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1 1 August 2026 Stock Code: 002352.SZ/6936.HK 1H2026 Investor Presentation SF Holding
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2 Disclaimer This document is prepared by S.F. Holding Co., Ltd. (顺丰控股股份有限公司) (the "Company"). By reading this presentation, you agree to be bound by the following limitations: Unauthorized duplication, transmission, or redistribution of this document or information contained herein in any electronic or physical form (in whole or in part) to any other third parties could result in a breach of applicable securities laws and regulations (including but not limited to applicable securities laws and regulations in the PRC). The contents of this document have not been filed, lodged or registered with any jurisdiction or reviewed by any regulatory authority in any jurisdiction. The recipients of this document should understand and observe any applicable legal or regulatory requirements. The distribution of this document does not constitute public offer or sales of any securities contemplated under the Securities Law of the People's Republic of China, or in the People's Republic of China (including the Hong Kong Special Administrative Region), the United States or any other jurisdictions, nor is it intended to form part of and should not be construed as, any securities investment advice under any applicable laws and regulations. This document, in whole or in part, does not constitute, or form and should not be construed as, any security investment advice, nor does it constitute, and should not be construed as advice, offer for sale, issue or subscription of, or solicitation or invitation of any offer to buy or subscribe for any securities in any jurisdiction and should not form the basis of any investment decision. The provision of information contained in this document does not constitute, and should not be construed as, the Company's commitment of any form to place or sell any security. Shareholders and potential investors are advised to pay attention to investment risks, and exercise caution when dealing in the securities of the Company. This document is not intended to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Company’s financial, business or trading position or prospects. The information contained in this document is subject to change, and the Company assumes no responsibilities for any further update. Some information contained in this document is from third party sources and has not been independently verified. Investors should be mindful of that. As of the date of this document, the Company assumes no responsibilities for any supplemental materials, any update or corrections of mistakes resulted from further development after the date of this document. This document contains forward looking statements. Save for statements of historical facts, all of the Company’s projections and expectations with respect to future events or probable business activities, events or development (including without limitations predictions, targets and estimates) are forward looking statements. Such forward looking statements are based on a number of factors and are subject to significant risks and uncertainties that actual events or results may differ materially from these forward-looking statements. These factors include without limitation, industrial competition, market risk, legal, financial and regulatory changes, the macro international economic conditions and financial markets conditions, political risks, regulatory approval of relevant projects, as well as other risks and factors that are beyond the control of the Company. No representation or warranty, express or implied, is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this document. Investors should be mindful of that. Statistical and other information relating to the industry in which the Company is engaged contained in this document have been compiled from various official government publications, available sources from public market research and other sources from independent suppliers. The quality of such source materials cannot be guaranteed and should not be unduly relied upon. Moreover, statistics derived from multiple sources may not be prepared on a comparable basis. Notes: 1. Unless otherwise specified, the financial data in this document are based on Chinese Accounting Standards. Unless otherwise specified, the time period in this document refers to January 1, 2026 to June 30, 2026, and point-in-time data are as of June 30, 2026. Unless otherwise specified, all financial figures are presented in RMB.
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3 Agenda – 1H2026 Investor Presentation 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials SectionNo. Earnings & Business Highlights Financial Overview Appendix Technology Applications
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4 Key Themes for 1H2026 Resilience for the Long-term AI-Driven Innovation Deepen Domestic Competitive Moat Products Scenarios Volume-led growth Stable pricing Consumer-side Industry-side Accelerate International Growth Single link Full-chain penetration Local penetration Global development End-to-End AI Enablement Leading-Edge Smart Equipment Automated warehousing Intelligent equipment Automated transportation Revenue growth Efficiency gains Cost reduction Earnings & Business Highlights Financial Overview Appendix Technology Applications
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5 1H2026 Earnings Overview: Advancing the Second Growth Curve, Sharing Value with Shareholders 7.9bn1 Parcel Volume Profit attributable to owners of the Company5 5.5bn -4.1% Profit margin attributable to owners of the Company 3.5% -0.4ppts 155.5bn Revenue Net Profit / Margin 112.8bn Notes: 1. Includes parcel volume of the Express & Logistics segment and SF international express (excluding overseas local express); 2. Express & Logistics operations mainly include Time-Definite Express, Economy Express, Freight, Cold Chain & Pharmaceuticals, and Intra- City On-Demand Delivery; 3. Refers to the supply chain and international revenue excluding KLN, including revenue from international express, supply chain, cross-border e-commerce logistics, overseas local express, and other offerings; 4. The final dividend amount is subject to the Company’s official announcement; 5. Net profit attributable to owners of the Company refers to net profit attributable to shareholders of the listed company. There is a high base effect in 1H2025, when the Company transferred three wholly-owned subsidiaries holding owned properties to SF Southern Logistics REIT, generating an after-tax one-off gain on equity disposal of RMB 590 million; 6. For details, please refer to the “Announcement on Completion of Implementation of the 2025 First A-Share Repurchase Plan”; 7. Refers to the total share repurchase amount in 2026 till 31 July. For more details, please refer to “H-Share Announcement – Next Day Disclosure Return”; 8. Unless otherwise specified, all financial data herein are prepared under Chinese Accounting Standards Share Repurchase Progress +3.2% 39.6bn +15.6% Express & Logistics Revenue2 Supply Chain & International Revenue (Below are 1H2026 data; unless otherwise specified, all amounts are presented in RMB) Cash Dividend & Payout Ratio Total amount executed under the A-Share Repurchase Plan6 6.0bn (for cancellation) +46.6% (Core3) 2026 Interim cash dividend4 2.5bn 2026 Interim payout ratio4 45% Total amount of H-share repurchase executed7 HKD 230mn Profit attributable to owners of the Company after deducting non- recurring gains and losses 5.0bn +9.3% Profit margin attributable to owners of the Company after deducting non-recurring gains and losses 3.2% +0.1ppts +0.2% +5.9% Gross profit 20.9bn Gross margin 13.4% Gross Profit / Margin +7.7% +0.2ppts 2025 Interim payout ratio 40% Earnings & Business Highlights Financial Overview Appendix Technology Applications
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6 Earnings Recap: Address Short-term Oil Price Volatility Through Long-term Operational Optimization and Lean Management Note: 1. The benefits generated by AI applications have deducted the costs for tokens and computing chips. 1H2025 Profit attributable to owners of the Company after deducting non- recurring gains and losses Oil price fluctuationLean management and scalability Profit- Lifting Program AI applications net effects1 Operational Optimization to Mitigate Short-term Oil Price Volatility, Delivering Resilient Performance 4.97 External headwinds: Oil prices surged significantly in Q2, lifting transportation and packaging costs SF’s countermeasures: Profit-lifting Program, lean management and AI applications 4.55 Consolidate domestic foundations, and continuously deepen the competitive moat Empower full-chain operations with AI, driving improvement in operational efficiency Solid Domestic Operational Foundation, with Potentials from "International Growth+ AI" Unit：RMB billion 1H2026 Profit attributable to owners of the Company after deducting non- recurring gains and losses Seize opportunities in customers’ global development, with accelerated momentum of the second growth driver Earnings & Business Highlights Financial Overview Appendix Technology Applications
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7 43.1% 10.3% 13.3% 4.0% 3.7% 23.3% 2.3% Segment Revenue: Steady Growth in Domestic Revenue, and Accelerated Growth of Supply Chain and International Revenue 63.2 15.2 19.6 5.8 5.5 34.2 3.3 63.4 16.3 22.0 4.4 6.7 39.6 3.1 Time-definite Express Economy Express Freight Cold Chain and Pharmaceutical Intra-city On-demand Supply Chain and International Other Non-logistics Business 2025H1 2026H1 Unit: RMB billion ↑0.2% ↑12.6% ↑22.1% ↑15.6% ↑7.5% ↓6.4% 40.7% 10.5%14.2% 2.8% 4.3% 25.5% 2.0% Time-definite express Economy express Freight Cold chain and pharmaceutical Intra-city on-demand Supply chain and international Other non-logistics business 2025H1 2026H1 +46.6% SF Supply Chain & International2 Note: 1. Refers to the time-definite express products excluding return parcels; 2. Refers to the Supply Chain and International revenue excluding KLN, including revenue from international express, supply chain, cross-border e-commerce logistics, overseas local express, and other offerings ↓24.7% +5.3%Premium Time-definite Express1 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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8 2025H1 2026H1 A seamless, one-stop concert experience Fan-oriented marketing Warehousing & transportation of merchandise / pop-up materials Transportation for Stage and Game-Zone Installations Note: 1. Time-definite express includes several sub-products; premium time-definite express does not cover return parcels Time-Definite Express: Going Beyond Speed to Build Differentiated Service Moats Across Customer Scenarios Premium Time-Definite Revenue Growth Surpassed GDP Growth GDP growth 4.7% Premium time- definite express revenue growth1 +0.2% Time-definite express revenue growth1 +5.3% Revenue Growth by Scenario Residential Areas Culture & Tourism Industrial Zones CBD Supermarkets School Campuses Exhibition …… +11% Concerts +19% Exhibitions >2,000 Single event revenue >RMB1mn Urgent sample delivery Delivery of various types of exhibits Move-in / move-out transportation On-site loading & unloading / moving / listing To C: Audiences To B: Event organizers High-quality express delivery One-stop exhibition services ~780 Concerts served in 1H2026 10+ Artist organizers / fan clubs served Exhibitions served in 1H2026 Canton Fair, China-Eurasia Expo, etc. Scenario Insights: From Faster Delivery to Customized Services 1H26 revenue >RMB100mm Enrich customer touchpoints Strengthen channel cooperation Airports, scenic spots, railway, hotels, school campuses... Culture & tourism groups, event organizers, airlines... 1H26 revenue >RMB100mm Earnings & Business Highlights Financial Overview Appendix Technology Applications
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9 2025H1 2026H1 2025H1 2026H1 Economy Express: Optimize Revenue Mix and Stabilize ASP by Targeting Mid-to-High-end Segments Resilient Revenue Growth Economy Express revenue1 +7.5% Parcel ASP2 +6% 2-year CAGR of parcel volume2 Optimize Business Mix and Refine Operational Model SF: +15% Industry: +12% >*% E-commerce parcel centralized pickup rate3 RMB * Unit cost savings3 Note: 1. Economy express encompasses multiple products; 2. Refers to average selling price and parcel volume of SF Economy Express; 3. Centralized pickup rate represents the centralized pickup volume as a percentage of economy express parcel volume in 1H2026; Unit cost savings refers to the savings for parcels handled under the centralized pickup model Stable volume growth under a high base 2-year CAGR outperforming the industry Consolidated last-mile operations for e-commerce parcels Precise matching of products and resources Continuously advance the “Profit-lifting Program” Increase the proportion of high-value business Selectively expand volume Reduce costs through model optimization Stabilize pricing 2024H1 2026H1 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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10 2025H1 2026H12025H1 2026H1 Freight: Deep-dive into Industrial Sectors, Scale up Business to Strengthen Operational Efficiency Robust Revenue Growth Note: 1. Revenue amount based on the Freight revenue disclosed in the financial reports, excluding large parcel air freight products classified under Time-Definite Express; The amount of volume and profit are based on management accounts, including large parcel air freight and other products; 2. Refers to the total shipment volume of SF Freight and SX Freight dual-network Freight revenue1 +12.6% Maintain Industry-Leading Scale and Expand Reach in Industrial Sectors Unlock Resource Synergies for Cost Reductions and Profit Enhancement Volume growth2 Profit improvement 2025H1 2026H1 +9% Gross profit per kg1 Share of industrial large items continues to rise C-end: Quality-led growth B-end: Deepened penetration in industrial cargo Focus on high-end furniture and home appliances delivery Reinforce integrated delivery and installation services for large items Accelerate growth in core economic clusters >55% 100kg+ industrial large items volume share >20% In-depth strategic partnership Co-build routes to maximize volume consolidation and direct routing; Complementary last-mile network +58% Daily integrated freight volume growth with Dekun3 100kg+ industrial large items volume growth Strengthening sales team Upgrade supporting tools and systems Earnings & Business Highlights Financial Overview Appendix Technology Applications
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11 1.5% 2.3% Intra-City: Strong Profit Growth, Driven by Scale Effect and Tech-led Efficiency Gains High-Quality Growth in Revenue Intra-City On-Demand Delivery1 Revenue 2025H1 2026H1 Note: 1. Refers to revenue from Intra-City On-Demand Delivery products; 2. Net profit/margin based on Intra-City On-Demand Delivery segment data. Adjusted net profit/margin is derived from publicly disclosed data of SF Intra-city listco; 3. Both refers to year-on-year growth figures for 2026H1 +22.1% Net Profit Hitting Record High 2025H1 2026H1 Net profit2 Net margin2 +71% Adjusted net margin2 Adjusted net profit2 2025H1 2026H1 Resilient Demand Growth Intra-city on-demand delivery order volume >30% YoY Growth3 Implementation of “AI + Unmanned” Strategy Revenue from supermarket partnerships >50% YoY Growth3 • For merchants / customers: Connect with leading AI agent platforms, establish a “one-sentence ordering” function, complete the delivery loop from AI interaction to real-world fulfillment AI agent matrix • Continued expansion at scale: 1,000+ vehicles, covering 124 cities, with over 60,000 active routes per month • Diversified commercial scenarios: Intra-city connections, hub distribution, catering, campus delivery, shared city capacity, and operating system solutions Unmanned vehicle solutions • For riders: Three major AI agents for fulfillment, dispatch, and customer service, providing intelligent guidance, automated scheduling management, improving rider-to-order matching efficiency, and optimizing rider platform experience Continuous penetration of instant retail 1.3% 3.0% +155% Earnings & Business Highlights Financial Overview Appendix Technology Applications
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12 International express/e-commerce products continuously broadening customer base International supply chain2 business achieves accelerating breakthroughs KLN revenue growth rate improves quarter by quarter Domestic supply chain business2 grows steadily2025H1 2026H1 2025H1 2026H1 Supply Chain & International: Unleashing the Second Growth Engine to Drive Accelerated Growth Rapid revenue growth +15.6% KLN Contribution SF Supply Chain & International1 Note: 1. Refers to the Supply Chain and International revenue excluding KLN, including revenue from international express, cross-border e-commerce logistics, supply chain, overseas local express, and other offerings; 2. Domestic Supply Chain includes revenue generated from DSC, XH, and other SF domestic supply chain licensed companies +47% High-quality international express services forge brand value Compliance-driven cross-border e-commerce logistics builds customer trust Industry-leading premium cross- border dedicated lines Explore high-potential emerging markets Empower diverse customer groups Deepen penetration in core industrial clusters Expand into large-size LTL 3C electronics Robot lawn mowers New energy products … Dive into high-value customer demands Premium gifts Handicrafts Overseas student items… To B To C Unlock customers’ end-to-end logistics needs Expand across upstream / downstream ecosystems Serve key industries in the region Korean pop culture merchandise & cosmetics New energy Telecom and high-tech … 3C electronics Home appliances & furnishings Apparel & footwear … AI industrial chain high-precision equipment … South Korea regional HQ economy Vietnam industrial relocation Singapore/ Malaysia Focus on lead enterprises 1 2 3 4 +60% 2025H1 2026H1 +155%Supply Chain and International revenue (RMB billion) International express delivery and cross-border e-commerce logistics revenue International supply chain revenue Earnings & Business Highlights Financial Overview Appendix Technology Applications
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13 Customer Case Study 1: Establishing a Long-Term Business Partnership with a Leading Global High-Tech Company 64% Standard products revenue Supply chain revenue growth International revenue growth 2*%+ 3*%+ Pilot of LLP (Lead Logistics Provider) model Orchestrating an end-to-end digital and intelligent supply chain in an overseas market From Providing Domestic Express Delivery to Supporting the Customer to Build Resilient and Controllable Global Supply Chain Revenue1 scaled5x in a decade, with significant headroom for further global growth 2011 Note: 1. “Revenue scale 5x in a decade” refers to the estimated revenue growth from 2017 to 2026. Cooperation history and revenue figures exclude the impact of the DSC acquisition. Initial stage: Quality service wins trust Expansion phase: Jointly built benchmark warehouses with technology empowerment Today: Strategic alignment driving mutual growth 2018 2020 2022 2024 2026 First collaboration on sales logistics Co-development of automated benchmark warehouses Extend to procurement logistics collaboration Expand to overseas integrated warehousing & distribution Deepen production logistics collaboration Procurement Logistics Production Logistics Sales Logistics After-sales Logistics Air-truck intermodal transport for raw materials, in-factory logistics, etc. High-value raw material transportation In-factory logistics, Line-side warehouse operations Temperature-controlled material distribution Intelligent fleet dispatch system Warehousing and distribution integration for finished products, ultra-fast delivery, customized launch support for new products, etc. Air freight solutions for battery-containing goods Temperature- and humidity-controlled transportation for high-value equipment Spare-parts warehousing & distribution Reverse logistics for products Scenario-based solutions for mail-in repair & local O2O after-sales services Share of revenue by logistics type 2026H1 logistics revenue contribution from the client to SF and growth Rapid international revenue growth High growth potential Customer systems are connected to SF's OTMS\OMS, achieving end-to-end integration across warehousing, line-haul transportation and last-mile distribution Earnings & Business Highlights Financial Overview Appendix Technology Applications
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14 Customer Case Study 2: Empower the Global Development of a Leading 3C Company Through Digital Capabilities Notes: 1. Boxes with red borders indicate SF’s self-operated warehouses; red lines indicate business routes already covered by SF; 2. Refers to the customer’s logistics revenue contribution to SF, which grew by more than 200% in 2026H1 Support the Customer’s Overseas Development, Cultivate the Ecosystem of Upstream & Downstream Partners Process Pain Points Extending services upstream to suppliers Technology-enabled, end-to-end visibility End-to-end control of core resources Flexible, agile supply chain for rapid response 80+ upstream suppliers connected Penetrating and integrating the procurement supply chain “Single-code, full-chain” route visibility Deep integration of logistics and information flow Self-operated constant temperature & humidity warehouses 10-ton-class self-owned vehicles commissioned Flexible scheduling with coordinated resources 4-hour JIT outbound/distribution SF Solutions Logistics revenue from the customer2 more than tripled YoY Fragmented upstream data, cumbersome management Misaligned information, suboptimal efficiency High barriers to integrated cross- border warehousing & distribution Insufficient responsiveness to demand fluctuations Vietnam CMI Warehouse Vietnam Distribution Warehouse … East China Production Base Nearly 300 suppliers Facility A Facility C Facility B Pingxiang Consolidation Warehouse China-Vietnam Border Port Facility A Facility C Facility B Integrated Warehousing and Line-side Warehouse Operations Park-based Transfer Milk-Run Pickup Procurement Logistics Production Logistics Finished Goods Sales Logistics South China / East China Consolidation Warehouse(s) Increasing finished goods logistics share Extend to downstream customers Advancing unmanned transformation in in-factory logistics Deploy customized unmanned vehicles for the park Next Steps 10-hour reduction Material turnaround time >4,500 sqm freed up Customer Line-side Warehouse Area SF TMS System Customer SAP System Earnings & Business Highlights Financial Overview Appendix Technology Applications
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15 Map source: Reviewed chart GS (2016) 1664 2.7Europe & Middle East Enhance Diversified Cross-Border Capabilities Overseas Network: Forward-Looking Resource Deployment with Leading Scale, Building Core End-to-End Fulfillment Advantages 2.7Asia-Pacific3 (ex. China) 2.7Americas Improve international operation efficiency Cross-border multimodal transportation 19 International specialized service outlets Multiple International operating centers Facilitate direct consolidation at industry clusters and direct port shipment GMS qualification Southbound single certificate valid across six countries TIR “one vehicle, one certificate” Direct Eurasian cross-border transit Enhanced near-sea shipping capacity Expanded rail coverage across multiple countries Expanding from general cargo and e-commerce parcels to constant- temperature-and humidity products, high-value consumer goods, bonded goods, and other categories Overseas warehouse upgrades >2.2mn sqm of overseas warehouses Top-tier warehousing footprint>360k sqm of overseas warehouses Up to 61 weekly flights >190k sqm of overseas warehouses Up to 19 weekly flights Up to 213 weekly flights High-density flight network coverage Notes: 1. Warehouse figures include self-operated and co-operated space of SF Holding, KLN, and other joint ventures; 2. 111 all-cargo aircrafts in operation, including 90 self-operated; 3. Warehouse area in the Asia-Pacific region excludes Mainland China, Hong Kong, Macau, and Taiwan. Flight data covers cross-border flights between China and the Asia-Pacific region (including routes between Mainland China and Hong Kong), counted on a round-trip basis, excluding technical stopovers >2.75mn sqm Overseas warehouses1 >660k TEU 1H2026 ocean freight volume >7,100 1H2026 all-cargo international flights 100 Customs clearance service ports 111 All-cargo aircrafts2 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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16 Hub operations2 2025 cargo throughput3 Peer A >40 years 3.40mn tons Peer B >50 years 2.97mn tons Asian player — SF >2 years ~1.50mn tons Peer C ~20 years 1.39mn tons Map source: Review No.GS ( 2016) 1667 Operated by SF1 Ezhou Air Cargo Hub: Asia-Centric and Globally-Connected, Empowering Customers’ International Growth Through Industrial Clustering Domestic routes International routes 25 Flights in 2026H1 >15k YoY +6% Notes: 1. Refers to the cumulative launch of SF’s routes and flights in Ezhou Hub by the end of June 2026; 2. Refers to the number of years each logistics company has operated at air cargo hubs by the end of 2025 61 Ezhou Air Cargo Hub Largest Air Cargo Hub in Asia with Nationwide Coverage and Global Connectivity Rising Star Rooted in Asia, Connecting Global Markets Global logistics giants with air cargo hubs Airport-Based Industrial Cluster Driving Scale Effects Cold chain & pharmaceutical logistics base High-end intelligent manufacturing services center Cross-border e-commerce gateway Aircraft maintenance base Building a one-stop cross-border supply chain network Providing professional, efficient MRO services Multiple healthcare platforms Southeast Asia fruit import Seafood processing cold chain …… World-leading optics companies Local optical communications industry chain Global expansion of consumer electronics companies …… International Cargo Terminal Obtained Full Suite of IATA Special Cargo Certifications Second Nationwide — Specialized Certifications Supporting Service Upgrades Earnings & Business Highlights Financial Overview Appendix Technology Applications
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17 Last-Mile Collection & DeliverySorting & TransitDigital & Intelligent Warehousing Smart Equipment Drives Efficiency Gains and Cost Reduction Capability Upgrades Empower Lean Management Site consolidation Improved timeliness, optimized costs 3,853 units of automated equipment2 >54,000 NEVs3 Cage trolley transfer center4 Processing time reduced Damage claims reduced External resource development & integration Dedicated freight lines, bus, metro Upper-body humanoid robot & robotic arms Small parcel feeding Large parcel palletizing ~2,400 AGVs Intelligent cage stacking & loading End-to-end intelligent handling >1,400 Autopilot trucks Driving safety / reduced energy consumption / optimized driver scheduling Unmanned light & heavy trucks deployed in operations In-park cargo transloading, line-haul and short-haul transportation Sorting operational efficiency ↑ 7.4% Cage trolley transfer center4 operating efficiency ↑ 3x Notes: 1. Refers to the estimated range of inventory cost reduction for benchmark warehouse customers; 2. Refers to the number of standard automated equipment units deployed for small-parcel handling, including parcel sorters and single-item sorters; 3. Refers to NEVs among SF Express line-haul, short-haul, and pickup/delivery vehicles for both large and small parcels (excluding outsourced vehicles); 4. Refers to processing time, damage claims, and operating efficiency at the Cage Trolley Transfer Center relative to conventional sorting centers; 5. Refers to the share of self-owned 14T and 30T line-haul vehicles; 6. Refers to the reduction in working hours among employees whose roles are supported by unmanned vehicles and other smart equipment Operating Network: Leading with Cutting-Edge Smart Equipment to Strengthen Network Competitiveness Industrial-cluster warehouses Source-side inventory control with multi-level fulfillment Return parcel processing center Returns processing time Reduced by 33% 9 Lights-out warehouses Fully automated storage and other zones AMR robots Automated mobile robots Intelligent in-warehouse handling AI empowerment across all warehouse scenarios AI quality inspection / wave planning / replenishment / inventory sorting / digital assistants Industry benchmark warehouse 10%-20% ACR robots Automated storage & retrieval by bin-handling robots Goods-to-person picking Enhanced courier welfare & protection Launched six major benefit programs, covering career development, welfare & care, and productivity tools Boosting couriers’ earning potential Upgraded credit & authorization system Team-based incentive system Honors system >3,200 Unmanned vehicles Open-road branch-line connections, closed-campus pickup & delivery, and more Automated delivery robots for buildings Building & CBD scenarios Unmanned door-to-door delivery Community delivery robots successfully piloted Pilot programs in campus & residential scenarios Courier AI assistant AI Q&A, AI outbound calling, AI glasses AI-enabled operational efficiency Operating efficiency ↑6.2% Smart tools reduce labor intensity Per-capita working hours ↓1.5h6 Near-field warehousing Front warehouse 5-hour delivery commitment Multi-temperature warehouses Ambient / cold / pharmaceutical warehouse Reduction in customer inventory costs1 Footwear & apparel, beauty, 3C Earnings & Business Highlights Financial Overview Appendix Technology Applications
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18 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials SectionNo. Agenda – 1H2026 Investor Presentation Earnings & Business Highlights Financial Overview Appendix Technology Applications
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19 AI Enablement: Co-Creating an AI Application Ecosystem to Drive Operational Value Information Generation, Processing & Application A2A collaboration (Agent to Agent) Complex Logistics Scenarios Diversified Product Portfolio State-of-the-Art Operations Research Algorithms Precise Time- Definite Fulfillment Multimodal Large Language Model Substantial Benefit Potential from Full-Chain AI Deployment Number of AI Agents SF Technology The only Chinese company to receive the Franz Edelman Award (Finalist) Independently developed logistics-specific large model Fengzhi LLM | Fengyu LLM Top-down-designed AI Agent Cluster “UP”: Over 10 Core AI Agents1 + Tens of Business Application Agents An Ecosystem Built by All Sortation Agent HR Agent Sales Agent Forecast Agent Customer Service Agent Planning & Scheduling Agent Finance Agent Customer Agent Last-mile Agent Marketing Agent Warehouse & Distribution Agent Note 1：The AI agent cluster shown here is for illustrative purposes only. 2026H1 ~15,000 2025 year-end >5,000 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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20 AI Agent Case Study 1: Customer and Sales Agents Working Together to Create Customer Value >RMB 1.0bn 1H2026 incremental revenue Customer Agents Sales Agents Customer Agents Quality assurance to build trust Ongoing monitor of profits Special-featured industries International customer opportunities Holiday & festival scenarios Trending pop culture Industrial park B2B opportunities Exhibitions & large events .... ... Tier Owner S A/B C D Sales personnel Outlets manager / courier Customer service staff AI outbound calling • AI follow-up & contract signing • AI-generated pre-visit one pager • AI sales coaching • Auto-matched marketing plan • Smart pricing assistant Quality insightOpportunity insight Profitability insight Risk insight Customer-tag Foundation Agent Opportunity sub-agent Quality sub-agent Profitability sub-agent Risk sub-agent Customer agents Identify opportunities & risks Generate customer insights Opportunity refinement, grading and recommendation Operations quality control • Client contract KPI monitoring & fulfillment • Operational variance analysis (actual vs. projected) Closed-loop monitoring & diagnosis • Profitability monitoring • Risk monitoring • Customer label update Earnings & Business Highlights Financial Overview Appendix Technology Applications
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21 AI Agent Case Study 2: Planning & Fulfillment Agents Working Together to Unleash Cost-Reduction Potential Planning Agents + Fulfillment Agents Cost Savings in 1H2026 From single-point efficiency to cross-agent iteration Ground Network Planning Agents Automated resource efficiency review Network-wide fleet empty run rate1 ↓35% Network-wide route & fleet load diagnosis Automated next-day review Line-haul & short-haul route planning Volume-based direct shipping / Multi-stop consolidated shipping / Flexible-resource direct shipping Time consumption for full-network route re-optimization Reduced Parcel Quality Agent Safeguarding Fulfillment End to End Fengyu Vision Large-model achieves full-network coverage, with an accuracy rate of >90% for abnormal parcel diagnosis. It effectively avoids subjective bias from manual review and improves the efficiency of parcel tracking and localization. Per-parcel Exception Handling Time: Second-level Output Significant YoY decrease in damage & loss rates Note 1: Empty run rate = empty run mileage / total mileage, refers to the empty run rate for self-operated vehicles across the entire network Ground Transportation Fulfillment Agent Line-haul & short-haul capacity scheduling Resource allocation (routes, vehicles & drivers) dynamic fleet adjustment & freight consolidation Network line-haul and short- haul scheduling coverage 98%+ Dynamic transportation capacity allocation Resource allocation (self-operated / dedicated / annual & monthly contracted capacity), service recovery & exception audit AI dispatch instruction execution rate >90% Auto-diagnosis of route load, fleet efficiency & resource structure Earnings & Business Highlights Financial Overview Appendix Technology Applications
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22 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials SectionNo. Earnings & Business Highlights Financial Overview Appendix Technology Applications Agenda – 1H2026 Investor Presentation
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23 7.9 bn parcels 1H2026 YoY Growth +0.2% Steady Growth of Net Profit Attributable to Owners of the Company Volume1 Revenue Profit attributable to owners of the Company 155.5 bn RMB 5.5 bn RMB Net Margin 3.5% (↓0.4ppts) YoY Growth -4.1% 2Q2026 4.1 bn parcels YoY Growth -3.7% 81.4 bn RMB 3.0 bn RMB Net Margin 3.7% (↓0.9ppts) YoY Growth -15.1% YoY Growth +5.9% YoY Growth +5.7% Gross Profit 20.9 bn RMB 10.7 bn RMB YoY Growth +7.7% Gross Margin 13.4% (↑0.2ppts) YoY Growth +6.0% Gross Margin 13.2% (↑0.04ppts) Note: 1. Includes parcel volume of the Express & Logistics segment and shipment volume of SF international express (excluding overseas local express); 2. There is a high base comparison. in 1H2025, the Company transferred three wholly-owned subsidiaries holding owned properties to SF Southern Logistics REIT, generating an after-tax one-off gain on equity disposal of RMB 590 million; 3. Refers to the profit attributable to owners of the Company after deducting non-recurring gains and losses 1H2026 Results: High-Quality Business Growth with Steady Profitability Unit: Billion RMB 6.2 8.2 10.2 11.1 5.7 5.5 2022 2023 2024 2025 2025H1 2026H1 5.1 0.6 2 Adjusted Net Profit3 5.0 bn RMB Net Margin 3.2% (↑0.1ppts) YoY Growth +9.3% 2.7 bn RMB Net Margin 3.3% (↓0.1ppts) YoY Growth +3.1% Earnings & Business Highlights Financial Overview Appendix Technology Applications
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24 19.4 20.9 13.2% 13.4% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% 16.0% 17.0% 18.0% 0.00 5.00 10.00 15.00 20.00 25.00 30.00 35.00 40.00 45.00 2025H1 2026H1 Gross Profit Gross Margin Semi-Annual Gross Profit and Gross Margin +7.7% Quarterly Gross Profit and Margin Lean Operations to Mitigate Short-term Oil Price Volatility, Driving Steady Gross Margin Growth Unit: Billion RMB Unit: Billion RMB Amid the complex and evolving international landscape, fuel prices have risen markedly since March 2026 Business Strategy Strengthen network competitiveness and continuously optimize operating models to achieve precise matching between products and resources Accelerate the large-scale roll-out of AI and intelligent equipment to unlock cost-reduction potentials Influencing Factors Growth in China’s domestic express delivery industry is moderating, with steady volume and improved quality Deepen strategic development of supply chain and international businesses to unlock the momentum for the second growth curve Focus on value-driven operations, deep-dive into diverse scenario-based demands, and extend services from the consumer-side to empower the Industry-side 9.3 10.1 10.2 10.7 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Q1 Q2 2025 Gross profit 2026 Gross profit 13.3% 13.7% 13.1% 13.2%Gross margin Earnings & Business Highlights Financial Overview Appendix Technology Applications
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25 16 16 11.4% 10.7% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% 16.00% 18.00% 0 5 10 15 20 25 30 35 40 45 50 47 52 32.6% 34.4% -2.00% 8.00% 18.00% 28.00% 38.00% 48.00% 0 10 20 30 40 50 60 70 80 90 2025H1 2026H1 Optimize Operations and Lean Management Driving Cost Ratios Down (Unit: RMB billion) (Unit: RMB billion) ↓0.7ppts Note: Revenue used to calculate cost percentage refers to logistics and freight forwarding revenue ↓1.4ppts Labor Cost and as % of Revenue Transportation Cost and as % of Revenue Other Operating Costs and as % of Revenue (Unit: RMB billion) Strategic Investment: Improve compensation competitiveness of couriers and operation staff, with special-purpose funds to enhance front- line staff welfare Increase sales incentives to promote business development Structural Cost Optimization: Focus on value-driven operations and improve business structure Optimize operational models with precise resource allocation Enhance efficiency through the application of intelligent and unmanned technologies Strategic Investment (and external factors): Fuel prices rose significantly in Q2 Increase investment in direct ground transport routes to improve network coverage Launch new international routes and increase flight frequency to enhance global network capabilities Structural Cost Optimization: Accelerate the deployment of new-energy vehicles, intelligent driving and unmanned vehicles, empower intelligent network planning through digital technologies Continuously refine operating model and optimize the transportation network Strategic Investment: Based on medium- and long-term strategy, advance investments in core facility establishment and densify last-mile touchpoints Strengthen overseas sorting and warehousing resources Structural Cost Optimization: Strengthen control over resource input-output ratio, and leverage digital-intelligent capabilities to elevate refined management standard ↑1.9ppts 62 63 43.0% 41.6% -2.00% 8.00% 18.00% 28.00% 38.00% 48.00% 0.00 10.00 20.00 30.00 40.00 50.00 60.00 70.00 80.00 90.00 2025H1 2026H1 2025H1 2026H1 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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26 4.6 5.0 3.1% 3.2% 0.7% 1.2% 1.7% 2.2% 2.7% 3.2% 3.7% - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2025H1 2026H1 Adjusted net profit Adjusted net profit margin 5.7 5.5 3.9% 3.5% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2025H1 2026H1 Profit attributable to owners of the Company Profit margin attributable to owners of the Company G&A Expense as % of Revenue ↑0.1ppts S&M Expense as % of Revenue remains flat R&D Expense as % of Revenue ↓0.1ppts Financial Expense as % of Revenue ↓0.2ppts Profit attributable to owners of the Company Adjusted Net Profit and Margin 1 -4.1% +9.3% Expense Ratio Went Down amid Stability, and Adjusted Net Profit Registered Steady Growth Unit: Billion RMB Unit: Billion RMB 6.1% 6.2% 2025H1 2026H1 1.2% 1.2% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 2025H1 2026H1 0.8% 0.7% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 2025H1 2026H1 0.7% 0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 2025H1 2026H1 Note 1. Refers to the profit attributable to owners of the Company after deducting non-recurring gains and losses Earnings & Business Highlights Financial Overview Appendix Technology Applications
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27 221.5 213.8 216.5 228.9 92.8 92.0 99.3 102.8 53.4% 52.1% 49.0% 50.1% 0.00% 10.00% 20.00% 30.00% 40.00% 50.00% 60.00% - 50.00 100.00 150.00 200.00 250.00 300.00 2023 2024 2025 2026H1 Total assets Equity attributable to owners of the Company Asset-Liability ratio Healthy Capital Structure with Stable Cash Flows OCF Remains Steady CapEx Passes Peak Cycle • Enhance profitability • Continuously improve capital management • ROI-driven Capex • Strategic investments to secure key resources Healthy Capital Structure • Proactively repurchased US dollar bonds in advance and repay short- term and long-term debts • Maintain a healthy capital structure • One-off impact from equity settlement loan Unit: Billion RMB Unit: Billion RMB Unit: Billion RMB 26.6 32.2 27.6 12.9 11.2 2023 2024 2025 2025H1 2026H1 13.5 9.9 9.6 4.2 6.1 2023 2024 2025 2025H1 2026H1 CapEx as % of Revenue 5.2% 3.1% 2.9%3.5% 3.9% Earnings & Business Highlights Financial Overview Appendix Technology Applications
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28 1.2 2.9 0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 2022 2023 2024 2025 2026 Accelerate repurchase, Cancel repurchased shares to demonstrate confidence in future development Enhance Dividends and Share Repurchases to Share Value with Shareholders Accelerated Share Repurchase Steadily Rising Dividend Payout Ratio Note: 1. For 2025 First A-Share Repurchase Plan, the total repurchase quota was increased from RMB 1.5-3.0bn to RMB 3.0-6.0bn. For details, please refer to the “Amendments to the A Share Repurchase Plan”, “Announcement on Completion of Implementation of the 2025 First A-Share Repurchase Plan” and “Voluntary Announcement in Respect of the H-share Repurchase Plan”; 2. Refers to the repurchased amount in 2026 till 31 July. For details, please refer to “H-share Announcement - Next Day Disclosure Return”; 3. Dividend ratio = total annual dividend amount declared / profit attributable to owners of the Company for the year; 4. Excluding the one-time special dividend for shareholder returns distributed prior to the 2024 H-share listing; 5. The 2026 interim dividend amount is preliminary calculated amount, subject to the actual payout amount by the Company; 6. The Company proposes to announce the “Five-Year Shareholder Return Plan (2024-2028)”, which is still subject to AGM approval; 7. Cumulative amount in 2026 till 31 July. 20% 40%35% 2026 Year-To-Date Total Shareholder Return (Repurchases + Interim Dividends) Reaches RMB 7.2 billion7 Dividend Amount (Billion RMB) Dividend Ratio1 (Excl. one-off dividend) Execute the First H-share Repurchase Plan1 Completed A-share Repurchase at the Cap of RMB 6.0bn1 RMB 3-6bn Repurchase quota RMB 6bn Repurchased Amount HKD 500mn HKD 230mn 2025 First A-Share Repurchase Plan Repurchased shared to be cancelled1 160 million 3.0% Number of shares As % of total shares Repurchase quota Repurchased Amount2 45%540% 1.9 （Interim) 2.3 （Interim） 4.1 4.44 +8% 2.55 （Interim） Cash Dividend Payout Ratio Will Continue to Improve FY2026 45% 6 FY2027 50% 6 FY2028 No less than 50% 6 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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29 1 Earnings & Business Highlights 2 Technology Applications 3 Financial Overview 4 Appendix: CAS vs IFRS Financials SectionNo. Earnings & Business Highlights Financial Overview Appendix Technology Applications Agenda – 1H2026 Investor Presentation
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30 Appendix: Summary Financials - CAS vs. IFRS Note: 1 IFRS gross margin is lower than that under CAS as taxes and surcharges are categorized as cost of revenue under IFRS; 2 EBITDA = Net profit + Income tax expense + Depreciation and amortization expense (including depreciation of right to use assets) + Net finance expense; 3 Capex refers to capital expenditure excluding equity investment, the figure is the same under both standards; 4 Interest-bearing liabilities under CAS = Short-term borrowings + Long-term borrowings due within one year + Bonds payable due within one year + Long-term borrowings + Bonds payable + Payables of bank supply chain financial products/refactoring payments + Loans from non-controlling interests; Interest-bearing liabilities under IFRS refers all borrowings (Loans from non-controlling interests is only disclosed under CAS); 5 Interest coverage ratio = (Net profit + Total interest expense + Income tax expense) / Total interest expense; 6 Refers to the annualized cost of debt, calculated as LTM interest expenses / the quarterly average of interest-bearing liabilities; 7 Under both CAS and IFRS, the number is calculated as Cash and cash equivalents + Structured deposits + fixed income certificate (in Other current assets) Revenue 146.9 155.5 5.9% 146.9 155.5 5.9% Gross profit 19.4 20.9 7.7% 19.1 20.5 7.5% Gross margin 13.2% 13.4% 0.2 ppts 13.0% 13.2% 0.2 ppts EBITDA 16.6 16.7 0.7% 16.6 16.7 0.7% EBITDA margin 11.3% 10.8% -0.6 ppts 11.3% 10.8% -0.6 ppts Net profit attributable to owners of the Ccmpany 5.7 5.5 -4.1% 5.7 5.5 -4.1% Net profit margin attributable to owners of the Ccmpany 3.9% 3.5% -0.4 ppts 3.9% 3.5% -0.4 ppts Basic EPS (RMB) 1.16 1.10 -5.2% 1.16 1.10 -5.2% Weighted average ROE 6.1% 5.5% -0.6 ppts 6.1% 5.5% -0.6 ppts Cash flow from operating activities 12.9 11.2 -13.6% 12.9 11.2 -13.6% Capex 4.2 6.1 46.2% 4.2 6.1 46.2% Capex as % of revenue 2.9% 3.9% 1.1 ppts 2.9% 3.9% 1.1 ppts Debt-to asset ratio 51.4% 50.1% -1.3 ppts 51.4% 50.1% -1.3 ppts Interest-bearing debt 41.5 43.0 3.6% 41.5 43.0 3.6% Interest-bearing debt ratio 19.0% 18.8% -0.2 ppts 19.0% 18.8% -0.2 ppts Interest coverage ratio 9.2x 10.9x 18.3% 9.2x 10.9x 18.3% Cost of debt 3.3% 3.0% -0.3 ppts 3.3% 3.0% -0.3 ppts Cash, cash equivalents and financial assets held for trading 47.7 45.9 -3.7% Chinese Accounting Standards (CAS) International Financial Reporting Standards (IFRS) in RMB billion,unless otherwise specified 2025H1 2026H1 YoY 2026H1 YoY2025H1 P&L Cash flow Assets and Liabilities 47.7 45.9 -3.7% 1 2 3 4 5 6 7 Earnings & Business Highlights Financial Overview Appendix Technology Applications
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31 成为备受尊重全球领先的 数智物流解决方案服务商 愿景 For more information, please visit https://ir.sf-express.com Vision To be the Well-Respected and the World’s Leading Digital Intelligence Logistics Solution Provider