SF Holding August 2026 revenue rises 2.83% to RMB 25.49B

The split matters more than the headline: SF's core express volumes are shrinking while per-parcel yield rises, a trade-off that suggests mix or pricing discipline rather than demand growth. The offset is the supply chain and international segment, now growing at a double-digit clip and doing the heavy lifting on the topline. The open question is whether the parcel decline is a deliberate shift away from low-margin volume or a loss of share, and how long international can keep covering the gap.