# S.F. Holding (002352.SHE)

Canonical: https://gigainvestors.com/s/002352.SHE

Analysis as of: 2026-10-16T07:34:34.973Z. Financial observations: FY2016–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 30.92 per share; close as of 2026-10-15.

Estimated value: low CNY 17.10 per share, central CNY 18.76 per share, high CNY 20.97 per share. Buy at or below the central value CNY 18.76 per share. Valuation as of 2026-10-16T07:34:34.973Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.09×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 12.2%

- ROIC, second-lowest year: 8.7%

- Typical minus recent gross margin: 1.8 pp

- Typical gross margin (annual median): 15.1%

- Recent gross margin (lower of latest and 3-year median): 13.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.8%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.1%

- FY2017: 20.2%

- FY2018: 12.3%

- FY2019: 13.8%

- FY2020: 14.4%

- FY2021: 6.0%

- FY2022: 9.4%

- FY2023: 8.7%

- FY2024: 12.1%

- FY2025: 13.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 35B

- Net income, five-year total: CNY 40B

- Return on incremental invested capital: 24.0%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.5 pp

- Working capital / revenue, final three-year average: 3.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.18×

- FY2022: 0.75×

- FY2023: 0.54×

- FY2024: 0.86×

- FY2025: 1.45×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 12.3% vs 12.1%

- Per-share earnings: 1.03 to 2.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.3%

- Market cap gain: CNY 21B

- Cumulative retained earnings: CNY 38B

- Diluted shares, 5-year annual growth: 2.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.8%

- Per-share value change: CNY 1.08

- Per-share value, starting three-year median: CNY 1.03

- Per-share value, ending three-year median: CNY 2.11

- Buybacks concentrated in cheaper years (correlation): 0.70

- Average buyback yield: 0.5%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 26B

- Cumulative net income, 10 years: CNY 67B

- ROIC, first three-year median: 12.3%

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.01

- FY2017: CNY 1.11

- FY2018: CNY 1.03

- FY2019: CNY 1.29

- FY2020: CNY 1.64

- FY2021: CNY 0.88

- FY2022: CNY 1.27

- FY2023: CNY 1.70

- FY2024: CNY 2.11

- FY2025: CNY 2.22

### accounting: pass

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.25×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.4%

- FY2017: -2.3%

- FY2018: -1.2%

- FY2019: -3.6%

- FY2020: -3.6%

- FY2021: -5.3%

- FY2022: -12.2%

- FY2023: -8.3%

- FY2024: -10.3%

- FY2025: -7.6%

## Holders

## Price story

Down 55% since Dec 2021 · sales +8.4%

Story as of 2026-10-16T10:00:01.430Z; price observation 2026-10-15.

Price needs cash profits to grow 8.9% a year for ten years

### Sales · FY2024–2025

sales +8.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 57B 

- FY2017: CNY 71B 

- FY2018: CNY 91B 

- FY2019: CNY 112B 

- FY2020: CNY 154B 

- FY2021: CNY 207B 

- FY2022: CNY 267B 

- FY2023: CNY 258B 

- FY2024: CNY 284B 

- FY2025: CNY 308B 

### Gross margin · FY2025

gross margin 13.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 19.7% 

- FY2017: 24.9% 

- FY2018: 17.9% 

- FY2019: 17.4% 

- FY2020: 16.3% 

- FY2021: 12.4% 

- FY2022: 12.5% 

- FY2023: 12.8% 

- FY2024: 13.9% 

- FY2025: 13.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in integrated freight & logistics; annual sales are CNY 308.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2025: revenue 308226647000; grossProfit 41048371000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002352.SHE: S.F. Holding Co., Ltd., together with its subsidiaries, provides integrated logistics services in China, Hong Kong, Macau, Taiwan, and internationally. The company operates through three segments: Express and Large Items, Same-City Instant Delivery, and Supply Chain and International. It offers time-sensitive and economy express deliveries, as well as international, bulk, cold chain, and pharmaceutical shipping; same-city instant and last-mile delivery services; international express delivery, international freight forwarding, agency, and supply chain services, as well as warehousing and distribution services. The company also provides technology services, including smart express delivery, smart life, smart business, and smart supply chain software, as well as smart hardware; and supply chain solutions for automotive, technology, industrial equipment, consumer goods, retail food and catering, life sciences and pharmaceuticals, finance and insurance, and government and enterprise services sectors. In addition, it is involved in air cargo and mail transportation; technical maintenance and development services; business information and enterprise management consulting; value-added telecommunications services; management of e-commerce industrial parks; driving services; factoring business; financing and wealth management; retail; leasing; property management; scientific research and technical services; postal services; and asset, capital, and investment management. The company was founded in 1993 and is headquartered in Shenzhen, China.

### Why customers stay

Margins ranged from 12.8% to 13.9% during 2023–25; it earns 12.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2023: grossProfit / revenue = 12.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2024: grossProfit / revenue = 13.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2025: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); 10-year return on capital observations [[2016,0.12130087600211963],[2017,0.20203111151696843],[2018,0.12308382762630324],[2019,0.13816067645066013],[2020,0.14383614070627437],[2021,0.060111848330057824],[2022,0.09401067665449883],[2023,0.08682033426103275],[2024,0.1207148379366874],[2025,0.1382986488014133]]; median 0.12219235181421143. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 12% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); Gross margin observations: [[2021,0.12387780955787175],[2022,0.12494869442312052],[2023,0.12822089914429313]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2016: growth capex 0; upkeep 4861856960.33; owner earnings 1298890039.67. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2017: growth capex 2875997037.189998; upkeep 2766549988.7500014; owner earnings 4625109011.249998. Growth capex / owner earnings = 0.6218225408729817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2018: growth capex 4211051069.1508007; upkeep 7427160130.919199; owner earnings 114835869.08080101. Growth capex / owner earnings = 36.67017198422397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2019: growth capex 2616158049.83; upkeep 3805302000; owner earnings 5796506000. Growth capex / owner earnings = 0.45133362232869245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2020: growth capex 7650111561.049999; upkeep 4617360000; owner earnings 7326079000. Growth capex / owner earnings = 1.0442300118590038.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2021: growth capex 11745160720.954172; upkeep 7450399279.045828; owner earnings 767009120.9541721. Growth capex / owner earnings = 15.312934879239762.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2022: growth capex 5010074000; upkeep 9173703000; owner earnings 4660673932.628898. Growth capex / owner earnings = 1.074967713343984.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2023: growth capex 0; upkeep 12471899000; owner earnings 4452534000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2024: growth capex 105482000; upkeep 9239288000; owner earnings 8758253286.547237. Growth capex / owner earnings = 0.01204372567781539.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); FY2025: growth capex 0; upkeep 9505520000; owner earnings 16066540000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); Dividend observations: [[2016,1809644000.4],[2017,842836267.95],[2018,1524968120.09],[2019,924234773],[2020,1188301851],[2021,1499992000],[2022,874518000],[2023,3633061000],[2024,9602792000],[2025,5673424000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 60.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002352.SHE SharesStats.PercentInsiders = 60.877 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:34.973Z); Ten-year compound average after fade. Initial solved rate 0.11451930831883927. Price 30.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 49.34 per share

- 2016-11: CNY 46.43 per share

- 2016-12: CNY 41.54 per share

- 2017-01: CNY 42.02 per share

- 2017-02: CNY 66.80 per share

- 2017-03: CNY 55.76 per share

- 2017-04: CNY 49.79 per share

- 2017-05: CNY 53.71 per share

- 2017-06: CNY 53.16 per share

- 2017-07: CNY 49.01 per share

- 2017-08: CNY 50.82 per share

- 2017-09: CNY 54.98 per share

- 2017-10: CNY 59.92 per share

- 2017-11: CNY 51.22 per share

- 2017-12: CNY 50.36 per share

- 2018-01: CNY 49.93 per share

- 2018-02: CNY 49.87 per share

- 2018-03: CNY 49.65 per share

- 2018-04: CNY 46.84 per share

- 2018-05: CNY 48.40 per share

- 2018-06: CNY 45.00 per share

- 2018-07: CNY 43.28 per share

- 2018-08: CNY 40.26 per share

- 2018-09: CNY 42.94 per share

- 2018-10: CNY 37.70 per share

- 2018-11: CNY 35.20 per share

- 2018-12: CNY 32.75 per share

- 2019-01: CNY 29.91 per share

- 2019-02: CNY 36.27 per share

- 2019-03: CNY 36.62 per share

- 2019-04: CNY 33.59 per share

- 2019-05: CNY 29.88 per share

- 2019-06: CNY 33.96 per share

- 2019-07: CNY 37.20 per share

- 2019-08: CNY 41.42 per share

- 2019-09: CNY 39.42 per share

- 2019-10: CNY 39.63 per share

- 2019-11: CNY 37.95 per share

- 2019-12: CNY 37.19 per share

- 2020-01: CNY 39.22 per share

- 2020-02: CNY 48.95 per share

- 2020-03: CNY 47.21 per share

- 2020-04: CNY 46.79 per share

- 2020-05: CNY 45.96 per share

- 2020-06: CNY 54.86 per share

- 2020-07: CNY 70.82 per share

- 2020-08: CNY 85.18 per share

- 2020-09: CNY 80.55 per share

- 2020-10: CNY 82.80 per share

- 2020-11: CNY 80.00 per share

- 2020-12: CNY 88.23 per share

- 2021-01: CNY 98.99 per share

- 2021-02: CNY 104.96 per share

- 2021-03: CNY 81.02 per share

- 2021-04: CNY 64.35 per share

- 2021-05: CNY 69.49 per share

- 2021-06: CNY 67.70 per share

- 2021-07: CNY 59.11 per share

- 2021-08: CNY 57.62 per share

- 2021-09: CNY 65.35 per share

- 2021-10: CNY 64.63 per share

- 2021-11: CNY 61.23 per share

- 2021-12: CNY 68.92 per share

- 2022-01: CNY 63.35 per share

- 2022-02: CNY 60.40 per share

- 2022-03: CNY 45.70 per share

- 2022-04: CNY 51.30 per share

- 2022-05: CNY 51.90 per share

- 2022-06: CNY 55.81 per share

- 2022-07: CNY 49.84 per share

- 2022-08: CNY 49.43 per share

- 2022-09: CNY 47.22 per share

- 2022-10: CNY 48.26 per share

- 2022-11: CNY 53.00 per share

- 2022-12: CNY 57.76 per share

- 2023-01: CNY 58.64 per share

- 2023-02: CNY 53.93 per share

- 2023-03: CNY 55.38 per share

- 2023-04: CNY 56.45 per share

- 2023-05: CNY 47.33 per share

- 2023-06: CNY 45.09 per share

- 2023-07: CNY 49.75 per share

- 2023-08: CNY 43.48 per share

- 2023-09: CNY 40.80 per share

- 2023-10: CNY 39.30 per share

- 2023-11: CNY 42.26 per share

- 2023-12: CNY 40.40 per share

- 2024-01: CNY 35.22 per share

- 2024-02: CNY 38.35 per share

- 2024-03: CNY 36.40 per share

- 2024-04: CNY 36.25 per share

- 2024-05: CNY 36.85 per share

- 2024-06: CNY 35.69 per share

- 2024-07: CNY 35.05 per share

- 2024-08: CNY 36.35 per share

- 2024-09: CNY 44.98 per share

- 2024-10: CNY 44.66 per share

- 2024-11: CNY 41.22 per share

- 2024-12: CNY 40.30 per share

- 2025-01: CNY 39.31 per share

- 2025-02: CNY 41.72 per share

- 2025-03: CNY 43.12 per share

- 2025-04: CNY 43.52 per share

- 2025-05: CNY 46.15 per share

- 2025-06: CNY 48.76 per share

- 2025-07: CNY 46.00 per share

- 2025-08: CNY 44.57 per share

- 2025-09: CNY 40.33 per share

- 2025-10: CNY 40.33 per share

- 2025-11: CNY 38.37 per share

- 2025-12: CNY 38.32 per share

- 2026-01: CNY 37.50 per share

- 2026-02: CNY 37.87 per share

- 2026-03: CNY 38.04 per share

- 2026-04: CNY 37.10 per share

- 2026-05: CNY 34.95 per share

- 2026-06: CNY 31.26 per share

- 2026-07: CNY 34.99 per share

- 2026-08: CNY 31.80 per share

- 2026-09: CNY 30.67 per share

- 2026-10: CNY 31.18 per share

## Annual estimated value (CNY per share)

- FY2020: low CNY 21.18 per share, central CNY 23.64 per share, high CNY 26.93 per share

- FY2021: low CNY 28.78 per share, central CNY 31.83 per share, high CNY 35.90 per share

- FY2022: low CNY 14.19 per share, central CNY 15.64 per share, high CNY 17.56 per share

- FY2023: low CNY 15.73 per share, central CNY 17.14 per share, high CNY 19.00 per share

- FY2024: low CNY 16.57 per share, central CNY 18.12 per share, high CNY 20.18 per share

- FY2025: low CNY 15.57 per share, central CNY 17.19 per share, high CNY 19.34 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.