S.F. Holding Co., Ltd. is a Chinese logistics company founded in 1993 and headquartered in Shenzhen. It operates through three segments: Express and Large Items, Same-City Instant Delivery, and Supply Chain and International. Its services include express deliveries, same-city instant and last-mile delivery, international freight forwarding, warehousing, supply chain solutions, and technology services. The company also engages in air cargo, consulting, telecommunications, e-commerce parks, and other businesses. It is a subsidiary of Shenzhen Mingde Holding Development Co., Ltd.
In June 2017, Alibaba, China's largest e-commerce company, suffered a roughly 42-hour outage of SF Express after a dispute over data integration with the logistics firm, and the sales volume of the merchants that had relied on SF Express fell by about 15%. According to the analysis, the disruption cost roughly 1.78 million yuan in sales per hour, and during the outage searches for logistics-related terms on rival JD.com surged by about 23%, suggesting that customers flowed to the competitor's site rather than waiting. The impact was greater for higher-priced goods and for popular products that could be bought from other stores, showing that logistics quality underpins sales and is a source of competitive advantage that prevents customer defection.
Cloud & Digital Infrastructure › Mega-cap Hyperscalers ▼Demand
9988.HK · Supply · Negative Alibaba's 42-hour SF Express logistics outage cut sales volume ~15% for merchants relying on SF Express.
002352.CS · Supply · Negative SF Express's 42-hour service outage disrupted deliveries, driving merchants' sales down ~15% and pushing customers to JD.com.
9618.HK · Competition · Positive Searches for logistics terms on JD.com surged ~23% during Alibaba's SF Express outage, indicating customers defected to the rival.
SF Holding proposes dividend of 4.9 yuan per 10 shares, payout ratio 45%
SF Holding announced on August 28 that it plans to distribute a cash dividend of 4.9 yuan, tax included, for every 10 shares to all shareholders, with an estimated total payout of 2.5 billion yuan, representing about 45% of net profit attributable to the parent company in the first half of the year. In the first half of 2026, SF Holding achieved revenue of 155.506 billion yuan and net profit attributable to the parent company of 5.502 billion yuan.
SF Holding's first-half net profit falls 4.1% to 5.5 billion yuan
SF Holding released its 2026 semi-annual report, achieving operating revenue of 155.5 billion yuan, up 5.9% year on year. Net profit attributable to shareholders of the listed company was 5.5 billion yuan, down 4.1% year on year. The company plans to distribute a cash dividend of 4.9 yuan per 10 shares, tax included. According to the announcement, second-quarter net profit was 2.976 billion yuan, while first-quarter net profit was 2.526 billion yuan. Based on this calculation, second-quarter net profit rose 17% quarter on quarter.
A-shares surge across the board, ChiNext jumps over 7%
On July 21, the three major A-share indices surged across the board. The Shanghai Composite Index closed at 3,864.37 points, up 1.79%, the Shenzhen Component Index rose 4.81%, and the ChiNext Index jumped 7.05%. Total market turnover for the day was approximately 2.97 trillion yuan, an increase of 256.1 billion yuan from the previous trading day. Over 3,100 stocks closed higher, with 121 hitting the daily limit. On the sector front, the National Integrated Circuit Industry Investment Fund holdings led the gains, followed by semiconductors, SMIC concept stocks, and memory chips. Oil and gas exploration and services, kitchen and bathroom appliances, pharmaceutical distribution, and combustible ice were among the biggest decliners. According to Securities Times Data Treasure, five stocks hit record closing highs today, and 12 stocks received buy ratings from institutions. Dragon and tiger list data shows that 14 stocks saw net institutional buying exceeding 10 million yuan each, with Accelink Technologies topping the list with net institutional buying of 677 million yuan. In evening announcements, Dongjing Electronics announced the removal of its delisting risk warning, with its stock abbreviation changing to Dongjing Electronics on July 23. Xi'an Yicai's monthly production and sales of 12-inch electronic-grade silicon wafers surpassed 1 million units. Wuzhou Medical plans to acquire a 100% stake in Xuanzhi Technology to enter the motor control chip sector. SF Holding completed its 6 billion yuan share buyback plan. Sungrow Power Supply Chairman Cao Renxian proposed a buyback of shares worth 500 million to 1 billion yuan.
Gbit Chairman Proposes 100 Yuan Cash Dividend per 10 Shares; Multiple Companies Disclose Buyback and Share Increase Plans
Gbit Chairman Lu Hongyan has proposed formulating a 2026 semi-annual dividend plan, intending to distribute a cash dividend of 100 yuan per 10 shares, tax included, to all shareholders based on the total share capital after deducting shares in the repurchase account. Wuzhou Medical plans to acquire 100% equity of Xuanzhi Electronic Technology Shanghai Company Limited through a combination of share issuance and cash payment, entering the motor control chip sector; the company's shares will resume trading on July 22. GigaDevice plans to use 500 million yuan of A-share raised funds to increase capital in its wholly-owned subsidiary Zhuhai Hengqin Xincun Semiconductor Company Limited to implement a DRAM fundraising project. Several companies have released semi-annual performance forecasts: Yuanjie Technology expects net profit attributable to the parent company to increase by 1196.91% to 1304.98% year-on-year; Zhongyi Technology expects an increase of 879.55% to 1075.46%; and Feinan Resources expects an increase of 245.36% to 314.43%. SF Holding has completed its 2025 first-phase A-share buyback plan, repurchasing a total of 160 million shares with a total transaction amount of approximately 5.999 billion yuan. Sungrow Power's chairman has proposed a share buyback of 500 million to 1 billion yuan; Putailai plans to buy back shares worth 200 million to 300 million yuan; and Wolong Electric's chairman has proposed a buyback of 50 million to 100 million yuan. China Vanke's largest shareholder, Shenzhen Metro Group, has provided the company with a loan of up to 519 million yuan. Titan Wind Energy's wholly-owned subsidiary has received an order from an international shipowner for two plus two crude oil tankers, with a total contract value of approximately 1.874 billion yuan. ST Dongjing has had its delisting risk warning removed, and its stock abbreviation will change to Dongjing Electronics starting July 23.
Southern Shunfeng Logistics REIT sees occupancy drop at Wuhan and Hefei projects in first half, Wuhan distribution center lease renewal rent cut over 29%
Southern Shunfeng Logistics REIT has released its first-half operating data, showing a clear divergence in the performance of its underlying assets. The Shenzhen project maintained full occupancy, but the Wuhan project's occupancy rate fell month by month from 94.54% at the start of the year to 92.01% in June, while the Hefei project, affected by the expiry of a related-party lease with SF Holding, saw its occupancy rate drop from 94.19% to 90.07%, a cumulative decline of 4.12 percentage points. The distribution center at the Wuhan project renewed its lease with Hubei SF, with the unit rent falling from the original contract's 38.12 yuan per square meter per month to 27.01 yuan per square meter per month, a drop of over 29%. The average effective unit rent under the new contract period is 26.80 yuan per square meter per month. Despite the sharp rent decline, because the valuation benchmark had been lowered, the revenue during the renewed lease period increased by 4.1892 million yuan compared to the tracking valuation, but still fell by 126,300 yuan compared to the initial public offering valuation.
湖北顺丰运输有限公司 · Pricing · Negative Hubei SF's lease renewal rent dropped 29% from 38.12 to 27.01 yuan/sqm/month, directly impacting its costs.
002352.CS · Demand · Negative Wuhan and Hefei projects see occupancy drops and Wuhan rent cut over 29%, indicating weaker demand for SF's logistics space.
SF Holding June Revenue Reaches 27.88 Billion Yuan, Up 6.19% Year-on-Year
SF Holding released its June 2026 express logistics business operating brief. Combined revenue from its express logistics business and supply chain and international business for the month reached 27.88 billion yuan, up 6.19 percent year-on-year. Of this, express logistics business revenue was 20.017 billion yuan, a slight increase of 0.28 percent year-on-year, with business volume at 1.389 billion tickets, down 4.86 percent year-on-year, and revenue per ticket at 14.41 yuan, up 5.41 percent year-on-year. Supply chain and international business revenue was 7.863 billion yuan, up 24.97 percent year-on-year. The company noted that express logistics revenue per ticket has achieved year-on-year recovery for four consecutive months, and the growth in supply chain and international business is driven by the advancement of its strategy of being the only one in Asia with global coverage.
002352.CS · Capital · Positive Revenue growth of 6.19% year-on-year, with supply chain and international business up 24.97%, indicating strong financial performance.
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