S.F. Holding Co., Ltd. Releases March 2026 Express Business Operations Bulletin

Key Highlights and Investor Insights

S.F. Holding Co., Ltd. (Stock Code: 6936), a leading player in China’s express logistics and supply chain sector, has published its express business operations bulletin for March 2026. The report discloses operational performance across its core business segments and provides details that are essential for shareholders and potential investors.

1. Express Logistics Business Performance

• Revenue: The express logistics business generated RMB 18.019 billion in March 2026, reflecting a modest year-on-year growth of 0.68% despite challenging market conditions.
• Parcel Volume: Total parcel volume handled was 1.251 billion, which is a decrease of 3.40% compared to March 2025, indicating a shift in operational focus.
• Revenue Per Parcel: Revenue per parcel saw a notable year-on-year increase of 4.20%, rising from RMB 13.82 to RMB 14.40, demonstrating improved operational efficiency and enhanced value capture per shipment.
• Business Composition: The express logistics segment includes time-definite express, economy express, freight delivery, cold chain and pharmaceuticals logistics, and intra-city on-demand delivery.

2. Supply Chain and International Business

• Revenue: This segment posted revenue of RMB 6.283 billion, representing a robust 9.00% year-on-year increase, and was the main driver of growth for the group.
• Business Composition: The segment includes international express, international freight forwarding, and supply chain operations. The company successfully capitalized on strong demand from Chinese businesses expanding overseas.
• Market Dynamics: The company faced repeated fluctuations in ocean freight rates due to global uncertainties, which impacted international freight forwarding revenue. However, S.F. Holding used its global network and diversified product portfolio to maintain growth in international express, cross-border e-commerce logistics, and international supply chain business.

3. Total Revenue and Strategic Initiatives

• Total Revenue: Combined revenue from express logistics and supply chain/international business reached RMB 24.302 billion, indicating a steady year-on-year increase of 2.71%.
• Strategic Transformation: Since 2025, the company has been upgrading its “Stimulate Operation Vitality” mechanism. In Q3 2025, the strategic focus shifted from scale-driven to value-driven growth, aiming to optimize business structure and ensure high-quality development. This evolution contributed to the improvement in revenue per parcel and the maintenance of stable growth in mid- to high-end time-definite express delivery.

4. Key Considerations for Shareholders

• Profitability Focus: The company’s shift toward value-driven growth and higher revenue per parcel may signal improved profitability and margin resilience, which are positive indicators for share valuation.
• International Uncertainties: Fluctuations in global freight rates and the international environment present ongoing risks. Investors should monitor developments in the global logistics market as these could affect future revenue streams.
• Growth Opportunities: S.F. Holding’s ability to capture new opportunities from the overseas expansion of Chinese enterprises and the ongoing diversification of its international services could provide new growth drivers.
• Data Status: The operational data released are preliminary and unaudited. Final figures will be available in the company’s periodic reports.

5. Board and Governance Update

The company’s board comprises Mr. Wang Wei (Chairman and executive director), Mr. Ho Chit and Mr. Xu Bensong (executive directors), and independent non-executive directors Mr. Chan Charles Sheung Wai, Mr. Lee Carmelo Ka Sze, and Dr. Ding Yi.

Conclusion

The March 2026 operational bulletin from S.F. Holding Co., Ltd. reflects a strategic pivot toward value-driven growth, with improvements in revenue per parcel and strong performance in supply chain and international business. While parcel volume declined, the focus on higher-margin segments and international expansion positions the company to capture future growth opportunities. However, global market uncertainties and freight rate volatility remain key risks for investors to watch.

Disclaimer: This article is based on unaudited operational data released by S.F. Holding Co., Ltd. and is intended for informational purposes only. Investors should refer to the company’s official periodic reports for audited figures and make investment decisions with caution. This report does not constitute investment advice, and past performance is not indicative of future results.

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