UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of event requiring this shell company report For the transition period from to Commission file number: 001-41674 Shengfeng Development Limited ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12 ...

Company Overview - Shengfeng Logistics (SFWL.us) has not disclosed any significant upcoming events such as earnings releases, shareholder meetings, or major business changes as of February 13, 2026 [1] Stock Performance - On December 26, 2025, the stock price fell by 6.68% to $0.930 per share with low trading volume. On December 17, 2025, the stock price decreased by 7.41% to $1.00 per share with a trading volume of 20,324 shares. During the same period, the overall decline in the transportation and logistics industry was 0.04%. Earlier, on September 9, 2025, the stock price had increased by 7.76% to $1.121 per share, with a total market capitalization of approximately $92.45 million [2] Financial Performance - According to the latest available financial report for the first half of 2025 (ending June 30, 2025), the company's revenue was $263 million, representing a year-on-year growth of 15.98%. The net profit was $5.863 million, reflecting a year-on-year increase of 16.42%. Currently, no institutions have issued recent ratings or outlook reports for the stock [3] Industry Environment - In January 2026, China's logistics industry prosperity index was at 51.2%, indicating an overall expansion in the industry. However, Shengfeng Logistics has not been mentioned in recent industry hot topics [4]

Core Viewpoint - Chinese concept stocks experienced significant gains, with Everbright Digital leading the surge with a 43.4% increase in share price [1] Group 1: Stock Performance - Everbright Digital (EDHL) saw a price increase of 43.4%, closing at 0.5472, with a trading volume of 3.1982 million [1] - ChowChow Cloud Inte (CHOW) rose by 38.09%, closing at 1.0800, with a trading volume of 5.8036 million [1] - 盛丰物流 (SFWL) increased by 35%, closing at 1.0800, with a trading volume of 1.4256 million [1] - 中驰车福 (AZI) experienced a 21.43% rise, closing at 1.870, with a trading volume of 76.5976 million [1] - 金铉集团 (JXG) saw a 19.28% increase, closing at 7.300, with a trading volume of 0.2781 million [1]

Core Viewpoint - Shengfeng Logistics (SFWL) has shown a positive market performance with a 3.14% increase in stock price, reaching $0.825 per share, and a total market capitalization of $68.0687 million as of December 16 [1] Financial Performance - As of June 30, 2025, Shengfeng Logistics reported total revenue of $263 million, reflecting a year-on-year growth of 15.98% [1] - The net profit attributable to the parent company was $5.863 million, which represents a year-on-year increase of 16.42% [1] Company Structure - Shengfeng Development Limited is a holding company registered in the Cayman Islands and does not operate directly in China [1] - The company's operations are conducted through its subsidiaries in China via contractual arrangements or VIE agreements, with VIE being one of the leading contract logistics service providers in China [1]

Group 1 - The top five Chinese concept stocks that experienced the largest declines in closing prices are: EZGO down 39.68%, STAK down 28.36%, CNF down 17.9%, SFWL down 15.2%, and YB down 11.46% [1] - EZGO's latest price is 0.2051 with a decrease of 0.1349 and a trading volume of 1.38 million [1] - STAK's latest price is 1.010 with a decrease of 0.400 and a trading volume of 1.2087 million [1] - CNF's latest price is 0.4100 with a decrease of 0.0894 and a trading volume of 0.1286 million [1] - SFWL's latest price is 1.060 with a decrease of 0.190 and a trading volume of 0.0562 million [1] - YB's latest price is 23.305 with a decrease of 3.015 and a trading volume of 3.3121 million [1]

Core Viewpoint - Shengfeng Development Limited reported a 16.0% year-over-year increase in total revenue, driven by enhanced partnerships and expanded service offerings in the logistics sector [1][6]. Financial Highlights - Total Revenue: Increased from approximately $227.1 million for the six months ended June 30, 2024, to approximately $263.4 million for the same period in 2025, marking a 16.0% increase [6]. - Gross Profit: Rose by approximately 14.2% from about $21.1 million in 2024 to approximately $24.1 million in 2025, with gross margins slightly decreasing from 9.3% to 9.1% [6]. - Net Income: Increased by 19.3% from approximately $5.0 million in 2024 to approximately $6.0 million in 2025 [6]. - Operating Expenses: Increased by approximately 12.0% from about $14.5 million in 2024 to approximately $16.3 million in 2025 [6]. - General and Administrative Expenses: Increased by approximately 15.0% from about $11.7 million in 2024 to approximately $13.4 million in 2025, driven by higher employee salaries and benefits [6]. Cost and Expense Overview - Selling and Marketing Expenses: Remained stable at approximately $2.9 million for both periods [6]. - The increase in general and administrative expenses was necessary to support expanded operations and a higher revenue base [6]. Operational Highlights - Transportation Services: Net revenues increased by approximately 17.1% from about $217.5 million in 2024 to approximately $254.7 million in 2025, primarily due to expanded services with existing clients [7]. - Warehouse Storage Management Services: Revenues decreased by approximately 14.8% from about $8.3 million in 2024 to approximately $7.1 million in 2025, attributed to a strategic focus shift towards transportation services [7]. CEO Commentary - The CEO highlighted the strong performance in the first half of 2025, emphasizing deepened collaborations with key clients in priority sectors and a focus on high-growth verticals [6][9]. - The company aims to enhance service capabilities in core sectors while driving operational excellence [10]. Outlook - Shengfeng plans to sustain growth and improve margins in the second half of 2025 by leveraging its logistics network and innovative solutions to serve a broader range of industries [10]. Company Overview - Shengfeng Development Limited is a contract logistics company in China, established in 2001, providing integrated logistics solutions across 382 cities in 32 provinces as of June 30, 2025 [11].

Exhibit 99.1 SHENGFENG DEVELOPMENT LIMITED INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS | CONTENTS | PAGE(S) | | --- | --- | | UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | | | UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2025 AND DECEMBER 31, | | | 2024 | F-2 | | UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME FOR | | | THE SIX MONTHS ENDED JUNE 30, 2025 AND 2024 | F-3 | | UNAUDITED CONDENSED CONSOLIDAED STATEMEN ...

Core Viewpoint - Shengfeng Logistics (SFWL) experienced a stock price increase of 6.53%, reaching $1.065 per share, with a total market capitalization of $87.8846 million as of August 21 [1] Financial Performance - For the fiscal year ending December 31, 2024, Shengfeng Logistics reported total revenue of $504 million, representing a year-over-year growth of 24.75% [1] - The net profit attributable to the parent company was $10.878 million, reflecting a year-over-year increase of 5.67% [1] Company Structure - Shengfeng Development Limited is a holding company registered in the Cayman Islands and does not operate directly in China [1] - The company's operations are conducted through its subsidiaries in China via Variable Interest Entity (VIE) agreements, with VIE being one of the leading contract logistics service providers in China [1]

Core Insights - Shengfeng Logistics (SFWL) experienced a stock price increase of 2.44%, reaching $1.035 per share, with a total market capitalization of $85.35 million as of August 19 [1] - For the fiscal year ending December 31, 2024, Shengfeng Logistics reported total revenue of $504 million, reflecting a year-over-year growth of 24.75%, and a net profit attributable to shareholders of $10.878 million, which is a 5.67% increase compared to the previous year [1] Company Structure - Shengfeng Development Limited is a holding company registered in the Cayman Islands and does not operate directly in China [1] - The company conducts its business through subsidiaries in China via contractual arrangements or VIE agreements, with VIE being one of the leading contract logistics service providers in China [1]

Core Viewpoint - Shengfeng Logistics (SFWL) experienced a stock price increase of 6.8% on August 15, reaching $1.1 per share, with a total market capitalization of $90.75 million [1] Financial Performance - For the fiscal year ending December 31, 2024, Shengfeng Logistics reported total revenue of $504 million, representing a year-over-year growth of 24.75% [1] - The net profit attributable to shareholders was $10.878 million, reflecting a year-over-year increase of 5.67% [1] Company Structure - Shengfeng Development Limited is a holding company registered in the Cayman Islands and does not operate directly in China [1] - The company's operations are conducted through its subsidiaries in China via Variable Interest Entity (VIE) agreements, with Shengfeng Logistics being one of the leading contract logistics service providers in China [1]