Core Viewpoint - SF Holding Co., Ltd. reported a revenue of 146.858 billion yuan for the first half of 2025, a year-on-year increase of 9.26%, with a net profit of 5.738 billion yuan, up 19.37% [2] Group 1: Financial Performance - The company achieved earnings per share of 1.16 yuan, reflecting a 16% increase year-on-year [2] - Free cash flow for the first half of the year was 8.74 billion yuan, a 6.1% increase compared to the previous year [2] Group 2: Core Business Growth - The express logistics business saw a cumulative volume of 7.85 billion packages, a year-on-year increase of 25.7%, significantly outpacing the industry average growth rate of 19.3% [2] - Monthly growth rates for the express logistics business increased from 15.95% in January to 31.77% in June [2] Group 3: New Business Development - The fast delivery business generated revenue of 19.57 billion yuan, a year-on-year increase of 11.5%, driven by policies promoting the replacement of old appliances and furniture [3] - The same-city instant delivery segment expanded its service range, achieving revenue of 5.49 billion yuan, a growth of 38.9% [3] - Supply chain and international business revenue reached 34.23 billion yuan, up 9.7% year-on-year, with an increasing penetration rate among key clients [3] Group 4: International Business and Infrastructure - The development of international business is closely linked to the global layout centered around the Ezhou cargo hub, which has opened 59 domestic and 19 international routes as of June [3] - The Ezhou airport is establishing a "hub-and-spoke air network + multimodal transport + smart logistics" system, enhancing its capacity to attract trade and industry [3] Group 5: Dividend Policy - The company announced a mid-term cash dividend of 4.6 yuan per 10 shares, totaling approximately 2.32 billion yuan, which represents 40% of the net profit attributable to shareholders for the first half of 2025 [4] - The increase in dividend reflects the company's strong cash flow and financial stability, as well as management's confidence in future business development [4]