S.F.Holding Co.,Ltd. (002352) recently disclosed its 2025 semi-annual report, achieving dual growth in operating revenue and net profit. Revenue increased 9.26% to 146.9 billion yuan, while net profit attributable to shareholders reached 5.74 billion yuan, up 19.37% year-over-year.

However, behind this seemingly impressive performance lies a persistent decline in the company's revenue per ticket, which has fallen from 23.18 yuan in 2018 to 13.27 yuan in August this year. Additionally, the company's gross margin decreased by 0.6 percentage points compared to the same period last year. Moreover, sales expenses grew 19.8% year-over-year, exceeding the company's revenue growth rate of 9.26%.

Taking a longer-term perspective, both the company's revenue and net profit growth rates have shown a decelerating trend, with the slowdown in net profit being particularly pronounced. Data shows that from 2022-2024 and the first half of 2025, the company's non-recurring profit growth rates were 190.97%, 33.67%, 28.2%, and 9.72%, respectively.

**First Half Revenue Reaches 146.9 Billion Yuan, Revenue Per Ticket Continues Declining**

S.F.Holding Co.,Ltd. is a comprehensive logistics service provider with main business segments including express logistics, supply chain and international services. Express logistics encompasses time-sensitive express, economy express, freight, cold chain and pharmaceutical, and same-city instant delivery. Supply chain and international services include international express, international freight and agency services, and supply chain solutions.

In the first half of 2025, the company achieved operating revenue of 146.9 billion yuan, up 9.26% year-over-year; net profit attributable to shareholders increased 19.37% to 5.74 billion yuan; non-recurring profit reached 4.55 billion yuan, up 9.72% compared to the same period last year.

Behind this seemingly strong performance is the company's persistent decline in revenue per ticket in recent years.

Data shows that from 2018-2022, the company's revenue per ticket declined annually from 23.18 yuan to 15.73 yuan, a cumulative drop of 32.1% over five years. Although it briefly recovered to 16.06 yuan in 2023, this failed to reverse the overall downward trend, falling again to 15.52 yuan in 2024.

Revenue per ticket in the first half of 2025 dropped to 14 yuan, further declining to 13.55 yuan in July and 13.27 yuan in August, representing a 42.7% decrease from the 23.18 yuan recorded in 2018.

**Revenue and Net Profit Growth Slowing, Non-Recurring Profit Growth Deceleration Most Significant**

Taking a longer time horizon, S.F.Holding's revenue and net profit growth rates have both decelerated, with the slowdown in non-recurring profit growth being particularly notable.

Data indicates that from 2022-2024, the company's operating revenue growth rates were 29.11%, -3.39%, and 10.07%, respectively. Revenue growth in the first half of this year was 9.26%.

The deceleration trend in net profit is even more apparent. Net profit attributable to shareholders grew 44.62% in 2022, falling to 33.38% in 2023, continuing to decline to 23.51% in 2024, and further dropping to 19.37% in the first half of 2025. From 2022-2024 and the first half of 2025, the company's non-recurring profit growth rates were 190.97%, 33.67%, 28.2%, and 9.72%, respectively.

**Gross Margin Slightly Decreases, Sales Expense Growth Exceeds Revenue Growth**

Despite dual growth in revenue and net profit, the company's gross margin and operating cash flow both declined.

In the first half of 2025, the company's gross margin was 13.2%, down 0.6 percentage points from the same period last year. Operating net cash flow also decreased, with net cash flow from operating activities reaching 12.937 billion yuan in the first half, down 5.72% year-over-year.

From an expense structure perspective, sales expenses in the first half reached 1.762 billion yuan, up 19.8% year-over-year, significantly higher than the 9.26% revenue growth rate. The company stated that the increase in sales expenses was mainly due to accelerating sales team development to support industry-specific and international business expansion.

Regarding research and development, the company's R&D investment decreased in the first half. According to the financial report, R&D investment was 1.483 billion yuan in the first half, down 7.42% year-over-year.