S.F. Holding Co. (002352) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached RMB 146.9 billion, up 9.3% year-on-year, with net profit attributable to owners at RMB 5.74 billion, up 19.4%.

• Achieved strong revenue growth in both domestic and international businesses, with steady profitability and resilience.

• Gross profit increased 4.08% to RMB 19.06 billion, while gross margin declined by 0.65 percentage points to 12.98%.

• Launched a long-term employee shareholding scheme to align interests and support sustainable growth.

• Total assets rose to RMB 218.24 billion, and equity attributable to owners reached RMB 95.40 billion.

Financial highlights

• EBITDA grew 4.3% year-on-year to RMB 16.6 billion, with an EBITDA margin of 11.3%.

• Basic EPS increased 16.0% to RMB 1.16.

• Interim cash dividend rose 20.9% to RMB 2.3 billion, with a payout ratio of 40%.

• Free cash flow improved 6.1% to RMB 8.74 billion; capex as a percentage of revenue dropped to 2.9%.

• Net cash from operating activities was RMB 12.94 billion, down 5.72% year-on-year.

Outlook and guidance

• Focus on service quality upgrades, flexible pricing, and strategic investments to support industry-specific transformation and international expansion.

• Major investment projects, including the Ezhou Air Cargo Hub, are substantially completed, supporting future growth.

• Capital expenditures as a percentage of revenue are expected to remain within a healthy and sustainable range.