Breaking Down S.F. Holding Co., Ltd. Financial Health: Key Insights for Investors

From a humble courier startup founded in 1993 in Shunde, Guangdong, S.F. Holding Co., Ltd. has scaled into Asia's largest integrated logistics provider-launching SF Airlines in 2009, listing A-shares on the Shenzhen exchange under 002352.SZ in 2017, and completing its H-share listing in Hong Kong in November 2024; its growth is measurable - a record RMB 284.4 billion in revenue for 2024 (up 10.1% YoY) and RMB 10.2 billion net profit (up 23.5%), a market capitalization of about RMB 187.9 billion by December 2025, and a June 2025 capital raise that included ~USD 376 million from H-share issuance and zero-coupon convertible bonds (70 million H‑shares placed at HKD 42.15, an 8.8% discount, with bonds maturing in 363 days); its integrated model-Express & Large-volume, Instant Same-city, and Supply Chain & International-runs on a proprietary IT backbone and a nationwide physical network of over 80,000 vehicles and 300+ distribution centers, monetizing time-definite express, instant urban delivery, cross-border logistics, value-added services and infrastructure investments like the Ezhou cargo hub while preparing to expand internationally and deploy AI, automation and green logistics at scale

S.F. Holding Co., Ltd. (002352.SZ): Intro

• Founded in 1993 in Shunde, Guangdong Province as a small express delivery service.
• Expanded rapidly across China during the 1990s-2000s, building a network of hubs, last-mile delivery teams, and logistics infrastructure.
• 2009: Established SF Airlines to strengthen air freight capacity and reduce dependency on third-party carriers.
• 2017: Went public with A-shares on the Shenzhen Stock Exchange (ticker: 002352.SZ).
• 2024: Reported record annual revenue of RMB 284.4 billion (up 10.1% YoY) and net profit of RMB 10.2 billion (up 23.5% YoY).
• November 2024: Listed H-shares on the Hong Kong Stock Exchange - first logistics company in China to achieve A+H listing.
• December 2025: Market capitalization reached approximately RMB 187.9 billion.

• Major shareholders include founder-family holdings, institutional investors, and public float across A- and H-shares.
• Integrated subsidiaries span express delivery, freight forwarding, warehousing & cold chain, SF Airlines (cargo airline), technology and cross-border logistics units.
• Governance: Board of Directors with executive management overseeing network operations, aviation, cold chain, and e-commerce logistics divisions.

• Core mission: Provide fast, reliable, integrated logistics solutions across express, freight, aviation, warehousing and value-added services.
• Vision: Become Asia's leading integrated logistics platform delivering end-to-end supply chain solutions.
• Values: Customer-centricity, reliability, safety (especially for cold chain and air cargo), and technological innovation.

• Multi-modal network: Ground express network (regional hubs + last-mile), dedicated air cargo belt via SF Airlines, and regional/international freight forwarding.
• Integrated services: Domestic express, international shipping, cold-chain logistics, warehousing & fulfillment, e-commerce solutions, and value-added logistics (reverse logistics, heavy freight).
• Technology layer: Proprietary IT systems for route optimization, package tracking, warehouse management (WMS), and data analytics to improve utilization and delivery windows.
• Asset-light vs. asset-heavy mix: Owns strategic assets (aircraft, key hubs, cold-chain facilities) while leveraging partner fleets and third-party facilities for flexible capacity scaling.

• Express delivery fees: Core volume-driven revenue from B2C and B2B parcels.
• Air cargo operations: SF Airlines generates freight revenue through dedicated cargo services and time-sensitive shipments.
• Supply chain & warehousing: Long-term contracts for storage, value-added processing, and 3PL/4PL services.
• Cross-border & international logistics: Fees from e-commerce fulfillment, customs clearance, and international express routes.
• Premium & value-added services: Cold-chain handling, same-day/timed delivery, COD and logistics-financing products.
• Technology & platform services: Data-driven logistics solutions, APIs and integration for large enterprise customers.

S.F. Holding Co., Ltd. (002352.SZ): History

• Listing structure: A-shares (Shenzhen) and H-shares (Hong Kong), enabling access to domestic and international capital markets.
• Founder influence: Wang Wei, founder and CEO, remains the company's largest shareholder and a central strategic decision-maker.
• Institutional base: Significant holdings by domestic and international funds and institutional investors that shape capital structure and corporate governance.

• Capital-raising rationale: The June 2025 combined equity and bond package (~USD 376 million) reflects a targeted push to bolster cross-border logistics capacity and technology-led service offerings.
• Financial discipline: Preference for a short-dated (363-day) zero-coupon convertible bond indicates an intent to minimize immediate cash interest outflow while preserving near-term flexibility.
• Governance impact: New H-share issuance widened the H-share free float, increasing liquidity for international investors while keeping founder control intact.

S.F. Holding Co., Ltd. (002352.SZ): Ownership Structure

Mission and Values

• Mission: Provide fast, reliable, customer-centric logistics services and become a leader in global smart supply chains.
• Technology & R&D: Heavy investment in digitalization-IoT, AI routing, warehouse automation and proprietary TMS/WMS-to boost efficiency and visibility across the network.
• Sustainability: Green logistics initiatives including electrified fleet pilots, route optimization to cut fuel use, and packaging-reduction programs to lower carbon footprint.
• Customer focus: Maintains an industry-leading on-time delivery rate (typically reported around 99%+ for express services) and continuous quality-improvement programs.
• Ethics & professionalism: Corporate governance emphasis on integrity, transparency, and compliance across domestic and international operations.
• Collaboration: Strategic partnerships to expand international reach-for example cooperation with Kerry Logistics on cross-border express and supply chain services.

How It Works & How S.F. Makes Money

• Core services: domestic express (B2C/B2B), heavy freight, cold chain, e-commerce logistics, warehousing & supply chain solutions, and international express.
• Revenue drivers: express parcel volumes and pricing, value-added services (COD, insurance), warehousing and contract logistics fees, and international network fees.
• Margin levers: automation and route optimization reduce unit cost; premium services (same-day, next-day, cold chain) command higher yields; scale and hub-and-spoke network lower per-package overhead.
• Monetization of tech: licensing/operation of smart logistics platforms and data-driven services for enterprise customers.

Ownership and Governance Highlights

• Major shareholder structure historically includes the founding/controlling group and related parties; public float on the Shenzhen Stock Exchange under 002352.SZ.
• Board & governance: professional management with dedicated committees for audit, remuneration and strategy; emphasis on compliance as it expands overseas.
• Strategic partners: cross-border and regional alliances (e.g., collaboration with Kerry Logistics) to extend international express and integrated supply chain services.

Key operational/financial levers investors watch

• Parcel volume growth and ARPPU (average revenue per parcel)
• Automation rollout speed and unit cost reduction
• Cold-chain and B2B contract logistics revenue mix
• International expansion profitability and JV/partnership performance

Further reading: Exploring S.F. Holding Co., Ltd. Investor Profile: Who's Buying and Why?

S.F. Holding Co., Ltd. (002352.SZ): Mission and Values

• Core mission: Provide secure, timely and integrated logistics solutions that support e-commerce, retail, healthcare and industrial customers.
• Values: customer-first service, operational reliability, technology-driven innovation, and safety/compliance across cold chain and hazardous-goods handling.

• Express and Large-volume Logistics - domestic and international express parcels, freight forwarding and cold-chain logistics for industries such as e-commerce, pharmaceuticals and manufacturing.
• Instant Delivery in the Same City - on-demand, intra-city delivery (merchant-to-consumer and consumer-to-consumer), focused on rapid fulfillment for e-commerce, grocery and retail partners.
• Supply Chain and International - comprehensive supply chain management, warehousing, fulfillment, cross-border e-commerce logistics and international freight forwarding services.

• Parcel and express delivery fees - core revenue from domestic and international express shipments (standard, expedited, same-day).
• Value-added services - premium delivery windows, COD handling, insurance, and temperature-controlled cold-chain solutions attract higher margins.
• Instant delivery commissions and platform fees - B2C/B2B merchant partnerships for city-level on-demand fulfillment.
• Supply chain contracts - long-term warehousing, fulfillment, and 3PL agreements with retailers and industrial customers provide recurring revenue.
• International forwarding and cross-border e-commerce - freight forwarding, customs clearance, and overseas fulfillment services.

• Density and network optimization - higher facility density and route optimization reduce per-parcel cost and improve on-time rates.
• Technology and automation - proprietary IT systems, sorting automation and real-time tracking reduce labor costs and improve utilization.
• Service mix - shifting revenue toward higher-margin supply chain and cold-chain services improves overall profitability.
• Scale in instant delivery - capturing local e-commerce and retail volumes increases vehicle utilization and reduces marginal costs per order.

S.F. Holding Co., Ltd. (002352.SZ): How It Works

• Primary revenue driver: Express & Large-volume Logistics - time-definite express, economy express and freight services for B2C, B2B and corporate accounts.
• Rapid urban fulfillment: Instant Delivery - on-demand, last-mile deliveries serving e-commerce platforms, supermarkets, restaurants and retail chains.
• Cross-border and enterprise logistics: Supply Chain & International - supply chain management, international express and freight forwarding for exporters/importers and cross-border e-commerce.
• Value-added revenue: technical maintenance, IT development, logistics consulting, warehousing services and financial/insurance products tied to logistics.
• Strategic infrastructure investments (e.g., Ezhou cargo hub airport) expand capacity, reduce transit times, and create new air-freight and terminal revenue streams.

• Express & Large-volume Logistics: charged by parcel weight/volume, service level (standard vs. time-definite), and contract rates for enterprise accounts. High-volume customers and dedicated freight contracts create recurring, higher-margin revenue.
• Instant Delivery: priced per order with surge or membership fees for clients; revenue scales with order frequency and urban density; cost structure driven by courier labor, delivery radius and dispatch optimization.
• Supply Chain & International: earns through end-to-end SCM contracts (warehousing, inventory management, Kitting), freight forwarding margins, customs brokerage fees and premium international express tariffs.
• Value-added services: one-off and recurring fees for maintenance, IT platform licensing, consulting and insurance; these carry higher margin and strengthen customer stickiness.
• Infrastructure & investments: airport/terminal throughput generates handling fees, slot revenues and cargo landing/handling income while reducing S.F.'s own transit costs and enabling export/import volume growth.

• Network densification and automation to lower per-parcel handling cost and increase throughput.
• Yield management: balancing service tiers (economy vs. express) to optimize revenue per parcel.
• Cross-selling supply-chain services to existing express customers to lift customer lifetime value.
• Asset investments (air fleet, Ezhou hub, automated sorting centers) to shorten delivery times, capture premium lanes and reduce third-party capacity costs.
• Operational efficiency: route optimization, parcel consolidation, and IT-driven scheduling to compress delivery costs and boost margins.

S.F. Holding Co., Ltd. (002352.SZ): How It Makes Money

• Core revenue streams: express delivery (domestic parcels), integrated logistics & warehousing, freight forwarding, cross-border e-commerce logistics, and value‑added commercial services (cold chain, pharma, heavy cargo handling).
• Margins benefit from network density, proprietary last‑mile capabilities, and premium express/SLA products.
• Technology monetization: SaaS/TMS/WMS offerings, data services and revenue from robotic automation & sorting equipment deployed in customer facilities.
• International expansion drives higher-yield cross-border express and B2B freight volumes; partnerships and localized operations increase market access in Southeast Asia, Europe and the Americas.
• Sustainability initiatives (fleet electrification, route optimization) target lower fuel costs and carbon-linked incentives, supporting long-term cost structure improvements.

• Strategic levers to grow revenue: expanding international corridors (cross-border e‑commerce), upselling premium & time-definite express, scaling contract logistics for large retailers, and licensing technology platforms.
• Investment priorities: AI-driven route & capacity optimization, automated sorting hubs, robotics in warehouses, electrified last-mile fleets, and digital customer solutions to increase yield per shipment.
• Risks to monetization: regulatory cross-border constraints, fuel & energy cost volatility, labor constraints in last-mile, and heavy capex cycles for automation.