S.F. Holding Co., Ltd. Reports Robust Revenue Growth in February 2026 Operations Bulletin

Key Highlights for Investors

• Strong Double-Digit Revenue Growth: S.F. Holding’s total revenue for February 2026 reached RMB 21.604 billion, marking a significant 17.60% year-on-year increase.
• Express Logistics Surge: Express logistics business revenue soared to RMB 16.421 billion in February, reflecting a 24.88% jump compared to the prior year.
• Parcel Volume & Revenue Per Parcel Climb: Parcel volume jumped by 17.03% to 1.072 billion, while revenue per parcel increased by 6.76% to RMB 15.32, underscoring operational and pricing strength.
• Supply Chain & International Business: Revenue slightly dipped by 0.75% year-on-year to RMB 5.183 billion in February, with details suggesting some weakness in international freight rates despite strong international express and cross-border e-commerce logistics services.
• January-February Cumulative Performance: For the first two months of 2026, total revenue reached RMB 48.464 billion, up 8.55% year-on-year, with both express logistics and supply chain/international segments showing steady growth.
• Impact of Chinese New Year: The company notes that comparisons are affected by the staggered Chinese New Year dates, making February’s figures partially non-comparable to last year’s period.

Detailed Financial and Operational Performance

Express Logistics Business

S.F. Holding’s core express logistics business continued its upward trajectory, recording RMB 16.421 billion in revenue for February 2026, a robust 24.88% increase from February 2025. Parcel volume grew to 1.072 billion, up 17.03% year-on-year, while revenue per parcel rose to RMB 15.32, representing a 6.76% improvement. For the aggregate period from January to February 2026, express logistics revenue was RMB 36.817 billion, up 8.57% from the same period in 2025, with 2.458 billion parcels delivered (a 9.44% increase).

The company attributes this strong growth to proactive expansion during the Chinese New Year, targeting high-demand consumer scenarios like New Year goods delivery and travel logistics. S.F. Holding leveraged its directly-operated network and scenario-based solutions to address diverse customer needs, achieving what management describes as “high-quality revenue growth.”

Supply Chain and International Business

Revenue from the supply chain and international segment was RMB 5.183 billion in February, a slight decline of 0.75% compared to the previous year. Cumulatively, January-February revenue reached RMB 11.647 billion, an 8.49% increase year-on-year. While international express, cross-border e-commerce logistics, and supply chain services maintained relatively rapid growth, the company noted that volatility in global trade and declining ocean freight rates negatively impacted international freight forwarding revenues.

Items of Potential Price Sensitivity for Shareholders

• Significant Revenue Growth May Support Share Price: The double-digit increase in both total and express logistics revenue could be interpreted as a positive sign of the company’s competitive positioning and operational resilience, especially amid seasonal and macroeconomic challenges.
• Changing Market Dynamics: The company’s ability to capitalize on consumer scenarios during the Chinese New Year, despite the holiday’s timing shifts, demonstrates operational agility and could support future performance.
• International Freight Forwarding Weakness: Investors should note the impact of declining ocean freight rates and global trade volatility, which dampened the supply chain and international segment’s growth. This factor could weigh on future international revenue streams and should be closely monitored.
• Unaudited Results Disclaimer: All figures provided are unaudited and may differ from those in the company’s periodic reports, suggesting some degree of uncertainty in the preliminary data.

Board and Management Update

The announcement was made by Joint Company Secretary Gan Ling on behalf of the Board, which comprises a mix of executive and independent non-executive directors, including Chairman Mr. Wang Wei.

Investor Advisory

Shareholders and potential investors are advised to pay attention to investment risks and to exercise caution when trading in the company’s securities. The company reiterates that all operational figures are subject to adjustments after audit and may differ from data in the formal financial statements.

Disclaimer: This article is based on unaudited operational data disclosed by S.F. Holding Co., Ltd. for February 2026. Investors should refer to the company’s official audited reports for precise financial information, and consider market, regulatory, and operational risks before making investment decisions. The article does not constitute investment advice.

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