VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

Stock Comparison

S.F. Holding Co., Ltd. vs Air Liquide S.A.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

S.F. Holding Co., Ltd.

002352 · Shenzhen Stock Exchange

Market cap (USD)$187B
Gross margin (TTM)13.2%
Operating margin (TTM)4.7%
Net margin (TTM)3.6%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryCN
Data as of2025-12-28
Moat score
75/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into S.F. Holding Co., Ltd.'s moat claims, evidence, and risks.

View 002352 analysis

Air Liquide S.A.

AI · Euronext Paris

Market cap (USD)$91.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryChemicals - Specialty
CountryFR
Data as of2026-01-08
Moat score
58/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Air Liquide S.A.'s moat claims, evidence, and risks.

View AI analysis

Comparison highlights

  • Moat score gap: S.F. Holding Co., Ltd. leads (75 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Air Liquide S.A. has 12 across 3.

Primary market context

S.F. Holding Co., Ltd.

Time-definite Express

Market

Premium time-definite parcel express delivery services

Geography

China

Customer

B2B, B2C

Role

Integrated parcel pickup, sorting, line-haul, and last-mile delivery

Revenue share

43%

Air Liquide S.A.

Industrial Merchant

Market

Merchant industrial and medical gases distribution (cylinders, bulk liquids) plus related equipment and services

Geography

Global (local/regional distribution markets)

Customer

SMEs and mid-market industrial customers, contractors, labs, and public sector buyers

Role

Distributor + producer (last-mile logistics, cylinder assets, bulk delivery)

Revenue share

44%

Side-by-side metrics

S.F. Holding Co., Ltd.
Air Liquide S.A.
Ticker / Exchange
002352 - Shenzhen Stock Exchange
AI - Euronext Paris
Market cap (USD)
$187B
$91.6B
Gross margin (TTM)
13.2%
n/a
Operating margin (TTM)
4.7%
n/a
Net margin (TTM)
3.6%
n/a
Sector
Industrials
Materials
Industry
Integrated Freight & Logistics
Chemicals - Specialty
HQ country
CN
FR
Primary segment
Time-definite Express
Industrial Merchant
Market structure
Quasi-Monopoly
Competitive
Market share
64.1% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
58 / 100
Moat domains
Supply, Demand, Network
Demand, Supply, Legal
Last update
2025-12-28
2026-01-08

Moat coverage

Shared moat types

Physical Network DensityScale Economies Unit CostOperational ExcellenceService Field NetworkScope Economies

S.F. Holding Co., Ltd. strengths

Brand TrustTwo Sided NetworkSwitching Costs GeneralNon-core ancillary activities

Air Liquide S.A. strengths

Long Term ContractsDistribution ControlCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointCapex Knowhow Scale

Segment mix

S.F. Holding Co., Ltd. segments

Full profile >

Time-definite Express

Quasi-Monopoly

43%

Economy Express

Oligopoly

10%

LTL Freight

Competitive

13%

Cold Chain & Pharmaceutical

Competitive

3%

Intra-city On-demand

Oligopoly

3%

Supply Chain & International

Competitive

25%

Other (Non-logistics & Undistributed Units)

Competitive

3%

Air Liquide S.A. segments

Full profile >

Large Industries

Oligopoly

26%

Industrial Merchant

Competitive

44%

Healthcare

Competitive

16%

Electronics

Oligopoly

9%

Engineering & Construction

Competitive

2%

Global Markets & Technologies

Competitive

3%

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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.