VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
PRICE: 0 CENTS
Sunday, December 28, 2025
S.F. Holding Co., Ltd.
002352 · Shenzhen Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
Request update
Spot something outdated? Send a quick note and source so we can refresh this profile.
Overview
S.F. Holding is a China-based integrated logistics provider with major businesses in premium time-definite express, economy express, LTL freight, cold chain & pharmaceutical logistics, intra-city on-demand delivery, and supply chain & international logistics. The core moat is strongest in premium time-definite express, supported by a directly operated end-to-end network and differentiated air-cargo infrastructure (including a dedicated air cargo hub). In other segments, scale and network density help, but pricing and share are more exposed to competition and platform-driven volume shifts.
Primary segment
Time-definite Express
Market structure
Quasi-Monopoly
Market share
64.1% (reported)
HHI: —
Coverage
7 segments · 6 tags
Updated 2025-12-28
Segments
Time-definite Express
Premium time-definite parcel express delivery services
Revenue
43%
Structure
Quasi-Monopoly
Pricing
strong
Share
64.1% (reported)
Peers
Economy Express
Economy parcel express delivery services (mid- to high-end)
Revenue
10%
Structure
Oligopoly
Pricing
moderate
Share
51.2% (reported)
Peers
LTL Freight
Less-than-truckload (LTL) freight services
Revenue
13%
Structure
Competitive
Pricing
weak
Share
1.9% (reported)
Peers
Cold Chain & Pharmaceutical
Temperature-controlled and pharmaceutical logistics
Revenue
3%
Structure
Competitive
Pricing
moderate
Share
2.1% (reported)
Peers
Intra-city On-demand
Third-party intra-city on-demand (instant) delivery services
Revenue
3%
Structure
Oligopoly
Pricing
weak
Share
14.6% (reported)
Peers
Supply Chain & International
End-to-end supply chain solutions and international logistics (express, freight forwarding, cross-border e-commerce logistics)
Revenue
25%
Structure
Competitive
Pricing
moderate
Share
3.4% (reported)
Peers
Other (Non-logistics & Undistributed Units)
Non-logistics ancillary services and undistributed corporate units
Revenue
3%
Structure
Competitive
Pricing
none
Share
—
Peers
—
Moat Claims
Time-definite Express
Premium time-definite parcel express delivery services
Physical Network Density
Supply
Physical Network Density
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 2 evidence
Dedicated air hub + dense line-haul/last-mile network enable next-morning coverage and high reliability; hard to replicate at similar cost and service levels.
Erosion risks
- Competitors expand air capacity and hubs
- Regulatory constraints on aviation operations
- Premium-to-economy mix-down in weak demand
Leading indicators
- Time-definite express market share (revenue)
- On-time delivery rate
- Air network utilization
Counterarguments
- High fixed-cost network can become a burden if volumes soften
- Large competitors (e.g., JD Logistics, EMS) can match service on key lanes
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Premium brand associated with reliability; strong enterprise penetration supports repeat usage and contract stickiness.
Erosion risks
- Service incidents damage reputation
- Corporate procurement shifts to multi-sourcing
Leading indicators
- Net promoter score / complaint rate
- Enterprise customer count and retention
Counterarguments
- For many shippers, price and SLA matter more than brand
- Platforms can steer volume regardless of end-customer perception
Economy Express
Economy parcel express delivery services (mid- to high-end)
Scale Economies Unit Cost
Supply
Scale Economies Unit Cost
Strength: 4/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Scale and network synergies help spread fixed sorting/line-haul costs, which is critical in price-sensitive economy products.
Erosion risks
- Industry price wars
- Lower barriers for regional players in specific corridors
Leading indicators
- Economy express unit cost trend
- Yield (revenue per parcel) vs competitors
- Sortation utilization rate
Counterarguments
- Franchise-heavy peers can run lower-cost models in economy segment
- Platforms can shift volume to the cheapest carrier
Operational Excellence
Supply
Operational Excellence
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Network optimization and asset utilization improvements can create a sustained cost gap versus less sophisticated operators.
Erosion risks
- Competitors copy process improvements
- Labor and fuel cost inflation
Leading indicators
- Cost per parcel
- Network utilization
- Labor productivity
Counterarguments
- Operational advantages can be competed away as best practices diffuse
- Automation capex is increasingly accessible to large peers
LTL Freight
Less-than-truckload (LTL) freight services
Physical Network Density
Supply
Physical Network Density
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Dense trucking and transfer network improves delivery times and load factors; advantaged lanes can compound with scale.
Erosion risks
- Freight market fragmentation limits pricing
- Fuel cost volatility
Leading indicators
- Load factor / utilization
- Cost per ton-km
- On-time performance
Counterarguments
- Many regional carriers compete aggressively on price
- Digital freight platforms can reduce routing inefficiencies for smaller players
Cold Chain & Pharmaceutical
Temperature-controlled and pharmaceutical logistics
Service Field Network
Supply
Service Field Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Specialized cold-chain network and operational capabilities (handling, monitoring, and distribution) create credibility and qualification barriers for regulated shippers.
Erosion risks
- Specialist cold-chain providers scale up
- Regulatory standards tighten, raising compliance costs
Leading indicators
- Cold-chain market share (revenue)
- Temperature excursion rate
- Customer retention in pharma
Counterarguments
- Market remains fragmented; share is small vs total market
- Specialists may outperform on niche temperature-controlled categories
Intra-city On-demand
Third-party intra-city on-demand (instant) delivery services
Two Sided Network
Network
Two Sided Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Density of merchants and couriers improves matching efficiency and service levels; share supports a baseline network effect within targeted cities/verticals.
Erosion risks
- Dominant platforms subsidize pricing to gain share
- Regulation on gig workers changes cost structure
Leading indicators
- Order density per active courier
- Average delivery time and cancellation rate
- City coverage expansion
Counterarguments
- Meituan/Alibaba ecosystem traffic can overwhelm third-party networks
- Network effects are local; share can be fragile outside core cities
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
SF brand can help win service-sensitive merchants (quality, reliability) in instant delivery categories.
Erosion risks
- Brand dilution from service issues
- Category commoditization
Leading indicators
- Merchant retention
- Service quality metrics vs peers
Counterarguments
- Brand matters less than price and platform demand
- Delivery speed and density can trump brand perception
Supply Chain & International
End-to-end supply chain solutions and international logistics (express, freight forwarding, cross-border e-commerce logistics)
Scope Economies
Supply
Scope Economies
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Integrated portfolio (express, freight, cold chain, intra-city, supply chain) enables cross-selling and one-stop logistics solutions for enterprise customers.
Erosion risks
- Customers unbundle to best-of-breed providers
- Integration complexity reduces service quality
Leading indicators
- Share of wallet per enterprise customer
- Cross-sell attachment rate across product lines
- Customer churn in supply chain solutions
Counterarguments
- Some customers prefer specialist 3PLs for specific lanes/industries
- Bundling does not guarantee best economics vs focused competitors
Switching Costs General
Demand
Switching Costs General
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Deep operational integration (processes, SLAs, warehousing/transport workflows) increases switching friction for enterprise supply chain customers.
Erosion risks
- Standardized APIs/3PL marketplaces reduce lock-in
- Rebidding cycles reset contracts
Leading indicators
- Contract renewal rates
- Duration of key accounts
- NRR for integrated solutions
Counterarguments
- Many supply chain contracts are rebid on price and performance
- Global forwarders can match service with asset-light models
Other (Non-logistics & Undistributed Units)
Non-logistics ancillary services and undistributed corporate units
Non-core ancillary activities
Demand
Non-core ancillary activities
Strength: 1/5 · Durability: fragile · Confidence: 3/5 · 1 evidence
This bucket is small and heterogeneous; it typically does not exhibit a stable, durable moat versus focused specialists.
Treated as a residual segment; moat intentionally scored low.
Erosion risks
- Low scale and competition
- Strategic deprioritization
Leading indicators
- Revenue contribution stability
- Management disclosures about non-core disposals
Counterarguments
- Non-core activities may not be defensible and can be commoditized
Evidence
Asia's only dedicated air cargo hub - Ezhou Cargo Hub
Supports the claim that SF has unique air-network infrastructure underpinning time-definite service levels.
All processes directly operated... First-mile pickup... Last-mile delivery.
Integrated, directly-operated network improves control over service quality and reliability.
c.95% of China's Top 500 Enterprises are our customers.
Large-enterprise penetration indicates trust and willingness to standardize on SF for critical shipments.
Market share... 64.1%
Market-share table lists 64.1% for time-definite express (China, revenue, 2024); slide cites Frost & Sullivan.
Economies of scale and network synergies
IR materials explicitly highlight scale and network synergies supporting cost competitiveness.
Showing 5 of 18 sources.
Risks & Indicators
Erosion risks
- Competitors expand air capacity and hubs
- Regulatory constraints on aviation operations
- Premium-to-economy mix-down in weak demand
- Price competition compresses premium spreads
- Service incidents damage reputation
- Corporate procurement shifts to multi-sourcing
Leading indicators
- Time-definite express market share (revenue)
- On-time delivery rate
- Air network utilization
- Unit cost per parcel (premium products)
- Net promoter score / complaint rate
- Enterprise customer count and retention
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.