SF Holding(SZ:002352) Zhi Tong Cai Jing·2025-08-28 09:52Core Insights - The company reported a revenue of RMB 146.86 billion for the six months ending June 30, 2025, representing a year-on-year increase of 9.26% [1] - The gross profit reached RMB 19.06 billion, up 4.08% year-on-year, while the profit attributable to shareholders was RMB 5.738 billion, reflecting a 19.37% increase [1] - The basic earnings per share were RMB 1.16, with a proposed interim cash dividend of RMB 4.6 per 10 shares [1] Revenue Breakdown - The express logistics business generated revenue of RMB 109.3 billion, a year-on-year increase of 10.4%, with accelerated growth in the second quarter compared to the first [2] - Supply chain and international business revenue was RMB 34.2 billion, up 9.7% year-on-year, despite challenges from international trade policies [2] - Other non-logistics business revenue amounted to RMB 3.3 billion, primarily from the procurement of raw materials or equipment within the end-to-end supply chain services [2] Profitability and Cost Management - The company achieved a gross profit of RMB 19.1 billion in the first half of 2025, a 4.1% year-on-year increase, with a gross margin of 13.0%, down 0.6 percentage points [3] - The company adopted flexible business strategies to expand its scale and improve asset efficiency, which helped mitigate the impact of increased competition and uncertain international trade conditions [3] - Management and R&D expense ratios decreased by 0.5 and 0.2 percentage points respectively, while the sales expense ratio slightly increased by 0.1 percentage points due to accelerated sales team development [3]