According to the Zhitong Finance App, SF Holdings (06936) announced interim results for the six months ended June 30, 2026. The group obtained operating income of RMB 155.506 billion (same unit), up 5.89% year on year; gross profit of RMB 20.487 billion, up 7.48% year on year; profit attributable to the owners of the company of RMB 5.502 billion; basic earnings per share. It plans to distribute an interim cash dividend of RMB 4.9 yuan (tax included) for every 10 shares to all shareholders.
In the first half of 2026, the company's total revenue reached 155.51 billion yuan, an increase of 5.9% over the previous year, and the total volume reached 7.86 billion votes, an increase of 0.2% over the previous year.
The company has long insisted on promoting operational optimization and lean management: on the one hand, optimizing the business structure, the year-on-year recovery in single ticket revenue, and steady improvement in operating efficiency; on the other hand, normalizing the implementation of lean control, improving the network model and resource allocation, and continuously promoting structural cost reduction. Furthermore, accelerate the large-scale application of AI technology and intelligent equipment, and free up space for digital intelligence to reduce costs.
At the same time, the company continues to strengthen the construction of LTL and cross-border trunk line transportation networks, accelerate the development of domestic industrial zone markets and international markets, and increase investment in aviation and land transportation capacity resources. Combined with the impact of the rise in oil prices in the second quarter, capacity costs increased significantly year-on-year. However, thanks to the effective implementation of the company's aforementioned lean management measures, the upward pressure on capacity costs has been partially mitigated. Overall, the company achieved gross profit of 20.49 billion yuan in the first half of 2026, an increase of 7.5% over the previous year; gross margin was 13.2%, an increase of 0.2 percentage points over the previous year.
On the cost side, the total management and sales expenses increased slightly by 0.1 percentage points over the same period as the company strengthened incentives for high-value business development and strengthened sales capacity building around the industrial zone market, supply chain and international business. Meanwhile, along with the increase in the company's level of technological intelligence and the improvement of R&D efficiency, the R&D expenditure rate decreased by 0.1 percentage points over the same period last year. Furthermore, the company maintained a steady capital structure, the average loan balance declined year on year, and the net financial expenses ratio decreased 0.1 percentage points year over year.
In terms of profit, during the reporting period, the company achieved profit attributable to the company's owners (hereinafter referred to as “net profit”) of 5.50 billion yuan, a year-on-year decrease of 4.1%. Mainly because the company transferred three wholly-owned subsidiaries holding properties to Southern SF Logistics REIT in the first half of 2025, generating one-time equity disposal income of 590 million yuan after tax, which made the net profit base for the same period last year high. If the impact of this non-recurring profit and loss project is excluded, the company's net profit to mother increased 7.0% year over year, and profitability increased steadily.
In terms of capital structure, as of the end of the reporting period, the company's total assets were 228.9 billion yuan, equity attributable to the company's owners was 102.8 billion yuan, and the balance ratio was 50.1%. The overall capital structure remained stable. At the same time, the company's net cash flow from operating activities was 11.2 billion yuan, maintaining abundant cash flow.