SF Holding reported combined revenue of 24.30 billion RMB from express logistics, supply-chain and international services in March 2026, marking a 2.71 % year-on-year increase.

Express logistics revenue edged up 0.68 % to 18.02 billion RMB, despite a 3.40 % drop in parcel volume to 1.25 billion units. Revenue per parcel rose 4.20 % to 14.40 RMB, reflecting the company’s shift from scale-driven to value-driven growth and continued expansion of mid- to high-end time-definite services.

Supply-chain and international revenue climbed 9.00 % to 6.28 billion RMB. While fluctuating ocean freight rates weighed on international freight forwarding, solid performance in international express, cross-border e-commerce logistics and overseas supply-chain offerings offset this headwind, supported by the accelerating global expansion of Chinese enterprises.

Management attributes the overall performance to ongoing network capacity enhancements and dynamic market-mix optimization under the upgraded “Stimulate Operation Vitality” program initiated in 2025. The disclosed figures are unaudited and may differ from data in forthcoming periodic reports.