SF Holding Co Ltd Class A

002352: XSHE (CHN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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SF Holding Earnings: Fair Value Estimate Maintained; Long-Term Margin Expansion Thesis Is Intact

Chelsey Tam

Apr 29, 2026

SF Holding's first-quarter net margin was 20 basis points higher year on year but flat sequentially at 3.4%. Revenue rose 6.1% year on year to CNY 74 billion, higher than parcel volume growth of 4.9%. International and supply chain revenue rose 8.2%.

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SF Holding Co Ltd Class A

SF Holding Earnings: Fair Value Estimate Maintained; Long-Term Margin Expansion Thesis Is Intact

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