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China's largest premium express-delivery and logistics company, known for time-definite parcel and freight delivery.
China's largest premium express-delivery and logistics company, known for time-definite parcel and freight delivery.
Charges per parcel by weight and delivery speed, with express parcels the core and freight and supply-chain services the second line. Unlike rivals that franchise delivery to local partners, it runs its own couriers, hubs and aircraft, with a cargo airport hub at Ezhou. Founder Wang Wei controls it; it bought control of Hong Kong forwarder Kerry Logistics in 2021.
In one line: China's FedEx/UPS.
Moat: narrow (scale, installed base, brand). Large self-operated fleet and air-cargo network give reliability others struggle to match.
Headquarters: Shenzhen, China · Founded: 1993 · Employees: 158,761
Size S.F (002352.SZ) is a China Industrials company (Air Freight/Couriers) with a market value of $23.9B, the 82nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥34.54 on 6 Nov 2026.
Performance Over six months the shares fell 6.9%, against -1.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 5.9% over the last twelve months (peer median +10.9%); the operating margin is 4.8% (peer median 7.4%).
Valuation It trades at 15.9× forward earnings against a peer median of 15.3× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -13% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.2 points above its cost of capital (5.0% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥321B | CN¥308B | CN¥284B | CN¥258B | CN¥267B |
| Revenue growth | — | +8% | +10% | -3% | — |
| Gross profit | CN¥54.4B | CN¥39.1B | CN¥37.0B | CN¥30.9B | CN¥31.4B |
| EBITDA | n/a | CN¥30.9B | CN¥31.8B | CN¥28.4B | CN¥27.6B |
| Net income | CN¥11.0B | CN¥11.1B | CN¥10.2B | CN¥8.23B | CN¥6.17B |
| Free cash flow | CN¥15.5B | CN¥19.0B | CN¥23.7B | CN¥14.9B | CN¥19.4B |
| Capital expenditure | CN¥12.6B | CN¥9.51B | CN¥9.34B | CN¥12.5B | CN¥14.2B |
| Total debt | CN¥66.9B | CN¥48.5B | CN¥56.9B | CN¥65.7B | CN¥63.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| S.F 002352.SZ | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% |
| YTO Express 600233.SS | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% |
| ZTO Express (Cayman), Inc. Sponsored ADR ZTO | $15.2B | -17% | +21% | 20% | 10.3× | -12.0% |
| Jd Logistics 2618.HK | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% |
| Deutsche Post DHL.DE | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002352.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.2% | +5.5% | 4th highest of 21 |
| 6-month return | -6.9% | -1.7% | 9th lowest of 20 |
| Distance from 52-week high | -16.5% | -16.9% | 10th highest of 21 |
| Revenue growth (TTM) | +5.9% | +10.9% | 7th lowest of 21 |
| Operating margin | 4.8% | 7.4% | 7th lowest of 21 |
| Forward P/E | 15.9× | 15.3× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -12.9% | 4.1% | least demanding of 19 |
| Growth delivered (Del g) | +14.9% | +8.4% | 6th highest of 19 |
| Hurdle (Req g minus delivered) | -27.8 pp | -0.9 pp | 4th least demanding of 19 |
| ROIC minus cost of capital | +10.2 pp | +2.7 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| S.F 002352.SZ | China | $23.9B | -7% | +6% | 5% | 15.9× | -12.9% | +14.9% |
| S.F 6936.HK | Hong Kong | $23.9B | -12% | +11% | 5% | 12.5× | -11.4% | +14.1% |
| Expeditors International EXPD | United States | $24.0B | +18% | +19% | 10% | 21.1× | 8.9% | +2.9% |
| Brambles BXB.AX | Australia | $20.4B | +2% | +1% | 17% | 20.8× | 8.9% | +8.3% |
| Zto Express-w 2057.HK | Hong Kong | $15.6B | -19% | +21% | 20% | 10.2× | -1.6% | +13.5% |
| C.H. Robinson CHRW | United States | $14.5B | -27% | +10% | 5% | 17.2× | 9.2% | 0.0% |
| Grab GRAB | United States | $13.9B | -8% | +23% | 11% | 23.3× | 17.8% | +48.4% |
| Poste Italiane PST.MI | Italy | $43.9B | +1% | +11% | 14% | 13.5× | 17.6% | -6.8% |
| Delivery Hero SE TEMP DHE1.DE | Germany | $12.9B | n/a | +11% | 0% | n/a | n/a | n/a |
| Delivery Hero DHER.DE | Germany | $12.9B | +31% | +11% | 0% | n/a | n/a | n/a |
| J&T Global Express 1519.HK | Hong Kong | $11.9B | -2% | +32% | 6% | 18.6× | -3.8% | +51.4% |
| Dsv A/s DSV.CO | Denmark | $51.5B | -3% | +37% | 8% | 23.5× | 3.9% | +16.3% |
| Hyundaiglovis 086280.KS | South Korea | $10.9B | -13% | +12% | 6% | 8.7× | -10.8% | +12.3% |
| Ryder System R | United States | $10.2B | +11% | +3% | 8% | 15.2× | 7.9% | +8.5% |
| YTO Express 600233.SS | China | $9.63B | -13% | +8% | 9% | 10.3× | -12.2% | +16.6% |
| Jd Logistics 2618.HK | Hong Kong | $9.10B | -29% | +29% | 3% | 6.9× | -0.4% | +23.4% |
| Nippon Express Hldgs 9147.T | Japan | $8.22B | +35% | +2% | 3% | 17.6× | 7.9% | +4.4% |
| FedEx FDX | United States | $72.2B | +1% | +8% | 7% | 15.4× | 8.3% | +2.5% |
| Deutsche Post DHL.DE | Germany | $72.8B | +21% | +1% | 8% | 16.0× | 3.3% | +4.4% |
| Yunnan Yuntianhua 600096.SS | China | $7.17B | -28% | -19% | 11% | 9.3× | -1.7% | -1.5% |
| Sinotrans 601598.SS | China | $6.74B | +18% | -1% | 0% | 14.8× | 4.3% | +2.7% |