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Companies $SFWL
$5.90 -$0.30 (4.84%) Close
SHENGFENG DEVELOPMENT Ltd logo

SHENGFENG DEVELOPMENT Ltd

sfwl.com.cn

What Do They Do?

Provides freight transportation and warehouse storage and order-fulfillment services to businesses in China.

How Do They Make Money?

Transportation customers are charged based on shipment distance and volume, with credit terms generally within two months; charges are tied to accepted delivery. Warehouse fees are based on fixed or determinable contract prices and invoiced as services are provided.

revenue
SegmentShareRevenue
Transportation
Sold outright

97%
FY2022: 93%
Warehouse storage management service
Recurring 		2.5%
FY2022: 5.5%
Others
0.6%
FY2022: 1.1%

Who Are Their Customers?

Corporate clients in industries including manufacturing, energy and consumer goods typically sign direct freight agreements; retail clients can place shipment orders as needed.

Do Revenues Turn Into Profits?

Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.9M.

Operating income, FY2025
3% of revenue
▲ +15% vs FY2024 ($14.7M, 3%)
Net income, FY2025
2% of revenue
▲ +10% vs FY2024 ($10.9M, 2%)
Free cash flow, FY2025
−1% of revenue
▼ −80% (Loss) vs FY2024 (−$14.5M, −3%)

How Are They Changing?

More use of outside carriers The older report describes owning and operating its fleet while also using outside carriers. The latest report describes a move toward using outside carriers for more transport work and reducing the owned fleet.

Revenue over time
Transportation Warehouse storage management service Others
$1B$500M$0
FY2021 FY2022 FY2023 FY2024 FY2025

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