VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

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Monday, December 29, 2025

Stock Comparison

S.F. Holding Co., Ltd. vs Air Products and Chemicals, Inc.

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)$27.4B
SectorIndustrials
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 Products and Chemicals, Inc.

APD · New York Stock Exchange

Market cap (USD)$55.1B
SectorMaterials
CountryUS
Data as of2025-12-27
Moat score
70/ 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 Products and Chemicals, Inc.'s moat claims, evidence, and risks.

View APD analysis

Comparison highlights

  • Moat score gap: S.F. Holding Co., Ltd. leads (75 / 100 vs 70 / 100 for Air Products and Chemicals, Inc.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Strong.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Air Products and Chemicals, Inc. has 6 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 Products and Chemicals, Inc.

On-site industrial gases (incl. pipelines)

Market

On-site supply of industrial gases (oxygen, nitrogen, hydrogen, etc.)

Geography

Global

Customer

Large-volume industrial customers (refining, chemicals, metals, electronics)

Role

Producer / operator of on-site plants and pipeline networks

Revenue share

51.3%

Side-by-side metrics

S.F. Holding Co., Ltd.
Air Products and Chemicals, Inc.
Ticker / Exchange
002352 - Shenzhen Stock Exchange
APD - New York Stock Exchange
Market cap (USD)
$27.4B
$55.1B
Sector
Industrials
Materials
HQ country
CN
US
Primary segment
Time-definite Express
On-site industrial gases (incl. pipelines)
Market structure
Quasi-Monopoly
Oligopoly
Market share
64.1% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
75 / 100
70 / 100
Moat domains
Supply, Demand, Network
Demand, Legal, Supply
Last update
2025-12-28
2025-12-27

Moat coverage

Shared moat types

Physical Network DensityOperational Excellence

S.F. Holding Co., Ltd. strengths

Brand TrustScale Economies Unit CostService Field NetworkTwo Sided NetworkScope EconomiesSwitching Costs GeneralNon-core ancillary activities

Air Products and Chemicals, Inc. strengths

Long Term ContractsPermits Rights Of WayCapex Knowhow ScaleInstalled Base Consumables

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 Products and Chemicals, Inc. segments

Full profile >

On-site industrial gases (incl. pipelines)

Oligopoly

51.3%

Merchant gases (liquid bulk + packaged)

Competitive

44.3%

Industrial gases equipment (cryogenic & gas processing)

Competitive

4.3%

Want the full wide moat stocks list?

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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.