--- title: "Is Front-Running Paying Off? SF HOLDING's International Business Share Rises" type: "News" locale: "en" url: "https://longbridge.com/en/news/284489505.md" description: "In the first quarter of 2026, SF HOLDING reported operating revenue of RMB 74.142 billion, a year-on-year increase of 6.14%; net profit attributable to shareholders was RMB 2.526 billion, up 13.05% year-on-year. Revenue from international and cross-border logistics businesses grew by 8.2% year-on-year, with its share of total company revenue continuing to rise, becoming a new growth engine. SF HOLDING's financing costs in international markets have significantly decreased, optimizing its financial structure and enhancing investment in international markets, with the goal of achieving \"unique presence in Asia and global coverage.\"" datetime: "2026-04-29T04:00:30.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/284489505.md) - [en](https://longbridge.com/en/news/284489505.md) - [zh-HK](https://longbridge.com/zh-HK/news/284489505.md) --- # Is Front-Running Paying Off? SF HOLDING's International Business Share Rises Author | Huang Yu On the evening of April 28, SF HOLDING released its financial report for the first quarter of 2026. In Q1 2026, SF HOLDING achieved total operating revenue of RMB 74.142 billion, a year-on-year increase of 6.14%; net profit attributable to shareholders was RMB 2.526 billion, a year-on-year increase of 13.05%. Since 2024, SF HOLDING has raised approximately RMB 10.646 billion through three channels: an IPO, placement of H shares, and issuance of convertible bonds. Of this amount, about RMB 1.9 billion was used to strengthen international and cross-border logistics capabilities. Capital investment is now translating into performance growth. In the first quarter, revenue from SF HOLDING's supply chain and international business increased by 8.2% year-on-year, outpacing the 5.9% growth of its domestic express logistics business. SF HOLDING pointed out that in Q1 2026, it achieved strong combined revenue growth in international express delivery, cross-border e-commerce logistics, overseas warehouses, and international supply chain services. The proportion of international business in the company's total revenue continues to rise, becoming a new growth engine for the company. With the stable operation of its Hong Kong listing platform, SF HOLDING's financing costs in international markets have significantly decreased. This optimization of financial structure provides ample "ammunition" for its global expansion. The growth of SF HOLDING's international business once faced considerable pressure. In 2023, SF HOLDING's supply chain and international business generated operating revenue of RMB 59.98 billion, a year-on-year decrease of 31.7%. Since entering a growth phase in 2024, SF HOLDING's supply chain and international business revenue grew by 17.5% and 3.5% in 2024 and 2025, respectively. Facing fierce market competition, SF HOLDING has increased its investment in international markets in recent years. Wang Wei, Chairman and General Manager of SF HOLDING, previously stated that SF HOLDING must seize opportunities in internationalization and not lag behind competitors. SF HOLDING has proposed an ambitious vision: to achieve "unique presence in Asia and global coverage." Currently, its international express, freight forwarding, and supply chain businesses cover 95 countries and regions, while its international small parcel service covers 200 countries and regions. SF HOLDING stated that although uncertainties in the international environment have caused repeated fluctuations in sea freight prices year-on-year, affecting the revenue growth rate of its international freight forwarding business, the company relies on the advantages of its global service network and rich product portfolio to agilely respond to market changes. It is actively seizing strategic opportunities arising from the restructuring of global supply chains and the overseas expansion of Chinese enterprises, achieving rapid expansion of its international business. In terms of business layout, SF HOLDING is accelerating its local implementation overseas. Its self-operated warehouse clusters in Europe, cross-border land transport network in Southeast Asia, and last-mile delivery systems in emerging markets are gradually achieving scaled operations. Data from 2025 shows that SF HOLDING operates nearly 2.55 million square meters of overseas warehouses globally, with nearly 2.1 million square meters in the Asia-Pacific region, placing it in the first tier. In the Asia-Pacific market, SF HOLDING also connects to the world with a high-density air network of over 220 flights per week. From the perspective of overall performance, what excites the market most is not the steady growth in revenue, but the efficiency dividend reflected in a profit growth rate twice that of revenue growth. The financial report shows that in Q1 2026, SF HOLDING achieved a gross profit of RMB 10.19 billion, a year-on-year increase of 9.7%, with a gross margin of 13.7%, an increase of 0.4 percentage points year-on-year. Regarding expenses, accompanied by improvements in the intelligence level of SF Technology and enhanced R&D efficiency, the R&D expense ratio decreased by 0.1 percentage points year-on-year. In addition, SF HOLDING continues to optimize its capital structure and steadily reduce its asset-liability ratio, resulting in a 0.1 percentage point year-on-year decrease in the financial expense ratio. Under the company's strategy to activate operations, SF HOLDING strengthened incentives for expanding high-value businesses and enhanced sales capabilities for supply chain and international businesses. Consequently, the sales expense ratio and administrative expense ratio in the first quarter increased by 0.1 and 0.4 percentage points year-on-year, respectively. Compared with international giants such as UPS and FedEx, SF HOLDING's current share of international business still has huge room for improvement. Against the backdrop of global supply chain reshaping and the collective overseas expansion of Chinese manufacturing, SF HOLDING is striving to catch up through substantial financial investment. Risk Warning and Disclaimer The market involves risks; investment should be approached with caution. This article does not constitute personal investment advice, nor does it take into account the specific investment objectives, financial status, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article align with their specific circumstances. Investors bear full responsibility for their own decisions. ### Related Stocks - [002352.CN](https://longbridge.com/en/quote/002352.CN.md) - [06936.HK](https://longbridge.com/en/quote/06936.HK.md) - [UPS.US](https://longbridge.com/en/quote/UPS.US.md) - [FDX.US](https://longbridge.com/en/quote/FDX.US.md) ## Related News & Research - [J&T Global Express Shareholders Back S.F. Holding Deal and Governance Changes](https://longbridge.com/en/news/283515568.md) - [Warren Buffett’s Berkshire Hathaway Is Losing Money in This Dividend Stock: Can It Work for You?](https://longbridge.com/en/news/284462467.md) - [YesAsia clarifies on-demand nature of key bank facilities](https://longbridge.com/en/news/284231548.md) - [07:11 ET#WERIDETOGETHER EARNS NEARLY 20 AWARD NOMINATIONS AND 124+ MILLION VIEWS FOR ITS FOUR-PART PSA CAMPAIGN SERIES "OUT OF BOUNDS"](https://longbridge.com/en/news/284371036.md) - [13:02 ETTokyo Dome Giants Games Positioned as Tourism Content for International Visitors](https://longbridge.com/en/news/284427129.md)