SF Express recorded a revenue of 155.5 billion yuan in the first half of the year, with its net profit falling 4% year on year to 5.5 billion yuan. The company will distribute 2.5 billion yuan in dividends, among which Wang Wei will receive 1.2 billion yuan, and J&T Express is its second largest shareholder.

SF Holding (Stock Code: 002352) recently released its financial report for the first half of 2026. The report shows that SF Holding's revenue in H1 2026 reached 155.5 billion yuan, up 5.89% from 146.858 billion yuan in the same period of the previous year.

The government subsidies recorded by SF in H1 2026 amounted to 240 million yuan, mainly including financial allocations for the logistics industry, tax rebates, job stabilization subsidies, and transport capacity subsidies, etc.

SF Holding's gross profit in H1 2026 was 20.9 billion yuan, a year-on-year increase of 7.7%.

SF Holding's net profit in H1 2026 was 5.5 billion yuan, down 4% from 5.738 billion yuan in the same period of the previous year; the non-recurring profit and loss deducted net profit was 4.975 billion yuan, up 9.32% year on year from 4.55 billion yuan in the same period of last year.

The net cash flow generated from operating activities recorded by SF Holding in H1 2026 was 11.171 billion yuan.

Time-sensitive express revenue reached 63.37 billion yuan in the first half of the year

SF's time-sensitive express business in H1 2026 achieved operating revenue of 63.37 billion yuan, a year-on-year increase of 0.2%. Excluding the e-commerce return business, the revenue of time-sensitive express increased by 5.3% year on year.

SF's economic express business in H1 2026 achieved operating revenue of 16.29 billion yuan, a year-on-year increase of 7.5%; the freight express business achieved operating revenue of 22.05 billion yuan, a year-on-year increase of 12.6%.

SF's cold chain and pharmaceutical business in H1 2026 achieved operating revenue of 4.4 billion yuan, a year-on-year decrease of 24.7%. Mainly affected by climatic factors, the output of some mid-to-high-end seasonal fresh fruits decreased significantly, which affected the growth of fresh food delivery business.

SF's intra-city instant delivery business in H1 2026 achieved operating revenue of 6.71 billion yuan, a year-on-year increase of 22.1%. In the 12 months ending June 30, 2026, the number of annual active merchants of SF Intra-city reached 1.23 million, a year-on-year increase of 44%.

The Ezhou cargo hub is building a system of "hub-and-spoke air network + multimodal transport + smart logistics" to support industrial upgrading. As of the end of the reporting period, the company has opened a total of 61 domestic routes and 25 international routes at the Ezhou cargo hub, of which the international air cargo throughput increased by 23% year on year.

The Ezhou cargo hub focuses on cultivating three types of airport-preferred industries: fresh food and pharmaceutical base, fast processing and return center, and cross-border e-commerce gateway.

Cash dividend of 2.5 billion yuan

SF Holding distributes an interim cash dividend of 4.9 yuan (including tax) for every 10 shares to all shareholders, issues 0 bonus shares (including tax), and does not convert capital reserve into share capital. Based on the preliminary calculation of the company's total share capital excluding the repurchase special account as of the disclosure date of this report, the estimated total interim cash dividend this time is 2.5 billion yuan, accounting for about 45% of the net profit attributable to the shareholders of listed companies of SF Holding in H1 2026.

J&T becomes the second largest shareholder

As of June 30, 2026, Shenzhen Mingde Holdings Development Co., Ltd. holds 44.86% of the shares, HKSCC NOMINEES LIMITED holds 4.56%, J&T GLOBAL EXPRESS holds 4.29%, SF Holding Co., Ltd. - "Common Growth" Share Ownership Plan (A Shares) holds 3.8%, Hong Kong Securities Clearing Company Limited holds 2.37%, Shenzhen Weishun Enterprise Management Co., Ltd. holds 1.9%;

As of June 30, 2026, the equity structure of SF Holding

Ningbo Shunda Fenghua Venture Capital Partnership (Limited Partnership) holds 1.55% of the shares, Lin Zheying holds 0.85%, Liu Jilu holds 0.55%, and Swiss Re Life Insurance Co., Ltd. - Own Funds holds 0.5%.

Wang Wei, the founder of SF Holding, holds a total of 2,461,920,119 A shares of the company through Mingde Holdings, accounting for 46.76% of the total share capital of the company: among them, 2,361,920,119 shares are held directly, and 100,000,000 shares are held through its wholly-owned subsidiary Shenzhen Weishun Enterprise Management Co., Ltd.

Calculated on this basis, Wang Wei can get a dividend of 1.2 billion yuan.

As of December 31, 2025, Shenzhen Mingde Holdings Development Co., Ltd. holds 46.87% of the shares, HKSCC NOMINEES LIMITED holds 4.76%, SF Holding Co., Ltd. - "Common Growth" Share Ownership Plan (A Shares) holds 3.97%, Hong Kong Securities Clearing Company Limited holds 3.41%, Shenzhen Weishun Enterprise Management Co., Ltd. holds 1.98%;

As of December 31, 2025, the equity structure of SF Holding

Ningbo Shunda Fenghua Venture Capital Partnership (Limited Partnership) holds 1.62% of the shares, Lin Zheying holds 0.81%, Industrial and Commercial Bank of China Co., Ltd. - Huatai Bairui CSI 300 Index ETF holds 0.79%;

Liu Jilu holds 0.57%, China Construction Bank Co., Ltd. - E Fund CSI 300 Index ETF Launch Securities Investment Fund holds 0.56%.

A comparison shows that J&T has become the second largest shareholder of SF. J&T became a shareholder of SF mainly because the two parties reached an agreement in early 2026, under which SF Holding subscribed for 821,657,973 newly issued Class B shares of J&T Express through its overseas wholly-owned subsidiary.

After the transaction is completed, SF holds approximately 8.45% of the equity of J&T. The issue price of J&T's shares is HK$10.10 per share, the total consideration paid by SF for J&T is HK$8.3 billion, and Wang Wei also becomes a director of J&T.

In the same period, SF Holding issued 225,877,669 new H shares to J&T Express or its designated entity on the Hong Kong Stock Exchange under the general authorization. J&T Express accounts for approximately 4.29% of the total number of issued shares of SF Holding (including treasury shares) after the expansion following the H share issuance.

As of the close of trading on the 31st, the share price of SF is 31.8 yuan, down 5.5% from the previous trading day. Calculated at the closing price, the market value of the company is 167.4 billion yuan.

This article is from the WeChat official account "Lei Dynamics" (ID: touchweb), written by Lei Jianping, and authorized for release by 36Kr.