S.F. Holding Co., Ltd. 002352

SF cancelled 160.16 million repurchased A shares, reducing issued capital after the RMB6 billion buyback programme.

SF committed US$10 million to Linear Capital VI, a technology venture fund, adding investment risk and cash commitments beyond its logistics network.

SF approved a Hive Box share subscription of about RMB133 million, with an optional total cap of RMB305 million. A board seat would change the investment to equity-method accounting.

SF redeemed its HK$2.95 billion convertible bonds at 100.5% of par, removing that conversion exposure and using cash for repayment.

SF and J&T completed cross-share subscriptions. SF holds about 10% of J&T and accounts for it as an associate, extending overseas cooperation while committing capital outside its directly operated network.

Four moat trajectories, operating indicators, management and the business debate now distinguish service reputation and network coverage from unverified retention, pricing and unit-cost advantages.

Revenue weights now use the FY2025 product table. Freight includes large parcels and full-truckload service; its China LTL-only market share and the international segment's China supply-chain-only share now appear as narrower KPIs rather than shares of their whole segments.

SF completed the Fengwang disposal to J&T, exiting its low-price franchise express operation and concentrating on higher-value delivery.

SF sold most of Fengtu Technology to its controlling shareholder and a third party for about RMB1.025 billion, generating a disposal gain and reducing the consolidated business scope.

SF sold three property companies to SF REIT for about RMB2.424 billion of cash and a retained stake, releasing capital and producing a disposal gain.

SF transferred three property companies in the second securitization tranche, obtaining RMB939 million cash and an investment gain.

SF completed the first logistics-property securitization tranche, transferring two property companies and releasing capital with an investment gain.

Southern SF Logistics REIT listed after acquiring three wholly owned property companies. SF retained 34% of the REIT and released property capital, producing a CNY777 million consolidated pretax gain and about CNY590 million of parent after-tax profit.

SF completed its purchase of 51.5% of Kerry Logistics at HK$18.80 per share, adding international forwarding and overseas supply-chain operations to the consolidated group.

SF sold a 15.8636% Hive Box stake to its controlling shareholder for about CNY952 million, retaining a smaller stake and recording about CNY874 million of after-tax profit.

SF regained full control of Cuiyu Holdings and Gute Development through a joint-venture reorganization, adding logistics property and a CNY1.233 billion bargain-purchase gain.

Operating indicator history now shows the 2021-2024 corporate customer base and product revenue, 2024 aircraft capacity and 2023 use of multiple services. The international market uses the global integrated-logistics ranking; cold-chain demand uses the newer 2031 service-revenue forecast.

The financial history now includes recoverable 2016-2017 research expense, older liquid investments, buybacks and depreciation. Share-payment figures now include cash-settled awards and reversals, which were omitted by the cash-flow add-back. The 2016 property bargain-purchase gain uses its exact non-operating amount. The A/H market value now uses the verified October 8 closing exchange rate. Aircraft-life estimates remain in reported profit; IR overview evidence is labeled as company material.

SF bought 45.844 million H shares of SF Intra-city, raising its direct and indirect ownership to 63.4797% of issued shares including treasury. This increases its share of future subsidiary profit and uses capital without adding new consolidated revenue.