — “Common Growth” (A Shares) held 3.97%, and Shenzhen Weishun Enterprise Management Co., Ltd. held 1.98%;

As of September 30, 2025, SF Holding’s equity structure

Ningbo Shunda Fengrun Venture Capital Partnership (Limited Partnership) held 1.62%, Industrial and Commercial Bank of China Limited — HuaTai-PineBridge CSI 300 Exchange-Traded Fund held 0.81%, Lin Zheying held 0.8%, Liu Jilu held 0.71%, and China Construction Bank Corporation — E fund CSI 300 Exchange-Traded Fund (ETF) held 0.59%.

In August 2025, SF Holding stated that to advance the implementation of the equity incentive plan, Mingde Holding transferred the 200M A-share shares it held to the securities account opened in China Securities Depository and Clearing Co., Ltd. for SF Holding Co., Ltd. — “Common Growth” Equity Incentive Plan (A Shares) on September 17, 2025.

At the close of trading on Friday, SF Holding’s share price was RMB 37.61, and its market value was RMB 189.5 billion.

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