SF Express Financial Performance and Service Capabilities: A Comprehensive Review (March 2025)

SF Express (S.F. Holding Co., Ltd.) has demonstrated robust financial performance in early 2025, cementing its position as a reliable logistics partner for international shipping, supply chain management, and specialized delivery services. The company's recently released February 2025 operations bulletin shows steady growth across key business segments despite seasonal challenges, highlighting SF's operational resilience and expanding service capabilities.

Financial Performance Overview

February 2025 Results

SF Express has reported encouraging financial results for February 2025, with total revenue reaching RMB 18.371 billion, representing a year-on-year increase of 6.41%. This performance is particularly noteworthy considering the timing of Chinese New Year, which typically affects business operations across China. Breaking down the revenue streams, the company's express logistics business generated RMB 13.149 billion (up 3.81% year-on-year), while its supply chain and international business contributed RMB 5.222 billion, showing an impressive growth of 13.55% compared to the previous year.

The company's parcel volume grew substantially to 0.916 billion in February 2025, marking a 17.74% increase year-on-year. This growth in volume demonstrates SF Express's expanding market share and customer base, reinforcing its position as a leading logistics provider in China and internationally.

January-February 2025 Aggregate Performance

For a more comprehensive view of SF's performance, the combined January-February 2025 figures provide clearer insights by accounting for the Chinese New Year holiday period. During these two months, SF Express achieved a total revenue of RMB 44.648 billion, representing a 7.27% year-on-year increase. Express logistics business revenue reached RMB 33.912 billion (up 5.42%), with parcel volume hitting 2.246 billion (up 16.68%). Meanwhile, supply chain and international business revenue grew to RMB 10.736 billion, maintaining a strong growth rate of 13.55%.

These figures reflect SF Express's continued business momentum and effective implementation of its diversified service strategy, particularly in high-value segments such as international logistics and supply chain management.

International Cargo Delivery Capabilities

Expanding Global Network

SF Express has significantly enhanced its international delivery capabilities through strategic network expansion and service innovations. The company now operates direct flights to multiple international destinations including the United States, Germany, Netherlands, Japan, South Korea, and various Southeast Asian countries. This extensive air freight network enables SF to provide efficient cross-border logistics services with reduced transit times and enhanced reliability.

Case Study: Supporting Chinese Manufacturing Exports

A notable example of SF's international delivery capabilities is its partnership with Ninebot, a global innovator in short-distance transportation and robotics. SF provides comprehensive logistics services for Ninebot's electric balance vehicles and e-bikes sold in European and American markets. The collaboration encompasses sales delivery, warehouse management, and transportation services, offering a one-stop, customized supply chain solution for Ninebot's entire product range.

For international transportation, SF Express offers Ninebot both full-container sea freight and air freight options. The company's self-operated direct flights to key global markets create an efficient "air bridge" for Ninebot's export products, facilitating their global sales expansion. This partnership demonstrates SF's capability to support Chinese manufacturers in reaching international markets through integrated logistics solutions.

Supply Chain Support Excellence

Integrated Business Model

SF Express has been deepening its integration with various industries, following a strategy of "industry specialization, scenario expansion, and product diversification" to enhance its differentiated competitive advantages and operational efficiency. The company continues to expand its touchpoints with consumers through multiple online and offline channels.

Multi-industry Collaboration

The company's supply chain business has shown particularly strong growth, with a 13.55% year-on-year increase in the first two months of 2025. This growth reflects SF's success in developing tailored supply chain solutions for different industries and customer segments. International investors have recognized this potential, with Mitsubishi UFJ Financial Group increasing its holdings in SF Holdings' H-shares to 12.33 million shares (7.25% ownership) in February 2025, and Morgan Stanley adding 171,800 shares in early March.

SF Express's high-quality diversified services have provided strong momentum for stable business growth, making it an attractive investment for international capital seeking exposure to China's logistics sector.

Cold Chain and Specialized Delivery Services

Innovative Solutions for High-Value Products

SF Express has developed specialized capabilities for the transportation of temperature-sensitive and high-value items. For instance, the company has created tailored solutions for transporting koi fish from Gaotang, Shandong Province—a product that can be valued at hundreds of thousands of yuan.

Leveraging its extensive experience in fresh product transportation, SF offers "same-day" and "next-day" delivery services for koi fish through its premium "Exclusive Flagship" product and air network. For larger koi, the company provides "Air Freight Large Items" service, enabling cross-provincial delivery within seven hours. Couriers adjust delivery box temperatures according to destination requirements, and for high-value koi, SF provides customized "dedicated person, dedicated point, dedicated order" pickup and delivery services at airports.

Seasonal Product Expertise

The first quarter is typically the peak season for tea leaves and flowers. SF Express leverages its resource allocation capabilities to ensure freshness by racing against time. For products like Guizhou spring tea and Yunnan flowers, SF develops customized services including dedicated flights, specialized routes, and logistics drones to efficiently deliver these seasonal products to consumers.

A prime example is SF's support for West Lake Longjing tea, where the company signed a cooperation agreement with the West Lake Longjing Tea Core Production Area Chamber of Commerce to help with rural revitalization and establish a digitalized logistics system "from tea garden to teacup". In 2024, SF deployed two Wing drones to join the tea delivery fleet, reducing transportation time from tea farmers' homes to transfer points from hours to just 8 minutes per trip. Each drone could transport approximately 1.5 tons of tea daily. For 2025, SF has optimized these routes for greater efficiency and dedicated 16 aircraft to support spring tea delivery.

Conclusion

SF Express continues to demonstrate strong business fundamentals and innovation capabilities across its service portfolio. The company's financial results for early 2025 show healthy growth in both express logistics and supply chain/international business segments, reflecting its resilience and strategic focus on high-value services.

For customers and partners seeking reliable logistics solutions, SF Express offers proven expertise in international cargo delivery, comprehensive supply chain support, and specialized services for temperature-sensitive or high-value items. The company's investments in air freight networks, technological innovations like drones, and industry-specific solutions position it as a trusted partner for businesses with complex logistics requirements.

The steady growth trajectory and international investor confidence in SF Express indicate its continued commitment to service excellence and business expansion. As logistics needs become increasingly complex and global, SF Express's integrated service model and innovative approach provide a reliable foundation for successful supply chain management and product delivery across borders and industry segments.