According to the Huayuan Securities Research Report, SF Express Holdings' Q2 net performance continues to grow and plans to increase the shareholder return ratio. Net profit for 2026H1 was 5.50 billion yuan/-4.1% YoY, and Q2 was 2.98 billion yuan/-15.1% YoY. Domestic business has grown steadily, and supply chain and international expansion have accelerated. Since 2025Q3, the company has advanced its business orientation from “scale-driven” to “value-driven”, actively optimizing the business structure and focusing on high-value parts. In 2026, the total volume of H1 was 7.86 billion tickets/year over year. The express logistics business volume was basically the same, but the average ticket revenue was +3.3% year-on-year, achieving “stable volume and price increase”. Cash flow remains plentiful, and shareholder returns are increasing. It is proposed to revise the shareholder return plan to clarify that the 2026/2027/2028 dividend ratio will be raised to 45%/50%/no less than 50%. The company's triple alpha of “Value Management Driven Profit Improvement+Supply Chain International Second Curve+FCF and Shareholder Return Increase” is expected to continue to be realized. UPS/FedEx was selected as a comparable company, with an average PE of 16.0x in 2026. SF Express is the leading integrated logistics leader in China. The valuation is cost-effective, covered for the first time, and given a “buy” rating.

According to the Huayuan Securities Research Report, SF Express Holdings' Q2 net performance continues to grow and plans to increase the shareholder return ratio. Net profit for 2026H1 was 5.50 billion yuan/-4.1% YoY, and Q2 was 2.98 billion yuan/-15.1% YoY. Domestic business has grown steadily, and supply chain and international expansion have accelerated. Since 2025Q3, the company has advanced its business orientation from “scale-driven” to “value-driven”, actively optimizing the business structure and focusing on high-value parts. In 2026, the total volume of H1 was 7.86 billion tickets/year over year. The express logistics business volume was basically the same, but the average ticket revenue was +3.3% year-on-year, achieving “stable volume and price increase”. Cash flow remains plentiful, and shareholder returns are increasing. It is proposed to revise the shareholder return plan to clarify that the 2026/2027/2028 dividend ratio will be raised to 45%/50%/no less than 50%. The company's triple alpha of “Value Management Driven Profit Improvement+Supply Chain International Second Curve+FCF and Shareholder Return Increase” is expected to continue to be realized. UPS/FedEx was selected as a comparable company, with an average PE of 16.0x in 2026. SF Express is the leading integrated logistics leader in China. The valuation is cost-effective, covered for the first time, and given a “buy” rating.