顺丰控股:2021年半年度报告（英文版）

S.F. Holding Co. Ltd.2021 Semi-Annual Report
August 20212
Chapter 1 Important Information Table of Contents and Definitions
The Company’s Board of Directors Supervisory Committee directors supervisors and senior management
hereby guarantee that the contents of the Semi-Annual Report are true accurate and complete and that there are
no misrepresentations misleading statements or material omissions and shall assume individual and joint legal
liabilities.Wang Wei the Company’s responsible person Chen Fei the person in charge of accounting work and Hu
Xiaofei the person in charge of the accounting department (accounting officer) hereby declare and warrant that
the financial report within the Semi-Annual Report is true accurate and complete.All directors have attended the Board meeting approving the Semi-Annual Report.The Company is required to comply with the disclosure requirements presented in the Shenzhen Stock
Exchange for Industrial Information Disclosure No.9 – Listed Companies Engaged in the Express Delivery
Services Business.In this Semi-Annual Report the Company details the possible risk factors and countermeasures that may
occur in the future. For more information refer to “Section X. Possible Risks and Countermeasures” in “Chapter 3.Management Discussion and Analysis.” Investors shall refer to this information.The Company does not plan to issue cash or equity dividends nor to convert equity reserve into share capital
of the Company.3
Table of Contents
Chapter 1 Important Information Table of Contents ... 2
Chapter 2 Company Profile and Key Financial Indica... 7
Chapter 3 Management Discussion and Analysis ....... 10
Chapter 4. Corporate Governance .................... 79
Chapter 5. Environmental and Social Responsibiliti.. 69
Chapter 6. Significant Events ...................... 72
Chapter 7 Share Changes & Shareholder Details I. C. 121
Chapter 8 Preferred Shares ........................ 125
Chapter 9 Bonds ................................... 126
Chapter 10 Financial Statements ................... 1274
List of Documents Available for Inspection
(1) Financial statements signed and sealed by the legal representative the person in charge of finance and the person in charge of the
accounting department of the Company.
(2) The original copies of all documents and announcements of the Company which have been publicly disclosed in newspapers
designated by the China Securities Regulatory Commission during the reporting period.
(3) The original text of the 2021 Semi-Annual report signed by the chairman of the Board of Directors.
(4) The place where the above documents are maintained: the office of the Company’s Board of Directors.5
Definitions
Term Description
Reporting period January 1 2021 to June 30 2021
The same period of
January 1 2020 to June 30 2020
previous year
The Company The listed
S.F. Holding Co. Ltd.Company SF Holding SF
RMB Renminbi yuan
Shenzhen Mingde Holding Development Co. Ltd. the controlling shareholder of S.F.Mingde Holding
Holding Co. Ltd.Shenzhen S.F. Taisen Holding (Group) Co. Ltd. a wholly-owned subsidiary of S.F.Taisen Holding
Holding Co. Ltd.Shenzhen Hive Box Technology Co. Ltd. a commonly controlled entity of S.F.Hive Box Technology
Holding Co. Ltd.SF Intra-city Intra-city
Hangzhou SF Intra-city Industrial Co. Ltd. is a subsidiary of S.F. Holdings Co. Ltd.Industrial
CSRC China Securities Regulatory Commission
HK Stock Exchange The Stock Exchange of Hong Kong Limited
HK SFC The Securities and Futures Commission of Hong Kong
Kerry Logistics Network Limiteda company listed on the Main Board of The Stock
Kerry Logistics Exchange of Hong Kong Limite. Stock abbreviation: Kerry Logistics; Stock code:
00636.HK
SF Real Estate Investment Trusta joint venture of S.F. Holding Co. Ltd. The SF REIT
SF REIT has been listed on the Main Board of the HK Stock Exchange since May 17 2021
with the stock code of “2191.HK” and the stock abbreviation of “SF REIT”.6
Chapter 2 Company Profile and Key Financial Indicators
I. Company Profile
Stock Abbreviation SF Holding Stock Code 002352
Listed Stock Exchange Shenzhen Stock Exchange
Chinese Name of the Company 顺丰控股股份有限公司
Chinese Name Abbreviation of the Company 顺丰控股
English Name of the Company S.F. Holding Co. Ltd.English Name Abbreviation of the Company SF Holding
Legal Representative of the Company Wang Wei
II. Contacts and Contact Methods
Board Secretary Securities Affairs Representative
Name Ling Gan Jing Zeng
Block BTK Chuangzhi Tiandi Building Keji South Block BTK Chuangzhi Tiandi Building Keji South
Address 1st Road Nanshan District Shenzhen Guangdong 1st Road Nanshan District Shenzhen Guangdong
Province P.R.China Province P.R.China
Tel No. 0755-36395338 0755-36395338
Fax 0755-36646688 0755-36646688
Email sfir@sf-express.com sfir@sf-express.com
III. Other Information
1. Corporate Contact Information
Were there any changes to the Company’s registered address office address or postal code company website or to the email address
during the reporting period?
□ Yes √No
There were no changes to the Company’s registered address office address or postal code company website and the email address
during the reporting period. Refer to the Company’s 2020 Annual report for details.2. Information Disclosure and Location of Report
Were there any changes to information disclosure and location during the reporting period?
□ Yes √No
There were no changes to the name of the newspaper designated for information disclosure to the address of website designated by
the China Securities Regulatory Commission for semi-annual report publication nor to the storage location of company’s
Semi-Annual report during the reporting period. Refer to the Company’s 2020 Annual report for details.3. Other Relevant Information
Were there any changes to other relevant information during the reporting period?
□ Yes √No7
IV. Key Accounting Information and Financial Indicators
Does the Company need to adjust its financial information retrospectively or restate its previous year accounting information?
□Yes √No
Increase/Decrease over the
The same period of previous
Current reporting period same period of previous
year
year
Revenue (RMB) 88343929823.78 71129007738.21 24.20%
Net profit attributable to shareholders of
759921074.24 3761593296.43 -79.80%
the parent company (RMB)
Net profit after deducting non-recurring
profit or loss attributable to shareholders of -477088774.82 3444761400.75 -113.85%
the parent company (RMB)
Net cash flow from operating activities
4331632843.16 6931712320.10 -37.51%
(RMB)
Basic earnings per share (RMB/share) 0.17 0.85 -80.00%
Diluted earnings per share (RMB/share) 0.17 0.85 -80.00%
A decrease of 7.17
Weighted average return on net assets 1.34% 8.51%
percentage points
End of the current reporting Increase/Decrease over
End of previous year
period previous year end
Total assets (RMB) 133393058169.57 111160042260.97 20.00%
Total equity attributable to shareholders of
56681222769.04 56443050238.39 0.42%
the parent company (RMB)
V Differences Arising from Chinese and the International Accounting Standards
1. Differences between net profits and net assets disclosed in the financial reports in accordance with
international accounting standards and Chinese accounting standards
□Applicable √Not applicable
There is no difference between the net profits and net assets disclosed in financial reports in accordance with international accounting
standards and those disclosed in accordance with Chinese accounting standards in the reporting period.2. Differences between net profit and net assets disclosed in the financial reports in accordance with
overseas accounting standards and Chinese accounting standards
□Applicable √Not applicable
There is no difference between the net profits and net assets disclosed in the financial reports in accordance with overseas accounting
standards and those disclosed in accordance with Chinese accounting standards in the reporting period.VI Non-Recurring Profit or Loss
√Applicable □Not applicable
Unit: RMB
Item Amount Note
It mainly represents gains from
disposal of subsidiaries to SF
Investment income from disposal of subsidiaries 942964204.15 REIT for details please refer to
Note 5(2) of Chapter 10 Financial
Statements.Gains or losses on disposals of non-current assets (including
-6632153.94
offsetting amount for the provision of impairment of assets)8
It mainly represents fiscal
Government grants recognized in profit or loss for the current
approportion transportation
period (excluding government grants that are closely related to
383344061.72 capacity subsidies tax refunds
the Company’s business operations with fixed quotas or amounts
and employment stabilization
in accordance with national uniform standards)
subsidies etc.Gains generated where investment costs of acquisition of
subsidiaries associates and joint ventures by the Company are
2375341.81
less than the Company’s share of the fair value of the investee's
identifiable net assets
Gains or losses from changes in fair value of financial assets held
for trading derivative financial assets financial liabilities held for
trading and derivative financial liabilities and investment gains or
losses arising from the disposal of financial assets held for
21622194.25
trading derivative financial assets financial liabilities held for
trading derivative financial liabilities and other debt investments
excluding hedging activities related to the normal business
operations of the Company
Reversal of provision for impairment of receivables and contract
18564776.44
assets that have been assessed for impairment individually
Net amount of other non-operating income and expenses -23918665.39
Less: Income tax effect 94158037.89
Profit or loss attributable to minority shareholders (after tax) 7151872.09
Total 1237009849.06 --
Provide explanations for classifying non-recurring profit or loss items defined in the Explanatory Announcement No. 1 for Public
Company Information Disclosures – Non-recurring profit or loss and for classifying non-recurring profit or loss items listed in the
Explanatory Announcement No. 1 for Public Company Information Disclosures – Non-recurring profit or loss as recurring profit or
loss items.□Applicable √Not applicable
The Company has not classified non-recurring profit or loss items defined or listed in the Explanatory Announcement No. 1 for
Public Company Information Disclosures – Non-recurring profit or loss as recurring profit or loss items in the reporting period.9
Chapter 3 Management Discussion and Analysis
I. Primary business of the Company during the reporting period
Is the Company required to comply with disclosure requirement of a particular industry?
Yes
Express Delivery Service Industry
(I) Industry development
1. China logistics industry has large market size and broad market space the potential for consolidation is vast
Despite of COVID-19’s continious uncertainties on the global economy China has entered a “new normal” for pandemic
prevention control and economy recovered robustly. Driven by the steady growth of industrial logistics in China growing import and
export momentum and the continuously rapid development of new drivers related to people’s livelihood and consumption the
prosperity index of logistics industry in China was in a relatively high range. From 2010 to 2020 the total social logistics expenditure
in China increased from RMB7.1 trillion to RMB14.9 trillion with a compound annual growth rate of 7.7% In 2020 the total social
logistics expenditure accounted for 14.7% of GDP. Among them the express delivery service industry was a key segment of the
gigantic logistics market. According to the data from the State Post Bureau from 2010 to 2020 the business volume and income
from the express delivery service industry increased by 36.3 times and 15.3 times respectively with shipments delivered totalling
49.39 billion in the first half of 2021 representing a year-on-year increase of 45.8% the business income totalling RMB 484.21
billion representing a year-on-year increase of 26.6% and the average daily handling volume exceeding 300 million in June this year.China’s express delivery market has been the world’s largest for many years maintaining robust growth momentum.Despite of the broad logistics market in China the market of the logistics industry in China is still very fragmented compared
with that in developed countries. According to the data released by the China Federation of Logistics and Purchasing in November
2020 the total revenue from logistics business of the comprehensively top 50 logistics companies in 2019 was RMB1.1 trillion but
accounted only for 10.7% of China’s total revenue from logistics business of RMB10.3 trillion in 2019 with a low degree of
concentration and huge space for future integration. Along with the rapid growth of the express service industry in China in recent
years express service enterprises diverged in terms of business volume market share business model and profitability and etc.10
Leading express enterprises built up cost advantage with scale effect and further expanded their market share resulting in the gradual
withdrawl of certain small and medium sized express enterprises and making the market more concentrated. Data from the State Post
Bureau shows that the brand concentration index CR8 came in at 80.8 in the first half of 2021. Meanwhile leading express
enterprises kept optimizing their services explored diversified business and built new business lines such as freight cold chain and
supply chain leveraging on talent technology and capital in a bid to expand their network coverage both at home and abroad and
build end-to-end integrated logistics service capabilities. Besides they seek to enhance operation efficiency with technology and
developed the “scattered chaotic and poor” logistics industry in a scaled standardized and efficient manner. With the continuous
development of logistics industry upgrading information technology brought new technologies for logistics and new business forms
sprung up coupled with the upgrading supply chain leading an increasingly concentrated logistics industry and making the market
divided by several leading large-scale professional logistics companies.2. The trend of empowering different industries to build digital intelligent efficient and flexible supply chains through
technology advancement is providing new opportunities for logistics companies
In recent years big data cloud computing artificial intelligence and other technologies have been widely practiced in logistics
scenarios. Through the extensive application of RFID sensors GPS cloud computing and other information technologies in logistics
transportation warehousing packaging loading and unloading and distribution processing distribution information service and
other links the intelligentization automation and visualization of the logistics system have been realized which greatly improves the
logistics efficiency. The proportion of total social logistics costs to GDP is generally used to measure the level of social logistics
costs and modernization. The lower the proportion the higher the overall social logistics efficiency and the higher the modernization
level of the logistics industry. From 2010 to 2020 the proportion of total social logistics costs to GDP in China dropped from 17.8%
to 14.7% a decrease of 3.1 percentage points. The reason is that on the one hand the logistics industry has moved from low
concentration and decentralized competition to intensification and scale by giving full play to the effect of large-scale operation; on
the other hand the improvement of logistics technology and intelligent level has shortend the logistics operation time and labor
intensity improved the overall transport quality and efficiency and the logistics industry has achieved remarkable results in cost
reduction and efficiency enhancement. However this proportion is still at a relatively high level compared with 6%~8% in developed
countries in Europe and the United States and there is still much room for improvement in the overall operational efficiency of
China's logistics industry.On March 16 2021 13 departments including the National Development and Reform Commission jointly issued the "Opinionson Accelerating the Promotion of High-Quality Development of Manufacturing Services (《关于加快推动制造服务业高质量发展的意见》)" (Fa Gai Chan Ye [2021] No. 372) which proposed the need to accelerate the upgrading of professional and
comprehensive service capabilities for manufacturing industry and improve the overall quality and level of the manufacturing
industry chain; use 5G big data cloud computing artificial intelligence blockchain and other new-generation information
technologies to vigorously develop intelligent manufacturing； develop a modern logistics service system facilitate the integration
and sharing of information resources; promote the real-time collection and interconnection of information in upstream and
downstream links such as procurement production and circulation and improve the level of integrated operation of production
manufacturing and logistics; promote the application of perception technology in key nodes of the manufacturing supply chain;
promote the intelligentization of supply chain system in key industries and gradually realize the visualization of supply chain; with a
focus on the construction of “One Belt and One Road” encourage professional services such as supply chain management to go out11
in concert with manufacturing industry and enhance the ability to allocate resources in the global service market etc..It can be seen that at the critical stage of the gradual improvement of the new generation of information technology and
infrastructure the vigorous development of intelligent manufacturing and the promotion of industrial upgrading in China the
logistics industry in China is facing historic opportunities and key time windows to contribute to the promotion of manufacturing
value chain drive digital visualization of supply chain build modern logistics service standards and enhance the global influence
and competitiveness of China's manufacturing supply chain. In particular the epidemic has rapidly change the behavior of end
consumers to online consumption and the online penetration rate of commodities has continued to increase with new forms of online
retail such as traditional e-commerce platforms live streaming e-commerce short video e-commerce and community group buying
emerging in an endless stream and under the background of the significant increase of customer acquisition cost on online platforms
brands are also paying more attention to private domain traffic. Therefore the new business model with decentralized channel flow
fragmented orders and online and offline integration will put forward higher requirements for brand owners' ability to perceive and
respond to market changes be flexible and respond efficiently in the overall supply chain. How to achieve consumer insight accurate
marketing forecasting omnichannel operation demand-matching production fast inventory turnover and establish a DTC (Direct to
Customer) flexible supply chain system with efficient response has become the key to win the market for brands. The entire supply
chain from commodity supply to reaching consumers will be reshaped: the production- and channel-centric "push" model is
evolving towards a consumer-centric "pull" model and the planned high-volume traditional logistics delivery model will shift to a
more flexible and agile approach. In this process third-party logistics enterprises deeply cooperate with brand owners and penetrate
into every link of their supply chain services. With rich practical experience in logistics scenarios combined with big data and
algorithm technology AIoT and software and hardware system integration capabilities they help brand owners build digital visual
and intelligent supply chain systems. The transformation of supply chain from the traditional cost center to the consumer-centric
enterprise value creation will be a new opportunity for third-party logistics enterprises and customers to work together to achieve
win-win results upgrade their industries and services and gain a broader market share in the future.3. Under the guidance of government policies express delivery industry is looking to move on from price war to a more
orderly market and shifting from homogeneous competition to providing comprehensive logistics services
After many years of rapid development China has grown into the world’s largest express delivery market by business volume.According to the data from the State Post Bureau from 2010 to 2020 shipments delivered by Chinese express delivery companies
increased to 83.36 billion from 2.34 billion representing a CAGR of approximately 42.9% and the business volume of express
delivery is expected to reach 95.5 billion in 2021. During the 13th Five-Year Plan China’s parcel delivery volume has surpassed that
of the United States Japan and Europe combined and accounts for more than 50% of total global growth making it the powerhouse
and stabilizer for the international post industry.The Chinese express delivery industry is currently going through a transition from the growth stage toward the maturity phase
and the concentration of the market is increasing. E-commerce market remains the primary driving force of express industry growth
but there exists severe homogeneous competition among e-commerce delivery services – most e-commerce delivery businesses rely
heavily on price competition to grow market share. Meanwhile with the entry of new entrants supported by the capital markets
low-price strategy has become a main way to occupy the e-commerce delivery market share rapidly for new entrants. To this end the
original competitive landscape of e-commerce delivery industry was hit hard and the price war among the e-commerce delivery
industry was increasingly intensified. This has resulted in a consistent decline of the overall express delivery price per shipment in12
recent years – from RMB24.60 per shipment in 2010 to RMB10.55 per shipment in 2020.In this year regulatory authorities have promulgated a number of policies to rectify the chaos in express delivery industry. In
Yiwu Zhejiang where has huge express shipments and fierce price competition the regulatory authorities have issued caution letters
to some express delivery companies requiring them not to dump by reducing the price far below the cost and related outlets have
been requested to suspend their operation. On April 22 in the 70th executive meeting of the Government of Zhejiang Province
Zhejiang Express Delivery Industry Development Regulation (Draft) (《浙江省快递业促进条例（草案）》) was approved which
stipulates that express delivery operators shall not provide express delivery services at a price below the cost; e-commerce platform
operators shall not use technologies and other means to impede the normal services provided by express delivery operators. On June
23 seven departments including the Ministry of Transport and the State Post Bureau jointly published the Opinions on the Protection
of the Legal Rights and Interests of the Couriers (《关于做好快递员群体合法权益保障工作的意见》) which proposes specific
measures against unfair market competition differentiated regional delivery charges and other issues and requires to ensure
reasonable remuneration for couriers and fulfill the responsibilities of express delivery companies. The gradual improvement of
relevant laws and regulations will facilitate the orderly operation and reasonable competition of the participants in express delivery
market and the industry will head into a stage of high-quality development.Meanwhile with the increasing business scenarios diversity and supply chain complexity customers will have increasing needs
of the outsourcing service of overall supply chain management and will be no longer satisfied with single delivery service of express
delivery companies. In line with the diversification trend of customer needs leading companies in the domestic express delivery
industry also have started to actively expand diversified businesses to meet customers’ needs. In recent years leading companies of
express delivery industry have been committed to expanding new tracks to march into new fields and tried to integrate new business13
forms to offer services. With diversified first-mover advantage leading companies in the industry established competitive advantage
in comprehensive logistic service capability. It is expected that with the specialization and internationalization of the segregation of
duties in the industry one-stop comprehensive solution capabilities will be the core competitiveness of courier and logistics
companies in the future.4. Due to strong demand for cross-border logistics services Chinese corporates need to cooperate with Chinese
logistics players with international end-to-end supply chain services capabilities
Thanks to effective pandemic prevention and control measures China took the lead in resuming work and production under the
global pandemic highlighting its advantages in the complete manufacturing industry chain and boosting the import and export trade
volumes. According to statistics released by the General Administration of Customs in July this year total value of China
exports and imports of goods in the first half of 2021 reached RMB18.07 trillion representing a increase of 27.1% over the same
period last year of which exports reached RMB9.85 trillion representing a increase of 28.1%. Meanwhile the pandemic also
accelerated the trend towards an online shift of global trade and consumption and promoted the rapid growth of cross-border
e-commerce industry. According to data from the General Administration of Customs in the first half of 2021 China's imports and
exports from cross-border e-commerce companies developed with a good momentum recording total value of RMB886.7 billion
representing a year-on-year increase of 28.6%. The General Administration of Customs and other government departments have also
introduced a series of measures to deepen cross-border trade facilitation reform and optimize the business environment at ports. With
the benefits from the industry and policies China's import and export is expected to maintain good growth.With the booming cross-border trade and the continuous support of national policies such as“the Belt and Road” initiatives
Chinese brands also leveraged on the historic opportunity to expand overseas markets and promote brands internationalisation.However they also faced risks of complex and volatile international environment and high uncertainties which proposed great
challenges to the safe and stable operation of the industry chain and supply chain.This prompted brand owners to re-examine the
safety and reliability of their international supply chain layout and the global industry chain will be restructured. Therefore building
the foundations for an independent and controllable express logistics and supply chain will be the key to assisting the globalisation of
China`s industry chain and the enhanced competitiveness and voice of brand owners will drive domestic cross-border logistics
companies to expand their business with brands so as to accelerate the globalization of China's logistics supply chain and bring
enormous opportunities for the international supply chain business of China’s express logistics companies.In addition with the increasing penetration rate of global online consumption and the rapid growth of cross-border e-commerce
cross-border logistics is shifted towards fragmented demand increasing cargo volume and direct customer proportion and changing
industry services from partial process to door-to-door full process. However cross-border logistics still has common pain points at
the current stage such as slow timeframe uncertain delivery time various chain participants opaque routing low customs clearance
efficiency and price fluctuations. The instability of fulfillment services affects consumers' shopping experience and limits the
business expansion of cross-border e-commerce to some extent and increases the operational risks of enterprises. Therefore brand
owners are urgently seeking for the cross-border logistics service providers with stable and efficient end-to-end international supply
chain solutions. In particular with the shortage of logistics warehouse resources due to the pandemic international express logistics
service enterprises that have stable international cargo air resources as well as strong localized operation capabilities of custom
clearance overseas warehouses and landed distribution and can provide efficient and agile one-stop fulfillment services will be more
competitive. With the globalization of China’s manufacturing supply chain and the rapid development of cross-border e-commerce14
comprehensive cross-border logistics service providers with strong international logistics network and core scarce resources will
continue to gain market share and gradually develop into leading players.5. Green (environmental-friendly) express services have evolved from conceptual ideas to actual implementation and
are expected to develop further alongside the green supply chain to create additional "green value"
China at the United Nations (UN) General Assembly made it clear that "China will increase its nationally determined
contributions adopt more forceful policies and measures strive to peak its carbon dioxide emissions by 2030 and achieve carbon
neutrality by 2060". Since the target was proposed the intensity of carbon neutrality policies has increased significantly with
ministries and commissions following up with detailed policies. In January 2021 the State Post Bureau proposed to accelerate the
green transformation of express packaging and continuously improve the industry regulations standards and policy system in line
with the concept of green development. It was also proposed to vigorously implement the "2582" Project in 2021 among others
special treatment will be carried out for excessive packaging bags of heavy metals and certain substances. In March 2021 the
Measure on Express Mail Package Management promulgated by the Ministry of Transport was formally implemented. The Measure
specifies the unified management responsibility of delivery corporate headquarters regulates that delivery enterprise shall strictly
implement the package management system purchase and use packing materials approved by the national regulations prefer to
adopt a reusable and easily recyclable packaging optimize the express mail packaging reduce the use of packaging and encourage
delivery companies to recycle packaging. In July 2021 the "Fourteenth Five-year Plan for Circular Economy Development" was
rolled out. By 2025 e-commerce express will basically realize non-secondary packaging and the scale of recyclable express
packaging applications will reach 10 million.It is foreseeable that we are moving forward to a sustainable future. The supply chain industry will definitely adapt to this huge
change of green industry realize carbon emission management and accelerate the low-carbon transformation of warehousing
packaging transportation and delivery through scientific and technological means as well as advanced low-carbon technologies. We
will also further extend the green value to the supply chain reduce customer carbon emissions help customers to create green value
and jointly step into the industry with science and technology efficient clean and green.15
(II) Primary business products and its use operating models etc. of the Company16
SF Holding is the largest integrated logistics service provider in China the fourth largest express enterprise worldwide in terms
of market capitalization and is committed to becoming a data and technology-driven company providing independent third party
solutions. It empowers customers with leading technology and provides customers with smart and integrated supply chain solutions
covering various industries and application scenarios.With a focus on the logistics ecosystem the Company horizontally expands its diversified businesses while vertically deepens
its product stratification so as to meet the needs of different market segments and cover the complete supply chain of customers.The main businesses and services provided include: Express delivery business including high-quality door-to-door express delivery
products that meet the rapid delivery needs of individual and corporate customers and cost-effective economic express products that
serve the majority of merchants in the e-commerce market and provide professional integrated warehousing management and
warehousing allocation services; Freight business including door-to-door transportation and delivery services for large-size parcels
less-than-truck-load (“LTL”) and large-volume heavy cargo for the mid-to-high-end market as well as economical freight services
for the main market; Cold Chain and Pharmaceuticals business including professional cold chain integrated services based on
storage sorting packaging trunk transportation urban distribution and door-to-door delivery with multi-temperature controlled
storage for businesses in the fresh and frozen food industry as well as the plarmaceutical logistics and transportation services that
serve various market entities such as manufacturers distribution companies disease control centers hospitals pharmacies and
pharmaceutical e-commerce companies; Intra-city instant delivery business including instant logistics and deliery services for
brand customers and small and medium-sized businesses to provide catering takeaway near-field e-commerce local retail and other
scenarios as well as providing local life services of help taking help sending help buying and help handling affairs for individual
users; International business including high-efficiency standard express to meet the needs of cross-border express delivery
cost-effective economic express to meet the needs of cross-border e-commerce and integrated international supply chain services
covering LTL and overseas warehouses that serve customers' international operations; Supply chain business driven by technology
and based on SF’s well-established logistics network and product matrix it integrates the advanced supply chain management
experience of SF DSC (formerly known as “SF DHL”) and New Havi to provide customers with intelligent software and hardware
system integration services that help them realize digital supply chain transformation as well as a complete set of supply chain
solutions for supply chain planning layout optimization operation execution and implementation.After years of development by virtue of the Company’s high penetrating delivery network covering China and major countries
and regions in the world the Company has quickly extended to freight cold chain intra-city delivery supply chain and other fields
through internal incubation and merger and acquisition so as to build a complete integrated comprehensive logistics service system.We can not only provide end-to-end quality logistics services but also provide integrated supply chain solutions throughout the
procurement production distribution sales and aftersales for customers. Based on the diverse needs of different industries
customers and scenarios SF Holding adheres to the “customer-centric demand-driven and experience-based” product design
philosophy that focuses on each industry’s unique characteristics and starts from the application scenarios of customers to drill into
their requirements for different use cases within the end-to-end whole process and other individual requirements of customers. Thus
SF Holding is able to design suitable products services and solutions for customers while creating differentiated competitive
advantage and such product design in turn drives internal resource allocation optimizes the product mix and enables the
development of the solution capability.In addition SF Holding always attaches importance to research and development (R&D) of technology and adheres to the
forward-looking layout. The Company has technology and practical application ability that stay ahead of peers in the cutting-edge
fields such as artificial intelligence (AI) big data robotics Internet of Things (IoT) logistics map and blockchain. Relying on the17
diversified business development of the Company its services have gradually penetrated into the end-to-end value chain parts of the
whole process of manufacturing and commercial retail in all walks of life therefore accumulating extensive logistics scenarios and
massive data. In combination with the R&D and application of continuously innovative logistics technology we realise the
digitalized and efficient operation of the whole process within the Company which assists to the growth of diversified businesses and
provide customers with high quality and accurate delivery services. Moreover with the continuous accumulation of extensive
scientific and technological capabilities and experience we conduct continuous iteration and upgrading to work out leading
technology products and smart logistics solutions. With science and technology as the entry point we work with industry customers
to implement digital transformation of supply chain in addressing problems such as information silo inventory fragmentation
response lag prediction error low efficiency and so on under the traditional supply chain mode and truly realise real-time
information collection interconnection and online visibility of the whole supply chain. We carry out front-end procurement
production inventory and sales under the accurate prediction of direct to customer (DTC) establish flexible supply chain systems
capable of real-time response flexible and efficient which not only to helps our clients achieve cost reduction and benefit increase
but also promotes the transformation of customer supply chain from cost-based to value-based and becomes the key to core
competitiveness. At present the Company has exported scientific and technological services and overall supply chain solutions in
FMCG shoes and apparel cosmetics 3C home furnishing auto parts and other industries which truly contributes to industrial
upgrading and high-quality development.SF Holding is also a smart logistics operator with network scale advantages boasting an operating model with strong
management and control over the whole network by leveraging on its powerful information system and efficient integration of
multiple networks and business segments. All business segments and branches of SF Holding come under the unified control and
management of its headquarters. The headquarters organizes pick-up delivery distributed processing and transit transportation in a
unified way within its business scope and independently allocates network resources based on its actual needs for business
development. Also the Company uses a wide range of information technologies to guarantee the implementation of unified standards
in the entire network and establishes several industry-leading business information systems to guarantee the overall operational
quality of the network. SF Holding has a gigantic logistics network at home and abroad including an “aviation network” consisting
of all-cargo aircraft commercial flight and drones; a “ground network” consisting of operating service points transit and distribution
service points land transportation networks customer hotline networks and last mile networks; and an “information network”
consisting of various types of big data block-chain cloud computing machine learning and planning optimization smart logistics
map Internet of Things (IoT) and so on. The three networks are integrated into one “aviation + ground + information” network. This
SF network is a comprehensive logistics network system with the most powerful network control the highest stability and the most
unique resources in the industry domestically.18
(III) Overall performance of the Company during the first half of 2021
1. Overall financial performance
Over its 28 years of development SF Holding has upheld long-termism and has built a solid network foundation and excellent
service capabilities by adhering to a forward-looking and leading-edge strategic layout around its corporate vision and mission.Especially when emergencies such as the pandemic occured it has demonstrated strong network operation and risk resistance
providing a strong guarantee for the normal production and operation of the society and residents' lives. Under the recurring global
pandemic and China's entry into the "new normal" of fighting against pandemic key changes are taking place in the domestic and
international environment macroeconomic landscape industrial development and industry trends. Our future national industries willbe developed towards promoting the new development pattern of“dual circulation" strengthening the competitive advantage ofnational industry chain accelerating the high-quality development of manufacturing and service industry building a digital supply
chain and improving the overall quality and level of industry chain. The express logistics industry as the core carrier that connects
the upstream and downstream of the industry chain and merchants and consumers is undergoing a historic and critical period for
industrial upgrading.With a deep understanding of the industry development trend and maintaining its strategic direction the Company has been well
poised for historical opportunities. 2021 is a key year for the Company to build on past successes to further advance our cause. The
Company insists on expanding diversified business markets of express delivery freight cold chain intra-city international and
supply chain to build comprehensive service strength and long-term core competitiveness solidify the new growth curve and
maintain long-term and sustainable development. In the first half of 2021 the Company recorded 5.13 billion shipments for its
express & logistics service achieving year-on-year growth of 40.4% and a two-year average growth of 59.5% higher than the
industry's two-year average growth rate of 33.4% despite the high base of shipments that benefited from the outbreak of demand for
anti-pandemic emergency delivery in the same period last year. Meanwhile relying on its integrated logistics service capabilities
covering various industries and application scenarios the Company penetrated into all aspects of the customer's supply chain and
served the digital transformation of the industry chain and supply chain by providing data technology service solutions for various
industries with its rich practical experience in logistics scenarios and based on leading technology and hardware and software system
integration capabilities.19
The Company’s key financial indicators are shown in the table below:
Current The same
Increase/decrease over the same
Item Indicator reporting period for
period for previous year
period previous year
Shipments of express logistic business
5.131 3.655 40.37%
note 1 (RMB billion)
Shipment
Average revenue per shipment of
15.94 18.39 -13.32%
express logistic business note 1 (RMB)
Current The same
Increase/decrease over the same
Item Indicator reporting period for
period for previous year
period previous year
Revenue (RMB billion) 88.344 71.129 24.20%
Net profit attributable to shareholders
0.760 3.762 -79.80%
of the parent company (RMB billion)
Net profit attributable to shareholders
Income of the parent company after deducting
-0.477 3.445 -113.85%
statement non-recurring profit or loss (RMB
billion)
A decrease of 7.17 percentage
Weighted average return on net assets 1.34% 8.51%
points
Earnings per share (RMB/share) 0.17 0.85 -80.00%
End of current
End of Increase/decrease over previous
Item Indicator reporting
previous year year end
period
Total assets (RMB billion) 133.393 111.160 20.00%
Total equity attributable to shareholders
Balance 56.681 56.443 0.42%
of the parent company (RMB billion)
sheet
An increase of 8.10 percentage
Debt to asset ratio 57.04% 48.94%
points
Note 1: “Express logistics business” includes the Company’s time-definite express economy express freight cold chain and pharmaceuticals intra-city instant delivery and
international express business but does not include supply chain and other segments.Revenue: In the first half of 2021 the Company generated total revenue of RMB88.344 billion representing a year-on-year
growth of 24.20% and a two-year average growth of 32.82% higher than the two-year growth rate of 19.40% in the industry. The
Company has optimized and upgraded its time-definite products note 2 since this April and the revenue from time-definite express
business increased by 6.50% year-on-year based on the product data for the reporting period and the same period for previous year
adjusted retroactively according to new classifications. The slowdown in growth was mainly due to the high demand for delivery of
emergency epidemic prevention supplies during the pandemic last year resulting in a larger increment of the time-definite business
and a higher base year-on-year. The economy express business under new standards mainly serves the main e-commerce market
providing products focusing on cost efficiency and high-quality e-commerce delivery service and the business grew rapidly with
revenue increasing by 69.16% year-on-year. In addition to the express business under the Company's strategy of actively expanding
new business markets other new business segments have continued to maintain rapid growth with aggregate revenue increasing by
43.77% year-on-year contributing more than 48% of the revenue growth and increasing the proportion of total revenue from 26.69%
in the same period for previous year to 30.89% in the reporting period.Note 2: The adjustments and changes of main products involved in product optimization and upgrading are explained in detail in 4. “We will continue to optimize productstratification and improve product matrix to meet the diversified needs of customers and gain new growth drivers” under “(III) The Company's overall business situation in the first halfof 2021”.Profit: In the first half of 2021 the Company generated a net profit attributable to shareholders of the parent company (“netprofit”) of RMB0.760 billion representing a year-on-year decline of 79.80% of which RMB-0.989 billion was from the first quarter
and RMB1.749 billion was from the second quarter. The Company also generated a net profit attributable to shareholders of the
parent company after deducting non-recurring profit or loss (“net profit after deduction of non-recurring profit or loss”) of20
RMB-0.477 billion representing a year-on-year decline of 113.85% of which RMB-1.134 billion was from the first quarter and
RMB0.657 billion was from the second quarter. The non-recurring profit or loss Note 3 in the first half of 2021 mainly represented the
gain on disposal of the Company’s interest in three property assets located in Foshan Wuhu and Hong Kong to SF REIT and
government grants etc.Note 3: For details please refer to “VI Non-Recurring Profit or Loss”under Chapter 2 “Company Profile and Key Financial Indicators”.Due to the strong demand for delivery of emergency epidemic prevention supplies during the pandemic last year and the
increasing demand for delivery resulting from the rapid increase of online consumption penetration in the post-pandemic era the
Company has continuously improved its product matrix and vigorously explored new markets leading to a rapid expansion of
business scale and a significant growth in business volume of 68.46% in 2020. In the first half of this yearthe Company still
maintained a good growth momentum and achieved a growth in business volume of 40.37% on the basis of the high base of the same
period for previous year further expanding the network business volume. However the pandemic in last year also disrupted the
Company's normal schedule of network expansion coupled with the delay of investment in capital expenditure and the surge in
business volume resulting in significant capacity bottlenecks in many parts of the express delivery network during the peak season in
the fourth quarter of last year affecting network operation efficiency.In order to enhance the network processing capacity and guarantee the timeliness and service stability as well as based on the
Company's development direction of grasping the historical opportunities in the industry continuously enhancing the comprehensive
logistics service capacity and creating digital supply chain solutions the Company has accelerated the network development of
diversified business segments and invested additional resources in transit sites and automation equipment transportation capacity in
trunk and branch routes etc. since the fourth quarter of last year and up to this year so as to consolidate its operation infrastructure
improve its processing capacity and efficiency resolve the capacity bottleneck caused by slow investment in the early stage and
support the rapid development of its businesses in the long run. The concentration of costs and expenses resulted from such resource
investment has led to the pressure on the Company's profit in the first half of this year. At the same time in response to the policy not
to return to hometown during Spring Festival holiday in the first quarter of this year the Company has given adequate care and
incentive to the staff left on duty and thus the number of staff on duty during the Spring Festival such as collectors warehousemen
and transit operators and salary costs increased significantly which also brought temporary one-off impact on the Company's
profitability. In addition the economy express products of the Company which mainly serve in the main e-commerce market has
recorded faster growth; however such growth has an impact on the overall gross margin level to a certain extent because of the low
pricing of products of this segment.Net profit after deducting non-recurring profit or loss in the second quarter of 2021 increased by approximately RMB1.791
billion as compared with the first quarter and the performance achieved quarter on quarter improvement which was because during
the reporting period the Company has also continued to review the resource allocation of each business line strengthened the
resource integration and optimization of the sites and routes of the express network freight network warehousing network and
franchise network and continued to carry out the upgrading and transformation of automation equipment in transit fields which
gradually alleviated the capacity bottleneck and caused the resource utilization rate operation efficiency and other indicators in the
second quarter to steadily increase as compared with the first quarter. At the same time the Company continued to strengthen refined
cost control to facilitate dilution of fixed asset costs along with the growth of business volume realizing the scale effect. At the same
time benefiting from the Company’s continued investment in digital intelligent and visualization technology to help streamline the
organization and raise management efficiency the costs continued to decline.According to the segment report note 4 the Company generated a total profit of RMB1.093 billion in the first half of 2021 of21
which the express segment accounted for a total profit of RMB1.514 billion representing a decrease as compared with that of
corresponding period of last year. As disclosed above such decrease was attributable to the cost increased rapidly due to the overall
network resources were concentrated on increasing investment this year as well as the gross margin under pressure due to the rapid
increase in proportion of the economical courier product business with relatively low price. The total loss of the Freight segment was
RMB0.508 billion which was mainly attributable to the Company’s promotion of the four networks integration acceleration of
express network construction and enhancement of the transportation capacity of main and branch lines and improvement of the
efficiency of land transportation. Other segments recorded a total profit of RMB0.076 billion which was due to on one hand the
new businesses in the growth period did not make profit contribution as a result of the continued expansion in new business markets
by the Company and on other hand the transfer of interests in three property assets that located in Foshan Wuhu and Hong Kong to
SF Real Estate Investment Trust by the Company for a lump-sum disposal gains note 3.The above investment will exert pressure on the profitability of the Company in the short term but in the long term it will assist
the Company in further consolidating the service capability of diversified business that centered on the logistics supply chain ecology
and accumulating massive data and practical experience in more industries and scenarios. Combined with our technology that assists
customers in digital supply chain transformation the Company will truly become an independent third-party industry solutions data
technology service company.Unit: RMB billion
Inter-segment
Item Express segment Freight segment Others Total
elimination
Revenue from external
66.505 13.399 8.440 - 88.344
customers
Inter-segment revenue 5.275 1.156 5.243 -11.675 -
Total profit/(loss) 1.514 -0.508 0.076 0.011 1.093
Income tax expenses 0.536 0.073 0.066 0.003 0.677
Net profit/(loss) 0.978 -0.580 0.011 0.008 0.416
Gross profit margin 12.05% 1.25% 7.74% / 10.10%
Net profit margin 1.36% -3.99% 0.08% / 0.47%
Note 4: Please see Note 7(a) to “Financial Statements in Chapter 10” for details of segmental reporting. The express segment mainly includes single piece express delivery that
under 20KG such as the time-definite express economy product cold chain and pharmaceuticals products and international express etc. The freight segment mainly includes freight
business and single piece express delivery that above 20KG. Other segments mainly include intra-city supply chain other incubating new businesses and undistributed parts.Financial status: As of the end of the reporting period the Company had total assets of RMB133.393billion representing an
increase of 20.00% compared to the end of 2020. Net assets attributable to shareholders of the Company totalled RMB56.681 billion
representing an increase of 0.42% compared to the end of 2020. As of the end of the reporting period the gearing ratios of the
Company increased from 48.94% as at 31 December 2020 to 57.04% as at 30 June 2021. Such increase was mainly attributable to the
increase in both right-of-use assets and lease liabilities as result of the adoption of new accounting standard for lease by the Company
for the year as well as additional external debt financing required by the Company to support the necessary capital expenditures due
to the year-on-year decrease in net operating cash flow as result of acceleration of the investment in the construction of the business
networks and increase in the cost of compensation subsidies for front-line employees by the Company in the first half of the year.The Company also announced the proposal of non-public A share offering in February of this year. The Company intended to issue
shares to not more than 35 specific investors and raised proceedings of not more than RMB20 billion to upgrade of the express
delivery equipment automation support the construction of the Ezhou airport logisitc centre project in Hubei the development of
digital intelligent supply chain system solutions land transportation capacity improvements aviation material procument and22
maintenance projects and supplement of working capital. The proposal was approved by the Issuance Review Committee of CSRC
in May 31 of this year. Upon obtaining the official approval the Company will make issuance at an appropriate time and raise not
more than RMB20 billion. At that time the debt ratio of the Company will be further reduced and the financial situation will remain
stable.2. We have adopted a proactive marketing strategy covering both deep-dive and new expansion continuously
improving customer experience and loyality
In 2021 the Company has continued to focus on industry characteristics focusing on contextualisation digitisation and further
refinement digging deeper into customer requirements and continuing to improve its ability to serve its customers as well as the
customer experience and increase customer loyalty. In addition the Company starts from the application scenarios of customers to
drill into their requirements for different use cases within the end-to-end whole process so as to optimizes the product mix refine
product and service standards and enable the development of the solution capability. Meanwhile it continues to optimize operation
model and enhance resource efficiency providing customers with cost-effective services and assisting customers in cost reduction
and efficiency improvement therefore ensuring the steady and healthy growth of our customers and our businesses.Credit account customers: In the first half of 2021 based on the guiding principle of deepening customer scenarios
broadening business fields and expanding business scope the Company adhered to a management model oriented by customer
stratification industry perspectives and scenario classification and realised reasonable and differentiated pricing of services based on
different characteristics and needs of customers. Also relying on the big data platform and smart domain system of SF Technology
the Company achieved the process-wide visualization traceability and verification of customer cooperation data improved the flat
customer demand solution channel and responded to and addressed customers’ demands in a timely manner. According to the
scenarios of customer logistics supply chain in different industries the Company deeply engaged in the upstream and downstream of23
customers’ industry chains and made logistics product portfolios cross-selling to comprehensively improve cooperation loyalty of
customers and therefore further improving our industrial solution capability.As of the end of the reporting period the number of active credit account customers had reached 1.55 million. In the first half of
2021 revenue from credit account customers recorded year-on-year growth of over 32% with an increase of 23% in customers with
monthly sales in excess of RMB10000. The proportion of customers with monthly sales at the RMB1 million level has also
gradually increased while the portion of customers in the e-commerce field has steadily increased and the customer structure has
continued to optimise.Retail customers: In the first half of 2021 the Company expanded the retail business for time-defined products and extended
online shopping product returns business. In addition by virtue of science and technology intelligence platform based on the
intelligent big data unit area the Company further explored the consumer demand scenarios and launched targeted special services
such as family express delivery charity express delivery and enterprise employee benefits. By constantly iterating new business
models the Company met the delivery needs of users in social charity shopping business travel entertainment medical and other
scenarios. In terms of offline channels the Company set up the operation and management system of third-party co-distribution
service providers and adopts scientific models of courier and channel delivery so as to strengthen channel operation and
management and improve service precision. At the same time with the help of continuous iteration of digital intelligent tools the
Company supported the accurate investment of resources on the front line of business. In terms of online channels through
continuous innovation and optimization the automated operation system based on the whole life cycle of users has been improved.As of the end of the reporting period individual member numbers had reached 439 million representing an increase of 15.5%
compared to the end of 2020. There were over 100 million online monthly active users and the active users on SF Express APP
presented a year-on-year growth of exceeding 100%.3. Improving the collaboration of the four networks optimising the network-based operating model and driving
integration of resources and capacity
In the first half of 2021 centering on the development direction of enhancing comprehensive logistics service capacity and
building digital supply chain solutions the Company further enhanced the investment in system intelligent construction and
automation equipment continued to deepen the resource integration among diverse business segments and optimised the
process-whole operation model. Through intensive cost management the Company continued to release resources and production
capacity promoted the synchronous improvement of operation effectiveness efficiency and quality thereby consolidating our core
competitiveness.Network integration：In the first half of the year the Company fully launched the four-network integration in more than 100cities across China which strengthened the integration and optimization of the site and route resources of our express network
freight network warehousing network and franchise network and promoted cost optimization and timeliness improvement
through duplicated network convergence. As of the end of the reporting period most of oversize express delivery in the express
delivery network has been integrated into the freight delivery network for processing and about 1200 trunk routes has been
optimized and integrated accounting for about 5% of the trunk routes. There is still room for further integration in the future. While
improving the operation efficiency of the automated transit for traditional small parcel express the timeliness of freight network
services mainly for large parcel has also been significantly improved by increasing the frequency of and straightening the trunk
routes and the life time of the whole process of large parcel has been shortened to 42 hours. The consolidation of foundation24
capability and the promotion of production capacity brought by the four-network integration will further lay an efficient operation
foundation for the business peak in the second half of the year. Intelligent construction of the system: We will continue to
strengthen the intelligent construction and application of the operation system such as smart transportation platform and aviation
resources management system through further intelligent and accurate resource allocation which not only effectively integrates
multiple resources but also highlights the scale effect to achieve the double improvement of quality and efficiency. Investment in
automation equipment: We will continue to carry out the upgrade and transformation of the automation equipment in transit fields
and at the same time combine the fast and slow separation and sub-sorting to further release part of the transit capacity. As of the end
of the reporting period a total of 33 sets of automated sorting machine for small parcel and 306 sets of sorting machine for single
delivery items were put into use in the first half of the year and the processing efficiency of transit operators increased 16.95%
year-on-year. In the second half of the year we will continue to promote the construction of transit sites in the same area of the park
and increase the investment in small and large automation equipment to further enhance the overall production capacity of the
network and meet the business peak. Model optimization: We will continue to optimize the operating model of the whole link
through the continued promotion of containerized transport regional direct distribution and shipping direct delivery at transit depots
and other models which have effectively reduced pressure on the allocation and warehouse management links. As of the end of the
reporting period the efficiency of warehouse management increased 28.65% year-on-year. Cost refined management: Depending
on the solid digital technology infrastructure the Company has continuously strengthened the refined investment and control of the
whole link cost of receiving transferring transporting and dispatching built a system model to monitor the rationality of resource
investment and promoted the improvement of resource utilization and operation efficiency.Beneficial from the above measures the network operation efficiency of each business segment of the Company has been
improved. With the continuous growth of business volume the efficiency of resource use has been gradually improved compared to
the corresponding period of last year. However the overall network optimization especially the integration construction of transit
fields needs to be carried out gradually and there is still much room for improvement in efficiency and benefit brought by
automation equipment investment and routes integration. In the future the Company will also strengthen the refined management
and control of the costs of each operation link improve the matching degree of resource investment and ensure the high growth of
business while achieving more reasonable returns of benefits.4. Continuously optimising product segmentation and product matrix capturing growth momentum by fulfilling
divsified needs of our customers
SF has always been adhering to the product design philosophy of “user-centric demand-driven and experience-based” and
continuously providing customers with high-quality service experience. Based on the change in market environment and diverse
needs of customers SF constantly improves the product and service system.25
(1) Express
Time-definite Express: As the pioneer of time-definite express in the express delivery industry the Company continued to
cultivate medium and high-end express market. In the first half of this year the Company completed the optimization and upgrade of
time-definite products system expanded the moat and consolidated the pioneering advantages of time-definite express while
enriching and improving product matrix in order to meet diverse needs of customers. The time-definite products after optimization
and upgrade mainly included SF Same Day Delivery SF Speedy Express and SF Standard Express. SF Same Day Delivery provides
customers with high efficient delivery service of same-day mailing and same-day delivery. As of the first half of the year this service
has covered 191 cities and will continue to expand its service scope. SF Speedy Express is committed to provide customers with
delivery service that is “fast punctual and stable” and has covered more than 90000 flow directions across China. Second day
delivery can be achieved in most main urban areas and the next morning delivery can be achieved in some cities. The new
generation of SF Standard Express provides customers with delivery service of "better prices stable timeliness and worry-free
consignment". It is still a product with leading timeliness and cost-effectiveness with service covering all over the country and
collaborating with multiple transport capacity to meet the diverse needs of delivery. Of these based on the consistency of service
timeliness standard pricing standard and operation standard the standard land transport products originally belonging to the
economic express segment are simultaneously upgraded int the new generation of SF Standard Express product.Therefore during the report period according to the new statistics caliber after product optimization and upgrade and the
synchronously retrospective data of the same period last year the Company’s time-definite express business of recorded a
tax-exclusive revenue of RMB46.161 billion in the first half of 2021 representing a year-on-year increase of 6.50%. The slowdown
in growth was mainly due to the strong demand for emergency delivery during the epidemic period last year resulting in a large26
increment of time-definite express business and a high year-on-year base. In the future time-definite express service will grasp the
increase in online shopping penetration rate and the opportunities of transformation and upgrading of the manufacturing industry
aiming at high-end e-commerce consumption and manufacturing sectors. With the establishment of future cargo airport hubs we will
continue to improve the time efficiency of inter-delivery between key cities improve the efficiency of aviation resources and
strengthen the coordination of the air-ground model so as to further enhance the delivery capacity and stability and stabilize the
high-end market share.Economy express: Regarding to the market strategy of the economic express sector SF gradually implemented the "two
brands" strategy. According to the different needs of customers we provide E-commerce Standard Express/SF Economy Express
products for the e-commerce market above the average level and Fengwang Express products for customers to choose which are
operated in franchise mode and serve the sinking e-commerce market. As a new e-commerce flagship product of SF Holding’s
self-operation the timeliness of E-commerce Standard Express got fully improved. Compared with SF Economy Express 83% of
the standard route timeliness of E-commerce Standard Express got faster by one day and it also provides door-to-door service
demonstrating the brand concept of "speed + warmth" of SF. SF Economy Express product remained positioning itself in route filling
with timeliness and price slightly lower than E-commerce Standard Express but still equipped with door-to-door service. At the same
time the Company was also gradually optimizing its customer structure directing high-quality customers to upgrade to E-commerce
Standard Express product and it will also manage and control the resouces allocation during the peak period to ensure that the
corresponding resource and cost input are more matched with the products positioning so as to increase the product profitability.Fengwang Express is an independent brand of our Company for franchise-based express developing in the e-commerce market in
lower-tier cities and focused on the construction of network capacity and independent service system in the first half of 2021 by
building a franchisee network at both the collecting and dispatching ends and fully leveraging on the advantages of integration with
SF Express in the transit and transportation links as well as expanding its own network based on the effective use of marginal
capacity.According to the new caliber statistics after product optimization and upgrading and synchronously retrospecting the data of the
same period last year the Company's economy express business achieved revenue after tax of RMB14.890 billion in the first half of
2021 an increase of 69.16% year-on-year representing the strong growth trend continued with a year-on-year growth rate above the
industry level and an increasing market share of e-commerce.
(2) Freight
The less-than-truck-load industry is a trillion-dollar market which is in the stage of scale and accelerated industry consolidation.Unlike the highly concentrated and seemingly highly standardised and scaled express delivery industry concentration in the
less-than-truck-load industry is still relatively low offering major potential for market development and integration. With the
upgrading of industry and consumption the demand for logistics supply chain is gradually flattening and flexibilizing and
small-batch high-frequency and fragmented orders has increased significantly. Meanwhile as channels becoming diversified small
and medium-sized enterprises are also gradually entering into domestic and international markets covering more remote customers
resulting a wider logistics network coverage and higher cost performance. To C consumer supply chain is accelerating the
transformation of consumption patterns with the normalization of the epidemic prevention which leading to a more fragmented
flexible and diversified logistics services demand while the demand in To B industry supply chain market is going toward high-end
and integrated due to the supply-side structural reform. In addition with the reconstruction of regional industrial structure27
development of community group purchase and the growing export trading due to the epidemic metropolitan freight and
cross-border logistics market also ushered in development opportunities.Based on the changes in market and customer demand SF Freight(顺丰快运) leveraging on the Group's brand and network
advantages continues to increase resource investment to improve the timeliness of large-scale parcel and service consistently. It also
expanded its services to To C large-scale parcel delivery To B small-batch allocation large-batch transfer and full-truck-load
transportation through SF Freight directly operated network SX Freight(顺心捷达) franchise network and flexible resource
cooperation mode and the standard express product service system achieved full coverage from small to large from high-end to
affordable. The directly operated network provides high-end products and personalized extension services on the ends while SX
Freight builds a strengthened middle business service network based on franchise model to provide customers with timely stable
quality and cost-effective product services. The resource cooperation model provides point-to-point direct delivery with lower cost
catering for the demand for supply chain services that emphasizing direct delivery than relying on network. At the same time we
continue to strengthen the terminal To C to home delivery and other extended services To B large parcel fulfillment and warehousing
services to build a relative shaped terminal differentiated/personalized service system providing customers with a more
comprehensive and high-quality service experience so as to further consolidate the barriers in terminal service. As of the end of June
2021 the orders of SF Freight one-stop home delivery service increased by over 400% year-on-year with the service timeliness rate
of 99.29% and the service products increased by 45% year-on-year. In addition SF Freight continued improving its service
capabilities in metropolitan freight and cross-border logistics and constructed a product service matrix covering the whole process of
large-scale parcel logistics in diversified scenarios.The unswerving technology-based operation model is the core foundation for the growth of SF Freight . By applying innovative
technology tools and system the all-round intelligent technology relating to collecting transferring transporting and dispatching
helps to reduce cost and increase efficiency and ultimiately build our core competitiveness. The investment in SF Freight transit
equipment has increased by over 300% as compared to last year including six-sided scanners pendulum wheel automatic sorting
module belt automatic sorting intelligent sorting carts Shentong monitoring (神瞳监控) etc. During the shopping festival of "618"
this year the peak volume and the processed volume increased by 36% and 325% year-on-year respectively while the operating
efficiency improved by 12% and the customer satisfaction reached 98.96%. As of June 2021 SF Freight’s self-operated and franchise
network comprised a total of 192 transit depots and collection and dispatch points and over 1600collection and delivery points with a
total surface area of more than 3.9 million square meters and daily loading capacity of 233000 tonnes. We operate 3292 trunk
routes over 11000 branch routes a network of 12355 franchise outlets and provide business coverage across 32 provinces and 365
major cities and areas nationwide.The effective integration between freight network and express network directly operated network and franchise network will
help reduce costs and increase efficiency and improve operational management efficiency. The integration of the operation planning
and in-process control and management of each network on the one hand effectively improves management and scheduling
efficiency and on the other hand realizes the centralized operation of large-size business in the SF Freight system. While the cost
structure is optimized the delivery time of large-size items is obviously accelerated and the customer service experience is further
improved. At the same time the collaboration between SF Freight and SX Freight in terms of management venue routes and
technology is becoming more mature. Through the unified management of theintermediate platform the integration of vehicle lines
and venues the operation efficiency and timeliness are rapidly improved and the cost is continuously optimized. The mutual
empowerment and coordinated development of direct operation and franchise are realized which will bring greater impetus to the
development of SF Freight' business. In 2020 the cumulative cargo volume of directly operated network and franchise freight28
network has exceeded ten million tonnes.In 2019 and 2020 a revenue from SF Freight’s less-than-truck-load has been ranked first in China's LTL industry for two
consecutive years. While achieving scale growth SF Freight has also won a good customer reputation with its leading timeliness and
high-quality service along with the continuous improvement of awareness and influence. In the first half of 2021 the freight
products of the Company generated an external overall revenue of RMB11.513 billion and year-on-year growth of 50.01%. Overall
LTL cargo volume recorded year-on-year growth of 81.3% cargo volume of directly operated network recorded year-on-year growth
of 88.7% and cargo volume of franchise network recorded year-on-year growth of 62.5%. Our revenue scale and business growth
rate remained at the top of the full-network LTL market players.
(3) Cold Chain and Pharmaceuticals
Food cold chain: According to experts from the Cold Chain Logistics Professional Committee of China Federation of Logistics
and Purchasing China's cold chain logistics market will grow by 15% the scale of the market will exceed RMB440.6 billion and the
total cold chain demand will increase to 305 million tonnes in 2021. With the rapid growth of fresh food retail and the recovery of the
catering industry the scale of the cold chain logistics market has expanded rapidly. At the same time under the “new normal” of
epidemic prevention and control the government continues to strengthen the supervision of the food cold chain industry. As various
national macro policies being launched successively the cold chain industry has entered a new historical stage and the small
scattered and disorderd pattern of cold chain logistics has been improved. In 2020 the top 100 cold chain enterprises accounted for
18% of the total revenue in the industry and the industry concentration has further improved. However due to the high threshold of
cold chain infrastructure construction the penetration rate of cold chain logistics is still low and the circulation of agricultural
product related to cold chain transportation is much lower than 80%-90% of developed countries such as Europe America and
Japan.Meanwhile as consumer perceptions and purchasing behaviors evolve fresh food channels are demonstrating certain changes.New e-commerce new catering and new retail are rising resulting in the further deepening of channel sinking with the gradual
shrinking of traditional channels. Therefore the change of new mode is accelerated under the boost of information technology. As the
food consumption upgrade has fueled structural changes in the food supply chain thus the market’s demand for cold chain
networking is booming. SF Cold Chain focuses on a network-based comprehensive cold chain service provider covering the whole
country which enables it toseize the historical opportunity in the new development period of the cold chain industry.SF Cold Chain products are designed with cold storage as the center relying on the express network to create three cold chain
capabilities (warehousing network trunk network and terminal city delivery network) and build a cold chain ecological platform
with a view to provide industry customers with a full supply chain scene service and cooperation. As of the end of the reporting
period SF Cold Chain has 35 food cold-storage facilities (excluding the cold-storage facilities of New Havi) with a total area of
201000 square meters covering 5 temperature zones for customers to make personalized choices; 159 food trunk routes over 23000
deployable refrigerated trucks and over 200 sets of customized packaging solutions serving 193 cities opening 3619 flow
directions covering 1052 districts and counties and has drawed a SF Cold Chain network map covering the whole country. The
Company continues to innovate and reform in the cold chain "warehouse + delivery" and has been committed to providing
customers with comprehensive cold chain logistics solutions which has won the Company’s recognition from many leading
customers in the industry. Up to now SF Holding has cooperated with major customers in the ice cream industry yogurt industry
poultry industry and frozen pastry industry in the whole supply chain scenario and has built supply chain solutions for sub-industries29
with the ability of smart cold chain supply chain service.In addition in the field of fresh agricultural products delivery SF Holding continues to boost the upward trend of agricultural
product. SF Holding actively responds to the rural revitalization call of governments at all levels continues to increase the
investment of 30 million special funds and expands the scope of rural revitalization to all 832 state-level poverty-stricken counties
and more than 240 provincial-level poverty-stricken counties that had been lifted out of poverty; SF Holding also cooperates with the
government and associations of the production area to boost the upward trend of agricultural product. Meanwhile SF Holding
cooperates with the government to build regional brands to help the development of brands of important agricultural products such
as litchi cherry and waxberry. As a service provider to help the development of agricultural specialty products SF Holding continues
to improve its logistics network timeliness packaging and preservation technology and other professional capabilities on the basis of
focusing on the entire industry chain. SF Holding is committed to providing users with more efficient and satisfactory services by
increasing the investment of special aircraft/bulk aviation/land transportation resources introducing new equipment such as mobile
sorting vehicles and deepening the transformation of modesuch as compartmentalised warehousing + on-site distribution so as to
continuously improve the timeliness and quality and reduce customers' comprehensive logistics costs.As one of the top 100 enterprises in China's cold chain industry SF Cold Chain has responded to the call of the government and
has repeatedly become the industry standard setter. Since August 2020 SF Holding has participated in the preparation of certain
standards such as "Specification for Cold-chain Logistics Service"（《冷链快递服务规范》） led by State Post Bureau "General
Requirements for Air-ground Multimodal Transport for Cold Chain Cargo "（《冷链货物空陆联运通用要求》） led by ChinaAcademy of Transportation Sciences "Operation Specification of Cold-chain Logistics for Live Seafood"（《活体海产品冷链物流作业规范》） "Packaging Transport and Storage for Chilled and Frozen Foods in Logistics"（《冷藏、冷冻食品的物流包装、运输、仓储》） “Code for Temperature Monitoring of Food Cold Storage”（《食品冷库温度监测规程》）and “Operation Specification forTerminal Distribution Cold Chain of Food”（《食品冷链末端配送作业规范》）led by CCLC and continues to lead the development
of domestic cold chain logistics industry. In June 2021 the Cold Chain Logistics Professional Committee of China Federation of
Logistics and Purchasing released the "2020 China Top 100 Cold Chain Logistics List" and SF Cold Chain ranked first for three
consecutive years.Pharmaceutical logistics： In the first half of 2021 with the deepening of China’s pharmaceutical reform internet cliniconline settlement for medical insurance and other pilot work has been promoted. Due to the prevention and control of normalization
of COVID-19 and changes of consumers’ habits more and more pharmaceuticals sales channel has been shifted from offline to retail
and online and the transportation of pharmaceuticals has gradually showing the characteristics of small-batch high-frequency and
home delivery therefore putting forward higher requirements to the supply chain service capacity quality and safety emergency
response capacity and the expansion of service coverage of socialized pharmaceutical logistics enterprises.SF pharmaceutical continued to strengthen its development of pharmaceutical warehouse network and service network. As of
the end of the reporting period SF Pharmaceutical’s network covered 240 prefecture-level cities and 2068 districts and counties and
operated 12 pharmaceutical warehouses (11 GSP-certified pharmaceutical facilities and 1 bespoke warehouses) with a total area of
approximately 170000 square meters. Besides SF Pharmaceutical was equipped with 292 self-owned refrigerated trucks
(GSP-validated) with 50 pharmaceutical transportation trunk routing link hub cities nationwide providing customers with a
professional safe process-wide controllable end-to-end pharmaceutical logistics supply chain solutions and services. Relying on its
own logistics network technology foundation and leadership experience in intensive resource management SF Pharmaceutical has
take the leading position in the pharmaceutical third-party logistics industry.30
With the business philosophy of "Delivering Health to the Public" SF Pharmaceutical managed to cover various fields such as
pharmaceutical manufacturers vaccine makers medical equipment distributors disease control centres and hospitals at all levels
hospitals chain store pharmacies pharmaceutical e-commerce and other businesses. In 2021 SF Pharmaceutical passed the
assessment from Pharmaceutical Logistics under China Federation of Logistics and Purchasing (中国物流与采购联合会医药物流
分会) and became an official member of the Vaccine Transport Guarantee Working Group. Since the first service provided it has
safely delivery of an aggregate of 180 million doses of COVID-19 vaccines. In terms of the cold chain transportation for biological
samples IVD reagents insulin etc. and smart pharmaceutical logistics SF Pharmaceutical can provide industry-leading
pharmaceutical cold chain packaging integrated IoT Polar platform (ie. temperature and humidity GPS routing and other
visualization and surveillance) to realize precise control for different temperature zones in the range from -80°C to 25°C and carry
out instant O2O cold chain delivery constant temperature transportation of 24-168 hours for medium to long distance as well as
supporting temperature data output and on-site printing to cope with the increasingly diverse market demands of pharmaceutical
companies and medical institutions. Meanwhile SF Pharmaceutical cooperates with major Chinese Web hospitals and DTP
pharmacies to solve the “last mile” service through technology-based solutions realizing intra-city instant delivery capacity and
medicine cabinet delivery. Leverages SF’s early investment in technology SF Pharmaceutical has empowered its pharmaceutical
customers with industry-leading warehousing and distribution logistics information systems full visualisation and monitoring
platforms digital supply chain service capabilities and algorithmic capabilities (such as technological warehouse network planning)
in order to reach in-depth strategic cooperation with its customers and tap into information intelligence and digital development.In the first half of 2021 the Company’s revenue generated from the cold chain and pharmaceutical business (including cold
chain of food and pharmaceutical logistics) amounted to RMB3.720 billion representing a year-on-year increase of 14.79%.
(4) Intra-city instant delivery business
The local consumption market has realized rapid development with the prosperous development of macro-economy vigorous
lower-tier markets and continuously upgraded resident consumption demands. Driven by the renovation of internet technology new
consumption forms and business models have continuously emerged and multiple private traffic flows such as applet live broadcast
and short video and self-owned online channels of merchants have been increasingly active which has further stimulated the
diversified development of local consumption service scenarios and formation of instant consumption habits of residents and
spawned a vast range of demands for instant delivery services. Thanks to the open and inclusive distribution network and
professional solutions independent third-party real-time delivery service providers will further give play to its core infrastructure
function in new consumption with great prospects of future development.Featuring the development concept of “high quality high efficiency and full scenario” SF Intra-city has become the largest
independent third-party real-time distribution service platform in China with an open ecosystem. S.F. Intra-city has provided
large-scale customized and all-weather infrastructure support for merchants of new business forms and operators of private traffic
flows by continuously optimizing the service matrix and proactively expanding channel partners such as social media e-commerce
platforms SaaS service providers and logistics service providers. It has realized its nationwide network coverage in more than 1000
counties and cities and cooperated with over 2000 merchants’ brands serving in excess of 500 thousand merchants and 100 million
individual users and realizing full coverage in business circles and 24h all-weather service in more cities in order to create a
beautiful life of more people with instant service.Based on the deep understanding of the new consumption trend in local life S.F. Intra-city has initiated the multi-scenario31
business model in the industry improved and consolidated its service system covering catering fresh fruits and vegetables cakes and
flowers 3C digital apparel cosmetics personal errand life service corporate service and last mile delivery. The extensive coverage
of multiple scenarios has contributed to the rapid growth of order quantity and healthy and diversified order structure of S.F.Intra-city and stimulated the improvement in both business scale and efficiency through network effect and scale effect.S.F. Intra-city has been fine-tuning industrial solutions lean technology and digital operation capability following the
customer-oriented principle. On one hand it has focused on the real-time logistics demands and pain points of customers in different
sub-sectors and produced bespoke and diversified solutions through in-depth data analysis on industrial characteristics and
performance in order to help merchants set up good brand images among consumers and display the competitive advantages of
differentiated service. On the other hand centered on the intelligent real-time logistics system based on AI and big data technology it
has created the optimal intelligent dispatch pricing and routine planning conducted capacity estimation task planning cost planning
and performance monitoring and realized organic allocation of shopfront commercial area and city-wide capacity. We manage to
maintain the fluctuation of time-sensitive rate at 3.5% and 2.5% even in adverse weather and peak hours of holidays in order to
create first-class efficiency and high-quality service in the industry.Much concerned about the eco-health of riders S.F. Intra-city have established a comprehensive training system to improve and
expand their professional skills and promote the development of their individual capabilities. S.F. Intra-city offer 24h online service
to solve relevant problems at work and continuously optimize the experience of riders. We have also cooperated with SF Charity
Foundation to launch the “Million Riders Care Program” with an aim of providing educational support for riders’ children and offer
aids to riders’ families in terms of medical demands. S.F. Intra-city aim to create friendly and sustainable working environment for
riders and comprehensively enhance their satisfaction and loyalty through warm concern and continuous improvement in riders’
safety and welfare.In the first half of 2021 tax-exclusive revenue from the Company’s intra-city instant delivery products amounted to RMB2.241
billion representing a year-on-year increase of 77.12% much higher than the average growth rate of the industry.
(5) International business
SF International is committed to providing convenient and reliable logistics services such as international express delivery
international e-commerce international freight forwarding international warehousing goods consolidation and forwarding services
for domestic and foreign manufacturers trading companies cross-border e-commerce companies and consumers. In addition we can
provide integrated and customized import/export supply chain solutions including transportation customs clearance delivery
warehousing and system based on our customers’ needs.SF International’s courier business has continued to grow and it serves 78 nations and regions around the world. In the first half
of the current year eight new routes were opened including those from Thailand to Europe from Mainland China to South Africa
and from Brazil to Mainland China. SF International’s e-commerce business covers 225 countries and regions around the world. By
exploring multi-faceted and in-depth cooperation with cross-border e-commerce platforms e-commerce independent stations and
their underlying service providers relying on our self-operated international air transport resources our own customs clearance
guarantee capability overseas local service teams and logistics networks we are developing cross-border e-commerce logistics
ecosystem and helping domestic e-commerce companies to expand overseas while achieving stable growth of our own business.SF International has continued to increase its basic transportation capacity and obtained a stable growth of its freight forwarding
services. It has dedicated to expand the international airline network and opened nine new international all-cargo aircraft routes32
including those from Shenzhen to Los Angeles from Shenzhen to Manila and from Wuhan to Hanoi. In the first half of the year our
all-cargo aircraft carried a total volume of approximately 80000 tonnes on international routes. In respect of maritime transport we
have improved our acquisition capacity of shipping space through directly cooperating with well-known shipping companies in the
industry to achieve stable growth of our export business from China to Europe and America. In respect to rail transport we have
successfully launched a self-operated express line between Chengdu and Cologne through Xi’an Chongqing and Wuhan freight train
platforms to create SF International’s premium routes. Due to the impact of the COVID-19 pandemic in many hospitals in
neighboring India there was a shortage in medical supplies such as oxygen generators. In June 2021 SF International undertook the
transportation of 15000 sets of oxygen generators purchased from East China to India for an Indian company. All tasks of materials
transportation were completed efficiently in batches with self-operated stable air freight capacity and logistics solutions customized
for its customers.SF International has continued to make breakthroughs in international supply chain solutions. Based on our overseas supply
chain warehouses built in England India Thailand and so on we have further formed a multi-spot layout of warehouse network in
Philippines and America so as to strengthen our localized self-operation ability with the solutions of overseas warehousing and
distribution and help Chinese enterprises to expedite their overseas localized operation. As for the management of overseas
warehouses we take the lead in passing the ISO9001 ISO14001 and ISO28001 international certification for self-operated overseas
warehouses in India in line with the international management standard. In addition SF International has seized new opportunities
brought by the establishment of Hainan Free Trade Port offering major international lines intelligent warehouses and smart logistics
transportation services for cross-border e-commerce companies on the island and consumer good companies with free duty outside or
on the island and providing end-to-end customized and digital intelligent bonded logistics solutions for domestic and foreign
companies settling in Hainan.During the first half of 2021 the revenue from the Company’s international express business amounted to RMB3.281 billion
representing a year-on-year increase of 12.94%.
(6) Supply Chain Business
Relying on a complete product matrix and its integrated logistics service capabilities in terms of express delivery freight cold
chain warehousing intra-city instant delivery and international express delivery combined with extensive and advanced experience
in supply chain of SF DSC (formerly named as “SF DHL”) and New Havi after M&A integration SF Holding’s service covers all
parts of the supply chain from procurement production circulation sales and after-sales in various industries providing customers
end-to-end one-stop supply chain solutions with industry characteristics. Meanwhile with the addition of industry-leading practical
ability of logistics scenarios in advanced technology areas such as artificial intelligence (AI) robot Internet of Things (IoT) logistics
map and blockchain SF Holding is focusing on technology to jointly reform traditional supply chain pattern with customers and to
promote the digital automation and intelligent transformation of customers’ supply chains. It takes a customer-centered approach to
exactly predict their actual demands for guiding upfront procurement production storage and sales and then set up a supply chain
system with timely response efficiency and flexibility.In the first half of 2021 SF Holding continued to explore with its head customers to create industry technology services based
on the concept of digitisation standardisation and product focus. It provides big data products about decision-making with
efficiency and accuracy of operational scenario improved by big data and algorithm and smart supply chain products which
connect the upstream and downstream of industry chain and achieve a visible supply chain in all processes omni-channel inventory33
system of “e-commerce shared inventory” and efficient performance and delivery of orders as well as online omni-channel tools
for store operation and management for companies whereby it assists brands and retailers to achieve direct traffic and users
conversion with data perception analysis and operations and optimize marketing decision-making. Therefore it can further drive the
front-end production and turnover speed of the supply chain; quickly meet customers’ needs. Leveraging on digitalization and
intelligence we can optimize and upgrade industry customers’ cost-generating supply chain into a new profit-making supply chain
and make new business growth with customers. At present technology service solutions have been widely applied to
industry-leading customers involved in fast-moving retail clothing shoes and hats 3C home appliances auto parts liquor medicine
and finance sectors. We also offer whole-link D2C business chain solution covering from marketing and selling commodity
management forecasting and replenishment fulfillment to smart stores. Only in the first half of this year the contract amount related
to technology service has exceeded RMB100 million. In the future learning from the solutions of industry benchmark for customers
we will build and constantly update the system of products capabilities and services for “D2C SaaS + VAS” (standardized
application + value-added services) to help growing SMEs to gain new and sustainable business growth.SF Holding has also continued to empower SF DSC and New Havi with technology as well as synergies within the network and
resources driving the digital transformation and upgrading and new business growth of them.SF DSC has fully embraced these market changes. Based on the customer and industry knowledge accumulated over its 30 years
of service experience and utilizing its self-developed modularized technological products as well as its capability to analyze
customers’ supply chains and formulate solutions it can formulate man-and-machine soft solutions for B2B2C scenarios on a flexible
basis and thus becomes a partner to customers’ supply chain transformation. Further it also fosters benchmark customers in
high-tech fast-moving consumer good automotive household and other industries aiming to continuously precipitate and iterate
industry supply chain solution products and form a scale effect by expanding to other upstream and midstream customers in the
industry. At the same time with the continuous development of " dual cycle " economic momentum demand of domestic high-tech
industry customers to go abroad and expand the global market has risen sharply. SF DSC proactively use its global vision and
resource network to provide domestic customers with a " package " of solutions covering whole course in a view to connect
domestic and international supply chains via high quality services and support the sustained and stable development of its overseas
business. In the first half of 2021 SF DSC achieved high dual-digit growth in revenue. Such a revenue growth rate is significantly
ahead of the industry average indicating that business potential continues to emerge.New Havi is an integrated solution provider in the field of cold-chain logistics and supply chain mainly serving for customers in
the catering and food industries. In the first half of 2021 the COVID-19 pandemic was rampant across the globe which had an
imported impact on certain domestic areas. Catering and food industry still faced challenges. By constantly upholding a concept of
"Healthy Development" New Havi actively enhanced its "Internal Capabilities" and improved the integration and synergy within SF
Group in order to turn challenges into opportunities and achieve continued and stable progress in epidemic prevention and control
foundation construction and business development.In terms of epidemic prevention and control in response to the normalised trend New Havi continues to strengthen the
nationwide prevention and control mechanism and implement all prevention and control measures in depth to ensure the supply for
customers with an aim to ensure the safety of products personnel and operations at all nodes of the supply chain. In terms of
foundation construction New Havi takes business development as a fulcrum to continuously expand its logistics footprint in China.On the one hand it continues to expand in key cities across the country with new logistics centers in Beijing and Tianjin now in
operation; on the other hand the logistics network continues to extend to the west namely Xinjiang and Tibet regions. As of the34
reporting period New Havi has 45 efficient logistics centers in 29 cities across China. In addition New Havi’s technology capability
has been further enhanced. It has gradually built up a technology structure with product development as the core to provide internal
support to optimize operational efficiency and offer external services to customers via high value-added technology solutions. As of
the reporting period New Havi has attained 10 self-researched core system intellectual property rights. At the business aspect we
rely on its advantages in technology logistics network and its extensive experience in serving Chinese market. New Havi has made
dynamic adjustments to its business development strategies such as establishing strategic cooperations and extending its product
lines to the upstream and downstream of supply chain etc. thus New Havi 's service area and scope continue to expand. Thanks to its
flexible business strategies its overall business still keeps an upward trend and has achieved dual-digit growth. In June of the year
New Havi has received awards such as the China Federation of Logistics and Purchasing’s Cold Chain Logistics Expert Committee’s
ranking fourth in the “2019 China Cold Chain Logistics top 100 Companies” and 2021 China Catering Industry Summit’s "China
Catering Supply Chain top 10 Organizations".In the first half of 2021 the revenue from the Company’s supply chain business as a whole amounted to RMB5.294 billion
representing a year-onyear increase of 79.02% staying ahead of its peers in the industry.II. Competitiveness Analysis
(I) The complete product matrix and the diversified services capability empower SF to become a highly
efficient and reliable social infrastructure provider
The Company maintains a diversified layout. Based on the established efficient and time-definite express network and through
a two-wheel driving model of "Endogenous Development + Outward M&A" the Company continue to innovate and incubate new
business centring on the logistics ecosystem as well as invest in and acquire excellent logistics peers in a view to gradually become
the No. 1 comprehensive logistics service provider in China that covers express freight cold chain and pharmaceuticals intra-city
instant delivery international express and supply chain. At the same time the Company has developed different product sequences
for the corresponding market segments of each business segment in response to the diversified requirements of customers. The
Company has launched high-standard services that meet the high quality requirements of customers in the middle and high-end
market and cost-effective services that can meet the business needs of customers in the sinking market. Through such a complete
product matrix and the organic combination of different products we can deeply integrate into various business models and scenarios
of customers and provide comprehensive end-to-end one-stop and full-chain integrated logistics supply chain solutions.In addition to its traditional strength as the industry leader in the time-definite Express the Company had also achieved rapid
development in the new business areas with diversified strategic layout establishing industry-leading network coverage and depth
operational capability innovative technology service quality and brand image and ranking top in terms of market share in respective
segments. According to the revenue ranking in the 2021 China top 30 LTL Enterprises in released by Freightlink Intelligence SF
Express ranked in first and became the first enterprise in LTL industry with annual revenue exceeding RMB20 billion. SF ranked first
in the 2020 list of top 100 cold chain logistics enterprises in China released by China Federation of Logistics and Purchasing.According to iResearch SF Intra-city Express is the largest instant delivery service provider of independent third-party orders. In
addition New Havi and Sf DSC were established by acquiring and integrating excellent supply chain enterprises to rapidly
accumulate and absorb international leading supply chain service experience and build complementary advantages. New businesses
other than express business have accounted for 30.9% of the Company's overall revenue becoming a new growth driver for the35
Company. In a nearly RMB15 trillion market of China's logistics industry Sf has broad opportunities to grow.36
In addition the Company announced in February 2021 that it intended to acquire 931209117 shares of Kerry Logistics
Network Limited (“Kerry Logistics”) (approximately 51.8% of the issued share capital of the target company or 51.5% of the fully
diluted share capital) and cancel 51.8% of Kerry Logistics’ share options that had not been exercised as at the final vesting date held
by Kerry Logistics’s share option holders on behalf of the Kerry Logistics. The transaction if successfully closed will further
improve the company’s capability of integrating integrated logistics solutions and effectively supplement its resources and
capabilities in international freight forwarding customs clearance and other aspects. In combination with SF Holding’s international
cargo airline resources and the target company’s extensive international freight forwarding network this transaction will further
strengthen SF’s competitive advantage in international cross-border freight transport.With its integrate product mix and multi-industry service capability SF Holding 's businesses have penetrated various fields
such as industrial manufacturing commercial circulation agricultural products upward food cold chain pharmaceutical circulation
cross-border trade and local life which achieved an all-round business coverage. At the same time through the flexible combination
of network resources and service capabilities the Company can seize the new market opportunities adapt to new business forms and
even lead a new model of future supply chain development. In the manufacturing and distribution sectors with its high efficiency
freight capacity and LTL end-to-end transportation the Company facilitated production and distribution under the C2M and JIT
models made a fast response to the small-batch and high-frequency packaging requirements and turned around the high inventory
and low efficiency situation under the traditional mass production multi-layered channel flow and multi-warehouse distribution. In
addition to the domestic market SF Holding also actively conducting international route network layout and working with the fast
fashion industry to make a rapid response to minimize overseas distribution costs and operational risks; meanwhile leveraging on the
O2O model that integrated the online e-commerce and offline local life SF Holding can access customer's global inventory data so
as to match its product service at each timeliness level and provide user-friendly service that can fully meet the differentiated needs
of consumers and deliver goods from central warehouse/branch warehouse/front warehouse/store at minute level/day/next
day/customized date. For cold chain sector the Company continues to upgrade cold storage automation temperature-controlled
packaging technology and process-wide temperature control system to create a nationwide cold chain network grasp the
development opportunity of the delayering demand for food cold chain and medical circulation channels under the trend of online
purchasing of fresh food and e-medical in China and resolve consumers' livelihood and health needs without leaving home.SF Holding will keep innovating actively adapt to new business forms new models and new trends and promote supply chain
management and technological advancement in all industries. At the same time against the epidemics and other special extreme
environmental challenges the Company still able to guarantee the normal operation of social production and people's livelihood with
its strong network appeal and execution thus became an efficient and stable social service supporter.(II) Through development of digital and smart solution driven by technological invocation SF is leading
the logistics industry on the technology front
SF Holding is committed to becoming a data and technology-driven company providing independent third party solutions.Based on its massive data and industrial experience acquired from diverse businesses and industry-leading intelligent digital
technology innovation SF Holding empowers the transformation and upgrading of the industry’s supply chain. On the one hand SF
Holding focuses on transformation and upgrading of the digital and smart logistics network and supply chain foundation system and
creates SF’s “intelligent brain” by opening up the digital closed-loop of operation sales and experience and other links and sectors in
order to help improving customer experience while reducing operational costs. On the other hand relied on rich technology products
and data assets SF Holding combined with the characteristic scenarios of various industries to quickly empower external customers.37
In addition by upgrading data and AI platform and basic technology platform SF Holding further enhances its basic capabilities to
provide fast universal and flexible support for business innovation and iteration. At the same time SF Holding will continues to
consolidate its technological capability increase investment in pre-research technology and lay out of emerging technologies such as
blockchain privacy computing and unmanned X for long-term development by creating a virtuous innovation ecosystem focus on the
transformation of logistics and supply chain technology.SF Holding had 3427 patents and 1892 copyrights awarded or under application. The number of invention patent applicationsaccounted for 57% of the total patent applications. SF Holding was granted awards including the “Leading Technology AchievementAward 2021” “Science and Technology Award for the Postal Industry” and “China’s Top 10 Leading Innovative Enterprises in SmartLogistics”.1. Diversified business plentiful scenarios accumulation of rich massive data and technology platform's middle
platform capabilities
(1) Diverse and massive data assets
Relying on its diversified business scenarios SF deposits nearly 100 petabytes of massive data from multiple channels such as
receipt and dispatching transportation orders supply chain and customer experience through IoT equipment businesses tracking and
builds an elastic converged big data platform across multiple clouds and multiple centers for the storage and large-scale computing
needs of massive data so as to escort SF’s digitalized and intelligent transformation and services.
(2) Efficient and flexible data platform
Based on self-developed underlying distributed computing storage and scheduling structure SF creates an ecologically oriented
all-domain data sharing capability center providing a one-stop data intelligence platform for the full-stack of data models assets
governance and operating solving the challenges of data silo integration and security governance so as to provide powerful data
support for enterprises to carry out business model innovation drive organizational and process evolution.
(3) Advanced and secure technology platform
We build an advanced secure reliable and efficient cloud foundation to achieve comprehensive cloudization and servitization of
application systems and continuously reduce the cost of basic resources; through features such as elastic scaling of resources and
one-stop CI/CD R&D pipeline we can significantly mitigate the constraints of technology deployment on businesses and flexibly
support business strategies.2. Technology-driven digitalized and intelligent transformation to help refine internal operations and empowering
customers to transform their supply chain
(1) Logistics big data network digitalized and intelligent
Leveraging on big data IoT RPA airlines direct connection and other smart technologies and measures SF has deeply
digitalized all aspects and elements of logistics operations. Through accurate and real-time collection of resource information in
receipt and dispatching transit and transportation we obtain front-end dynamic and static business data and rely on comprehensive
optimization of intelligent algorithms to drive the flexible allocation of all kinds of resources and also conduct whole-cycle
refinement of process control to ensure the timely fulfillment of express shipments and reduce the cost of resource procurement and
use efficiency.38
39
Receipt and dispatching: Based on AOI map we combine prediction of piece volume and courier’s capability and other data to
conduct intelligent management of 410000 couriers complete the optimal matching of receipt and dispatching tasks with transport
resources improve labour intensity of couriers and promote improvement of receipt and dispatching services.Transit: We display the operation of transit fields in 2D/3D view on a real-time basis and conduct digital grid management of
staff in transit field to improve its operating efficiency; an innovative mode of customs supervision for domestic and international
express shipments is achieved for the first time and we adopt multiple real-time risk-controlled mechanisms for custom examination
and passing as well as efficient real-time dynamic sorting mode to achieve common production lines data sharing and full visibility
and to build Asia's No. 1 high-frequency and time-sensitive all-cargo intelligent logistics aerial port.Transportation: We refine and model control of the lifetime-cycle of air and land resources; upgrade trading model to support
diverse demand access and fulfillment capabilities.
(2) Supply chain foundation digitalized and intelligent
By building a self-built end-to-end supply chain foundation system with fully independent intellectual property right
(OMS/TMS/WMS/BMS) we connect all parts of supply chain business such as order warehousing transportation and settlement.Meanwhile we rely on SF’s warehousing logistics network and year’s of experience in the industry leveraging blockchain ROS
AIoT and other cutting-edge technologies to develop efficient resource matching and refined operation capabilities covering the
whole industry and realize digital management of the full-stack and the full scenario.Furthermore by integrating professional consulting big data algorithms and R&D capabilities we accumulate solutions for
demand forecasting circular pickup multi-level warehouse replenishment network optimization shop production selection
recommendation park management inhouse optimization terminal consumer analysis and other scenarios covering FMCG 3C
auto parts beverage medicine government and enterprises and other industrieswhich help customers reduce costs and increase
efficiency optimize marketing layout and promote the upgrading of industrial digital intelligence.3. Creating innovative technology products and providing data technology services for industry solutions
(1) Technology capability products
SF Trace: Based on self-developed trusted cross-chain components and privacy protection algorithms it capitalizes the in-depth
technology integration of blockchain and Internet of Things (IoT) combined with SF Holding's basic logistics service capabilities
to solve the problems of information data disconnection and bugsell in commodity channels in traditional traceability. SF Trace is
applied in various fields such as beverages agricultural and sideline foods cross-border commodities and auto parts.AI Argus: It integrates computer vision and edge computing technology to build an AIoT perception platform covering the
entire network. It analyzes the key production factors of each scene in real time with hundreds of thousands of sensing contacts
forming real-time business dynamic data covering all scenes thereby accumulating hundreds of millions of data assets and enriching
algorithm IP to ensure high algorithm accuracy. Starting from the logistics scenes of SF Holding it rapidly expands the application
industry relying on lightweight flexible rapid deployment and independent iterative learning mode provides customers with digital
intelligent management and operation solutions and facilitates the digital transformation and upgrading of the industry.
(2) Smart logistics products
SF United-store: It focuses on enterprises in the apparel footwear and fast-moving retail industries and provides them with
online and offline (O2O) order performance monitoring and after-sales processing full-scenario smart logistics management40
(including tripartite logistics) and other SaaS-based services in various order fulfillment scenarios to help customers complete
full-link digital and intelligent transformation refined business management and control and cost reduction and efficiency
enhancement. It has served more than 5000 customers covering more than 200000 stores in more than 20 sub-industries.
(3) Smart supply chain products
SF Cloud Chain: Relying on SF Holding's supply chain foundation matrix and AIoT intelligent algorithms and other
technologies it builds a service cluster with fully independent intellectual property right to provide lightweight SaaS-based product
services. Based on the product's strong expandability it can flexibly serve customers in different industries solve the pain points of
various scenarios adapt to enterprises of different sizes create a one-stop full-link solution for the supply chain and help enterprises
quickly realize the innovation of supply chain management mode.SF Network: Through the analysis of terminal demand and based on multi-factor considerations multi-scenario configuration
and multi-objective calculations it can analyze and solve supply chain network problems such as high transportation costs
cross-warehouse consignment poor delivery timeliness and low customer satisfaction and provide planning-level optimization
solutions for warehouse networks routes inventory and product selection with visual analysis results.SF Cycle: For the inbound logistics scenario of manufacturing enterprises with many suppliers and large scale of production it
gathers key parties such as OEMs suppliers and carriers through intelligent algorithms and system integration to provide loading
and distribution plan in the production of material with an aim to realize milk run solve the problems of information fragmentation
short production plan lock-up period and low resource utilization and help enterprises improve resource utilization and optimize
manual experience.4. Technology empowers safe and sustainable development creating a win-win situation together
(1) Smart security control
Information security: SF Holding has continued to carry out the operation and optimization of the ISO27001 information
security management system and ISO27701 privacy information management system established and improved the data compliance
system and carries out grade protection evaluation of information system security. It has strengthened the control of sensitive data in
all aspects including logistics ordering pickup transfer delivery and signature and continuously improved security protection
capabilities.Business security: Using big data mining and machine learning technology SF Holding has simulated risk behaviors in massive
air waybill data and established a multi-agent confrontation reinforcement learning system. In response to malicious claims
marketing cheating business profit-making and other scenarios SF Holding has strictly controlled the illegal behaviors such as black
production scalpers and wool party activities so as to avoid and restore the company's economic losses. It has accumulated general
risk control capabilities to achieve standardized output to credit e-commerce insurance and other industries.
(2) Sustainable packaging
Recycling packaging: SF Holding has created a brand-new recycling packaging and carrier operation management platform to
provide customers inside and outside the industry with an overall recycling packaging solution and upgraded the packaging carbon
emission evaluation algorithm and system. The recycling box has been recycled 21.8 million times.Green packaging: Relying on the green packaging technology laboratory SF Holding has carried out research and development
on reduction and degradation technology product solutions for plastic bags tapes and cushioning materials. In the first half of 202141
a total of about 18000 tons of raw materials was saved and carbon emission was reduced by about 35000 tons.(III) Our integrated technologies and solutions support corporate clients to digitalise their own supply
chain
Relying on its comprehensive logistics service capabilities and leading logistics technology capabilities SF Holding has
continued to penetrate into the supply chain of various industries and Industrial Internet. It provides full-chain digital solutions
building on its diversified foundation and logistics technology capabilities digging deep into the entire production and operation
chain of order planning purchasing implementation manufacturing and delivery operations. It also provides a full set of services
such as business consulting inventory optimization warehouse network planning warehousing management transportation and
distribution and reverse logistics. At present it has covered 8 major industry head customers including fast-moving retail apparel
and footwear beverages auto parts 3C medicine household appliances and financial insurance helping customers improve
their market competitiveness in terms of product service and cost and move towards digital-intelligent transformation of the supply
chain.Fast-moving retail industry: With the rapid development of D2C (Direct to Customer) scenes in social media and live
broadcasts such as WeChat Tik Tok and Kuaishou changes in new retail format not only pose challenges for customers but also
bring new opportunities to the logistics industry. The supply chain pain points and demands of various industries are becoming more
and more obvious. The fast-moving retail industry is mainly concentrated in SKUs and its inventory involves expiration date and
safety coupled with online and offline separation frequent sales promotion causing big challenges to inventory management where
the coexistence of sluggishness and out-of-stock can be observed easily.42
In terms of solutions for the fast-moving retail industry SF Holding has joined forces with beauty brand customers to create a
“e-commerce shared inventory” model which mainly refers to the integration of inventory of different channels through the system
and the integration of inventory rights to achieve unified management of multi-channel inventory thereby truly solving the
omni-channel inventory turnover problems of brands based on reasonable deployment and on-demand performance. It turns online
and offline logistics into real-time visualization and big data decision-making realizing the circulation control optimization and
sharing of channel inventory in a material sense. On the one hand it can integrate inventory of different channels to realize unified
management optimize logistics costs and reduce inventory and capital occupation. On the other hand it can grasp the dynamic data
of consumers globally and use consumption behavior to force the upstream supply chain which not only allows the entire supply
chain to operate efficiently but also greatly increases the response speed and creates increments with a more on-demand shopping
experience.In addition based on the retail store scenario we jointly innovated with the world's leading retail giants. Using real-time IoT big
data as well as efficient AI replenishment algorithms for shared inventories of regional warehouses front warehouses and stores we
improved the inventory management efficiency of store staff by more than 90% and sales increased by 10% year-on-year. In addition
thanks to the added real-time data warehouses real-time visibility of distribution and logistics operations of stores and coordination
with more online and offline promotions customers can get the goods they want on demand without being restricted by store
inventories and can require the goods delivered directly with more personalized delivery requirements which improves the intimacy
between customers and their consumers and promotes the increase in sales of their brand's private domain fans.3C communications industry: leading companies in the communications industry are faced with problems such as having too
many product matrices wide global distribution of supply chains and high management difficulties. And customers require in-depth
control over the upstream and downstream of the industry chain to achieve vertical integration of business processes. In response to
the volatility complexity and uncertainty faced by the industry SF continued to optimize algorithm models and systems upgrade
logistics equipment and services and provide customers in the 3C industry with agile accurate high-quality and cost-effective
services so as to gradually realize the transformation from a logistics delivery service partner to a strategic win-win partner.As the overseas epidemic intensifies this year the transportation capacity in Southeast Asia which is an important region for the
production and assembly of raw materials in the consumer electronics industry becomes the key demand and guarantee of industry
customers. SF integrated its own flights and external transportation capacity to open up the transportation capacity resources of 11
airlines at 6 ports in Hong Kong Kunming Chengdu Xi'an Shanghai and Wuhan which provided fast transportation response
capabilities for urgent orders of overseas factories’ urgently needed raw materials and overseas finished products for 3C customers
and thus won a good reputation for agile response to the urgent needs of customers.At the same time during the peak of the new product launch of a leading electronic product company in the online shopping
festival on June 18 this year SF’s industry solution project team coordinated 25000 front warehouses in 323 cities across China and
it took less than 20 minutes on average to complete the first batch of orders from sale to delivery with a sign-off rate of 100% and
zero error rate helping customers bring the ultimate timeliness and experience to consumers.43
Auto parts industry: Driven by macro policies such as carbon peak & carbon neutrality the share of new energy & charging
piles is gradually increasing compared with the proportion of traditional OEMs; and the trend of online consumption also makes the
role of logistics service providers change from the original To B scenario to "To B + To C". Therefore as the infrastructure provider
SF focused on the ability to provide full-link digital solutions to both the OEMs of core enterprises and participants at all levels.SF's auto parts industry technology solutions have covered all automotive link scenarios including purchasing logistics
production logistics after-sales logistics reverse logistics etc. At the same time it has newly expanded the entire vehicle transport
logistics solution and the new energy charging pile installation and distribution integrated solution to provide consistent high-quality
services to automobile manufacturers spare part manufacturers 4S shops and end customers across China.Among them the intelligent networking project with China National Heavy Duty Truck starting from the perspectives of
automation informatization and digitization actively explored the application of smart logistics supply chains on the industrial side
assisted the iterative upgrade of the automotive logistics industry and was committed to satisfying customers' demand for supply
chain services such as cost reduction across the entire chain full-process perception and controllability high-quality performance
and flexible production creating the most advanced integrated pre-production intelligent logistics benchmark for China's commercial
vehicles. The project was finally selected as a "Typical Case of Intensive Integration and Innovation Development of Logistics
Industry and Manufacturing Industry" by the Development and Reform Commission of the State Council.44
In addition as for the clothing shoes and hats industry SF continued to deepen the integrated service of To B To C
warehousing and distribution for sports brand customers expanding from the original domestic warehousing and distribution
business to the bonded warehousing and distribution business. At the same time SF explored the maximum performance and
visualized management cooperation to realize the digital innovation of the supply chain so as to actively lead the changes in market
demand and enhance the market competitiveness of both parties. As for the smart home industry based on in-depth analysis on
customer needs and industrial capabilities SF built scenario-based algorithm models and improved informatization tools to achieve
customer distribution network integration omni-channel inventory unified warehouse and co-allocation and to connect
manufacturing data and logistics data so as to realize the digital intelligence of the end-to-end value chain effectively reduce
customers’ logistics costs and improve the quality indicators of fulfillment and delivery. As for the pharmaceutical industry the
self-developed "SF NBAI (丰智云链)" (pharmaceutical version) on which SaaS can be deployed locally has the characteristics of
flexible connection with upstream and downstream systems flexible adaptation according to customer scenarios compliance with
pharmaceutical industry standards support for full-process temperature control management and support for UDI management
assisting more industry customers to quickly improve the level of integrated supply chain logistics management and thus
significantly enhances the integrated information management capabilities of warehousing and distribution of pharmaceutical
customers. As for the wine industry SF is currently being in-depth cooperation with leading liquor beer and red wine companies
with its business being in more than 20 scenarios and customized service areas. And SF used the blockchain traceability platform "SF
Traceability (丰溯)" to provide product traceability services for high-end wines on which brand owners can realize the full life cycle
management of traceable source code traceable data analysis enterprise marketing management etc. with the background data of
merchants on SF Traceability (丰溯). As for the financial and insurance industry in the bank card business SF focused on the
entire process of card application card production card issuance receipt and transfer and provided a package of solutions such as45
co-branded card customization automatic packaging and intelligence of card delivery customization of time-sensitive products and
personalized delivery services. At the same time in the information audit service SF integrated its terminal outlets resources with
technology and thus realized the dual guarantee service capabilities of direct management and control + technological support and
provided customers with efficient and convenient information audit services.The Company continued to explore together with top customers. It optimized and upgraded the traditional cost supply chain
with digital intelligence to have it transformed into a new revenue supply chain and a new business model of D2C (Direct to
Customer) so as to create new business growth with customers. At the same time as a result of industry scenarios the Company has
gradually built a product capability and service system of"D2C SaaS+VAS" (standardized application + value-added service) which
will help more growing SMEs to achieve more sustainable business growth in the future through on-demand configuration
plug-and-play SaaS products that are standardized productized and modularized as well as agile delivery based on cloud services.SF adhered to the position of an independent third party took technology as the lead and made use of its comprehensive
logistics service capabilities of multiple business formats. Thus it had a complete set of supply chain solution implementation
capabilities of "technology integration + program implementation" forming a unique and leading core competitiveness in the
industry. While its cases successfully implemented in various industries also brought high recognition from cooperative customers.Driven by technological services SF also further strengthened customers' stickiness to its logistics services so as to form in-depth
strategic cooperation jointly promot the transformation of digital supply chain and work hand in hand with customers to achieve a
win-win situation.(Ⅳ) Unique and scarce intelligent logistics network the “Aviation + Ground + Information” three-in-one
network
SF Holding continues to consolidate and upgrade its unique and scarce comprehensive logistics service network integrating
three networks “aviation network + ground network + information network” consistently consolidating and expanding its leadingadvantages in the industry. The aviation network system formed by mutually complementary “all-cargo aircrafts commercial flightsand drones” builds a time barrier and the scarcity of aviation resources ensures the Company’s lasting leading advantage. The
ground network systems such as perfect terminal service point stable delivery team intensive transit allocation network efficient
transportation network and smart customer service system build differentiated service barriers. The Company’s control over the
ground network ensures a stable service timeliness; hundreds of thousands of couriers the top 4 independent call centers and the top
6 industry claim centers ensure warm customer experiences. By applying cutting-edge technologies such as big data block chain AI
and IoT to various business links and scenarios SF Holding built an information network platform. On the one hand it empowers
internal operation improves network efficiency and promotes a comprehensive upgrade of smart logistics. On the other hand it
empowers industry customers and helps them reduce costs and increase efficiency forming an open and win-win ecosystem and
promoting industrial transformation and upgrading.46
1. Aviation network
In 2009 SF Airlines became the first privately-owned air freight company in China. Today it has developed into China’s largest
and the world’s leading air freight company forming a cargo route network covering the whole country and expanding to Asia and
reaching Europe and America serving more than 80 cities around the world.All-cargo aircrafts: (1) Fleet building: It had 66 self-operated all-cargo aircrafts (of which Boeing 767: 11 aircrafts Boeing
747: 2 aircrafts Boeing 757: 36 aircrafts Boeing 737: 17 aircrafts) with an average age of 24.5 years and 13 chartered all-cargo
aircrafts operating 93 flight routes in total. (2) Traffic rights and airport slots: It had a total of 258 pairs of slots covering 54 large
and medium-sized cities nationwide and international cities including Los Angeles Liege Frankfurt Delhi Singapore Ho Chi Minh
and Chennai. (3) Pilots: It had a total of 569 pilots including 243 captains and 326 co-pilots. (4) Global operation: In the first half
of 2021 it operated 2528 international flights in total representing a year-on-year increase of 73.8%. 9 international and regional
routes were newly launched including Shenzhen-Los Angeles Shenzhen-Manila and Chengdu-Dacca. Among them Shenzhen-Los
Angeles is SF Airlines’ first non-stop regular cargo route to the United States and the seventh intercontinental route operated by
all-cargo aircrafts. (5) Aviation safety: Since its first flight SF Airlines has entered its 12th year of safe operation and operated
over 500000 hours safely.47
Commercial flight resources: SF has secured stable passenger aircraft bellyhold resources from more than 100 commercial
airlines at home and abroad through direct operations (cooperating directly with airlines) agents (freight forwarders) or tripartite
cooperation (SF airlines and agents) to operate 2172 flight routes across China and the world achieving full coverage of direct
cooperation in head and waist airlines and gradually completing the national strategic fulcrum layout of the aviation bellyhold
business.48
As at the end of the reporting period SF Holding’s all-cargo aircraft and commercial flights operated a total of 2265 flight
routes and the total number of flights in the first half of 2021 was 732500 with a daily average of 4047 flights. Total air cargo
volume handled was approximately 894200 tonnes of which all-cargo volume handled was 481400 tonnes up 18.06%
year-on-year.Freight capacity of SF Holding’s air transport business:
End of the current reporting
Daily average during the
Resources period/Current reporting
reporting period
period
Number of self-operated
66 aircrafts -
aircrafts
Number of external chartered
13 aircrafts -
aircrafts
All-cargo aircrafts Number of all-cargo aircraft
93 routes -
routes
Total number of flights 26600 flights 147 flights
Total cargo volume 481400 tonnes 2660 tonnes
End of the current
Daily average during the
Resources reporting period/Current
reporting period
reporting period
Number of commercial flight
2172 routes -
routes
Commercial flights Total number of flights 705900 flights 3900 flights
Total cargo volume 412800 tonnes 2280 tonnes
Cargo airport hub construction: The Hubei International Logistics Hub project lies at the core of SF Airlines’ transportation
system. Ezhou Huahu Airport will be built into an international air cargo logistics hub with cargo functions as its main function
which is the first cargo hub airport in Asia and the forth in the world. Ezhou Huahu Airport is a Level 4E airport featuring all-cargo
aircraft operation two separated strips paralleled with each other and is able to reach areas where the percentage of economic
population is 90% of the whole country within 1.5 to 2 hours’ flight. The completion of the Ezhou Huahu Airport will form an
express logistics cargo hub in the central China that can radiate its influence across the country and reshape the air cargo market
structure of China’s civil aviation. SF will use this hub as the center of its air route network that covers the entire country and reaches
the world providing good fundamental support for increasing the coverage of time-definite products enhancing timeliness of
products building high-end integrated logistics service capabilities and reducing the cost of aviation network operation. The Hubei
International Logistics Hub has been incorporated into the package of supporting policies as planned in the national emergency
infrastructure shortcomings remedying project and Ezhou Huahu Airport has been included in the scope of the air emergency and
rescue system construction by the Hubei Province. In the first half of 2021 the Company comprehensively promoted the construction
of the main airport project of the hub project and strived to realise the delivery and acceptance of the airport’s full-field construction
projects and ultimately kick off the flight inspection at the end of 2021. After the airport is completed it is estimated that cargo and
mail throughput and passenger throughput will be 2.45 million tons and 1 million respectively in 2025 and 3.3 million tons and 1.5
million respectively in 2030.49
2. Ground network
Service points: As at the end of the reporting period SF Holding’s business covered 335 prefecture-level cities and 2848
county-level cities with approximately 21000 directly-operated service points. The international standard express/international
economy express businesses covered 78 countries and regions abroad. The international small parcel business covered 225
countries/regions around the world. The Company had about 410000 couriers under various workforce models.Transit Hub Distribution: As at the end of the reporting period SF Holding had 10 hub-level transit depots service points at
37 aviation and railway stations (excluding stations sharing sites with transit depots) and 151 sub-district transit depots (excluding
SF freight and SX Freight) of which 129 transit depots have adopted the automatic sorting equipment representing an increase of 8
transit depots as compared with the end of previous year. The freight delivery network (including SF Freight and SX Freight) has 41
hubs and 79 regional hubs 13 of which have been put into operation with automation equipment.50
Ground transportation network: As at the end of the reporting period SF Holding had about 68000 directly-operated and
outsourced vehicles for more than 120000 long-haul and branch routes. The total number of vehicles for terminal collection and
delivery was about 110000 (excluding motorcycles and two-wheeled/three-wheeled electric vehicles). High-speed railway lines
(including Rail Speedy Express（极速达）services and standard railway lines) had covered 91 cities with 541 flow-directions in use.There are 4 pairs of express lines (being 8 lines) and 106 standard railway lines in use. By leveraging stable railway transportation
capacity the Company powered the dispatch and delivery of products with regional characteristics such as cherry and other fresh
products in the first half of 2021. In addition to freight business the Company has developed its capacity to transport grain coal coke
non-ferrous metals building materials and chemical products and other domestic bulk materials targeting industry-leading customers
to develop replicable multimodal transportion solutions. At the same time the Company has developed its stable dispatch and
delivery capacity using international freight train on new platforms to carry out the operation of special trains for e-commerce and the
international business of China-Europe freight trains.Warehousing network: SF warehousing network consists of self-operated warehouses and franchise warehouses the difference
of which was positioned based on customers’ production circulation and consumer end. A national warehousing network resource
layout was formed by a combination of heavy and light assets model and ultimately a warehousing network of efficiency flexibility
and complementarities was created. SF Holding owns warehousing systems with independent intellectual property rights automation
equipment research and development capabilities and storage planning and design capabilities. By realizing manpower digitalization
production capacity digitalization operation digitalization and end-to-end visualization through the digital transformation of
warehousing functions of business planning business decision-making and risk early warning are able to be improved thereby the
Company can effectively achieve substantial cost reduction and efficiency enhancement. Meanwhile the Company improves its
efficiency by studying of a variety of automation equipment integration and synergy and realizes dynamic optimal scheduling and51
allocation of task priority by establishing a resource model and strategy through dynamic algorithm and automation engine. With the
support of scientific and technological capabilities SF warehousing network was able to meet the different demands of customers in
various industrial segments in cooperation with SF Express and other SF ecological businesses and provide customers with
multi-scenario end-to-end intelligent supply chain solutions.SF Holding owned 259 self-operated warehouses of various types (including the New Havi cold-chain logistics center) with a
total area of approximately 3.05 million square meters. The Company continued to strengthen the nationwide warehousing service
network consolidate the warehousing service capabilities provide more customized supply chain solutions for warehousing and
distribution based on scenario requirements of brand customers and constantly improve the innovation of warehousing and
distribution integrated operation model to establish benchmarks in various industries such as 3C shoes and apparel cosmetics cold
chain of food and pharmetical. The Company continued to increase investment in automation equipment to constantly invest and
optimize automation equipment in warehouses across the network. The warehousing system is continuously optimized and iterated
supporting the development of customers with multi-industry and multi-scenario business by scientific and technological means
providing support for significantly improving the capacity and efficiency during peak. During the “618” peak period of 2021 the
e-commerce warehousing and distribution business volume of the Company increased by more than 100% year-on-year and the
operational efficiency and delivery quality continued to improve.Shuangjie Supply Chain a subsidiary of the Company has 161 franchise warehouses covering an area of 2.34 million square
meters which acted as a backup complementation to self-operated warehouse resource. As an open and independent supply chain
service platform integrated with warehousing and distribution Shuangjie Supply Chain oriented to demands of e-commerce and new
retails logistics provides clients with a set of warehouse-based omni-channel (ToB ToC online and offline) products and empowers
the franchise warehouses by warehouse management system and SOP process optimization and other lean management methods in
order to improve its operational capability and service quality.Moreover with existing e-commerce platform customers SF International strived to establish overseas warehousing network by
focusing on overseas markets with cross-border e-commerce development potential. At present SF International has set up 15
overseas warehouses next to the ports in a total of 9 overseas countries and regions including United States Germany Estonia UK52
Poland Thailand Indonesia Japan and Australia. Leveraging on domestic and overseas collection and delivery network
warehousing customs clearance agency and other resources SF International is able to provide one-stop import and export supply
chain service for customers.Customer service network: SF Holding is committed to developing cutting-edge customer service systems and service
strategies taking advice from customers and responding promptly to their needs; and to building a smart and digitalized service
management platform in order to provide them with professional efficient and user-friendly services. SF Holding has four separate
call centers six industry claim centers and 1000000 customer calls are served on a daily basis. Customers have 24/7 access to
internet-based self-service via WeChat mini apps WeChat public account the Company’s official website the SF Credit Account
Management Platform and mobile apps.Last mile service: By focusing on customer’s diversified needs on pick-up and delivery SF Holding has been improving the
customer service experience. On the one hand SF Holding continues to strengthen the construction of couriers team and implements
the concept of “3+1” to unified service standards so as to improve the experience of “user-friendly” in the last mile service. On the
other hand leveraging on the synergistic effect between terminal channel and couriers SF Holding built a third-party service
provider operating system and an intelligent delivery model and accelerated cooperation in resources co-allocation with third-party
to create a win-win situation. Besides by expending the coverage of the last 100 miles service of Hive Box lockers in cities andopening up China Post express delivery system routing in lower tier rural areas SF Holding was able to provide “once postage forexpress delivery (一票到底)” service and an terminal network layout integrated with "home delivery locker delivery and stationdelivery " for the Company’s last mile service has been formed initially to provide customers with “more friendly and moreconvenient” pick-up and delivery service. As of the end of the reporting period SF Holding established 128000 terminal service
outlets through cooperating with urban service outlets service agency outlets in townships property management companies and
hospitals/ scenic spots/transportation hubs increasing the coverage rate of outlets at counties and townships level by 3.75 percentage
points over the end of last year to 91.10%.Hive Box Technology in which SF Holding has invested as a shareholder looked to explore and meet multi-scenario
customized needs through technology application covering delivery locker smart micro warehouse bag locker government affairs
cabinet and other smart end products. Hive Box Technology continued to expand its coverage footprint in the express industry with
unique momentum to develop the last mile of diversified service. Hive Box Technology has set up service outlets in 160000+
communities in 200+ key cities and has established 300000+ locker outlets. So far Hive Box Technology is home to 4.6 million
registered couriers in aggregate serving 360 million customers.Hive Box lockers as part of the terminal delivery solution are flexible and safe and able to meet customers’ personalized
receiving needs and improve customer’s experience; it can also increase the delivery efficiency of the last mile service and will help
the Company implement the contact-less delivery strategy for the last mile service so as to enhance the efficiency of terminal
delivery on the other hand. In response to the coronavirus pneumonia outbreak Hive Box lockers are regarded as the major solution
of safe shipping without physical contacts with more packages put into lockers. Contact-less delivery helps consumers cultivate a
habit of picking up packages from lockers and is expected to speed up the development of smart locker industry.53
3. Information network
SF Holding has independently researched and developed a complete set of smart information network platforms. The set of all
those platforms has covered all business segments and scenarios to enable business in a fast flexible safe and comprehensive manner
and has promoted logistics full chain information interconnection which has created a smart and solid foundation for the diversified
business development of the Company. Meanwhile SF Holding has also been committed to the development and implementation of
cutting-edge technologies applied cutting-edge technologies such as big data block chain AI and Internet of Things to more
practical business scenarios and supported new technology applications with cloud computing. SF Holding has adhered to
user-oriented product design to enhance business performance and user experience and enabled technology and products to be
conscientiously implemented and better serve customers. Moreover SF Holding has also integrated internal resources. Relying on
massive internal and external data SF Holding uses data and technology to make decisions and lead operations and created SF’s
“intelligent brain” realizing data-driven technology and technology-enabled logistics. SF Holding achieved the integration of the
three networks of “aviation + ground + information” into one network providing support to unlimited business possibilities.(V) First-mover development of scarce logisitcs land resources to facilitate industrial upgrades
SF Industrial Park is committed to becoming an industrial park operator based on modern logistics. As an important part of its
strategic layout it will continue to diversify SF Holding’s “ground network” to complete SF’s key resources and services provided
to customers. Actively responding to the requirements of the “14th Five-Year Plan” for the express delivery industry and the national
“New Infrastructure” policy the Company has built “smart logistics” parks and “technological innovation” parks while developing
digital infrastructure industry chains such as “information network” and “transportation logistics network”. It provides customers
with a full range of comprehensive package services in warehousing logistics business flow information and capital flows to
optimize and upgrade their supply chains and empower their business development. As at the end of the reporting period SF Holding
has successfully laid out an industrial park project across 53 cities and the logistics sites covered a land area of approximately 9300
mu approximately 2.04 million square meters of the operational project were completed. It is expected that approximately 0.99
million square meters will be completed in the second half of 2021 in the next three years the area under management and operation
of SF Industrial Park will exceed 6 million square meters.In order to support the sustainable and healthy development of the Company's logistics industrial park meet the demand for site
resources for the development of the main logistics business broaden financing channels and build a capital operation platform for
the industrial park the Company will set up a real estate trust fund with three properties located in Foshan Wuhu and Hong Kong of
China as the underlying assets and will be listed on the Main Board of The Stock Exchange of Hong Kong Limited on May 17 2021.At the same time the Company intends to jointly establish a logistics development fund with Hammer Capital Real Estate Limited to
invest in strategically located logistics industrial park projects to further enhance the Company's core competitiveness.54
55
(VI) SF Holding adopts an operating model with strong management control over the whole network and
with stability and flexibility
SF Holding adopts an operating model that maintains strong management and control over the whole network with the whole
express delivery network and key resources under the strict control of its headquarters covering all links of the business chain which
is conducive to the precise alignment of its corporate strategies from top to toe as well as the effective achievement of its strategies
and business goals; it also helps to maintain the stability and controllability of our operation standardization and compliance of our
internal control and ensure standardized operations high operational efficiency and high service quality thereby enhancing
customer’s loyalty and brand reputation. While maintaining strict control of the key links and core resources we have adopted a
diversified resource acquisition and operation model aiming to enhance the flexibility of the whole network and the space for
expansion and extend the coverage of our services; we rely on our standardized operation and control processes that have been
developed upon many years of experience as well as the advanced logistics technology to ensure the controllability and stability of
the entire logistics chain so as to achieve full control of the overall network and further enhancement of resource efficiency provide
support for business expansion and form a stable and flexible network foundation. Meanwhile the Company’s new businesses have
made full use of the existing network resources to achieve synergy among network customers technology and resources so as to
grow rapidly and complement the existing businesses.(VII) Shaping a good brand image with a long-standing top ranking in service quality
SF Holding has established itself as a well-recognized and reputable express delivery service provider through over 20 years of
development. It is synonymous with “efficiency” “punctuality” and “safety” widely noted for its excellent corporate image and
brand value and been widely recognized by customers the industry and the community.56
At the regular press conference of the first quarter held on January 14 2021 according to the 2020 “Overall Satisfaction ofExpress Delivery Enterprises” (《2020 年快递企业总体满意度》) released by the State Post Bureau S.F. Express has ranked No.1 in
“Overall Satisfaction towards Express Delivery Service Enterprises” for 12 consecutive years. Meanwhile it ranked first for the 8thconsecutive year in terms of whole-process time limit and 72-hour punctuality. SF Holding was ranked 5th among “Most AdmiredChinese Companies” in 2020 by Fortune rising four places. This was the fourth consecutive year that SF Holding had been listed
among the most admired Chinese companies. In the “World’s Top 500 Most Valuable Brands” released by BrandFinance a
well-known brand value consulting company SF Holding ranked 270th representing a significant rise compared with that of 2020
(460th place).
(VIII) Warm principled and productive SF culture
In SF’s history of development corporate culture is not just a belief but more as a commitment and practice. It is reflected in
every word and action of all SF employees is expressed in every operating process and has become a strong spiritual force that is
embedded in SF’s cohesiveness competitiveness and vitality. 1. SF’s success is grounded in assisting customers to succeed: SF
has always been customer-oriented and is committed to providing customers with above expectation services assisting customers to
create value and achieve success. During the COVID-19 pandemic no matter the regional outbreak in Shijiazhuang at the beginning
of the year or subsequently in Ruili and Guangzhou as one of the very few logistics service providers that can maintain normal
operations and provide end-to-end whole-process services SF Holding has joined the fight against the pandemic by regarding the
fight as its unshirkable responsibility. Starting from customer needs SF’s customer support team has made every attempt to maintain
safe and stable services for customers during the pandemic thus winning trust from customers. 2. Innovation drives SF forward:
SF Holding advocates the culture of innovation emphasizing that everyone and every move can be innovative. While improving
productivity and service quality through research and development of new technologies it has continuously introduced innovative
service and solutions by keeping pace with market changes to provide customers with high-quality efficient services. 3. Equality
and respect uniting every heart: SF treats every staff equally and with respect respecting the value of their contributions providing57
everyone with equal development opportunities and assisting staff to actualize personal value. SF cares every employee and provided
diversified benefits by group such as family insurance and employee condolences to improve employee perception and satisfaction.During the Spring Festival SF actively responded to the national policy of "Chinese New Year in situ" and encouraged employees
from all over the country to celebrate the Chinese New Year in situ and provided various care and benefits. 4. Be responsible
proactively and fulfill the mission: SF has always been participating in social welfare activities and proactively assuming social
responsibilities. Whenever natural disaster outbroke SF Holding actively devoted actively devote itself to disaster relief by
exploiting its strengths. During the COVID-19 pandemic SF Holding stood firm mobilizing its HR transportation and financial
resources to the fullest extent provided a strong specialized assistance for the delivery of antipandemic materials and living supplies
and built “green channels” for the transportation of pandemic control supplies. SF Holding also encourages employees to take social
responsibility. Upholding just and rightful acts working for the public good and other positive events occur more and more
frequently among SF couriers. Yang Jingshan the founder of a “volunteer service team” during the pandemic Li Yuanping who has
donated blood for free for 22 years and many other SF staff proactively shoulder social responsibility conveying touching sensations.On February 17 Wang Yong the “most impressive courier” was selected as "Moving China" 2020 Person of the Year. Serving
customers and giving back to the society with the simplest actions and the most sincere beliefs are the social responsibilities of SF
staff.58
III. Analysis on Main Business
Overview
Is it the same with those disclosed in Primary Business of the Company during the Reporting Period?
√ Yes □ No
For details please refer to “I. Primary Business of the Company during the Reporting Period”.Year-over-year changes to major financial data
Unit: RMB
Increase/Decrease over Rationale
The Same Period of
Current Reporting Period the same period of
Previous Year
previous year
Mainly due to business
Revenue 88343929823.78 71129007738.21 24.20%
growth.Mainly due to business
growth investment
Cost of revenue 79421353588.40 57863128901.41 37.26% increase in improving
productivity and expansion
of new business.Selling and distribution
1310233654.15 1056658701.93 24.00%
expenses
General and
6529046289.13 5861443162.73 11.39%
administration expenses
Mainly due to the impact
of interest expenses on
Financial expenses 621902222.77 472967469.92 31.49% lease liabilities resulting
from the adoption of new
lease standard.Mainly due to the decrease
in total profits and increase
Income tax expense 677358703.20 1714998647.00 -60.50% in deductible tax losses for
which no deferred tax asset
was recognised.Mainly due to the increase
Research and
1708373810.41 1311258210.74 30.29% in research and
development investment
development activities.Net cash flows from Mainly due to the decrease
4331632843.16 6931712320.10 -37.51%
operating activities in net profit.Mainly due to the increase
in net cash inflows from
disposal of subsidiaries
decrease in net cash
Net cash flows from outflows of structural
-10892398614.05 -17870077628.81 39.05%
investing activities deposits and increase in
net cash outflows for
purchasing and
constructing long-term
assets.Mainly due to the increase
Net cash flows from in capital contribution from
7324694755.57 2545719388.91 187.73%
financing activities minority and net cash
inflows from borrowings.For details please refer to
the above analysis of cash
Net increase in cash and flow changes in operating
777176873.33 -8373723779.87 109.28%
cash equivalents activities investing
activities and financing
activities.Did significant changes occur in profit composition or sources of profit?
□ Applicable √ Not applicable59
There were no significant changes in profit composition or sources of profit during the reporting period.Composition of revenue
Unit: RMB
Current Reporting Period The Same Period of Previous Year Increase/Decrease
over the same
Proportion of Proportion of
Amount Amount period of previous
Revenue Revenue year
Revenue 88343929823.78 100% 71129007738.21 100% 24.20%
Categorized by industry
Express logistic and
87099464261.56 98.59% 70188001144.10 98.68% 24.09%
supply chain
Sales of goods 563159220.18 0.64% 452123296.72 0.64% 24.56%
Others 681306342.04 0.77% 488883297.39 0.69% 39.36%
Categorized by product
Time-definite Expressnote 3 46161162400.04 52.25% 43343101741.61 60.94% 6.50%
Economy Product note 3 14890048712.29 16.85% 8802434291.67 12.38% 69.16%
Freight 11512628979.08 13.03% 7674464424.81 10.79% 50.01%
Cold Chain and
3719997345.16 4.21% 3240731441.57 4.56% 14.79%
Pharmaceuticals
Intra-City Instant Delivery 2241284109.83 2.54% 1265413899.41 1.78% 77.12%
International Express 3280794909.92 3.71% 2904883603.56 4.08% 12.94%
Supply Chain 5293547805.24 5.99% 2956971741.47 4.16% 79.02%
Others 1244465562.22 1.41% 941006594.11 1.32% 32.25%
Categorized by region
Express logistic and
25952910364.81 29.38% 19336652950.23 27.19% 34.22%
supply chain – East China
Express logistic and
supply chain – South 23803547991.27 26.94% 19002148999.94 26.72% 25.27%
China
Express logistic and
supply chain – North 17196437337.63 19.47% 14826811732.21 20.84% 15.98%
China
Express logistic and
supply chain – Central 11318052416.74 12.81% 9226900387.54 12.97% 22.66%
China
Express logistic and
6782220948.23 7.68% 5664614722.70 7.96% 19.73%
supply chain – West China
Express logistic and
supply chain – 1377672381.40 1.56% 1406433781.68 1.98% -2.04%
Hong Kong and Macao
Express logistic and
668622821.48 0.76% 724438569.80 1.02% -7.70%
supply chain – Overseas
Sales of goods and others 1244465562.22 1.41% 941006594.11 1.32% 32.25%
Note 1: Product revenue and district revenue in the preceding table have not been audited.Note 2: Any discrepancies in the above table between totals and sums of the amounts are due to rounding.Note 3: The Company completed the optimization and upgrade of express delivery products in April this year. For details of the he main product
adjustments and changes please refer to "(III)Overall Performance of the Company during the First Half of 2021 - 4. We will continue to optimizeproduct stratification and improve product matrix to meet the diversified needs of customers and gain new growth drivers - (1) Delivery business”.The operating income data in the current period and the corresponding last period relating to Time-definite Express and Economy Product in this table
have been adjusted retrospectively based on the new statistical rules due to product optimization and upgrade.Industries products or regions accounting for more than 10% of company revenue or operating profit ?
√ Applicable □ Not applicableThe Company is required to comply with the disclosure requirements of the “Guidelines of the Shenzhen Stock Exchange for60
Industrial Information Disclosure No.9 – Listed Companies Engaged in the Express Delivery Services Business”
Unit: RMB
Revenue Cost of revenue Gross Profit
Gross Increase/ Increase or Margin Increase
Revenue Cost of revenue Profit Decrease over the Decrease over or Decrease over
Margin same period of the same period the same period
previous year of previous year of previous year
Categorized by industry
Express logistic and
87099464261.56 78446298960.60 9.93% 24.09% 37.33% -8.69%
supply chain
During the reporting period the Company has accurately accounted its operating cost according to the nature of resources consumed
under the underlying requirements of the accounting standards. However a fair and accurate allocation of cost by product or by
region has not been possible. It was because the express and logistics industry itself was basically a complex network by highly
connection overlaps in different types of resources consumed all direction of waybills a tremendous number of customers highly
crossover of different types of resources fully shared.Where the Company’s statistical criteria for core business data are adjusted during the reporting period the core business data for the
most recent year have been adjusted based on the statistical criteria effective as of the end of the reporting period
□ Applicable √ Not applicable
Disclosure of express delivery volumes and average revenue per shipment
For more details please refer to the “I. Primary Business of the Company during the Reporting Period”under the section
“Management Discussion and Analysis”.Explanation for related changes greater than 30% as compared with those in the prior year period
√ Applicable □ Not applicable
For more details please refer to the “I. Primary Business of the Company during the Reporting Period” under the section
“Management Discussion and Analysis”.Ⅳ. Non-core Business Analysis
√ Applicable □ Not applicable
Unit: RMB
Proportion of
Amount Reason Whether Sustainable
Total Profit
Mainly including
government grants related to
daily activities which
Other income 716561124.08 65.55% No
comprise value-added tax
additional credit and other
tax preference.Mainly including investment Income from structured
income from the disposal of deposits is sustainable; while
Investment income 1130498743.99 103.42%
subsidies and income from other investment income is not
structured deposits. sustainable.Gains and losses
arising from
29589246.28 2.71% No
changes in fair
value
Credit impairment
-11176161.04 -1.02% No
losses
Asset impairment
-592019.83 -0.05% No
losses61
Mainly including
Non-operating government grants unrelated
125023072.59 11.44% No
income to daily activities and
compensation income.Mainly including losses on
Non-operating
126095725.78 11.54% scrapping of assets and No
expenses
compensation expenses .Ⅴ. Analysis of Assets and Liabilities
1. Major changes in asset composition
Unit: RMB
End of Current Reporting Period End of Previous Year
Increase/
Item Proportion Proportion Decrease in Major Changes
Amount of Amount of
Proportion
Total Assets Total Assets
For details please refer toanalysis on cash flow in “III.Cash at bank and16862359321.83 12.64% 16417891707.19 14.77% -2.13% Analysis on Main Business”
on hand
under Chapter 3 Management
Discussion and Analysis.Financial
Mainly due to increase in
assets held for 10024418773.30 7.51% 6276922669.69 5.65% 1.86% structured deposits.trading
Accounts
18603262202.89 13.95% 16849064250.79 15.16% -1.21% Mainly due to business growth.receivable
Due to the impact of adopting
new lease standard. For detailsplease refer to “2 Summary ofsignificant accounting policies
Advances to
2310290874.56 1.73% 3176518926.99 2.86% -1.13% and accounting estimates - (31)
suppliers
Significant changes inaccounting policies” under
Chapter 10 Financial
Statements.Inventories 981610149.77 0.74% 986950595.04 0.89% -0.15% No major changes.Contract assets 375776993.91 0.28% 399035179.94 0.36% -0.08% No major changes.Long-term Mainly due to increase in
equity 5075968100.17 3.81% 3647231277.90 3.28% 0.53% investments in joint ventures
investments and associates.Investments in
Mainly due to disposal of
other equity 4455155248.78 3.34% 5027489054.30 4.52% -1.18%
investments in stocks.instruments
Investment Mainly due to disposal of
1430515368.05 1.07% 2219404821.35 2.00% -0.93%
properties subsidiaries.Fixed assets 22740388614.84 17.05% 22356651754.60 20.11% -3.06% No major changes.Mainly due to increase in
Construction
6521949882.48 4.89% 5379854462.06 4.84% 0.05% investments in industrial park
in progress projects and distribution hubs.Due to the impact of adopting
Right-of-use new lease standard. For details
13374738542.41 10.03% - 0.00% 10.03%assets please refer to “2 Summary ofsignificant accounting policies
and accounting estimates - (31)62
Significant changes inaccounting policies” under
Chapter 10 Financial
Statements.Intangible Mainly due to disposal of
9896036364.07 7.42% 10633114090.26 9.57% -2.15%
assets subsidiaries.Short-term Mainly due to additional
15018583357.05 11.26% 7996570312.73 7.19% 4.07%
borrowings short-term borrowings.Accounts No major changes.15896242092.03 11.92% 15484940351.95 13.93% -2.01%
payable
Contract No major changes.1816741934.15 1.36% 1539264096.14 1.38% -0.02%
liabilities
Employee Mainly due to payment of
3259281586.74 2.44% 4310829146.80 3.88% -1.44%
benefits payable employee benefits.Other payables 7581186251.15 5.68% 7530793784.24 6.77% -1.09% No major changes.Due to the impact of adopting
new lease standard. For detailsplease refer to “2 Summary ofCurrent portion of significant accounting policies
non-current 7727706661.82 5.79% 2945350894.28 2.65% 3.14% and accounting estimates - (31)
liabilities Significant changes inaccounting policies” under
Chapter 10 Financial
Statements.Mainly due to issuance of
Other current short term corporate
2138161857.86 1.60% 92355845.77 0.08% 1.52%
liabilities debentures and super short
term commercial papers.Long-term No major changes.1758386807.78 1.32% 1865820266.05 1.68% -0.36%
borrowings
Bonds payable 8860323061.45 6.64% 8425430468.77 7.58% -0.94% No major changes.Due to the impact of adopting
new lease standard. For detailsplease refer to “2 Summary ofsignificant accounting policies
Lease liabilities 8140284965.55 6.10% - 0.00% 6.10% and accounting estimates - (31)
Significant changes inaccounting policies” under
Chapter 10 Financial
Statements.Mainly due to the contributions
Capital reserve 25549775675.75 19.15% 24405217286.50 21.96% -2.81%
from minority.2. Key overseas assets
□ Applicable √ Not applicable63
3. Assets and liabilities measured at fair value
√ Applicable □ Not applicable
Unit: RMB
Changes in Fair
Accumulated Fair Provision for
Value Gains and Amount of Purchase Amount of Sales
Item Opening Balance Value Changes Impairment in Other Changes Closing Balance
Losses in in Current Period in Current Period
Included in Equity Current Period
Current Period
Financial assets
1. Financial
assets held for trading
(excluding derivative 7108448710.77 29589246.28 - - 3584859597.06 10568692.12 158910181.28 10871239043.27
financial assets) Note 1
2. Investments in other equity
5027489054.30 - -81332522.97 - 28410932.19 472850846.22 -46561368.52 4455155248.78
instruments
Subtotal financial assets 12135937765.07 29589246.28 -81332522.97 - 3613270529.25 483419538.34 112348812.76 15326394292.05
Total 12135937765.07 29589246.28 -81332522.97 - 3613270529.25 483419538.34 112348812.76 15326394292.05
Financial liabilities 22155013.53 - 1548378.54 - - - - 23703392.07
Note 1: Financial assets held for trading include structured deposits that do not carry the characteristics of contract cash flow for principal and interest. The structured deposits have short maturities and are highly liquid and net
purchases and sales for the current period are stated in the current period.Other changes
Other changes in financial assets held for trading are mainly investment income realized by matured structured deposits and other changes in investments in other equity instruments are mainly due to
exchange differences on translation of foreign currency financial statements.Did significant changes occur for the Company’s major asset measurement attributes during the reporting period?
□Yes √No64
4. Limitation of asset rights as of the end of the reporting period
At the end of the reporting period the Company’s assets with restricted rights are mainly legal reserves in the Central Bank and
long-term bank borrowing mortgage details of which are as follows:
Unit: RMB
Item Book Value at the End of Period Limitation Reason
Cash at bank and on hand 657359839.02 Legal reserves in the Central Bank
Fixed assets 138131064.70 Long-term borrowing mortgage
Intangible assets 37331287.81 Long-term borrowing mortgage
Investment properties 120581681.47 Long-term borrowing mortgage
Construction in progress 56904866.40 Long-term borrowing mortgage
Total 1010308739.40
VI. Analysis of Investments
1. General Situation
√ Applicable □ Not applicableThe Company is required to comply with the disclosure requirements of the “Guidelines of the Shenzhen Stock Exchange forIndustrial Information Disclosure No.9 –Listed Companies Engaged in the Express Delivery Services Business.”
Investment Amount During the same
Investment Amount During the Reporting
period Change
Period (RMB)
of previous year (RMB)
9779121645.46 4073775309.03 140.05%
Of these breakdown items of capital expenditure during the reporting period are as in the table below:
Investment Amount During the Reporting
Item
Period (RMB)
Office and Buildings 319226178.92
Land 1017940227.93
Warehouse 614274346.62
Sorting center 3079207621.27
Aircraft 1463149260.61
Vehicle 750959721.02
Information technology equipment 414673536.57
Equity investments 590678590.99
Others 1529012161.53
Total 9779121645.46
2. Significant Equity Investment Obtained During the Reporting Period
□Applicable √ Not applicable
3. Significant Non-Equity Investment Ongoing During the Reporting Period
□Applicable √ Not applicable65
4. Investments in Financial Assets
(1) Investments in Securities
√ Applicable □Not applicable
Unit: RMB
Gains and
Accumulated Purchase Sales
Book value at losses from
Accounting fair value amount amount during Gains and losses Book value at
Stock Abbreviation Initial the beginning of changes in
Security Type Measurement changes during the the
Accounting
of the reporting the end of the Capital source
Code of Security Investment the reporting fair items
Model included in reporting reporting period reporting period period value during
equity period period
the period
Investments
Domestic and Fair value in other Self-owned
06166 China VAST 235363230.78 278203363.27 - -14487217.96 - 15675043.26 14620117.03 245170032.06
foreign stock measurement equity funds
instruments
Investments
Domestic and Xiaomi Fair value in other Self-owned
01810 - 386952350.26 - -66147133.51 - 316948959.29 - -
foreign stock Corporation measurement equity funds
instruments
Investments
Domestic and Zhongdi Fair value in other Self-owned
01492 - 100084665.79 - 141583.16 - 100226843.67 - -
foreign stock Dairy measurement equity funds
instruments
Investments
Domestic and Zhilai Fair value in other Self-owned
300771 21377000.00 125918400.00 - -18115200.00 - - - 107803200.00
foreign stock Technology measurement equity funds
instruments
Investments
Domestic and GB00BL Fair value in other Self-owned
Samarkand 28160015.47 - - 14390410.09 28410932.19 - - 42974604.86
foreign stock H1QT30 measurement equity funds
instruments
Other securities held at the end of the
- -- - - - - - - - -- --
period
Total 284900246.25 -- 891158779.32 - -84217558.22 28410932.19 432850846.22 14620117.03 395947836.92 -- --
Disclosure Date of Securities Investment
N/A
Approval Board Announcement
Disclosure Date of Securities Investment
Approval Shareholders Meeting N/A
Announcement (if any)66
(2) Investments in Derivatives
√ Applicable □ Not applicable
Unit: RMB10 thousands
Related- Related- Investment Investment Investment amount Gains/ (losses)
Amount of Amount of
party party Initial amount at the Provision amount at the at the end of the recognized
Counter Type of purchase in sales in the
relations transacti investment Starting date Ending date beginning of for end of the reporting period to during the party derivatives
hip the reporting reporting ons amount the reporting impairment reporting net assets of the reporting
period period
(Y/N) (Y/N) period period Company period
Foreign exchange
Bank No No 129275.00 2020/7/20 2023/7/24 130466.00 N/A N/A - 129275.00 2.26% -184.31
forward contracts
Foreign exchange
Bank No No 96956.25 2020/7/28 2023/7/24 97849.50 N/A N/A - 96956.25 1.69% -138.23
forward contracts
Foreign exchange
Bank No No 96956.25 2020/7/30 2023/7/24 97849.50 N/A N/A - 96956.25 1.69% -138.23
forward contracts
Total 323187.50 -- -- 326165.00 N/A N/A - 323187.50 5.64% -460.77
Source of funds Self-owned funds
Lawsuit (if applicable) N/A
Disclosure Date of Derivatives Investment
March 24 2020
Approval Board Announcement (if any)
Disclosure Date of Derivatives Investment
Approval Shareholders Meeting N/A
Announcement (if any)
(I) Risk analysis
The foreign exchange hedging business is carried out by the Company based on the principles of lawfulness prudence safety and effectiveness and not for
Risk analysis and control measures for speculative purposes. All foreign exchange hedging transactions are derived from normal cross-border business but certain risks may exist in foreign
derivatives investment during the reporting exchange hedging transactions.period (including but not limited to market
risk liquidity risk credit risk operational 1. Market risk: The foreign exchange hedging business carried out by the Company and its subsidiaries mainly involves daily cross-border intermodal
risk legal risk etc.) transportation fees and investment and financing activities denominated in foreign currencies related to the main business. The associated market risk refer
to losses which may arise from changes in price of foreign exchange hedging products due to fluctuations in market prices of underlying exchange rates and
interest rates.67
2. Liquidity risk: Since all foreign exchange hedging business is conducted through financial institutions we are subject to the risk of having to pay fees to
banks due to losses in closing out positions caused by insufficient liquidity in the market.3. Non-performance risk: The Company and its subsidiaries conduct foreign exchange hedging business mainly based on rolling forecasts for risk
management. We are subject to the risk that the actual cash flow deviates from forecast resulting in failure to fulfill obligations under relevant hedging
contracts when due.4. Other risks: In the course of business if the person concerned fails to report and seek approval in accordance with the prescribed procedures or fails to
make records on foreign exchange hedging business accurately timely and completely losses may be incurred or trading opportunities may be lost. At the
same time if the person concerned fails to fully understand the terms of the transaction contract and product information we are exposed to related legal
risks and transaction losses as a result.(II) Risk control measures
1. Clarify the criteria of initiating transaction of foreign exchange hedging product: All foreign exchange hedging businesses are derived from normal
cross-border business for the purpose of averting and preventing exchange rate and interest rate risk. No foreign exchange derivatives trading shall be
carried out for speculative purposes.2. Selection of products: Hedging products with simple structure strong liquidity and controllable risk are selected to carry out foreign exchange hedging
business.3. Counterparty selection: The counterparties of the Company’s foreign exchange hedging business are large state-owned commercial banks and
international banks with sound operation good credit long history of cooperation with the Company and good credit standing.4. Determination of fair value of foreign exchange hedging products: The foreign exchange hedging products operated by the Company are mainly for the
management of foreign exchange transactions in the predictable future period withhigh market transparency and active trading; the transaction price and
settlement unit price of which can fully reflect their fair value. The Company determines the fair value of the hedging products in accordance with the
transaction data provided by or obtained from the public domain including banks and Reuters.5. Equipped with professional staff: The Company has maintained a team of professionals with expertise in financial derivatives responsible for the
Company’s exchange rate risk management market analysis product research and the Company’s overall management policy recommendations etc.6. Establishing a comprehensive risk alarm and reporting mechanism: The Company sets risk limits for foreign exchange hedging business where
transactions have been made timely evaluates changes in risk exposure and derived gains and losses and provides regular risk analysis report to the
management and the Board of Directors. Appropriate risk assessment models or monitoring systems are used to continuously monitor and report various
risks. More frequent reports are made when the market fluctuates drastically or when risks are higher. A response plan will be made promptly.7. Separation of duties and personnel between the front end and back end is strictly implemented. Dealers cannot concurrently hold the position as
accounting personnel and vice versa.Changes in market price or fair value of
invested derivatives during the reporting The Company’s analysis of the fair value of derivatives is based on the financial market fair value valuation report provided by the bank at month end.period (the specific methods relevant
assumptions and parameters used in the68
analysis of the fair value should be
disclosed)
Explanation of whether the accounting
policies and accounting principles of the
Company’s derivatives during the reporting
No
period are significantly changed compared
with the previous reporting period
The independent directors believed that the Company had established an internal control system for foreign exchange hedging and effective risk control
Opinions of independent directors on the measures in accordance with the requirements stipulated by relevant laws. Under the premise of complying with national laws and regulations and ensuring
Company’s derivatives investment and risk that the Company’s daily operation were not affected the Company used its own funds to carry out foreign exchange hedging when appropriate which was
control conducive to preventing interest rate and exchange rate risks reducing the impact of interest rate fluctuations on the Company in line with the interests of
the Company and all shareholders and was no harm to the Company and all shareholders especially the interests of minority shareholders.69
VII. Sale of Significant Assets and Equity
1. Sale of significant assets
□ Applicable √ Not applicable
2. Sale of significant equity
√ Applicable □ Not applicable
Proportion
of net profit
Net profit attributable Implemented
attributable Completion
to the Company by The pricing as
to the equity of the
Disposal of Transaction the disposed equity Impact of the disposal principle for Related Relationship scheduled. If
Date of interests transfer of Date of
Counterparty equity Price from the beginning of of equity interests on disposal of party with the not provide Disclosure Index
disposal disposed to the equity disclosure
interests (RMB0’000) the reporting period to the Company the equity transaction counterparty the reasons
the interests
the date of disposal interests and steps
Company’s involved
(RMB0’000) taken
total net
profitIt is conductive to The “Announcement on thePricing will
expanding the Establishment of A Real Estate
be
innovative financing Investment Trust by a Holding
negotiated
100% equity channels for the Subsidiary and Its Listing on the Main
with the
of Golden Company to enhance Board of the Hong Kong Stock
transfereeBauhinia the efficiency of cash April29 Exchange” (No. 2021-058) and
SF Logistics based on theLogistics May 13 turnover optimize the 2021 and “Progress Announcement on theHoldings 242427.82 N/A 115.82% appraised No N/A Yes Yes
Holdings 2021 asset and liability May 19 Establishment of a Real Estate
Limited value of the
Limited and structure establish an 2021 Investment Trust by a Holding
property
its industrial-park Subsidiary and Its Listing on the Main
assets as at
subsidiaries light-asset capital Board of the Hong Kong Stock
the valuationoperation platform Exchange” (No. 2021-066) disclosed
benchmark
and improve the by the Company on the Cninfo website
date.Company’s cash flow (http://www.cninfo.com.cn)70
VIII. Analysis of Major Holdings and Participating Companies
√ Applicable □ Not applicable
Major subsidiaries and equity participation companies that affect the Company’s net profit by more than 10%
Unit: RMB
Company Company Registered Operating Operating
Primary Business Total Assets Net Assets Net Profit
name Type Capital Income Profit
Investments in
industrial businesses
investment consulting
Shenzhen S.F.and other information
Taisen
consulting supply RMB2010
Holdings Subsidiary 58989386828.76 33422205923.35 1956676292.94 67467644.85 33382610.81
chain management million
(Group) Co.asset management
Ltd.capital management
investment
management etc.Acquisition and disposal of subsidiaries during the reporting period
√ Applicable □ Not applicable
Acquisition or
Disposal of Impact on Overall Production
Company Name
Subsidiaries During Operations and Performance
the Reporting Period
Chongqing E-PLUS Technology Co. Ltd. New establishment No major impact
Chongqing Xuefeng Zhiyuan Supply Chain Management Co. Ltd. New establishment No major impact
Chongqing Jieyutai Enterprise Management Co. Ltd. New establishment No major impact
Chongqing Fengyutai Enterprise Management Co. Ltd. New establishment No major impact
Chongqing Fonair Aviation Engineering Technology Co. Ltd. New establishment No major impact
EXEL Logistics (Tianjin) Co. Ltd. New establishment No major impact
EXEL Aolong Logistics (Zhanjiang) Co. Ltd. New establishment No major impact
Yirongcheng Information Service (Wuhan) Co. Ltd. New establishment No major impact
New Havi (Hubei) Supply Chain Management Co. Ltd. New establishment No major impact
Xinjiang E-PLUS Technology Co. Ltd. New establishment No major impact
Xi'an Fengle Apartment Management Co. Ltd. New establishment No major impact
Wuhan Fengyu Apartment Management Co. Ltd. New establishment No major impact
Tianjin E-PLUS Technology Co. Ltd. New establishment No major impact
Tianjin Shunxin Freight Co. Ltd. New establishment No major impact
Tianjin Bingzhi Supply Chain Management Co. Ltd. New establishment No major impact
Taizhou Jietai Enterprise Management Co. Ltd. New establishment No major impact
Sichuan E-PLUS Technology Co. Ltd. New establishment No major impact
Sichuan Jieyutai Enterprise Management Co. Ltd. New establishment No major impact
S.F. (Chengdu) International Logistics Co. Ltd. New establishment No major impact
Shijiazhuang E-PLUS Technology Co. Ltd. New establishment No major impact
Shenyang E-PLUS Technology Co. Ltd. New establishment No major impact
Shenzhen Fengwang Holding Co. Ltd. New establishment No major impact
Shenzhen Chenfeng Industrial Investment Development Co. Ltd. New establishment No major impact
Shenzhen Fengzan Technology Co. Ltd. New establishment No major impact
Shanghai Zhihui Fenghe Trading Co. Ltd. New establishment No major impact
Shanghai E-PLUS Technology Co. Ltd. New establishment No major impact
Shanghai Xijie Supply Chain Technology Co. Ltd. New establishment No major impact
Shanghai Shunzijia Technology Co. Ltd. New establishment No major impact
Shanghai S.F. E-commerce Co. Ltd. New establishment No major impact71
Shanghai Gejie Supply Chain Technology Co. Ltd. New establishment No major impact
Shanghai Fengji Technology Co. Ltd. New establishment No major impact
Shanxi E-PLUS Technology Co. Ltd. New establishment No major impact
Shandong E-PLUS Technology Co. Ltd. New establishment No major impact
Ningxia E-PLUS Technology Co. Ltd. New establishment No major impact
Nanning E-PLUS Information Technology Co. Ltd. New establishment No major impact
Nanchang Jietai Industrial Park Management Co. Ltd. New establishment No major impact
Luohe Fengtai Industrial Park Management Co. Ltd. New establishment No major impact
Jinhua Jietai Enterprise Management Co. Ltd. New establishment No major impact
Jiangxi E-PLUS Technology Co. Ltd. New establishment No major impact
Jiangsu S.F. Information Service Technology Co. Ltd. New establishment No major impact
Jilin E-PLUS Technology Co. Ltd. New establishment No major impact
Huai'an Fengyutai Enterprise Management Co. Ltd. New establishment No major impact
Huai'an Fengtai E-commerce Industrial Park Co. Ltd. New establishment No major impact
Heilongjiang E-PLUS Technology Co. Ltd. New establishment No major impact
Hebi Fengtai Industrial Park Asset Management Co. Ltd. New establishment No major impact
Henan E-PLUS Information Technology Co. Ltd. New establishment No major impact
Hefei E-PLUS Technology Co. Ltd. New establishment No major impact
Hefei Jiafeng Industrial Park Management Co. Ltd. New establishment No major impact
Hefei Fengyutai Enterprise Management Co. Ltd. New establishment No major impact
Hainan E-PLUS Technology Co. Ltd. New establishment No major impact
Hainan S.F. International Supply Chain Management Co. Ltd. New establishment No major impact
Guizhou E-PLUS Technology Co. Ltd. New establishment No major impact
Guangzhou Fengyi Supply Chain Management Co. Ltd. New establishment No major impact
Guangzhou Fengle Apartment Management Co. Ltd. New establishment No major impact
Guangzhou Fengda Express Co. Ltd. New establishment No major impact
Gansu Yishoufa Information Technology Co. Ltd. New establishment No major impact
SF Supply Chain (Hainan) Co. Ltd. New establishment No major impact
Dongguan S.F. Information Technology Service Co. Ltd. New establishment No major impact
Dongguan Chengfeng Technology Co. Ltd. New establishment No major impact
Chengdu Shengyutai Enterprise Management Co. Ltd. New establishment No major impact
Changzhou Fengyutai Enterprise Management Co. Ltd. New establishment No major impact
Beijing Yishoufa Technology Co. Ltd. New establishment No major impact
Beijing Tongchen Human Resource Service Co. Ltd. New establishment No major impact
Beijing Fengzan Technology Co. Ltd. New establishment No major impact
Bengbu S.F. Logistics Co. Ltd. New establishment No major impact
Zhentai Industrial Park Limited New establishment No major impact
Zhentai Industrial Park (Hong Kong) Limited New establishment No major impact
YouTai Investment Limited New establishment No major impact
YiJie Investment Limited New establishment No major impact
Yifeng Industrial Park Limited New establishment No major impact
Yifeng Industrial Park (Hong Kong) Limited New establishment No major impact
Taichen Industrial Park Limited New establishment No major impact
Taichen Industrial Park (Hong Kong) Limited New establishment No major impact
ShunJie Investment Limited New establishment No major impact
Shunda Industrial Park Limited New establishment No major impact
Shunda Industrial Park (Hong Kong) Limited New establishment No major impact72
SF INTERNATIONAL EXPRESS (MALAYSIA) SDN. BHD New establishment No major impact
SF LOGISTICS BRASIL LTDA. New establishment No major impact
SF Holding Investment 2021 Limited New establishment No major impact
SF EXPRESS SPAIN GLOBALS.L. New establishment No major impact
SF Express International Bangladesh Ltd. New establishment No major impact
SF Express (Mauritius) New establishment No major impact
SF EXPRESS (ITALY) S.R.L. New establishment No major impact
SF EXPRESS (HUNGARY) Kft. New establishment No major impact
Ruilifeng Industrial Park Limited New establishment No major impact
Ruilifeng Industrial Park (Hong Kong) Limited New establishment No major impact
Ruifeng Industrial Park Limited New establishment No major impact
Ruifeng Industrial Park (Hong Kong) Limited New establishment No major impact
Jietai Industrial Park Limited New establishment No major impact
Jietai Industrial Park (Hong Kong) Limited New establishment No major impact
Jiafeng Industrial Park Limited New establishment No major impact
Jiafeng Industrial Park (Hong Kong) Limited New establishment No major impact
Hongtong Industrial Park Limited New establishment No major impact
Hongtong Industrial Park (Hong Kong) Limited New establishment No major impact
Hongtai Industrial Park Limited New establishment No major impact
Hongtai Industrial Park (Hong Kong) Limited New establishment No major impact
Hengfeng Industrial Park Limited New establishment No major impact
Hengfeng Industrial Park (Hong Kong) Limited New establishment No major impact
Hefeng Industrial Park Limited New establishment No major impact
Hefeng Industrial Park (Hong Kong) Limited New establishment No major impact
Fengyutai Industrial Park Limited New establishment No major impact
Fengyutai Industrial Park (Hong Kong) Limited New establishment No major impact
Fengruntai Industrial Park Limited New establishment No major impact
Fengruntai Industrial Park (Hong Kong) Limited New establishment No major impact
Fengruikai Industrial Park Limited New establishment No major impact
Chengtai Industrial Park Limited New establishment No major impact
Chengtai Industrial Park (Hong Kong) Limited New establishment No major impact
Weishi Intenet Insurance Agency Co. Ltd. Asset acquisition No major impact
Jiangsu Senyuan Household Appliance Technology Co. Ltd. Acquisition No major impact
Flourish Harmony Holdings Company Limited Acquisition No major impact
Advance Harmony Holdings Company Limited Acquisition No major impact
Bon Way Logistics (H.K.) Company Limited Acquisition No major impact
Bon Way Trucking Company Limited Acquisition No major impact
ULTRA WISE INVESTMENT LIMITED Acquisition No major impact
SUNNY SIGHT LIMITED Acquisition No major impact
FORTUNE UP DEVELOPMENT LIMITED Acquisition No major impact
Zhengzhou Fengtai E-commerce Industrial Park Management Co. Ltd. Sale No major impact
Beijing Huabao Lutong Automobile Investment Co.Ltd. Sale No major impact
For details please refer to Note
Wuhu Fengtai E-commerce Industrial Park Management Co. Ltd. Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
GOODEAR DEVELOPMENT LIMITED Sale 5(2) of Chapter 10 Financial
Statements.73
For details please refer to Note
Foshan Runzhong Industrial Investment Co. Ltd. Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
CHUI YUK HOLDINGS LTMITED Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
Wuhu Industrial Park Limited Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
Wuhu Fengtai (Hong Kong) Limited Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
Golden Bauhinia Logistics Holdings Limited Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
Foshan Industrial Park Limited Sale 5(2) of Chapter 10 Financial
Statements.For details please refer to Note
Foshan Fengtai (Hong Kong) Limited Sale 5(2) of Chapter 10 Financial
Statements.Zonghao Supply Chain Consulting (Shenzhen) Co. Ltd. Cancellation No major impact
EXEL Supply Chain Management (Shanghai) Co. Ltd. Cancellation No major impact
S.F. Intra-city Holding Co. Ltd. Cancellation No major impact
Shenzhen FengKong Technology Co. Ltd. Cancellation No major impact
Dunhuang Fengzhao Technology Co. Ltd. Cancellation No major impact
Dingxi Fengnong Technology Co. Ltd. Cancellation No major impact
Descriptions for major holdings and participating companies.The net profit of Shenzhen S.F. Taisen Holdings (Group) Co. Ltd. was generated from its principal operations.IX. Structured Entities Controlled by the Company
□ Applicable √ Not applicable
X. Company risks and countermeasures
1. Market risk
Risk of macro-economic fluctuations: The logistics industry plays an important fundamental role in the development of the
national economy but it is also significantly affected by macroeconomic conditions. In recent years China’s macroeconomy has
experienced slowing growth as it underwent a period of economic structure transition and the future development will remain rather
complicated. In addition the recurring of and uncertain global situation of the COVID-19 pandemic may affected certain regions in
China and may lead to local logistical suspension. The combination effect of above issues may bring a certain impact on the overall
development of China’s logistics industry and the performance of SF Holding.Market competition risks: Competition in China’s express logistics industry has become increasingly fierce. On the one hand
industry leading express logistics enterprises continue to strive to expand their businesses and networks. On the other hand
E-commerce platform enterprises as well as international logistics operators with a presence in China are creeping into the express
logistics industry with great resources and sufficient capital further exacerbating market competition. If the Company cannot adjust
its operating strategies and take effective countermeasures in a timely manner in response to market changes our growth rate may
slow down market share and gross margin may decline.74
Currently economies of scale are gradually emerging in the operations of China’s mainstream courier companies providing
objective leeway for a decline in courier service prices. At the same time homogeneity of service we are offering in the courier and
logistics industry is relatively high and market competition is relatively fierce. In addition low-price strategies have become the
main means by which new industry entrants rapidly seize market share impacting the existing competitive situation of e-commerce
express delivery industry and price wars are also increasing in ferocity. The Company has been building mid-to-high end market
barriers forging differentiated competitive advantage and price moat through timeliness and service quality. In order to meet the
diversified needs of customers the Company has actively marched into the mid-to-low end e-commerce market in recent years so as
to build a complete product mix. Under the impact of competition in the e-commerce express market the Company's express
products and services may face downward pricing pressure in future.Risks arising from change in new business model: In recent years with the rapid development of information technology the
impact of the Internet economy on all aspects of life has become increasingly obvious. In the express delivery industry information
platform-type enterprises have emerged. Through fast matching and effective management of information between supply and
demand such enterprises can quickly gather and utilize crowd-sourcing personnel to deliver appropriate services for customers
which will have a certain impact on the traditional business model of the express delivery industry.Risk response: In the face of above risks the Company has established a comprehensive risk management and control system
and is continuously improving and iterating in response to market changes. The Company tracked the macro-economy and the
impacts caused by the pandemic focused on the analysis of its impact on our main business and adjusted our operation strategies in
a timely manner to minimise the adverse impact of changes in macro-economy and the pandemic on the Company’s business and
future development. The Company pays close attention to and studies industry development trends analyses the market competition
patterns and adopts active effective strategies to achieve forward-looking planning and business resource distribution. The Company
adheres to the multi-dimensional development of business constantly improves the product portfolios to achieve a differentiated
service experience; The Company also deeply integrates the business foundation in order to achieve the resources complementation
and network effectiveness for establishing long-term core competitiveness. Meanwhile the Company attaches great importance to
science and technology investment as it could enable product innovation improve service quality consolidate core competition
barriers and thereby supporting the long-term sustainable development of the Company’s business.2. Policy risk
Risks arising from changes in industry regulations and industrial policies: The operation of express delivery requires
business licensing and is subject to regulation by laws administrative rules and industry standards such as the Postal Law of the
People’s Republic of China (《邮政法》) the Administrative Measures for Express Delivery Business Licensing (《快递业务经营许可管理办法》) the Administrative Measures for Express Delivery Market (《快递市场管理办法》) and the Rules for Guiding theOperation of Express Business (《快递业务操作指导规范》). In order to support the development of the express delivery industry
competent departments at various levels have successively introduced a number of industrial support and encouragement policies.However should major changes in or adjustments to relevant laws regulations or industrial policies occur in the future they may
have an impact on the development trend and market competition landscape of the express delivery industry which may in turn affect
the future business growth and performance of the Company.Risk response: The Company has established research teams for state and local policies in all business units to conduct
in-depth analysis on relevant policies introduced and scientific predictions of future policy directions and trends in the light of overall75
changes in the external environment. Forward-looking plans are implemented and adjusted by fully capitalizing on favorable policies
while avoiding policy risks hence promoting business growth.Risks from relevant state policies on environmental protection energy conservation and emission reduction: China has
undertaked that it will strive to reach the peak of CO2 emissions by 2030 and achieve carbon neutrality by 2060. It is foreseeable that
China will issue subsequent policies on environmental protection energy conservation and emission reduction. Such policies to be
released may affect the service and operation pattern of express delivery companies and may lead to increased expenses in relevant
aspects such as environmental protection energy conservation and emission reduction incurred by express delivery companies which
may affect the future performance of the Company. Meanwhile if companies fail to fufill their green environmental obligations in
accordance with the laws they will not only be liable to the relevant legal obligation but also impair their social images.Risk response: The Company took into account the external environment and policy changes as well as developed a keen
insight into the development trend of the industry so as to steer the direction of the industry and implement the forward-looking
deployment and adjustment. The Company paid attention to its own impacts on the environment therefore formulating the "SF
Holdings’ White Paper for Carbon Emisson Target 2021 " (《顺丰控股碳目标白皮书 2021》). By leveraging technological strength
such as artificial intelligence and big data the Company adjusted the energy consumption structure upgraded transportation and
business models and then promoted the green and low-carbon reform.3. Business risks
Risks of possible rising costs: The traditional express delivery industry is a labor-intensive industry. There are relatively large
demands for labor along various stages of operation such as collection sorting transportation and delivery. With decreasing rate of
population growth in China there are certain pressures on rising labor costs while investments in logistics infrastructures and other
aspects are also increasing. If the Company cannot secure enough business volume or effectively control costs in the future it will
probably face challenges in its future earnings growth.Risk response: The Company has improved its logistics framework innovated system component including bringing the
entire logistics process online by applying smart technologies improving transit depots’ automation in productivity upgrading route
planning using scientific and technological means to enhance efficiency and reduce manpower investment and labor costs gradually
achieving transformation of the express delivery industry from a labor-intensive industry to a technology intensive industry. The
Company also continues to review and optimise resource invested in all business units to expand the synergy and reuse of resources
and enhance cost efficiency. Considering that the Company is in the critical period of new business expansion the increase of the
predictive investment in logistics infrastructures and the in-depth integration of business framework are conducive to creating
long-term core competiveness and will gradually obtain scale dividends with the high-speed growth of new business.Risks from fuel price fluctuation: Transportation cost is one of the major costs of the express delivery industry and fuel cost
is a component of transportation cost. Fluctuation of fuel price will have a certain impact on the profitability of express delivery
companies. If the fuel price rises significantly in the future the Company will experience pressure of increased costs.Risk response: The Company will further optimise layout of sortation centers enhance scientific route planning and loading
rate of operating routes and improve resource utilization to reduce the risk of fuel price fluctuations. Further the Company will
strengthen promotion for use of new energy vehicles to reduce the risk of fuel price fluctuations to a certain extent. Meanwhile the
Company has matured operation and cost monitoring mechanisms. When costs fluctuate significantly operation plans and fuel cost
control measures will be dynamically adjusted to reduce the negative impact of fuel cost fluctuation on the Company.76
International operation risk: As the Company strengthens the overseas networks and improves overseas service capability
the international business of the Company has maintained high-speed growth in recent years. However international logistics service
relying on international trade is subject to the impact of the COVID-19 international environment and other unpredictable factors.For example the global economic development labor union geopolitics national relationships international trade and tax policies
all have experienced unprecedented changes and the uncertainties of international trade have intensified. Also due to the continuous
impact of the COVID-19 and the different effect of the anti-epidemic policies of each country the Company currently faces
challenges in both the transportation capacity of international routes for controlling purchase cost and stable operation capability in
some countries and regions where business has been set up. If the Company fails to take effective measures to deal with this it may
have an adverse impact on the Company’s international business development.Risk response: The Company carries out an in-depth research on the international political and economic situation and trade
development trend to analyse international logistics competition pattern and implement forward-looking international strategic
planning and business layout. In the course of business development we continue to track and study changes in trade policies
closely monitor the market dynamics and adjust our corresponding strategies for international business operation in a timely manner.To respond to the impact of international epidemic the Company actively explores international transportation resources in terms of
the sea land air and rail strengthens the monitoring of operation network and makes every effort to ensure stable and efficient
cross-border services. Meanwhile the Company increases the investment in scientific and technological resources promotes the
construction of international business informationization and facilitates to make operational decisions.4. Exchange rate fluctuation risks
Exchange rate fluctuation risks: The Company is committed to providing accessible reliable and integrated international
express delivery logistics and supply chain solutions for domestic and foreign manufacturing companies trading companies
cross-border e-commerce businesses and consumers. Thus far the Company has rolled out international logistics services in
countries including Singapore South Korea Malaysia Japan and Thailand and B2C and e-commerce delivery services in a number
of countries and regions. Going forward as its overseas operations expand businesses denominated in foreign currencies are set to
account for an increasing share of our total business volume. Given the uncertainties in the international financial environment and
fluctuations in RMB’s exchange rates the Company’s revenue earnings foreign-currency assets foreign-currency liabilities and
future foreign-currency transactions will all be subject to appreciation or depreciation which will in turn affect the Company’s
business performance or financial statements.Risk response: The Company’s foreign exchange transactions are mainly conducted based on the actual needs of its
cross-border foreign-currency businesses. To avoid and guard against risks associated with fluctuations in exchange rates and interest
rates better manage its foreign currency positions and become more competitive the Company has established the Management
System for Foreign Exchange Risk（《外汇风险管理制度》） and conducts centralized management of foreign currency positions
under which it decides expenditure based on revenue implements maturity matching and performs natural hedging to avoid foreign
exchange risk in advance wherever possible. It also uses financial derivatives and hedging products with low default risks and
controllable risks to lock in the costs of exchange rate and interest rate and avoid the relevant risks. All the Company’s hedging
transactions are conducted in strict compliance with the relevant hedging principles and are based on our normal production and
business activities and justified with actual business operations. All the transactions are carried out for the purpose of locking in costs
and avoiding risks. The Company does not trade for speculative purposes and operates within its authority to ensure effective
execution and reduce the impact of exchange rate fluctuations on its operation and earnings. In terms of counterparty selection the
Company conducts foreign exchange hedging transactions only with large and established commercial banks home and abroad and77
all such transactions conform to the principles of legality prudence safety and effectiveness. In addition the Company will step up
efforts to study and analyse exchange rates and interest rates closely monitor changes in the global markets issue early warnings in
time and take countermeasures accordingly.5. Information system risk
Information system risk: To cope with our diversified development of the Company’s business and the complex and diverse
needs of customers the Company has built and applied various information systems and technologies. Rapid development of the
industry and changing market also pose challenge of rapid change in technology and services to the construction of core business
systems of the Company. With the wide variety and rapid replacement of professional technologies in the Company along with
emerging new technologies changes in information technology and future business requirements may cause certain information
system risks. Meanwhile despite the series of information security control mechanisms established for the large amount of data
accumulated for years by the Company there still exists certain human or system caused information security risks.Risk Responses: The Company has formulated comprehensive response measures for information system risks. On the one
hand the Company continues to carry out operation and optimization of the ISO27001 information security management system and
the ISO27701 privacy information management system. The Company implements information security control and protection in all
aspects according to established policies and strategies for information security and continuously updates all procedures and systems
for information security. It continuously strengthens risk awareness of staff and trainings for staff operation standards develops
internal information circulation guidelines implements rules of strong control over sensitive information avoids unintentional
violations and constructs monitoring and pre-warning and response systems for abnormal behaviors so as to eliminate information
system security risks in their infancy. Meanwhile according to requirements of regulatory authorities the Company has carried out
evaluation for security classification protection of information system. Based on high standards of technology protection
requirements it conducts continuous and stable security intervention in the business system construction phase to improve the ability
of the clients’ service products and business systems themselves against anti-security attacks. During the operation of the information
system it has established the security capability baseline (measurable cyberspace security capability evaluation) safe operation
capability (situational awareness of privacy data risks MTTD and MTTR indicators based on offensive and defensive confrontations)
DevOps security capability (DevSecOps process and tool chain) and security ecology capability (external perception and linked stop
sell) to enhance the capability of the IT infrastructures to discover and defend against cyber security attacks. On the other hand the
Company has established a more comprehensive system for prevention and control of information risks formulated standard
processes such as the Major Event Management Process System for IT System (《IT 系统重大事件管理流程制度》) and theManagement Guidelines for Emergency Plan Formulation and Implementation of IT System (《IT 系统应急预案制定与执行管理指引》) to implement closed-loop risk prevention and control in terms of pre-warning in-process control and post-recording.Additionally the Company has actively cooperated with the National Development and Reform Commission the State General
Administration of Posts and all levels of public security departments to combat behaviors such as black production and speculation;
has actively participated in the formulation and review of various information security standards of the National Information Security
Standards Committee pilot work for implementation of policies; has regularly held security summits and security salons to facilitate
information sharing with industry leaders and industry elites; and has established alliance partnership and cooperation with
information security teams of well-known Internet and e-commerce companies for the joint construction of a safe and orderly
cyberspace.78
Chapter 4. Corporate Governance
I. Details about the Annual Shareholders’ General Meeting and Extraordinary Shareholders’
General Meetings Held during the Reporting Period
1. Details about the shareholders’ general meeting during the reporting period
Investor
Meeting Meeting Type Date Convened Disclosure Date Meeting Resolutions
Participation %First “Resolutions of theExtraordinary First Extraordinary
Extraordinary
General General Meeting of
General 18.83% January 27 2021 January 28 2021Meeting of 2021”
Meeting
Shareholders of (2021-011)(http://w
2021 ww.cninfo.com.cn)“Resolutions of theSecond
Second
Extraordinary
Extraordinary Extraordinary
General
General 69.84% March 2 2021 March 3 2021 General Meeting of
Meeting ofMeeting 2021”
Shareholders of
(2021-025)(http://w2021
ww.cninfo.com.cn)“2020 AnnualGeneral Meeting
2020 AnnualAnnual General Resolutions”
General 69.19% April 9 2021 April 10 2021
Meeting (2021-049)
Meeting
(http://www.cninfo.c
om.cn)Third “Resolutions of theExtraordinary Third Extraordinary
Extraordinary
General General Meeting of
General 67.63% June 15 2021 June 16 2021Meeting of 2021”
Meeting
Shareholders of (2021-080)(http://w
2021 ww.cninfo.com.cn)
2. Extraordinary Shareholders’ General Meeting requested by the preferred shareholder with restitution of
voting right
□ Applicable √ Not applicable
II. Changes of Directors Supervisors and Senior Executives
√ Applicable □ Not applicable
Name Position(s) held Type Date Reason
Supervisor
Resigned as supervisor and Chairman of the
Chairman of the
Sun Xun Resigned March 16 2021 Supervisory Committee due to personal position
Supervisory
adjustment.Committee
Employee
Resigned as supervisor due to personal position
Li Li representative Resigned March 16 2021
adjustment.supervisor
Employee
Elected as the employee representative supervisor to
Chu Yan representative Elected April 8 2021
fill vacancy
supervisor
Wang Jia Supervisor Elected April 9 2021 Elected as supervisor to fill vacancy79
Financial head Resigned as the financial head and deputy general
NG Wai Ting deputy general Resigned April 24 2021 manager due to personal reason but still holds the
manager position of director.III. Profit Distribution & Increase of Share Capital due to Conversion of Equity Reserves
during the Reporting Period
□ Applicable √ Not applicable
The Company does not plan to issue cash or equity dividends nor to convert equity reserve into share capital of the Company.IV. Execution of Stock Incentive Plan ESOP or Other Employee Incentives
□ Applicable √ Not applicable
During the reporting period the Company did not have or execute any stock incentive plan ESOP or other employee incentives.80
Chapter 5. Environmental and Social Responsibilities
I. Environmental protection
Did the listed Company and its subsidiaries belong to the major pollutant discharge units announced by the Ministry of Ecology and
Environment？
□ Yes √ No
Other environmental related information
SF is deeply aware of the significance of green practice. As an enterprise with a sense of social responsibility SF has been
committed to building sustainable supply chain services.We released the SF Holding Carbon Target White Paper 2021 on the World
Environment Day on June 5 2021 and formulated ambitious carbon emission reduction targets and strategic plans based on past
carbon reduction achievements. We have set two carbon reduction targets. Firstly SF will drive carbon green evolution through its
technology advantages with a target to improve carbon efficiency by 55% in 2030 compared to 2021. Secondly in order to construct
climate-friendly express delivery the carbon footprint of each express parcel will be reduced by 70% in 2030 compared to 2021. We
have formulated a 10-year carbon reduction action plan to promote the achievement of the targets. Based on business growth
forecasts the amount of carbon emissions that need to be reduced will increase year by year. We intend to achieve carbon reduction
goals by adjusting the energy structure upgrading transportation and business models thorough application of technological means
and other means such as forestry carbon sinks and carbon trading.In practice SF has continuously injected technoloy in its operation promoted the green and low-carbon reform with the power
of science and technology improved and reshaped the logistics link of supply chain subsequently made great achievements in
packaging transportation transport and other links. As of the first half of 2021 electronic waybills basically achieved full coverage
the packaging ratio for thin tape reached 99.88% and non-secondary packaging ratio for e-commerce express reached 99.37%.We also hopes that the green value extends to the supply chain so it advocates and joins hands with upstream and downstream
partners and customers to promote the green transformation and upgrading of the industry through technological empowerment and
jointly assume the responsibility of protecting the earth becoming partners to achieve zero carbon emissions.II. Social Responsibilities
Empowering rural revitalization through industry services: SF Holding is the first domestic logistics company to deliver
fresh agricultural products directly from farmers to urban consumers in the form of express delivery. Since then we have established
a business model from "field" to "mouth". For a long time a large number of high-quality agricultural products have encountered
problems in the delivery process such as easy to damage difficulty in packaging prolonged transportation process and inability to
form large scale. They have also encountered problems in marketing process such as few channels single form hard to find large
quantity of customers and inability to have brand effect. Over time farmers are hard to expand their income and impossible for the
agricultural products to achieve profitability. SF Holding adhered to the concept of distributing quality agricultural products across
the country and promoting better brands of agricultural products.Through the construction of collection points of agricultural products in the field R&D investment in mobile sorting vehicles
to adapt to small-batch allocation construction of fresh products’ pretreatment centers close to the place of origin tailored design for81
the packaging of various fresh products deployment of specialized refrigerated vehicles during the harvest season of characteristic
agricultural products exclusive all-cargo aircrafts and other transportation resources SF Holding continued to refresh the delivery
speed of agricultural products in circulations and to innovate fresh-preserving methods in delivery processes helping farmers to
transport quality agricultural products out of the mountain to the tables of thousands of households. With a robust logistics network
top-notch packaging technology and superior delivery capability SF Holding overcame each thorny category of transportation
including hairy crabs beef and mutton live fish seafood lychee strawberry peach matsutake etc. to realize a direct delivery
model with Chinese characteristics and nationwide coverage. SF Holding insisted to diversify the range of its services and business
scenarios through innovative logistics models efficiency enhancement through cost reduction and market pricing. In addition to
providing efficient logistics and distribution SF Holding actively assisted local governments in building regional public brands to
make more agricultural products known to consumers such as traceability and testing of agricultural residues for rural revitalization
allowing the Chinese to know taste and recognize more local brands of characteristic agricultural products.Up to now the upstream service network of agricultural products assisted by SF Holding has covered more than 2800 cities
and more than 4000 fresh products across the country. In the first half of 2021 SF Holding delivered 2139 tons and 417 million
deliveries of characteristic agricultural products generating an income of around RMB 21.2 billion to local farmers.2021 is beginning of the "14th Five-Year Plan" which is also a year for rural revitalization acceleration. To actively respond to
the national strategy continue to consolidate and expand the poverty alleviation achievements and effectively cohesion with rural
revitalization SF Holding targeted all 832 national-level poverty counties and more than 240 provincial-level poverty counties that
have been lifted out of poverty to continuously promote the special assistance and subsidy program for rural revitalization. We
continue to invest human resources money and supplies to help poverty-stricken villages achieve sustainable development to help
poverty-stricken villages achieve sustainability develop.82
Chapter 6. Significant Events
I. Commitments made by the Company’s actual controllers shareholders related parties
purchasers and others that were fulfilled during the reporting period and those not fulfilled
as of the end of the reporting period
□Applicable √ Not applicable
II. Status of Capital of the Listed Company Used for Non-operating Purposes by the
Controlling Shareholder and Other Related Parties
□Applicable √ Not applicable
III. Illegal Provision of Guarantees for External Parties
□Applicable √ Not applicable
IV. Details Regarding Engagement and Disengagement of Auditor
Is the semi-annual financial report audited?
□Yes √ No
The Company’s semi-annual financial report has not been audited.V. Explanations provided by the Board of Directors the Supervisory Committee regarding
the “non-standard audit report” issued by the auditor for the reporting period
□Applicable √ Not applicableVI. Explanations provided by the Board of Directors regarding the “non-standard auditreport” issued by the auditor for the last year
□Applicable √ Not applicable
VII. Bankruptcy and Reorganization
□Applicable √ Not applicable
There was no such situation for the Company during the reporting period.VIII. Lawsuit
Significant Lawsuit or Arbitration
□Applicable √ Not applicable
There was no significant lawsuit or arbitration during the reporting period.Other legal cases
□ Applicable √ Not applicable
As of June 30 2021 other legal proceedings of the listed Company and its subsidiaries were as follows:83
1. The total amount involved in legal cases resolved during the reporting period was RMB101.30 million.2. Cases not yet resolved during the reporting period include: Cases involving the Company and its subsidiaries as defendants
amounted to RMB196.82 million accounting for 0.35% of audited net assets attributable to shareholders of the parent Company at
the end of 2020. The above-mentioned litigation matters include a number of independent traffic accident cases and transportation
claims with small amounts involved. The Company and its subsidiaries have already purchased commercial insurance for operating
vehicles transportation and other business activities. Based on the historical experience the insurance purchased can basically cover
the losses caused by the case. Cases involving the Company and its subsidiaries as plaintiffs amounted to RMB347.74 million
accounting for 0.62% of audited net assets attributable to shareholders of the parent Company at the end of 2020. The described legal
proceedings will not have a material adverse effect on the Company’s financial status and ability to continue operations.IX. Punishment and rectification
□Applicable √ Not applicable
X. Integrity of the Company its controlling shareholders and actual controller
□Applicable √ Not applicable84
XI. Significant related-party transactions
1. Related-party transactions relevant to routine operations
√Applicable □Not applicable
Proporti
Type of on of Approved Was the Related-pa
Transaction
related Details of Pricing principle same transaction approved rty Similar
Transact amount (10 Disclosure
Related Party Relationship party related-party of the related category quota (10 quota transaction Market Disclosure index
ion price thousands date
transacti transaction party transaction of Thousands exceeded settlement price
RMB)
on transacti RMB) ？ method
ons
Settlement Announcement on
CourierFair pricing based based on the“Proposal on EstimatedProvide service
on market prices the Daily Related-party
Mingde Holding Controlling services communicatin accordance with Contract settlement January Transaction Amount in 2021”
and its shareholder of to ion service 6878.94 0.08% 30000.00 No N/A
the principle of price period and 82021 disclosed at CNINFO
subsidiaries the Company related technology
independent terms in (Announcement No.parties development
transactions the 2021-007)
service etc.contract (http://www.cninfo.com.cn)
Settlement Announcement onFair pricing based based on the“Proposal on EstimatedReceive
on market prices the Daily Related-party
Mingde Holding Controlling services Agentin accordance with Contract settlement January Transaction Amount in 2021”
and its shareholder of from service fees 10222.31 0.13% 45000.00 No N/A
the principle of price period and 82021 disclosed at CNINFO
subsidiaries the Company related etc.independent terms in (Announcement No.parties
transactions the 2021-007)
contract (http://www.cninfo.com.cn)
Settlement Announcement on
PurchaseFair pricing based based on the“Proposal on Estimatedof goods
on market prices the Daily Related-party
Mingde Holding Controlling / Purchase ofin accordance with Contract settlement January Transaction Amount in 2021”
and its shareholder of equipme goods / 11655.63 0.15% 30000.00 No N/A
the principle of price period and 82021 disclosed at CNINFO
subsidiaries the Company nt from equipment
independent terms in (Announcement No.related
transactions the 2021-007)
parties
contract (http://www.cninfo.com.cn)85
Settlement Announcement onFair pricing based based on the“Proposal on EstimatedLease of
on market prices the Daily Related-party
Mingde Holding Controlling premisesLease of in accordance with Contract settlement January Transaction Amount in 2021”
and its shareholder of from 7367.57 0.09% 10000.00 No N/A
premises the principle of price period and 82021 disclosed at CNINFO
subsidiaries the Company related
independent terms in (Announcement No.parties
transactions the 2021-007)
contract (http://www.cninfo.com.cn)
A senior Settlement Announcement onmanager of the Fair pricing based based on the“Proposal on EstimatedProvide
CR-SF Company serves on market prices the Daily Related-party
servicesInternational as adirector of Transportati in accordance with Contract settlement January Transaction Amount in 2021”
to 9211.67 0.10% 55000.00 No N/A
Express Co. CRSF on services the principle of price period and 82021 disclosed at CNINFO
related
Ltd. International independent terms in (Announcement No.parties
Express Co. transactions the 2021-007)
Ltd. contract (http://www.cninfo.com.cn)
A senior Settlement Announcement onmanager of the Fair pricing based based on the“Proposal on EstimatedReceive
CR-SF Company serves on market prices the Daily Related-party
servicesInternational as a director of Transportati in accordance with Contract settlement January Transaction Amount in 2021”
from 29123.19 0.37% 90000.00 No N/A
Express Co. CRSF on services the principle of price period and 82021 disclosed at CNINFO
related
Ltd. International independent terms in (Announcement No.parties
Express Co. transactions the 2021-007)
Ltd. contract (http://www.cninfo.com.cn)
A director of the Settlement Announcement onCompany serves Fair pricing based based on the“Proposal on EstimatedM China Provide Supply
as a director of on market prices the Daily Related-party
Management services chainthe parent in accordance with Contract settlement January Transaction Amount in 2021”
Limited and its to service and 76808.54 0.87% 155000.00 No N/A
company of M the principle of price period and 82021 disclosed at CNINFO
subsidiaries and related distribution
China independent terms in (Announcement No.its franchisees parties service
Management transactions the 2021-007)
Limited contract (http://www.cninfo.com.cn)
A director of the
Settlement Announcement on
China Company serves PurchaseFair pricing based based on the“Proposal on IncreasingInternational as a director of of goods
on market prices the the Estimated Daily
Marine China /
Purchase of in accordance with Contract settlement May Related-party Transaction
Containers International equipme 56422.72 0.71% 140000.00 No N/Aequipment the principle of price period and 292021 Amount in 2021” disclosed at
(Group) Co. Marine nt from
independent terms in CNINFO (Announcement No.Ltd. and its Containers related
transactions the 2021-074)
subsidiaries (Group) Co. parties
contract (http://www.cninfo.com.cn)
Ltd.Total -- -- 207690.57 -- 555000.00 -- -- -- -- --86
Details of large amount of sales returns Nil
The Company’s tenth meeting of the fifth Board of Directors on January 72021 and the First Extraordinary General Meeting of Shareholders
Actual performance in the reporting period versus of 2021 on January 272021 reviewed and approved the “Proposal on Estimated Daily Related-party Transaction Amount in 2021.” Also thepredicted total amount of daily related-party transactions Company’s sixteenth meeting of the fifth Board of Directors on May 282021 reviewed and approved the “Proposal on Increasing theby types (if any) Estimated Daily Related-party Transaction Amount in 2021.”The amount of the aforementioned related-party transactions did not exceed the
approved amount.Reason for significant difference between the transaction
N/A
price and the market price (if applicable)87
2. Related-party transactions relevant to purchases and sales of assets or equities
□Applicable √ Not applicable
No related-party transactions relevant to purchases and sales of assets or equities during the reporting period.3. Related-party transactions with joint investments
□Applicable √ Not applicable
No related-party transactions with joint investments during the reporting period.4. Credits and liabilities with related parties
□Applicable√ Not applicable
No credits and liabilities with related parties in the reporting period.5. Transactions with related financial companies and financial companies controlled by the Company
□Applicable √ Not applicable
No deposits loans credits or other financial business between the Company and the related financial companies and financial
companies controlled by the Company and related parties.6. Other significant related-party transactions
√ Applicable □Not applicable
(1) Waiver of preemptive rights on the capital increase of an investee company
In order to expand the network layout quickly seize an advantageous position in the last-mile express logistics market provide
better services and experience to consumers and improve efficiency Hive Box Holdings Limited (“Hive Box”) an investee company
of the Company intended to introduce strategic investors for financing US$400 million(Hereinafter referred to as "This Financing").Original shareholders of Hive Box will not participate in the subscription for new shares. After the completion of This Financing the
Company’s shareholdings in Hive Box will be diluted from 10.06% to 8.73%.In view of the fact that This Financing involves the Company waiving their preemptive rights on the capital increase of Hive
Box according to the Stock Listing Rules of Shenzhen Stock Exchange and other related regulations Hive Box is a related party of
the Company and therefore the Company’s waiver of preemptive rights on the capital increase of its investee company constitutes a
related party transaction.On January 7 2021 the Company’s waiver of preemptive rights on the capital increase of its investee company Hive Box was
reviewed and approved at the tenth meeting of the fifth Board of Directors and the tenth meeting of the fifth board of supervisors of
the Company respectively the contents of which are detailed in the Company’s announcements (Announcement No.2021-0042021-0052021-006) disclosed on CNINFO.
(2) Related party transactions on capital increase to SF Intra-city
In order to accelerate the implementation of the last mile strategy strengthen barriers to competition and further enhance the
core competitiveness of the Company the Company intends to contribute increased capital to Hangzhou SF Intra-city Industrial Co.Ltd.(“SF Intra-city”) a subsidiary through Taisen Holding a wholly-owned subsidiary and Taisen Holding intends to enter into the88
Capital Increase Agreement with SF Intra-city of which both parties agree that the amount of the capital increase is RMB409 million.Other shareholders of SF Intra-city will not participate in the subscription of the additional shares. Upon completion of the capital
increase the Company's aggregate shareholding in SF Intra-city will increase from 65.46% to 66.76%.In light of that Zhang Yichen has been appointed as a representative for the executive partner of Beijing Xinrunheng Equity
Investment Partnership (Limited Partnership) (“Beijing Xinrunheng”) a shareholder of SF Intra-city and he concurrently serves as a
director of the Company. According to the Stock Listing Rules of Shenzhen Stock Exchange and other related regulations Beijing
Xinrunheng is a related party of the Company and the capital increase to subsidiary constitutes a related party transaction.On March 17 2021 the capital increase to subsidiary was considered and approved at the 12th meeting of the 5th session of the
Board and the 12th meeting of the 5th session of the board of supervisors. The contents of which are detailed in the Company’s
announcement (2021-027 2021-028 2021-036) disclosed on Cninfo.Major related party transactions were disclosed on the following websites:
Announcement Disclosure Date Disclosure Website
Announcement on the Resolution of the 10th Meeting of
January 8 2021 http://www.cninfo.com.cn
the 5th Session of the Board (2021-004)
Announcement on the Resolution of the 10th Meeting of
January 8 2021 http://www.cninfo.com.cn
the 5th Session of the Board of Supervisors (2021-005)
Announcement on Waiver of Preemptive Rights on
Capital Increase of an Investee Company and Related January 8 2021 http://www.cninfo.com.cn
Party Transaction (2021-006)
Announcement on the Resolution of the 12th Meeting of
March 18 2021 http://www.cninfo.com.cn
the 5th Session of the Board (2021-027)
Announcement on the Resolution of the 12th Meeting of
March 18 2021 http://www.cninfo.com.cn
the 5th Session of the Board of Supervisors (2021-028)
Announcement on Capital Increase to Subsidiary and
March 18 2021 http://www.cninfo.com.cn
Related Party Transaction(2021-036)
XII. Significant Contracts and Their Execution
1. Trusteeships contracts and leases
(1) Trusteeships
□ Applicable √ Not applicable
No significant trusteeships in the reporting period.
(2) Contracts
□ Applicable √ Not applicable
No significant contracts in the reporting period.
(3) Leases
□ Applicable √ Not applicable
No significant leases in the reporting period.89
2. Significant guarantees
√ Applicable □ Not applicable
Unit: RMB10 thousands
The listed Company and its subsidiaries’ guarantees to external parties (Guarantees to subsidiaries are not included)
Amount of
Disclosure Actual Actual Counter-g
guaranteed Type of Collateral Executed Guarantee for a
Guarantee party date of Quota date of guarantee uarantee Period of guarantee
guarantee (if any) ？
announcement Quota occurrence amount (if any)
related party？
approved
Joint liability Zhuhai
DHL Weiheng (Zhuhai) Supply Chain Management Co. Ltd. 2020/3/24 14700.00 2020/12/31 12642.00 Yes 2020/12/31-2033/12/23 No No
guarantee project land
Total guarantee quota approved for external parties during the reporting Total actual amount of guarantees for external
10000.00 0.00
period (A1) parties during the reporting period (A2)
Total guarantee quota approved for external parties at the end of the Total actual guarantee balance for external
339260.00 12642.00
reporting period (A3) parties at the end of the reporting period (A4)
The listed Company’s guarantees to subsidiaries
Amount of
Disclosure Actual Actual Counter-g
guaranteed Type of Collateral Executed Guarantee for a
Guarantee party date of Quota date of guarantee uarantee Period of guarantee
guarantee (if any) ？ related party？
announcement Quota occurrence amount (if any)
approved
Joint liability
SF HOLDING INVESTMENT LIMITED 2017/12/28 323187.50 2018/7/26 323187.50 None None 2018/7/26-2023/7/26 No No
guarantee
Joint liability
SF HOLDING INVESTMENT LIMITED 2019/1/4 600000.00 2020/2/20 452462.50 None None 2020/2/20-2030/2/20 No No
guarantee
Total guarantee quota approved for subsidiaries during the reporting Total actual amount of guarantees for
3803180.00 0.00
period (B1) subsidiaries during the reporting period (B2)
Total guarantee quota approved for the subsidiaries at the end of the Total actual guarantee balance for subsidiaries
4578830.00 775650.00
reporting period (B3) at the end of the reporting period (B4)
Subsidiary’s guarantees to subsidiaries
Amount of
Disclosure Actual Actual Counter-g
guaranteed Type of Collateral Executed Guarantee for a
Guarantee party date of Quota date of guarantee uarantee Period of guarantee
Quota guarantee (if any) ？ related party？ announcement occurrence amount (if any)
approved
Tianjin SF
Joint liability
Tianjin SF Fengtai E-commerce Industrial Park Co. Ltd. 2018/3/14 28000.00 2018/10/19 1000.00 Fengtai None 2018/10/19-2021/4/20 Yes No
guarantee
project land90
Tianjin SF
Joint liability
Tianjin SF Fengtai E-commerce Industrial Park Co. Ltd. 2018/3/14 28000.00 2018/10/19 3877.00 Fengtai None 2018/10/19-2033/10/19 No No
guarantee
project land
Tianjin SF
Joint liability
Tianjin SF Fengtai E-commerce Industrial Park Co. Ltd. 2018/3/14 28000.00 2018/10/19 2200.00 Fengtai None 2018/11/9-2033/10/19 No No
guarantee
project land
Tianjin SF
Joint liability
Tianjin SF Fengtai E-commerce Industrial Park Co. Ltd. 2018/3/14 28000.00 2018/10/19 1100.00 Fengtai None 2018/12/19-2033/10/19 No No
guarantee
project land
Tianjin SF
Joint liability
Tianjin SF Fengtai E-commerce Industrial Park Co. Ltd. 2018/3/14 28000.00 2018/10/19 2150.00 Fengtai None 2019/1/28-2033/10/19 No No
guarantee
project land
Joint liability
Shunyuan Financial Lease (Tianjin) Co. Ltd. 2019/3/16 70000.00 2019/4/22 2000.00 None None 2019/5/10-2021/4/20 Yes No
guarantee
Joint liability
Shunyuan Financial Lease (Tianjin) Co. Ltd. 2019/3/16 70000.00 2019/4/22 12000.00 None None 2019/5/10-2024/1/24 No No
guarantee
Joint liability
HAVI Logistics (Dongguan) Co. Ltd. 2019/3/16 6400.00 2019/5/10 4500.00 None None 2019/5/10-2021/4/18 Yes No
guarantee
Joint liability
SF Holding Limited 2020/3/24 824760.00 2020/5/25 8325.75 None None 2020/5/25-2021/6/30 Yes No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2019/3/16 1000.00 2020/4/14 1000.00 None None 2020/4/23-2021/4/23 Yes No
guarantee
Joint liability
Shenzhen Shunlu Air Freight Forwarding Co. Ltd. 2019/3/16 1000.00 2020/4/14 1000.00 None None 2020/4/22-2021/4/22 Yes No
guarantee
Joint liability
SF Holding Limited 2020/3/24 570760.00 2020/11/6 16651.50 None None 2020/11/6-2021/6/2 Yes No
guarantee
Joint liability
SF Holding Limited 2020/3/24 570760.00 2020/11/27 16651.50 None None 2020/11/27-2021/6/2 Yes No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2018/3/14 1500.00 2018/10/10 27.74 None None 2018/10/10-2021/7/30 No No
guarantee
Joint liability
Shanghai Fengtaiyuanxing Property Management Service Co. Ltd. 2018/3/14 10000.00 2018/9/1 4578.29 None None 2018/9/1-2021/8/31 No No
guarantee
Joint liability
SF Airlines Company Limited 2018/3/14 58000.00 2018/12/25 2500.00 None None 2019/2/7-2021/2/7 Yes No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 8200.00 2019/4/26 12.61 None None 2019/4/26-2021/5/15 Yes No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 8200.00 2019/5/23 83.26 None None 2019/5/23-2022/5/31 No No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 8200.00 2019/5/23 140.37 None None 2019/5/23-2022/5/31 No No
guarantee
Changchun Fengtai E-commerce Industrial Park Management Co. Joint liability
2019/3/16 600.00 2019/7/16 209.00 None None 2019/7/16-2021/7/23 No No
Ltd. guarantee91
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 13200.00 2019/7/4 24.59 None None 2019/7/4-2021/2/19 Yes No
guarantee
Joint liability
2019/3/16 26000.00 2019/8/23 5000.00 None None 2019/8/23-2021/8/15 No No
SF Airlines Company Limited guarantee
Joint liability
SF Airlines Company Limited 2019/3/16 26000.00 2019/8/22 3000.00 None None 2019/8/22-2021/8/15 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2019/3/16 2500.00 2019/9/3 30.00 None None 2019/9/3-2021/1/31 Yes No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 13200.00 2019/10/2 19.98 None None 2019/10/2-2022/7/14 No No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 13200.00 2019/10/2 10.48 None None 2019/10/2-2021/8/25 No No
guarantee
Joint liability
Weihai S.F. Express Co. Ltd. 2019/3/16 100.00 2019/11/15 1.00 None None 2019/11/15-2021/1/31 Yes No
guarantee
Joint liability
Weihai S.F. Express Co. Ltd. 2019/3/16 100.00 2019/11/15 1.00 None None 2019/11/15-2021/1/31 Yes No
guarantee
note1 Joint liability DSC Logistics (Beijing) Co. Ltd 2019/3/16 5100.00 2019/12/2 53.21 None None 2019/12/2-2021/2/28 Yes No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2019/3/16 5100.00 2019/12/27 0.31 None None 2019/12/27-2021/2/28 Yes No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2019/3/16 4000.00 2019/12/30 8.33 None None 2019/12/30-2021/1/4 Yes No
guarantee
Shenzhen Fengtai E-commerce Industrial Park Property Service Joint liability
2019/3/16 3700.00 2019/8/1 3342.61 None None 2019/8/1-2022/7/31 No No
Co. Ltd. guarantee
Joint liability
Yiwu Fengyutai Enterprise Management Co. Ltd. 2019/3/16 1400.00 2019/8/1 1239.44 None None 2019/8/1-2022/7/31 No No
guarantee
Joint liability
Huai'an Fengtai Enterprise Management Co. Ltd. 2019/3/16 400.00 2019/8/1 315.54 None None 2019/8/1-2022/7/31 No No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2019/3/16 11900.00 2020/1/17 36.77 None None 2020/1/17-2021/1/20 Yes No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2019/3/16 4000.00 2020/1/8 83.26 None None 2020/1/8-2021/1/14 Yes No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2019/3/16 400.00 2020/1/19 58.44 None None 2020/1/19-2021/1/10 Yes No
guarantee
Joint liability
Xinjiang SF Express Co.LTD. 2019/3/16 100.00 2020/1/19 2.00 None None 2020/1/19-2021/1/17 Yes No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2019/3/16 300.00 2020/1/20 67.36 None None 2020/1/20-2021/1/10 Yes No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2019/3/16 2000.00 2020/1/17 5.23 None None 2020/1/17-2021/2/28 Yes No
guarantee
Shenzhen S.F. Supply Chain Co. Ltd. 2019/3/16 11900.00 2020/1/10 120.13 Joint liability None None 2020/1/10-2021/2/28 Yes No92
guarantee
Joint liability
TIANJIN S.F. EXPRESS CO. LTD. 2019/3/16 800.00 2020/1/17 80.90 None None 2020/1/17-2021/12/31 No No
guarantee
Joint liability
Wenzhou Shunheng Express Co. Ltd. 2019/3/16 200.00 2020/1/17 110.00 None None 2020/1/17-2021/1/10 Yes No
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2019/3/16 200.00 2020/2/19 100.00 None None 2020/2/19-2021/1/31 Yes No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2019/3/16 200.00 2020/2/19 12.74 None None 2020/2/19-2021/2/28 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2019/3/16 26000.00 2020/2/24 2.00 None None 2020/2/24-2021/2/21 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2019/3/16 26000.00 2020/2/24 22.03 None None 2020/2/24-2021/3/6 Yes No
guarantee
Joint liability
Yantai S.F. Express Co. Ltd. 2019/3/16 200.00 2020/2/24 65.00 None None 2020/2/24-2021/1/31 Yes No
guarantee
Joint liability
Zhanjiang S.F. Express Co. Ltd. 2019/3/16 50.00 2020/2/19 25.00 None None 2020/2/19-2021/8/5 No No
guarantee
Joint liability
Chongqing Huiyifeng Logistics Co. Ltd. 2019/3/16 2800.00 2020/2/14 1500.00 None None 2020/2/14-2021/1/21 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2019/3/16 26000.00 2020/3/3 16.64 None None 2020/3/3-2021/2/24 Yes No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2019/3/16 11900.00 2020/3/5 600.00 None None 2020/3/5-2021/2/28 Yes No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2019/3/16 2500.00 2020/3/5 100.00 None None 2020/3/5-2021/1/31 Yes No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2019/3/16 1900.00 2020/3/5 50.00 None None 2020/3/5-2021/2/28 Yes No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2019/3/16 2100.00 2020/3/16 100.00 None None 2020/3/16-2021/4/15 Yes No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2019/3/16 2100.00 2020/3/16 80.00 None None 2020/3/16-2021/6/30 Yes No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2019/3/16 600.00 2020/3/16 45.37 None None 2020/3/16-2021/3/9 Yes No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2019/3/16 1500.00 2020/3/16 100.00 None None 2020/3/16-2021/4/20 Yes No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2019/3/16 5900.00 2020/3/19 20.00 None None 2020/3/19-2021/3/31 Yes No
guarantee
Joint liability
S.F. Express Co. Ltd. 2019/3/16 25000.00 2020/3/3 500.00 None None 2020/3/3-2021/3/1 Yes No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2019/3/16 4000.00 2020/3/19 49.95 None None 2020/3/19-2021/3/31 Yes No
guarantee93
Joint liability
Chengdu Shunyifeng Pharmaceutical Co. Ltd. 2019/3/16 100.00 2020/3/20 43.63 None None 2020/3/20-2021/3/12 Yes No
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2019/3/16 5000.00 2020/3/30 350.00 None None 2020/3/30-2021/3/12 Yes No
guarantee
Joint liability
Xi'an Shunlu Logistics Co. Ltd. 2019/3/16 1300.00 2020/3/30 230.90 None None 2020/3/30-2021/3/27 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2019/3/16 500.00 2020/3/26 5.00 None None 2020/3/26-2021/1/31 Yes No
guarantee
Joint liability
S.F. Express Co. Ltd. 2019/3/16 25000.00 2020/3/23 3000.00 None None 2020/3/23-2021/3/11 Yes No
guarantee
Joint liability
S.F. Express (Huizhou) Co. Ltd. 2019/3/16 450.00 2020/3/23 19.57 None None 2020/3/23-2021/6/30 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2019/3/16 26000.00 2020/3/23 57.77 None None 2020/3/23-2021/3/12 Yes No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2019/3/16 2000.00 2020/3/23 22.84 None None 2020/3/23-2021/2/28 Yes No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2019/3/16 13200.00 2020/3/25 64.64 None None 2020/3/25-2021/5/26 Yes No
guarantee
Joint liability
SF-Express(Ningxia)Co.Ltd 2019/3/16 200.00 2020/3/31 100.00 None None 2020/3/31-2021/1/31 Yes No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2019/3/16 2700.00 2020/4/3 173.39 None None 2020/4/3-2022/7/31 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2019/3/16 2700.00 2020/4/3 328.86 None None 2020/4/3-2022/7/31 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2019/3/16 2700.00 2020/4/3 500.00 None None 2020/4/3-2023/4/3 No No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2019/3/16 600.00 2020/4/10 56.87 None None 2020/4/10-2021/3/19 Yes No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2019/3/16 1900.00 2020/4/15 28.39 None None 2020/4/15-2021/6/30 Yes No
guarantee
note1 Joint liability DSC Logistics (Beijing) Co. Ltd 2020/3/24 2000.00 2020/4/28 70.35 None None 2020/4/28-2022/9/30 No No
guarantee
Joint liability
S.F. EXPRESS (AUSTRALIA) PTY LTD 2020/3/24 1500.00 2020/4/21 19.49 None None 2020/4/21-2021/3/31 Yes No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/4/29 10.00 None None 2020/4/29-2021/4/21 Yes No
guarantee
Joint liability
Chengdu Taishun Logistics Co.Ltd. 2020/3/24 2000.00 2020/4/28 100.00 None None 2020/4/28-2021/1/31 Yes No
guarantee
Joint liability
FS ELECTRONIC TECHNOLOGY CO. LIMITED 2020/3/24 1000.00 2020/4/16 288.57 None None 2020/4/16-2021/7/31 No No
guarantee
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2020/4/29 64.96 Joint liability None None 2020/4/29-2021/4/21 Yes No94
guarantee
Joint liability
Hebei S.F. Express Co. Ltd. 2020/3/24 400.00 2020/4/16 12.68 None None 2020/4/16-2021/4/10 Yes No
guarantee
Joint liability
Hubei S.F. Transportation Co. Ltd. 2020/3/24 700.00 2020/4/28 323.29 None None 2020/4/28-2021/4/15 Yes No
guarantee
Joint liability
Jiangxi S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/4/16 223.43 None None 2020/4/16-2021/4/10 Yes No
guarantee
Joint liability
NINGBO SHUNFENG EXPRESS CO.LTD. 2020/3/24 3000.00 2020/4/16 550.00 None None 2020/4/16-2021/5/7 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/4/16 30.00 None None 2020/4/16-2021/1/31 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/4/29 309.71 None None 2020/4/29-2021/4/21 Yes No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 3000.00 2020/4/26 107.41 None None 2020/4/26-2021/4/15 Yes No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2020/3/24 10000.00 2020/4/23 400.00 None None 2020/4/23-2021/1/31 Yes No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/4/29 500.00 None None 2020/4/29-2021/4/26 Yes No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/4/16 230.00 None None 2020/4/16-2021/4/30 Yes No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/4/29 500.00 None None 2020/4/29-2021/3/27 Yes No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/4/29 500.00 None None 2020/4/29-2021/5/5 Yes No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/4/23 60.00 None None 2020/4/23-2021/4/14 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/4/16 2000.00 None None 2020/4/16-2021/4/15 Yes No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2020/3/24 3000.00 2020/4/29 15.03 None None 2020/4/29-2021/4/24 Yes No
guarantee
Joint liability
S.F. Express Group (Shanghai) Co. Ltd. 2020/3/24 1200.00 2020/4/28 100.00 None None 2020/4/28-2021/10/31 No No
guarantee
Joint liability
SF Express ChongQing CO.LTD 2020/3/24 1000.00 2020/4/26 169.01 None None 2020/4/26-2021/4/15 Yes No
guarantee
Joint liability
SF Pharmaceutical Supply Chain Hubei Co. Ltd. 2020/3/24 100.00 2020/4/23 5.00 None None 2020/4/23-2021/3/31 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 500.00 2020/4/27 11.61 None None 2020/4/27-2021/4/21 Yes No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/4/16 20.00 None None 2020/4/16-2021/4/7 Yes No
guarantee95
Joint liability
Zhejiang Shunhefeng Freight Co. Ltd. 2020/3/24 700.00 2020/4/29 10.00 None None 2020/4/29-2021/4/21 Yes No
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2020/3/24 3000.00 2020/4/28 749.32 None None 2020/4/28-2021/4/21 Yes No
guarantee
Joint liability
S.F. Transportation (Changzhou) Co. Ltd. 2020/3/24 200.00 2020/4/30 74.85 None None 2020/4/30-2021/4/21 Yes No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1200.00 2020/5/26 18.02 None None 2020/5/26-2021/4/30 Yes No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2020/5/19 1086.87 None None 2020/5/19-2022/12/14 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1200.00 2020/5/29 692.81 None None 2020/5/29-2021/4/30 Yes No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/5/18 58.86 None None 2020/5/18-2022/7/31 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/5/18 237.86 None None 2020/5/18-2022/7/31 No No
guarantee
Joint liability
Shaanxi SF Freight Co. Ltd. 2020/3/24 400.00 2020/5/13 59.55 None None 2020/5/13-2021/7/31 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2000.00 2020/5/12 83.26 None None 2020/5/12-2021/5/21 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/5/28 31.58 None None 2020/5/28-2021/5/25 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/5/28 94.74 None None 2020/5/28-2021/5/15 Yes No
guarantee
Joint liability
Chengdu Taishun Logistics Co.Ltd. 2020/3/24 2000.00 2020/5/19 900.00 None None 2020/5/19-2021/4/30 Yes No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2020/5/19 12.28 None None 2020/5/19-2021/5/8 Yes No
guarantee
Joint liability
Hebei S.F. Express Co. Ltd. 2020/3/24 400.00 2020/5/20 90.00 None None 2020/5/20-2021/3/31 Yes No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 450.00 2020/5/20 60.35 None None 2020/5/20-2021/5/14 Yes No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 5500.00 2020/5/19 75.00 None None 2020/5/19-2021/3/31 Yes No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2020/3/24 2000.00 2020/5/19 391.19 None None 2020/5/19-2021/1/31 Yes No
guarantee
Joint liability
Liaoning Shunlu Logistics Co. Ltd. 2020/3/24 1000.00 2020/5/28 191.30 None None 2020/5/28-2021/4/30 Yes No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/6/1 50.00 None None 2020/6/1-2021/4/15 Yes No
guarantee
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/6/1 24.93 Joint liability None None 2020/6/1-2021/4/30 Yes No96
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/6/10 1825.00 None None 2020/6/10-2021/2/28 Yes No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 700.00 2020/6/10 169.71 None None 2020/6/10-2021/3/31 Yes No
guarantee
DSC Logistics (Beijing) Co. Ltd note1
Joint liability
2020/3/24 2000.00 2020/6/10 519.61 None None 2020/6/10-2021/12/31 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/6/10 116.56 None None 2020/6/10-2021/12/31 No No
guarantee
note1 Joint liability DSC Logistics (Beijing) Co. Ltd 2020/3/24 2000.00 2020/6/11 24.85 None None 2020/6/11-2022/7/31 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/6/29 180.00 None None 2020/6/29-2021/5/31 Yes No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/6/8 59.72 None None 2020/6/8-2021/5/31 Yes No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/6/29 99.37 None None 2020/6/29-2021/6/30 Yes No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2020/6/1 11.38 None None 2020/6/1-2021/4/30 Yes No
guarantee
Joint liability
HaiNan S.F.Express LTD. 2020/3/24 500.00 2020/6/29 35.00 None None 2020/6/29-2021/1/31 Yes No
guarantee
Joint liability
Hangzhou SF Zhida Logistics Co. Ltd. 2020/3/24 550.00 2020/6/1 256.59 None None 2020/6/1-2021/5/19 Yes No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/6/29 24.93 None None 2020/6/29-2021/7/30 No No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/6/1 80.00 None None 2020/6/1-2021/5/31 Yes No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 450.00 2020/6/17 3.00 None None 2020/6/17-2021/6/14 Yes No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 450.00 2020/6/1 82.33 None None 2020/6/1-2021/5/31 Yes No
guarantee
Joint liability
Jinhua S.F. Express Co. Ltd. 2020/3/24 200.00 2020/6/1 5.00 None None 2020/6/1-2021/4/30 Yes No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2020/3/24 500.00 2020/6/1 7.00 None None 2020/6/1-2021/4/30 Yes No
guarantee
Joint liability
Nantong S.F. Express Co. Ltd. 2020/3/24 100.00 2020/6/1 12.27 None None 2020/6/1-2021/5/18 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/6/1 150.00 None None 2020/6/1-2021/5/31 Yes No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 1500.00 2020/6/1 2.00 None None 2020/6/1-2021/5/14 Yes No
guarantee97
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/6/10 30.40 None None 2020/6/10-2021/5/25 Yes No
guarantee
Joint liability
Shanghai Shuncheng Logistics Co. Ltd. 2020/3/24 1500.00 2020/6/12 400.00 None None 2020/6/12-2021/9/30 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 200.00 2020/6/10 14.54 None None 2020/6/10-2021/5/31 Yes No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 200.00 2020/6/30 23.00 None None 2020/6/30-2021/5/31 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/6/24 1200.00 None None 2020/6/24-2021/5/13 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/6/8 9.43 None None 2020/6/8-2021/4/30 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/6/22 96.96 None None 2020/6/22-2021/3/31 Yes No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2020/6/8 100.00 None None 2020/6/8-2021/4/30 Yes No
guarantee
Joint liability
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2020/6/4 43.35 None None 2020/6/4-2021/5/31 Yes No
guarantee
Joint liability
Wuxi S.F. Express Co. Ltd. 2020/3/24 500.00 2020/6/3 20.00 None None 2020/6/3-2021/5/23 Yes No
guarantee
Joint liability
Xinjiang SF Express Co.LTD. 2020/3/24 210.00 2020/6/29 104.78 None None 2020/6/29-2021/6/19 Yes No
guarantee
Joint liability
Zhaoqing S.F. Express Co. Ltd. 2020/3/24 100.00 2020/6/10 16.20 None None 2020/6/10-2021/6/5 Yes No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/6/11 21.65 None None 2020/6/11-2021/11/30 No No
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2020/3/24 3000.00 2020/6/8 40.00 None None 2020/6/8-2021/5/28 Yes No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/6/24 5.00 None None 2020/6/24-2021/6/15 Yes No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/6/24 1.00 None None 2020/6/24-2021/6/19 Yes No
guarantee
Joint liability
Shenzhen SF Freight Co. Ltd. 2020/3/24 2000.00 2020/6/24 325.15 None None 2020/6/24-2021/6/11 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/6/19 3.23 None None 2020/6/19-2021/6/20 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 20000.00 2020/6/19 12.93 None None 2020/6/19-2021/6/28 Yes No
guarantee
Joint liability
TIANJIN S.F. EXPRESS CO. LTD. 2020/3/24 700.00 2020/6/29 130.00 None None 2020/6/29-2021/7/29 No No
guarantee
Tibet S.F. Express Co. Ltd. 2020/3/24 100.00 2020/6/24 5.00 Joint liability None None 2020/6/24-2021/3/31 Yes No98
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2020/3/24 3000.00 2020/6/24 100.00 None None 2020/6/24-2021/5/31 Yes No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2020/6/24 45.17 None None 2020/6/24-2021/6/9 Yes No
guarantee
Joint liability
Liaoning Shunlu Logistics Co. Ltd. 2020/3/24 1000.00 2020/6/24 172.09 None None 2020/6/24-2021/6/11 Yes No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2000.00 2020/6/18 41.63 None None 2020/6/18-2021/7/6 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/7/17 25.00 None None 2020/7/17-2021/7/3 No No
guarantee
Joint liability
Hunan SF Freight Co. Ltd. 2020/3/24 200.00 2020/7/17 6.60 None None 2020/7/17-2021/5/14 Yes No
guarantee
Joint liability
S.F. Express Corporation 2020/3/24 1000.00 2020/7/22 129.28 None None 2020/7/22-2021/5/26 Yes No
guarantee
Joint liability
Shanghai Shuncheng Logistics Co. Ltd. 2020/3/24 1500.00 2020/7/14 380.00 None None 2020/7/14-2021/5/31 Yes No
guarantee
Joint liability
Qinghai SF Juyi Supply Chain Management Co. Ltd. 2020/3/24 100.00 2020/7/14 18.28 None None 2020/7/14-2021/7/10 No No
guarantee
Joint liability
Heilongjiang S.F. Express Co. Ltd. 2020/3/24 300.00 2020/7/14 117.21 None None 2020/7/14-2021/6/30 Yes No
guarantee
Joint liability
Zhejiang Shunhefeng Freight Co. Ltd. 2020/3/24 700.00 2020/7/14 5.00 None None 2020/7/14-2021/6/30 Yes No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/7/10 27.24 None None 2020/7/10-2021/3/31 Yes No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2020/3/24 500.00 2020/7/22 125.74 None None 2020/7/22-2021/7/6 No No
guarantee
Joint liability
Xi'an Shunlu Logistics Co. Ltd. 2020/3/24 1500.00 2020/7/10 9.42 None None 2020/7/10-2021/8/31 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/7/28 100.00 None None 2020/7/28-2021/9/30 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2020/3/24 3000.00 2020/7/22 200.00 None None 2020/7/22-2021/4/29 Yes No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/7/22 46.39 None None 2020/7/22-2021/7/9 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/7/3 14.18 None None 2020/7/3-2021/6/1 Yes No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2020/3/24 2000.00 2020/7/30 140.00 None None 2020/7/30-2021/8/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/7/14 300.00 None None 2020/7/14-2021/6/14 Yes No
guarantee99
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/7/2 500.00 None None 2020/7/2-2021/3/31 Yes No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 220000.00 2020/7/23 23.27 None None 2020/7/23-2021/6/29 Yes No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/7/30 47.26 None None 2020/7/30-2021/7/14 No No
guarantee
Joint liability
SF Transportation (Nanjing) Co. Ltd. 2020/3/24 600.00 2020/7/29 100.00 None None 2020/7/29-2021/6/15 Yes No
guarantee
Joint liability
Guang Zhou S.F. Express Co. Ltd. 2020/3/24 6000.00 2020/7/27 1200.00 None None 2020/7/27-2021/8/8 No No
guarantee
Joint liability
Guang Zhou S.F. Express Co. Ltd. 2020/3/24 6000.00 2020/7/27 1500.00 None None 2020/7/27-2021/8/8 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/7/10 110.00 None None 2020/7/10-2021/6/11 Yes No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/7/30 73.13 None None 2020/7/30-2021/6/30 Yes No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2020/3/24 500.00 2020/7/30 36.57 None None 2020/7/30-2021/7/15 No No
guarantee
Joint liability
XIAMEN SHUNFENG EXPRESS CO.LTD. 2020/3/24 500.00 2020/7/28 100.00 None None 2020/7/28-2021/7/31 No No
guarantee
Joint liability
Shanghai SF Freight Co. Ltd. 2020/3/24 1500.00 2020/7/27 418.25 None None 2020/7/27-2021/7/22 No No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/7/28 106.53 None None 2020/7/28-2021/7/20 No No
guarantee
Joint liability
Shenzhen SF Freight Co. Ltd. 2020/3/24 2000.00 2020/7/28 432.81 None None 2020/7/28-2021/7/31 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/7/30 13.08 None None 2020/7/30-2021/7/20 No No
guarantee
Joint liability
Yangzhou Shunfeng Express Transport Co. Ltd. 2020/3/24 300.00 2020/7/27 90.93 None None 2020/7/27-2021/7/22 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/7/30 28.15 None None 2020/7/30-2021/7/14 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/7/14 39.51 None None 2020/7/14-2021/7/6 No No
guarantee
Joint liability
Shanghai SF Freight Co. Ltd. 2020/3/24 1500.00 2020/8/3 418.25 None None 2020/8/3-2021/7/9 No No
guarantee
Joint liability
Guang Zhou S.F. Express Co. Ltd. 2020/3/24 6000.00 2020/8/6 1200.00 None None 2020/8/6-2021/8/8 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/8/5 29.11 None None 2020/8/5-2021/7/20 No No
guarantee
Jiangxi S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/8/5 113.03 Joint liability None None 2020/8/5-2021/7/14 No No100
guarantee
Joint liability
Fengrongliantong Technology (Shenzhen) Co. Ltd. 2020/3/24 15000.00 2020/8/7 2500.00 None None 2020/8/7-2021/8/4 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/8/7 110.00 None None 2020/8/7-2021/7/31 No No
guarantee
Joint liability
Shandong SF Freight Co. Ltd. 2020/3/24 1000.00 2020/8/12 75.00 None None 2020/8/12-2021/7/31 No No
guarantee
Joint liability
Yunnan Shunhe Freight Co. Ltd. 2020/3/24 250.00 2020/8/12 93.97 None None 2020/8/12-2021/7/29 No No
guarantee
Joint liability
Guangxi SF Freight Co. Ltd. 2020/3/24 250.00 2020/8/14 30.00 None None 2020/8/14-2021/8/5 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/8/12 10.00 None None 2020/8/12-2021/7/31 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/8/14 350.00 None None 2020/8/14-2021/1/31 Yes No
guarantee
Joint liability
Fujian Shunhe Supply Chain Management Co. Ltd. 2020/3/24 400.00 2020/8/18 26.36 None None 2020/8/18-2021/7/20 No No
guarantee
Joint liability
Fujian Shunhe Supply Chain Management Co. Ltd. 2020/3/24 400.00 2020/8/18 75.88 None None 2020/8/18-2021/7/20 No No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 220000.00 2020/8/4 8.78 None None 2020/8/4-2021/6/30 Yes No
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2020/3/24 1500.00 2020/8/12 12.00 None None 2020/8/12-2021/5/31 Yes No
guarantee
Joint liability
S.F. Express Corporation 2020/3/24 1000.00 2020/8/19 170.26 None None 2020/8/19-2021/8/3 No No
guarantee
Joint liability
SF Express (Europe) Co.Ltd 2020/3/24 3900.00 2020/8/7 3290.91 None None 2020/8/7-2025/7/16 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/8/20 300.00 None None 2020/8/20-2021/5/31 Yes No
guarantee
Joint liability
Hebei S.F. Express Co. Ltd. 2020/3/24 400.00 2020/8/12 30.00 None None 2020/8/12-2021/7/31 No No
guarantee
Joint liability
Jiangsu Huihai Logistics Co.Ltd. 2020/3/24 100.00 2020/8/19 20.00 None None 2020/8/19-2021/10/14 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/8/21 5.70 None None 2020/8/21-2021/8/13 No No
guarantee
Joint liability
Lanzhou S.F. Express Co. Ltd. 2020/3/24 100.00 2020/8/20 15.00 None None 2020/8/20-2021/6/30 Yes No
guarantee
Joint liability
NINGBO SHUNFENG EXPRESS CO.LTD. 2020/3/24 3000.00 2020/8/20 9.46 None None 2020/8/20-2021/7/30 No No
guarantee
QUANZHOU SHUNFENG TRANSPORTATION COMPANY Joint liability
2020/3/24 850.00 2020/8/12 500.00 None None 2020/8/12-2021/7/30 No No
LIMITED guarantee101
Joint liability
Quanzhou Shunlu Logistics Co. Ltd. 2020/3/24 1300.00 2020/8/21 105.55 None None 2020/8/21-2021/8/5 No No
guarantee
Joint liability
XIAMEN SHUNFENG EXPRESS CO.LTD. 2020/3/24 500.00 2020/8/12 150.00 None None 2020/8/12-2021/7/31 No No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 220000.00 2020/8/26 195.54 None None 2020/8/26-2021/8/31 No No
guarantee
Joint liability
Tibet S.F. Express Co. Ltd. 2020/3/24 100.00 2020/8/21 10.00 None None 2020/8/21-2021/5/30 Yes No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2020/8/31 53.41 None None 2020/8/31-2022/12/31 No No
guarantee
Joint liability
Yunnan S.F. Express Co. Ltd. 2020/3/24 500.00 2020/8/20 221.86 None None 2020/8/20-2021/7/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/8/14 80.00 None None 2020/8/14-2021/7/30 No No
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2020/3/24 33000.00 2020/8/21 10.00 None None 2020/8/21-2021/4/30 Yes No
guarantee
Joint liability
Shenzhen Fenglang Supply Chain Co. Ltd. 2020/3/24 5100.00 2020/8/19 236.70 None None 2020/8/19-2021/2/13 Yes No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/9/3 50.49 None None 2020/9/3-2021/8/12 No No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2020/3/24 10000.00 2020/9/1 41.94 None None 2020/9/1-2022/9/30 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/9/3 6.58 None None 2020/9/3-2021/10/31 No No
guarantee
Joint liability
Hubei Shunhefeng Freight Co. Ltd. 2020/3/24 200.00 2020/9/3 3.00 None None 2020/9/3-2021/8/25 No No
guarantee
Joint liability
Shanghai FONPAI Supply Chain Co. Ltd. 2020/3/24 100.00 2020/9/3 3.00 None None 2020/9/3-2021/8/13 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2020/9/11 115.10 None None 2020/9/11-2021/8/14 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/9/11 10.00 None None 2020/9/11-2021/9/3 No No
guarantee
Joint liability
Tianjin SF Zhida Logistics Co. Ltd. 2020/3/24 200.00 2020/9/11 20.00 None None 2020/9/11-2021/7/14 No No
guarantee
Joint liability
Shenzhen S.F. Intra-city Logistics Co. Ltd. 2020/3/24 500.00 2020/9/11 15.00 None None 2020/9/11-2021/4/30 Yes No
guarantee
Joint liability
Shenzhen S.F. Intra-city Logistics Co. Ltd. 2020/3/24 500.00 2020/9/11 15.00 None None 2020/9/11-2021/4/30 Yes No
guarantee
Joint liability
SF Supply Chain (Hong Kong) Limited 2020/3/24 2100.00 2020/9/29 853.11 None None 2020/9/29-2024/1/29 No No
guarantee
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2300.00 2020/9/22 24.98 Joint liability None None 2020/9/22-2021/9/30 No No102
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/9/28 3.00 None None 2020/9/28-2021/9/22 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2020/9/29 1.04 None None 2020/9/29-2021/9/29 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/9/17 500.00 None None 2020/9/17-2021/6/30 Yes No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/9/17 1300.00 None None 2020/9/17-2021/6/30 Yes No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/9/28 570.56 None None 2020/9/28-2021/9/30 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2020/3/24 3000.00 2020/9/30 464.88 None None 2020/9/30-2021/9/22 No No
guarantee
Joint liability
Dongguan DHL Supply Chain Co. Ltd. 2020/3/24 3300.00 2020/9/25 148.63 None None 2020/9/25-2021/9/29 No No
guarantee
Joint liability
Foshan S.F. Express Co. Ltd. 2020/3/24 900.00 2020/9/17 528.87 None None 2020/9/17-2021/8/31 No No
guarantee
Joint liability
Guizhou SF Zhida Freight Co. Ltd. 2020/3/24 300.00 2020/9/27 98.61 None None 2020/9/27-2021/9/14 No No
guarantee
Joint liability
Hangzhou SF Zhida Logistics Co. Ltd. 2020/3/24 1350.00 2020/9/29 256.59 None None 2020/9/29-2021/5/19 Yes No
guarantee
Joint liability
Hangzhou Zhentai Asset Management Co. Ltd. 2020/3/24 3500.00 2020/9/3 226.60 None None 2020/9/3-2021/8/31 No No
guarantee
Joint liability
Hangzhou Zhentai Asset Management Co. Ltd. 2020/3/24 3500.00 2020/9/3 290.10 None None 2020/9/3-2021/8/31 No No
guarantee
Joint liability
Hangzhou Zhentai Asset Management Co. Ltd. 2020/3/24 3500.00 2020/9/3 183.20 None None 2020/9/3-2021/8/31 No No
guarantee
Joint liability
Hangzhou Zhentai Asset Management Co. Ltd. 2020/3/24 3500.00 2020/9/3 183.20 None None 2020/9/3-2021/8/31 No No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/9/18 16.07 None None 2020/9/18-2021/8/25 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/9/30 108.16 None None 2020/9/30-2021/3/31 Yes No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/9/17 5.00 None None 2020/9/17-2021/9/14 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/9/2 8.00 None None 2020/9/2-2021/8/13 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/9/27 30.00 None None 2020/9/27-2021/9/15 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/7/28 22.20 None None 2020/7/28-2021/7/17 No No
guarantee103
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/9/27 27.66 None None 2020/9/27-2021/9/18 No No
guarantee
Joint liability
Jiangxi S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/9/18 15.00 None None 2020/9/18-2021/9/14 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2020/9/28 39.41 None None 2020/9/28-2021/8/31 No No
guarantee
Joint liability
Lanzhou S.F. Express Co. Ltd. 2020/3/24 100.00 2020/9/30 30.00 None None 2020/9/30-2021/9/21 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/9/30 139.35 None None 2020/9/30-2021/5/14 Yes No
guarantee
Joint liability
Nantong S.F. Express Co. Ltd. 2020/3/24 200.00 2020/9/30 74.27 None None 2020/9/30-2021/1/9 Yes No
guarantee
Joint liability
S.F. Express Group (Shanghai) Co. Ltd. 2020/3/24 2100.00 2020/9/29 200.00 None None 2020/9/29-2021/10/31 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/9/4 300.00 None None 2020/9/4-2021/8/31 No No
guarantee
Joint liability
Qinghai Shunfeng Express Co. Ltd. 2020/3/24 200.00 2020/9/8 34.65 None None 2020/9/8-2021/8/19 No No
guarantee
Joint liability
Shandong SF Freight Co. Ltd. 2020/3/24 1000.00 2020/9/27 101.91 None None 2020/9/27-2021/11/30 No No
guarantee
Joint liability
Shanghai Solution Plus Supply Chain Co. Ltd. 2020/3/24 1000.00 2020/9/29 140.63 None None 2020/9/29-2021/7/24 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/9/18 10.00 None None 2020/9/18-2021/6/30 Yes No
guarantee
Joint liability
Shenzhen Fengnong Technology Co. Ltd. 2020/3/24 310.00 2020/9/28 7.05 None None 2020/9/28-2021/7/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/9/27 36.56 None None 2020/9/27-2021/9/18 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/9/22 17.00 None None 2020/9/22-2021/12/31 No No
guarantee
Joint liability
S.F. Express (Huizhou) Co. Ltd. 2020/3/24 700.00 2020/9/17 378.94 None None 2020/9/17-2021/8/31 No No
guarantee
Joint liability
S.F.EXPRESS (TIANJIN) CO. LTD. 2020/3/24 300.00 2020/9/27 52.91 None None 2020/9/27-2021/2/26 Yes No
guarantee
Joint liability
S.F. Express Group (Shanghai) Co. Ltd. 2020/3/24 2100.00 2020/9/7 790.00 None None 2020/9/7-2022/2/28 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2020/9/27 30.00 None None 2020/9/27-2021/10/15 No No
guarantee
Joint liability
SF Express ChongQing CO.LTD 2020/3/24 1000.00 2020/9/17 262.66 None None 2020/9/17-2021/12/31 No No
guarantee
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/9/25 5.00 Joint liability None None 2020/9/25-2021/7/31 No No104
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/9/8 3.00 None None 2020/9/8-2021/7/31 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/9/8 77.87 None None 2020/9/8-2021/3/31 Yes No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/9/25 91.46 None None 2020/9/25-2021/6/30 Yes No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/9/28 87.38 None None 2020/9/28-2021/6/30 Yes No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/9/27 10.97 None None 2020/9/27-2021/9/16 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/9/27 2.00 None None 2020/9/27-2021/9/16 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/9/27 60.00 None None 2020/9/27-2021/9/21 No No
guarantee
Joint liability
Zhejiang Shunhefeng Freight Co. Ltd. 2020/3/24 700.00 2020/9/29 5.00 None None 2020/9/29-2021/9/3 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/9/3 100.00 None None 2020/9/3-2021/5/31 Yes No
guarantee
Joint liability
HaiNan S.F.Express LTD. 2020/3/24 700.00 2020/9/2 177.28 None None 2020/9/2-2021/8/31 No No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/9/2 80.00 None None 2020/9/2-2021/8/13 No No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/9/3 1.80 None None 2020/9/3-2021/4/30 Yes No
guarantee
Joint liability
Quanzhou Shunlu Logistics Co. Ltd. 2020/3/24 1300.00 2020/9/3 15.00 None None 2020/9/3-2021/7/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/9/3 100.00 None None 2020/9/3-2021/9/5 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2020/9/3 205.17 None None 2020/9/3-2021/9/23 No No
guarantee
Joint liability
Zhejiang Shun Feng Express Co. Ltd. 2020/3/24 2000.00 2020/9/2 600.00 None None 2020/9/2-2021/6/30 Yes No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/10/15 350.00 None None 2020/10/15-2021/10/15 No No
guarantee
Joint liability
Chongqing SF Zhida Supply Chain Management Co. Ltd. 2020/3/24 650.00 2020/10/16 148.36 None None 2020/10/16-2021/9/30 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/10/21 10.00 None None 2020/10/21-2021/10/10 No No
guarantee
Joint liability
Shenzhen Fengnong Technology Co. Ltd. 2020/3/24 310.00 2020/10/19 17.94 None None 2020/10/19-2021/7/31 No No
guarantee105
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/10/20 500.00 None None 2020/10/20-2021/10/10 No No
guarantee
Joint liability
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2020/10/22 14.78 None None 2020/10/22-2021/10/15 No No
guarantee
Joint liability
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2020/10/22 15.10 None None 2020/10/22-2021/10/15 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2020/10/22 224.64 None None 2020/10/22-2021/9/30 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/10/12 5.00 None None 2020/10/12-2021/8/31 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/10/28 563.53 None None 2020/10/28-2021/10/26 No No
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2020/3/24 700.00 2020/10/29 50.00 None None 2020/10/29-2021/10/15 No No
guarantee
Joint liability
Hebei S.F. Express Co. Ltd. 2020/3/24 400.00 2020/10/21 2.00 None None 2020/10/21-2021/10/10 No No
guarantee
Joint liability
HENAN S.F.EXPRESS CO.LTD 2020/3/24 600.00 2020/10/22 333.56 None None 2020/10/22-2021/10/15 No No
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2020/3/24 1500.00 2020/10/13 400.00 None None 2020/10/13-2021/7/31 No No
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2020/3/24 1500.00 2020/10/13 200.00 None None 2020/10/13-2021/7/31 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/10/13 5.00 None None 2020/10/13-2021/9/24 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/10/29 6.00 None None 2020/10/29-2021/10/15 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2020/10/28 78.38 None None 2020/10/28-2021/10/23 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/10/29 15.15 None None 2020/10/29-2022/1/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/10/28 7.74 None None 2020/10/28-2021/8/15 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/10/10 20.45 None None 2020/10/10-2021/9/9 No No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 220000.00 2020/10/29 20.30 None None 2020/10/29-2021/10/22 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2020/10/29 4.00 None None 2020/10/29-2021/6/21 Yes No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2020/10/29 200.00 None None 2020/10/29-2021/6/21 Yes No
guarantee
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2020/10/30 18.96 Joint liability None None 2020/10/30-2021/12/31 No No106
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/10/22 32.00 None None 2020/10/22-2021/4/9 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/10/22 49.65 None None 2020/10/22-2021/10/16 No No
guarantee
Joint liability
Xuzhou S.F. Express Co. Ltd. 2020/3/24 400.00 2020/10/13 195.67 None None 2020/10/13-2021/9/30 No No
guarantee
Joint liability
ZHONGSHAN S.F. EXPRESS CO. LTD 2020/3/24 600.00 2020/10/23 21.06 None None 2020/10/23-2021/5/14 Yes No
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2020/3/24 700.00 2020/11/4 50.00 None None 2020/11/4-2021/11/30 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2020/11/10 12.47 None None 2020/11/10-2021/10/27 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/11/6 28.11 None None 2020/11/6-2023/10/31 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/11/5 135.75 None None 2020/11/5-2023/10/31 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2020/11/20 153.35 None None 2020/11/20-2021/3/31 Yes No
guarantee
Joint liability
Hubei Shunhefeng Freight Co. Ltd. 2020/3/24 200.00 2020/11/10 5.67 None None 2020/11/10-2021/10/9 No No
guarantee
Joint liability
Hunan SF Freight Co. Ltd. 2020/3/24 200.00 2020/11/19 9.73 None None 2020/11/19-2021/10/31 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/11/10 2.46 None None 2020/11/10-2021/10/31 No No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2020/3/24 500.00 2020/11/10 2.00 None None 2020/11/10-2021/10/31 No No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2020/3/24 500.00 2020/11/9 6.72 None None 2020/11/9-2021/10/30 No No
guarantee
Joint liability
Qingdao SF Freight Co. Ltd. 2020/3/24 150.00 2020/11/17 54.07 None None 2020/11/17-2021/10/31 No No
guarantee
Joint liability
Shandong SF Freight Co. Ltd. 2020/3/24 1000.00 2020/11/9 101.91 None None 2020/11/9-2022/5/31 No No
guarantee
Joint liability
Shaanxi SF Freight Co. Ltd. 2020/3/24 400.00 2020/11/17 21.09 None None 2020/11/17-2021/6/30 Yes No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2020/3/24 10000.00 2020/11/2 40.00 None None 2020/11/2-2021/5/30 Yes No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2020/3/24 10000.00 2020/11/2 200.00 None None 2020/11/2-2021/5/31 Yes No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/11/11 183.68 None None 2020/11/11-2021/10/17 No No
guarantee107
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/11/11 400.00 None None 2020/11/11-2021/11/30 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/11/6 410.40 None None 2020/11/6-2021/3/27 Yes No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/11/9 50.00 None None 2020/11/9-2021/5/31 Yes No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/11/2 100.00 None None 2020/11/2-2021/8/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/11/9 120.00 None None 2020/11/9-2021/8/31 No No
guarantee
Joint liability
Tianjin SF Freight Co. Ltd. 2020/3/24 100.00 2020/11/19 42.62 None None 2020/11/19-2021/11/11 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/11/30 50.00 None None 2020/11/30-2021/11/20 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2300.00 2020/11/23 99.91 None None 2020/11/23-2021/11/30 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/11/10 5.00 None None 2020/11/10-2021/9/30 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2020/11/4 80.00 None None 2020/11/4-2021/8/31 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2020/11/10 12.21 None None 2020/11/10-2021/10/31 No No
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2020/3/24 1500.00 2020/11/17 5.00 None None 2020/11/17-2021/7/31 No No
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2020/3/24 1500.00 2020/11/10 87.72 None None 2020/11/10-2021/10/31 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/11/18 6.00 None None 2020/11/18-2021/12/31 No No
guarantee
Joint liability
Jieyang Shunfeng Express Co. Ltd. 2020/3/24 50.00 2020/11/9 4.00 None None 2020/11/9-2021/10/12 No No
guarantee
Joint liability
Langfang S.F. Express Co. Ltd. 2020/3/24 50.00 2020/11/10 1.00 None None 2020/11/10-2021/7/14 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/11/19 7.29 None None 2020/11/19-2021/2/28 Yes No
guarantee
Joint liability
Lishui S.F. Express Co. Ltd. 2020/3/24 100.00 2020/11/20 40.59 None None 2020/11/20-2021/12/15 No No
guarantee
Joint liability
NINGBO SHUNFENG EXPRESS CO.LTD. 2020/3/24 3000.00 2020/11/18 500.00 None None 2020/11/18-2021/12/31 No No
guarantee
Joint liability
Qinghai Shunfeng Express Co. Ltd. 2020/3/24 200.00 2020/11/19 2.02 None None 2020/11/19-2021/10/31 No No
guarantee
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/11/9 250.00 Joint liability None None 2020/11/9-2021/10/27 No No108
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/11/25 21.24 None None 2020/11/25-2021/11/12 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/11/25 12.07 None None 2020/11/25-2021/10/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/11/15 11.30 None None 2020/11/15-2021/10/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/11/15 25.04 None None 2020/11/15-2021/10/31 No No
guarantee
Joint liability
Hebei Shunhe Supply Chain Management Co. Ltd. 2020/3/24 150.00 2020/11/27 26.46 None None 2020/11/27-2021/2/28 Yes No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2020/3/24 4000.00 2020/11/18 11.74 None None 2020/11/18-2021/11/11 No No
guarantee
Joint liability
S.F.EXPRESS (TIANJIN) CO. LTD. 2020/3/24 300.00 2020/11/18 45.13 None None 2020/11/18-2021/1/31 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/11/19 9.10 None None 2020/11/19-2021/10/31 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/11/19 2.85 None None 2020/11/19-2021/10/15 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/11/19 40.50 None None 2020/11/19-2021/10/16 No No
guarantee
Joint liability
Wuxi S.F. Express Co. Ltd. 2020/3/24 500.00 2020/11/17 2.00 None None 2020/11/17-2021/10/31 No No
guarantee
Joint liability
Zhejiang Shun Feng Express Co. Ltd. 2020/3/24 2000.00 2020/11/18 300.00 None None 2020/11/18-2021/12/7 No No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2020/3/24 500.00 2020/11/10 53.84 None None 2020/11/10-2021/10/27 No No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2020/3/24 10000.00 2020/11/23 1600.00 None None 2020/11/23-2021/6/30 Yes No
guarantee
Joint liability
Chongqing Huiyifeng Logistics Co. Ltd. 2020/3/24 3000.00 2020/12/30 1500.00 None None 2020/12/30-2022/1/19 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/12/28 73.08 None None 2020/12/28-2021/7/27 No No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2020/3/24 500.00 2020/12/30 115.86 None None 2020/12/30-2021/12/15 No No
guarantee
Joint liability
Fujian Shunhe Supply Chain Management Co. Ltd. 2020/3/24 400.00 2020/12/30 60.45 None None 2020/12/30-2022/2/28 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/12/25 10.00 None None 2020/12/25-2021/9/27 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/12/30 106.53 None None 2020/12/30-2021/12/29 No No
guarantee109
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2020/3/24 700.00 2020/12/29 100.00 None None 2020/12/29-2022/1/31 No No
guarantee
Joint liability
XIAMEN SHUNFENG EXPRESS CO.LTD. 2020/3/24 500.00 2020/12/29 40.00 None None 2020/12/29-2021/12/31 No No
guarantee
Joint liability
Jiangxi S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/12/29 17.27 None None 2020/12/29-2021/12/23 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2020/12/25 200.00 None None 2020/12/25-2021/3/31 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/12/25 22.04 None None 2020/12/25-2022/3/31 No No
guarantee
Joint liability
Heilongjiang SF Juyi Supply Chain Management Co. Ltd. 2020/3/24 400.00 2020/12/17 51.60 None None 2020/12/17-2021/11/30 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2020/12/11 76.86 None None 2020/12/11-2021/11/30 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2020/3/24 1000.00 2020/12/16 210.00 None None 2020/12/16-2021/11/30 No No
guarantee
Joint liability
Shenzhen S.F. Intra-city Logistics Co. Ltd. 2020/3/24 500.00 2020/12/16 15.00 None None 2020/12/16-2021/9/30 No No
guarantee
Joint liability
Shenzhen Shunlu Air Freight Forwarding Co. Ltd. 2020/3/24 6500.00 2020/12/16 2238.00 None None 2020/12/16-2021/12/31 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/12/9 22.55 None None 2020/12/9-2021/11/20 No No
guarantee
Joint liability
ZHONGSHAN S.F. EXPRESS CO. LTD 2020/3/24 600.00 2020/12/8 255.12 None None 2020/12/8-2021/12/2 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/12/9 49.56 None None 2020/12/9-2021/10/31 No No
guarantee
Joint liability
Shanxi S.F. Express Co. Ltd. 2020/3/24 100.00 2020/12/9 26.25 None None 2020/12/9-2021/5/31 Yes No
guarantee
Joint liability
S.F. Transportation (Changzhou) Co. Ltd. 2020/3/24 200.00 2020/12/9 25.09 None None 2020/12/9-2021/2/28 Yes No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2020/12/9 271.26 None None 2020/12/9-2021/2/28 Yes No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2020/3/24 500.00 2020/12/9 1.38 None None 2020/12/9-2021/10/31 No No
guarantee
Joint liability
Shenzhen S.F. Supply Chain Co. Ltd. 2020/3/24 10000.00 2020/12/10 106.76 None None 2020/12/10-2021/11/30 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2020/3/24 1000.00 2020/12/8 107.75 None None 2020/12/8-2021/11/30 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2020/3/24 1000.00 2020/12/8 8.00 None None 2020/12/8-2021/10/31 No No
guarantee
S.F.Express(Dong Guan)Limited 2020/3/24 4000.00 2020/12/8 222.06 Joint liability None None 2020/12/8-2021/11/11 No No110
guarantee
Joint liability
SF Express ChongQing CO.LTD 2020/3/24 1000.00 2020/12/3 110.00 None None 2020/12/3-2021/12/31 No No
guarantee
Joint liability
S.F. Express Group (Shanghai) Co. Ltd. 2020/3/24 2100.00 2020/12/2 10.00 None None 2020/12/2-2021/11/20 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/12/2 20.00 None None 2020/12/2-2021/9/30 No No
guarantee
Joint liability
Wuxi S.F. Express Co. Ltd. 2020/3/24 500.00 2020/12/3 174.68 None None 2020/12/3-2021/11/20 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/12/3 30.00 None None 2020/12/3-2021/11/30 No No
guarantee
Joint liability
QINGDAO S.F.EXPRESS CO.LTD. 2020/3/24 1300.00 2020/12/3 260.00 None None 2020/12/3-2021/11/30 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2020/12/3 600.00 None None 2020/12/3-2021/11/25 No No
guarantee
Joint liability
Liaoning Shunlu Logistics Co. Ltd. 2020/3/24 1800.00 2020/12/3 420.00 None None 2020/12/3-2021/10/31 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/12/3 27.78 None None 2020/12/3-2022/4/3 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2020/3/24 1000.00 2020/12/3 46.41 None None 2020/12/3-2021/1/31 Yes No
guarantee
Joint liability
Hunan SF Freight Co. Ltd. 2020/3/24 200.00 2020/12/3 37.73 None None 2020/12/3-2021/11/30 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2020/12/3 2.00 None None 2020/12/3-2021/11/20 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2020/12/3 51.25 None None 2020/12/3-2021/11/20 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2300.00 2020/12/9 1159.78 None None 2020/12/9-2021/12/14 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2300.00 2020/12/24 8.33 None None 2020/12/24-2022/1/4 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2020/3/24 2300.00 2020/12/24 12.49 None None 2020/12/24-2022/1/4 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2020/12/10 70.90 None None 2020/12/10-2021/11/4 No No
guarantee
Guizhou Fengtai E-commerce Industrial Park Management Co. Joint liability
2020/3/24 2500.00 2020/12/18 2320.54 None None 2020/12/18-2021/5/1 Yes No
Ltd. guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2020/12/30 6.81 None None 2020/12/30-2021/12/23 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2020/12/28 77.01 None None 2020/12/28-2021/11/15 No No
guarantee111
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/12/8 135.73 None None 2020/12/8-2021/12/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2020/12/8 118.51 None None 2020/12/8-2021/11/30 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2020/12/23 5100.00 None None 2020/12/23-2021/10/31 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2020/3/24 750.00 2020/12/23 11.56 None None 2020/12/23-2021/11/18 No No
guarantee
Joint liability
Shenzhen Shunlu Air Freight Forwarding Co. Ltd. 2020/3/24 6500.00 2020/12/29 1850.00 None None 2020/12/29-2021/12/31 No No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2020/3/24 4000.00 2020/12/25 993.23 None None 2020/12/25-2021/12/20 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2020/12/29 161.23 None None 2020/12/29-2022/3/31 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2020/12/30 58.80 None None 2020/12/30-2022/4/30 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2020/12/31 100.00 None None 2020/12/31-2021/10/15 No No
guarantee
Joint liability
SF LOGISTICS MEXICO SA de CV 2020/3/24 500.00 2020/7/21 193.91 None None 2020/7/21-2021/7/20 No No
guarantee
Joint liability
Dongguan DHL Supply Chain Co. Ltd. 2020/3/24 3300.00 2020/8/1 3000.00 None None 2020/8/1-2025/7/31 No No
guarantee
Joint liability
Yiwu Fengyutai Enterprise Management Co. Ltd. 2020/3/24 2000.00 2020/9/1 1291.52 None None 2020/9/1-2023/8/31 No No
guarantee
Joint liability
Quanzhou Fengyutai Enterprise Management Co. Ltd. 2020/3/24 1500.00 2020/9/1 1132.52 None None 2020/9/1-2023/8/31 No No
guarantee
Joint liability
Wuxi Jietai Enterprise Management Co. Ltd. 2020/3/24 1650.00 2020/9/1 1598.21 None None 2020/9/1-2023/8/31 No No
guarantee
Joint liability
Huai'an Fengtai Enterprise Management Co. Ltd. 2020/3/24 530.00 2020/9/1 495.83 None None 2020/9/1-2023/8/31 No No
guarantee
Joint liability
HaiNan S.F.Express LTD. 2020/3/24 700.00 2021/1/4 150.00 None None 2021/01/04-2021/12/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/1/4 200.00 None None 2021/01/04-2021/06/30 Yes No
guarantee
Joint liability
Xi'an Shunlu Logistics Co. Ltd. 2020/3/24 1500.00 2021/1/4 547.78 None None 2021/01/04-2021/12/31 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2020/3/24 3000.00 2021/1/5 350.00 None None 2021/01/05-2021/12/31 No No
guarantee
Joint liability
Beijing Shuncheng Logistics Co. Ltd. 2020/3/24 8000.00 2021/1/5 10.00 None None 2021/01/05-2021/12/31 No No
guarantee
Zhejiang Shun Feng Express Co. Ltd. 2020/3/24 2000.00 2021/1/11 56.01 Joint liability None None 2021/01/11-2021/07/31 No No112
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2021/1/13 100.00 None None 2021/01/13-2021/05/11 Yes No
guarantee
Joint liability
QINGDAO S.F.EXPRESS CO.LTD. 2020/3/24 1300.00 2021/1/13 180.00 None None 2021/01/13-2021/12/19 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2021/1/13 7.88 None None 2021/01/13-2021/12/31 No No
guarantee
Joint liability
Haikou Fengtai Industrial Park Management Co. Ltd. 2020/3/24 510.00 2021/1/15 367.27 None None 2021/01/16-2021/10/06 No No
guarantee
Joint liability
NINGBO SHUNFENG EXPRESS CO.LTD. 2020/3/24 3000.00 2021/1/15 118.52 None None 2021/01/15-2021/12/31 No No
guarantee
Joint liability
Zhejiang Shun Feng Express Co. Ltd. 2020/3/24 2000.00 2021/1/15 191.10 None None 2021/01/15-2021/02/28 Yes No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2020/3/24 350.00 2021/1/18 23.45 None None 2021/01/18-2021/12/31 No No
guarantee
Joint liability
QINGDAO S.F.EXPRESS CO.LTD. 2020/3/24 1300.00 2021/1/18 3.00 None None 2021/01/18-2021/12/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/1/18 345.00 None None 2021/01/18-2022/01/15 No No
guarantee
Joint liability
SF Airlines Company Limited 2020/3/24 220000.00 2021/1/19 2500.00 None None 2021/01/19-2022/01/14 No No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2020/3/24 4000.00 2021/1/19 186.04 None None 2021/01/19-2021/12/31 No No
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2020/3/24 700.00 2021/1/21 70.00 None None 2021/01/21-2022/01/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/1/21 54.64 None None 2021/01/21-2022/04/30 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2020/3/24 3000.00 2021/1/21 30.00 None None 2021/01/21-2022/01/31 No No
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2020/3/24 700.00 2021/1/21 10.00 None None 2021/01/21-2022/01/31 No No
guarantee
Joint liability
S.F.EXPRESS (TIANJIN) CO. LTD. 2020/3/24 300.00 2021/1/21 7.00 None None 2021/01/21-2021/12/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/1/21 2.90 None None 2021/01/21-2021/12/29 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2021/1/25 32.90 None None 2021/01/25-2021/12/31 No No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2020/3/24 10000.00 2021/1/26 250.00 None None 2021/01/26-2021/12/31 No No
guarantee
Joint liability
Quanzhou Shunlu Logistics Co. Ltd. 2020/3/24 1300.00 2021/1/28 400.00 None None 2021/01/28-2021/12/31 No No
guarantee113
Joint liability
Quanzhou Shunlu Logistics Co. Ltd. 2020/3/24 1300.00 2021/1/28 300.00 None None 2021/01/28-2021/12/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2021/1/28 46.41 None None 2021/01/28-2022/02/28 No No
guarantee
Joint liability
Guangdong S.F. E-commerce Co. Ltd. 2020/3/24 500.00 2021/1/28 40.00 None None 2021/01/28-2022/01/31 No No
guarantee
Joint liability
QINGDAO S.F.EXPRESS CO.LTD. 2020/3/24 1300.00 2021/1/28 40.00 None None 2021/01/28-2021/11/30 No No
guarantee
Joint liability
Hangzhou SF Zhida Logistics Co. Ltd. 2020/3/24 1350.00 2021/1/29 100.00 None None 2021/01/29-2021/12/31 No No
guarantee
Joint liability
Shanghai Solution Plus Supply Chain Co. Ltd. 2020/3/24 1000.00 2021/1/29 100.00 None None 2021/01/29-2021/09/30 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/1/29 73.09 None None 2021/01/29-2021/12/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/1/29 47.54 None None 2021/01/29-2021/11/30 No No
guarantee
Joint liability
Chengdu Taishun Logistics Co.Ltd. 2020/3/24 2000.00 2021/2/2 69.00 None None 2021/02/02-2021/12/31 No No
guarantee
Joint liability
FS ELECTRONIC TECHNOLOGY CO. LIMITED 2020/3/24 1000.00 2021/2/2 20.81 None None 2021/02/02-2021/12/31 No No
guarantee
Joint liability
E COMMERCE FULFILLMENT COMPANY LTD 2020/3/24 100.00 2021/2/4 21.36 None None 2021/02/04-2021/11/11 No No
guarantee
Joint liability
ZHONGSHAN S.F. EXPRESS CO. LTD 2020/3/24 600.00 2021/2/2 120.61 None None 2021/02/02-2021/12/09 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2021/2/3 1993.18 None None 2021/02/03-2022/01/31 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2020/3/24 1000.00 2021/2/3 144.20 None None 2021/02/03-2021/12/25 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2020/3/24 1800.00 2021/2/3 3.00 None None 2021/02/03-2021/12/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/2/4 125.84 None None 2021/02/04-2022/01/27 No No
guarantee
Joint liability
Shandong SF Freight Co. Ltd. 2020/3/24 1000.00 2021/2/4 94.32 None None 2021/02/04-2022/04/30 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2021/2/4 35.00 None None 2021/02/04-2021/04/30 Yes No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/2/4 10.00 None None 2021/02/04-2021/11/30 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/2/4 60.00 None None 2021/02/04-2022/01/15 No No
guarantee
Wuhan SF Zhida Logistics Co. Ltd. 2020/3/24 300.00 2021/2/4 50.00 Joint liability None None 2021/02/04-2021/11/30 No No114
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2021/2/7 10.00 None None 2021/02/07-2021/12/31 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2020/3/24 1000.00 2021/2/7 150.00 None None 2021/02/07-2021/12/31 No No
guarantee
Joint liability
Weihai S.F. Express Co. Ltd. 2020/3/24 100.00 2021/2/7 1.00 None None 2021/02/07-2021/12/31 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2021/2/26 500.00 None None 2021/02/26-2022/03/01 No No
guarantee
Joint liability
Shaanxi SF Freight Co. Ltd. 2020/3/24 400.00 2021/2/26 6.52 None None 2021/02/26-2022/02/07 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2020/3/24 2000.00 2021/2/26 43.27 None None 2021/02/26-2023/03/31 No No
guarantee
Joint liability
Dongguan DHL Supply Chain Co. Ltd. 2020/3/24 3300.00 2021/2/26 372.66 None None 2021/02/26-2022/02/28 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2020/3/24 1600.00 2021/3/1 15.30 None None 2021/03/01-2022/01/26 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2021/3/2 643.00 None None 2021/03/02-2022/01/31 No No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2020/3/24 2000.00 2021/3/2 118.00 None None 2021/03/02-2021/12/31 No No
guarantee
Joint liability
Qingdao SF Freight Co. Ltd. 2020/3/24 150.00 2021/3/8 55.81 None None 2021/03/08-2022/01/31 No No
guarantee
Joint liability
Xinjiang SF Express Co.LTD. 2020/3/24 210.00 2021/3/8 6.00 None None 2021/03/08-2021/12/31 No No
guarantee
Joint liability
Yantai S.F. Express Co. Ltd. 2020/3/24 200.00 2021/3/8 85.00 None None 2021/03/08-2022/01/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/3/9 10.00 None None 2021/03/09-2021/11/30 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2021/3/9 45.37 None None 2021/03/09-2022/02/28 No No
guarantee
Joint liability
SF GLOBAL EXPRESS (M) SDN BHD 2020/3/24 500.00 2021/3/9 23.35 None None 2021/03/09-2022/04/15 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/5/18 200.00 None None 2021/05/18-2022/11/11 No No
guarantee
Joint liability
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2021/3/9 15.47 None None 2021/03/09-2021/12/25 No No
guarantee
Joint liability
Sichuan Shunhefeng Freight Co. Ltd. 2020/3/24 300.00 2021/3/9 10.88 None None 2021/03/09-2022/01/31 No No
guarantee
Joint liability
Wuhan SF Zhida Logistics Co. Ltd. 2020/3/24 300.00 2021/3/9 40.00 None None 2021/03/09-2021/12/31 No No
guarantee115
Joint liability
Hubei S.F. Express Co. Ltd. 2020/3/24 1000.00 2021/3/16 15.00 None None 2021/03/16-2021/12/31 No No
guarantee
Joint liability
QINGDAO S.F.EXPRESS CO.LTD. 2020/3/24 1300.00 2021/3/16 150.00 None None 2021/03/16-2022/03/09 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2020/3/24 2000.00 2021/3/16 35.00 None None 2021/03/16-2022/01/31 No No
guarantee
Joint liability
Shenzhen Fenglang Supply Chain Co. Ltd. 2020/3/24 5100.00 2021/3/16 321.40 None None 2021/03/16-2022/03/10 No No
guarantee
Joint liability
Shenzhen Fenglang Supply Chain Co. Ltd. 2020/3/24 5100.00 2021/3/16 300.50 None None 2021/03/16-2022/03/08 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2020/3/24 17300.00 2021/3/16 3000.00 None None 2021/03/16-2022/03/11 No No
guarantee
Joint liability
Nantong S.F. Express Co. Ltd. 2020/3/24 200.00 2021/3/19 74.27 None None 2021/03/19-2021/06/30 Yes No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2020/3/24 5000.00 2021/3/19 185.02 None None 2021/03/19-2021/04/15 Yes No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2020/3/24 1400.00 2021/3/19 18.26 None None 2021/03/19-2021/11/30 No No
guarantee
Joint liability
SF Supply Chain (Hong Kong) Limited 2020/3/24 2100.00 2021/3/23 96.50 None None 2021/03/22-2024/07/20 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2020/3/24 1200.00 2021/3/23 4.56 None None 2021/03/23-2022/01/18 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2021/3/23 14.77 None None 2021/03/23-2022/02/28 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2020/3/24 8400.00 2021/3/23 100.00 None None 2021/03/23-2021/12/31 No No
guarantee
Joint liability
Yunnan S.F. Express Co. Ltd. 2020/3/24 500.00 2021/3/23 163.54 None None 2021/03/23-2022/02/17 No No
guarantee
Joint liability
Chengdu Shunyifeng Pharmaceutical Co. Ltd. 2020/3/24 100.00 2021/3/25 43.63 None None 2021/03/25-2022/03/12 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2020/3/24 2500.00 2021/3/25 78.95 None None 2021/03/25-2021/11/30 No No
guarantee
Joint liability
Xi'an Shunlu Logistics Co. Ltd. 2020/3/24 1500.00 2021/3/25 202.98 None None 2021/03/25-2022/01/27 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2020/3/24 300.00 2021/3/26 12.74 None None 2021/03/26-2021/08/31 No No
guarantee
Joint liability
Wuhan SF Zhida Logistics Co. Ltd. 2020/3/24 300.00 2021/3/26 100.00 None None 2021/03/26-2021/06/02 Yes No
guarantee
Joint liability
Xinjiang SF Express Co.LTD. 2020/3/24 210.00 2021/3/26 2.00 None None 2021/03/26-2021/12/31 No No
guarantee
S.F. Express Co. Ltd. 2020/3/24 17300.00 2021/3/30 300.00 Joint liability None None 2021/03/30-2022/03/31 No No116
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2020/3/24 4000.00 2021/3/31 76.73 None None 2021/03/31-2021/06/09 Yes No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2020/3/24 500.00 2021/3/30 56.87 None None 2021/03/30-2022/03/09 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/4/8 500.00 None None 2021/04/08-2022/02/28 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2020/3/24 10000.00 2021/4/8 600.00 None None 2021/04/08-2022/03/31 No No
guarantee
Joint liability
Hebei S.F. Express Co. Ltd. 2021/3/18 400.00 2021/4/9 30.00 None None 2021/04/09-2021/12/31 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2021/3/18 2000.00 2021/4/9 41.23 None None 2021/04/09-2022/03/18 No No
guarantee
Joint liability
SF Express ChongQing CO.LTD 2021/3/18 1000.00 2021/4/14 169.01 None None 2021/04/14-2022/02/28 No No
guarantee
Joint liability
Xinjiang SF Express Co.LTD. 2021/3/18 400.00 2021/4/15 9.49 None None 2021/04/15-2021/10/31 No No
guarantee
Joint liability
Yunnan Shunhe Freight Co. Ltd. 2021/3/18 500.00 2021/4/15 50.27 None None 2021/04/15-2022/05/06 No No
guarantee
Joint liability
Shaanxi SF Freight Co. Ltd. 2021/3/18 300.00 2021/4/23 122.83 None None 2021/04/23-2022/07/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 362.00 None None 2021/04/23-2022/04/30 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 300.00 None None 2021/04/23-2022/01/15 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 500.00 None None 2021/04/23-2022/03/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 500.00 None None 2021/04/23-2022/03/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 600.00 None None 2021/04/23-2022/04/15 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 500.00 None None 2021/04/23-2022/03/31 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/23 500.00 None None 2021/04/23-2022/03/31 No No
guarantee
Joint liability
Tianjin SF Freight Co. Ltd. 2021/3/18 200.00 2021/4/15 35.83 None None 2021/04/15-2022/01/14 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2021/3/18 7500.00 2021/4/14 10.00 None None 2021/04/14-2022/05/31 No No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2021/3/18 20000.00 2021/4/14 300.00 None None 2021/04/14-2022/01/31 No No
guarantee117
Joint liability
Guizhou S.F. Express Co. Ltd. 2021/3/18 400.00 2021/4/14 64.96 None None 2021/04/14-2022/03/31 No No
guarantee
Joint liability
Jiaxing S.F. Transportation Co. Ltd. 2021/3/18 300.00 2021/4/14 113.57 None None 2021/04/14-2022/06/30 No No
guarantee
Joint liability
Shaanxi SF Freight Co. Ltd. 2021/3/18 300.00 2021/4/14 2.90 None None 2021/04/14-2022/04/04 No No
guarantee
Joint liability
NINGBO SHUNFENG EXPRESS CO.LTD. 2021/3/18 1500.00 2021/4/14 400.00 None None 2021/04/14-2022/05/06 No No
guarantee
Joint liability
XIAMEN SHUNFENG EXPRESS CO.LTD. 2021/3/18 1000.00 2021/4/14 100.00 None None 2021/04/14-2021/07/31 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2021/3/18 2000.00 2021/4/14 100.00 None None 2021/04/14-2022/04/20 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/4/14 62.00 None None 2021/04/14-2022/02/28 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2021/3/18 2000.00 2021/4/14 300.00 None None 2021/04/14-2022/03/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2021/3/18 8250.00 2021/4/15 720.00 None None 2021/04/15-2021/10/30 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2021/3/18 1500.00 2021/4/15 5.00 None None 2021/04/15-2021/05/31 Yes No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/4/22 5.00 None None 2021/04/22-2022/01/31 No No
guarantee
Joint liability
Guangzhou Huiyi Logistics Co. Ltd. 2021/3/18 2600.00 2021/4/22 25.00 None None 2021/04/22-2022/02/28 No No
guarantee
Joint liability
S.F. Express Co.Ltd. 2021/3/18 1000.00 2021/5/31 49.71 None None 2021/05/31-2022/01/14 No No
guarantee
Joint liability
Changchun SF Freight Co. Ltd. 2021/3/18 300.00 2021/4/28 49.01 None None 2021/04/28-2021/10/21 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2021/3/18 2500.00 2021/4/30 50.00 None None 2021/04/30-2022/04/22 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2021/3/18 2500.00 2021/4/30 20.00 None None 2021/04/30-2022/04/22 No No
guarantee
Joint liability
Sichuan S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/4/29 11.61 None None 2021/04/29-2022/04/21 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2021/3/18 2000.00 2021/4/30 83.37 None None 2021/04/30-2021/07/31 No No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2021/3/18 2500.00 2021/4/30 15.03 None None 2021/04/30-2022/04/22 No No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2021/3/18 700.00 2021/4/28 3.83 None None 2021/04/28-2021/09/30 No No
guarantee
DHL LOGISTICS（CHINA） CO.LTD. 2021/3/18 1600.00 2021/4/28 20.00 Joint liability None None 2021/04/28-2022/04/20 No No118
guarantee
Joint liability
HENAN S.F.EXPRESS CO.LTD 2021/3/18 500.00 2021/4/30 15.00 None None 2021/04/30-2022/04/22 No No
guarantee
Joint liability
HaiNan S.F.Express LTD. 2021/3/18 600.00 2021/4/30 35.00 None None 2021/04/30-2022/02/04 No No
guarantee
Joint liability
EXEL LOGISTICS CHINA CO.LTD. 2021/3/18 1600.00 2021/4/30 133.25 None None 2021/04/30-2024/04/30 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2021/3/18 400.00 2021/4/30 20.28 None None 2021/04/30-2022/04/04 No No
guarantee
Joint liability
S.F. Express Group (Shanghai) Co. Ltd. 2021/3/18 2000.00 2021/5/6 100.00 None None 2021/05/06-2022/05/04 No No
guarantee
Joint liability
XI`AN S.F EXPRESS CO.LTD 2021/3/18 150.00 2021/5/18 28.29 None None 2021/05/18-2022/05/07 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2021/3/18 1000.00 2021/5/20 16.75 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
SF Express ChongQing CO.LTD 2021/3/18 1000.00 2021/5/18 169.01 None None 2021/05/18-2021/12/31 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/5/20 3.83 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/5/20 1.00 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
HENAN S.F.EXPRESS CO.LTD 2021/3/18 500.00 2021/5/20 33.00 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Liaoning Shunlu Logistics Co. Ltd. 2021/3/18 1000.00 2021/5/20 86.41 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
S.F.EXPRESS OF DALIAN L.T.D 2021/3/18 500.00 2021/5/20 296.28 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Shenzhen SF Fix Technology Co. Ltd. 2021/3/18 20000.00 2021/5/20 1600.00 None None 2021/05/20-2022/06/30 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2021/3/18 5000.00 2021/5/20 58.44 None None 2021/05/20-2021/12/08 No No
guarantee
Joint liability
Wenzhou Shunheng Express Co. Ltd. 2021/3/18 1000.00 2021/5/20 437.92 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Taizhou S.F. Express Co. Ltd. 2021/3/18 500.00 2021/5/20 304.95 None None 2021/05/20-2022/05/13 No No
guarantee
Joint liability
Zhejiang Shunlu Logistics Co.Ltd. 2021/3/18 34000.00 2021/5/20 108.78 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2021/3/18 400.00 2021/5/25 21.60 None None 2021/05/25-2022/05/13 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/5/20 31.35 None None 2021/05/20-2022/05/07 No No
guarantee119
Joint liability
Shandong S.F. Express Co. Ltd. 2021/3/18 1500.00 2021/5/20 146.75 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2021/3/18 1500.00 2021/5/20 107.96 None None 2021/05/20-2022/05/07 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2021/3/18 8250.00 2021/5/14 50.00 None None 2021/05/14-2022/05/14 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2021/3/18 25000.00 2021/5/18 83.26 None None 2021/05/21-2022/05/21 No No
guarantee
Joint liability
Hubei S.F. Express Co. Ltd. 2021/3/18 400.00 2021/5/25 26.94 None None 2021/05/25-2022/04/30 No No
guarantee
Joint liability
Shenzhen Fenglang Supply Chain Co. Ltd. 2021/3/18 2000.00 2021/5/14 171.00 None None 2021/05/14-2021/11/10 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2021/3/18 8250.00 2021/5/12 17.00 None None 2021/05/12-2021/07/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2021/3/18 8250.00 2021/5/14 250.00 None None 2021/05/14-2021/12/31 No No
guarantee
Joint liability
Huai'an S.F. Express Co. Ltd. 2021/3/18 200.00 2021/5/18 63.54 None None 2021/05/18-2022/04/22 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2021/3/18 1000.00 2021/5/18 321.24 None None 2021/05/18-2022/05/07 No No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2021/3/18 1000.00 2021/5/18 412.33 None None 2021/05/18-2022/05/07 No No
guarantee
Joint liability
Wenzhou Shunheng Express Co. Ltd. 2021/3/18 1000.00 2021/5/18 110.00 None None 2021/05/18-2021/11/04 No No
guarantee
Joint liability
Wuhan SF Cold Chain Supply Chain Co. Ltd. 2021/3/18 60.00 2021/5/18 10.00 None None 2021/05/18-2022/04/19 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2021/3/18 2000.00 2021/5/26 200.00 None None 2021/05/26-2022/05/13 No No
guarantee
Joint liability
Shanxi S.F. Express Co. Ltd. 2021/3/18 100.00 2021/5/26 6.00 None None 2021/05/26-2021/12/31 No No
guarantee
Joint liability
Shanxi S.F. Express Co. Ltd. 2021/3/18 100.00 2021/5/26 35.00 None None 2021/05/26-2021/12/31 No No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2021/3/18 1000.00 2021/5/18 80.00 None None 2021/05/18-2022/05/07 No No
guarantee
Joint liability
Shenzhen Shunlu Logistics Co. Ltd. 2021/3/18 1000.00 2021/5/26 40.00 None None 2021/05/26-2022/05/07 No No
guarantee
Joint liability
Guangdong S.F. E-commerce Co. Ltd. 2021/3/18 14000.00 2021/5/26 310.58 None None 2021/05/26-2021/12/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2021/3/18 1000.00 2021/5/27 21.84 None None 2021/05/27-2022/05/15 No No
guarantee
Shenzhen S.F. Supply Chain Co. Ltd. 2021/3/18 5000.00 2021/5/27 790.00 Joint liability None None 2021/05/27-2022/04/30 No No120
guarantee
Joint liability
HunanS.F.Express(Group)Co.Ltd. 2021/3/18 1500.00 2021/5/27 217.56 None None 2021/05/27-2022/05/13 No No
guarantee
Joint liability
Zhejiang Shunhefeng Freight Co. Ltd. 2021/3/18 800.00 2021/5/28 82.53 None None 2021/05/28-2022/05/18 No No
guarantee
Joint liability
S. F. Express (Shenyang) Co. Ltd 2021/3/18 1000.00 2021/5/28 48.00 None None 2021/05/28-2022/05/17 No No
guarantee
Joint liability
Tianjin SF Juyi Logistics Co. Ltd. 2021/3/18 600.00 2021/5/28 20.81 None None 2021/05/28-2022/05/25 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2021/3/18 1600.00 2021/5/28 35.28 None None 2021/05/28-2022/05/14 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/5/31 300.00 None None 2021/05/31-2022/05/14 No No
guarantee
Joint liability
S.F. Express Co.Ltd. 2021/3/18 1000.00 2021/5/31 497.15 None None 2021/05/31-2022/06/30 No No
guarantee
Joint liability
Henan Huihai Logistics Co. Ltd. 2021/3/18 500.00 2021/5/28 149.76 None None 2021/05/28-2022/05/07 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2021/3/18 2500.00 2021/6/4 1.88 None None 2021/06/04-2022/03/31 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/8 16.64 None None 2021/06/08-2021/12/31 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/8 0.76 None None 2021/06/08-2022/05/07 No No
guarantee
Joint liability
Zhejiang Shuangjie Supply Chain Technology Co. Ltd. 2021/3/18 2000.00 2021/6/8 9.00 None None 2021/06/08-2022/05/07 No No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2021/3/18 2500.00 2021/6/1 61.45 None None 2021/06/01-2022/06/30 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2021/3/18 7500.00 2021/6/1 180.00 None None 2021/06/01-2022/05/31 No No
guarantee
Joint liability
Guang Zhou S.F. Express Co. Ltd. 2021/3/18 5000.00 2021/6/3 267.91 None None 2021/06/03-2021/12/31 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2021/3/18 400.00 2021/6/1 11.38 None None 2021/06/01-2022/04/30 No No
guarantee
Joint liability
Guizhou S.F. Express Co. Ltd. 2021/3/18 400.00 2021/6/1 12.28 None None 2021/06/01-2022/04/30 No No
guarantee
Joint liability
Hangzhou SF Zhida Logistics Co. Ltd. 2021/3/18 1000.00 2021/6/4 256.59 None None 2021/06/04-2022/05/18 No No
guarantee
Joint liability
Shandong SF Freight Co. Ltd. 2021/3/18 600.00 2021/6/3 177.19 None None 2021/06/03-2022/05/19 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2021/3/18 5000.00 2021/6/3 107.41 None None 2021/06/03-2021/12/31 No No
guarantee121
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2021/3/18 1000.00 2021/6/8 60.00 None None 2021/06/08-2021/07/31 No No
guarantee
Joint liability
Shenzhen SF Comprehensive Logistics Service Co. Ltd. 2021/3/18 8250.00 2021/6/8 456.00 None None 2021/06/08-2022/06/30 No No
guarantee
Joint liability
SF-Express(Ningxia)Co.Ltd 2021/3/18 100.00 2021/6/9 0.50 None None 2021/06/09-2021/12/31 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2021/3/18 2000.00 2021/6/1 100.00 None None 2021/06/01-2022/04/30 No No
guarantee
Joint liability
Zhanjiang S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/6/4 54.56 None None 2021/06/04-2022/05/13 No No
guarantee
Joint liability
FS TECHNOLOGY MACAU CO.LTD. 2021/3/18 70.00 2021/6/7 19.39 None None 2021/06/07-2021/12/31 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2021/3/18 7500.00 2021/6/11 59.72 None None 2021/06/11-2022/08/31 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2021/3/18 1600.00 2021/6/11 78.38 None None 2021/06/11-2022/05/10 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2021/3/18 3000.00 2021/6/11 295.84 None None 2021/06/11-2022/05/25 No No
guarantee
Joint liability
Shanghai Shuncheng Logistics Co. Ltd. 2021/3/18 1200.00 2021/6/11 380.00 None None 2021/06/11-2022/05/31 No No
guarantee
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2021/3/18 5000.00 2021/6/11 66.51 None None 2021/06/11-2022/05/31 No No
guarantee
Joint liability
S.F.Express(Dong Guan)Limited 2021/3/18 2500.00 2021/6/11 459.47 None None 2021/06/11-2022/08/31 No No
guarantee
Joint liability
EXEL Technology Solution (Shanghai) Co. Ltd. 2021/3/18 3000.00 2021/6/11 530.03 None None 2021/06/11-2021/10/31 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2021/3/18 5700.00 2021/6/11 57.25 None None 2021/06/11-2021/07/31 No No
guarantee
Joint liability
Guangdong S.F. E-commerce Co. Ltd. 2021/3/18 14000.00 2021/6/11 200.00 None None 2021/06/11-2022/05/31 No No
guarantee
Joint liability
Hubei S.F. Transportation Co. Ltd. 2021/3/18 1000.00 2021/6/9 323.29 None None 2021/06/09-2022/05/09 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/6/11 60.35 None None 2021/06/11-2022/08/31 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2021/3/18 7500.00 2021/6/17 99.37 None None 2021/06/17-2022/05/31 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2021/3/18 5500.00 2021/6/17 45.17 None None 2021/06/17-2022/06/09 No No
guarantee
Joint liability
Beijing S.F. Express Co. LTD. 2021/3/18 2000.00 2021/6/17 172.87 None None 2021/06/17-2022/06/09 No No
guarantee
DSC Logistics (Beijing) Co. Ltd note1 2021/3/18 5700.00 2021/6/17 82.28 Joint liability None None 2021/06/17-2022/05/31 No No122
guarantee
Joint liability
Guangxi ShunFeng Express Co.Ltd. 2021/3/18 500.00 2021/6/17 200.00 None None 2021/06/17-2022/01/31 No No
guarantee
Joint liability
DHL LOGISTICS（CHINA） CO.LTD. 2021/3/18 1600.00 2021/6/15 76.73 None None 2021/06/15-2022/05/23 No No
guarantee
Joint liability
Henan Huihai Logistics Co. Ltd. 2021/3/18 500.00 2021/6/17 26.00 None None 2021/06/17-2022/06/09 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2021/3/18 3000.00 2021/6/17 91.63 None None 2021/06/17-2022/06/05 No No
guarantee
Joint liability
Xiamen Fengyutai Industrial Park Management Co. Ltd. 2021/3/18 1000.00 2021/6/18 738.41 None None 2021/06/18-2021/12/11 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/6/17 700.00 None None 2021/06/17-2022/03/26 No No
guarantee
Joint liability
Shenzhen Fengyi Technology Co. Ltd. 2021/3/18 20000.00 2021/6/17 100.00 None None 2021/06/17-2022/06/09 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/17 96.96 None None 2021/06/17-2021/12/31 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2021/3/18 3000.00 2021/6/18 46.59 None None 2021/06/18-2022/05/31 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2021/3/18 3000.00 2021/6/18 692.81 None None 2021/06/18-2022/06/05 No No
guarantee
Joint liability
Jinhua S.F. Express Co. Ltd. 2021/3/18 100.00 2021/6/18 5.00 None None 2021/06/18-2022/04/30 No No
guarantee
Joint liability
Liaoning Shunhe Supply Chain Management Co. Ltd. 2021/3/18 700.00 2021/6/18 7.00 None None 2021/06/18-2022/04/30 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2021/3/18 1500.00 2021/6/18 31.58 None None 2021/06/18-2022/06/09 No No
guarantee
Joint liability
Shandong S.F. Express Co. Ltd. 2021/3/18 1500.00 2021/6/18 94.74 None None 2021/06/18-2022/06/09 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2021/3/18 1000.00 2021/6/18 64.17 None None 2021/06/18-2021/11/30 No No
guarantee
Joint liability
S.F.EXPRESS (TIANJIN) CO. LTD. 2021/3/18 300.00 2021/6/18 50.00 None None 2021/06/18-2021/12/31 No No
guarantee
Joint liability
Jiangsu S.F. Express Co. Ltd. 2021/3/18 1000.00 2021/6/25 9.57 None None 2021/06/25-2022/06/22 No No
guarantee
Joint liability
Jiangsu Shunhefeng Freight Co. Ltd. 2021/3/18 3000.00 2021/6/21 74.85 None None 2021/06/21-2022/06/05 No No
guarantee
Joint liability
Jiangxi S.F. Express Co. Ltd. 2021/3/18 500.00 2021/6/21 223.43 None None 2021/06/21-2022/10/13 No No
guarantee
Joint liability
Liaoning Shunlu Logistics Co. Ltd. 2021/3/18 1000.00 2021/6/25 172.09 None None 2021/06/25-2022/06/12 No No
guarantee123
Joint liability
Shanghai Shunheng Logistics Co. Ltd. 2021/3/18 5000.00 2021/6/25 185.02 None None 2021/06/25-2022/01/31 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/11 96.96 None None 2021/06/11-2021/12/31 No No
guarantee
Joint liability
Shenzhen Shuncheng Supply Chain Service Co. Ltd. 2021/3/18 1000.00 2021/6/21 14.54 None None 2021/06/21-2022/06/09 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/25 67.45 None None 2021/06/25-2022/06/15 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/6/25 25.21 None None 2021/06/25-2022/04/30 No No
guarantee
Joint liability
S.F. Express Co. Ltd. 2021/3/18 2000.00 2021/6/25 200.00 None None 2021/06/25-2021/12/31 No No
guarantee
Joint liability
Suzhou Industrial Park S.F. Express Co. Ltd. 2021/3/18 2500.00 2021/6/21 400.64 None None 2021/06/21-2022/06/09 No No
guarantee
Joint liability
Chongqing SF Zhida Supply Chain Management Co. Ltd. 2021/3/18 400.00 2021/6/21 70.11 None None 2021/06/21-2022/07/31 No No
guarantee
Joint liability
DSC Logistics (Beijing) Co. Ltd note1 2021/3/18 5700.00 2021/6/21 15.00 None None 2021/06/21-2022/06/28 No No
guarantee
Joint liability
S.F.EXPRESS OF DALIAN L.T.D 2021/3/18 500.00 2021/6/30 79.58 None None 2021/06/30-2021/08/13 No No
guarantee
Joint liability
SF Airlines Company Limited 2021/3/18 72000.00 2021/4/23 11.63 None None 2021/04/23-2022/04/15 No No
guarantee
Joint liability
HAVI Logistics (Dongguan) Co. Ltd. 2021/3/18 4500.00 2021/4/16 3750.00 None None 2021/4/16-2026/4/16 No No
guarantee
Joint liability
SF Fengtai Industrial Park Holdings Limited 2021/3/18 550100.00 2021/4/29 495818.52 None None 2021/4/29-2066/1/20 No No
guarantee
Joint liability
S.F. EXPRESS (CHINA) LIMITED 2021/3/18 25000.00 2021/5/1 7779.52 None None 2021/5/1-2029/4/30 No No
guarantee
Joint liability
S.F. EXPRESS (HONG KONG) LIMITED 2021/3/18 25000.00 2021/5/1 7520.31 None None 2021/5/1-2029/4/30 No No
guarantee
Joint liability
Foshan S.F. Express Co. Ltd. 2021/3/18 10700.00 2021/5/1 5171.88 None None 2021/5/1-2029/4/30 No No
guarantee
Joint liability
Anhui Shunhe Freight Co. Ltd. 2021/3/18 5500.00 2021/5/1 864.06 None None 2021/5/1-2029/4/30 No No
guarantee
Joint liability
Anhui S.F. Express Co. Ltd. 2021/3/18 7500.00 2021/5/1 1069.63 None None 2021/5/1-2029/4/30 No No
guarantee
Foshan
Joint liability
Wuhu Fengtai E-commerce Industrial Park Management Co. Ltd. 2021/3/18 10100.00 2021/4/25 10000.00 Project Real None 2021/4/25-2026/4/22 No No
guarantee
Estate
Total guarantee quota approved for subsidiaries during the reporting Total actual amount of guarantees for
2685000.00 574174.58
period (C1) subsidiaries during the reporting period (C2)124
Total guarantee quota approved for the subsidiaries at the end of the Total actual guarantee balance for subsidiaries
2797753.68 668636.06
reporting period (C3) at the end of the reporting period (C4)
Total guarantee amount provided by the Company (i.e the total amount of the above three major items)
Total actual amount of guarantee during the
Total guarantee quota approved during the reporting period
6498180.00 r eporting period 574174.58
(A1+B1+C1)
(A2+B2+C2)
Total actual guarantee balance at the end of the
Total guarantee quota approved at the end of the reporting
7715843.68 r eporting period 1456928.06
period (A3+B3+C3)
(A4+B4+C4)
Total guarantee amount (A4+B4+C4) to net assets of the Company 25.70%
Of which:
Amount of guarantee for shareholders actual controller and their related parties (D) -
Amount of debt guarantee provided for guaranteed party whose asset-liability ratio is not less
563827.00
than 70% directly or indirectly (E)
Amount of total guarantee over 50% of net assets (F) -
Total amount of the above three guarantees (D+E+F) 563827.00
Explanation of warranty liability or possible joint liquidation (if any) N/A
Explanation of provision of guarantees for external parties in violation of the prescribed
N/A
procedure (if any)
Note 1: "DHL Logistics (Beijing) Co. Ltd.(敦豪物流（北京）有限公司)" was renamed " DSC Logistics (Beijing) Co. Ltd (丰豪物流（北京）有限公司)" on July 22 2020.125
3. Entrusted funds
√ Applicable □ Not applicable
Unit: RMB10 thousands
Maximum Daily Impairment
Balance of Such Overdue Provision of
Funding Source for Unexpired
Type Entrusted Funds Outstanding Overdue
Entrusted Funds Balance
During the Amount Outstanding Funds
Reporting Period
Bank wealth
Self-owned fund 1729000.00 999000.00 - -
management products
Total 1729000.00 999000.00 - -
Details of individual items with significant amount or of low safety poor liquidity or without principal guarantee high risk wealth
management products
□ Applicable √ Not applicable
The entrusted funds is expected to fail to recover the principal or there may be other circumstances that may result in impairment.□ Applicable √ Not applicable
4. Significant contracts relevant to routine operations
□ Applicable √ Not applicable
5. Other significant contracts
□ Applicable √ Not applicable
No other significant contracts in the reporting period.XIII. Other Major Issues
√ Applicable □ Not applicable
1. Non-public stock offering for 2021
According to the development strategies of the Company at the 11th meeting of the 5th session of the Board of Directors the
11th meeting of the 5th session of the Board of Supervisors and the 2021 second extraordinary general meeting convened by the
Company on February 8 2021 and March 2 2021 respectively the resolution regarding the non-public stock offering of A-share was
reviewed and approved and the Company intended to launch a non-public stock offering with the aim of raising up to RMB22
billion in funds which will be used for express delivery equipment automation and upgrades the construction of the Ezhou airport
transshipment centre project in Hubei the construction of digital intelligent supply chain system solutions land transportation
capacity improvements aviation material purchase and maintenance projects and supplement of working capital.In accordance with the relevant laws regulations and regulatory documents and relevant regulatory requirements combined
with the actual situation of the Company at the 15th meeting of the 5th session of the Board of Directors and the 14th meeting of the
5th session of the Board of Supervisors convened by the Company on May 13 2021 the Company adjusted the proposal for 2021
non-public stock offering of A-share with the maximum total amount of proceeds adjusted from RMB22 billion to RMB20 billion.On May 31 2021 the Company's application for this non-public stock offering of A-share was reviewed and approved by the126
Issuance Examination Committee of the China Securities Regulatory Commission(CSRC). So far the Company has not received any
written approval from the CSRC.For details please refer to the Company’s announcements (2021-013 2021-014 2021-025 2021-061 2021-062 2021-063
2021-064 and 2021-076) disclosed on Cninfo.2. Tender offer to acquire 51.8% equity of Kerry Logistics
In order to further enhance the Company's capability of integrating integrated logistics solutions improve the strategic layout
of freight forwarding and international business at the 11th meeting of the 5th session of the Board of Directors the 16th meeting of
the 5th session of the Board of Directors and the 2021 third extraordinary general meeting convened by the Company on February 8
May 28 and June 15 2021 respectively the resolution regarding tender offer to acquire 51.8% equity of Kerry Logistics was
reviewed and approved and the Company intended to through its wholly-owned subsidiary Flourish Harmony Holdings Company
Limited subject to the fulfillment or waiver of the conditions precedent issue tender offers to eligible shareholders and share option
holders of Kerry Logistics Network Limited a company listed on the Main Board of The Stock Exchange of Hong Kong Limited
(hereinafter referred to as the “HK Stock Exchange”) (stock abbreviation: Kerry Logistics; stock code: 00636.HK) to acquire
931209117 shares (approximately 51.8% of the issued share capital or 51.5% of the fully diluted share capital) of Kerry Logistics in
cash and cancel 51.8% of Kerry Logistics’s share options that had not been exercised as at the final vesting date held by Kerry
Logistics’s share option holders on behalf of Kerry Logistics. If the transaction is successfully completed Kerry Logistics will still
maintain its listing status on the Main Board of the HK Stock Exchange. This transaction is a cross-border tender offer On August 9
2021 all the pre-conditions for this transaction have been fulfilled or waived. On August 12 2021 the offeror and the target
company jointly sent the comprehensive offer documents. As of now the transaction has not been closed yet.For details please refer to the Company’s announcements (2021-013 2021-015 2021-070 2021-073 2021-080 2021-090
2021-093 2021-094) disclosed on Cninfo.3. Setting up a real estate investment trust that is intended to be listed on the HK Stock Exchange
In order to support the sustainable and healthy development of the Company's logistics industrial park develop innovative
financing channels and build an asset-light capital operation platform for the industrial park the Company planned to set up a real
estate investment trust (hereinafter referred to as the “SF REIT”) in Hong Kong and go public on the HK Stock Exchange with the
three properties located in Foshan Wuhu and Hong Kong within China in respective as its foundation assets which are indirectly held
by the Company through its overseas holding subsidiaries. At the 14th meeting of the 5th session of the Board of Directors convened
by the Company on April 27 2021 the resolution regarding setting up the SF REIT in Hong Kong and being listed on the Main
Board of the HK Stock Exchange by its holding subsidiaries was reviewed and approved. The Company receieved the approval for
the establishment application and listing application of the SF REIT by the HK SFC and the HK Stock Exchange on May 3 2021 and
May 14 2021 respectively. The SF REIT has been listed on the Main Board of the HK Stock Exchange since May 17 2021 with the
stock code of “2191.HK” and the stock abbreviation of “SF REIT”. After the listing of SF REIT Fund the Company indirectly holds
35% of its shares through subsidiaries. The Company's transfer of the interests of three property assets to the SF REIT Fund brought
a one-off equity investment income before tax of approximately HK$1.08 billion (equivalent to approximately RMB896 million).For details please refer to the Company’s announcements (2021-023 2021-057 2021-058 and 2021-066) disclosed on Cninfo.127
4. Intra-city Industrial Spin-off and going public on the Main Board of the HK Stock Exchange
In order to expand the Company's diversified financing channels at the 16th meeting of the 5th session of the Board of
Directors the 15th meeting of the 5th session of the Board of Supervisors and the 2021 third extraordinary general meeting convened
by the Company on May 28 2021 and June 15 2021 respectively it was agreed to spin off its subsidiary Hangzhou SF Intra-city
Industrial Co. Ltd. (hereinafter referred to as “Intra-city Industrial”) and go public on the Main Board of the HK Stock Exchange
(hereinafter referred to as the “H-share Issuance”).The spin-off and listing will build an international capital operation platform for Intra-city Industrial enhance its brand
awareness and market influence continue to consolidate and strengthen the core resources of Intra-city Industrial and promote the
rapid development of its business. At the same time the spin-off will also help further expand the Company's diversified financing
channels and will become an important milestone in the Company's diversified layout strategy. After the spin-off and listing
Intra-city Industrial remains the Company’s holding subsidiary and will not have any material adverse impact on the Company’s
continued operations of other business segments and will not affect the Company’s independent listing status which is conducive to
enhancing the Company’s comprehensive competitiveness and in line with the overall interests of the Company’s shareholders.Up till now the H-share Issuance of Intra-city Industrial has been accepted by the CSRC and Intra-city Industrial has also
submitted application materials for the issuance of H-share to the HK Stock Exchange. The issuance still needs to obtain the approval
from the CSRC the HK SFC and the HK Stock Exchange.For details please refer to the Company’s announcements (2021-070 2021-071 2021-072 2021-080 2021-084 and 2021-085)
disclosed on Cninfo.5. Issuance of debt financing products in domestic and international markets by wholly-owned subsidiaries
In order to satisfy the development requirements of domestic and international business reduce financing costs and optimize
the debt structure according to the development strategies of the Company at the 11th meeting of the 5th session of Board of
Directors and the 2021 second extraordinary general meeting convened by the Company on February 8 2021 and March 2 2021respectively the “Resolution regarding the Issuance of Debt Financing Products in Domestic and International Markets byWholly-owned Subsidiaries” was reviewed and approved and the Company was authorised to issue debt financing products in
domestic and international markets through Taisen Holding and SF Holding Investment 2021 Limited (“SFHI 2021”) the
wholly-owned subsidiaries for an equivalent amount of no more than RMB20 billion (inclusive) including RMB18 billion which are
the expected size of issuance in international market.According to the Notice of Acceptance for Registration issued by NAFMII (Zhong Shi Xie Zhu [2019] SCP No.71) Taisen
Holding completed altogether two issuances of Super Short-Term Commercial Paper on March 18 2021 and March 19 2021
respectively each with an issuance quota of RMB500 million.According to the Approval of the Issuance of Corporate Bonds to Qualified Investors via a Public Offering by Shenzhen S.F.Taisen Holding (Group) Co. Ltd. (Zheng Jian Xu Ke [2019] No. 388) from the CSRC from April 23 2021 to April 26 2021 Taisen
Holding completed the 2021 public offering of green corporate bonds (first tranche) (specially used for carbon neutrality) with an
issuance scale of RMB500 million.128
According to the Approval of the Issuance of Short–Trerm Corporate Bonds to Professional Investors via a Public Offering by
Shenzhen S.F. Taisen Holding (Group) Co. Ltd. (Zheng Jian Xu Ke [2020] No. 1964) from the CSRC from May 20 2021 to May 21
2021 Taisen Holding completed the 2021 public offering of short–trerm corporate bonds (first tranche) with an issuance scale of
RMB1 billion; and from June 3 2021 to June 4 2021 Taisen Holding completed the 2021 public offering of short–trerm corporate
bonds (second tranche) with an issuance scale of RMB500 million.For details please refer to the Company’s announcements (2021-013 2021-017 2021-025 2021-042 2021-043 2021-056
2021-068 and 2021-078) disclosed on Cninfo.6. Our subsidiaries' participation in investment in equity investment funds and the progress
With a view to promoting the Company’s long-term development and ensuring positive interactions between industrial and
capital operations Shenzhen Shunfeng Investment Co. Ltd. (hereinafter referred to as “Shunfeng Investment”) the Company’s
wholly-owned subsidiary entered into the Limited Partnership Agreement on Jinfeng Borun (Xiamen) Equity Investment Partnership
(Limited Partnership) on September 22 2020. The fund mainly invests in supply chain logistics and consumption upgrade-related
businesses. Shunfeng Investment plans to subscribe to the shares of the investment fund as a limited partnership for RMB500 million.On March 25 2021 the Company received a notice from the fund manager that the investment fund has completed a new round of
fundraising. After the completion of the fundraising the scale of the investment fund will be RMB1.5 billion and SF Investment's
subscribed capital contribution will account for 33.33%.In order to promote the sustainable and healthy development of the Company's logistics industrial park better support the
development of the main logistics industry's demand for site resources promote the positive interaction between the Company's
industrial operation and capital management and enhance the Company's core competitiveness on April 30 2021 ShunJie
Investment Limited (hereinafter referred to as "Shunjie Investment") a subsidiary of the Company signed a cooperation agreement
with Hammer Capital Real Estate Limited (hereinafter referred to as "HCRE") and other parties. The subsidiary of the Company
plans to jointly establish a logistics development fund with HCRE to invest in logistics properties or project companies holding
logistics properties in China's first-tier and other central cities. The fund's initial delivery subscribed capital contribution target is
expected to be US300 million. The general partnership of the fund is jointly invested by Shunjie Investment and HCRE each of
which holds 50% of the shares of the GP company. At the same time the subsidiary of the Company being a limited partner and a
carried interest partner of the Fund will subscribe to the fund with a total planned investment of 25% of the fund size. And HCRE’s
affiliated companies or affiliated persons being limited partners and/or carried interest partners and special limited partners of the
Fund will subscribe to the fund with a total planned investment of not less than 5% of the fund size.For details please refer to the announcements (2021-044 2021-059) disclosed by the Company on cninfo.A disclosure index for the above-mentioned significant events and other significant events is as below:
Announcement Disclosure Date Disclosure Website
Announcement of Resolutions of the Eleventh Meeting of the Fifth
2021/2/10 www.cninfo.com.cn
Board of Directors (2021-013)
Announcement of Resolutions of the Eleventh Meeting of the Fifth
2021/2/10 www.cninfo.com.cn
Board of Supervisors (2021-014)129
Announcement on the proposed partial tender offer to acquire 51.8%
2021/2/10 www.cninfo.com.cn
equity of Kerry Logistics (2021-015)
Announcement on the issuance of debt financing products by
2021/2/10 www.cninfo.com.cn
wholly-owned subsidiaries at home and abroad (2021-017)
Announcement on planning the establishment and listing of real estate
2021/2/10 www.cninfo.com.cn
investment trust funds (2021-023)
Announcement of Resolutions of the Second Extraordinary General
2021/3/3 www.cninfo.com.cn
Meeting of Shareholders in 2021 (2021-025)
Announcement on the issuance results of the first phase of
ultra-short-term financing bonds for 2021 a wholly-owned subsidiary 2021/3/20 www.cninfo.com.cn
of Shenzhen SF Tyson Holdings (Group) Co. Ltd. (2021-042)
Announcement on the issuance results of the second phase of
ultra-short-term financing bonds in 2021 the wholly-owned 2021/3/23 www.cninfo.com.cn
subsidiary Shenzhen SF Tyson Holdings (Group) Co. Ltd. (2021-043)
Announcement on the progress of wholly-owned subsidiaries'
2021/3/26 www.cninfo.com.cn
participation in investment in equity investment funds (2021-044)
Announcement on the acceptance of applications for non-public
offering of stocks by the China Securities Regulatory Commission 2021/3/27 www.cninfo.com.cn
(2021-045)
Announcement on the receipt of the "Notice of Feedback on One-time
Review of Administrative License Projects of the China Securities 2021/4/12 www.cninfo.com.cn
Regulatory Commission" (2021-050)
Announcement on the issuance results of the wholly-owned
subsidiary Shenzhen SF Tyson Holdings (Group) Co. Ltd. for the
2021/4/27 www.cninfo.com.cn
public issuance of green corporate bonds to qualified investors in
2021 (Phase 1) (special use for carbon neutrality) (2021-056)
Announcement of Resolutions of the Fourteenth Meeting of the Fifth
2021/4/29 www.cninfo.com.cn
Session of the Board of Directors (2021-057)
Announcement on the establishment of real estate investment trust
funds by holding subsidiaries and listing on the main board of the 2021/4/29 www.cninfo.com.cn
Hong Kong Stock Exchange (2021-058)
Announcement on the participation of the Company's subsidiaries in
2021/4/30 www.cninfo.com.cn
the establishment of a logistics development fund (2021-059)
Announcement of Resolutions of the Fifteenth Meeting of the Fifth
2021/5/14 www.cninfo.com.cn
Session of the Board of Directors (2021-061)
Announcement of Resolutions of the Fourteenth Meeting of the Fifth
2021/5/14 www.cninfo.com.cn
Board of Supervisors (2021-062)
Announcement on Adjusting the 2021 Non-public Issuance of A
2021/5/14 www.cninfo.com.cn
Shares Plan (2021-063)
Announcement on the revision of the plan for non-public issuance of
2021/5/14 www.cninfo.com.cn
A shares (2021-064)
Announcement on the progress of the establishment of real estate
investment trust funds by holding subsidiaries and listing on the main 2021/5/19 www.cninfo.com.cn
board of the Hong Kong Stock Exchange (2021-066)
Announcement on the issuance results of the public offering of
short-term corporate bonds (Phase 1) by Shenzhen SF Tyson Holdings
(Group) Co. Ltd. a wholly-owned subsidiary of Shenzhen SF Tyson 2021/5/22 www.cninfo.com.cn
Holdings (Group) Co. Ltd. to professional investors in 2021
(2021-068)
Announcement of Resolutions of the Sixteenth Meeting of the Fifth
2021/5/29 www.cninfo.com.cn
Session of the Board of Directors (2021-070)
Announcement of Resolutions of the Fifteenth Meeting of the Fifth
2021/5/29 www.cninfo.com.cn
Board of Supervisors (2021-071)130
Announcement on the spin-off of its holding subsidiary Tongcheng
Industrial and its listing on the main board of the Hong Kong Stock 2021/5/29 www.cninfo.com.cn
Exchange (2021-072)
Announcement on the proposed partial tender offer to acquire 51.8%
2021/5/29 www.cninfo.com.cn
equity of Kerry Logistics (2021-073)
Announcement on the application for non-public issuance of A shares
approved by the Issuance Review Committee of the China Securities 2021/6/1 www.cninfo.com.cn
Regulatory Commission (2021-076)
Announcement on the issuance results of the public offering of
short-term corporate bonds (Phase 2) by Shenzhen SF Tyson Holdings
2021/6/5 www.cninfo.com.cn
(Group) Co. Ltd. a wholly-owned subsidiary to professional
investors in 2021 (2021-078)
Announcement of Resolutions of the Third Extraordinary General
2021/6/16 www.cninfo.com.cn
Meeting of Shareholders in 2021 (2021-080)
Announcement on the acceptance of application materials for
overseas initial public issuance of shares by holding subsidiaries by 2021/6/24 www.cninfo.com.cn
the China Securities Regulatory Commission (2021-084)
Announcement on the submission of an overseas initial public
offering and listing application by a holding subsidiary to The Stock 2021/7/1 www.cninfo.com.cn
Exchange of Hong Kong Limited (2021-085)
Announcement on progress of the proposed partial tender offer to
2021/8/3 www.cninfo.com.cn
acquire 51.8% equity of Kerry Logistics (2021-090)
Announcement on progress of the proposed partial tender offer to
2021/8/10 www.cninfo.com.cn
acquire 51.8% equity of Kerry Logistics (2021-093)
Announcement on progress of the proposed partial tender offer to
2021/8/12 www.cninfo.com.cn
acquire 51.8% equity of Kerry Logistics (2021-094)
XIV. Significant Events of Subsidiaries
□ Applicable √ Not applicable131
Chapter 7 Share Changes & Shareholder Details I. Changes in Shares
Ⅰ. Issuance and Listing of Securities
1. Changes in Shares
Unit: number of shares
Before this change Increase or decrease of this change (＋－) After this change
Convers
ion of
Issuance Bonus provide
Number Percentage of new Other Subtotal Number Percentage
shares nt funds
shares
to
shares
I. Restricted shares 66127382 1.45% - - - -13204386 -13204386 52922996 1.16%
1. State shareholding - - - - - - - - -
2. State-owned legal - - - - - - - - -
person holdings
3. Other domestic shares 66127382 1.45% - - - -13204386 -13204386 52922996 1.16%
Including: Domestic legal - - - - - - - - -
person holdings
Domestic natural - - -
66127382 1.45% -13204386 -13204386 52922996 1.16%
person holdings
4. Foreign holdings - - - - - - - - -
Including: Foreign legal - - - - - - - - -
person holdings
Foreign natural - - - - - - - - -
person holdings
II. Unrestricted shares 4490313073 98.55% - - - 13204386 13204386 4503517459 98.84%
1. RMB ordinary shares 4490313073 98.55% - - - 13204386 13204386 4503517459 98.84%
III. Total number of shares 4556440455 100.00% - - - - - 4556440455 100.00%
Note: Any discrepancy between the mantissas of the subtotals and the sums of the added numbers in the above table is due to
rounding.Reasons for changes in shares
□ Applicable √ Not applicable
Approval of changes in shares
□ Applicable √ Not applicable
Transfer of changes in shares
□ Applicable √ Not applicable
Progress in the implementation of share repurchase
□ Applicable √ Not applicable
Progress in the implementation of the centralized bidding method to reduce holding of repurchased shares
□ Applicable √ Not applicable
The impact of changes in shares on financial indicators such as basic earnings per share and diluted earnings per share net assets per
share attributable to the common shareholders of the Company in the most recent year / period
□ Applicable √ Not applicable
Other content that the Company deems necessary or required by the securities regulatory agency to disclose
□ Applicable √ Not applicable132
2. Changes in restricted shares
√ Applicable □ Not applicable
Unit: number of shares
Number of
Number of
restricted
Restricted shares restricted Restricted
Name of shares Date of restricted sales
at the beginning shares shares at the end Restricted sales reasons
shareholder increased removal
of the period removed in of the period
in the
the period
period
13204386 lock-up
shares of senior
lock-up shares for senior
Liu Jilu 65617221 13204386 - 52412835 managers were
managers
unlocked at the
beginning of 2021
Yuan Fuxiang 510161 - - 510161 restricted shares for IPO -
Total 66127382 13204386 - 52922996 -- --
Ⅱ. Issuance and Listing of Securities
□ Applicable √ Not applicable
III. Total number of shareholders and their holdings
Unit: number of shares
Total number of ordinary Total number of preferred shareholders with
shareholders at the end of 286001 voting rights restored (if any) at the end of 0
reporting period reporting period
Ordinary shareholders holding more than 5% of shares or shares of the top 10 ordinary shareholders
Number of Pledged marked or frozen
Sharehold Increase or Number of Number of
ordinary shares shares
Type of ing decrease of shares restricted non-restricted
Name of shareholder held at the end
shareholder percentag during reporting ordinary ordinary shares
of the reporting Status of
e period shares held held Amount
period shares
Domestic
Shenzhen Mingde non-state-
Holding Development owned 59.30% 2701927139 - - 2701927139 Pledged 919000000
Co. Ltd. legal
person
State-own
Shenzhen Zhaoguang
ed legal 4.79% 218304300 -48333246 - 218304300 Pledged 68478354
Investment Co. Ltd.person
Hong Kong Securities Overseas -
Clearing Company legal 4.17% 189975416 47839397 - 189975416 -
Ltd. person
Domestic
Ningbo Shunda
non-state-
Fengrun Venture
owned 2.45% 111590807 -26637697 - - Pledged 19648802
Capital Partnership
legal
(Limited Partnership)
person
Domestic
Liu Jilu natural 1.53% 69883780 - 52412835 17470945 Pledged 3300000
person
Suzhou Industrial Domestic
Park Oriza Shunfeng non-state- 1.11% 50727645 -15049350 - 50727645 - -
Equity Investment owned
Company (Limited legal133
Partnership) person
Overseas
Norges Bank – Own
legal 0.62% 28060869 6604721 - 28060869 - -
Funds
person
CAISSE DE DéP?T Other
ET PLACEMENT DU 0.47% 21433047 8686870 - 21433047 - -
QUéBEC
China CITIC Bank Other
Co. Ltd.-BOCOM
Schroder New Vitality
0.32% 14602198 -2875261 - 14602198 - -
Flexible Allocation of
Mixed Securities
Investment Fund
China Resources Other
Shenguotou Trust Co.Ltd. – China
Resources
0.30% 13777262 10792745 - 13777262 - -
Trusts·Springs
Balance No. 5
Collective Fund Trust
Plan
Strategic investor or general legal person becomes the top
10 ordinary shareholder due to the placement of new shares N/A（if any）
The Company is not aware of whether there is an associated
Explain any associated relationship and/or persons acting in
relationship between the above mentioned shareholders and whether
concert between the above-mentioned shareholders
they are acting in concert.Explain entrusting/being entrusted voting rights or waiving
N/A
voting rights of the above-mentioned shareholders
Explain DPM repurchase for the top 10 shareholders (if
N/A
any)
Top 10 ordinary shareholders holding unrestricted shares
Number of unrestricted ordinary Type of shares
Name of shareholder shares held at the end of the
reporting period Type of shares Quantity
RMB-denominated
Shenzhen Mingde Holding Development Co. Ltd. 2701927139 2701927139
ordinary shares
RMB-denominated
Shenzhen Zhaoguang Investment Co. Ltd. 218304300 218304300
ordinary shares
RMB-denominated
Hong Kong Securities Clearing Company Ltd. 189975416 189975416
ordinary shares
Ningbo Shunda Fengrun Venture Capital Partnership RMB-denominated
111590807 111590807
(Limited Partnership) ordinary shares
Suzhou Industrial Park Oriza Shunfeng Equity RMB-denominated
50727645 50727645
Investment Company (Limited Partnership) ordinary shares
RMB-denominated
Norges Bank–Own Funds 28060869 28060869
ordinary shares
CAISSE DE DéP?T ET PLACEMENT DU QUéBEC RMB-denominated
21433047 21433047
ordinary shares
Liu Jilu RMB-denominated
17470945 17470945
ordinary shares
China CITIC Bank Co. Ltd.-BOCOM Schroder New
RMB-denominated
Vitality Flexible Allocation of Mixed Securities 14602198 14602198
ordinary shares
Investment Fund
China Resources Shenguotou Trust Co. Ltd. – China
RMB-denominated
Resources Trusts·Springs Balance No. 5 Collective 13777262 13777262
ordinary shares
Fund Trust Plan134
The Company is not aware of
Explain any associated relationship or persons acting in concert between the top 10 whether there is an associated
non-restricted ordinary shareholders and between the top 10 non-restricted ordinary relationship between the
shareholders and the top 10 ordinary shareholders above-mentioned shareholders and
whether they are acting in concert.Explain the top 10 ordinary shareholders’ participation in margin financing (if any) N/A
Did any of the top 10 ordinary shareholders or the top 10 non-restricted ordinary shareholders of the Company conduct any
promissory repurchase during the reporting period?
□Yes √ No
No such cases in the reporting period.IV. Changes in shares held by directors supervisors and senior managers
□ Applicable √ Not applicable
The Company’s directors supervisors and senior managers did not change during the reporting period. For details please refer to the
2020 Annual Report.V. Change of controlling shareholder or actual controller
Change of controlling shareholder in the reporting period
□ Applicable √ Not applicable
Controlling shareholder did not change during the reporting period.Change of actual controller during the reporting period
□ Applicable √ Not applicable
The actual controller did not change during the reporting period.135
Chapter 8 Preferred Shares
□ Applicable √ Not applicable
No such cases in the reporting period.136
Chapter 9 Bonds
□ Applicable √ Not applicable137.F. Holding Co. Ltd. 2021 Semi-Annual Report
Chapter 10 Financial Statements
[English Translation for Reference Only]
Review Report
PwC ZT Yue Zi (2021) No. 0029
To the shareholders of S.F. Holding Co. Ltd.We have reviewed the accompanying interim financial statements of S.F. Holding Co. Ltd. (hereinafter “S.F.Holding”) which comprise the consolidated and company balance sheets as at 30 June 2021 the
consolidated and company income statements the consolidated and company statements of changes in
equity and the consolidated and company cash flow statements for the six-month period then ended and
the notes to the interim financial statements. Management of S.F. Holding is responsible for the preparation
of these interim financial statements in accordance with the requirements of the Accounting Standards for
Business Enterprises. Our responsibility is to issue a review report on these interim financial statements
based on our review.We conducted our review in accordance with China Standards on Review Engagement No. 2101 “Reviewof Financial Statements”. These standards require that we plan and perform the review to obtain limited
assurance as to whether the interim financial statements are free of material misstatement. A review is
limited primarily to inquiries of company personnel and analytical procedures applied to financial data and
thus provides less assurance than an audit. We have not performed an audit and accordingly we do not
express an audit opinion.Based on our review nothing has come to our attention that causes us to believe that the interim financial
statements are not prepared in accordance with the Accounting Standards for Business Enterprises or do
not present fairly in all material respects the consolidated and company’s financial position of S.F. Holding
as at 30 June 2021 and their financial performance and cash flows for the period then ended.PricewaterhouseCoopers Zhong Tian LLP Signing CPA
—————————————
Chen Anqiang
(Engagement Partner)
Shanghai the People’s Republic of China Signing CPA
20 August 2021 ————————
Liu Jingping138
S.F. HOLDING CO. LTD.CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
ASSETS Note 30 June 2021 31 December 2020
Consolidated Consolidated
Current assets
Cash at bank and on hand 4(1) 16862359321.83 1641789170 7.19
Financial assets held for trading 4(2) 10024418773.30 6276922669.69
Notes receivable 159414841.49 166476628.34
Accounts receivable 4(3) 18603262202.89 16849064250.79
Advances to suppliers 4(4) 2310290874.56 3176518926.99
Factoring receivables 4(5) 141731.44 309932.28
Loans and advances 4(6) 37862307.56 60917899.18
Other receivables 4(7) 2621280338.67 2493564401.11
Inventories 4(8) 981610149.77 986950595.04
Contract assets 4(9) 375776993.91 399035179.94
Current portion of non-current assets 4(11) 253525731.69 156240777.09
Other current assets 4(10) 5861061750.50 4693077389.66
Total current assets 58091005017.61 51676970357.30
Non-current assets
Long-term receivables 4(11) 711149218.75 607103640.21
Long-term equity investments 4(12) 5075968100.17 3647231277.90
Investments in other equity instruments 4(13) 4455155248.78 5027489054.30
Other non-current financial assets 4(14) 846820269.97 831526041.08
Investment properties 4(15) 1430515368.05 2219404821.35
Fixed assets 4(16) 22740388614.84 22356651754.60
Construction in progress 4(17) 6521949882.48 5379854462.06
Right-of-use assets 4(18) 13374738542.41 --
Intangible assets 4(19) 9896036364.07 10633114090.26
Capitalised development expenditures 4(20) 585909976.65 540903450.14
Goodwill 4(21) 3359112287.60 3377141391.71
Long-term prepaid expenses 4(22) 1956684942.83 1860736934.89
Deferred tax assets 4(40) 1776170609.17 1539267775.98
Other non-current assets 4(23) 2571453726.19 1462647209.19
Total non-current assets 75302053151.96 59483071903.67
TOTAL ASSETS 133393058169.57 111160042260.97139
S.F. HOLDING CO. LTD.CONSOLIDATED BALANCE SHEET (CONT’D)
AS AT 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND EQUITY Note 30 June 2021 31 December 2020
Consolidated Consolidated
Current liabilities
Short-term borrowings 4(25) 15018583357.05 7996570312.73
Deposits from customers 2925182.37 3654785.86
Financial liabilities held for trading 23703392.07 22155013.53
Accounts payable 4(26) 15896242092.03 15484940351.95
Advances from customers 4(27) 24032178.00 27575669.47
Contract liabilities 4(28) 1816741934.15 1539264096.14
Employee benefits payable 4(29) 3259281586.74 4310829146.80
Taxes payable 4(30) 1375056805.45 1855263509.24
Other payables 4(31) 7581186251.15 7530793784.24
Current portion of non-current liabilities 4(32) 7727706661.82 2945350894.28
Other current liabilities 4(33) 2138161857.86 92355845.77
Total current liabilities 54863621298.69 41808753410.01
Non-current liabilities
Long-term borrowings 4(34) 1758386807.78 1865820266.05
Debentures payable 4(35) 8860323061.45 8425430468.77
Lease liabilities 4(36) 8140284965.55 --
Long-term payables 4(37) - 10201626.90
Long-term employee benefits payable 4(38) 191906251.48 145540226.93
Deferred income 4(39) 594877637.91 414736204.81
Deferred tax liabilities 4(40) 1638070232.93 1687605941.56
Provisions 39799250.63 42253056.91
Total non-current liabilities 21223648207.73 12591587791.93
Total liabilities 76087269506.42 54400341201.94
Equity
Share capital 4(41) 4556440455.00 4556440455.00
Capital reserve 4(42) 25549775675.75 24405217286.50
Less: Treasury stock 4(43) (394992892.71) (394992892.71)
Other comprehensive income 4(64) 864517815.45 1143969091.52
General risk reserve 283083184.04 279142491.29
Surplus reserve 4(45) 745043348.45 745043348.45
Retained earnings 4(46) 25077355183.06 25708230458.34
Total equity attributable to
shareholders of the Company 56681222769.04 56443050238.39
Minority interests 4(47) 624565894.11 316650820.64
Total equity 57305788663.15 56759701059.03
TOTAL LIABILITIES AND EQUITY 133393058169.57 111160042260.97
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of
accounting department: Hu Xiaofei140
S.F. HOLDING CO. LTD.COMPANY BALANCE SHEET
AS AT 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
ASSETS Note 30 June 2021 31 December 2020
Company Company
Current assets
Cash at bank and on hand 17(1) 56435522.39 58098498.15
Financial assets held for trading 250782638.89 200376712.32
Advances to suppliers 539201.13 991345.81
Other receivables 17(2) 5460904966.22 6960858841.98
Other current assets 292522.37 70727.68
Total current assets 5768954851.00 7220396125.94
Non-current assets
Long-term receivables 17(3) - 82496567.74
Long-term equity investments 17(4) 50997087817.91 50997093513.91
Construction in progress 4953207.54 -
Right-of-use assets 2332731.69 --
Intangible assets 389268293.21 396121670.15
Long-term prepaid expenses 883479.39 27611.60
Other non-current assets 1319002.89 -
Total non-current assets 51395844532.63 51475739363.40
TOTAL ASSETS 57164799383.63 58696135489.34141
S.F. HOLDING CO. LTD.COMPANY BALANCE SHEET (CONT’D)
AS AT 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
LIABILITIES AND EQUITY Note 30 June 2021 31 December 2020
Company Company
Current liabilities
Employee benefits payable 226666.65 226666.65
Other payables 6872534.23 15926205.73
Taxes payable 41580.00 21397863.68
Total current liabilities 7140780.88 37550736.06
Non-current liabilities
Deferred tax liabilities - 94178.08
Lease liabilities 2415173.65 --
Total non-current liabilities 2415173.65 94178.08
Total liabilities 9555954.53 37644914.14
Equity
Share capital 4556440455.00 4556440455.00
Capital reserve 52344314626.55 52344320322.55
Less: Treasury stock (394992892.71) (394992892.71)
Surplus reserve 591998348.14 591998348.14
Retained earnings 57482892.12 1560724342.22
Total equity 57155243429.10 58658490575.20
TOTAL LIABILITIES AND EQUITY 57164799383.63 58696135489.34
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of
accounting department: Hu Xiaofei142
S.F. HOLDING CO. LTD.CONSOLIDATED AND COMPANY INCOME STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
For the six months ended 30 June
Item Note 2021 2020 2021 2020
Consolidated Consolidated Company Company
1. Revenue 4(48) 88343929823.78 71129007738.21 - -
Less: Cost of revenue 4(48) (79421353588.40) (57863128901.41) - -
Taxes and surcharges 4(49) (210648900.18) (181851687.80) (2138.00) (152793.39)
Selling and distribution expenses 4(50) (1310233654.15) (1056658701.93) - -
General and administrative
expenses 4(51) (6529046289.13) (5861443162.73) (11066575.34) (3945277.40)
Research and development
expenses 4(52) (1007216703.68) (733339628.41) (20525.40) (10764.93)
Financial (costs)/income 4(53) (621902222.77) (472967469.92) 876184.52 (92238167.70)
Including: Interest expenses (666601847.87) (568057438.29) (50551.62) (100954908.22)
Interest income 93386299.49 78055138.82 932196.09 8727879.35
Add : Other income 4(55) 716561124.08 645710052.98 - 24401.99
4(56)
Investment income 17(5) 1130498743.99 223418158.46 2664607.92 44903960.29
Including: Investment losses
from associates and
joint ventures (8751248.27) (18447519.77) - -
Gains arising from changes in fair
value 4(57) 29589246.28 16413953.16 405926.57 1716972.58
Credit impairment losses 4(58) (11176161.04) (459541101.91) (231.78) -
Asset impairment losses 4(59) (592019.83) (2 7469084.52) - -
Losses on disposal of assets 4(60) (14187714.91) (9646491.49) - -
2. Operating profit/(loss) 1094221684.04 5348503672.69 (7142751.51) (49701668.56)
Add: Non-operating income 4(61)(a) 125023072.59 89733785.62 - 4725851.13
Less: Non-operating expenses 4(61)(b) (126095725.78) (99473652.09) - -
3. Total profit/(loss) 1093149030.85 5338763806.22 (7142751.51) (44975817.43)
Less: Income tax (expenses)/credits 4(62) (677358703.20) (1714998647.00) 3893110.99 1723041.10
4. Net profit/(loss) 415790327.65 3623765159.22 (3249640.52) (43252776.33)
Classified by continuity of operations:
Net profit/(loss) from continuing
operations 415790327.65 3623765159.22 (3249640.52) (43252776.33)
Net profit from discontinued operations - - - -
Classified by ownership of the equity:
Attributable to shareholders of the
Company 759921074.24 3761593296.43 Not applicable Not applicable
Minority interests (344130746.59) (137828137.21) Not applicable Not applicable143
S.F. HOLDING CO. LTD.CONSOLIDATED AND COMPANY INCOME STATEMENTS (CONT’D)
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
For the six months ended 30 June
Item Note 2021 2020 2021 2020
Consolidated Consolidated Company Company
5. Other comprehensive income net
of tax (167117849.66) 146353697.64 - -
Attributable to shareholders of the
Company net of tax (166315123.26) 146482499.71 - -
Other comprehensive income items
which will not be reclassified
subsequently to profit or loss (76892005.25) 41738101.54 - -
Changes in fair value of other
equity instruments investment 4(64) (76803722.97) 40865087.90 - -
Other comprehensive income
items which will not be
transferred to profit or loss
under the equity method 4(64) (88282.28) 873013.64 - -
Other comprehensive income items
which will be reclassified
subsequently to profit or loss (89423118.01) 104744398.17 - -
Cash flow hedging reserve (5527991.60) - - -
Exchange differences on
translation of foreign currency
financial statements 4(64) (83895126.41) 104744398.17 - -
Attributable to minority interests net
of tax 4(64) (802726.40) (128802.07) - -
6. Total comprehensive income 248672477.99 3770118856.86 (3249640.52) (4325277 6.33)
Attributable to shareholders of the
Company 593605950.98 3908075796.14 Not applicable Not applica ble
Attributable to minority interests (344933472.99) (137956939.28) Not applicable Not applicable
7. Earnings per share
Basic earnings per share (RMB
Yuan) 4(63) 0.17 0.85 Not applicable Not applicable
Diluted earnings per share (RMB
Yuan) 4(63) 0.17 0.85 Not applicable Not applicable
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of
accounting department: Hu Xiaofei144
S.F. HOLDING CO. LTD.CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
For the six months ended 30 June
Item Note 2021 2020 2021 2020
Consolidated Consolidated Company Company
1. Cash flows from operating activities
Cash received from sales of goods or
rendering of services 90333953289.62 72947979643.63 - -
Net decrease in loans to customers 30155476.57 - - -
Net decrease in balances with central
bank 347210432.62 - - -
Net decrease in placements with and
loans to banks and other financial
institutions - 200000000.00 - -
Net increase in deposits from
customers 845475.00 1379123.94 - -
Refund of taxes and levies 73786234.28 72251370.53 - -
Cash received relating to other
operating activities 4(65)(a) 44986705898.36 36120935884.94 1370901.95 16784720.65
Sub-total of operating cash
inflows 135772656806.45 109342546023.04 1370901.95 16784720.65
Cash paid for goods and services (66970611765.37) (46139569576.39) - -
Net increase in loans to customers - (50761631.37) - -
Net increase in balances with central
bank - (9705168.79) - -
Cash paid to and on behalf of
employees (14840279837.39) (12231862172.78) (1361999.08) (1060000.00)
Payments of taxes and levies (2721791350.68) (2492140114.50) (15996401.37) (1303436.03)
Cash paid relating to other operating
activities 4(65)(b) (46908341009.85) (41486795039.11) (6316624.44) (4859502.53)
Sub-total of operating cash
outflows (131441023963.29) (102410833702.94) (23675024.89) (7222938.56)
Net cash flows from operating
activities 4(66)(a) 4331632843.16 6931712320.10 (22304122.94) 9561782.09
2. Cash flows used in investing
activities
Cash received from disposal of
investments 934434794.34 14054523.72 - -
Cash received from returns on
investments 182466161.37 239369492.41 1502824484.40 1166683179.88
Cash received from disposal of fixed
assets and other long-term assets 85924854.13 21609036.69 - -
Net cash received from disposal of
subsidiaries and other business
units 4(65)(c) 1414075843.20 30000000.00 - -
Cash received relating to other
investing activities 4(65)(e) 46455050489.87 52830000 000.00 1162496 567.74 9802734 180.72
Sub-total of investing cash
inflows 49071952142.91 53135033052.82 2665321052.14 10969417360.60
Cash paid to acquire fixed assets and
other long-term assets (9188443054.47) (3973822904.91) (13841151.75) (76698.78)
Cash paid to acquire investments (391136879.92) (99952404.12) - -
Net cash paid to acquire subsidiaries 4(65)(d) (199541711.07) - - -
Cash paid relating to other investing
activities 4(65)(f) (50185229111.50) (66931335372.60) (1130000000.00) (10554370000.00)
Sub-total of investing cash
outflows (59964350756.96) (71005110681.63) (1143841151.75) (10554446698.78)
Net cash flows (used in)/from
investing activities (10892398614.05) (17870077628.81) 1521479900.39 414970661.82145
S.F. HOLDING CO. LTD.CONSOLIDATED AND COMPANY CASH FLOW STATEMENTS (CONT'D)
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
For the six months ended 30 June
Item Note 2021 2020 2021 2020
Consolidated Consolidated Company Company
3. Cash flows from financing activities
Cash received from capital
contributions 1725968997.55 6286892 48.52 - -
Including: Cash received from
capital contributions by
minority interests of
subsidiaries 1725968997.55 6286892 48.52 - -
Cash received from borrowings and
issue of debentures 14320423964.61 135877088 69.12 - -
Sub-total of financing cash
inflows 16046392962.16 142163981 17.64 - -
Cash repayments of borrowings (4322819732.70) (101135377 17.41) - (200000.00)
Cash payments for interest expenses
and distribution of dividends or
profits (1846032070.72) (14737958 93.91) (1499991809.58) (1190371675.27)
Cash payments relating to other
financing activities 4(65)(g) (2552846403.17) (833451 17.41) (847407.69) (59418005.17)
Sub-total of financing cash
outflows (8721698206.59) (116706787 28.73) (1500839217.27) (1249989680.44)
Net cash flows from/(used in)
financing activities 7324694755.57 25457193 88.91 (1500839217.27) (1249989680.44)
4. Effect of foreign exchange rate
changes on cash and cash
equivalents 13247888.65 189221 39.93 464.06 86.68
5. Net increase/(decrease) in cash and
cash equivalents 4(66)(b) 777176873.33 (83737237 79.87) (1662975.76) (825457149.85)
Add: Cash and cash equivalents at the
beginning of the period 4(66)(b) 15466483805.74 177644484 98.26 58098498.15 966640292.56
6. Cash and cash equivalents at the
end of the period 4(66)(c) 16243660679.07 93907247 18.39 56435522.39 141183142.71
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of
accounting department: Hu Xiaofei146
S.F. HOLDING CO. LTD.CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Equity attributable to shareholders of the parent company
Less: Other
Share Other equity Capital Treasury comprehensive General Special Surplus Retained Minority Total
Note capital instruments reserve stock income risk reserve reserve reserve earnings interests equity
Balance at 1 January 2020 4414585265.00 768938484.90 16124018594. 16 (454761306.79) 1002715607.38 225783247.34 - 601241237.54 19769413015.66 73897241.58 42525831386.77
Movements for the six
months ended 30 June2020
Total comprehensive income
Net profit - - - - - - - - 3761593296.43 (137828137.21) 3623765159.22
Other comprehensive
income - - - - 146482499.71 - - - - (128802.07) 146353697.64
Total comprehensive
income for the period - - - - 146482499.71 - - - 3761593296.43 (137956939.28) 3770118856.86
Capital contribution and
withdrawal by
shareholders
Capital contribution by
shareholders - - 461825148. 38 - - - - - - 166864100.1 4 628689248. 52
Transfer of convertible
corporate debentures to
share capital and capital
reserve 36244799.00 (192913580.65) 1443407004. 09 - - - - - - - 1286738222.44
Other equity instruments
issued by subsidiaries - - - - - - - - - 59516921.23 59516921.23
Changes in share-based
payment restricted
shares 4(43) (2456568.00) - (57311814. 73) 59768382.73 - - - - - - -
Share-based payments
included in equity 9(1) - - 47180411. 55 - - - - - - 7072954.99 542533 66.54
Others - - (118279760. 81) - - - - - - 109085601.49 (91941 59.32)
Profit distribution
Appropriation to general
risk reserve 4(46) - - - - - 2344717.97 - - (2344717.97) - -
Distribution to
shareholders 4(46) - - - - - - - - (1188301851.36) - (1188301851.36)
Other movements in capital
reserve - - 5209476. 53 - - - - - - - 5209476.53
Safety reserve
Appropriation 4(44) - - - - - - 12187435.48 - - - 12187435.48
Utilisation 4(44) - - - - - - (12187435.48) - - - (12187435.48)
Balance at 30 June 2020 4448 373496.00 576024904.25 17906049059. 17 (394992924.06) 1149198107.09 228127965.31 - 601241237.54 22340359742.76 278479880.15 47132861468.21147
S.F. HOLDING CO. LTD.CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONT’D)
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Equity attributable to shareholders of the parent company
Less: Other
Share Capital Treasury comprehen General Special Surplus Retained Minority Total
Note capital reserve stock sive income risk reserve reserve reserve earnings interests equity
Balance at 1 January 2021 4556440455.00 2440521728 6.50 (39499289 2.71) 114396909 1.52 27914249 1.29 - 745043348 .45 2570823045 8.34 316650820 .64 5675970105 9.03
Movements for the six months ended
30 June 2021
Total comprehensive income
Net profit - - - - - - - 759921074 .24 (344130746 .59) 415790327 .65
Other comprehensive income - - - (166315123.26) - - - - (802726 .40) (167117849 .66)
Total comprehensive income for the
period - - - (166315123.26) - - - 759921074 .24 (344933472 .99) 248672477 .99
Capital contribution and withdrawal by
shareholders
Capital contribution by shareholders - 1098398176.7 7 - - - - - - 632873657.25 1731271834.02
Share-based payments included in
equity 9(1) - 104555342.61 - - - - - - 178052 67.97 122360610 .58
Others - (52539410.09) - - - - - - 21696 21.24 (50369788.85)
Profit distribution
Appropriation to general risk reserve 4(46) - - - - 3940692.75 - - (3940692 .75) - -
Distribution to shareholders 4(46) - - - - - - - (1499991809 .58) - (1499991809 .58)
Transfer within equity
Transfer from other comprehensive
income to retained earnings - - - (113136152.81) - - - 113136152 .81 - -
Other movements in capital reserve - (5855720.04) - - - - - - - (5855720 .04)
Safety reserve
Appropriation 4(44) - - - - - 12520064.22 - - - 12520064 .22
Utilisation 4(44) - - - - - (12520064.22) - - - (12520064 .22)
Balance at 30 June 2021 45 56440455.00 25549775675.75 (394992892.71) 864517815.45 283083184.04 - 745043348 .45 2507735518 3.06 624565894 .11 5730578866 3.15
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of accounting department: Hu Xiaofei148
S.F. HOLDING CO. LTD.COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
Share Other equity Capital Less: Treasury Surplus Retained Total
Note capital instruments reserve stock reserve earnings equity
Balance at 1 January 2020 4414585265.00 768 938484.90 46642944149.90 (454 761306.79 ) 448196237.23 1454807195.40 53274710025.64
Movements for the six months
ended 30 June 2020
Total comprehensive income
Net loss - - - - - (43252776.33 ) (43252776.33)
Capital contribution and
withdrawal by shareholders
Capital contribution by holders
of convertible corporate
debentures 36244799.00 (192 913580.65 ) 1443407004.09 - - - 1286 738222.44
Changes in share-based
payment restricted shares 4(43) (2456568.00) - (57311814.73) 59 768382.73 - - -
Profit distribution
Distribution to shareholders 4(46) - - - - - (1188301851.36 ) (1188301851.36)
Balance at 30 June 2020 4448373496.00 576 024904.25 48029039339.26 (394 992924.06 ) 448196237.23 223252567.71 53329893620.39
Balance at 1 January 2021 4556440455.00 - 52344320322.55 (394 992892.71 ) 591998348.14 1560724342.22 58658490575.20
Movements for the six months
ended 30 June 2021
Total comprehensive income
Net loss - - - - - (3249640.52 ) (3249640.52)
Profit distribution
Distribution to shareholders 4(46) - - - - - (1499991809.58 ) (1499991809.58)
Others - - (5696.00) - - - (5696.00)
Balance at 30 June 2021 4556440455.00 - 52344314626.55 (394 992892.71 ) 591998348.14 57482892.12 57155243429.10
The accompanying notes form an integral part of these financial statements.Legal representative: Wang Wei Principal in charge of accounting: Chen Fei Head of accounting department: Hu Xiaofei149
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information and historical development
S.F. Holding Co. Ltd. (formerly “Ma’anshan Dingtai Rare Earth and New Materials Co. Ltd.”
hereinafter “S.F. Holding” or “the Company”) formerly known as Ma’anshan Dingtai Science &
Technology Co. Ltd. was established by 11 natural persons including Liu Jilu and the Labour Union
of Ma’anshan Dingtai Metallic Products Co. Ltd. by cash contribution on 13 May 2003. Initiated by
the original shareholders of the Company the Company was formally changed as Ma’anshan
Dingtai Rare Earth and New Materials Co. Ltd. with a registered capital of RMB 50 million as
approved by the shareholders’ meeting on 18 October 2007 and the inaugural meeting on 22
October 2007.On 11 January 2010 the Company successfully issued 19500000 ordinary shares at par value of
RMB 1.00 per share at Shenzhen Stock Exchange under the Regulatory Permission [2010] No. 41
as approved by the China Securities Regulatory Commission. The outstanding shares were listed
for trading at Shenzhen Stock Exchange on 5 February 2010. After the shares were issued the total
share capital of the Company was changed to 77830780 shares.Pursuant to the Proposal on the Profit Distribution Plan for 2014 approved by the 2014 annual
shareholders’ meeting held by the Company on 19 May 2015 the Company converted capital
reserve into new shares on the basis of 5 shares for every 10 existing shares with 77830780
shares in total at the end of 2014 as base. After the conversion the total share capital of the
Company was increased by 38915390 shares to 116746170 shares.Pursuant to the Proposal on the Profit Distribution Plan for 2015 approved by the 2015 annual
shareholders’ meeting held by the Company on 17 May 2016 the Company with 116746170
shares in total at the end of 2015 as base converted capital reserve into new shares on the basis of
10 shares for every 10 existing shares. After the conversion the total share capital of the Company
was increased by 116746170 shares to 233492340 shares.Pursuant to the resolution of the 13th session of the 3rd Board of Directors of the Company dated 22
May 2016 and relevant resolutions approved on the first interim shareholders’ meeting in 2016 held
by the Company on 30 June 2016 including the Resolution Concerning the Company Qualifying for
Criteria for Major Assets Restructuring of Listed Companies the Resolution on Related-party
Transaction Composed of Major Assets Swap and Issuing Shares to Purchase Assets and Raise
Matching Fund and the Resolution on ‘Major Assets Swap and Issuing Shares to Purchase Assets
and Raise Matching Fund and Related-party Transaction Report (Draft) of Ma’anshan Dingtai Rare
Earth and New Materials Co. Ltd.’ and Summaries the Company conducted a series of major
assets restructuring as follows:150
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information and historical development (Cont’d)
(1) Major assets swap
In December 2016 the Company swapped all the assets and liabilities (“exchange-out assets”) it
held as at 31 December 2015 (“assessment base date”) for the equivalent portion (“exchange-inassets”) of 68.40% 9.93% 6.75% 6.75% 6.75% 1.35% and 0.07% of the equities in Shenzhen
S.F. Taisen Holdings (Group) Co. Ltd. (formerly “S.F. Holding (Group) Co. Ltd.” “Taisen Holdings”)
respectively held by Shenzhen Mingde Holdings Development Co. Ltd. (“Mingde Holdings”)Ningbo Shunda Fengrun Investment Management Partnership (Limited Partnership) (“ShundaFengrun”) Jiaqiang Shunfeng (Shenzhen) Equity Investment Partnership (Limited Partnership)
(“Jiaqiang Shunfeng”) Shenzhen Zhaoguang Investment Co. Ltd. (“Zhaoguang Investment”)Suzhou Industrial Park Oriza Shunfeng Equity Investment Company (Limited Partnership) (“OrizaShunfeng”) Suzhou Guyu Qiuchuang Equity Investment Partnership (Limited Partnership) (“GuyuQiuchuang”) and Ningbo Shunxin Fenghe Investment Management Partnership (Limited
Partnership) (“Shunxin Fenghe”). For this transaction the exchange-out assets were priced at RMB
796 million and the exchange-in assets were priced at RMB 43.30 billion. Pursuant to the second
interim shareholders’ meeting in 2016 dated 28 December 2016 (“restructuring date”) the Company
approved and reelected a new Board of Directors which indicated the completion of major assets
swap transaction and the successful listing of Taisen Holdings on Shenzhen Stock Exchange
through back door listing.
(2) Issuing shares to purchase assets
In December 2016 the Company issued 3950185873 ordinary shares (A shares) at par value of
RMB 1.00 per share at an issuing price of RMB 10.76 per share to Mingde Holdings Shunda
Fengrun Jiaqiang Shunfeng Zhaoguang Investment Oriza Shunfeng Guyu Qiuchuang and
Shunxin Fenghe to cover the difference of the above swap (RMB 42504000000). The difference
between the value of shares and the share capital amounting to RMB 38553814120.48 was
recognised as capital reserve. The total share capital was changed to 4183678213 shares. After
the new shares were issued Mingde Holdings Shunda Fengrun Jiaqiang Shunfeng Zhaoguang
Investment Oriza Shunfeng and other shareholders held 64.58% 9.38% 6.37% 6.37% 6.37%
and 6.92% respectively of the equities in the Company. The China Securities Regulatory
Commission approved the above assets restructuring plan of the Company on 12 December 2016.The share change above was verified by PricewaterhouseCoopers Zhong Tian LLP with a capital
verification report of PwC ZT Yan Zi (2016) No. 1757 issued on 28 December 2016. The Company
registered the additional 3.95 billion shares at China Securities Depository and the Clearing
Corporation Limited Shenzhen Branch on 18 January 2017.151
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information and historical development (Cont’d)
(3) Raising matching fund
In July 2017 the Company issued 227337311 ordinary shares (A shares) at par value of RMB 1.00
per share to specific investors through non-public offering at RMB 35.19 per share. The total fund
raised amounted to RMB 7999999974.09. Net of underwriter and sponsor’s fees and other
transaction costs the net fund raised amounted to RMB 7822179636.78 including an increment
of share capital of RMB 227337311.00 and an increment of capital reserve by RMB
7604681212.80. The aforesaid fund was received on 31 July 2017 and verified by
PricewaterhouseCoopers Zhong Tian LLP with a capital verification report of PwC ZT Yan Zi (2017)
No. 745 issued.The Company registered the additional shares at China Securities Depository and the Clearing
Corporation Limited Shenzhen Branch on 15 August 2017. The total share capital was changed to
4411015524 shares. Mingde Holdings Shunda Fengrun Jiaqiang Shunfeng Zhaoguang
Investment Oriza Shunfeng and other shareholders held 61.25% 8.89% 6.04% 6.04% 6.04%
and 11.74% of the equities in the Company respectively.Afterwards the Company conducted several restricted shares incentive plans share repurchase
and transfer of convertible corporate debentures to share capital. The total share capital of the
Company as at 30 June 2021 was changed to 4556440455 shares.152
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 General information and historical development (Cont’d)
The approved business scope of the Company and its subsidiaries (“the Group”) includes: assets
management capital management investment management (trusts financial assets management
and security assets management are not allowed); auto rent; enterprise headquarters management;
customs brokerage inspection brokerage; investment in industries; domestic trade; marketing
planning; investment consultancy and other information consultancy (excluding human resources
intermediary service securities and restricted projects); engagement in the development of network
technology information technology and electronic product technology and related technology
services consultancy and transfer of network technology and provision of network information
E-Commerce service platform business management investment consultancy investment
management enterprise management consulting etc.; call centre business and information service
(both are second type value-added telecommunication services) and road transportation of common
cargo; international freight forwarding for air transportation and road transportation of imported and
exported goods or transit goods including solicitation booking shipping warehousing and
packaging; type-1 and type-2 (international and domestic) sales agency of air transport; common
cargo transportation stowage and logistics services; science and technology information consulting
project investment consulting and logistics information consulting; data processing; research and
development and sales of communication equipment and related technology services (projects
subject to approval could only be implemented after approval by relevant authorities) research and
development of unmanned aerial vehicle(“UAV”) and spare parts; supply chain management and
related supporting services and engagement in both export and import business; development
construction and operation of industrial park; property management; self-owned property leasing;
network marketing promotion; E-Commerce training; information technology outsourcing and
information services outsourcing; data mining data analysis and data services; development and
application of general software industry application software and embedded software; operation of
on-line trading on-line consulting on-line auction and on-line advertising; network business service
and database service; services in respect of development and application of electronic government
affairs system; communications industry value-added business services; international freight
forwarding domestic and international express (excluding business exclusively operated by postal
enterprises) transportation of cargo shipping containers and large objects economic and technical
consulting technical information consulting and engagement in commercial activities by way of
franchising; transport services of domestic (including Hong Kong Macau and Taiwan) and
international aviation cargo and related services and import and export of goods and technology;
cargo express agent services; international freight forwarding (excluding shipping agency business)
loading unloading and handling; international and domestic freight forwarding; technology
development of software and hardware for financial payment systems; internet payment bank card
acquiring supply chain management; non-securities equity investment activities and relevant
consulting services; finance leasing; leasing; purchase of leased property from home and abroad;
residual value processing and maintenance of leased property; leasing consulting; commercial
factoring related to main operating activities; delivery of goods; freight equipment leasing; container
yard operation and container leasing service; railway cargo transportation; ship freight; product
marketing design and planning for enterprises and individuals and related business agency services;
non-vessel operating common carrier business; maritime international freight forwarding business;
building construction engineering; wholesale of medicine and medical equipment; sales of food;
human resources service.First-tier and second-tier subsidiaries included in the consolidation scope of the financial statements
are detailed in Note 6(1). The changes in the scope of consolidation for the current period are set
out in Note 5.Mingde Holdings is the parent company and ultimate controlling company of the Company and Mr
Wang Wei is the ultimate controller of the Company.These financial statements were authorised for issue by the Board of Directors of the Company on
20 August 2021.153
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates
The Group determines the specific accounting policies and estimates based on its features of
production and operation primarily comprising the methods of provision for expected credit losses
on receivables and contract assets (Note 2(9)) valuation of inventories (Note 2(10)) measurement
model of investment properties (Note 2(12)) depreciation of fixed assets and amortisation of
intangible assets and right-of-use assets (Note 2(13) (16) (28)) criterion for capitalisation of
capitalised development expenditures (Note 2(17)) recognition and measurement of revenue (Note
2(26)) etc.
Details of the Group’s critical judgements critical accounting estimates and key assumptions used
in determining significant accounting policies are set forth in Note 2(30).
(1) Basis of preparation
The financial statements are prepared in accordance with the Accounting Standards for Business
Enterprises - Basic Standard and the specific accounting standards and other relevant regulations
issued by the Ministry of Finance on 15 February 2006 and in subsequent periods (hereafter
referred to as “the Accounting Standards for Business Enterprises” or “CASs”) and the disclosure
requirements in the Preparation Convention of Information Disclosure by Companies Offering
Securities to the Public No. 15 - General Rules on Financial Reporting issued by the China
Securities Regulatory Commission.The financial statements are prepared on a going concern basis.
(2) Statement of compliance with the Accounting Standards for Business Enterprises
The financial statements of the Company for the six months ended 30 June 2021 are in compliance
with the Accounting Standards for Business Enterprises and truly and completely present the
consolidated and company financial position of the Company as at 30 June 2021 and their financial
performance cash flows and other information for the period then ended.
(3) Accounting year
The Company’s accounting year starts on 1 January and ends on 31 December.
(4) Recording currency
The Company’s recording currency is Renminbi (RMB). The Company’s subsidiaries decide their
recording currencies in line with the economic environments in which they operate while the
subsidiaries in Hong Kong and abroad mainly adopt currencies including HKD USD KRW EUR
etc. as their recording currencies. The financial statements are presented in RMB.154
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(5) Business combinations
(a) Business combinations involving enterprises under common control
The consideration paid and net assets obtained by the Group in a business combination are
measured at the carrying amount. If the acquiree is acquired from a third party by the ultimate
controlling party in a prior year the consideration paid and net assets obtained by the Group are
measured based on the carrying amounts of the acquiree’s assets and liabilities (including the
goodwill arising from the acquisition of the acquiree by the ultimate controlling party) presented in
the consolidated financial statements of the ultimate controlling party. The difference between the
carrying amount of the net assets obtained from the combination and the carrying amount of the
consideration paid for the combination is treated as an adjustment to capital reserve (share
premium). If the capital reserve (share premium) is not sufficient to absorb the difference the
remaining balance is adjusted against retained earnings. Costs directly attributable to the business
combination are included in profit or loss in the period in which they are incurred. Transaction costs
associated with the issue of equity or debt securities for the business combination are included in
the initially recognised amounts of the equity or debt securities.(b) Business combinations involving enterprises not under common control
The combination cost and identifiable net assets obtained by the Group in a business combination
are measured at fair value at the acquisition date. Where the combination cost exceeds the Group’s
interest in the fair value of the acquiree’s identifiable net assets the difference is recognised as
goodwill; where the combination cost is lower than the Group’s interest in the fair value of the
acquiree’s identifiable net assets the difference is recognised in profit or loss for the current period.Costs directly attributable to the combination are included in profit or loss in the period in which they
are incurred. Transaction costs associated with the issue of equity or debt securities for the
business combination are included in the initially recognised amounts of the equity or debt
securities.155
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(6) Preparation of consolidated financial statements
The consolidated financial statements comprise the financial statements of the Company and all of
its subsidiaries.Subsidiaries are consolidated from the date on which the Group obtains control and are
de-consolidated from the date on which such control ceases. For a subsidiary that is acquired in a
business combination involving enterprises under common control it is included in the consolidated
financial statements from the date when it together with the Company comes under common
control of the ultimate controlling party. The portion of the net profits realised before the combination
date is presented separately in the consolidated income statement.In preparing the consolidated financial statements where the accounting policies and the
accounting periods of the Company and subsidiaries are inconsistent the financial statements of
the subsidiaries are adjusted in accordance with the accounting policies and the accounting period
of the Company. For subsidiaries acquired from business combinations involving enterprises not
under common control the individual financial statements of the subsidiaries are adjusted based on
the fair value of the identifiable net assets at the acquisition date.All significant intra-group balances transactions and unrealised profits are eliminated in the
consolidated financial statements. The portion of subsidiaries’ equity and the portion of subsidiaries’
net profit or loss and comprehensive income for the period not attributable to the Company are
recognised as minority interests minority interest income and total comprehensive income
attributable to minority shareholders and presented separately in the consolidated financial
statements under equity net profit and total comprehensive income respectively. Where the loss for
the current period attributable to the minority shareholders of the subsidiaries exceeds the share of
the minority interests in the opening balance of equity the excess is still deducted against minority
interests. Unrealised profits and losses resulting from the sale of assets by the Company to its
subsidiaries are fully eliminated against net profit attributable to owners of the parent. Unrealised
profits and losses resulting from the sale of assets by a subsidiary to the Company are eliminated
and allocated between net profit attributable to owners of the parent and minority interest income in
accordance with the allocation proportion of the parent in the subsidiary. Unrealised profits and
losses resulting from the sale of assets by one subsidiary to another are eliminated and allocated
between net profit attributable to owners of the parent and minority interest income in accordance
with the allocation proportion of the parent in the selling subsidiary.If the accounting treatment of a transaction is inconsistent in the financial statements at the Group
level and at the Company or its subsidiary level adjustment will be made from the perspective of the
Group.
(7) Cash and cash equivalents
Cash and cash equivalents comprise cash on hand deposits that can be readily drawn on demand
and short-term and highly liquid investments that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.156
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(8) Foreign currency translation
(a) Foreign currency transactions
Foreign currency transactions are translated into recording currency using the spot exchange rates
and approximate exchange rates prevailing at the dates of the transactions.At the balance sheet date monetary items denominated in foreign currencies are translated into
recording currency using the spot exchange rates on the balance sheet date. Exchange differences
arising from these translations are recognised in profit or loss for the current period except for those
attributable to foreign currency borrowings that have been taken out specifically for acquisition or
construction of qualifying assets which are capitalised as part of the cost of those assets.Non-monetary items denominated in foreign currencies that are measured at historical costs are
translated at the balance sheet date using the spot exchange rates at the date of the transactions.The effect of exchange rate changes on cash is presented separately in the cash flow statement.(b) Translation of foreign currency financial statements
The asset and liability items in the balance sheets for overseas operations are translated at the spot
exchange rates on the balance sheet date. Among the equity items the items other than retained
earnings are translated at the spot exchange rates of the transaction dates. The income and
expense items in the income statement of foreign operations are translated at the spot exchange
rates of the transaction dates. The differences arising from the above translation are recognised in
other comprehensive income. The cash flows of foreign operations are translated at the spot
exchange rates on the dates of the cash flows. The effect of exchange rate changes on cash is
presented separately in the cash flow statement.
(9) Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity. A financial asset or a financial liability is recognised
when the Group becomes a party to the contractual provisions of the instrument.(a) Financial assets
(i) Classification and measurement
Based on the business model for managing the financial assets and the contractual cash flow
characteristics of the financial assets financial assets are classified as: (1) financial assets at
amortised cost; (2) financial assets at fair value through other comprehensive income; (3) financial
assets at fair value through profit or loss.157
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(i) Classification and measurement (Cont’d)
The financial assets are measured at fair value at initial recognition. Related transaction costs that
are attributable to the acquisition of the financial assets are included in the initially recognised
amounts except for the financial assets at fair value through profit or loss the related transaction
costs of which are recognised directly in profit or loss for the current period. Accounts receivable or
notes receivable arising from sales of products or rendering of services (excluding or without regard
to significant financing components) are initially recognised at the consideration that is entitled to be
charged by the Group as expected.Debt instruments
The debt instruments held by the Group refer to the instruments that meet the definition of financial
liabilities from the perspective of the issuer and are measured in the following ways:
Measured at amortised cost:
The objective of the Group’s business model is to hold the financial assets to collect the contractual
cash flows and the contractual cash flow characteristics are consistent with a basic lending
arrangement which gives rise on specified dates to the contractual cash flows that are solely
payments of principal and interest on the principal amount outstanding. The interest income of such
financial assets is recognised using the effective interest method. Such financial assets mainly
comprise cash at bank and on hand notes receivable accounts receivable factoring receivables
loans and advances other receivables and long-term receivables. Long-term receivables that are
due within one year (inclusive) as from the balance sheet date are included in the current portion of
non-current assets.Measured at fair value through profit or loss:
Debt instruments held by the Group that are not divided into those at amortised cost or those
measured at fair value through other comprehensive income are measured at fair value through
profit or loss. At initial recognition the Group designates a portion of financial assets as at fair value
through profit or loss to eliminate or significantly reduce an accounting mismatch. Financial assets
measured at fair value through profit or loss that are due after one year (inclusive) as from the
balance sheet date and are expected to be held over one year are included in other non-current
financial assets and others are included in financial assets held for trading.158
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(i) Classification and measurement (Cont’d)
Equity instruments
Investments in equity instruments over which the Group has no control joint control or significant
influence are measured at fair value through profit or loss under financial assets held for trading;
investments in equity instruments expected to be held over one year as from the balance sheet date
are included in other non-current financial assets.In addition a portion of certain investments in equity instruments not held for trading are designated
as financial assets at fair value through other comprehensive income under investments in other
equity instruments. The relevant dividend income of such financial assets is recognised in profit or
loss for the current period.(ii) Impairment
The Group confirms the loss provision based on expected credit losses for financial assets and
contract assets measured at amortised cost.Giving consideration to reasonable and supportable information on past events current conditions
and forecasts of future economic conditions as well as the default risk weight the Group recognises
the expected credit loss as the probability-weighted amount of the present value of the difference
between the cash flows receivable from the contract and the cash flows expected to collect.As at each balance sheet date the expected credit losses of financial instruments at different stages
are measured respectively. 12-month expected credit loss provision is recognised for financial
instruments in Stage 1 that have not had a significant increase in credit risk since initial recognition;
lifetime expected credit loss provision is recognised for financial instruments in Stage 2 that have
had a significant increase in credit risk yet without credit impairment since initial recognition; and
lifetime expected credit loss provision is recognised for financial instruments in Stage 3 that have
had credit impairment since initial recognition.159
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(ii) Impairment (Cont’d)
For the financial instruments with lower credit risk on the balance sheet date the Group assumes
there is no significant increase in credit risk since initial recognition and recognises the 12-month
expected credit loss provision.For the financial instruments in Stage 1 Stage 2 and with lower credit risk the Group calculates the
interest income by applying the effective interest rate to the gross carrying amount (before
deduction of the impairment provision). For the financial instruments in Stage 3 the interest income
is calculated by applying the effective interest rate to the amortised cost (after deduction of the
impairment provision from the gross carrying amount).For notes and accounts receivables and contract assets the Group recognises the lifetime
expected credit loss provision regardless of whether there exists a significant financing component.In case the expected credit losses of an individually assessed financial asset cannot be evaluated
with reasonable cost the Group divides the receivables into certain groupings based on credit risk
characteristics and calculates the expected credit losses for the groupings. Basis for determining
groupings and methods for provision are presented as follows:
Bank acceptance notes Group of bank notes with low credit risk
Accounts receivable other receivables Group of receivables from related parties
Accounts receivable other receivables and Group of receivables from non-related parties
contract assets
Long-term receivables Group of finance leases
Long-term receivables Group of interest-free loans to employees
Based on the exposure at default and the lifetime expected credit loss rate the Group calculates the
expected credit losses of notes receivable accounts receivable and contract assets that are
classified into groupings with consideration to historical credit losses experience current conditions
and forecasts of future economic conditions.Based on the exposure at default and the 12-month/lifetime expected credit loss rate the Group
calculates the expected credit losses of other receivables factoring receivables loans and
advances and long-term receivables that are classified into groupings with consideration to
historical credit losses experience the current conditions and forecasts of future economic
conditions.The Group recognises the loss provision made or reversed into profit or loss for the current period.160
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(a) Financial assets (Cont’d)
(iii) Derecognition
A financial asset is derecognised when any of the below criteria is met: (1) the contractual rights to
receive the cash flows from the financial asset expire; (2) the financial asset has been transferred
and the Group transfers substantially all the risks and rewards of ownership of the financial asset to
the transferee; or (3) the financial asset has been transferred and the Group has not retained control
of the financial asset although the Group neither transfers nor retains substantially all the risks and
rewards of ownership of the financial asset.When a financial asset is derecognised the difference between the carrying amount and the sum of
the consideration received and the cumulative changes in fair value that are previously recognised
directly in other comprehensive income is recognised in profit or loss for the current period except
for those as investments in other equity instruments the difference aforementioned is recognised in
retained earnings instead.(b) Financial liabilities
Financial liabilities are classified as financial liabilities at amortised cost and financial liabilities at fair
value through profit or loss at initial recognition.Financial liabilities of the Group mainly comprise financial liabilities at amortised cost including
convertible corporate debentures and other financial liabilities.Convertible corporate debentures
Convertible corporate debentures comprise liability portion and equity portion. The liability portion is
classified as liabilities which reflects the obligation to pay fixed principal and interest and its fair
value is calculated by the market interest rate of similar debentures without embedded convertible
option at initial recognition and is subsequently measured at amortised cost using the effective
interest method. The equity portion reflects the embedded option that converts liabilities into
ordinary shares which can only be settled by exchanging a fixed amount of its own equity
instruments for a fixed amount of cash or other financial assets. The difference between the overall
proceeds of issuance of convertible corporate debentures and the liability portion is recognised as
equity by the Group. Direct transaction costs are allocated based on the shares of the liability
portion and the equity portion in issuance proceeds.When convertible corporate debentures are converted into stock shares the amount calculated by
the number of shares converted and the par value per share is recognised as share capital and the
difference between the balance of relevant portion of convertible corporate debentures and the
above share capital is recognised as share premium in capital reserve.161
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(b) Financial liabilities (Cont’d)
Other financial liabilities
Other financial liabilities measured at amortised cost mainly comprise notes and accounts payables
other payables borrowings other debentures payable except for convertible corporate debentures
etc. Such financial liabilities are initially recognised at fair value net of transaction costs incurred
and subsequently measured using the effective interest method. Financial liabilities that are due
within one year (inclusive) are classified as current liabilities; those with maturities over one year but
are due within one year (inclusive) as from the balance sheet date are classified as current portion
of non-current liabilities. Others are classified as non-current liabilities.A financial liability is derecognised or partly derecognised when the underlying present obligation is
discharged or partly discharged. The difference between the carrying amount of the derecognised
part of the financial liability and the consideration paid is recognised in profit or loss for the current
period.(c) Equity instruments
An equity instrument is a contract that represents a residual interest in the assets of an entity after
deducting all of its liabilities.(d) Determination of fair value of financial instruments
The fair value of a financial instrument that is traded in an active market is determined at the quoted
price in the active market. The fair value of a financial instrument that is not traded in an active
market is determined by using a valuation technique. In valuation the Group adopts valuation
techniques applicable in the current situation and supported by adequate available data and other
information selects inputs with the same characteristics as those of assets or liabilities considered
in relevant transactions of assets or liabilities by market participants and gives priority to the use of
relevant observable inputs. When relevant observable inputs are not available or feasible
unobservable inputs are adopted.162
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(e) Hedge accounting
The hedge accounting method refers to a method to recognise gains or losses arising from a
hedging instrument and a hedged item in profit or loss for the current period (or other
comprehensive income) to reflect the effect of the risk management activities.The hedged item refers to an item which exposes the Group to risks of changes in fair value or cash
flows and is designated as being hedged and can be measured reliably. The hedged item
designated by the Group is the 5-year debentures denominated in USD which exposes the Group to
risks of changes in cash flows.The hedging instrument refers to a financial instrument which is designated by the Group and by
which it is expected that changes in its fair value or cash flow can offset the changes in fair value or
cash flow of the hedged item. The Group’s hedging instruments are the 5-year forward exchange
contracts denominated in USD.The Group on an ongoing basis assess at inception of the hedging relationship and in subsequent
periods whether a hedging relationship qualifies for hedge accounting. A hedging relationship
qualifies for hedge accounting only if all of the following criteria are met:
- there is an economic relationship between the hedged item and the hedging instrument;
- the effect of credit risk does not dominate the value changes that result from that economic
relationship;
- the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the entity actually hedges and the quantity of the hedging instrument that the
entity actually uses to hedge that quantity of hedged item.If a hedging relationship becomes ineffective due to the hedge ratio but the risk management
objective for designating such hedging relationship remains the same the Group will make an
adjustment to the quantity of the hedged item or the hedging instrument in the existing hedging
relationship for the purpose of realigning the hedge ratio to achieve hedge effectiveness.The hedging accounting is discontinued in case of one of the following conditions:
- the hedging relationship no longer meets the risk management objective on the basis of which
it qualified for hedge accounting;
- the hedging instrument or instruments have been due sold or the contract has been
terminated or exercised;
- there is no longer an economic relationship between the hedged item and the hedging
instrument or the effect of credit risk starts to dominate the value changes that result from that
economic relationship;
- other conditions that a hedging relationship no longer qualifies for hedge accounting.163
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(9) Financial instruments (Cont’d)
(e) Hedge accounting (Cont’d)
(i) Cash flow hedge
The Group adopts the cash flow hedge. A cash flow hedge refers to a hedge of the exposure to
changes in cash flows. The effective portion of gains or losses arising from the hedging instrument
is recognised as cash flow hedging reserve in other comprehensive income. Amount of cash flow
hedging reserve is the lower of the following two (in absolute amount):
- the cumulative gains or losses arising from the hedging instrument since inception of the
hedge;
- the cumulative change in present value of the expected future cash flows on the hedged item
since inception of the hedge.The amount of cash flow hedging reserve included in other comprehensive income during each
period represents the change in cash flow hedging reserve for the current period.The ineffective portion of gains or losses arising from hedging instrument is recognised in profit or
loss for the current period.When the Group discontinues hedge accounting for a cash flow hedge it shall account for the
amount that has been accumulated in the cash flow hedging reserve recognised in other
comprehensive income in accordance with the accounting policies as follows:
- if the hedged future cash flows are still expected to occur that amount shall remain in the cash
flow hedging reserve and be accounted for in accordance with the above-mentioned
accounting policies;
- if the hedged future cash flows are not expected to occur that amount shall be immediately
reclassified from other comprehensive income to profit or loss for the current period.164
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(10) Inventories
(a) Classification
Inventories comprise low-value consumables raw materials in stock finished goods costs to fulfil a
contract(Note 2(26)(a)) aviation consumables and properties under development and are stated at
the lower of cost and net realisable value.(b) Valuation method for inventory issued
Raw materials in stock and finished goods are accounted for using the weighted average method
upon issuance. Aviation consumables are accounted for using the specific-unit-cost method upon
issuance. Properties under development comprise land costs construction costs other direct and
indirect development expenses etc. and are transferred to completed properties held for sale at
actual cost upon completion.(c) Amortisation methods of low-value consumables
Low-value consumables are amortised into expenses in full when issued for use.(d) Basis for determining the net realisable value of inventories and provision for decline in the value of
inventories
Provision for decline in the value of inventories is determined at the excess amount of the carrying
amounts of the inventories over their net realisable value. Net realisable value is determined based
on the estimated selling price in the ordinary course of business less the estimated costs and
estimated costs necessary to make the sale and related taxes.(e) The Group adopts the perpetual inventory system.165
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments
Long-term equity investments comprise the Company’s long-term equity investments in its
subsidiaries and the Group’s long-term equity investments in its joint ventures and associates.A subsidiary is an investee over which the Company is able to exercise control. A joint venture is a
joint arrangement which is structured through a separate vehicle over which the Group has joint
control together with other parties and only has rights to the net assets of the arrangement based on
legal forms contractual terms and other facts and circumstances. An associate is the investee over
which the Group has significant influence by participating in the financial and operating policy
decisions.Investments in subsidiaries are presented in the Company’s financial statements using the cost
method and are adjusted to the equity method when preparing the consolidated financial
statements and investments in joint ventures and associates are accounted for using the equity
method.(a) Determination of investment cost
For long-term equity investments arising from business combination involving enterprises under
common control the initial investment cost shall be the share of the carrying amount of equity of the
acquiree in the consolidated financial statements of the ultimate controlling party as at the
combination date; for long-term equity investments arising from business combination involving
enterprises not under common control the investment cost shall be the combination cost.For long-term equity investments acquired not through a business combination: for long-term equity
investments acquired by payment in cash the initial investment cost shall be the purchase price
actually paid; for long-term equity investments acquired by issuing equity securities the initial
investment cost shall be the fair value of the equity securities issued.166
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(11) Long-term equity investments (Cont’d)
(b) Subsequent measurement and recognition methods of gains and losses
Long-term equity investments accounted for using the cost method are measured at the initial
investment cost. Cash dividend or profit distribution declared by an investee is recognised as
investment income in profit or loss for the current period.For long-term equity investments that are accounted for using the equity method where the initial
investment cost exceeds the Group’s share of the fair value of the investee’s identifiable net assets
at the time of acquisition the investment is initially measured at cost. Where the initial investment
cost is less than the Group’s share of the fair value of the investee’s identifiable net assets at the
time of acquisition the difference is included in profit or loss for the current period and the cost of the
long-term equity investment is adjusted upwards accordingly.Under the equity method the Group recognises the investment income according to its share of net
profit or loss of the investee. The Group discontinues recognising its share of the net losses of an
investee after the carrying amounts of the long-term equity investment together with any long-term
interests that in substance form part of the investor’s net investment in the investee are reduced to
zero. However if the Group has obligations for additional losses and the criteria with respect to
recognition of provisions are satisfied the Group continues recognising the estimated losses that it
needs to bear. The changes of the Group’s share of the investee’s equity other than those arising
from the net profit or loss other comprehensive income and profit distribution are recognised in the
Group’s capital reserve and the carrying amounts of the long-term equity investment are adjusted
accordingly. The carrying amount of the investment is reduced by the Group’s share of the profit
distribution or cash dividends declared by an investee. The unrealised profits or losses arising from
the transactions between the Group and its investees are eliminated in proportion to the Group’s
equity interest in the investees based on which the investment gain or losses are recognised. For
the loss on the intra-group transaction amongst the Group and its investees attributable to asset
impairment losses any unrealised loss is not eliminated.(c) Basis for determining existence of control joint control significant influence over investees
Control means having power over an investee enjoying variable returns through involvement in
relevant activities of the investee and being able to impact the amount of such variable returns by
using the power over the investee.Joint control is the agreed sharing of control over an arrangement and the decision of activities
relating to such arrangement requires the unanimous consent of the Group and other parties
sharing control.Significant influence is the power to participate in making the decisions on financial and operating
policies of the investee but is not control or joint control over making those policies.(d) Impairment of long-term equity investments
The carrying amounts of long-term equity investments in subsidiaries joint ventures and associates
are reduced to the recoverable amounts when the recoverable amounts are below their carrying
amounts (Note 2(19)).167
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(12) Investment properties
Investment properties including land use rights that have already been leased out buildings that
are held for the purpose of leasing and buildings that are being constructed or developed for future
use for leasing are measured initially at cost. Subsequent expenditures incurred in relation to an
investment property are included in the cost of the investment property when it is probable that the
associated economic benefits will flow to the Group and their costs can be reliably measured;
otherwise the expenditures are recognised in profit or loss for the period in which they are incurred.The Group adopts the cost model for subsequent measurement of investment properties. Buildings
and land use rights are depreciated or amortised to their estimated net residual values over their
estimated useful lives. The estimated useful lives the estimated net residual values that are
expressed as a percentage of cost and the annual depreciation rates of investment properties are
presented as follows:
Estimated Estimated net Annual depreciation/
useful lives residual values amortisation rates
Buildings 10 to 50 years 5% 9.50% - 1.90%
Land use rights 20 to 50 years 0% 5.00% - 2.00%
When an investment property is transferred to self-used property it is reclassified to fixed asset or
intangible asset at the date of the transfer. When an self-used property is transferred out for earning
rentals or for capital appreciation the fixed asset or intangible asset is transferred to investment
properties at the date of the transfer. Upon the transfer amount is recognised at the carrying amount
prior to the transfer.The investment property’s estimated useful life net residual value and depreciation (amortisation)
method applied are reviewed and adjusted as appropriate at each year-end.An investment property is derecognised on disposal or when the investment property is permanently
withdrawn from use and no future economic benefits are expected from its disposal. The net amount
of proceeds from sale transfer retirement or damage of an investment property net of its carrying
amount and related taxes and expenses is recognised in profit or loss for the current period.168
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Fixed assets
(a) Recognition and initial measurement of fixed assets
Fixed assets comprise buildings motor vehicles computers and electronic equipment aircraft and
aircraft engines rotables and high-value aircraft maintenance tools machinery and equipment
office equipment and other equipment.Fixed assets are recognised when it is probable that the associated economic benefits will flow to
the Group and the related cost can be reliably measured. Fixed assets purchased or constructed
are initially measured at cost at the time of acquisition.Subsequent expenditures incurred for a fixed asset are included in the cost of the fixed asset when
it is probable that the associated economic benefits will flow to the Group and the related cost can
be reliably measured. The carrying amount of the replaced part is derecognised. All the other
subsequent expenditures are recognised in profit or loss for the period in which they are incurred.(b) Depreciation method for fixed assets
Except for replacement parts for overhaul of engine fixed assets are depreciated using the
straight-line method to allocate the recorded amount of the assets to their estimated residual values
over their estimated useful lives. For the fixed assets that have been provided for impairment loss
the related depreciation charge is prospectively determined based upon the adjusted carrying
amounts over their remaining useful lives.The estimated useful lives the estimated net residual values expressed as a percentage of cost and
the annual depreciation rates of fixed assets are presented as follows:
Estimated Estimated net Annual
useful lives residual values depreciation rates
Buildings 10 to 50 years 5% 9.50% - 1.90%
Motor vehicles (excluding
electromobiles) 2 to 5 years 0% - 5% 50.00% - 19.00%
Motor vehicles (electromobiles) 2 years 5% 47.50%
Machinery and equipment (excluding
automatic sorting equipment
imported from abroad) 2 to 10 years 0% - 5% 50.00% - 9.50%
Machinery and equipment (automatic
sorting equipment imported from
abroad) 15 years 5% 6.33%
Computers and electronic equipment 2 to 5 years 0% - 5% 50.00% - 19.00%
Aircraft and engine bodies 10 years 5% 9.50%
Replacement parts for overhaul of
aircraft fuselage 1.5 to 10 years 0% 66.67% - 10.00%
Rotables 10 years 5% 9.50%
High-value aircraft maintenance tools 5 years 5% 19.00%
Office equipment and other equipment 2 to 10 years 0% - 5% 50.00% - 9.50%169
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(13) Fixed assets (Cont’d)
(b) Depreciation method for fixed assets (Cont'd)
Replacement parts for overhaul of engines are depreciated using the units-of-production method
and taking the expected usable recurring number as the unit of production.The estimated useful life/expected usable recurring number and the estimated net residual value of
a fixed asset and the depreciation method applied to the asset are reviewed and adjusted as
appropriate at each year-end.(c) The carrying amounts of fixed assets are reduced to the recoverable amounts when the recoverable
amounts are below their carrying amounts (Note 2(19)).(d) Disposal of fixed assets
A fixed asset is derecognised on disposal or when no future economic benefit is expected from its
use or disposal. The amount of proceeds from disposals on sale transfer retirement or damage of a
fixed asset net of its carrying amount and related taxes and expenses is recognised in profit or loss
for the current period.
(14) Construction in progress
Construction in progress is measured at actual cost. Actual cost comprises construction costs
installation costs borrowing costs that are eligible for capitalisation and other costs necessary to
bring the construction in progress ready for their intended use. Construction in progress is
transferred to fixed assets when the assets are ready for their intended use and depreciation
begins from the following month. The carrying amount of construction in progress is reduced to the
recoverable amount when the recoverable amount is below its carrying amount (Note 2(19)).170
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(15) Borrowing costs
The Group’s borrowing costs that are directly attributable to the acquisition and construction of a
fixed asset that needs a substantially long period of time for its intended use commence to be
capitalised and recorded as part of the cost of the asset when expenditures for the asset and
borrowing costs have been incurred and the activities relating to the acquisition and construction
that are necessary to prepare the asset for its intended use have commenced. The capitalisation of
borrowing costs ceases when the asset under acquisition or construction becomes ready for its
intended use and the borrowing costs incurred thereafter are recognised in profit or loss for the
current period. Capitalisation of borrowing costs is suspended during periods in which the
acquisition or construction of a fixed asset is interrupted abnormally and the interruption lasts for
more than 3 months until the acquisition or construction is resumed.For the specific borrowings obtained for the acquisition or construction of an asset qualifying for
capitalisation the amount of borrowing costs eligible for capitalisation is determined by deducting
any interest income earned from depositing the unused specific borrowings in the banks or any
investment income arising on the temporary investment of those borrowings during the
capitalisation period.For general borrowings utilised for the acquisition and construction of an asset qualifying for
capitalisation the capitalised amount of the general borrowings is determined by the weighted
average of the excess of accumulated capital expenditure over capital expenditure of the special
borrowings multiplied by the weighted average effective interest rate of the utilised general
borrowings. The effective interest rate is the interest rate at which the future cash flows of the
borrowings over the estimated life or a shorter applicable period are discounted into the initial
recognised amount of the borrowings.
(16) Intangible assets
Intangible assets include software land use rights trademark rights customer relationships patents
etc. and the Group choose to use cost model.(a) Software
Software is measured at actual cost and amortised on the straight-line basis over 2 to 10 years.(b) Land use rights
Land use rights are amortised on the straight-line basis over 33 to 50 years.(c) Trademark rights
Purchased trademark rights are measured at cost at the time of acquisition. Trademark rights
recognised under business combinations involving enterprises not under common control are
recorded at fair value. Trademark rights are amortised on the straight-line basis over 5 to 20 years.(d) Customer relationships
Customer relationships refer to intangible assets recognised under business combinations involving
enterprises not under common control. Customer relationships are recorded at fair value and
amortised on the straight-line basis over the expected beneficial period.171
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(16) Intangible assets (Cont’d)
(e) Patents
Patents are amortised on the straight-line basis over 5 to 10 years.(f) Periodical review of useful life and amortisation method
For an intangible asset with a finite useful life review of its useful life and amortisation method is
performed at each year-end with adjustment made as appropriate.(g) Impairment of intangible assets
The carrying amounts of intangible assets are reduced to the recoverable amounts when the
recoverable amounts are below their carrying amounts (Note 2(19)).
(17) Research and development
The expenditure on an internal research and development project is classified into expenditure on
the research phase and expenditure on the development phase based on its nature and whether
there is material uncertainty that the research and development activities can form an intangible
asset at the end of the project.Expenditure on the research phase is recognised in profit or loss in the period in which it is incurred.Expenditure on the development phase is capitalised only if all of the following conditions are
satisfied:
? it is technically feasible to complete the intangible asset so that it will be available for use or
sales;
? management intends to complete the intangible asset and use or sell it;
? it can be demonstrated how the intangible asset will generate economic benefits;
? there are adequate technical financial and other resources to complete the development and
the ability to use or sell the intangible asset; and
? the expenditure attributable to the intangible asset during its development phase can be
reliably measured.Other development expenditures that do not meet the conditions above are recognised in profit or
loss in the period in which they are incurred. Capitalised development expenditures previously
recognised as expenses are not recognised as an asset in a subsequent period. Capitalised
expenditure on the development phase is presented as capitalised development expenditures in the
balance sheet and transferred to intangible assets at the date when the asset is ready for its
intended use.172
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(18) Long-term prepaid expenses
Long-term prepaid expenses include settling-in allowance and introduction fee for pilots the
expenditure for improvements to right-of-use assets and other expenditures that have been
incurred but should be recognised as expenses over more than one year in the current and
subsequent periods. Long-term prepaid expenses are amortised on a straight-line basis over the
expected beneficial period (2 to 15 years) and are presented at actual expenditure net of
accumulated amortisation.
(19) Impairment of long-term assets
Fixed assets construction in progress right-of-use assets intangible assets with finite useful lives
investment properties measured using the cost model and long-term equity investments in
subsidiaries joint ventures and associates are tested for impairment if there is any indication that
the assets may be impaired at the balance sheet date; intangible assets not ready for their intended
use are tested at least annually for impairment irrespective of whether there is any indication that it
may be impaired. If the result of the impairment test indicates that the recoverable amount of an
asset is less than its carrying amount a provision for impairment and an asset impairment loss are
recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount.The recoverable amount is the higher of an asset’s fair value less costs to sell and the present value
of the future cash flows expected to be derived from the asset. Provision for asset impairment is
determined and recognised on individual asset basis. If it is not possible to estimate the recoverable
amount of an individual asset the recoverable amount of a group of assets to which the asset
belongs is determined. A group of assets is the smallest group of assets that is able to generate
independent cash inflows.Goodwill that is separately presented in the financial statements is tested at least annually for
impairment irrespective of whether there is any indication that it may be impaired. In conducting the
test the carrying amount of goodwill is allocated to the related asset groups or sets of asset groups
which are expected to benefit from the synergies of the business combination. If the result of the test
indicates that the recoverable amount of an asset group or a set of asset groups including the
allocated goodwill is lower than its carrying amount the corresponding impairment loss is
recognised. The impairment loss is first deducted from the carrying amount of goodwill that is
allocated to the asset group or the set of asset groups and then deducted from the carrying
amounts of other assets within the asset group or the set of asset groups in proportion to the
carrying amounts of assets other than goodwill.Once the above asset impairment loss is recognised it will not be reversed for the value recovered
in the subsequent periods.173
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(20) Employee benefits
Employee benefits refer to all forms of consideration or compensation given by the Group in
exchange for service rendered by employees or for termination of employment relationship which
include short-term employee benefits post-employment benefits termination benefits and other
long-term employee benefits.(a) Short-term employee benefits
Short-term employee benefits include employee wages or salaries bonus allowances and
subsidies staff welfare premiums or contributions on medical insurance work injury insurance and
maternity insurance housing funds union running costs and employee education costs. The
employee benefit liabilities are recognised in the accounting period in which the service is rendered
by the employees with a corresponding charge to the profit or loss for the current period or the cost
of relevant assets. Employee benefits which are non-monetary benefits are measured at fair value.(b) Post-employment benefits
The Group classifies post-employment benefits plans into defined contribution plans and defined
benefit plans. Defined contribution plans are post-employment benefit plans under which the Group
pays fixed contributions into a separate fund and will have no obligation to pay further contributions;
and defined benefit plans are post-employment benefit plans other than defined contribution plans.During the reporting period the Group’s post-employment benefits mainly included basic pension
insurance and unemployment insurance both of which belong to defined contribution plans.Basic pension insurance
The Group’s employees participate in the basic pension plan set up and administered by local
authorities of Ministry of Human Resource and Social Security. Monthly payments of premiums on
the pensions are calculated according to local regulations for pension plan. When employees retire
the local labour and social security authority is obliged to pay the basic pensions to them. The
amounts based on the above calculations are recognised as liabilities in the accounting period in
which the service has been rendered by the employees with a corresponding charge to the profit or
loss for the current period or the cost of relevant assets.(c) Termination benefits
The Group provides compensation for terminating the employment relationship with employees
before the end of the employment contracts or as an offer to encourage employees to accept
voluntary redundancy before the end of the employment contracts. The Group recognises a liability
arising from compensation for termination of the employment relationship with employees with a
corresponding charge to profit or loss for the current period at the earlier of the following dates: 1)
when the Group cannot unilaterally withdraw an employment termination plan or a curtailment
proposal; 2) when the Group recognises costs or expenses related to a restructuring that involves
the payment of termination benefits.The termination benefits expected to be settled within one year since the balance sheet date are
classified as current liabilities.174
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(20) Employee benefits (Cont’d)
(d) Employee incentives
The Group provides incentive plans for on-the-job employees who comply with certain conditions
and makes payments based on the schedule. Provisions for employee incentives are initially
measured at the best estimate necessary to settle the present obligation and expensed as incurred.The Group integrates separation rate time value of money and other factors into account at initial
measurement. Where the effect of the time value of money is material the best estimate is
determined by discounting the related future cash outflows. The increase in the discounted amount
of the provision arising from passage of time is expensed as incurred. The carrying amount of
provisions for employee incentives is reviewed at each balance sheet date and adjusted to reflect
the current best estimate.
(21) Deferred tax assets and deferred tax liabilities
Deferred tax assets and deferred tax liabilities are calculated and recognised based on the
differences arising between the tax bases of assets and liabilities and their carrying amounts
(temporary differences). Deferred tax asset is recognised for the deductible tax losses that can be
carried forward to subsequent years for deduction of the taxable profit in accordance with the tax
laws. No deferred tax liability is recognised for a temporary difference arising from the initial
recognition of goodwill. No deferred tax asset or deferred tax liability is recognised for the temporary
differences resulting from the initial recognition of assets or liabilities due to a transaction other than
a business combination which affects neither accounting profit nor taxable profit (or deductible tax
losses). At the balance sheet date deferred tax assets and deferred tax liabilities are measured at
the tax rates that are expected to apply to the period when the asset is realised or the liability is
settled.175
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(21) Deferred tax assets and deferred tax liabilities (Cont’d)
Deferred tax assets are only recognised for deductible temporary differences deductible tax losses
and tax credits to the extent that it is probable that taxable profit will be available in the future
against which the deductible temporary differences deductible tax losses and tax credits can be
utilised.Deferred tax liabilities are recognised for temporary differences arising from investments in
subsidiaries associates and joint ventures except where the Group is able to control the timing of
reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future. When it is probable that the temporary differences arising from
investments in subsidiaries associates and joint ventures will be reversed in the foreseeable future
and that the taxable profit will be available in the future against which the temporary differences can
be utilised the corresponding deferred tax assets are recognised.Deferred tax assets and deferred tax liabilities are offset when:
? the deferred tax assets and liabilities are related to the same tax payer within the Group and
the same taxation authority; and
? that tax payer within the Group has a legally enforceable right to offset current tax assets
against current tax liabilities.
(22) Provisions
Provisions are recognised when the Group has a present obligation it is probable that an outflow of
economic benefits will be required to settle the obligation and the amount of the obligation can be
measured reliably.A provision is initially measured at the best estimate of the expenditure required to settle the related
present obligation. Factors surrounding a contingency such as the risks uncertainties and the time
value of money are taken into account as a whole in reaching the best estimate of a provision.Where the effect of the time value of money is material the best estimate is determined by
discounting the related future cash outflows. The increase in the discounted amount of the provision
arising from passage of time is recognised as interest expense.The carrying amount of provisions is reviewed at each balance sheet date and adjusted to reflect
the current best estimate.The provisions expected to be settled within one year since the balance sheet date are classified as
current liabilities.176
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(23) Share-based payments
(a) Categories of share-based payments
A share-based payment is a transaction in which an enterprise grants equity instruments or
assumes liabilities that are determined based on equity instruments in exchange for services
rendered by employees or another party. Equity instruments include the equity instruments that are
linked to the enterprise the parent company of the enterprise or another accounting entity within the
same group. Share-based payments comprise equity-settled and cash-settled payments.(b) Basis for determining the best estimate of exercisable equity instruments
At each balance sheet date in the vesting period the Group would make best estimate in
accordance with the newly acquired information such as changes in the number of employees
entitled to equity instruments and amend the number of exercisable equity instruments. On the
exercisable date the ultimate estimated number of exercisable equity instruments coincides with
the actual number.(c) Accounting treatment of implementation of share-based payments
(i) Equity-settled share-based payments
The equity-settled share-based payments where the Group grants shares or other equity
instruments as a consideration in return for services are measured at the fair value of the equity
instruments at the grant date. Where the share-based payments are not exercisable until the service
in the vesting period is completed or specified performance conditions are met then at each
balance sheet date within the vesting period the service obtained in the current period shall be
included in relevant cost or expenses and in capital reserve at the fair value of the equity
instruments at the grant date based on the best estimates of the quantity of exercisable equity
instruments made by the Group in accordance with latest changes in the number of exercisable
employees and subsequent information.(ii) Cash-settled share-based payments
The cash-settled share-based payments where the Group calculates and determines the cash
payments or any other asset obligation on the basis of shares or other equity instruments in return
for services are measured at the fair value of the liabilities calculated based on relevant equity
instruments. Where the share-based payments are not exercisable until the service in the vesting
period is completed or specified performance conditions are met then at each balance sheet date
within the vesting period the service obtained in the current period shall be included in cost or
expenses and in liabilities at the fair value of the Group’s liabilities based on the best estimates of
the quantity of exercisable equity instruments made by the Group. At each balance sheet date and
settlement date before relevant liabilities are settled the fair value of the liabilities is remeasured
and the changes are recognised in profit or loss.177
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(24) Factoring
The factoring business of the Group mainly represents factoring with recourse. Factoring with
recourse is a kind of financing activity where the customer transfers the creditor’s rights of accounts
receivable that meet relevant requirements and are accepted by the Group to the Group according
to the purchase and sale contract and relevant agreements so as to obtain short-term trade
financing and agrees to repurchase the financing business in full if the creditor’s rights cannot be
recovered in full. The Group’s factoring business is accounted for with factoring receivables based
on the amount paid for the creditor’s rights of accounts receivable (Note 2(9)).
(25) Government grants
Government grants refer to the monetary or non-monetary assets obtained by the Group from the
government including tax return financial subsidy etc.Government grants are recognised when the grants can be received and the Group can comply with
all attached conditions. If a government grant is a monetary asset it will be measured at the amount
received or receivable. If a government grant is a non-monetary asset it will be measured at its fair
value. If it is unable to obtain its fair value reliably it will be measured at its nominal amount.Government grants related to assets refer to the government grants which are obtained by the
Group for the purposes of purchase construction or to form long-term assets in other ways.Government grants related to income refer to the government grants other than those related to
assets.Government grants related to assets are recorded as deferred income and recognised in profit or
loss on a systemic basis over the useful lives of the assets. Government grants related to income
that compensate the future costs expenses or losses are recorded as deferred income and
recognised in profit or loss or deducted against related costs expenses or losses in reporting the
related expenses; government grants related to income that compensate the incurred costs
expenses or losses are recognised in profit or loss or deducted against related costs expenses or
losses directly in the current period. The Group applies the presentation method consistently to the
similar government grants in the financial statements.Government grants related to daily activities are included in operating profit. Government grants not
related to daily activities are included in non-operating income or expenses.Policy-based loans with prime rate to the Group are recorded at actual amount of borrowing
received and related borrowing costs are calculated with borrowing principal and policy-based
prime rate. Financial discounts directly received by the Group are deducted against related
borrowing costs.178
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(26) Revenue recognition
The Group recognises revenue at the consideration that the Group is entitled to charge as expected
when the Group has fulfilled the performance obligations in the contract that is the customer
obtains control over relevant goods or services.The Group transfers control of a good or service over time and therefore satisfies a performance
obligation and recognises revenue over time if one of the following criteria is met:
? the customer simultaneously receives and consumes the benefits provided by the Group’s
performance as the Group performs;
? the Group’s performance creates or enhances an asset that the customer controls as the asset
is created or enhanced; or
? the Group’s performance does not create an asset with an alternative use to the Group and the
Group has an enforceable right to payment for performance completed to date.Otherwise revenue is recognised at a point in time when the customer obtains control over relevant
goods or services. In respect of a contract obligation that is to be fulfilled within a period the Group
should recognise the revenue based on the progress of the obligation fulfilment within the period
except that the progress of the obligation fulfilment fails to be reasonably determined; in respect of a
contract obligation that is to be fulfilled at a point in time the Group should recognise the revenue
once the customer obtains the control over relevant goods or services.(a) Rendering express & logistics and supply chain services
The Group’s revenue from express & logistics and supply chain services includes revenue from
inbound express delivery services including time-definite express and economy express revenue
from outbound express delivery services revenue from cold-chain transportation services revenue
from domestic and international transport services of aviation cargoes revenue from express
delivery agency services; revenue from rendering of warehousing service; revenue from freight
services; revenue from intra-city instant delivery and revenue from supply chain service etc.The Group recognises revenue based on the progress of the service performed within period which
is determined based on proportion of costs incurred to date to the estimated total costs. As at the
balance sheet date the Group re-estimates the progress of the service performed to reflect the
actual status of contract performance.When the Group recognises revenue based on the progress of the service performed the amount
with unconditional right to consideration obtained by the Group is recognised as accounts
receivable and the rest is recognised as contract assets. Meanwhile provision for accounts
receivable and contract assets is recognised on the basis of expected credit losses (Note 2(9)). If
the contract consideration received or receivable exceeds the progress of the service performed
the excess portion will be recognised as contract liabilities. Contract assets and contract liabilities
under the same contract are presented on a net basis.179
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(26) Revenue recognition (Cont’d)
(a) Rendering express & logistics and supply chain services(Cont’d)
Contract costs include costs to fulfil a contract and costs to obtain a contract. Costs incurred for
provision of the aforesaid services are recognised as costs to fulfil a contract which is carried
forward to the cost of revenue when revenue recognised based on the progress of the service
performed. Incremental costs incurred by the Group for the acquisition of the aforesaid service
contract are recognised as the costs to obtain a contract. For the costs to obtain a contract with the
amortisation period within one year the costs are charged to profit or loss when incurred. For the
costs to obtain a contract with the amortisation period beyond one year the costs are charged in the
current profit or loss on the same basis as aforesaid revenue of rendering of services recognised
under the relevant contract. If the carrying amount of the contract costs is higher than the remaining
consideration expected to be obtained by rendering of the service net of the estimated cost to be
incurred the Group makes provision for impairment on the excess portion and recognises it as
asset impairment losses. As at the balance sheet date based on whether the amortisation period of
the costs to fulfil a contract is more than one year when initially recognised the amount of the
Group's costs to fulfil a contract net of related provision for asset impairment is presented as
inventories or other non-current assets. For costs to obtain a contract with amortisation period
beyond one year at the initial recognition the amount net of related provision for asset impairment is
presented as other non-current assets.(b) Sales of goods
Revenue from sales of goods is recognised when the Group has delivered goods to the agreed
delivery location pursuant to the contract and the customer has confirmed the acceptance of the
goods and the delivery note is signed by both parties.The credit terms granted to customers by the Group are generally short in line with industry practice
and do not have a significant financing component.(c) Other services
The Group’s services also include communication service maintenance service research and
development and technical service and other services.With regard to certain maintenance service and research and development services the Group
recognises revenue at a point in time when the services are delivered to customers. For other
services the Group recognises revenue based on the progress of the service performed within
period which is determined based on proportion of costs incurred to date to the estimated total
costs as at the balance sheet date.180
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(27) Dividend distribution
Cash dividends are recognised as liabilities in the period in which the dividends are approved by the
shareholders’ meeting.
(28) Leases
A contract is or contains a lease if the contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration.(a) The Group as the lessee
At the commencement date the Group shall recognise the right-of-use asset and measure the lease
liability at the present value of the lease payments that are not paid at that date. Lease payments
include fixed payments the exercise price of a purchase option if the lessee is reasonably certain to
exercise that option and payments of penalties for terminating the lease if the lessee exercises an
option to terminate the lease. Variable lease payments in proportion to sales are excluded from
lease payments and recognised in profit or loss as incurred. Lease liabilities that are due within one
year (inclusive) as from the balance sheet date are included in the current portion of non-current
liabilities.Right-of-use assets of the Group comprise leased buildings machinery and equipment and motor
vehicles etc. Right-of-use assets are measured initially at cost which comprises the amount of the
initial measurement of lease liabilities any lease payments made at or before the commencement
date and any initial direct costs less any lease incentives received. If there is reasonable certainty
that the Group will obtain ownership of the underlying asset by the end of the lease term the asset
is depreciated over its remaining useful life; otherwise the asset is depreciated over the shorter of
the lease term and its remaining useful life. The carrying amount of the right-of-use assets is
reduced to the recoverable amount when the recoverable amount is below the carrying amount
(Note 2(19)).For short-term leases with a term of 12 months or less and leases of an individual asset (when new)
of low value the Group may instead of recognising right-of-use assets and lease liabilities include
the lease payments in the cost of the underlying assets or in the profit or loss for the current period
on a straight-line basis over the lease term.The Group shall account for a lease modification as a separate lease if both: (1) the modification
increases the scope of the lease by adding the right to use one or more underlying assets; (2) the
consideration for the lease increases by an amount commensurate with the stand-alone price for the
increase in scope and any appropriate adjustments to that stand-alone price to reflect the
circumstances of the contract.For a lease modification that is not accounted for as a separate lease the Group shall redetermine
the lease term at the effective date of the lease modification and remeasure the lease liability by
discounting the revised lease payments using a revised discount rate except that the contract
changes directly resulting from COVID-19 are accounted for by applying the practical expedient. For
a lease modification which decreases the scope of the lease or shortens the lease term the Group
decreases the carrying amount of the right-of-use asset and recognises in profit or loss any gain or
loss relating to the partial or full termination of the lease. For other leases which lead to the
remeasurement of lease liabilities the Group correspondingly adjusts the carrying amount of the
right-of-use asset.181
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(28) Leases (Cont’d)
(a) The Group as the lessee (Cont’d)
For the rental exemptions directly due to COVID-19 and being granted before 30 June 2022 only
the Group applies the practical expedient and records the exemption amount in profit or loss when
the agreement is reached to dismiss the original payment obligation with corresponding adjustment
of lease liabilities.(b) The Group as the lessor
A finance lease is a lease that transfers substantially all the risks and rewards incidental to
ownership of an asset. An operating lease is a lease other than a finance lease.(i) Operating leases
Where the Group leases out self-owned buildings machinery and equipment and motor vehicles
under operating leases lease income therefrom is recognised on a straight-line basis over the
period of the lease. Variable rental that is linked to a certain percentage of sales is recognised in
lease income as incurred.For the rental exemptions directly due to COVID-19 and being granted before 30 June 2022 only
the Group applies the practical expedient accounts for the exemptions as variable lease payments
and records the exemption amount in profit or loss in the exemption period.Except that the above contract changes directly resulting from COVID-19 are accounted for by
applying the practical expedient for a lease modification the Group accounts for it as a new lease
from the effective date of the modification and considers any lease payments received in advance
and receivable relating to the lease before modification as receivables of the new lease.(ii) Finance leases
At the commencement date of the lease term the Group recognises the lease payments receivable
under a finance lease and derecognises relevant assets. The finance lease receivables are
presented as long-term receivables; finance lease receivables due within one year (inclusive) as
from the balance sheet date are included in the current portion of non-current assets.182
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(29) Segment information
The Group identifies operating segments based on the internal organisation structure management
requirements and internal reporting system and discloses segment information of reportable
segments which is determined on the basis of operating segments.An operating segment is a component of the Group that satisfies all of the following conditions: (1)
the component is able to earn revenue and incur expenses from its ordinary activities; (2) whose
operating results are regularly reviewed by the Group’s management to make decisions about
resources to be allocated to the segment and to assess its performance and (3) for which the
information on financial position operating results and cash flows is available to the Group. If two or
more operating segments have similar economic characteristics and satisfy certain conditions they
are aggregated into one single operating segment.
(30) Critical accounting estimates and judgements
The Group continually evaluates the critical accounting estimates and key judgements applied
based on historical experience and other factors including expectations of future events that are
believed to be reasonable.(a) Critical accounting estimates and key assumptions
(i) Measurement of expected credit losses
For financial assets and contract assets at amortised cost the Group calculates expected credit
losses based on exposure at default and expected credit loss rates. The Group refers to internal
historical information such as credit losses and considers the impact of historical credit loss
experience according to current situation and forward-looking information to determine expected
credit loss rates. And management takes the customer’s credit status credit history operating
status as well as collaterals the guarantee ability of the guarantor and other information into
consideration. The Group monitors and reviews relevant assumptions about expected credit losses
regularly. Where there is a difference between the actual bad debts and the original estimate such
difference will affect the Group’s provision for bad debts of the above assets in the future period.183
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(30) Critical accounting estimates and judgements (Cont’d)
(a) Critical accounting estimates and key assumptions (Cont’d)
(ii) Risk of impairment on long-term assets other than goodwill
As described in Note 2(19) fixed assets with impairment indication right-of-use assets construction
in progress intangible assets investment properties measured using cost model long-term equity
investments and other long-term assets are tested for impairment annually at the end of each year.When assessing whether the above assets are impaired management mainly evaluates and
analyses: (1) whether events affecting asset impairment occurred; (2) whether the present value of
expected cash flows arising from the continuing use or disposal of the asset is lower than its
carrying amount; and (3) whether the significant assumptions used in the calculation of the present
value of the estimated cash flows are appropriate.Relevant assumptions adopted by the Group to determine impairment e.g. changes in assumptions
on discount rate and growth rate used to calculate the present value of future cash flows may have
material impact on the present value used in the impairment test and cause impairment in the
above-mentioned long-term assets of the Group.(iii) Provision for impairment of goodwill
The Group performed impairment assessment of goodwill at each balance sheet date. The
recoverable amounts of asset groups and sets of asset groups that include goodwill have been
determined by the higher of the fair value less costs of disposal and the present value of the future
cash flows expected to be derived from the assets. These calculations require estimations and
judgements. When the estimated recoverable amount is marginal goodwill might suffer impairment.The details of the key assumptions applied by management please refer to Note 4(21).(iv) Determination of fair value of financial instruments by valuation techniques.The fair value of a financial instrument that is not traded in an active market is determined by
valuation techniques. Valuation techniques primarily refer to direct comparison method and income
method including reference to the prices used in recent orderly transactions between market
participants reference to the current fair value of other financial instruments that are substantially
identical discounted cash flow analysis option pricing models etc. Observable market information
is applied in valuation techniques to the extent possible. When observable market information is not
available management will make estimate of significant unobservable information included in the
valuation method. Different valuation techniques or inputs may lead to significant differences
between fair value estimates.184
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(30) Critical accounting estimates and judgements (Cont’d)
(a) Critical accounting estimates and key assumptions (Cont’d)
(v) Recognition of deferred tax assets
Deferred tax assets are recognised for the deductible tax losses and deductible temporary
differences that can be carried forward to subsequent years to the extent that it is probable that
taxable profit in the future will be available against which the deductible tax losses and deductible
temporary differences can be utilised. Whether to recognise the deferred tax assets arising from
deductible tax losses and deductible temporary differences largely depends on the judgement of
management on: (i) whether the accumulated deductible tax losses and deductible temporary
differences in prior years are still effective and (ii) whether sufficient taxable income that can be
used to deduct deductible tax losses and deductible temporary differences can be obtained in the
future period. Where there is a difference between the situation and the original estimate such
difference will affect the Group’s deferred tax assets and income tax expenses in the future period.(b) Critical judgements in applying the accounting policies
(i) Judgement on significant influence of the Group over investees
The investees over which the Group has significant influence are accounted for under the equity
method. In judging the significant influence over an investee management considers based on one
or more of the following circumstances and all facts and circumstances: (1) the shareholding in the
investee; (2) whether it appoints representative in the Board of Directors or a similar authority of the
investee; (3) whether it participates in making decisions on financial and operating policies of the
investee; (4) whether it has significant transaction with the investee; (5) whether it assigns
management personnel to the investee; (6) whether it provides key technical materials to the
investee and all facts and circumstances are considered.(ii) Determination of the scope of consolidation
As stated in Note 2(6) the Group consolidates a subsidiary from the date of obtaining actual control
and excludes it out of the scope of consolidation from the date of losing the actual control. Control
exists when the Group has all three of the following elements: (1) the investor possesses power
over the investee; (2) has exposure to variable returns from its involvement with the investee's
related activities; and (3) the ability to use the power over the investee to affect the returns.Where variations in relevant facts and circumstances cause a change of these factors a
reassessment will be made.
(31) Significant changes in accounting policies
In 2018 the Ministry of Finance released the revised Accounting Standard for Business Enterprises
No. 21 - Lease (hereinafter referred to “new lease standard”). In 2021 the "Questions and Answers
on the Implementation of Leasing Standards" were released. The Group and the Company initially
adopted the new lease standard on 1 January 2021 the financial statements for the six months
ended 30 June 2021 were prepared in accordance with the above standards and implementation
questions and answers impacts on the Group and the Company's statements are as follows:185
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(31) Significant changes in accounting policies (Cont’d)
(a) Leases
In accordance with relevant provisions of the new lease standard the Group and the Company
would not reassess the contracts that have already existed prior to the date of initial application. The
Group and the Company recognised the cumulative effect of the standard as an adjustment to
relevant line items of the financial statements as at 1 January 2021. The comparatives for the six
months ended 30 June 2020 were not restated.The contents and reasons of the changes in accounting The line items affected The amounts affected
policies 1 January 2021
Consolidated Company
For the operating lease contracts that have already Right-of-use assets 10507587982.89 -
existed prior to the initial application of the new lease Lease liabilities (6300692884.72) -
standard the Group and the Company distinguish Current portion of
different transitional methods based on the remaining non-current liabilities (3663438518.83) -
lease term: Advances to suppliers (543456579.34) -
If the remaining lease term is more than 12 months the
Group and the Company recognise lease liabilities
based on the remaining lease payments and the
incremental borrowing rate as at 1 January 2021 and
right-of-use assets are measured at an amount equal
to lease liabilities adjusted by the amount of any
prepaid lease payments on a lease-by-lease basis.The Group and the Company applied the practical
expedient for leases with a remaining term of 12
months or less and leases of low-value assets existing
prior to the initial application of the new lease standard
under which the right-of-use assets and lease liabilities
were not recognised. There was no significant impact
on the financial statements.In applying the new lease standard the Group and the Right-of-use assets 30336729.87 -
Company reclassified fixed assets held under finance Fixed assets (30336729.87) -
leases from “fixed assets” to “right-of-use assets” and Long-term payables 3497566.20 -
finance lease payments from “long-term payables” to Lease liabilities (3497566.20)
“lease liabilities”. Current portion of -
non-current liabilities -
long-term payables 11634205.09
Current portion of
non-current liabilities -
lease liabilities (11634205.09) -
As at 1 January 2021 the Group and the Company adopted the same discount rate for lease
contracts with similar characteristics to account for lease liabilities. The weighted average of
incremental borrowing rates adopted was 4.18%.186
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Summary of significant accounting policies and accounting estimates (Cont’d)
(31) Significant changes in accounting policies (Cont’d)
(a) Leases(Cont’d)
As at 1 January 2021 the Group and the Company reconciled the outstanding minimum operating
lease payments disclosed under the old lease standard to lease liabilities under the new lease
standard as follows:
Consolidated Company
Future minimum operating lease payments disclosed as at 31
December 2020 13243403728.59 -
Less: lease contract effective after 1 January 2021(excluding tax
amount) (582861341.05) -
Value-added tax (689897933.24) -
Adjusted future minimum operating lease payments 11970644454.30 -
Present value of the above minimum operating lease payments
discounted using the incremental borrowing rate 10826941779.23 -
Add: Finance lease payable as at 31 December 2020 15131771.29 -
Less: Present value of lease payments with a term of 12 months or
less (862810375.68) -
Lease liabilities recognised as at 1 January 2021 (including current
portion of non-current liabilities) 9979263174.84 -187
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation
The main categories and rates of taxes applicable to the Group are set out below:
Category Tax rate Tax base
Enterprise income tax Note (1) Taxable income
Value-added tax (“VAT”) Note (2) Taxable value-added amount (Tax payable is
calculated using the taxable sales
amount/taxable service income multiplied by
the applicable tax rate less deductible VAT
input of the current period or taxable turnover
amount multiplied by the VAT rate)
City maintenance and 7% 5% 1% Amount of VAT paid
construction tax
Educational surcharge 3% Amount of VAT paid
Local educational 2% Amount of VAT paid
surcharge
Customs duty At applicable tax rate Customs dutiable value through examination
and approval of the Customs
In addition pursuant to the Interim Measures for the Collection Use and Management of the Civil
Aviation Development Fund (Cai Zong [2012] No. 17) issued by the Ministry of Finance SF Airlines
Company Limited (“SF Airlines”) pays the civil aviation development fund based on classification of
flight routes maximum take-off weight flight mileage and applicable collection standards and
includes such payment in cost.The Announcement on the Cancellation of Port Construction Fees and Adjustment to Relevant
Policies of the Civil Aviation Development Fund (Announcement [2021] No. 8) was issued by the
Ministry of Finance on 19 March 2021. Since 1 April 2021 the collection standards for the civil
aviation development fund payable by airlines has been reduced by 20% in accordance with the
Notice of the Ministry of Finance on Adjusting the Relevant Policies of Certain Government Funds
(Cai Shui [2019] No. 46) on the basis of a 50% reduction.
(1) Enterprise income tax
Pursuant to the Announcement on Implementation of the Policy of Deduction of Relevant Enterprise
Income Tax for Equipment and Appliance (Cai Shui [2018] No. 54) the Announcement on Extending
the Implementation Period of Certain Preferential Tax Policies (Cai Shui [2021] No. 6) and related
regulations issued by the Ministry of Finance and State Taxation Administration for equipment
newly purchased from 1 January 2018 to 31 December 2023 and with a unit value of less than RMB
5 million the one-time period cost can be deducted against the taxable income in the following
month after the asset is put into use instead of being deducted annually in its useful life.Besides the preferential enterprise income tax policies to which the Group is entitled mainly include:
(a) Pursuant to the Notice on the Policies and Catalogue of Income Tax Preferences for Enterprises in
Guangdong Hengqin New Area Fujian Pingtan Comprehensive Experimental Zone and Shenzhen
Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperative Zone (Cai Shui [2014] No. 26)
and the Notice on Continuing the Policies of Income Tax Preferences for Enterprises in Shenzhen
Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperative Zone (Cai Shui [2021] No. 30)
jointly issued by the Ministry of Finance and the State Taxation Administration the Group’s
subsidiaries as below are subject to enterprise income tax at the preferential rate of 15% from 2014
to 2025.188
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(1) Enterprise income tax (Cont’d)
(a) (Cont’d)
Local statutory Preferential
Name of subsidiary tax rate tax rate
Guangdong S.F. E-commerce Co. Ltd. 25% 15%
Shenzhen S.F. Supply Chain Co. Ltd. 25% 15%
Shenzhen S.F. International Logistics Co. Ltd. 25% 15%
Shenzhen S.F Information Service Technology Co. Ltd. 25% 15%
Junhe Information Technology (Shenzhen) Co. Ltd. 25% 15%
SF Sharing Precision Information Technology (Shenzhen) Co. Ltd. 25% 15%
(b) Pursuant to the Notice on Tax Policy Issues Concerning Further Implementing the Western China
Development Strategy (Cai Shui [2011] No. 58) and the Notice on Issues Concerning the
Implementation of the Tax Policies for the Development of Western China by Ganzhou City (Cai
Shui [2013] No. 4) jointly issued by the Ministry of Finance the General Administration of Customs
and the State Taxation Administration and the Announcement on Continuing the Enterprise Income
Tax Policies for the Development of Western China (Announcement [2020] No. 23) jointly issued by
the Ministry of Finance the State Taxation Administration and the National Development and
Reform Commission on 23 April 2020 the Group’s subsidiaries as below are subject to enterprise
income tax at the preferential rate of 15% until the end of 2030:
Local statutory Preferential
Name of subsidiary tax rate tax rate
Xi'an Shunlu Logistics Co. Ltd. 25% 15%
Chengdu Taishun Logistics Co. Ltd. 25% 15%
Chongqing Huiyifeng Logistics Co. Ltd. 25% 15%
S.F. Express (Chongqing) Co. Ltd. 25% 15%
Guizhou S.F. Express Co. Ltd. 25% 15%
Yunnan S.F. Express Co. Ltd. 25% 15%
Sichuan S.F. Express Co. Ltd. 25% 15%
Ganzhou S.F. Express Co. Ltd. 25% 15%
Xi'an S.F. Express Co. Ltd. 25% 15%
Guangxi S.F. Express Co. Ltd. 25% 15%
S.F. Express (Ningxia) Co. Ltd. 25% 15%
Inner Mongolia S.F. Express Co. Ltd. 25% 15%
Xinjiang S.F. Express Co. Ltd. 25% 15%
Qinghai S.F. Express Co. Ltd. 25% 15%
Lanzhou S.F. Express Co. Ltd. 25% 15%
Yunnan Shunhe Freight Co. Ltd. 25% 15%
Qinghai S.F. Juyi Supply Chain Management Co. Ltd. 25% 15%
Gansu Shunhefeng Freight Co. Ltd. 25% 15%
Sichuan Wu Lian Yi Da Technology Co. Ltd. 25% 15%189
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(1) Enterprise income tax (Cont’d)
(b) (Cont’d)
Local statutory Preferential
Name of subsidiary tax rate tax rate
Shaanxi S.F. Freight Co. Ltd. 25% 15%
Sichuan Shunhefeng Freight Co. Ltd. 25% 15%
Xinjiang Shunhefeng Freight Co. Ltd. 25% 15%
Chongqing S.F. Zhida Supply Chain Management Co. Ltd. 25% 15%
Chongqing Xuefeng Refrigerates Logistics Co. Ltd. 25% 15%
Ningxia S.F. Freight Co. Ltd. 25% 15%
(c) Pursuant to the Notice on Tax Policy Issues Concerning Further Implementing the Western China
Development Strategy (Cai Shui [2011] No. 58) jointly issued by the Ministry of Finance the General
Administration of Customs and the State Taxation Administration and the Announcement on
Continuing the Enterprise Income Tax Policies for the Development of Western China
(Announcement [2020] No. 23) jointly issued by the Ministry of Finance the State Taxation
Administration and the National Development and Reform Commission on 23 April 2020 the
Group’s subsidiaries which are registered in Tibet Autonomous Region are subject to enterprise
income tax at the preferential rate of 15% as stipulated in the Western China Development Strategy
from 1 January 2011 to 31 December 2030. Pursuant to the Notice of the People’s Government of
the Tibet Autonomous Region on Issuing the Regulations on Preferential Policies for Investment
Promotion of the Tibet Autonomous Region (Provisional) (Zang Zheng Fa [2018] No. 25) the
Group’s subsidiaries which are registered in Tibet Autonomous Region are temporarily exempt from
the region’s share of entitlement to enterprise income tax payable from 1 January 2018 to 31
December 2021. In other words the region’s share of entitlement to 40% in the enterprise income
tax payable at the rate of 15% is exempted during the above period.Local statutory Preferential
Name of subsidiary tax rate tax rate
Tibet S.F. Express Co. Ltd. 25% 9%
(d) In accordance with Article 2 of the Notice on Implementing the Inclusive Tax Deduction and
Exemption Policies for Micro and Small Enterprises (Cai Shui [2019] No. 13) jointly issued by the
Ministry of Finance and the State Taxation Administration from 1 January 2019 to 31 December
2021 the portion of the annual taxable income of micro and small enterprises not exceeding RMB 1
million is recognised at 25% and they are subject to enterprise income tax at the rate of 20%; the
portion of annual taxable income exceeding RMB 1 million but not exceeding RMB 3 million is
recognised at 50% and they are subject to enterprise income tax at the rate of 20%.In accordance with the Announcement on the Implementation of Matters Related to Supporting the
Development of Policies of Income Tax Preferences for Micro and Small Enterprises and Individual
Industrial and Commercial Households (Announcement [2021] No. 12) jointly issued by the Ministry
of Finance and the State Taxation Administration on 2 April 2021 from 1 January 2021 to 31
December 2022 for the portion of annual taxable income of micro and small enterprises not
exceeding RMB 1 million on the basis of the above-mentioned preferential policies the corporate
income tax will be halved.190
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(1) Enterprise income tax (Cont’d)
(d) (Cont'd)
Therefore the portion of annual taxable income of the Group’s subsidiaries not exceeding RMB 1
million is recognised at 12.5% and they are subject to enterprise income tax at the rate of 20%; the
portion of annual taxable income of the Group’s subsidiaries exceeding RMB 1 million but not
exceeding RMB 3 million is recognised at 50% and they are subject to enterprise income tax at the
rate of 20%:
Local statutory Preferential
Name of subsidiary tax rate tax rate
Ningbo Shuncheng Logistics Co. Ltd. 25% 20%
Guizhou Shunlu Logistics Co. Ltd. 25% 20%
Ezhou Shunlu Logistics Co. Ltd. 25% 20%
Zhengzhou Shuncheng Logistics Co. Ltd. 25% 20%
Shenzhen S.F. Research Institution Co. Ltd. 25% 20%
Shanghai Chengbai Technology Co. Ltd. 25% 20%
Shenyang Fengtai E-Commerce Industrial Park
Management Co. Ltd. 25% 20%
Xuzhou Fengtai Industrial Park Management Co. Ltd. 25% 20%
Ezhou Fengtai Qisheng Logistics Development Co. Ltd. 25% 20%
Ezhou Fengyutai Helin Logistics Development Co. Ltd. 25% 20%
Ganzhou Fengtai Industrial Park Management Co. Ltd. 25% 20%
Yangzhou Fengyutai Enterprise Management Co. Ltd. 25% 20%
Shanghai Fengtai Yuanxing Property Management Service
Co. Ltd. 25% 20%
Shenzhen Fengtai E-Commerce Industrial Park Property
Service Co. Ltd. 25% 20%
Taizhou Fengtai E-Commerce Industrial Park Operation
and Management Co. Ltd. 25% 20%
Taixing Fengtai Industrial Park Operation and Management
Co. Ltd. 25% 20%
Wuxi Jietai Enterprise Management Co. Ltd. 25% 20%
Huai'an Fengtai Enterprise Management Co. Ltd. 25% 20%
Quanzhou Fengyutai Enterprise Management Co. Ltd. 25% 20%
Hefei Jietai Enterprise Management Co. Ltd. 25% 20%
Beijing Fengyutai Operations and Management Co. Ltd. 25% 20%
Shenzhen Shunfeng Runtai Management Consulting Co.Ltd. 25% 20%
Guangxi Shunnongfengwei Technology Co. Ltd. 25% 20%
Caihuilian Technology (Shenzhen) Co. Ltd. 25% 20%
Dongguan Jiada Express Service Co. Ltd. 25% 20%
Shenzhen Xuefeng Cold Chain Logistics Co. Ltd. 25% 20%
Changsha Xueyuan Cold Chain Logistics Co. Ltd. 25% 20%
Shanghai S.F. Cold Chain Co. Ltd. 25% 20%
Shanghai Taigenrun Enterprise Management Co. Ltd. 25% 20%
Dongguan Fengtai Enterprise Management Co. Ltd. 25% 20%
Beijing Fengjietai Enterprise Management Co. Ltd. 25% 20%
Dalian Fengtai Industrial Park Operation and Management
Co. Ltd. 25% 20%
Liuzhou Fengyutai Industrial Park Management Co. Ltd. 25% 20%
Jinan Fengtai Industrial Park Management Co. Ltd. 25% 20%
Weifang Fengtai Industrial Park Management Co. Ltd. 25% 20%191
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(1) Enterprise income tax (Cont'd)
(d) (Cont'd)
Local statutory Preferential
Name of subsidiary tax rate tax rate
Exel Supply Chain (Xiamen) Co. Ltd. 25% 20%
Shanxi S.F. Zhida Supply Chain Management Co. Ltd. 25% 20%
Jinjiang Jietai Enterprise Management Co. Ltd. 25% 20%
Xiamen Fengyutai Industrial Park Management Co. Ltd. 25% 20%
Nanning Fengyutai Enterprise Management Co. Ltd. 25% 20%
Changsha Hongjie Industrial Park Operation and
Management Co. Ltd. 25% 20%
Luoyang Fengtai Industrial Park Management Co. Ltd. 25% 20%
Shenzhen Kuaichijunma Information Technology Co. Ltd. 25% 20%
Huai'an Fengyutai Enterprise Management Co. Ltd. 25% 20%
Hebi Fengtai Industrial Park Asset Management Co. Ltd. 25% 20%
Suzhou Fengtai E-commerce Industrial Park Management
Co. Ltd. 25% 20%
Suzhou Fengtai Cross-border E-commence Industrial Park
Service Co. Ltd. 25% 20%
Beijing Yijie Enterprise Management Co. Ltd. 25% 20%
Shenzhen S.F. Kuaicha Technology Co. Ltd. 25% 20%
Shenzhen S.F. International Industry Co. Ltd. 25% 20%
Yirongcheng Information Service (Wuhan) Co. Ltd. 25% 20%
Shenzhen Fengwang Holdings Co. Ltd. 25% 20%
Chongqing Jieyutai Enterprise Management Co. Ltd. 25% 20%
(e) As per Article 28 of the Enterprise Income Tax Law of the People’s Republic of China the high and
new technology enterprises eligible for key support from the State are entitled to a reduced tax rate
of 15%. Through filing with local taxation bureaus the Group’s subsidiaries as below are qualified
as high and new technology enterprises and entitled to the preferential tax rates for high and new
technology enterprises eligible for key support from the State. The subsidiaries as below are subject
to a tax rate of 15% in the reporting period. (2020: 10% (SF Technology) and 15%)
Local statutory Preferential
Name of subsidiary tax rate tax rate
S.F. Hengtong Pay Co. Ltd. 25% 15%
Beijing S.F. Intra-city Technology Co. Ltd. 25% 15%
SF Technology Co. Ltd. (“SF Technology”) 25% 15%
Shenzhen Fengyi Technology Co. Ltd. 25% 15%
Fengtu Technology (Shenzhen) Co. Ltd. 25% 15%192
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(1) Enterprise income tax (Cont'd)
(f) Pursuant to the Notice on the Policies of Income Tax Preferences for Enterprises in Hainan Free
Trade Port (Cai Shui [2020] No. 31) jointly issued by the Ministry of Finance and the State Taxation
Administration the Group’s subsidiaries which are registered in Hainan Free Trade Port are
subject to enterprise income tax at the preferential rate of 15% from 1 January 2020 to 31 December
2024.Local statutory Preferential
Name of subsidiary tax rate tax rate
Hainan S.F. Express Co. Ltd. 25% 15%
Hainan SF Freight Co. Ltd. 25% 15%
In addition the Group’s subsidiaries located in Hong Kong Macao Singapore Japan Korea and
USA are subject to enterprise income tax at the rates of 16.5% 12% 17% 23.2% 22% and 21%
respectively in the reporting period.In addition to the above subsidiaries the Company and the Group’s other major subsidiaries are
subject to enterprise income tax at the rate of 25%.193
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(2) VAT
According to different businesses VAT rates applicable to the Group include:
Business type Applicable VAT rates
Sales of goods and tangible movable 13%
property leasing
Transportation service (i) (ii) 9%
Logistics supporting service (i) (ii) (iii) 6%
3% (applicable to small-scale taxpayers before 1 March
2020)
1% (applicable to small-scale taxpayers excluding those of
Hubei Province from 1 March 2020 to 31 December 2021)
0% (applicable to small-scale taxpayers of Hubei Province
from 1 March 2020 to 31 December 2021)
Research and development and 6%
technical service
Information technology service 6%
Property leases 9%
(i) Pursuant to the Announcement on Policies for Deepening the Value-Added Tax Reform (Cai Shui
[2019] No. 39) and the Announcement on Clarifying the Additional Value-Added Tax Credit Policy
for the Life Service Industry (Cai Shui [2019] No. 87) from 1 April 2019 to 31 December 2021
taxpayers whose sales amount from providing postal service telecommunication service modern
service and life services accounts for more than 50% of the total sales amount are allowed to credit
the amount of input tax deductible in the current period plus 10% thereof against the amount of
taxes payable; from 1 October 2019 to 31 December 2021 taxpayers whose sales amount from
providing life services accounts for more than 50% of the total sales amount are allowed to credit the
amount of input tax deductible in the current period plus 15% thereof against the amount of taxes
payable.194
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
3 Taxation (Cont'd)
(2) VAT (Cont'd)
(ii) In accordance with the Announcement on Relevant Tax Policies Supporting the Prevention and
Control of the Outbreak of Novel Coronavirus Pneumonia (COVID-19) (Announcement [2020] No. 8)
and the Announcement on the Implementation Period of the Tax and Fee Polices Supporting the
Prevention and Control of the COVID-19 Outbreak the Guarantee of Supply During the COVID-19
Outbreak and Other Matters (Announcement [2020] No. 28) jointly issued by the Ministry of Finance
and the State Taxation Administration on 6 February 2020 and 15 May 2020 respectively from 1
January 2020 to 31 December 2020 taxpayers’ revenue from transportation of key supporting
materials for epidemic prevention and control provision of public transportation services living
services as well as the express delivery service of essential living materials for residents will be
exempted from VAT city maintenance and construction tax educational surcharge and local
educational surcharge.Pursuant to the Announcement of the Ministry of Finance and the State Taxation Administration on
Continuing the Implementation of Policies of Partial Tax Preferences in Response to COVID-19
(Announcement [2021] No. 7) jointly issued by the Ministry of Finance and the State Taxation
Administration on 17 March 2021 the above policies of tax preferences were extended to 31 March
2021.(iii) Pursuant to the Announcement on the Value-Added Tax Policies on Supporting the Resumption of
Work and Business of Individual Industrial and Commercial Households (Announcement [2020] No.13) and the Announcement on Extending the Applicable Period of the Policies for Reduction and
Exemption of Value-added Tax on Small-scale Taxpayers (Announcement [2020] No. 24) jointly
issued by the Ministry of Finance and the State Taxation Administration on 28 February 2020 and 30
April 2020 respectively from 1 March to 31 December 2020 taxable sales revenue of small-scale
taxpayers of Hubei Province subject to VAT at the rate of 3% before shall be exempted from VAT;
while the prepaid VAT items subject to the prepaid collection rate of 3% before shall be suspended
for the prepayment of VAT. Taxable sales revenue of small-scale taxpayers in other provinces
autonomous regions and municipalities directly under the central government excluding Hubei
Province subject to VAT at the rate of 3% before shall be subject to VAT at the preferential rate of 1%;
while the prepaid VAT items in such regions subject to the prepaid collection rate of 3% before shall
be subject to prepaid VAT at the preferential rate of 1%.Pursuant to the Announcement of the Ministry of Finance and the State Taxation Administration on
Continuing the Implementation of Policies of Partial Tax Preferences in Response to COVID-19
(Announcement [2021] No. 7) jointly issued by the Ministry of Finance and the State Taxation
Administration on 17 March 2021 the above policies of tax preferences were extended to 31
December 2021.195
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements
(1) Cash at bank and on hand
30 June 2021 31 December 2020
Cash on hand 297786.76 78882.36
Cash at bank 16088871140.48 15197052949.11
Balances with central bank from Group
Finance Company 723418375.73 1066630262.57
Including: Balances with central bank
- statutory reserve (a) 657359839.02 1001338112.80
Balances with central bank
- excess reserve (b) 66058536.71 65292149.77
Other cash balances 46394025.32 126993032.50
Accrued interest 3377993.54 271365 80.65
16862359321.83 16417891707.19
Including: Total overseas deposits 4102467499.29 1478584839.35(a) On 18 September 2016 the Group incorporated S.F. Holding Group Finance Co. Ltd. (“GroupFinance Company”). Statutory reserve of Group Finance Company deposited with the central bank
represents required statutory reserve paid by financial enterprises in the People’s Bank of China
(“PBOC”) at 6% of deposits from customers denominated in RMB. Statutory reserve deposits are
not available for use by the Group in its day to day operations which are restricted cash.(b) Surplus reserve of Group Finance Company deposited with the central bank represents the excess
over the required statutory reserve paid by financial institutions in the central bank and it is bank
deposit that can be readily drawn on demand.196
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(2) Financial assets held for trading
30 June 2021 31 December 2020
Structural deposits 10024343370.09 62768478 39.67
Others 75403.21 748 30.02
10024418773.30 62769226 69.69
(3) Accounts receivable
30 June 2021 31 December 2020
Accounts receivable 18830925667.60 170769169 66.24
Less: Provision for bad debts (227663464.71) (2278527 15.45)
18603262202.89 168490642 50.79
The Group adopts regular settlement method for logistic services provided to some customers. At
each month-end the outstanding part becomes accounts receivable.(a) The ageing of accounts receivable is analysed as follows:
30 June 2021 31 December 2020
Within 1 year (inclusive) 18656574171.23 169412991 44.73
1 to 2 years (inclusive) 140710157.16 1022740 81.92
Over 2 years 33641339.21 333437 39.59
18830925667.60 170769169 66.24
(b) As at 30 June 2021 the five largest accounts receivable aggregated by debtor were summarised
and analysed as follows:
30 June 2021
Amount of provision
Amount for bad debts % of total balance
Sum of the five largest
accounts receivable 2038315301.26 (10191576.51) 10.82%197
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(3) Accounts receivable (Cont’d)
(c) Provision for bad debts
For accounts receivable the Group recognises the lifetime expected credit loss provision.As at 30 June 2021 accounts receivable for which the related provision for bad debts was provided
on the individual basis were analysed as follows:
Lifetime expected Provision for bad
Ending balance credit loss rate debts Reason
Receivables from
related parties - - - The debtor
Receivables from encountered
non-related financial distress
parties 133854731.39 94.20% (126095567.10) etc.133854731.39 (126095567.10)
As at 31 December 2020 accounts receivable for which the related provision for bad debts was
provided on the individual basis were analysed as follows:
Lifetime expected Provision for bad
Ending balance c redit loss rate debts Reason
Receivables from
related parties - - - The debtor
Receivables from encountered
non-related financial distress
parties 130646629.92 100.00% (130646629.92) etc.130646629.92 (130646629.92)
As at 30 June 2021 accounts receivable for which the related provision for bad debts was provided
on the grouping basis were analysed as follows:
30 June 2021
Ending balance Provision for bad debts
Lifetime expected
Amount credit loss rate Amount
Related party grouping 266873884.66 - -
Non-related party grouping 18430197051.55 0.55% (101567897.61)
18697070936.21 (101567897.61)198
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(3) Accounts receivable (Cont’d)
(c) Provision for bad debts (Cont’d)
As at 31 December 2020 accounts receivable for which the related provision for bad debts was
provided on the grouping basis were analysed as follows:
31 December 2020
Ending balance Provision for bad debts
Lifetime expected
Amount credit loss rate Amount
Related party grouping 292870255.13 - -
Non-related party grouping 16653400081.19 0.58% (97206085.53)
16946270336.32 (97206085.53)
(d) For the six months ended 30 June 2021 the Group’s provision for bad debts amounted to RMB
21893810.94 (for the six months ended 30 June 2020: RMB 205151831.67) and there was no
provision for bad debts reversed (Note 4(24)).(e) For the six months ended 30 June 2021 the provision for bad debts of accounts receivable that was
written off amounted to RMB 22083061.68 and no accounts receivable with amounts that were
individually significant were written off (Note 4(24)).199
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Advances to suppliers
(a) The ageing of advances to suppliers was analysed below:
30 June 2021 31 December 2020
Ageing Amount % of total balance Amount % of total balance
Within 1 year (inclusive) 2110439208.68 91.35% 2985169213.54 93.97%
1 to 2 years (inclusive) 169014052.36 7.32% 165666219.04 5.22%
Over 2 years 30837613.52 1.33% 25683494.41 0.81%
2310290874.56 100.00% 3176518926.99 100.00%
As at 30 June 2021 advances to suppliers with ageing over one year were mainly materials transportation expenses etc. That is because relevant
business transactions were still being performed.200
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(4) Advances to suppliers (Cont’d)
(b) As at 30 June 2021 the amount of top five advances to suppliers was analysed as follows:
30 June 2021
Amount % of total balance
Sum of the five largest advances to suppliers 483831344.88 20.94%
(5) Factoring receivables
As at 30 June 2021 and 31 December 2020 factoring receivables were from Shenzhen Shuncheng
Lefeng Factoring Co. Ltd. (“Lefeng Factoring”) a subsidiary of the Group for provision of factoring
business to external parties.30 June 2021 31 December 2020
Factoring receivables 124341330.79 124396330.79
Less: Provision for bad debts (124199599.35) (124086398.51)
141731.44 309932.28
(a) Factoring receivables are disclosed by category as follows:
30 June 2021
Provision for bad
Amount Proportion debts Net amount
Factoring with recourse 124341330.79 100.00% (1241995 99.35) 1417 31.44
31 December 2020
Provision for bad
Amount Proportion debts Net amount
Factoring with recourse 124396330.79 100.00% (1240863 98.51) 3099 32.28201
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(5) Factoring receivables (Cont’d)
(b) Overdue factoring receivables are presented by past-due ageing as follows:
30 June 2021
6 months to 1 Over 1 year
Within 1 month 1 to 6 months year (inclusive) Total
Factoring receivables - - - 124341330.79 124341330.79
Less: Provision for bad
debts - - - (124199599.35) (124199599.35)
- - - 141731.44 141731.44
31 December 2020
6 months to 1 Over 1 year
Within 1 month 1 to 6 months year (inclusive) Total
Factoring receivables - - 476489.89 123919840.90 124396330.79
Less: Provision for bad
debts - - (166557.61) (123919840.90) (124086398.51)
- - 309932.28 - 309932.28
As at 30 June 2021 the book balance of the Group's third-stage factoring receivables was RMB
124199599.35 (31 December 2020: RMB 123919840.90) and bad debts have been fully accrued.The Group did not have any factoring receivables at Stage 2.(c) For the six months ended 30 June 2021 the Group’s provision for bad debts amounted to RMB
135595.95 (for the six months ended 30 June 2020: RMB 49601393.26) and there was no
provision for bad debts reversed (for the six months ended 30 June 2020: Nil) (Note 4(24)).(d) For the six months ended 30 June 2021 the provision for bad debts of the Group’s factoring
receivables that was written off amounted to RMB 22395.11 (for the six months ended 30 June
2020: Nil) and no factoring receivable with amounts that were individually significant were written off
(Note 4(24)).(e) As at 30 June 2021 the Group’s factoring receivables for which the provision for bad debts was
provided on the individual basis amounted to RMB 124199599.35 (31 December 2020: RMB
123919840.90) of which the provision for bad debts amounted to RMB 124199599.35 (31
December 2020: RMB 123919840.90).
(6) Loans and advances
As at 30 June 2021 and 31 December 2020 the balance of loans and advances was formed by the
external loans issued by S.F. Finance (Hong Kong) Limited a subsidiary of the Group in Hong Kong
and Group Finance Company.202
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(6) Loans and advances (Cont’d)
(a) Loans and advances by individual and enterprise
30 June 2021 31 December 2020
Personal loans 73897.64 746 84.98
Enterprise loans
Non-related party loans 90146127.26 926609 02.41
Related party loans (Note 8(4)(c)) 33265058.13 639386 98.94
Loans and advances - total 123485083.03 1566742 86.33
Less: Provision for loan losses (85622775.47) (957563 87.15)
Loans and advances - net 37862307.56 609178 99.18
(b) Loans and advances analysed by type of collateral
30 June 2021 31 December 2020
Credit loans 116584070.39 149699752.35
Guaranteed loans 6901012.64 6974533.98
Loans and advances - total 123485083.03 156674286.33
(c) Overdue loans are presented by pass-due ageing as follows:
30 June 2021
Within 3 3 months
months to 1 year 1 to 3 years Over 3 years Total
Credit loans 2610265.83 6133365.22 8536912.67 548.67 17281092.39
31 December 2020
Within 3 3 months
months to 1 year 1 to 3 years Over 3 years Total
Credit loans 1380133.04 6634930.14 5292970.93 - 13308034.11
As at 30 June 2021 the book balance of the Group's third-stage loan was RMB 84654057.97 (31
December 2020: RMB 94197354.49) and bad debts had been fully accrued. The Group did not
have any loan at Stage 2.(d) For the six months ended 30 June 2021 there was no provision for bad debts and the Group’s
provision for bad debts reversed amounted to RMB 8863724.11 (for the six months ended 30 June
2020: the Group’s provision for bad debts amounted to RMB 89186630.95 and there was no
provision for bad debts reversed) (Note 4(24)).(e) As at 30 June 2021 the Group’s loans and advances for which the provision for bad debts was
provided on the individual basis amounted to RMB 84654057.97 (31 December 2020: RMB
94197354.49) of which full bad bebts were provided.203
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables
30 June 2021 31 December 2020
Current accounts receivable from related
parties (Note 8(4)(d)) 396365227.53 32519964 9.05
Guarantees and deposits 924363829.87 84476533 0.84
Cash on delivery service 556083837.14 50488902 5.07
Airlines subsidy and financial rebate 220295277.50 20254866 0.91
Tax collected by others 180737259.18 1188497 44.78
Receivables from equity transfer and capital
reductions 103638527.29 20760386 4.00
Employee borrowings and advances 68786050.15 763335 87.99
Entrusted loan principal receivable 27000000.00 270000 00.00
Social insurance premium prepaid 17134496.75 180536 31.18
Dividends receivable 14710201.92 -
Others 230567645.74 29613707 5.61
2739682353.07 26213805 69.43
Less: Provision for bad debts (118402014.40) (1278161 68.32)
2621280338.67 24935644 01.11
(a) The ageing of other receivables based on the point of occurrence is analysed as follows:
30 June 2021 31 December 2020
Within 1 year (inclusive) 2063192055.94 2001897653.15
1 to 2 years (inclusive) 262084894.05 333174159.82
Over 2 years 414405403.08 286308756.46
2739682353.07 2621380569.43
As at 30 June 2021 other receivables with ageing over 1 year mainly represented guarantees
deposits entrusted loan receivable and receivables from equity transfer.204
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements
(i) The Group measures the loss provision for other receivables based on the expected credit losses for the next twelve months or the entire duration.Stage 1 Stage 3
Expected credit losses in the following 12 Lifetime expected credit losses (credit
months (Portfolio) impaired) Total
Provision for bad Provision for bad Provision for bad
Ending balance debts Ending balance debts debts
31 December 2020 2495057377.43 (12292976.32) 126323192.00 (115523192.00) (127816168.32)
Net increase/provision in the
current period 131658711.17 (3942773.61) - - (3942773.61)
Reversal in the current period - - (10000000.00) 10000000.00 10000000.00
Write-off in the current period (3356927.53) 3356927.53 - - 3356927.53
30 June 2021 2623359161.07 (12878822.40) 116323192.00 (105523192.00) (118402014.40)205
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements (Cont’d)
As at 30 June 2021 and 31 December 2020 the Group did not have any other receivables at Stage
1 for which the related provision for bad debts was provided on the individual basis.As at 30 June 2021 other receivables at Stage 1 for which the related provision for bad debts was
provided on the grouping basis were analysed as follows:
Expected credit
loss rate in the
following 12 Provision for bad
Ending balance months debts Reason
Provided on the grouping
basis:
Related party grouping 396365227.53 - -
Expected credit
Non-related party grouping 2226993933.54 0.58% (12878822.40) loss method
2623359161.07 (12878822.40)
As at 31 December 2020 other receivables at Stage 1 for which the related provision for bad debts
was provided on the grouping basis were analysed as follows:
Expected credit
loss rate in the
following 12 Provision for bad
Ending balance months debts Reason
Provided on the grouping
basis:
Related party grouping 325199649.05 - -
Expected credit
Non-related party grouping 2169857728.38 0.57% (12292976.32) loss method
2495057377.43 (12292976.32)
As at 30 June 2021 and 31 December 2020 the Group did not have any other receivables at Stage
2.As at 30 June 2021 other receivables at Stage 3 for which the related provision for bad debts was
provided on the individual basis were analysed as follows:
Lifetime expected Provision for bad
Ending balance credit losses debts Reason
Provided on the individual
basis:
The debtor
encountered
Entrusted loans receivable 27000000.00 60.00% (16200000.00) financial distress
Receivables from equity The debtor
transfer and capital encountered
reductions 82455115.00 100.00% (82455115.00) financial distress
The debtor
encountered
financial distress
Others 6868077.00 100.00% (6868077.00) etc.116323192.00 (105523192.00)206
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(7) Other receivables (Cont’d)
(b) Provision for losses and changes in book balance statements (Cont’d)
As at 31 December 2020 other receivables at Stage 3 for which the related provision for bad debts
was provided on the individual basis were analysed as follows:
Lifetime expected Provision for bad
Ending balance credit losses debts Reason
Provided on the individual
basis:
The debtor
encountered
Entrusted loans receivable 27000000.00 60.00% (16200000.00) financial distress
Receivables from equity The debtor
transfer and capital encountered
reductions 92455115.00 100.00% (92455115.00) financial distress
The debtor
encountered
financial distress
Others 6868077.00 100.00% (6868077.00) etc.126323192.00 (115523192.00)
As at 30 June 2021 and 31 December 2020 the Group did not have any other receivables at Stage
3 for which the related provision for bad debts was provided on the grouping basis.(c) For the six months ended 30 June 2021 the Group’s provision for bad debts amounted to RMB
3942773.61 (for the six months ended 30 June 2020: RMB 114672175.85) and provision for bad
debts reversed amounted to RMB 10000000.00 (for the six months ended 30 June 2020: Nil) (Note
4(24)).
(d) For the six months ended 30 June 2021 the provision for bad debts of other receivables that was
written off amounted to RMB 3356927.53 (Note 4(24)) and no other receivables with amounts that
were individually significant were written off.(e) As at 30 June 2021 the five largest other receivables aggregated by debtor were summarised and
analysed as follows:
30 June 2021
Amount of
provision for bad % of total
Nature of business Ageing Amount debts balance
Shenzhen Hive Box
Technology Co. Ltd. Agency collection
(“Hive Box Technology”) and payment Within 3 months 284560973.62 - 10.39%
Changsha Municipal
People's Government Airlines subsidy Within 1 year 96197800.00 (480989.00) 3.51%
Texas Instruments Tax collected by
(Shanghai) Ltd. others Within 1 year 55075940.80 (275379.70) 2.01%
Hangzhou International
Airport Airlines subsidy Within 1 year 46125000.00 (230625.00) 1.68%
Wuhan TianHe International
Airport Airlines subsidy 1 to 2 years 43978614.20 (219893.07) 1.61%
525938328.62 (1206886.77) 19.20%207
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(8) Inventories
Inventories are summarised by category as follows:
30 June 2021
Provision for decline
in the value of
Ending balance inventories Carrying amount
Raw materials in stock 357001905.46 - 357001905.46
Aviation consumables 277619420.22 - 277619420.22
Finished goods 180982160.77 (5240910.58) 175741250.19
Properties under
-
development 79095456.31 79095456.31
Costs to fulfil a contract 61712655.73 - 61712655.73
Low-value consumables 30439461.86 - 30439461.86
986851060.35 (5240910.58) 981610149.77
31 December 2020
Provision for decline
in the value of
Ending balance inventories Carrying amount
Raw materials in stock 423928000.21 - 423928000 .21
Aviation consumables 241874487.58 - 241874487 .58
Finished goods 191150994.59 (527969 8.19) 185871296 .40
Properties under
development 79095456.31 - 79095456 .31
Costs to fulfil a contract 24229843.60 - 24229843 .60
Low-value consumables 31951510.94 - 31951510 .94
992230293.23 (527969 8.19) 986950595 .04208
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(9) Contract assets
30 June 2021 31 December 2020
Contract assets 377663003.26 401040381.85
Less: Provision for impairment of contract
assets (1886009.35) (2005201.91)
375776993.91 399035179.94
(10) Other current assets
30 June 2021 31 December 2020
Input VAT to be offset 5747150040.92 45369080 43.47
Prepaid enterprise income tax 112194659.04 1535625 61.05
Others 1717050.54 26067 85.14
5861061750.50 46930773 89.66
(11) Long-term receivables
30 June 2021 31 December 2020
Interest-free loans to employees receivable
(a) 245953714.26 377265003.74
Deposit for house purchase 277904430.00 2779044 30.00
Finance lease receivables (b) 459054509.98 1223449 82.71
Less: Current portion of long-term
receivables (253525731.69) (156240777.09)
Provision for bad debts (18237703.80) (14169999.15)
711149218.75 6071036 40.21209
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(11) Long-term receivables (Cont’d)
(a) Interest-free loans to employees receivable
30 June 2021 31 December 2020
Interest-free loans to employees receivable 266224243.05 4066774 91.48
Less: Prepaid discount interest (20270528.79) (29412487.74)
Amortised cost of interest-free loans to
employees 245953714.26 3772650 03.74
Less: Current portion of interest-free loans to
employees (103902047.92) (124107464.52)
Provision for bad debts (1331121.22) (2033387.46)
140720545.12 2511241 51.76
Interest-free loans to employees receivable represented the interest-free loans to qualified
employees with a term of 5 years.(b) Finance lease receivables
30 June 2021 31 December 2020
Finance lease receivables 513647094.79 1278053 55.10
Less: Unrealised finance gains (54592584.81) (54603 72.39)
Amortised cost of finance lease receivables 459054509.98 1223449 82.71
Less: Current portion of finance lease
receivables (149623683.77) (321333 12.57)
Provision for bad debts (16906582.58) (121366 11.69)
292524243.63 780750 58.45
The minimum lease receivables that the Group will receive after the balance sheet date are
analyzed based on undiscounted contractual cash flows (including interest calculated at the contract
interest rate (if it is a floating interest rate at the current interest rate as at balance sheet date)) as
follows :
30 June 2021 31 December 2020
Within 1 year(inclusive) 198287050.28 44270424.29
1 to 2 years(inclusive) 160551094.85 37173061.64
2 to 3 years(inclusive) 119928107.22 33313876.98
Over 3 years 34880842.44 13047992.19
513647094.79 127805355.10210
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Long-term equity investments
30 June 2021 31 December 2020
Cost:
- Joint ventures 2526594898.69 2457553213.43
- Associates 2674861868.99 1337754074.20
5201456767.68 3795307287.63
Less: Provision for impairment of long-term
equity investments
- Joint ventures - (22587342.22)
- Associates (125488667.51) (125488667.51)
(125488667.51) (148076009.73)
Joint ventures (a) 2526594898.69 2434965871.21
Associates (b) 2549373201.48 1212265406.69
5075968100.17 3647231277.90211
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Long-term equity investments (Cont’d)
(a) Joint ventures
Movements in the current period
Exchange
differences on
translation of Balance of
Share of net foreign provision for
Carrying amount as profit/(loss) currency Provision for impairment
at 31 December Increase in Decrease in under equity financial Other changes impairment Carrying amount as loss at the end
2020 investments investments method statements in equity loss at 30 June 2021 of the period
Hubei International Logistics Airport Co. Ltd. 1373300976.99 - - (7980852 .27) - - - 136532 0124.72 -
Gem-year Logistics Co. Ltd. 490661575.24 - - 3552133 .79 - 1742881 .88 - 49595 6590.91 -
ZBHA Group Co. Ltd. (“ZBHA”) 230429226.11 - - 387713 .90 - - - 23081 6940.01 -
Jinfeng Borun (Xiamen) Equity Investment
Partnership (Limited Partnership) 149354041.48 - - (2065706 .76) - - - 14728 8334.72 -
CC SF China Logistics Properties Investment
FundL.P. - 98984603.71 - - (901298 .67) - - 9808 3305.04 -
Beijing Wulian Shuntong Technology Co. Ltd.(“Wulian Shuntong”) 89571516.18 - - (2568511 .31) - - - 8700 3004.87 -
CR-SF International Express Co. Ltd. 29754253.24 - - 2875647 .08 - - - 3262 9900.32 -
POST11Oü 22441110.64 - - (206899 .64) (193947 .07) - - 2204 0263.93 -
Shenzhen Fengsu Technology Co. Ltd.(“Fengsu Technology”) 22904934.74 - - (1738060 .82) - 20620 .13 - 2118 7494.05 -
Others 26548236.59 3055340.31 (1744744 .89) (2844870 .43) (117323 .80) 1372302 .34 - 2626 8940.12 -
2434965871.21 102039944.02 (1744744 .89) (10589406 .46) (1212569 .54) 3135804 .35 - 252659 4898.69 -212
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Long-term equity investments (Cont’d)
(b) Associates
Movements in the current period
Exchange
differences on
translation of Balance of
Share of net foreign Cash provision for
Carrying amount as profit/(loss) currency Share of other dividends or Provision for impairment
at 31 December Increase in Decrease in under equity financial comprehensiv Other changes profits impairment Carrying amount as loss at the end
2020 investments investments method statement e income in equity (i) declared loss at 30 June 2021 of the period
Amass Freight International Co.Ltd. 208700000.00 - - 9748827. 36 - - - - - 218448 827.36 -
Zhejiang Galaxis Technology
Co. Ltd. 205935032.24 - - (6338288. 19) - - (10391548. 29) - - 189205 195.76 -
Zhuhai Biyao Industrial
Technology Co. Ltd. 112224684.70 - - 7653302. 28 - - - - - 119877 986.98 (8031343. 62)
Jiangsu Chiata Foton Co. Ltd. 102710272.39 - - (771685. 34) - - - - - 101938 587.05 -
Beijing Dazhangfang NetworkTechnology Co. Ltd. (“BeijingDazhangfang”) 99905867.84 - - (3994595. 43) - - - - - 95911 272.41 -
Dunho Weiheng (Zhuhai)
Supply Chain Management
Co. Ltd. 62355846.29 27546428.26 - (545592. 39) - - - - - 89356 682.16 -
KENGIC Intelligent TechnologyCo. Ltd. (“KENGICIntelligent”) 76206042.27 - - (2038027. 15) - - - - - 74168 015.12 -
Ezhou China Communications
SF Airport Industrial Park
Investment Development Co.Ltd. - 72000000.00 - 8835. 77 - - - - - 72008 835.77 -
Feng Wang Investment Co. Ltd. 47813293.06 - - 55984. 34 - (88282. 28) - - - 47780 995.12 -
PT TRI ADI BERSAMA 14335506.95 28702700.95 - (305086. 45) (509974. 25) - - - - 42223 147.20 -
Langxing UAV System Co. Ltd. 39286463.21 - - (1316411. 84) - - - - - 37970 051.37 -
Beijing GreenValley Technology
Limited 29927891.81 - - 326127. 13 - - - - - 30254 018.94 -
Shenzhen Canbeidou Supply
Chain Management Co. Ltd
(“Canbeidou Supply Chain”) 31028681.02 - - (1553145. 76) - - - - - 29475 535.26 -
SCS Logistics Co. Ltd. 29852398.77 - - 1699585. 92 - - - (2250000. 00) - 29301 984.69 -213
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(12) Long-term equity investments (Cont’d)
(b) Associates (Cont’d)
Movements in the current period
Exchange
differences on
translation of Balance of
Share of net foreign provision for
Carrying amount profit/(loss) currency Share of other Cash dividends Carrying amount impairment loss
as at 31 Increase in Decrease in under equity financial comprehensive Other changes or profits Provision for as at 30 June at the end of
December 2020 investments investments method statements income in equity (i) declared impairment loss 2021 the period
Shenzhen Zhi Hang UAV
Co. Ltd. 23791818.93 - - 617584 .08 - - - - - 244094 03.01 -
KOSPA 22734343.41 - - 1361271 .59 (231267 .30) - - - - 238643 47.70 -
Aerospace Times Feipeng
Co. Ltd. - 20000000.00 - - - - - - - 200000 00.00 -
Shenzhen Bai Mi Life Co.Ltd. - - - - - - - - - - (93276284 .55)
Others(ii) 105457263.80 1201245788.43 - (2770527 .73) (2154232 .82) - 1400023 .90 - - 13031783 15.58 (24181039 .34)
1212265406.69 1349494917.64 - 1838158 .19 (2895474 .37) (88282 .28) (8991524 .39) (2250000 .00) - 25493732 01.48 (125488667 .51)
(i) Those represent changes in equity resulting from capital injections by investors other than the Group.(ii) During the reporting period among others the newly-added associates were mainly SF Real Estate Investment Trust ("SF REIT") and SF REIT Asset
Management Co. Ltd.( " REIT manager ") (Note 5(2)(i)). The Group's new investment in the above two joint ventures was RMB 1162511280.00 and RMB
25339468.34 respectively.214
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Investments in other equity instruments
30 June 2021 31 December 2020
Equity of listed companies 395947836.92 8911587 79.32
Equity of unlisted companies 4059207411.86 41363302 74.98
4455155248.78 50274890 54.30
Accumulated gains or
Dividend income losses recognised in
recognised in the other comprehensive
Item current period income
Equity of listed companies 14620117.03 93615739.69
Equity of unlisted companies - 900040707.17
14620117.03 993656446.86215
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(13) Investments in other equity instruments (Cont’d)
Exc hange
differences on
translation of
Changes in fair foreign currency
31 December Increase in the value in the Decrease in the financial
2020 current period current period current period statements 30 Jun e 2021
Equity of listed companies 891158779.32 28410932.19 (84217558.22) (432850846.22) (6553470.15) 395947836.92
Equity of unlisted companies 4136330274.98 - 2885035.25 (40000000.00) (40007898.37) 4059207411.86
5027489054.30 28410932.19 (81332522.97) (472850846.22) (46561368.52) 4455155248.78216
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(14) Other non-current financial assets
30 June 2021 31 December 2020
Financial assets held for trading (over 1
year):
Industry fund investments 456428950.23 441134721.34
Special scheme equity-class securities 390391319.74 390391319.74
846820269.97 831526041.08
(15) Investment properties
Buildings Land use rights Total
Cost
31 December 2020 1631375714.19 816419693.45 244779540 7.64
Transfer from self-used assets in the
current period (Note 4(16) (17) (19)) 529080683.85 165321128.59 69440181 2.44
Transfer to self-used assets in the current
period (Note 4(16) (19)) (255402501.06) (63363865.21) (31876636 6.27)
Decrease due to disposal of subsidiaries
in the current period (603560073.87) (663772579.41) (126733265 3.28)
Effect of translation of foreign currency
financial statements (3600780.87) (5352453.85) (895323 4.72)
30 June 2021 1297893042.24 249251923.57 154714496 5.81
Accumulated depreciation
31 December 2020 139991563.69 88399022.60 22839058 6.29
Transfer from self-used assets in the
current period (Note 4(16) (19)) 9395260.82 12564444.11 2195970 4.93
Provision in the current period 13489863.41 6774325.08 2026418 8.49
Transfer to self-used assets in the current
period (Note 4(16) (19)) (3734619.61) (5035489.93) (877010 9.54)
Decrease due to disposal of subsidiaries
in the current period (62877836.02) (81228890.86) (14410672 6.88)
Effect of translation of foreign currency
financial statements (486789.45) (621256.08) (110804 5.53)
30 June 2021 95777442.84 20852154.92 11662959 7.76
Carrying amount
30 June 2021 1202115599.40 228399768.65 143051536 8.05
31 December 2020 1491384150.50 728020670.85 221940482 1.35
As at 30 June 2021 the Group was still in the process of applying for certificates of ownership for
certain buildings with carrying amount of RMB 689347735.97 (cost of RMB 707212093.95) (31
December 2020: carrying amount of RMB 656266461.64 and cost of RMB 671020713.68).As at 30 June 2021 investment properties with carrying amount of RMB 120581681.47 (cost of
RMB 129072631.92) (31 December 2020: carrying amount of RMB 77180832.16 and cost of
RMB 81475559.44) were pledged as collateral for long-term borrowings (Note 4(34)(b)).As at 30 June 2021 and 31 December 2020 the Group assessed that no impairment loss should be
recognised for investment properties.217
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Fixed assets
Aircraft aircraft
engines rotables and
Computers and high-value Machinery and Office equipment and
Buildings Motor vehicles electronic equipment maintenance tools equipment other equipment Total
Cost
31 December 2020 7735999172.49 5475630 337.92 3615717 089.84 9171985407.03 4456899080.81 6171336693.26 36627567781.35
Transfer from construction in progress
(Note 4(17)) 694395897.16 134846 402.17 17196 629.50 1061677066.36 169228440.20 386337353.05 2463681788.44
Transfer from investment properties in
the current period (Note 4(15)) 255402501.06 - - - - - 255402501.06
Increase in the current period 989480.55 733424 472.79 378016 809.80 271138650.32 156298487.73 139383055.29 1679250956.48
Transfer to investment properties in the
current period (Note 4(15)) (261676230.28) - - - - - (261676230.28)
Decrease in the current period - (384423 511.52) (144581 267.49) (68126800.60) (75976492.41) (192467928.75) (865576000.77)
Decrease due to disposal of subsidiaries
in the current period (1662921944.91) - - - (1050000.00) (572388.31) (1664544333.22)
Reclassification in the current period - 2214 084.02 (3595 016.83) - (109048535.88) 110429468.69 -
Effect of translation of foreign currency
financial statements (11929519.11) (2518 876.36) (921 286.39) - (3081302.89) (444117.69) (18895102.44)
30 June 2021 6750259356.96 5959172 909.02 3861832 958.43 10436674323.11 4593269677.56 6614002135.54 38215211360.62
Accumulated depreciation
31 December 2020 870501031.04 3680986 257.91 2331366 472.96 3504465356.19 1178124698.33 2705472210.32 14270916026.75
Transfer from investment properties in
the current period (Note 4(15)) 3734619.61 - - - - - 3734619.61
Provision in the current period 123108374.64 446143 881.09 358310 588.69 506595037.49 203314608.41 494370449.93 2131842940.25
Transfer to investment properties in the
current period (Note 4(15)) (9395260.82) - - - - - (9395260.82)
Decrease in the current period - (358367 165.05) (123315 398.61) (63722727.70) (37462860.68) (152931738.87) (735799890.91)
Decrease due to disposal of subsidiaries
in the current period (180734291.43) - - - (224437.50) (246527.60) (181205256.53)
Reclassification in the current period - 2012 907.77 534 090.75 - (77550726.14) 75003727.62 -
Effect of translation of foreign currency
financial statements (1533169.53) (1637 215.35) (666 733.15) - (1145876.95) (287437.59) (5270432.57)
30 June 2021 805681303.51 3769138 666.37 2566229 020.64 3947337665.98 1265055405.47 3121380683.81 15474822745.78
Carrying amount
30 June 2021 5944578053.45 2190034 242.65 1295603 937.79 6489336657.13 3328214272.09 3492621451.73 22740388614.84
31 December 2020 6865498141.45 1794644 080.01 1284350 616.88 5667520050.84 3278774382.48 3465864482.94 22356651754.60218
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Fixed assets (Cont’d)
(i) For the sixth months ended 30 June 2021 the amount of depreciation expenses charged to cost of
revenue selling and distribution expenses general and administrative expenses and research and
development expenses was RMB 2123877059.83 (for the sixth months ended 30 June 2020:
RMB 1730365263.08).(ii) As at 30 June 2021 fixed assets with carrying amount of RMB 138131064.70 (cost of RMB
141376925.34) (31 December 2020: carrying amount of RMB 181287156.79 and cost of RMB
185653990.63) were pledged as collateral for long-term borrowings (Note 4(34)(b)).(iii) Fixed assets with pending certificates of ownership
30 June 2021
Accumulated Provision for
Cost depreciation impairment loss Carrying amount
Buildings 1477915511.67 (52218686.24) - 1425696825.43
31 December 2020
Accumulated Provision for
Cost depreciation impairment loss Carrying amount
Buildings 1782960049.03 (96133702.99) - 1686826346.04
In addition as at 30 June 2021 buildings with carrying amount of RMB 21671922.43 and cost of
RMB 29844036.64 (31 December 2020: carrying amount of RMB 22375366.18 and cost of RMB
29844036.64) represented public rental houses with restricted property rights purchased by the
Group for enterprise talents.(iv) As at 30 June 2021 and 31 December 2020 the Group assessed that no impairment loss should be
recognised for fixed assets.219
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(16) Fixed assets (Cont’d)
(v) Disposal of aircraft engines rotables and high-value maintenance tools
For the six months ended 30 June 2021
Accumulated Provision for
Reason for disposal Cost depreciation impairment loss Carrying amount
Aircraft rotables Scrapped 487744.11 (164146. 66) - 323597. 45
Aircraft rotables Sold 5372551.58 (437512. 06) - 4935039. 52
High-value maintenance tools Scrapped 25249.88 (18151. 70) - 7098. 18
5885545.57 (619810. 42) - 5265735. 15
For the six months ended 30 June 2020
Accumulated Provision for
Reason for disposal Cost depreciation impairment loss Carrying amount
Aircraft rotables Scrapped 6029229.78 (2345065.20) - 3684164.58
Aircraft rotables Sold 49595.58 (9868.98) - 39726.60
High-value maintenance tools Scrapped 34126.62 (22908.94) - 11217.68
6112951.98 (2377843.12) - 3735108.86220
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(17) Construction in progress
(13) 30 June 2021 31 December 2020
Relocation and Renovation Project of
Distribution Hubs 887871189.85 614476732.51
Aircraft import and refit 625092733.31 848657662.30
Qianhai S.F. Headquarters Office 560107758.43 724189959.49
Wuhan E-Commerce Industrial Park Project 478216875.40 522065007.56
Xi’an E-Commerce Industrial Park Project 434538130.84 304437146.68
Chengdu Fengtai E-Commerce Industrial
Park Project 373609706.14 256888014.72
Tianjin Fengtai E-Commerce Industrial Park
Project 332741382.40 268165252.88
Guiyang Fengtai E-Commerce Industrial Park
Project 292992916.74 194125117.04
Nanjing Qixia Project 186494079.59 -
Hangzhou Beicheng Intelligent Park 181259923.88 76320340.29
Ganzhou Fengtai Industrial Park Project 161141417.19 77904906.75
Haikou Fengtai Industrial Park Project 149802794.90 77924993.11
Jiaxing Xiuzhou Phase I 139723728.06 74696103.44
Nanchang Fengtai Industrial Park Project 120793352.16 61065523.07
Shanghai Headquarters & Intelligent Logistics
Technology Industrial Park Project 118061342.93 43260355.40
Suzhou Wujiang Project 92561120.25 1161597.16
Intelligent Sorting Hefei Base Project 88596325.52 30750245.51
Nanning S.F. Innovation Industrial Base 87183129.01 19686338.93
Guangzhou Airport Base Hub Project 69020753.19 16280942.15
Xiamen S.F. Innovation Industrial Park 68805962.77 -
Changchun E-Commerce Industrial Park
Project 66530314.06 66553674.01
S.F. Ma’anshan Innovation Industrial Park
Project 56676373.15 6480824.53
Tibet Lhasa E-Commerce Industrial Park
Project 40949714.68 40949714.68
Shanghai Xinbang Industrial Park 26934398.00 -
Air station relocation and decoration project 26584741.28 -
Dongguan Daojiao Project 25782534.69 -
Xinjiang Smart Industrial Park Project 15433855.23 5391057.98
Songshan Lake CIMC Smart Valley
Decoration Project 12593987.30 -
Others 801849341.53 1048422951.87
6521949882.48 5379854462.06221
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(17) Construction in progress (Cont’d)
Transfer to other Including: Borrowing
long-term assets in Decrease due to % of project Accumulative amount costs capitalised in
Increase in the the current period disposal of investment in Progress of of capitalised the current period
Name of projects Budget 31 December 2020 current period (iv) subsidiries 30 June 2021 budget (iii) project borrowing costs (Note 4(53)) Capitalisation rate Source of funds
Self-owned funds
and loans from
Qianhai S.F. Headquarters Office 869742437.76 724189959.49 138444894.87 (302527095.93) - 560107758 .43 99.18% 99.18% 84879 220.97 6593009.54 4.76% financial institutions
Relocation and Renovation Project of
Distribution Hubs 5016633039.09 614476732.51 859557339.90 (586162882.56) - 887871189 .85 75.45% 75.45% - - - Self-owned funds
Aircraft import and refit 3274420480.76 848657662.30 844806627.35 (1068371556.34) - 625092733 .31 44.46% 44.46% - - - Self-owned funds
Wuhan E-Commerce Industrial Park
Project 834029523.00 522065007.56 85436427.33 (129284559.49) - 478216875 .40 78.18% 78.18% - - - Self-owned funds
Xi’an E-Commerce Industrial Park
Project 637626719.96 304437146.68 130100984.16 - - 434538130 .84 68.15% 68.15% - - - Self-owned funds
Chengdu Fengtai E-Commerce
Industrial Park Project 485234196.67 256888014.72 116721691.42 - - 373609706 .14 77.00% 77.00% - - - Self-owned funds
Tianjin Fengtai E-Commerce
Industrial Park Project 704052188.06 268165252.88 64576129.52 - - 332741382 .40 99.26% 99.26% - - - Self-owned funds
Guiyang Fengtai E-Commerce
Industrial Park Project 364922527.78 194125117.04 98867799.70 - - 292992916 .74 80.29% 80.29% - - - Self-owned funds
Nanjing Qixia Project 256182505.86 - 186494079.59 - - 186494079 .59 72.80% 72.80% - - - Self-owned funds
Hangzhou Beicheng Intelligent Park 395196165.02 76320340.29 104939583.59 - - 181259923 .88 45.87% 45.87% - - - Self-owned funds
Ganzhou Fengtai Industrial Park
Project 229954633.88 77904906.75 83236510.44 - - 161141417 .19 70.08% 70.08% - - - Self-owned funds
Haikou Fengtai Industrial Park
Project 282670730.15 77924993.11 71877801.79 - - 149802794 .90 50.89% 50.89% - - - Self-owned funds
Jiaxing Xiuzhou Phase I 262502312.68 74696103.44 65027624.62 - - 139723728 .06 53.23% 53.23% - - - Self-owned funds
Nanchang Fengtai Industrial Park
Project 259333306.42 61065523.07 59727829.09 - - 120793352 .16 46.05% 46.05% - - - Self-owned funds
Shanghai Headquarters & Intelligent
Logistics Technology Industrial
Park Project 502468251.85 43260355.40 74800987.53 - - 11806134 2.93 23.50% 23.50% - - - Self-owned funds
Suzhou Wujiang Project 687294397.62 1161597.16 91399523.09 - - 9256112 0.25 13.30% 13.30% - - - Self-owned funds
Intelligent Sorting Hefei Base Project 591016653.07 30750245.51 57846080.01 - - 88596325.52 78.65% 78.65% - - - Self-owned funds
Nanning S.F. Innovation Industrial
Base 114367745.83 19686338.93 67496790.08 - - 8718312 9.01 76.23% 76.23% - - - Self-owned funds
Guangzhou Airport Base Hub Project 229896382.02 16280942.15 52739811.04 - - 6902075 3.19 22.94% 22.94% - - - Self-owned funds
Xiamen S.F. Innovation Industrial
Park 193230600.00 - 68805962.77 - - 6880596 2.77 35.61% 35.61% - - - Self-owned funds
Changchun E-Commerce Industrial
Park Project 422481060.32 66553674.02 21205582.08 (21228942.04) - 6653031 4.06 56.69% 56.69% - - - Self-owned funds
S.F. Ma’anshan Innovation Industrial
Park Project 336007556.62 6480824.53 50195548.62 - - 5667637 3.15 55.17% 55.17% - - - Self-owned funds
Tibet Lhasa E-Commerce Industrial
Park Project 181156907.49 40949714.68 - - - 4094971 4.68 20.16% 20.16% - - - Self-owned funds
Shanghai Xinbang Industrial Park 570948365.03 - 26934398.00 - - 2693439 8.00 4.72% 4.72% - - - Self-owned funds222
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(17) Construction in progress (Cont’d)
Including:
Transfer to other Accumulative Borrowing costs
long-term assets in Decrease due to % of project amount of capitalised in the
Increase in the the current period disposal of investment in Progress of capitalised current period Capitalisation Source of
Name of projects Budget 31 December 2020 current period (iv) subsidiries 30 June 2021 budget (iii) project borrowing costs (Note 4(53)) rate funds
Air station relocation Self-owned
and decoration project 84048959.58 - 43508775.26 (16924033.98) - 26584741. 28 51.77% 51.77% - - - funds
Dongguan Daojiao Self-owned
Project 526881417.64 - 25782534.69 - - 25782534. 69 4.89% 4.89% - - - funds
Xinjiang Smart Industrial Self-owned
Park Project 132028852.33 5391057.98 10042797.25 - - 15433855. 23 7.61% 7.61% - - - funds
Songshan Lake CIMC
Smart Valley Self-owned
Decoration Project 44496521.79 - 12593987.30 - - 12593987. 30 28.30% 28.30% - - - funds
Self-owned
Others 1048422951.86 1018670805.55 (1009397854.77) (255846561 .11) 801849341. 53 - - - funds
5379854462.06 4531838906.64 (3133896925.11) (255846561 .11) 6521949882. 48 848792 20.97 6593009.54
(i) As at 30 June 2021 and 31 December 2020 the Group considered that no impairment loss should be recognised for construction in progress.(ii) As at 30 June 2021 construction in progress with carrying amount of RMB 56904866.40 (31 December 2020: RMB 52268484.85) was pledged as
collateral for long-term borrowings (Note 4(34)(b)).(iii) For aircraft import and refit the percentage of project investment in budget is related to the investment for the current period; for the other projects the
percentage of project investment in budget is related to the accumulative investment.(iv) The construction in progress transferred to long-term assets for the current period amounted to RMB 3133896925.11 including RMB 2463681788.44
transferred to fixed assets RMB 267404453.57 transferred to investment properties and RMB 402810683.10 transferred to long-term prepaid expenses.223
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(18) Right-of-use assets
Machinery and Computers and
Buildings equipment Motor vehicles electronic equipment Total
Cost
1 January 2021 10521029092.39 6541430.29 10221403.01 132787.08 10537924712.77
Increase in the current
period 5827634717.51 - 122592.67 - 5827757310.18
Decrease in the current
period (815955923.74) - (360305.24) - (816316228.98)
30 June 2021 15532707886.16 6541430.29 9983690.44 132787.08 15549365793.97
Accumulated depreciation
1 January 2021 - - - - -
Provision in the current
period 2323228052.74 1502977.18 1341899.56 20651.71 2326093581.19
Decrease in the current
period (151466329.63) - - - (151466329.63)
30 June 2021 2171761723.11 1502977.18 1341899.56 20651.71 2174627251.56
Carrying amount
30 June 2021 13360946163.05 5038453.11 8641790.88 112135.37 13374738542.41
1 January 2021 10521029092.39 6541430.29 10221403.01 132787.08 10537924712.77
As at 30 June 2021 the Group assessed that no impairment loss should be recognised for right-of-use assets.224
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(19) Intangible assets
Purchased Self-developed Customer
Land use rights software software Patents Trademark rights relationships Others Total
Cost
31 December 2020 6077755513.52 574252786.12 3980087756.52 19100671.14 224020707.27 2590204785.78 85259018.32 13550681238.67
Transfer from investment properties in the
current period (Note 4(15)) 63363865.21 - - - - - - 63363865.21
Transfer from capitalised development
expenditures in the current period (Note
4(20)) - - 639058299.45 - - - - 639058299.45
Addition in the current period 1384923126.68 59835296.03 - 2624080.40 2051276.98 - 37435845.13 1486869625.22
Transfer to investment properties in the
current period (Note 4(15)) (165321128.59) - - - - - - (165321128.59)
Disposal in the current period - (3259396.01) (91297248.12) - - - (27433.36) (94584077.49)
Decrease due to disposal of subsidiaries in
the current period (2271420574.89) (9983.96) - - - - - (2271430558.85)
Effect of translation of foreign currency
financial statements (16920209.07) (467375.49) - (47490.45) (2278982.25) (28798372.27) (62862.22) (48575291.75)
30 June 2021 5072380592.86 630351326.69 4527848807.85 21677261.09 223793002.00 2561406413.51 122604567.87 13160061971.87
Accumulated amortisation
31 December 2020 558213921.94 440534287.05 1524469064.59 5093076.40 28191460.18 280860909.13 26018388.00 2863381107.29
Transfer from investment properties in the
current period (Note 4(15)) 5035489.93 - - - - - - 5035489.93
Provision in the current period 69418687.94 37349280.14 440080902.83 1202353.83 5809976.80 73564536.89 5382284.78 632808023.21
Transfer to investment properties in the
current period (Note 4(15)) (12564444.11) - - - - - - (12564444.11)
Disposal in the current period - (1191686.34) (36231542.91) (289215.26) - - - (37712444.51)
Decrease due to disposal of subsidiaries in
the current period (235474890.05) (4159.98) - - - - - (235479050.03)
Effect of translation of foreign currency
financial statements (1974600.73) (218006.35) - (31726.32) (283575.90) (3098738.17) (22467.63) (5629115.10)
30 June 2021 382654164.92 476469714.52 1928318424.51 5974488.65 33717861.08 351326707.85 31378205.15 3209839566.68225
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(19) Intangible assets (Cont’d)
Purchased Self-developed Customer
Land use rights software software Patents Trademark rights relationships Others Total
Provision for impairment loss
31 December 2020 - - 54186041.12 - - - - 54186041.12
Increase in the current period - - - - - - - -
30 June 2021 - - 54186041.12 - - - - 54186041.12
Carrying amount
30 June 2021 4689726427.94 153881612.17 2545344342.22 15702772.44 190075140.92 2210079705.66 91226362.72 9896036364.07
31 December 2020 5519541591.58 133718499.07 2401432650.81 14007594.74 195829247.09 2309343876.65 59240630.32 10633114090.26
For the sixth months ended 30 June 2021 the amount of amortisation expenses charged to cost of revenue selling and distribution expenses general and
administrative expenses and research and development expenses was RMB 591904873.82 (for the sixth months ended 30 June 2020: RMB
457822929.32).226
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(19) Intangible assets (Cont’d)
(a) The Group’s land use rights pledged as collateral for long-term borrowings (Note 4(34)(b)):
30 June 2021
Accumulated
Cost amortisation Carrying amount
Land use rights 41788755.01 (4457467.20) 37331287.81
31 December 2020
Accumulated
Cost amortisation Carrying amount
Land use rights 1480732998.05 (193471483.90) 1287261514.15
(b) As at 30 June 2021 the Group was still in the process of applying for certificates of ownership for
land use rights with carrying amount of RMB 695963986.26 (cost of RMB 706617090.68 ) (31
December 2020: carrying amount of RMB 589104756.34 and cost of RMB 595620420.23).(c) As at 30 June 2021 the intangible assets developed by the Group accounted for 25.72% (31
December 2020: 22.58%) of the carrying amount of intangible assets.30 June 2021 31 December 2020
Carrying amount of self-developed intangible
assets 2545344342.22 2401432650.81
Carrying amount of intangible assets 9896036364.07 106331140 90.26
Proportion 25.72% 22.58%
(d) As at 30 June 2021 due to that some self-developed software had been discontinued or to be
discontinued the balance of the provision for impairment loss made by the Group was RMB
54186041.12 upon assessment (31 December 2020: RMB 54186041.12).227
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(20) Capitalised development expenditures
Transfer to
intangible
assets in the
31 December Increase in the current period
2020 current period (Note 4(19)) 30 June 2021
Unmanned Aerial
Vehicle Project 60650385.66 3809679.63 - 64460065.29
SF Intra-city projects 21376077.83 18892379.64 (175313.06) 40093144.41
Settlement Platform
System 18640396.52 18478839.81 (613950.45) 36505285.88
Customer Service
System 21456498.67 43734698.54 (35397170.90) 29794026.31
Warehousing
Management System 20571676.85 28602174.00 (22325887.23) 26847963.62
Quick Delivery System 18073320.64 8010657.32 - 26083977.96
International Business
System 36980675.88 50894379.71 (63706143.24) 24168912.35
TS Industrial Solutions
System 11283814.18 21368886.08 (14362648.45) 18290051.81
Geographic Information
System Project 13180285.37 473768.69 - 13654054.06
Car-free Carriage
Platform 13136424.61 14159566.78 (15305405.69) 11990585.70
Fengsheng System 10144424.25 17997196.65 (19311259.94) 8830360.96
Big Data Platform
System 15352609.87 8518273.97 (17210339.50) 6660544.34
Airfreight Capacity
Platform Phase II 11556172.95 3895368.06 (10420218.07) 5031322.94
Fengyuan Platform 10736220.72 11744068.33 (22480289.05) -
Others 257764466.14 433484888.75 (417749673.87) 273499681.02
540903450.14 684064825.96 (639058299.45) 585909976.65
As at 30 June 2021 the Group assessed that no impairment loss should be recognised for
capitalised development expenditures.228
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(21) Goodwill
Exchange
differences on
translation of
foreign currency
Increase in the Decrease in the financial
31 December 2020 current period current period statements 30 June 2021
Cost:
SF Supply Chain Business 2851242766.53 - - (30056061 .01) 2821186705 .52
SF/HAVI China Logistics (Cayman Islands)
(“New Havi”) 340191111.08 - - (358614 7.61) 336604963 .47
Guangdong Shunxin Freight Co. Ltd.(“Guangdong Shunxin”) 149587124.73 - - - 149587124.73
Chongqing Xuefeng Refrigerates Logistics Co.Ltd. 24068704.92 156 603.78 - - 24225308.70
Bon Way Logistics (H.K.) Company Limited - 15471 616.92 - - 15471616.92
Suzhou Hengding Logistics Co. Ltd. 5677452.73 - - - 5677452.73
Sichuan Wu Lian Yi Da Technology Co. Ltd.(“Wu Lian Yi Da”) 4940247.25 - - - 4940247.25
Chengdu Shunyifeng Pharmaceuticals Co. Ltd. 2434509.81 - - - 2434509.81
Hanxing Industrial Co. Ltd. 1433984.47 - - (15116.19) 1418868.28
3379575901.52 15628 220.70 - (33657324.81) 3361546797.41
Less: Provision for impairment loss (Note
4(24))
Chengdu Shunyifeng Pharmaceuticals Co. Ltd. (2434509.81) - - - (2434509.81)
3377141391.71 15628 220.70 - (33657324.81) 3359112287.60229
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(21) Goodwill (Cont’d)
During the goodwill impairment assessment the Group compares the carrying amount of the relevant assets or sets of asset groups (including goodwill) with
their recoverable amount. If the recoverable amount is lower than the carrying amount the difference shall be recognised in profit or loss for the current
period.The Group’s allocation of goodwill was not changed for the six months ended 30 June 2021.The recoverable amounts of SF Supply Chain Business’s relevant asset group are calculated based on the eight-year forecast approved by management
together with a long-term growth rate in the remaining forecast period determined by the present value of the future cash flows.The major assumptions applied in cash flows projections are presented as follows:
For the six months ended 30 June
2021 2020
Revenue growth rates in the first eight-year forecast period 3.60%~32.10% 3.00%~29.00%
Long-term growth rate 3.00% 3.00%
Profit margin 0.80%~6.87% 1.70%~8.80%
Pre-tax discount rate 12.50% 11.80%230
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(21) Goodwill (Cont’d)
The Group determined revenue growth rates and profit margin based on past performance and expectations of market development. Long-term growth rate
is for the remaining forecast period which exclude first eight-year forecast period. According to the long-term inflation rate of Mainland China and Hong Kong
the Group adopts a long-term growth rate of 3%. The discount rate adopted by management is the pre-tax interest rates which is able to reflect the risks
specific to the related asset groups and sets of asset groups.
(22) Long-term prepaid expenses
31 December Increase in the Amortisation in Scrap/dispose in
2020 current period the current period the current period 30 June 2021
Right-of-use assets improvements 1297197199.41 442167684.00 (345569782.61) (45477784.21) 1348317316.59
Settling-in allowance and introduction fee for pilots 519548908.19 81730948.23 (39849993.12) - 561429863.30
Prepaid discount interest on interest-free loans to
employees 29412487.74 - (7818084.04) (1323874.91) 20270528.79
Others 14578339.55 15799212.92 (2766086.44) (944231.88) 26667234.15
1860736934.89 539697845.15 (396003946.21) (47745891.00) 1956684942.83231
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(23) Other non-current assets
30 June 2021 31 December 2020
Advances for engineering equipment 2252404028.70 804531338.54
Prepaid land use rights 94636613.07 405424800.00
Prepaid leases 224413084.42 222391070.65
Prepaid equity - 30300000.00
2571453726.19 1462647209.19232
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(24) Asset/Credit impairment and provision for losses
Decrease in the current period
Exchange
differences on
translation of
foreign currency
Provision in the Reversal in the Write-off in the Other Decrease for financial
3 1 December 2020 current period current period current period the period statements 30 June 2021
Provision for bad debts 369838882.92 29904289.20 (10000000.00 ) (25439989.21 ) - - 364303182.91
Including: Provision for bad debts
of accounts receivable
(Note 4(3)) 227852715.45 21893810.94 - (22083061.68 ) - - 227663464.71
Provision for bad debts
of other receivables
(Note 4(7)) 127816168.32 3942773.61 (10000000.00 ) (3356927.53 ) - - 118402014.40
Provision for bad debts
of long-term
receivables (Note
4(11)) 14169999.15 4067704.65 - - - - 18237703.80
Provision for impairment of factoring
receivables (Note 4(5)) 124086398.51 135595.95 - (22395.11 ) - - 124199599.35
Provision for impairment of loans and
advances (Note 4(6)) 95756387.15 - (8863724.11 ) - - (1269887.57 ) 85622775.47
Sub-total 589681668.58 30039885.15 (18863724.11 ) (25462384.32 ) - (1269887.57 ) 574125557.73
Provision for impairment of long-term
equity investments (Note 4(12)) 148076009.73 - - - (22587342.22 ) - 125488667.51
Provision for impairment of intangible
assets (Note 4(19)) 54186041.12 - - - - - 54186041.12
Provision for impairment of
inventories (Note 4(8)) 5279698.19 711212.39 - (750000.00 ) - - 5240910.58
Provision for impairment of contract
assets (Note 4(9)) 2005201.91 - (119192.56 ) - - - 1886009.35
Provision for impairment of goodwill
(Note 4(21)) 2434509.81 - - - - - 2434509.81
Sub-total 211981460.76 711212.39 (119192.56 ) (750000.00 ) (22587342.22 ) - 189236138.37
801663129.34 30751097.54 (18982916.67 ) (26212384.32 ) (22587342.22 ) (1269887.57 ) 763361696.10233
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(25) Short-term borrowings
30 June 2021 31 December 2020
Unsecured borrowings(a) 14400721897.14 74386507 02.16
Discounted notes (b) 500000000.00 -
Rediscounted notes(c) 117861459.91 1023563 34.16
Guaranteed borrowings(a) - 4407490 83.34
Re-factoring - 148141 93.07
15018583357.05 79965703 12.73
(a) As at 31 December 2020 guaranteed borrowings of RMB 440749083.34 were guaranteed by
subsidiaries within the Group. As of 30 June 2021 after renegotiated by the Group and the bank
the loan was changed to unsecured borrowings. Therefore as at 30 June 2021 borrowing of RMB
333030000.00 is listed as unsecured borrowings.(b) As at 30 June 2021 the amount of unmatured notes held by the Group that are discounted by
commercial banks was RMB 500000000.00 with a discount rate of 3.10% (31 December 2020:Nil).(c) As at 30 June 2021 the amount of unmatured notes held by the Group that are rediscounted by the
PBOC was RMB 117861459.91 (31 December 2020: RMB 102356334.16) with a rediscounted
interest rate of 2.00% (31 December 2020: 2.90%).(d) As at 30 June 2021 the range of annual interest rate of short-term borrowings was 2.90% to 3.50%
(31 December 2020: 2.50% to 4.35%).
(26) Accounts payable
30 June 2021 31 December 2020
Payables to related parties (Note 8(4)(h)) 371684516.61 3142649 84.33
Outsourcing cost payable 10040349188.93 100651544 38.11
Transportation cost payable 2398910343.29 20441984 69.96
Supply and material expenses payable 1287052211.35 12618010 93.96
Office and rental fees payable 607538903.42 10057355 44.46
Customs cost payable 34549435.26 370695 56.32
Others 1156157493.17 7567162 64.81
15896242092.03 154849403 51.95234
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(26) Accounts payable (Cont’d)
Accounts payable with ageing over 1 year are analysed as follows:
Main reason for
30 June 2021 31 December 2020 unsettlement
No invoice issued
Outsourcing cost payable 18679556.16 12029708.68 by supplier
No invoice issued
Transportation cost payable 11948077.04 5657852.76 by supplier
No invoice issued
Office and rental fees payable 8463554.75 25312773.48 by supplier
Supply and material expenses No invoice issued
payable 6407011.21 10962158.40 by supplier
Others 86054600.62 50095317.02
131552799.78 104057810.34
(27) Advances from customers
30 June 2021 31 December 2020
Advances from related parties (Note 8(4)(i)) 45002.04 374 17.86
Advances of rental and others 23987175.96 275382 51.61
24032178.00 275756 69.47
As at 30 June 2021 the Group had no advances from customers with ageing over 1 year (31
December 2020: Nil).
(28) Contract liabilities
30 June 2021 31 December 2020
Advances from related parties (Note 8(4)(j)) 4895873.06 199770 73.17
Advances of freight charges and others 1811846061.09 15192870 22.97
1816741934.15 15392640 96.14
The contract liability of RMB 1507413548.97 which was included in the balance of 31 December
2020 was transferred into revenue during the six months ended 30 June 2021.235
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(29) Employee benefits payable
30 June 2021 31 December 2020
Short-term employee benefits payable (a) 3215426459.63 42769016 16.86
Defined contribution plans payable (b) 43855127.11 339275 29.94
3259281586.74 43108291 46.80
(a) Short-term employee benefits payable
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Wages and salaries bonus
allowances and subsidies 3859956333.28 11370998443.93 (12467401804.74) 2763552972.47
Employee welfare 7083268.99 291657286.89 (273588343.97) 25152211.91
Social security contributions 17822651.94 286991574.28 (285628759.34) 19185466.88
Including: Medical insurance 16515722.63 253290688.16 (251993179.68) 17813231.11
Work injury
insurance 729692.12 22168407.53 (21957897.72) 940201.93
Maternity
insurance 577237.19 11532478.59 (11677681.94) 432033.84
Housing funds 11705939.65 170402038.50 (169645745.74) 12462232.41
Labour union funds and
employee education funds 352958990.39 103662484.86 (85416452.77) 371205022.48
Non-monetary welfare 24042556.28 713457640.58 (720192457.94) 17307738.92
Others 3331876.33 195256009.58 (192027071.35) 6560814.56
4276901616.86 13132425478.62 (14193900635.85) 3215426459.63
Non-monetary welfare provided by the Group for employees primarily was non-monetary subsidies
in various forms which were measured at fair value.(b) Defined contribution plans
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Basic pension insurance 33021819.46 49897339 6.43 (48931570 7.56) 4267950 8.33
Unemployment insurance 905710.48 1578589 2.12 (1551598 3.82) 117561 8.78
33927529.94 51475928 8.55 (50483169 1.38) 4385512 7.11
(30) Taxes payable
30 June 2021 31 December 2020
Enterprise income tax payable 766410256.71 12644227 27.03
Unpaid VAT 486917359.84 4487426 81.47
Individual income tax payable 69039081.04 901883 33.18
City maintenance and construction tax
payable 20513733.48 207488 15.50
Educational surcharge payable 15441476.32 152551 54.95
Others 16734898.06 159057 97.11
1375056805.45 18552635 09.24236
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(31) Other payables
30 June 2021 31 December 2020
Current accounts payable to related parties
(Note 8(4)(j)) 287699143.26 375953817.77
Engineering equipment payable 3661315290.69 3681941835.74
Payables of cash on delivery service 1077573514.41 1393659038.39
Deposits payable 1032880471.34 901720755.25
Recharge card payable 372543200.49 294040210.32
Management fees payable 184508625.67 186269115.84
Warranty deposits payable 152278300.32 128945874.86
Temporary collection payable 49988637.13 65391753.40
Professional service fee payable 10893441.27 11551338.02
Investments payable 10100000.00 -
Others 741405626.57 491320044.65
7581186251.15 7530793784.24
Other payables with ageing over 1 year:
Main reason for
30 June 2021 31 December 2020 unsettlement
Continuing business not
Deposits payable 297374469.97 282912917.4 6 expired
Engineering equipment Project payment
payable 95843768.34 63932116.0 6 unsettled
Management fees Management service
payable 53119089.27 66999357.7 3 fees unsettled
Warranty deposits
payable 30214649.51 30852760.0 5 Warranty in effect
Others 34540811.48 29589206.0 6 Other payments on hold
511092788.57 474286357.3 6237
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Current portion of non-current liabilities
30 June 2021 31 December 2020
Current portion of lease liabilities (Note 4(36)) 4865932822.38 --
Current portion of debentures payable (a) 1993935324.84 19397144 67.86
Current portion of long-term borrowings (Note
4(34)) 855213514.60 8037221 91.93
Current portion of employee incentives (Note
4(38)) 12625000.00 1894802 33.50
Current portion of long-term payables (Note
4(37)) - 124340 00.99
7727706661.82 29453508 94.28238
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(32) Current portion of non-current liabilities (Cont’d)
(a) Current portion of debentures payable
Exchange
Reclassification from differences on
Amortisation of debentures payable translation of foreign
premium/ Repayment for the in the current period currency financial
31 December 2020 Interest accrual discount current period (Note 4(35)) statements 30 June 2021
The First Debentures of
2017 3641666.67 - - - 874000 0.02 - 12381666.69
The First Debentures of
2018 814009100.82 17160000.00 166833.54 - - - 831335934.36
The First Middle-term
Notes of 2018 1012511953.20 22300000.02 87009.48 - - - 1034898962.70
Overseas debentures
denominated in USD of
2018 58609191.04 - - (66657421.87) 65561683.42 (535162.45) 56978290.14
The First Debentures of
2019 3105750.00 - - - 553500 0.00 - 8640750.00
Overseas debentures
denominated in USD of
2020 47836806.13 - - (65041484.38) 6397230 9.41 (436799.11) 46330832.05
Green Corporate
Debentures of 2021 (1st
instalment) - - - - 336888 8.90 - 3368888.90
1939714467.86 39460000.02 253843.02 (131698906.25) 14717788 1.75 (971961.56) 1993935324.84239
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(33) Other current liabilities
30 June 2021 31 December 2020
Super&short term commercial paper (a):
The Second Phase of 2021 504188541.86 -
Short term corporate debentures (b):
The First Phase of 2021 1002830256.89 -
The Second Phase of 2021 500802978.32 -
Output VAT to be transferred (contract
liabilities) 130340080.79 923558 45.77
2138161857.86 923558 45.77
(a) The super&short term commercial paper is detailed as follows:
Par value (RMB) Date of issue Term Interest rate
17 March 2021
The Second Phase of 2021 500000000.00 to18 March 2021 180 days 3.00%
(b) The short term corporate debentures are detailed as follows:
Par value (RMB) Date of issue Term Interest rate
From 20 May
2021 to 21 May
The First Phase of 2021 1000000000.00 2021 270 days 2.94%
From 3 June
2021 to 4 June
The Second Phase of 2021 500000000.00 2021 1 year 2.98%240
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(34) Long-term borrowings
30 June 2021 31 December 2020
Unsecured borrowings 1034292715.10 19559976 60.72
Guaranteed borrowings (a) 170621875.00 2027503 85.20
Secured borrowings (b) 93396950.83 5107944 12.06
Pledged borrowings (c) 1315288781.45 -
2613600322.38 26695424 57.98
Less: Current portion of long-term borrowings
(Note 4(32))
Unsecured borrowings (482101555.55) (6360193 95.23)
Guaranteed borrowings (50621875.00) (1027503 85.20)
Secured borrowings (20126950.83) (649524 11.50)
Pledged borrowings (302363133.22) -
(855213514.60) (8037221 91.93)
1758386807.78 18658202 66.05
(a) As at 30 June 2021 the Group’s guaranteed borrowings of RMB 120000000.00 (31 December
2020: RMB 140000000.00) were guaranteed by subsidiaries within the Group and guaranteed
borrowings of RMB 50000000.00 (31 December 2020: RMB 60000000.00) were guaranteed by
Taisen Holdings and Havi Group LP (U.S.).(b) As at 30 June 2021 the secured bank borrowings of RMB 93270000.00 (31 December 2020: RMB
103270000.00) were secured by construction in progress with carrying amount of RMB
56904866.40 (31 December 2020: RMB 52268484.85) fixed assets with carrying amount of RMB
138131064.70 (31 December 2020: RMB 181287156.79) investment properties with carrying
amount of RMB 120581681.47 (31 December 2020: RMB 77180832.16) and intangible assets
with carrying amount of RMB 37331287.81 (31 December 2020: RMB 110836987.85)
respectively and were fully guaranteed by Taisen Holdings. The interest is paid quarterly. The
principal should be repaid during the period from 19 October 2020 to 20 October 2033 by
instalments.In addition as of 31 December 2020 the secured bank borrowings of RMB 406788098.16 which
were secured by intangible assets with carrying amountof RMB 1176424526.30 was repaid in
advance in April 2021.(c) On 30 June 2021 the bank borrowings of RMB 1308830202.77 (31 December 2020: Nil) were
pledged by Shunyuan Financial Leasing (Tianjin) Co. Ltd. ("Shunyuan Financial Leasing")’s
receivables arising from the aircraft financial leasing business with SF Airlines another subsidiary.Quarterly.shall the interests be paid while principal shall be repaid in installments from 16 January
2022 to 23 June 2026. As at 30 June 2021 the balance of pledged receivables was RMB
1497068068.69.(d) As at 30 June 2021 the rate of long-term borrowings ranged from 3.20% to 4.90% (31 December
2020: 3.20% to 5.39%).241
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(35) Debentures payable
Exchange
differences on
translation of Current portion
Amortisation of foreign currency of debentures
31 December Issued in the Issuance premium/ financial payable
2020 current period expenses Interest accrual discount statements (Note 4(32)) 30 June 2021
The First Debentures of 2017 380000000.00 - - 874000 0.02 - - (874000 0.02) 3800000 00.00
The First Debentures of 2019 299815626.62 - - 553500 0.00 5247 6.54 - (553500 0.00) 2998681 03.16
Overseas debentures
denominated in USD of 2018 3243911307.97 - - 6556168 3.42 322354 7.10 (2962038 2.79) (6556168 3.42) 32175144 72.28
Overseas debentures
denominated in USD of 2020 4501703534.18 - - 6397230 9.41 301395 7.75 (4110536 9.46) (6397230 9.41) 44636121 22.47
Green Corporates Debentures
of 2021 (1st instalment) - 500000000.00 (712264.15) 336888 8.90 4062 7.69 - (336888 8.90) 4993283 63.54
8425430468.77 500000000.00 (712264.15) 14717788 1.75 633060 9.08 (7072575 2.25) (14717788 1.75) 88603230 61.45242
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(35) Debentures payable (Cont’d)
Amount
Currency Par value Date of issue Term (equivalent to RMB)
The First Debentures of 2017 (a) RMB 530000000.00 17 October 2017 3+2 years 530000000.00
The First Debentures of 2018 From 1 August 2018
(Note 4(32)(a))(a) RMB 800000000.00 to 2 August 2018 3 years 800000000.00
Overseas debentures
denominated in USD of 2018
(b) USD 500000000.00 27 July 2018 5 years 3230050000.00
The First Middle-term Notes of
2018 (Note 4(32)(a))(c) RMB 1000000000.00 19 September 2018 3 years 1000000000.00
The First Debentures of 2019 (a) RMB 300000000.00 20 September 2019 3 years 300000000.00
Overseas debentures
denominated in USD of 2020
(d) USD 700000000.00 20 February 2020 10 years 4522070000.00
Green Corporate Debentures of From 23 April 2021 to
2021 (1st instalment) (e) RMB 500000000.00 26 April 2021 3 years 500000000.00
(a) Taisen Holdings was approved to issue corporate debentures of no more than RMB 2 billion
(inclusive) in instalments to the public under the Regulatory Permission [2017] No. 1015 as issued
by the China Securities Regulatory Commission. In 2017 Taisen Holdings publicly issued the
corporate debentures (1st instalment) (“the First Debentures of 2017”) to qualified investors. The
debenture interest shall be annually calculated at simple interest rate and the nominal interest rate
is 4.6% with interest paid annually and the final instalment of interest paid with the principal. The
debenture has the put options for investors and investors are entitled to the right to choose to put all
or part of the debenture held by them at par value to Taisen Holdings on the interest payment date
for the third year since issued such debenture. In October 2020 the debenture at par value of RMB
150000000.00 was paid in advance.In 2018 Taisen Holdings publicly issued the corporate debentures (1st instalment) (“the FirstDebentures of 2018”) to qualified investors. The debenture interest shall be annually calculated at
simple interest rate and the nominal interest rate is 4.29% with interest paid annually and the final
instalment of interest paid with the principal. Such debentures are included in current portion of
non-current liabilities as they will be due in August 2021.243
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(35) Debentures payable (Cont’d)
(a) (Cont’d)
Taisen Holdings was approved to issue corporate debentures of no more than RMB 2 billion
(inclusive) in instalments to the public under the Regulatory Permission [2019] No. 388 as issued by
the China Securities Regulatory Commission. In 2019 Taisen Holdings publicly issued the
corporate debentures (1st instalment) (“the First Debentures of 2019”) to qualified investors. The
debenture interest shall be annually calculated at simple interest rate and the nominal interest rate
is 3.69% with interest paid annually and the final instalment of interest paid with the principal.(b) On 26 July 2018 S.F. Holding Investment Limited a wholly-owned overseas subsidiary of theCompany issued debentures of USD 500 million overseas (“Overseas debentures denominated inUSD of 2018”). The debentures were listed on the Stock Exchange of Hong Kong Limited (“SEHK”)on 27 July 2018. The nominal interest rate is 4.13% per annum and the interest is paid
semi-annually for which the Company provides unconditional and irrevocable cross-border
guarantee.(c) According to the Notice of Acceptance of Registration issued by the National Association of
Financial Market Institutional Dealers (Zhong Shi Zhu Xie [2017] MTN443) Taisen Holdings’ quota
of middle-term notes was RMB 2 billion. On 19 September 2018 Taisen Holdings issued the first
middle-term notes of 2018 (“the First Middle-term Notes of 2018”) totalling RMB 1 billion at a
nominal interest rate of 4.46% with interest paid annually and the final instalment of interest paid
with the principal. The middle-term notes will mature in September 2021 thus reclassified to the
current portion of non-current liabilities.(d) On 20 February 2020 S.F. Holding Investment Limited a wholly-owned overseas subsidiary of theCompany issued debentures of USD 700 million overseas (“Overseas debentures denominated inUSD of 2020”). The debentures were listed on SEHK on 21 February 2020. The nominal interest
rate is 2.875% per annum and the interest is paid semi-annually for which the Company provides
guarantee.(e) Taisen Holdings was approved to issue corporate debentures of no more than RMB 2 billion
(inclusive) in instalments to the public under the Regulatory Permission [2019] No. 388 as issued by
the China Securities Regulatory Commission. In 2021 Taisen Holdings publicly issued the GreenCorporate Debentures (1st instalment) (specially for carbon neutrality) (“Green CorporateDebentures of 2021 (1st instalment)”) to qualified investors. The debenture interest shall be
annually calculated at simple interest rate and the nominal interest rate is 3.79% with interest paid
annually and the final instalment of interest paid with the principal.244
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(36) Lease liabilities
30 June 2021 31 December 2020
Lease liabilities 13006217787.93 --
Less: Current portion of non-current liabilities
(Note 4(32)) (4865932822.38) --
8140284965.55 --
(i) On June 30 2021 the lease payment related to the lease contract that the Group has signed but
has not yet begun to execute was RMB 2633332669.38 (Note 10(2)).
(37) Long-term payables
30 June 2021 31 December 2020
Finance leases payable - 15131771.29
Others - 7503856.60
Less:Current portion of long-term payables
(Note 4(32)) - (12434000.99)
- 10201626.90
(38) Long-term employee benefits payable
30 June 2021 31 December 2020
Cash-settled share-based payments 143072578.78 119062850.83
Employee incentives 33643233.50 189480233.50
Long-term service bonus 27815439.20 26477376.10
Less: Current portion of employee incentives
(Note 4(32)) (12625000.00) (189480233.50)
191906251.48 145540226.93245
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Deferred income
31 December Increase in the Decrease in the
2020 current period current period 30 June 2021 Source
Received
government
grants pending for
future recognition
Government grants (a) 414736204.81 182442212.45 (41037181.29) 556141235.97 in in come
Received
consideration
pending for future
Consideration of land recognition in
acquisition - 38736401.94 - 38736401.94 income
414736204.81 221178614.39 (41037181.29) 594877637.91
(a) The government grants related to deferred income in the current period are presented as follows:
Amount
recognised in Decrease in
other income in disposal of
Increase in the current subsidiaries in
31 December grants in the period (Note the current Related to
Government grants 2020 current period 4(55)) period 30 June 2021 assets/income
Huanggang Baitan Lake
Organising Committee Related to
Project 203324004.00 125060960.00 - - 32838496 4.00 assets
Construction development Related to
fund for Tianjin Project 41330343.47 - (206165.64) - 41124177. 83 assets
Grant for maintenance of Related to
aircraft engines 28505473.01 - (933035.81) - 27572437. 20 assets
Ancillary grant of
infrastructure for Wuhu
E-Commerce Industrial Related to
Park 25307870.49 - (187083.92) (25120786.57) - assets
Comprehensive pilot
program of Shanghai Related to
modern service industry 24918263.92 - (168263.92) - 24750000. 00 assets
Weihai industrial Related to
development support fund 16311231.45 - (93322.26) - 16217909. 19 assets
Ma’anshan Industrial Park Related to
Project 14200888.14 4409500.00 (170785.62) - 18439602. 52 assets
Subsidy for new energy Related to
vehicles 9131381.94 - (835470.90) - 8295911. 04 assets
Guangzhou Modern Supply
Chain System Related to
Construction Project 9066364.80 - (1575147.54) - 7491217.2 6 assets
Subsidy for investment and
construction of Ganzhou Related to
Development Zone 6488685.00 - - - 6488685.0 0 assets
Special fund for service
industry development in Related to
Changchun 4160966.55 - (46840.14) - 4114126. 41 assets
Subsidy for Guangdong Yue Related to
Cai Ke Jiao Projects 3200000.00 - - - 3200000.0 0 assets
Subsidy for Nanjing Fengtai Related to
Industrial Park Project 3000000.00 2000000.00 (34305.32) - 4965694.6 8 assets
Shenzhen intelligent Related to
logistics project fund 2822222.20 - (833333.34) - 1988888.8 6 assets246
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(39) Deferred income (Cont’d)
(a) (Cont’d)
Amount
recognised in Decrease in
other income in disposal of
Increase in the current subsidiaries in
31 December grants in the period (Note the current Related to
Government grants 2020 current period 4(55)) period 30 June 20 21 assets/income
Special fund of Shenzhen
industrial design Related to
development 2769473.64 - (115166 .68) - 2654306 .96 assets
Commercial circulation Related to
development project 1783369.12 - (463712 .07) - 1319657 .05 assets
Tianjin Port Free Trade
Zone supply chain system Related to
construction project 1713955.56 - (505172 .34) - 1208783 .22 assets
Related to
Enterprise Expansion Fund 683212.40 - - - 683212 .40 assets
Special subsidy for logistics
standardisation granted
by the Bureau of Related to
Commerce 343627.38 - (144839 .22) - 198788 .16 assets
Special municipal
supporting fund for Ezhou
Transhipment Centre Related to
Project - 29194200 .00 - - 29194200.00 assets
Related to
Others 15674871.74 21777552 .45 (9603750 .00) - 27848674 .19 assets
414736204.81 182442212 .45 (15916394 .72) (25120786 .57) 556141235 .97247
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(40) Deferred tax assets and deferred tax liabilities
(a) Deferred tax assets not taking into consideration the offsetting of balances
30 June 2021 31 December 2020
Deductible Deductible
temporary temporary
differences and differences and
deductible tax Deferred tax deductible tax Deferred tax
losses assets losses assets
Deductible tax losses 6147286611.42 1471680634.86 4293803363.96 101982262 2.30
Accrued expenses 972784517.67 223525167.94 916494818.02 21114945 3.98
Employee incentives 21018233.50 5254558.38 - -
Unrealised profits from
internal transactions 568259661.49 142064915.37 567805482.90 14195137 0.73
Provision for asset
impairment 442029238.05 101887759.50 418871236.81 9764755 6.61
Deferred income 160817532.73 38841927.78 379953251.04 9347327 1.68
Depreciation and
amortisation differences 825684933.95 180802412.01 803136041.33 17607649 8.61
9137880728.81 2164057375.84 7380064194.06 174012077 3.91
Including:
Expected to be
recovered within 1
year (inclusive) 358870678.14 38584955 0.76
Expected to be
recovered after 1 year 1805186697.70 135427122 3.15
2164057375.84 174012077 3.91
(b) Deductible tax losses and deductible temporary differences that are not recognised as deferred tax
assets are analysed as follows:
30 June 2021 31 December 2020
Deductible tax losses (c) 9200159487.25 62003466 59.44
Deductible temporary differences 210300530.35 2295077 03.41
9410460017.60 64298543 62.85248
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(40) Deferred tax assets and deferred tax liabilities (Cont’d)
(c) The following table shows unrecognised deductible tax losses based on its expiration date:
30 June 2021 31 December 2020
2021 207482250.02 2210490 45.31
2022 243199045.64 2498465 67.01
2023 517305652.81 5239161 10.63
2024 1499345677.80 15089705 19.19
2025 2648511718.02 25488223 10.72
2026 and subsequent years 4084315142.96 11477421 06.58
9200159487.25 62003466 59.44
(d) Deferred tax liabilities before offsetting
30 June 2021 31 December 2020
Taxable temporary Deferred tax Taxable temporary Deferred tax
differences liabilities differences liabilities
Changes in fair value of
investments in other equity
instruments 859659896.85 214914974.21 932870364.02 233217591.00
Changes in fair value of other
non-current financial assets 27391319.76 6847829.94 27391319.76 6847829.94
Changes in fair value upon
reclassification of
remaining equity of Hive
Box Technology 446796225.96 111699056.49 446796225.96 111699056.49
Changes in fair value upon
reclassification of
remaining equity of
Shenzhen Fengyi
Technology Co. Ltd.("Fengyi Technology") - - 28000000.00 7000000.00
Depreciation of fixed assets 4649660323.11 1100824505.16 3824110621.39 905252293.68
Appreciation in asset value
arising from business
combination involving
enterprises not under
common control 2516133974.89 587014662.71 2629788996.63 613610691.51
Changes in fair value of
financial assets held for
trading 17253781.41 4313445.35 16847854.84 4211963.71
Others 1370102.95 342525.74 26478052.63 6619513.16
8518265624.93 2025956999.60 7932283435.23 1888458939.49
Including:
Expected to be recovered
within 1 year (inclusive) 362894017.36 323259120.82
Expected to be recovered
after 1 year 1663062982.24 1565199818.67
2025956999.60 1888458939.49249
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(40) Deferred tax assets and deferred tax liabilities (Cont’d)
(e) The net balances of deferred tax assets and liabilities after offsetting are as follows:
30 June 2021 31 December 2020
Deferred tax assets - net 1776170609.17 1539267775.98
Deferred tax liabilities - net 1638070232.93 1687605941.56
(41) Share capital
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Ordinary shares
denominated in RMB 4556440455.00 - - 4556440455.00
Decrease in the
Increase in the current period
31 December 2019 current period(i) (Note 4(43)(ii)) 30 June 2020
Ordinary shares
denominated in RMB 4414585265.00 36244799.00 (2456568.00) 4448373496.00
(i) The Company publicly issued convertible corporate debentures totalling RMB 5.8 billion
(“Convertible Corporate Debentures”) on 18 November 2019 under the Regulatory Permission
[2019] No. 1903 as issued by the China Securities Regulatory Commission. The Convertible
Corporate Debentures have a term of six years that is from 18 November 2019 to 18 November
2025. Holders of the Convertible Corporate Debentures can exercisethe right to convert the
Convertible Corporate Debentures into shares of the Company at the current conversion price
during the period which is from the first trading day after six months following the end of the
issuance of Convertible Corporate Debentures to the maturity date.For the six months ended 30 June 2020 Convertible Corporate Debentures with carrying amount of
RMB 1479651803.09 were converted into 36244799 A-share ordinary shares upon the exercise
of conversion rights. The share capital was increased by RMB 36244799.00 and the capital
reserve by RMB 1443407004.09.As of 31 December 2020 the Convertible Corporate Debentures have been fully convertedthe
share capial was increased by RMB 144311758.00 and the capital reserve by RMB
5758688018.73.250
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(42) Capital reserve
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Share premium
- Capital contribution by
shareholders 15768464376.95 - - 1576846437 6.95
- Transfer of convertible corporate
debentures to equity
(Note 4(41)(i)) 5758688018.73 - - 575868801 8.73
- Transfer of convertible corporate
debentures issued by
subsidiaries to equity 1980870478.56 - - 198087047 8.56
-Capital reserve generated from
transactions with minority
shareholders 325672503.93 1045858766.68 - 137153127 0.61
- Share-based payments in
capital contribution by
shareholders
(Note 4(43)(ii)) 31448407.31 - - 3144840 7.31
- Business combinations involving
enterprises under common
control (76633221.35) - - (7663322 1.35)
Other capital reserve
- Amount of share-based
payments recognised in
capital reserve (Note 9(2)) 264637027.21 104555342.61 - 36919236 9.82
- Others (i) 352069695.16 - (5855720.04) 34621397 5.12
24405217286.50 1150414109.29 (5855720.04) 2554977567 5.75
Increase in the Decrease in the
31 December 2019 current period current period 30 June 2020
Share premium
- Capital contribution by
shareholders 15768464376.95 - - 1576846437 6.95
- Business combinations involving
enterprises under common
control (76633221.35) - - (7663322 1.35)
- Transfer of convertible corporate
debentures to equity (Note
4(41)(i)) - 144340700 4.09 - 144340700 4.09
- Share-based payments in
capital contribution by
shareholders
(Note 4(43)(ii)) 88760253.39 - (57311814.73) 3144843 8.66
-Capital reserve generated from
transactions with minority
shareholders - 34354538 7.57 - 34354538 7.57
Other capital reserve
- Amount of share-based
payments recognised in
capital reserve (Note 9(2)) 47011172.79 4718041 1.55 - 9419158 4.34
- Others (i) 296416012.38 520947 6.53 - 30162548 8.91
16124018594.16 183934227 9.74 (57311814.73) 1790604905 9.17
(i) Movements in the current period represent changes in equity resulting from the changes of the
Group’s share of the investee’s equity other than those arising from the net profit or loss and other
comprehensive income.251
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(43) Treasury stock
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Treasury stock 394992892.71 - - 394992892.71
Increase in the Decrease in the
31 December 2019 current period current period(ii) 30 June 2020
Treasury stock 454761306.79 - (59768382.73) 39499292 4.06
(i) On 31 January 2019 at the 19th session of the 4th Board of Directors the Proposal of
Repurchasing Shares by Centralised Price Bidding was approved under which the Company
repurchased a portion of corporate shares for employee stock ownership plan or share-based
incentive plan through centralised price bidding by self-owned funds; a total of 11010729.00 shares
were repurchased and treasury stock of RMB 394992892.71 was recognised.(ii) In addition ordinary A shares which were issued by the Company to the incentive recipients of the
restricted shares incentive plan in 2017 and 2018 counted at 7788643.00 shares with raised funds
totalling RMB 202255537.22 including an increment of share capital of RMB 7788643.00 and an
increment of capital reserve of RMB 194466894.22. In addition the repurchasing obligation is
recognised in liabilities (as purchase of treasury stock) at the number of restricted shares issued
multiplied by the repurchasing price.During the period from 2018 to 2020 the Company would consistenly adjust the restricted stocks at
the end of each period according to the resignation of the original incentive objects and the
fulfillment of the restricted stock sales restrictions. In 2018 2019 and 2020 treasury shares were
offset by RMB 1327069.94 RMB 141160053.20 and RMB 59768414.08 respectively. (The
share capital was reduced by RMB 2456568.00 and the capital reserve was reduced by RMB
57311846.08).The restricted share incentive plan mentioned above was fully implemented in 2020.
(44) Special reserve
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Safety reserve - 12520064.22 (12520064.22) -
Increase in the Decrease in the
31 December 2019 current period current period 30 June 2020
Safety reserve - 12187435.48 (12187435.48) -
Pursuant to the Administrative Measures for the Collection and Utilisation of Enterprise Work Safety
Funds (Cai Qi [2012] No. 16) issued by the Ministry of Finance and the State Administration of Work
Safety on 14 February 2012 1% of the income from the “Common cargo transportation business”
which is operated by certain subsidiaries of the Group is appropriated to safety reserve. The safety
reserve is recognised in profit or loss as the “Special reserve” item for the current period. When the
accrued safety reserve is used under the prescribed conditions it is written off against the original
amount directly.252
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(45) Surplus reserve
Increase in the Decrease in the
31 December 2020 current period current period 30 June 2021
Statutory surplus reserve 745043348.45 - - 7450433 48.45
Increase in the Decrease in the
31 December 2019 current period current period 30 June 2020
Statutory surplus reserve 601241237.54 - - 601241237.54
(46) Retained earnings
For the six months ended 30 June
2021 2020
Retained earnings at the beginning of the
period 25708230458.34 19769413015.66
Add: Net profit attributable to shareholders of
the parent company for the current
period 759921074.24 37615932 96.43
Transfer from other comprehensive
income to retained earnings 113136152.81 -
Less: Ordinary share dividends payable (a) (1499991809.58) (11883018 51.36)
Appropriation to general risk reserve (3940692.75) (23447 17.97)
Retained earnings at the end of the period 25077355183.06 223403597 42.76
(a) The Company held a shareholders’ meeting on 9 April 2021. On the basis of the total share capital
at the registration date on which the 2020 profit distribution plan was implemented less the special
shares repurchased by the Company a total of RMB 1499991809.58 of cash dividends were
distributed to all shareholders at RMB 3.30 (including tax) per 10 shares without bonus shares
being given or capital reserve being transferred into the share capital.253
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(47) Minority interests
30 June 2021 31 December 2020
Hangzhou SF Intra-city Industrial Co. Ltd.(“Intra-city Industrial”) 468201998.84 64563927.89
New Havi 188474736.17 186219284.07
Chongqing Fonair UAS Technology Co. Ltd. 106321323.63 68350562.60
Shenzhen S.F. Express Co. Ltd. 96036490.75 204187038.94
Guangdong Fengxing Zhitu Technology Co.Ltd. 88542138.28 57772424.84
Beijing Fengjietai Enterprise Management
Co. Ltd. 79764766.15 -
Beijing S.F. Intra-city Technology Co. Ltd. 38185015.03 35220504.42
Shanghai Taigenrun Enterprise Management
Co. Ltd. 29773601.44 -
Chongqing Xuefeng Refrigerates Logistics
Co. Ltd. 29261049.21 27715827.08
Wu Lian Yi Da 15683112.60 24022486.09
Chengdu Fengcheng Logistics Co. Ltd. (10518494.73) (10909045.82)
Shenzhen Fengwang Holdings Co. Ltd. (69836622.41) -
Guangdong Shunxin (498409679.83) (395350884.73)
Others 63086458.98 54858695.26
624565894.11 316650820.64254
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(48) Revenue and cost of revenue
For the six months ended 30 June
2021 2020
Revenue from main operations (a) 88203059310.59 71028669391.17
Revenue from other operations (b) 140870513.19 100338347.04
Total revenue 88343929823.78 71129007738.21
Cost of revenue from main operations (a) 79334613584.16 57799242648.49
Cost of revenue from other operations (b) 86740004.24 63886252.92
Total cost of revenue 79421353588.40 57863128901.41
(a) Revenue and cost of revenue from main operations:
For the six months ended 30 June 2021 For the six months ended 30 June 2020
Cost of revenue Cost of revenue
Revenue from main from main Revenue from main from main
operations operations operations operations
Express & logistics and
supply chain services 87099464261.56 7844629896 0.60 7018800114 4.10 5712132030 4.19
Sales of goods 563159220.18 53812342 8.16 45212329 6.72 42708422 6.66
Others 540435828.85 35019119 5.40 38854495 0.35 25083811 7.64
88203059310.59 7933461358 4.16 7102866939 1.17 5779924264 8.49
(b) Revenue and cost of revenue from other operations:
For the six months ended 30 June 2021 For the six months ended 30 June 2020
Cost of revenue Cost of revenue
Revenue from other from other Revenue from other from other
operations operations operations operations
Disposal of materials 3183096.84 191007 9.34 379261 2.75 162811 4.57
Others 137687416.35 8482992 4.90 9654573 4.29 6225813 8.35
140870513.19 8674000 4.24 10033834 7.04 6388625 2.92
(c) The Group's revenue for the six months ended 30 June 2021 is disaggregated as follows:
For the six months ended 30 June 2021
Express & logistics
and supply chain
services Sales of goods Others Total
Revenue from main
operations
Including: At a point in time - 563159220.18 145262 134.98 708421355.16
Over time 87099464261.56 - 337311788.61 87436776050.17
Lease income - - 57861905.26 57861905.26
87099464261.56 563159220.18 540435828.85 88203059310.59
Revenue from other
operations
Including: At a point in time - - 27000813.77 27000813.77
Over time - - 40722829.27 40722829.27
Lease income - - 73146870.15 73146870.15
- - 140870513.19 140870513.19
As at 30 June 2021 the performance obligation of the Group that had been contracted but not yet
performed or not fulfilled was part of the contracts with expected maturity within one year.255
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(49) Taxes and surcharges
For the six months ended 30 June Payment criteria
2021 2020
City maintenance and
construction tax 74975014.24 70719764 .91 Refer to Note 3
Educational surcharge 56453056.26 51122638 .61 Refer to Note 3
Stamp tax 51766674.89 33782373 .62
Property tax 22459416.12 20500315 .63
Land use tax 4042127.54 4540245 .80
Flood-control project expenses 288146.85 102619 .07
Others 664464.28 1083730 .16
210648900.18 181851687 .80
(50) Selling and distribution expenses
For the six months ended 30 June
2021 2020
Employee benefits 462049331.65 4003544 53.54
Outsourcing expenses of information
technology service 438407058.41 2773216 43.40
Marketing expenses 97897901.36 935352 49.52
IT and information platform expenses 87196421.66 1002040 09.91
Depreciation and amortisation expenses 84732867.55 896294 61.92
Office and rental fees 30367129.66 509457 74.92
Travelling and transportation expenses 15462551.69 93828 83.02
Depreciation expenses of right-of-use assets 13875278.07 --
Supply and material expenses 12909315.03 111949 18.81
Others 67335799.07 240903 06.89
1310233654.15 10566587 01.93
(51) General and administrative expenses
For the six months ended 30 June
2021 2020
Employee benefits 5391964944.40 4858862486.41
Depreciation and amortisation expenses 190266916.06 148253379.17
Office and rental fees 139310035.81 255935823.26
Professional service fees 160150002.39 115324486.22
Outsourcing expenses 151553189.38 118052450.55
Depreciation expenses of right-of-use assets 90764300.85 --
Entertainment expenses 86066720.41 68271706.15
Supply and material expenses 69175828.78 76137816.90
Brand royalties 65372508.50 55109364.65
IT and information platform expenses 59603746.02 52851185.87
Travelling and transportation expenses 58429812.92 42838862.22
Taxes 9188688.27 6201858.42
Others 57199595.34 63603742.91
6529046289.13 5861443162.73256
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(52) Research and development expenses
For the six months ended 30 June
2021 2020
Employee benefits 551445200.18 425321626.35
Depreciation and amortisation expenses 236356466.83 148462487.06
IT and information platform expenses 103392458.56 29352477.08
Outsourcing expenses 70198778.34 47050197.27
Office and rental fees 9038353.66 22823668.49
Professional service fees 7985474.07 16619041.55
Supply and material expenses 6878661.93 34290640.40
Travelling and transportation expenses 6212443.72 2769613.47
Depreciation expenses of right-of-use assets 4570420.66 --
Others 11138445.73 6649876.74
1007216703.68 733339628.41
(53) Financial costs
For the six months ended 30 June
2021 2020
Interest on borrowings 436297215.58 5781953 40.26
Add: Interest expenses on lease liabilities 236897641.83 --
Less: Capitalised interest (Note 4(17)) (6593009.54) (101379 01.97)
Interest expenses 666601847.87 5680574 38.29
Less: Interest income (93386299.49) (780551 38.82)
Net losses/(gains) on exchange 18965643.62 (324059 86.92)
Commission expenses and others 29721030.77 153711 57.37
621902222.77 4729674 69.92257
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(54) Expenses by nature
The cost of revenue selling and distribution expenses general and administrative expenses and
research and development expenses in the income statement are listed as follows by nature:
For the six months ended 30 June
2021 2020
Outsourcing costs 51806901786.42 360006015 51.98
Employee benefits 13236891370.56 122862293 66.65
Transportation cost 9568946290.55 61274743 59.27
Including: Aircraft maintenance costs 193181905.52 1537498 92.99
Depreciation and amortisation expenses 3119807430.78 26002622 80.82
Office and rental fees 2664406182.54 38140754 60.69
Supply and material expenses 2513313727.93 21833498 31.19
Depreciation expenses of right-of-use assets 2326093581.19 --
Claims expenses 710495607.10 5115714 70.00
Cost of revenue of goods 538123428.16 4270842 26.66
IT and information platform expenses 499809345.98 5299748 65.83
Professional service fees 172112387.51 1329599 67.33
Customs cost 166224906.15 1909026 92.93
Travelling and transportation expenses 126311026.83 982150 08.51
Marketing expenses 97897901.36 935352 49.52
Brand royalties 65372508.50 551093 64.65
Taxes 10155528.23 74466 79.90
Others 644987225.57 4557780 18.55
88267850235.36 655145703 94.48
(i) For the six months ended 30 June 2021 the Group’s government grants which were offset against
cost and expenses amounted to RMB 228710426.59 (for the six months ended 30 June 2020:
RMB 121775212.56) and were fully offset against the cost of revenue. Therein the amount that
was recognised in non-recurring profit or loss amounted to RMB 94628590.07 (for the six months
ended 30 June 2020: RMB 121775212.56).(ii) As stated in Note 2(28) lease payments of short-term leases and low-value leases are directly
recognised in profit or loss by the Group. The amount for the six months ended 30 June 2021 was
RMB 1382359403.01.258
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(55) Other income
Related to
For the six months ended 30 June assets/income
2021 2020
Tax preference 500764555.57 3639269 59.65 Related to income
Fiscal appropriation for
logistics 176753913.75 2121526 45.32 Related to income
Grant from Social Security
Bureau 23126260.04 526570 30.26 Related to income
Amortisation of deferred
income (Note 4(39))
15916394.72 169734 17.75 Related to assets
716561124.08 6457100 52.98
For the six months ended 30 June 2021 the Group received other income amounting to RMB
716561124.08 (for the six months ended 30 June 2020: RMB 645710052.98). Among them RMB
268244801.26 was recognised as non-recurring profit or loss (for the six months ended 30 June
2020: RMB 291103512.49).
(56) Investment income
For the six months ended 30 June
2021 2020
Investment income from disposal of
subsidiaries(Note 5(2)) 942964204.15 -
Investment income from financial assets held
for trading 159182930.38 213247428.7 1
Dividends of financial assets measured at fair
value 22455487.52 1110356.1 2
Gains on disposal of other long-term equity
investments 7555560.97 17260427.1 1
Investment income from wealth management
products 1185903.34 10247466.2 9
Share of net gains or losses of investees under
equity method (Note 4(12)) (8751248.27) (18447519.7 7)
Others 5905905.90 -
1130498743.99 223418158.46
There is no significant restriction on recovery of investment income of the Group.259
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(57) Gains arising from changes in fair value
For the six months ended 30 June
2021 2020
Structural deposits 17396126.73 16384538.57
Others 12193119.55 29414.59
29589246.28 16413953.16
(58) Credit impairment losses
For the six months ended 30 June
2021 2020
Losses on bad debts of accounts receivable 21893810.94 20515183 1.67
(Reversal)/losses on bad debts of other
receivables (6057226.39) 1146721 75.85
(Reversal)losses on impairment of loans and
advances (8863724.11) 891866 30.95
Losses on impairment of factoring
receivables 135595.95 496013 93.26
Losses on impairment of long-term
receivables 4067704.65 9290 70.18
11176161.04 45954110 1.91
(59) Asset impairment losses
For the six months ended 30 June
2021 2020
Inventory impairment losses 711212.39 -
Reversal on impairment of contract assets (119192.56) -
Losses on impairment of intangible assets - 235993 56.05
Losses on impairment of long-term equity
investments - 38697 28.47
592019.83 274690 84.52260
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(60) Losses on disposal of assets
For the six months ended 30 June
Amount Amount
recognised in recognised in
non-recurring non-recurring
profit or loss in profit or loss in
2021 2021 2020 2020
Losses on disposal of
fixed assets 13799742.03 1379974 2.03 825312 2.38 825312 2.38
Losses on disposal of
right-of-use assets 387972.88 38797 2.88 - -
Losses on disposal of
intangible assets - - 139336 9.11 139336 9.11
14187714.91 1418771 4.91 964649 1.49 964649 1.49
(61) Non-operating income and expenses
(a) Non-operating income
For the six months ended 30 June
Amount Amount
recognised in recognised in
non-recurring non-recurring
profit or loss in profit or loss in
2021 2021 2020 2020
Government grants (i) 20470670.39 20470670 .39 13929041 .59 13929041 .59
Compensation income 12863204.98 12863204 .98 9155484 .11 9155484 .11
Others 91689197.22 91689197 .22 66649259 .92 66649259 .92
125023072.59 125023072 .59 89733785 .62 89733785 .62
(i) Details of government grants
For the six For the six
months ended Related to assets months ended Related to assets
30 June 2021 /income 30 June 2020 /income
General fiscal
appropriation 19632384.22 Related to income 13301583.00 Related to income
Others 838286.17 Related to income 627458.59 Related to income
20470670.39 13929041.59261
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(61) Non-operating income and expenses (Cont’d)
(b) Non-operating expenses
For the six months ended 30 June
Amount Amount
recognised in recognised in
non-recurring non-recurring
profit or loss in profit or loss in
2021 2021 2020 2020
Losses on scrapping of
long-term assets 77046391.04 77046391 .04 3978980 2.73 3978980 2.73
Compensation
expenses 25542208.33 25542208 .33 1923095 5.69 1923095 5.69
Penalties and overdue
fines 11899596.80 11899596 .80 687697 7.69 687697 7.69
Donation expenses 4065870.08 4065870 .08 2161098 7.55 2161098 7.55
Others 7541659.53 7541659 .53 1196492 8.43 1196492 8.43
126095725.78 126095725 .78 9947365 2.09 9947365 2.09
(62) Income tax expenses
For the six months ended 30 June
2021 2020
Current income tax 926731792.97 14661790 44.85
Deferred income tax (249373089.77) 2488196 02.15
677358703.20 17149986 47.00262
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(62) Income tax expenses (Cont'd)
The reconciliation from income tax calculated based on the applicable tax rates and total profit
presented in the income statement to the income tax expenses is listed below:
For the six months ended 30 June
2021 2020
Total profit 1093149030.85 53387638 06.22
Income tax expenses calculated at the
standard tax rate of 25% 273287257.71 13346909 51.56
Income not subject to tax (211487223.75) (62094 67.41)
Costs expenses and losses not deductible
for tax purposes 30225495.33 386671 42.36
Effect of last-year tax filing differences (869368.57) 136604 50.66
Effect of different tax rates among
subsidiaries and branches on income tax
expenses (74396824.52) (938732 06.20)
Effect of tax preference (973354.30) (50000 00.00)
Deductible tax losses and deductible
temporary differences for which no deferred
tax asset was recognised in the current
period 671511207.45 4132912 03.23
Reversal of deductible tax losses for which
deferred tax assets were recognised in
prior periods 67338.68 680653 41.58
Utilisation of deductible tax losses and
deductible temporary differences for which
no deferred tax asset was recognised in
prior periods (9813603.47) (465707 27.68)
Recognition of deductible tax losses and
deductible temporary differences for which
no deferred tax asset was recognised in
prior periods (192221.36) (17230 41.10)
Income tax expenses 677358703.20 17149986 47.00263
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(63) Earnings per share
(a) Basic earnings per share
Basic earnings per share are calculated by dividing consolidated net profit attributable to ordinary
shareholders of the parent company by the weighted average number of outstanding ordinary
shares of the parent company:
For the six months ended 30 June
2021 2020
Consolidated net profit attributable to ordinary
shareholders of the parent company 759921074.24 37615932 96.43
Weighted average number of outstanding
ordinary shares of the Company 4545429726.00 44011186 70.17
Basic earnings per share 0.17 0.85
Including:
- Basic earnings per share from continuing
operations 0.17 0.85264
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(63) Earnings per share (Cont’d)
(b) Diluted earnings per share
Diluted earnings per share are calculated by dividing consolidated net profit attributable to ordinary
shareholders of the parent company adjusted based on the dilutive potential ordinary shares by the
adjusted weighted average number of outstanding ordinary shares of the Company. For the six
months ended 30 June 2021 the Company had no dilutive potential ordinary shares (for the six
months ended 30 June 2020: the Company had dilutive potential ordinary shares):
For the six months ended 30 June
2021 2020
Consolidated net profit attributable to ordinary
shareholders of the parent company 759921074.24 3761593296.43
Add: Interest expenses from convertible
corporate debentures of the company
(net of tax) - 98688033.29
Less: Effect of convertible corporate
debentures issued by subsidiaries on
net profit attributable to the parent
company - (3995114.22)
Adjusted consolidated net profit attributable
to ordinary shareholders of the parent
company for calculation of earnings per
share 759921074.24 3856286215.50
Weighted average number of outstanding
ordinary shares of the Company
4545429726.00 4401118670.17
Add: Weighted average number of ordinary
shares which convertible corporate
debentures assumed to be fully
converted into ordinary shares - 143843934.67
Weighted average number of outstanding
diluted ordinary shares 4545429726.00 4544962604.84
Diluted earnings per share 0.17 0.85265
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(64) Other comprehensive income
Other comprehensive income the related income tax effect and the reclassifications to profit or loss for the six months ended 30 June 2021 and 2020:
Other comprehensive income in the balance sheet Other comprehensive income in the income statement for the six months ended 30 June 2021
Attributable to the
parent company in the Other comprehensive Amount incurred before Attributable to the
current period - net of income transferred into income tax for the Less: Income tax parent company - net of Attributable to minority
31 December 2020 tax retained earnings 30 June 2021 cu rrent period (expenses) /credits tax shareholders - net of tax
Other comprehensive income
items which will not be
reclassified subsequently
to profit or loss
Changes in fair value of
investments in other
equity instruments 1213254523.81 (76803722.97) (113136152.81) 1023314648.03 (81 332522.97) 4528800.00 (76803722.97) -
Other comprehensive
income items which
will not be transferred
to profit or loss under
the equity method (1186906.18) (88282.28) - (1275188.46) (88282.28) - (88282.28) -
Other comprehensive income
items which will be
reclassified subsequently
to profit or loss
Cash flow hedging
reserve (22857620.11) (5527991.60) - (28385611.71) (5 527991.60) - (5527991.60) -
Exchange differences on
translation of foreign
currency financial
statements (45240906.00) (83895126.41) - (129136032.41) (84 697852.81) - (83895126.41) (802726.40)
1143969091.52 (166315123.26) (113136152.81) 864517815.45 (171 646649.66) 4528800.00 (166315123.26) (802726.40)266
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(64) Other comprehensive income (Cont'd)
Other comprehensive income in the balance sheet Other comprehensive income in the income statement for the six months ended 30 June 2020
Attributable to the
parent company in the Amount incurred before Attributable to the
current period - net of income tax for the Less: Income tax parent company - net of Attributable to minority
31 December 2019 tax 30 June 2020 cu rrent period (expenses) /credits tax shareholders - net of tax
Other comprehensive income items which will not be
reclassified subsequently to profit or loss
Changes in fair value of investments in other equity
instruments 721903970.41 40865087.90 762769058.31 38 610400.40 225468 7.50 4086508 7.90 -
Other comprehensive income items which will not be
transferred to profit or loss under the equity method (2059919.82) 873013.64 (1186906.18) 873013.64 - 87301 3.64 -
Other comprehensive income items which will be
reclassified subsequently to profit or loss
Exchange differences on translation of foreign
currency financial statements 282871556.79 104744398.17 387615954.96 104 615596.10 - 10474439 8.17 (12880 2.07)
1002715607.38 146482499.71 1149198107.09 144 099010.14 225468 7.50 14648249 9.71 (12880 2.07)267
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(65) Notes to the cash flow statement
(a) Cash received relating to other operating activities
For the six months ended 30 June
2021 20 20
Inflows from cash on delivery service 40790509753.56 3482554314 3.63
Recovered of receivables from disposed
subsidiaries related to SF REIT 2272140801.41 -
Government grants 667914957.45 38953894 7.63
Interest income 108138443.16 8506168 3.52
Others 1148001942.78 82079211 0.16
44986705898.36 3612093588 4.94
(b) Cash paid relating to other operating activities
For the six months ended 30 June
2021 2020
Outflows from cash on delivery service 41106595372.77 348077122 41.80
Office and rental fees 2824668066.33 40333690 59.71
Claims expenses 710495607.10 5115714 70.00
IT and information platform expenses 529797906.74 5617733 57.78
Professional service fees 183097027.52 1392036 48.33
Travelling and transportation expenses 133889688.44 1041079 09.02
Marketing expenses 103771775.44 991473 64.49
Customs cost 168745027.21 1987638 24.92
Entertainment expenses 93900298.13 736377 32.75
Bank charges 29721030.76 153711 57.37
Compensation and penalty 37441805.13 261079 33.38
Donation expenses 4065870.08 216109 87.55
Others 982151534.20 8944183 52.01
46908341009.85 414867950 39.11
(c) Net cash received from disposal of subsidiaries and other business units
For the six months ended 30 June
2021 2020
Consideration 2987199525.23 -
Less: Cash and cash equivalents that will
receive in future periods (40213874.56) -
Less: Cash and cash equivalents held by the
subsidiaries at the date of disposal (390382431.47) -
Add: Cash and cash equivalents received in
the current period from the disposal
of subsidiaries in previous periods 10000000.00 30000000.00
2566603219.20 30000000.00
Less: SF REIT shares acquired (i) (1152527376.00) -
Net cash received from dispopal of
subsidiaries 1414075843.20 30000000.00268
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(65) Notes to the cash flow statement (Cont’d)
(c) Net cash received from disposal of subsidiaries and other business units (Cont’d)
(i) As stated in Note 5(2) the Group transferred its subsidiary which owns three underlying assets to SF
REIT. At the same time the Group purchased 35% of the fund shares of SF REIT. The fund shares
amounted to HKD 1394400000.00 equivalent to RMB 1152527376.00.(d) Net cash paid to acquire subsidiaries
For the six months ended 30 June
2021 2020
Cash and cash equivalents paid in the current
period for acquisition of subsidiaries
incurred in the current period 236554680.97 -
Less: Cash and cash equivalents held by
subsidiaries at the acquisition date (37012969.90) -
199541711.07 -
(e) Cash received relating to other investing activities
For the six months ended 30 June
2021 2020
Redemption of bank wealth management
products and structural deposits 46455050489.87 52830000000.00
(f) Cash paid relating to other investing activities
For the six months ended 30 June
2021 2020
Purchase of bank wealth management
products and structural deposits 50185229111.50 668951179 31.29
Net cash paid for disposal of subsidiaries - 362174 41.31
50185229111.50 669313353 72.60269
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(65) Notes to the cash flow statement (Cont’d)
(g) Cash payments relating to other financing activities
For the six months ended 30 June
2021 2020
Payment of lease liabilities (i) 2479709656.48 --
Repurchase of shares - 586632 20.22
Payment of financing expenses 22499999.16 169944 86.97
Acquisition of minority interests 50038474.35 73080 00.00
Others 598273.18 3794 10.22
2552846403.17 833451 17.41
(i) For the six months ended 30 June 2021 the total cash outflows relating to leases paid by the Group
amounted to RMB 3945408136.51 . The amount paid for payment of lease liabilities stated above
was included in financing activities while the remaining cash outflows were recognised in operating
activities.
(66) Supplementary information to the cash flow statement
(a) Reconciliation from net profit to cash flows from operating activities
For the six months ended 30 June
2021 2020
Net profit 415790327.65 36237651 59.22
Add: Asset impairment losses 592019.83 274690 84.52
Credit impairment losses 11176161.04 4595411 01.91
Depreciation of right-of-use assets 2326093581.19 --
Depreciation of fixed assets 2123877059.83 17303652 63.08
Depreciation of investment properties 20264188.49 272511 10.81
Amortisation of intangible assets 591904873.82 4578229 29.32
Amortisation of long-term prepaid
expenses 396003946.21 3933228 55.05
Losses on disposal of long-term assets 91234105.95 494362 94.22
Gains arising from changes in fair value (29589246.28) (164139 53.16)
Financial costs 677749407.46 5246732 73.00
Investment income (1130498743.99) (2234181 58.46)
Recognised expenses on equity-settled
share-based payments 122360610.58 542533 66.54
Decrease/(Increase) in deferred tax
assets (269254291.71) 549027 93.10
Increase in deferred tax liabilities 19881201.94 1939168 09.05
Amortisation of deferred income (15916394.72) (169734 17.75)
Decrease in inventories 4629232.88 472270 69.11
Increase in operating receivables (2659996146.31) (21632013 34.61)
Increase in operating payables 1635330949.30 17077720 75.15
Net cash flows from operating activities 4331632843.16 69317123 20.10270
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(66) Supplementary information to the cash flow statement (Cont'd)
(b) Net increase/(decrease) in cash and cash equivalents
For the six months ended 30 June
2021 2020
Cash and cash equivalents at the end of the
period 16243660679.07 9390724718.39
Less: Cash and cash equivalents at the
beginning of the period (15466483805.74) (17764448498.26)
Net increase in cash and cash equivalents 777176873.33 (8373723779.87)
(c) Cash and cash equivalents
30 June 2021 31 December 2020
Cash on hand 297786.76 788 82.36
Cash at bank that can be readily drawn on
demand 16154929677.19 152623450 98.88
Other cash balances that can be readily
drawn on demand 46394025.32 1269930 32.50
Other balances that can be readily drawn on
demand 42039189.80 770667 92.00
16243660679.07 154664838 05.74
(67) Monetary items denominated in foreign currency
As at 30 June 2021 and 31 December 2020 the Group’s companies whose recording currency is
RMB held financial assets and liabilities denominated in non-recording currency (mainly USD HKD
and EUR) excluding financial assets and liabilities denominated in non-recording currency held by
related parties within the Group of which the equivalent amounts in RMB (presentation currency of
these financial statements) are listed as below:
30 June 2021
Amount in the Exchange rate to Equivalent
original currency RMB to RMB
Cash at bank and on hand -
USD 15006818.24 6.4601 96945546.51
HKD 9581093.64 0.8321 7972236.40
EUR 99829.77 7.6862 767311.58
Receivables -
USD 73876806.63 6.4601 477251558.51
HKD 810546.20 0.8321 674439.28
EUR 120493.01 7.6862 926133.37
Payables -
USD 20231148.98 6.4601 130695245.52
HKD 9408284.68 0.8321 7828445.51
EUR 899441.52 7.6862 6913287.41
SGD 770909.91 4.8027 3702449.02271
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(67) Monetary items dominated in foreign currency (Cont’d)
31 December 2020
Amount in the Exchange rate to Equivalent
original currency RMB to RMB
Cash at bank and on hand -
USD 10721146.84 6.5249 69954411.02
HKD 11806587.62 0.8416 9936424.14
EUR 99878.10 8.0250 801521.75
Receivables -
USD 10074431.73 6.5249 65734659.60
HKD 191100.03 0.8416 160829.79
EUR 115688.92 8.0250 928403.58
Payables -
USD 9251234.57 6.5249 60363380.45
HKD 2245888.08 0.8416 1890139.41
EUR 424100.74 8.0250 3403408.44
As at 30 June 2021 and 31 December 2020 the Group’s overseas subsidiaries except for those
operating in Hong Kong held no significant financial assets and liabilities denominated in
non-recording currency. Those companies operating in Hong Kong with HKD as recording currency
held financial assets and liabilities denominated in non-recording currency (mainly USD RMB and
EUR) excluding financial assets and liabilities denominated in non-recording currency held by
subsidiaries within the Group of which the equivalent amounts in HKD (recording currency of
companies operating in Hong Kong) and RMB (presentation currency of these financial statements)
are listed as below:
30 June 2021
Amount in the Exchange rate Equivalent to Equivalent to
original currency to HKD HKD RMB
Cash at bank and on
hand -
RMB 54822393.51 1.2018 65885552.52 54822393.51
USD 34718699.22 7.7638 269549037.00 224287765.85
EUR 1154045.38 9.2373 10660263.39 8870247.45
Accounts receivable -
RMB 92134276.27 1.2018 110726973.23 92134276.27
USD 18818575.26 7.7638 146103654.60 121570689.47
Accounts payable -
RMB 1304351.70 1.2018 1567569.87 1304351.70
USD 3465584.09 7.7638 26906101.76 22388169.21
EUR 4015251.40 9.2373 37090081.76 30862108.30272
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
4 Notes to the consolidated financial statements (Cont’d)
(67) Monetary items dominated in foreign currency (Cont’d)
31 December 2020
Amount in the Exchange rate Equivalent to Equivalent to
original currency to HKD HKD RMB
Cash at bank and on
hand -
RMB 16364222.86 1.1882 19443969.60 16364222 .86
USD 25396509.42 7.7526 196888978.93 165703567 .54
EUR 343595.25 9.5350 3276180.71 2757263 .68
Receivables -
RMB 1799469.88 1.1882 2138130.11 1799469 .88
USD 6779714.69 7.7526 52560416.11 44235327 .48
Payables -
RMB 1976784.46 1.1882 2348815.30 1976784 .46
USD 4829945.98 7.7526 37444639.20 31513751 .22
EUR 3994210.37 9.5350 38084795.88 32052512 .95273
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope
(1) Business combinations involving enterprises not under common control
(a) Business combinations involving enterprises not under common control during the six months ended 30 June 2021
Cash flows from
operating Net cash flows
Basis for Revenue of the Net profit of the activities of the of the acquiree
determining acquiree from acquiree from acquiree from from the
Proportion the the acquisition the acquisition the acquisition acquisition date
Timing of of equity Method of Acquisition acquisition date to the end date to the end date to the end to the end of the
AAcquiree acquisition Acquisition cost acquired acquisition date date of the period of the period of the period period
Equity
Jiangsu Senyuan Household 3 February Acquired by 3 February delivery
Appliance Technology Co. Ltd. 2021 202000000.00 100.00% cash 2021 completed - (580385.38) (534630.87) 930668.58
Equity
Bon Way Logistics (H.K.) Acquired by 30 April delivery
Company Limited 30 April 2021 16872891.00 100.00% cash 2021 completed 3599429.81 224778.52 6844822.84 8873002.12
218872891.00 3599429.81 (355606 .86) 6310191 .97 9803670 .70274
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope (Cont'd)
(2) Disposal of subsidiaries
Aggregated information of subsidiaries disposed for the six months ended 30 June 2021:
Difference between
proceeds from disposal
after deducting disposal Amount transferred from
Basis for costs and corresponding other comprehensive
judgement of shares of net assets in the income etc. related to
Proceeds from Disposal Method of Timing of losing timing of losing consolidated financial initial equity investment to
Name of subsidiary disposal proportion disposal control control statements investment income or loss
Zhengzhou Fengtai E-commerce Industrial Park Sales of Transfer of
Management Co. Ltd. 170824003.04 100.00% equity 31 March 2021 control right 17450301.50 -
Beijing Huabao Lutong Automobile Investment Sales of Transfer of
Co. Ltd. 392097354.12 100.00% equity 28 February 2021 control right 30002375.96 -
Sales of Transfer of
Company related to SF REIT (i) 2424278168.07 100.00% equity 13 May 2021 control right 890114535.24 5396991.45
2987199525.23 937567212.70 5396991.45275
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope (Cont'd)
(2) Disposal of subsidiaries(Cont'd)
(i) SF Real Estate Investment Trust (“SF REIT”)
The REIT manager(Note 4 (12)(b)) entered into a trust deed with DB Trustees (Hong Kong) Limited
and used Foshan Guicheng Fengtai Industrial Park Wuhu Fengtai Industrial Park and Asia
Logistics Centre located in Tsing Yi Hong Kong(SF Building)(collectively "three property assets")
held by the Group as underlying assets to establish the SF REIT. The Group purchased 35% of the
fund shares of the SF REIT and SF REIT became an associate of the Group (Note 4(12)(b)).On May 13 2021 the Group transferred the three property assets which were respectively held by
three subsidiary wholly owned by the Group (Foshan Runzhong Industrial Investment Co. Ltd.Wuhu Fengtai E-commerce Industrial Park Management Co. Ltd. and Goodear Development
Limited) to a subsidiary of SF REIT. As a result the Group lost control over the underlying asset
company. Therefore these companies were no longer included in the consolidation scope.The price
of the equity transfer transaction was approximately HKD 2908 million (equivalent to approximately
RMB 2424 million) and the Group recognised investment income of approximately HKD 1083
million (equivalent to approximately RMB 896 million).SF REIT has been listed on the Hong Kong Stock Exchange from May 17 2021.
(3) Other changes in the consolidation scope
(a) For the six months ended 30 June 2021 the Group set up the following subsidiaries by cash:
Chongqing Xuefeng Zhiyuan Supply Chain Management Co. Ltd.Chongqing Jieyutai Enterprise Management Co. Ltd.Chongqing Fengyutai Enterprise Management Co. Ltd.Chongqing Fonair Aviation Engineering Technology Co. Ltd.Exel Logistics (Tianjin) Co. Ltd.Exel Aolong Logistics (Zhanjiang) Co. Ltd.Yirongcheng Information Service (Wuhan) Co. Ltd.New Havi (Hubei) Supply Chain Management Co. Ltd.Xinjiang E-Plus Technology Co. Ltd.Xi'an Fengle Apartment Management Co. Ltd.Wuhan Fengyu Apartment Management Co. Ltd.Tianjin E-Plus Technology Co. Ltd.Tianjin Shunxin Freight Co. Ltd.Tianjin Bingzhi Supply Chain Management Co. Ltd.Taizhou Jietai Enterprise Management Co. Ltd.Sichuan E-Plus Technology Co. Ltd.Sichuan Jieyutai Enterprise Management Co. Ltd.S.F. (Chengdu) International Logistics Co. Ltd.Shijiazhuang E-Plus Technology Co. Ltd.Shenyang E-Plus Technology Co. Ltd.Shenzhen Fengwang Holdings Co. Ltd.Shenzhen Chenfeng Industrial Investment Development Co. Ltd.Shenzhen Fengzan Technology Co. Ltd.Shanghai Zhihui Fenghe Trading Co. Ltd.Shanghai E-Plus Technology Co. Ltd.Shanghai Xijie Supply Chain Technology Co. Ltd.Shanghai Shunzijia Technology Co. Ltd.Shanghai S.F. E-commerce Co. Ltd.276
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope (Cont'd)
(3) Other changes in the consolidation scope (Cont’d)
(a) For the six months ended 30 June 2021 the Group set up the following subsidiaries by cash
(Cont’d):
Shanghai Gejie Supply Chain Technology Co. Ltd.Shanghai Fengji Technology Co. Ltd.Shanxi E-Plus Technology Co. Ltd.Shandong E-Plus Technology Co. Ltd.Ningxia E-Plus Technology Co. Ltd.Nanning E-Plus Information Technology Co. Ltd.Chongqing E-Plus Technology Co.Ltd.Nanchang Jietai Industrial Park Management Co. Ltd.Luohe Fengtai Industrial Park Management Co. Ltd.Jinhua Jietai Enterprise Management Co. Ltd.Jiangxi E-Plus Technology Co. Ltd.Jiangsu S.F. Information Service Technology Co. Ltd.Jilin E-Plus Technology Co. Ltd.Huai'an Fengyutai Enterprise Management Co. Ltd.Huai'an Fengtai E-Commerce Industrial Park Co. Ltd.Heilongjiang E-Plus Technology Co. Ltd.Hebi Fengtai Industrial Park Asset Management Co. Ltd.Henan E-Plus Information Technology Co. Ltd.Hefei E-Plus Technology Co. Ltd.Hefei Jiafeng Industrial Park Management Co. Ltd.Hefei Fengyutai Enterprise Management Co. Ltd.Hainan E-Plus Technology Co. Ltd.Hainan S.F. International Supply Chain Management Co. Ltd.Guizhou E-Plus Technology Co. Ltd.Guangzhou Fengyi Supply Chain Management Co. Ltd.Guangzhou Fengle Apartment Management Co. Ltd.Guangzhou Fengda Express Co. Ltd.Gansu Yishoufa Information Technology Co. Ltd.SF Supply Chain (Hainan) Co. Ltd.Dongguan S.F. Information Technology Service Co. Ltd.Dongguan Chengfeng Technology Co. Ltd.Chengdu Shengyutai Enterprise Management Co. Ltd.Changzhou Fengyutai Enterprise Management Co. Ltd.Beijing Yishoufa Technology Co. Ltd.Beijing Tongchen Human Resource Service Co. Ltd.Beijing Fengzan Technology Co. Ltd.Bengbu S.F. Logistics Co. Ltd.Zhentai Industrial Park Limited277
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope (Cont'd)
(3) Other changes in the consolidation scope (Cont’d)
(a) For the six months ended 30 June 2021 the Group set up the following subsidiaries by cash
(Cont’d):
Zhentai Industrial Park (Hong Kong) Limited
YouTai Investment Limited
YiJie Investment Limited
Yifeng Industrial Park Limited
Yifeng Industrial Park (Hong Kong) Limited
Taichen Industrial Park Limited
Taichen Industrial Park (Hong Kong) Limited
ShunJie Investment Limited
Shunda Industrial Park Limited
Shunda Industrial Park (Hong Kong) Limited
SF International Express (Malaysia) SDN. BHD
SF Logistics Brasil LTDA.SF Holding Investment 2021 Limited
SF Express Spain GlobalS.L.SF Express International Bangladesh Ltd.SF Express (Mauritius)
SF Express (Italy) S.R.L.SF Express (Hungary) Kft.Ruilifeng Industrial Park Limited
Ruilifeng Industrial Park (Hong Kong) Limited
Ruifeng Industrial Park Limited
Ruifeng Industrial Park (Hong Kong) Limited
Jietai Industrial Park Limited
Jietai Industrial Park (Hong Kong) Limited
Jiafeng Industrial Park Limited
Jiafeng Industrial Park (Hong Kong) Limited
Hongtong Industrial Park Limited
Hongtong Industrial Park (Hong Kong) Limited
Hongtai Industrial Park Limited
Hongtai Industrial Park (Hong Kong) Limited
Hengfeng Industrial Park Limited
Hengfeng Industrial Park (Hong Kong) Limited278
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
5 Changes in the consolidation scope (Cont'd)
(3) Other changes in the consolidation scope (Cont’d)
(a) For the six months ended 30 June 2021 the Group set up the following subsidiaries by cash
(Cont’d):
Hefeng Industrial Park Limited
Hefeng Industrial Park (Hong Kong) Limited
Fengyutai Industrial Park Limited
Fengyutai Industrial Park (Hong Kong) Limited
Fengruntai Industrial Park Limited
Fengruntai Industrial Park (Hong Kong) Limited
Fengruikai Industrial Park Limited
Chengtai Industrial Park Limited
Chengtai Industrial Park (Hong Kong) Limited
(b) For the six months ended 30 June 2021 the Group cancelled the following subsidiaries:
Zonghao Supply Chain Consulting (Shenzhen) Co. Ltd.Exel Supply Chain Management (Shanghai) Co. Ltd.S.F. Intra-city Holding Co. Ltd.Shenzhen Fengkong Technology Co. Ltd.Dunhuang Fengzhao Technology Co. Ltd.Dingxi Fengnong Technology Co. Ltd.(c) For the six months ended 30 June 2021 subsidiaries acquired by the Group are as follows:
Flourish Harmony Holdings Company Limited
Advance Harmony Holdings Company Limited
Ultra Wise Investment Limited
Sunny Sight Limited
Fortune Up Development Limited
In addition the company's indirect subsidiary SF Digital Technology (Shenzhen) Services Co. Ltd.acquired 100% of the equity of Weishi Internet Insurance Agency Co. Ltd. in April 2021. Since
Weishi Internet Insurance Agency Co. Ltd. does not constitute a business the transaction does not
form a business combination.279
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities
(1) Interests in subsidiaries
(a) First-tier and second-tier subsidiaries of the Group are listed as follows:
Shareholding (%)
Place of Major business Registered capital Nature of business Direct Indirect Method of acquisition
registration location
Taisen Holdings Shenzhen Shenzhen RMB 2010 million Investment holding 100.00% - Reverse acquisitions
S.F. Express Co. Ltd. Shenzhen Shenzhen RMB 150 million International freight forwarding - 100.00% Business combination
inbound and outbound express involving enterprises
deliver etc. under common control
SF Technology Shenzhen Shenzhen RMB 60 million Technical maintenance and - 100.00% By new establishment
development service
Shenzhen Shunlu Logistics Co. Ltd. Shenzhen Shenzhen RMB 160 million Cargo transportation and freight - 100.00% Business combination
forwarding involving enterprises
under common control
Anhui S.F. Telecommunication Service Co. Ltd. Anhui Anhui RMB 50 million Value-added telecommunication - 100.00% By new establishment
service
Shenzhen Yuhui Management Consulting Co. Ltd. Shenzhen Shenzhen RMB 250 million Consulting service - 100.00% Business combination
involving enterprises
under common control
Shenzhen S.F. Supply Chain Co. Ltd. Shenzhen Shenzhen RMB 1500 million Supply chain management and - 100.00% By new establishment
other services
SF Airlines Shenzhen Shenzhen RMB 1510 million Transport service of aviation cargo - 100.00% Business combination
involving enterprises
under common control
Shenzhen Fengtai E-commerce Industrial Park Shenzhen Shenzhen RMB 5860 million E-Commerce industrial park asset - 100.00% Business combination
Management Co. Ltd. management involving enterprises
under common control
Shenzhen Fengtai E-Commerce Industrial Park Shenzhen Shenzhen RMB 58 million Management consulting - 100.00% By new establishment
Investment Ltd.Shenzhen S. F. Airport Investment Co. Ltd. Shenzhen Shenzhen RMB 100 million Industrial investment - 100.00% By new establishment
SF Holding Limited Hong Kong Hong Kong HKD 2260.01 Investment holding - 100.00% Business combination
million involving enterprises
under common control
Group Finance Company Shenzhen Shenzhen RMB 1000 million Financing wealth management - 100.00% By new establishment
and consulting services280
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont'd)
(a) First-tier and second-tier subsidiaries of the Group are listed as follows (Cont'd):
Shareholding (%)
Place of Major business Registered capital Nature of business Direct Indirect Method of acquisition
registration location
Shenzhen SF Chuangxing Investment Co. Ltd. Shenzhen Shenzhen RMB 150 million Industrial investment - 100.00% By new establishment
Shenzhen Fengnong Technology Co. Ltd. Shenzhen Shenzhen RMB 15 million Retail - 100.00% By new establishment
Shenzhen Fenglang Supply Chain Co. Ltd. Shenzhen Shenzhen RMB 30 million Supply chain management and - 100.00% By new establishment
other services
Shenzhen Shunfeng Runtai Management Consulting Shenzhen Shenzhen RMB 5 million Consulting service - 100.00% By new establishment
Co. Ltd.Shunyuan Financial Leasing Tianjin Tianjin RMB 1500 million Leasing business - 100.00% By new establishment
SF Multimodal Co. Ltd. Shenzhen Shenzhen RMB 242 million Goods delivery services - 100.00% By new establishment
Shenzhen Shunxi Management Consulting Co. Ltd. Shenzhen Shenzhen RMB 2 million Management consulting - 100.00% By new establishment
S.F. Insurance Broker (Shenzhen) Co. Ltd. Shenzhen Shenzhen RMB 50 million Insurance business - 100.00% By new establishment
S.F. Duolian Technology Co. Ltd. Dongguan Dongguan RMB 150 million Technology development - 100.00% By new establishment
Dongguan SF Taisen Enterprise Management Co. Ltd. Dongguan Dongguan RMB 30 million Property management - 100.00% By new establishment
SF Innovative Technology Co. Ltd. Dongguan Dongguan RMB 450 million Information technology service - 100.00% By new establishment
Shenzhen Shunheng Rongfeng Supply Chain Shenzhen Shenzhen RMB 100 million Consulting service - 100.00% Business combination
Technology Co. Ltd. involving enterprises
under common control
Shenzhen Hengyi Logistics Service Co. Ltd. Shenzhen Shenzhen RMB 100 million Freight forwarding service - 100.00% Business combination
involving enterprises
under common control
Lefeng Factoring Shenzhen Shenzhen RMB 62.5 million Factoring - 100.00% Business combination
involving enterprises
under common control281
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont'd)
(a) First-tier and second-tier subsidiaries of the Group are listed as follows (Cont'd):
Shareholding (%)
Place of Major business Registered capital Nature of business Direct Indirect Method of acquisition
registration location
Intra-city Industrial Hangzhou Hangzhou RMB 802.28 Supply chain management and - 77.17% By new establishment
million other services
Shenzhen SF Express Zhongyuan Network Shenzhen Shenzhen RMB 10 million Technology development and - 100.00% By new establishment
Technology Co. Ltd. consulting services
SF Sharing Precision Information Technology Shenzhen Shenzhen RMB 32 million Information technology service - 100.00% By new establishment
(Shenzhen) Co. Ltd.Hangzhou Shuangjie Supply Chain Co. Ltd. Hangzhou Hangzhou RMB 50 million Supply chain management and - 100.00% By new establishment
other services
S.F. Express Shenzhen Shenzhen RMB 1695 million Corporate management and - 87.80% By new establishment
supply chain management
Huanggang Xiufeng Education Investment Co. Huanggang Huanggang RMB 90 million Consulting services regarding - 100.00% By new establishment
Ltd. business information and
business management
Junhe Information Technology (Shenzhen) Co. Shenzhen Shenzhen RMB 10 million Information technology and - 51.00% By new establishment
Ltd. development services
S.F. Digital Technology (Shenzhen) Services Shenzhen Shenzhen RMB 250 million Technology and consulting - 100.00% By new establishment
Co. Ltd. services
Shenzhen S.F. International Industry Co. Ltd. Shenzhen Shenzhen RMB 10 million Information technology and - 100.00% By new establishment
consulting services
Shenzhen S.F. Investment Co. Ltd. Shenzhen Shenzhen RMB 1100 million Investment holding - 100.00% By new establishment
SF Cold Chain Logistics Co. Ltd. Shenzhen Shenzhen RMB 50 million Cargo transportation and freight - 100.00% By new establishment
forwarding282
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
6 Interests in other entities (Cont’d)
(1) Interests in subsidiaries (Cont'd)
(b) Subsidiaries in which the Group has significant minority interests
As at 30 June 2021 and 31 December 2020 minority interests of the Group’s subsidiaries had no
significant influence on the Group.
(2) Interests in joint ventures and associates
(a) The Group’s associates have no significant influence on the Group and are summarised as follows:
Ending balance/ Opening balance/
Amount in the current Amount in the prior
period period
Aggregated carrying amount of investments
(Note 4(12)(b)) 2549373201.48 1212265406.69
Aggregation of the following items in
proportion:
Net profit/(loss) 1838158.19 (20352940.06)
Other comprehensive income (88282.28) 873013.64
Total comprehensive income 1749875.91 (19479926.42)
(b) The Group’s joint ventures have no significant influence on the Group and are summarised as
follows:
Ending balance/ Opening balance/
Amount in the current Amount in the prior
period period
Aggregated carrying amount of investments
(Note 4(12)(a)) 2526594898.69 2434965871.21
Aggregation of the following items in
proportion:
Net (loss)/profit (10589406.46) 1905420.29
Other comprehensive income - -
Total comprehensive income (10589406.46) 1905420.29283
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information
The reportable segments of the Group are the business units that provide different express &
logistics and supply chain services. Different businesses require different technologies and
marketing strategies and the Group therefore independently manages their operations and
evaluates operating results in order to make decisions about resources allocations and
performance evaluations.For the six months ended 30 June 2021 the Group mainly had three reportable segments
including:
- Express segment which provides time-definite express economy product and cold chain
delivery service;
- Freight segment which provides freight service;
- Other segments including other services and undistributed parts such as supply chain and
intra-city delivery.Inter-segment transfer prices are determined by reference to pricing policy of related party
transactions.284
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information (Cont’d)
(b) Segment information as at and for the six months ended 30 June 2021 is as follows:
Inter-segment
Express segment Freight segment Others elimination Total
Revenue from external customers 66505042982.76 13398874413.78 8440012427.24 - 88343929823.78
Inter-segment revenue 5275290515.59 1156309036.90 5243246243.22 (11674845795.71) -
Cost of revenue 63133378615.97 14373836339.16 12623719997.92 (10709581364.65) 79421353588.40
Total profit/(Total loss) 1513608119.43 (507551976.12) 76456776.95 10636110.59 1093149030.85
Income tax expenses 535860716.09 72699534.19 65829150.57 2969302.35 677358703.20
Net profit/(Net loss) 977747403.34 (580251510.31) 10627626.38 7666808.24 415790327.65
Total assets 75535653684.84 10023797108.43 1 03118239775.34 (55284632399.04) 1 33393058169.57
Total liabilities 53909748272.42 9655282803.30 57411359940.23 (44889121509.53) 76087269506.42
Depreciation and amortisation
expenses 2210052658.95 120413082.25 791277299.16 (1935609.58) 3119807430.78
Depreciation expenses of right-of-use
assets 1731859535.01 404988882.40 281666835.50 (92421671.72) 2326093581.19
Credit impairment losses 6684330.99 5531579.71 2439037.12 (3478786.78) 11176161.04
For the six months ended 30 June 2021 no revenue from a single customer exceeded 10% or more of the Group’s total revenue.285
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
7 Segment information (Cont’d)
(c) Segment information as at and for the six months ended 30 June 2020 is as follows:
Inter-segment
Express segment Freight segment Others elimination Total
Revenue from external customers 58700225248.72 7750367602.00 4678414887.49 - 71129007738.21
Inter-segment revenue 4243818870.50 1235296332.45 2775963920.46 (8255079123.41) -
Cost of revenue 49918288054.99 8728357347.68 6619494144.79 (7403010646.05) 57863128901.41
Total profit/(Total loss) 6430087979.51 (81655316.45) (997247322.63) (12421534.21) 5338763806.22
Income tax expenses 1627289539.13 84097711.27 5845053.97 (2233657.37) 1714998647.00
Net profit/(Net loss) 4802798440.38 (165753027.72) (1003092376.60) (10187876.84) 3623765159.22
Total assets 52773533529.76 6680912238.06 83918961339.36 (41327576438.18) 1 02045830669.00
Total liabilities 33950839154.75 6431762082.64 48651164074.00 (34120796110.60) 54912969200.79
Depreciation and amortisation
expenses 1764779778.80 70779169.76 765922470.93 (1219138.67) 2600262280.82
Depreciation expenses of right-of-use
assets -- -- -- -- --
Credit impairment losses 180777347.68 1798569.34 284265921.73 (7300736.84) 459541101.91
For the six months ended 30 June 2020 no revenue from a single customer exceeded 10% or more of the Group’s total revenue.286
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions
(1) General information of the controlling shareholder and subsidiaries
The general information and other related information of the subsidiaries are set out in Note 6(1).(a) General information of the controlling shareholder
Place of registration Nature of business
Mingde Holdings Shenzhen Investment
The Company’s ultimate holding company is Mingde Holdings and the ultimate controlling person is
Wang Wei.(b) The balances and changes of registered capital of the controlling shareholder
31 December Increase in the Decrease in the 30 June
2020 current period current period 2021
Mingde Holdings 113405734.21 - - 113405734.21
(c) The percentages of shareholding and voting rights in the Company held by the controlling
shareholder
30 June 2021 31 December 2020
Shareholding Voting rights Shareholding Voting rights
(%) (%) (%) (%)
Mingde Holdings 59.30% 59.30% 59.30% 59.30%287
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(2) Nature of related parties that do not control / are not controlled by the Company
Major related parties are listed as follows:
Relationship with the Company in the reporting period
Fengyi Technology Controlled by the ultimate controlling person of the
Company
Shenzhen Shunshang Investment Co. Ltd. Controlled by the ultimate controlling person of the
Company
Suzhou Fengchengda Network Technology Co. Ltd. Controlled by the ultimate controlling person of the
Company
Shenzhen S.F. Hefeng Microfinance Co. Ltd. Controlled by the ultimate controlling person of the
Company
Hangzhou Fengtai E-Commerce Industrial Park Management Controlled by the ultimate controlling person of the
Ltd. Company
Guangdong Youxuanyipin Commerce Co. Ltd(Youxuanyipin Controlled by the ultimate controlling person of the
Commerce Holdings) and its subsidiariesNote 1 Company before November 2020
Hive Box Technology and its subsidiaries Held by the ultimate controlling person
Beijing Dazhangfang and its subsidiaries The Group’s associate
Chongqing Boqiang Logistics Co. Ltd. The Group’s associate
Canbeidou Supply Chain and its subsidiaries The Group’s associate
Kin Shun Information Technology Limited The Group’s associate
Dunho Weiheng (Zhuhai) Supply Chain Management Co. Ltd. The Group’s associate
Qingdao Dakai Cargo Agency Co. Ltd. The Group’s associate
Shenzhen Zhongwang Finance and Tax Management Co. Ltd. The Group’s associate
Shenzhen Shunjie Fengda and its subsidiaries The Group’s associate
Wuhan Shunluo Supply Chain Management Co. Ltd. The Group’s associate
Xi’an Huahan Air Passenger and Freight Service Co. Ltd. The Group’s associate
Hubei Jiuzhou Tongda Technology Development Co. Ltd. The Group’s associate
Zhongshun Xintean Supply Chain Co. Ltd. The Group’s associate
Shanghai EYouTong Technology Development Co. Ltd. The Group’s associate
Little Red Hat and its subsidiaries The Group’s associate before August 2020
State Grid E-Commerce Yunfeng Logistics Technology (Tianjin) The Group’s associate since
Co. Ltd. the second half of 2020
KENGIC Intelligent and its subsidiaries The Group’s associate since
the second half of 2020
SCS Logistics Co. Ltd. The Group’s associate since
the second half of 2020
Shenzhen Fengxiang Information Technology Co. Ltd. The Group’s associate since
the second half of 2020
SF REIT and its subsidiaries The Group’s associate since
the second half of 2020
Beijing Shunhe Tongxin Technology Co. Ltd. The Group’s joint venture
Geling Information and its subsidiaries The Group’s joint venture
Global Connect Holding Limited The Group’s joint venture
POST11Oü The Group’s joint venture
Shenghai Information The Group’s joint venture
Wenzhou Fengbaoke Technology Co. Ltd. The Group’s joint venture
Wulian Shuntong and its subsidiaries The Group’s joint venture
ZBHA and its subsidiaries The Group’s joint venture
CR-SF International Express Co. Ltd. The Group’s joint venture
Zhongyunda Aviation Ground Services Co. Ltd. The Group’s associate before June 2021
Fengsu Technology The Group’s subsidiary before December 2020 and now
the Group’s joint venture
CITIC Securities Co. Ltd. (“CITIC Securities”) and its business Significantly influenced by the key management of
departments the Company
Golden Arches (China) Co. Ltd. ("Golden Arches") and its Significantly influenced by the key management of
subsidiaries the CompanyPing An Insurance (Group) Company of China Ltd. (“Ping An Significantly influenced by the key management ofInsurance”) Note 2 the Company
Zhaoguang Investment Note 3 Significantly influenced by the key management of the
Company
China Vanke Co. Ltd. and its subsidiaries Significantly influenced by the key management of
the Company since the second half of 2020288
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(2) Nature of related parties that do not control / are not controlled by the Company (Cont’d)
Relationship with the Company in the reporting periodChina International Marine Containers (Group) Ltd. (“China Significantly influenced by the key management ofInternational Marine”) the Company since the second half of 2020
China Pacific Insurance (Group) Co. Ltd. (“Pacific Insurance”) Significantly influenced by the key management of the
Note4 Company before July 2019
SF Charity Foundation Organisation sponsored by controlling shareholders and
the Company’s subsidiaries in which director and
senior managers of the company serve on the Board
of Management
Note 1:The company was formerly known as S.F. Holding (Group) Commerce Co. Ltd.) which is a
company disposed of by the ultimate controlling person of the Group in November 2020. Pursuant
to the Listing Rules of Shenzhen Stock Exchange Youxuanyipin Commerce Holding and its
subsidiaries were still related parties of the Group as at 30 June 2021.Note 2: It was a company significantly influenced by the key management of the Company before July 2019.Pursuant to the Listing Rules of Shenzhen Stock Exchange it was no longer a related party of the
Group since August 2020. Then it was a company significantly influenced by the key management
of the Group since April 2021.Therefore the Group's related-party transactions refer to the transaction volume for the six months
ended June 30 2020 and the period from April 2021 to June 2021.Note 3: It used to be the shareholder that hold more than 5% of the Company's shares. After passive dilution
the related party held less than 5% of the Company's shares on June 30 2021. However since the
key management personnel of the Group can exert significant influence on the entity it was still a
related parties of the Group during the reporting period.Note 4: It was a company significantly influenced by the key management personnel of the Group before
July 2019 according to the Listing Rules of Shenzhen Stock Exchange it was no longer a related
party of the Group since August 2020. Therefore the Group’s related-party transactions refer to the
transaction volume from January to June 2020 and its related-party transactions during the
six-month period ending June 30 2021 and the related party balance as of December 31 2020 are
listed as "Not applicable".289
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions
(a) Pricing policies
The pricing method of transactions and transaction price between the Group and related parties are
determined following arm’s length principle by making reference to the market price or through
negotiation between both parties.(b) Income from courier service combined transport and freight forwarding services
For the six months ended 30 June
2021 2020
Golden Arches and its subsidiaries 768085387.49 5498269 34.82
CR-SF International Express Co. Ltd. 88609696.59 306849 95.23
Fengyi Technology 9915403.17 137899 03.01
State Grid E-Commerce Yunfeng Logistics
Technology (Tianjin) Co. Ltd. 3084234.46 Not appli cable
Suzhou Fengchengda Network Technology
Co. Ltd. 3059745.17 13149 52.65
China International Marine and its
subsidiaries 3054344.29 Not appli cable
CITIC Securities and its business
departments 2671835.65 17490 86.07
SCS Logistics Co. Ltd. 2204955.02 Not appli cable
Zhongshun Xintean Supply Chain Co. Ltd. 2125591.27 1885 19.26
Canbeidou Supply Chain and its subsidiaries 1905359.59 1719 47.75
Hive Box Technology and its subsidiaries 1383690.68 8931 47.41
Youxuanyipin Commerce Holdings and its
subsidiaries 954166.81 210870 72.32
Geling Information and its subsidiaries 704600.66 5668 61.00
Wenzhou Fengbaoke Technology Co. Ltd. 253796.21 8372 18.83
SF Charity Foundation 181616.56 166569 18.94
Ping An Insurance 49107.55 563726 50.09
Pacific Insurance Not applicable 113258 78.60
Others 3550906.31 29733 06.65
891794437.48 7084393 92.63290
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(c) Communication income
For the six months ended 30 June
2021 2020
Hive Box Technology and its subsidiaries 11655313.89 105409 33.95
Shenzhen S.F. Hefeng Microfinance Co. Ltd. 1862327.77 8095 38.64
Fengyi Technology 1733712.00 148036 6.98
Others 690060.04 -
15941413.70 128308 39.57
(d) Commission income for collection and settlement on behalf of related parties
For the six months ended 30 June
2021 2020
Shenzhen S.F. Hefeng Microfinance Co. Ltd. 2338766.81 2361931.14
Others 596161.19 117618.69
2934928.00 2479549.83
(e) Income from platform and other services
For the six months ended 30 June
2021 2020
Fengyi Technology 25377551.03 52367 62.32
CR-SF International Express Co. Ltd. 3506975.74 37370 98.33
Others 705400.90 5107 30.15
29589927.67 94845 90.80
(f) Technology development service income
For the six months ended 30 June
2021 2020
Fengyi Technology 1910701.20 -
Hive Box Technology and its subsidiaries 788218.12 -
Others 440950.70 4984 35.44
3139870.02 4984 35.44
(g) Revenue from property management
For the six months ended 30 June
2021 2020
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 3798499.91 5115 85.06
Others 635858.13 1246 23.77
4434358.04 6362 08.83291
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(h) Revenue from sales of goods
For the six months ended 30 June
2021 2020
Shenzhen Shunjie Fengda and its
subsidiaries 3409557.59 78131 23.87
Hive Box Technology and its subsidiaries 2209.96 34881 05.88
Others 74297.38 2539 09.31
3486064.93 115551 39.06
(i) Interest income
For the six months ended 30 June
2021 2020
Wuhan Shunluo Supply Chain Management
Co. Ltd. 1156568.42 32198 6.83
Others 507319.28 39810 9.78
1663887.70 72009 6.61
(j) Sales of equity to related parties
For the six months ended 30 June
2021 2020
Mingde Holdings 40000000.00 -
(i) Shenzhen SF Chuangxing Investment Co. Ltd. a subsidiary of the company sold all the equity in
Fengyi Technology held to Mingde Holdings for a price of 40000000.00 in June 2021.(k) Leases
(i) Lease income recognised by the Group as the lessor in the current period
For the six months ended 30 June
Type of the
leased assets 2021 2020
Fengyi Technology. Buildings 907476.42 7701 20.28
Others Buildings 800482.60 7085 70.33
1707959.02 14786 90.61292
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(k) Leases (Cont’d)
(ii) Right of use assets increased by the Group as the lessee in the current period
For the six months ended 30 June
Type of the
leased assets 2021 2020
SF REIT and its
subsidiaries Buildings 974663570.20 --
Shenzhen Shunshang
Investment Co. Ltd. Buildings 15214307.18 --
Hangzhou Fengtai
E-Commerce Industrial
Park Management Ltd. Buildings 3397451.22 --
993275328.60 --
(iii) Depreciation expenses and interest expenses of the Group as the lessee for the current period
For the six months ended 30 June
Type of the
leased assets 2021 2020
SF REIT and its subsidiaries Buildings 36287780.38 --
Shenzhen Shunshang
Investment Co. Ltd. Buildings 14392630.21 --
Hangzhou Fengtai
E-Commerce Industrial
Park Management Ltd. Buildings 3168328.83 --
Others Buildings 150116.66 --
53998856.08 --293
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(l) Combined transport and freight forwarding expenses
For the six months ended 30 June
2021 2020
CR-SF International Express Co. Ltd. 291231896.62 191128674.20
Wulian Shuntong and its subsidiaries 182454542.96 41165451.85
SCS Logistics Co. Ltd. 140805835.99 Not applicable
Shenzhen Shunjie Fengda and its
subsidiaries 139252262.92 96126152.00
Xi’an Huahan Air Passenger and Freight
Service Co. Ltd. 9863549.85 11108419.89
Zhongyunda Aviation Ground Services Co.Ltd. 8750838.13 5470688.84
Qingdao Dakai Cargo Agency Co. Ltd. 7306629.96 13907375.89
Chongqing Boqiang Logistics Co. Ltd. 6325442.21 4040564.96
Kin Shun Information Technology Limited 5882868.30 63050647.89
POST11 Oü 3275201.18 18348348.24
Shanghai EYouTong Technology
Development Co. Ltd. 4979752.68 -
Little Red Hat and its subsidiaries Not applicable 3459587.20
Others 535834.18 371846.29
800664654.98 448177757.25
(m) Express delivery agent and other service fees
For the six months ended 30 June
2021 2020
Hive Box Technology and its subsidiaries 61845847.54 41693321.90
Beijing Dazhangfang and its subsidiaries 34521968.13 2138162.91
Global Connect Holding Limited 7192829.89 1479642.95
Shenzhen Zhongwang Finance and Tax
Management Co. Ltd. 4156676.25 1352984.67
Fengyi Technology 3779339.61 -
Others 1298337.20 1684942.72
112794998.62 48349055.15294
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(n) Interest expenses
For the six months ended 30 June
2021 2020
Shenzhen Zhongwang Finance and Tax
Management Co. Ltd. 21853.93 45109.62
Others 74.96 375.91
21928.89 45485.53
(o) Collection commissions fee
For the six months ended 30 June
2021 2020
Hive Box Technology and its subsidiaries 34418097.24 609447 17.00
(p) Security service fee
For the six months ended 30 June
2021 2020
ZBHA and its subsidiaries 82049925.84 76196898.98
Others 207054.76 -
82256980.60 76196898.98
(q) Rent and property management fees
For the six months ended 30 June
2021 2020
SF REIT and its subsidiaries 7939461.47 Not applicable
Shenzhen Shunshang Investment Co. Ltd. 668398.97 23392845.68
Shenghai Information 922675.30 5938741.66
Beijing Dazhangfang and its subsidiaries - 4153106.44
Canbeidou Supply Chain and its subsidiaries - 2020087.78
Others 248302.99 418511.36
9778838.73 35923292.92
The rental expenses incurred during the six-month period ended 30 June 2021 have been included
in Note 8(3)(k)(iii). This is only the property management fee expenditure with related parties during
the reporting period.The amount for the six-month period ended 30 June 2020 includes rental expenses.295
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(r) Technology development and operation & maintenance service fee
For the six months ended 30 June
2021 2020
Shenghai Information 12070990.65 14266853.37
Fengsu Technology 3803482.94 Not applicable
Beijing Shunhe Tongxin Technology Co. Ltd. 1208836.90 2853845.58
Others 389773.83 231900.20
17473084.32 17352599.15
(s) Promotion fee
For the six months ended 30 June
2021 2020
Hive Box Technology and its subsidiaries 611775.84 9292.45
Youxuanyipin Commerce Co. Ltd 580021.95 306314.75
Others 138384.68 134799.54
1330182.47 450406.74
(t) Purchase of materials
For the six months ended 30 June
2021 2020
KENGIC Intelligent and its subsidiaries 142702602.74 Not applicable
Fengyi Technology 92683803.39 110164700.38
China International Marine 27558254.79 Not applicable
Youxuanyipin Commerce Co. Ltd 22289134.28 43975730.70
Wenzhou Fengbaoke Technology Co. Ltd. 7492020.54 15714549.49
Shenzhen Fengxiang Information Technology
Co. Ltd. 1583383.12 Not applicable
Hubei Jiuzhou Tongda Technology
Development Co. Ltd. 873731.25 114605000.79
Others 18404.11 19055.01
295201334.22 284479036.37296
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(3) Related party transactions (Cont’d)
(u) Insurance premium
For the six months ended 30 June
2021 2020
Pacific Insurance Not applicable 36409014.15
Ping An Insurance - 15821191.55
- 52230205.70
Insurance premium represents the amount amortised over the benefit period of insurance policies.(v) Donation expenses
For the six months ended 30 June
2021 2020
SF Charity Foundation 51126.48 20000000.00
(w) Remuneration of key management
For the six months ended 30 June
2021 2020
Remuneration of key management 16700000.00 16980000.00297
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Receivables from and payables to related parties
(a) Accounts receivable
30 June 2021 31 December 2020
Golden Arches and its subsidiaries 196069744.55 163467065.39
CR-SF International Express Co. Ltd. 32866366.42 27064970.00
Fengyi Technology 14979994.65 50109913.29
Hive Box Technology and its subsidiaries 4901662.15 3335084.30
Shenzhen Shunjie Fengda and its
subsidiaries 2447106.38 30567588.38
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 2446635.67 929865.04
Shenzhen S.F. Hefeng Microfinance Co. Ltd. 2266981.81 1907815.33
SF REIT and its subsidiaries 1779317.06 Not applicable
State Grid E-Commerce Yunfeng Logistics
Technology (Tianjin) Co. Ltd. 1625123.93 3684971.98
Suzhou Fengchengda Network Technology
Co. Ltd. 1379446.12 1465961.90
China International Marine 892509.20 538172.82
Zhongshun Xintean Supply Chain Co. Ltd. 806719.65 100541.85
Youxuanyipin Commerce Co. Ltd 668045.04 465834.80
Wenzhou Fengbaoke Technology Co. Ltd. 436802.00 701034.00
China Vanke Co. Ltd. and its subsidiaries 46378.80 537775.10
Zhongyunda Aviation Ground Services Co.Ltd. Not applicable 4003205.75
Others 3261051.23 3990455.20
266873884.66 292870255.13
(b) Advances to suppliers
30 June 2021 31 December 2020
CR-SF International Express Co. Ltd. 34153818.36 23154566.76
Hive Box Technology and its subsidiaries 5703436.49 15601911.29
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 2781243.65 3256643.57
Youxuanyipin Commerce Co. Ltd 1431049.64 503741.24
Others 1937708.77 1909712.37
46007256.91 44426575.23298
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Receivables from and payables to related parties (Cont’d)
(c) Loans and advances
30 June 2021 31 December 2020
Wuhan Shunluo Supply Chain Management
Co. Ltd. 33265058.13 24406159.15
Dunho Weiheng (Zhuhai) Supply Chain
Management Co. Ltd. - 34352402.78
Kin Shun Information Technology Limited - 5180137.01
33265058.13 63938698.94
(d) Other receivables
30 June 2021 31 December 2020
Hive Box Technology and its subsidiaries 284611545.00 279996905.15
SF REIT and its subsidiaries 67334657.99 Not applicable
Golden Arches and its subsidiaries 28756626.65 29396756.33
China International Marine 9705463.00 9385463.00
Youxuanyipin Commerce Co. Ltd 2571951.28 3039688.93
Shenzhen Shunjie Fengda and its
subsidiaries 2325690.98 1948867.55
Beijing Dazhangfang and its subsidiaries 378917.81 693347.52
Others 680374.82 738620.57
396365227.53 325199649.05
(e) Other non-current assets
30 June 2021 31 December 2020
KENGIC Intelligent and its subsidiaries 205687460.69 221782 41.29
China International Marine 163341000.00 58474 29.00
Hubei Jiuzhou Tongda Technology
Development Co. Ltd. 15124000.00 -
Others - 3946 33.86
384152460.69 284203 04.15
(f) Long-term receivables(including current portion of long-term receivables)
30 June 2021 31 December 2020
Shenzhen Shunjie Fengda and its
subsidiaries 5233556.41 -299
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Receivables from and payables to related parties (Cont’d)
(g) Deposits from customers
30 June 2021 31 December 2020
Shenzhen Zhongwang Finance and Tax
Management Co. Ltd. 2785918.25 35304 59.67
Others 503.76 5 73.80
2786422.01 35310 33.47
(h) Accounts payable
30 June 2021 31 December 2020
Wulian Shuntong and its subsidiaries 94835269.88 712064 23.49
CR-SF International Express Co. Ltd. 85777811.57 981277 53.58
SCS Logistics Co. Ltd. 55820624.85 -
Shenzhen Shunjie Fengda and its
subsidiaries 41369934.05 295643 05.16
Hubei Jiuzhou Tongda Technology
Development Co. Ltd. 30724668.14 320405 69.87
Fengyi Technology 12401513.20 150593 48.69
ZBHA and its subsidiaries 12258662.46 160834 49.36
Youxuanyipin Commerce Co. Ltd 5030521.70 136418 16.30
Hive Box Technology and its subsidiaries 5287749.50 24298 41.97
SF REIT and its subsidiaries 4283812.41 Not appli cable
Xi’an Huahan Air Passenger and Freight
Service Co. Ltd. 3984708.00 26925 17.44
Shenghai Information 3122935.24 83787 57.78
Wenzhou Fengbaoke Technology Co. Ltd. 2884437.87 88890 63.90
Qingdao Dakai Cargo Agency Co. Ltd. 2672050.39 13443 56.56
Shanghai EYouTong Technology
Development Co. Ltd. 2328771.72 4180 86.11
Shenzhen Shunshang Investment Co. Ltd. 1607644.80 -
Beijing Dazhangfang and its subsidiaries 1290395.77 11086 14.10
Beijing Shunhe Tongxin Technology Co. Ltd. 1281847.07 23599 31.55
Shenzhen Fengxiang Information Technology
Co. Ltd. 920946.02 Not appli cable
Fengsu Technology 917647.76 21760 36.69
POST11Oü 761470.59 40566 30.21
Shenzhen Zhongwang Finance and Tax
Management Co. Ltd. 674994.71 15302 37.94
Zhongyunda Aviation Ground Services Co.Ltd. Not applicable 19835 43.81
Others 1446098.91 11736 99.82
371684516.61 3142649 84.33300
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Receivables from and payables to related parties (Cont’d)
(i) Advances from customers
30 June 2021 31 December 2020
Fengyi Technology 18517.52 2660.36
KENGIC Intelligent and its subsidiaries 8640.84 6989.74
Hive Box Technology and its subsidiaries 7953.06 17273.73
Wulian Shuntong and its subsidiaries 7267.83 7871.21
ZBHA and its subsidiaries 2622.79 2622.82
45002.04 37417.86
(j) Contract liabilities
30 June 2021 31 December 2020
Golden Arches and its subsidiaries 1597592.98 51946 04.30
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 1496518.00 3600 00.00
Fengyi Technology 841526.82 90241 11.33
Shenzhen Shunjie Fengda and its
subsidiaries 159389.34 48160 00.00
Others 800845.92 5823 57.54
4895873.06 199770 73.17
(k) Other payables
30 June 2021 31 December 2020
KENGIC Intelligent and its subsidiaries 170328291.91 216779866.78
China International Marine 79877377.15 102948509.14
Golden Arches and its subsidiaries 16600550.45 18474046.06
Hubei Jiuzhou Tongda Technology
Development Co. Ltd. 13095995.16 29842072.53
Wulian Shuntong and its subsidiaries 2240682.70 306098.71
Fengyi Technology 1435373.92 2713575.77
Shenzhen Shunjie Fengda and its
subsidiaries 1312240.32 464840.65
SF REIT and its subsidiaries 1012718.56 Not applicable
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 604864.00 219049.00
Shenghai Information 205934.58 834287.27
Zhaoguang Investment - 2180000.00
Others 985114.51 1191471.86
287699143.26 375953817.77301
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
8 Related parties and related party transactions (Cont’d)
(4) Receivables from and payables to related parties (Cont’d)
(l) Lease liabilities(including current portion of lease liabilities)
30 June 2021 31 December 2020
SF REIT and its subsidiaries 927925930.64 --
Shenzhen Shunshang Investment Co. Ltd. 9756755.89 --
Hangzhou Fengtai E-Commerce Industrial
Park Management Ltd. 3358800.41 --
941041486.94 --
(5) Commitments in relation to related parties
Commitments with related parties contracted for by the Group but not yet necessary to be
recognised on the balance sheet as at the balance sheet date are as follows:
Leases
30 June 2021 31 December 2020
- Lessee
Hangzhou Fengtai E-Commerce
Industrial Park Management Ltd. 56634442.61 -
Shenzhen Shunshang Investment
Co. Ltd. 1607644.80 -
CR-SF International Express Co.Ltd. 557287.20 806650.08
Others 747954.00 100973.40
59547328.61 907623.48
As of 30 June 2021 the Group had no significant lease commitments to related parties.302
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
9 Share-based payments
(1) Overview of share-based payments
Expenses recognised for the period arising from share-based payments were as follows:
For the six months ended 30 June
2021 2020
Equity-settled share-based payments 122360610.58 54253366.54
Cash-settled share-based payments 32338291.01 25351380.63
154698901.59 79604747.17
(2) Information on equity-settled share-based payments
(a) Information on share-based payments of the Company
On 17 May 2018 the Company held the 2nd interim shareholders’ meeting in 2018 at which the
proposal of the Restricted Shares Incentive Plan (Draft) and Summary for 2018 was approved.Authorised by the 2nd interim shareholders’ meeting in 2018 the Company held the 15th meeting of
the 4th Board of Directors on 13 June 2018 at which the Proposal of Granting Restricted Shares to
Incentive Recipients for 2018 was approved. The grant date of restricted shares is 13 June 2018.The post lock-up periods and their schedules for the restricted shares for 2018 are presented in the
table below:
Proportion of
shares
Post lock-up period Timing exercisable
From the first trading day after 12 months since the
1st post lock-up period registration of granting to the last trading day within 50.00%
24 months after the registration of granting
From the first trading day after 24 months since the
2nd post lock-up period registration of granting to the last trading day within 50.00%
36 months after the registration of granting
In addition to the Company’s performance individual performance assessment which is specified in
the Restricted Shares Incentive Plan has also to be satisfied to unlock the restricted shares.After it comes into the post lock-up period the Group deals with unlocking procedures for the
holders that meet unlocking conditions as well as repurchases and cancels the restricted shares
that do not meet unlocking conditions. The repurchasing price comprises the granting price plus the
interest accruing thereon at the current deposit rate.If the Company transfers capital reserve to paid-in capital distributes share dividends splits shares
pays dividends allocates shares or reduces shares after restricted shares are granted the number
and the price of repurchasing restricted shares shall be adjusted in accordance with the Restricted
Shares Incentive Plan.303
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
9 Share-based payments (Cont’d)
(2) Information on equity-settled share-based payments (Cont’d)
(a) Information on share-based payments of the Company (Cont'd)
As at 23 March 2020 at the 3rd meeting of the 5th Board of Directors the Proposal of Repurchasing
and Cancelling Certain Restricted Shares was approved: the criteria of the performance
assessment for the second post lock-up period for the restricted shares incentive plan for 2018 were
not met therefore the Company repurchased and cancelled the restricted shares previously held by
these incentive recipients
The Restricted Shares Incentive Plan mentioned above has been implemented in 2020.(b) Information on share-based payments of the Company’s subsidiaries
The Group granted some equities or share options of several subsidiaries to the senior
management and other employees of the aforesaid companies or other subsidiaries within the
Group respectively.As at 30 June 2021 the equity-settled share-based payments of these companies recognised by
the Group accumulated to RMB 392366739.74 (31 December 2020: RMB 270006129.16)
including accumulated amounts attributable to shareholders of the parent company of RMB
345559707.03 (31 December 2020: RMB 241004364.42). For the six months ended 30 June
2021 expenses recognised for equity-settled share-based payments amounted to RMB
122360610.58 (for the six months ended 30 June 2020: RMB 54253366.54). The fair value at the
grant date was recognised based on the discount cash flow model and the binomial tree model etc.
(3) Information on cash-settled share-based payments
Information on share-based payments of the Company’s subsidiaries
The Group granted the senior management of subsidiaries with the equity or options of the
subsidiaries with repurchase terms.As at 30 June 2021 the accumulated liabilities arising from cash-settled share-based payments
amounted to RMB 161924735.07 (31 December 2020: RMB 129586444.06). For the six months
ended 30 June 2021 expenses recognised for cash-settled share-based payments amounted to
RMB 32338291.01 (for the six months ended 30 June 2020: RMB 25351380.63).The fair value on
the balance sheet date was recognised based on the discount cash flow model and the binomial
tree model etc.304
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
10 Commitments
(1) Capital commitments
(a) Capital expenditures contracted for by the Group but are not yet necessary to be recognised on the
balance sheet as at the balance sheet date are as follows:
30 June 2021 31 December 2020
Buildings machinery and equipment 9008905102.21 4169824245.83
Investment contracts that have been signed
but not fulfilled or not absolutely fulfilled 1951177350.00 2200898059.29
Others 9511896.51 4897375.00
10969594348.72 6375619680.12
(b) In addition to the above-mentioned capital commitments as approved in the eleventh session and
the sixteenth session of the fifth Board of Directors and the 3rd interim shareholders’ meeting in
2021 the Company intended to through its wholly-owned subsidiary Flourish Harmony Holdings
Company Limited issue tender offers to eligible shareholders and share option holders of Kerry
Logistics Network Limited (Kerry Logistics listed on the Main Board of the Hong Kong Stock
Exchange) to acquire 931209117 shares (approximately 51.8% of the issued share capital or 51.5%
of the fully diluted share capital) of Kerry Logistics in cash and cancel 51.8% of Kerry Logistics’s
share options that had not been exercised as at the final vesting date held by Kerry Logistics’s share
option holders. As far as this transaction is concerned the total consideration payable is
approximately HKD17555 million based on the above partial offers and share option offers.As of the date when this financial statement is approved for issuance all the pre-conditions for this
transaction have been fulfilled or waived. Flourish Harmony Holdings Company Limited and Kerry
Logistics have jointly dispatched in accordance with the requirements of the Hong Kong Special
Administrative Region "Company Acquisition and Merger Contract" comprehensive offer document.
(2) Lease commitments
On 30 June 2021 for the lease contracts that the Group has signed but not yet executed the cash
flows are listed as follows based on the maturity date:
30 June 2021
Within 1 year(inclusive) 1212509790.01
1 to 2 years(inclusive) 512434582.68
2 to 3 years(inclusive) 438506178.64
Over 3 years 469882118.05
2633332669.38305
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
10 Commitments (Cont'd)
(3) Other commitments
(i) In November 2020 the Group issued asset-backed securities through the Special Scheme set up by
Huatai Securities (Shanghai) Asset Management Co. Ltd. by using five logistics industrial parks
held by it as underlying assets. Yiwu Fengyutai Enterprise Management Co. Ltd. Quanzhou
Fengyutai Enterprise Management Co. Ltd. Wuxi Jietai Enterprise Management Co. Ltd. and
Huai'an Fengtai Enterprise Management Co. Ltd. (collectively “Property Operators”) wholly-owned
subsidiaries of the Group worked as the property operators of the Special Scheme. In case that the
actual operating income of the property assets does not reach 90% but is not lower than 80% of the
target amount the Property Operators were committed to compensating the insufficient part of the
target amount with Taisen Holdings providing guarantee for the compensation obligation.At the end of each three years the manager of the above Special Scheme accepts open-ended
withdrawal and subscription of preferred securities within the withdrawal registering period. If the
preferred securities shares that have not completed open-ended withdrawal are less than 20% of
total undistributed principal of the preferred securities of RMB 788 million at the extension operation
announcement date Taisen Holdings will purchase such preferred securities.(ii) In September 2019 the Group issued asset-backed securities through the Special Scheme set up
by Huatai Securities (Shanghai) Asset Management Co. Ltd. by using three logistics industrial
parks held by it as underlying assets. Shenzhen Fengtai E-Commerce Industrial Park Property
Service Co. Ltd. Yiwu Fengyutai Enterprise Management Co. Ltd. and Huai’an Fengtai Enterprise
Management Co. Ltd. (collectively “Property Operators”) wholly-owned subsidiaries of the Group
worked as the property operators of the Special Scheme. In case that the actual operating income of
the property assets does not reach 90% but is not lower than 80% of the target amount the Property
Operators were committed to compensating the insufficient part of the target amount with Taisen
Holdings providing guarantee for the compensation obligation.At the end of each three years the manager of the above Special Scheme accepts open-ended
withdrawal and subscription of preferred securities within the withdrawal registering period. If the
preferred securities shares that have not completed open-ended withdrawal are less than 20% of
total undistributed principal of the preferred securities of RMB 765 million at the extension operation
announcement date Taisen Holdings will purchase such preferred securities.(iii) In December 2018 the Group issued asset-backed securities through the Special Scheme set up by
Huatai Securities (Shanghai) Asset Management Co. Ltd. by using two logistics industrial parks
held by it as underlying assets. Shanghai Fengtai Yuanxing Property Management Service Co. Ltd.(“Fengtai Yuanxing”) a wholly-owned subsidiary of the Group worked as the property operator of
the special scheme. In case that the actual operating income of the property assets does not reach
90% but is not lower than 80% of the target amount Fengtai Yuanxing was committed to
compensating the insufficient part of the target amount with Taisen Holdings providing guarantee for
the compensation obligation.At the end of each three years the manager of the above Special Scheme accepts open-ended
withdrawal and subscription of preferred securities within the withdrawal registering period. If the
preferred securities shares that have not completed open-ended withdrawal are less than 20% of
total undistributed principal of the preferred securities of RMB 1.12 billion at the extension operation
announcement date Taisen Holdings will purchase such preferred securities.306
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
11 Events after the balance sheet date
As of the date when this financial statement was approved for issuance there are no significant
events after the balance sheet date that need to be disclosed.307
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
12 Operating lease proceeds after the balance sheet date
As the lessor the undiscounted lease proceeds receivable after the balance sheet date are as
follows:
31 December 2021
Within 1 year(inclusive) 98604940.81
1 to 2 years(inclusive) 64143693.55
2 to 3 years(inclusive) 35798412.67
3 to 4 years(inclusive) 12998878.06
4 to 5 years(inclusive) 1255416.21
Over 5 years 43968.26
212845309.56
13 Business combinations
Refer to Note 5(1).14 Financial instrument and risk
The Group’s activities expose it to a variety of financial risks: market risk (primarily including foreign
exchange risk interest rate risk and other price risk) credit risk and liquidity risk. The above
financial risks and the Group’s risk management policies to mitigate the risks are as follows:
The Board of Directors is responsible for planning and establishing the Group’s risk management
framework formulating the Group’s risk management policies and related guidelines and
supervising the implementation of risk management measures. The Group has established risk
management policies to identify and analyse the risks faced by the Group. These risk management
policies specify the risks such as market risk credit risk and liquidity risk management. The Group
regularly evaluates the market environment and changes in the Group’s operating activities to
determine whether to update the risk management policies and systems or not. The Group’s risk
management is carried out by the Risk Management Committee under policies approved by the
Board of Directors. The Risk Management Committee encourages the departments of the Group to
work closely together to identify evaluate and avoid relevant risks. The internal audit department of
the Group conducts periodical audit to the controls and procedures for risk management and reports
the audit results to the Audit Committee of the Group.
(1) Market risk
(a) Foreign exchange risk
The Group’s major operational activities are carried out in Mainland China and a majority of the
transactions are denominated in RMB. Some operational activities are carried out in
regions/countries including Hong Kong America Korea and Europe and relevant transactions are
settled in HKD USD KRW and EUR. The Group is exposed to foreign exchange risk arising from
the recognised financial assets and financial liabilities denominated in non-recording currencies
and future transactions denominated in non-recording currencies. Management is responsible for
monitoring the amount of financial assets and liabilities and transactions denominated in
non-recording currencies to reduce foreign exchange risk to the greatest extent. As at 30 June
2021 and 31 December 2020 the Group entered into foreign exchange forward contracts
amounting to USD 500 million to hedge foreign exchange risk of long-term debentures of USD 500
million.308
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
(i) Foreign exchange risk of companies whose recording currency is RMB
As at 30 June 2021 and 31 December 2020 the Group’s companies whose recording currency is
RMB held the financial assets and the financial liabilities denominated in non-recording currencies
(mainly USD HKD and EUR) exclusive of those financial assets and the finaical liabilities raised
with internal companies of which the equivalent amounts in RMB are listed as below:
30 June 2021
USD HKD EUR Total
(RMB) (RMB) (RMB) (RMB)
Financial assets
denominated in
foreign currency
Cash at bank and on
hand 96945546.51 7972236.40 767311.58 105685094.49
Receivables 477251558.51 674439.28 926133.37 478852131.16
574197105.02 8646675.68 1693444.95 584537225.65
Financial liabilities
denominated in
foreign currency
Payables 130695245.52 7828445.51 6913287.41 145436978.44
31 December 2020
USD HKD EUR Total
(RMB) (RMB) (RMB) (RMB)
Financial assets
Cash at bank and on
hand 69954411.02 9936424.14 801521 .75 80692356 .91
Receivables 65734659.60 160829 .79 928403 .58 66823892 .97
135689070.62 10097253 .93 1729925 .33 147516249 .88
Financial liabilities
Payables 60363380.45 1890139 .41 3403408 .44 65656928 .30309
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
(i) Foreign exchange risk of companies whose recording currency is RMB(Cont’d)
In light of that the functional currencies of the subsidiaries within the Group are different even
though the transactions and balances within the Group are offset foreign exchange risk arising from
the use of different functional currencies still exists. As at 30 June 2021 companies whose
recording currency is RMB held financial assets and financial liabilities which are due from or to
other subsidiaries in the Group and dominated in non-recording currencies (mainly USD and HKD)
of which the equivalent amounts in RMB are listed as below:
30 June 2021
USD HKD Total
(RMB) (RMB) (RMB)
Financial assets denominated in foreign
currency
Receivables 10213309.76 - 10213309.76
Financial liabilities
Payables 88519846.16 25589611.98 114109458.14
As of 31 December 2020 the non-recording currency financial assets and financial liabilities held by
companies whose recording currency was RMB that raised within internal companies of the Group
were not significant.As at 30 June 2021 If the RMB had strengthened/weakened by 5% against the USD while all other
variables had been held constant the Group’s profit before tax for the year would have been
approximately 18260000.00 (31 December 2020: approximately RMB 3766000.00) lower/higher
for various financial assets and liabilities denominated in RMB.The changes in exchange rate of other foreign currencies against RMB have no significant influence
on the Group’s operating activities.310
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
(ii) Foreign exchange risk of companies whose recording currency is HKD
As at 30 June 2021 and 31 December 2020 those companies operating in Hong Kong with HKD as
recording currency held financial assets and liabilities denominated in non-recording currency
(mainly USD RMB EUR and GBP) of which the equivalent amounts in HKD and RMB are listed as
below:
30 June 2021
RMB USD EUR GBP Total Total
(HKD) (HKD) (HKD) (HKD) (HKD) (RMB)
Financial assets
denominated in foreign
currency
Cash at bank and on hand 65885552.52 269549037.00 10660263 .39 - 346094852 .91 287980406 .81
Receivables 110726973.23 146103654.60 - - 256830627 .83 213704965 .74
Investments in other equity
instruments - 2476220924.21 - 33831944 .97 2510052869 .18 2088564791.39
176612525.75 2891873615.81 10660263 .39 33831944 .97 3112978349 .92 259025016 3.94
Financial liabilities
denominated in foreign
currency
Payables 1567569.87 26906101.76 37090081 .76 - 65563753 .39 54554629.21
31 December 2020
RMB USD EUR Total Total
(HKD) (HKD) (HKD) (HKD) (RMB)
Financial assets
Cash at bank and on hand 19443969.60 196888978.93 3276180.71 219609129.24 184825054.08
Receivables 2138130.11 52560416.11 - 54698546.22 46034797.36
Investments in other equity
instruments - 2477430490.86 - 2477430490.86 2085104598.33
21582099.71 2726879885.90 3276180.71 2751738166.32 2315964449.77
Financial liabilities
Payables 2348815.30 37444639.20 38084795.88 77878250.38 65543048.63311
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
(ii) Foreign exchange risk of companies whose recording currency is HKD(Cont’d)
As of 30 June 2021 and 31 December 2020 companies whose recording currency is HKD held
financial assets and financial liabilities which are due from or to other subsidiaries in the Group and
dominated in non-recording currencies (mainly USD and RMB) of which the equivalent amounts in
HKD and RMB are listed as below:
30 June 2021
RMB USD Total Total
(HKD) (HKD) (HKD) (RMB)
Financial assets denominated in
foreign currency
Receivables 136431355.85 520658713.69 657090069. 54 546754925.56
Financial liabilities
Payables 190139046.63 9348329234.82 9538468281. 45 7936818340.36
31 Deceber 2021
RMB USD 合计 合计
(HKD) (HKD) (港币) (人民币)
Financial assets denominated in
foreign currency
Receivables 278312022.66 340907453.65 619219476. 31 521140781.27
Financial liabilities
Payables 589648223.90 9332604285.73 9922252509. 63 8350658567.18
As at 30 June 2021 if the HKD had strengthened/weakened by 0.5% against the USD after
considering the impact of movements in exchange rate offset against forward exchange hedging
while all other variables had been held constant the Group’s profit before tax for the period would
have been approximately HKD 22785000.00 equivalent to approximately RMB 18959000.00 (31
December 2020: approximately HKD 24517000.00 equivalent to approximately RMB
20634000.00) higher/lower and other comprehensive income before tax been approximately HKD
12381000.00 equivalent to approximately RMB 10302000.00 (31 December 2020:
approximately HKD 12387000.00 equivalent to approximately RMB 10425000.00) lower/higher
for the above various financial assets and liabilities denominated in USD.As at 30 June 2021 if the HKD had strengthened/weakened by 5% against the RMB while all other
variables had been held constant the Group’s profit before tax for the period would have been
approximately HKD 6067000.00 equivalent to approximately RMB 5048000.00 (31 December
2020: approximately HKD 14605000.00 equivalent to approximately RMB 12292000.00
higher/lower) lower/higher for the above various financial assets and liabilities denominated in RMB.The changes in exchange rate of other foreign currencies against HKD have no significant influence
on the Group’s operating activities.312
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(1) Market risk (Cont’d)
(a) Foreign exchange risk (Cont’d)
As of 30 June 2021 except for companies in Hong Kong other overseas subsidiaries within the
Group did not hold significant non-recording currency financial assets and financial liabilities.(b) Interest rate risk
The Group’s interest rate risk arises from long-term interest bearing debts including long-term bank
borrowings and debentures payable. Financial liabilities issued at floating rates expose the Group to
cash flow interest rate risk. Financial liabilities issued at fixed rates expose the Group to fair value
interest rate risk. The Group determines the relative proportions of its fixed rate and floating rate
contracts depending on the prevailing market conditions. As at 30 June 2021 the Group’s long-term
interest bearing debts were mainly related to the contracts of floating rate long-term borrowings
denominated in RMB and HKD and fixed rate debentures payable denominated in RMB and USD.Among them the contract amount of floating rate long-term borrowings denominated in RMB was
RMB 1758386807.78 (31 December 2020: RMB 1865820266.05); the contract amount of fixed
rate debentures payable denominated in RMB was 1180000000.00 (31 December 2020: RMB
680000000.00) and the contract amount of fixed rate debentures payable denominated in USD
was USD 1200000000.00 equivalent to RMB 7752120000.00 (31 December 2020: USD
1200000000.00 equivalent to RMB 7851480000.00).The Group continuously monitors the interest rate position of the Group. Increases in interest rates
will increase the cost of new interest bearing borrowings and the interest expenses with respect to
the Group’s outstanding floating rate borrowings and therefore could have a material adverse effect
on the Group’s financial performance. Management makes adjustments timely with reference to the
latest market conditions and may enter into interest rate swap agreements to mitigate its exposure
to interest rate risk.As at 30 June 2021 if interest rates on borrowings had risen/fallen by 50 basis points while all other
variables had been held constant the Group’s profit before tax would have decreased/increased by
approximately RMB 8790000.00 (31 December 2020: RMB 9310000.00).(c) Other price risk
The Group’s other price risk arises mainly from movements in price of various equity instruments
measured at fair value that will not be sold within 1 year.As at 30 June 2021 if the price of various investments in equity instruments had risen/fallen by 10%
while all other variables had been held constant the Group’s profit before tax and other
comprehensive income before tax would be approximately RMB 84680000.00 (31 December 2020:
approximately RMB 83150000.00) and RMB 445520000.00 (31 December 2020: approximately
RMB 502750000.00) higher/lower respectively.313
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(2) Credit risk
The Group’s credit risk mainly arises from cash at bank and on hand notes receivable accounts
receivable factoring receivables loans and advances other receivables contract assets current
portion of non-current assets long-term receivables investments in debt instruments measured at
fair value through profit or loss that are not included in the assessment of impairment etc. At the
balance sheet date the Group’s maximum exposure to credit risk represents the carrying amount of
the Group’s financial assets except that the maximum exposure to credit risk of long-term
receivables represents its undiscounted contractual cash flows.The Group expects that there is no significant credit risk associated with cash at bank and on hand
bank wealth management products measured at amortised cost and placements with and loans to
banks and other financial institutions since they are mainly deposits at state-owned banks and other
medium or large size listed banks with good reputation and a higher credit rating. The Group does
not expect that there will be any significant losses from non-performance by these counterparties.The Group’s notes receivable accounts receivable other receivables contract assets current
portion of non-current assets and long-term receivables include receivables from related parties and
receivables from non-related parties. In respect of receivables from related parties the Group
considers that they have low credit risk; in respect of receivables from non-related parties the
Group will develop relevant policies to control the exposure to credit risk. The Group evaluates
customers’ credits based on their financial position possibility of obtaining guarantees from third
parties credit history and such other factors as current market conditions and determines the
length of the credit period based on the evaluation results. The length of the credit period of
accounts receivable ranges from 30 days to 90 days. The Group monitors customers’ credit history
on a regular basis. In respect of customers with a poor credit history the Group will use payment
reminders or shorten or cancel credit periods to ensure the overall credit risk of the Group is limited
to a controllable extent.The Group’s notes receivable accounts receivable and contract assets mainly arise from rendering
of express & logistics and supply chain services and other related services or sales of goods while
other receivables current portion of non-current assets arising from rendering of express & logistics
and supply chain services and long-term receivables represent advances cash on delivery service
deposits and guarantees and interest-free loans to employees. Management maintains ongoing
evaluation on debtors’ financial position but generally does not require debtors’ mortgage for
outstanding debts. The Group monitors and reviews expected credit losses on outstanding amounts
on a regular basis and takes into account important macroeconomic assumptions and parameters
in the calculation of expected credit losses including the risk of economic downturn external market
conditions changes in customer conditions gross domestic product and the consumer price index
Management makes the provision for bad debts based on the evaluation results thereof. Where it is
impossible for the Group to reasonably estimate the recoverable amount the relevant outstanding
amount shall be written off accordingly. Indicators for impossibility to reasonably estimate the
recoverable amount include debtors’ failure to make contract payments as planned or make
overdue contract payments significant financial difficulties bankruptcy liquidation etc.314
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(2) Credit risk (Cont’d)
For factoring receivables and loans and advances the Group developed credit policies and
operational implementation rules in accordance with the requirements of relevant state regulatory
authorities and implemented standardised management over the entire process of credit granting.In addition the Group further improved the systems for credit risk monitoring and early warning and
defective credit extension management. The Group actively responded to the changes in the credit
environment regularly analysed the situation and dynamic of credit risks and took risk control
measures on a forward-looking basis. The Group also established an optimisation management
mechanism for defective credit and accelerated the optimisation progress of defective credit to avoid
non-performing loans.As at 30 June 2021 the Group had no significant collateral or other credit enhancements held as a
result of debtor’s mortgage.
(3) Liquidity risk
Cash flow forecasting is performed by each subsidiary of the Group and aggregated by the Group’s
finance department in its headquarters. The Group monitors rolling forecasts of the Group's
short-term and long-term liquidity requirements to ensure it has sufficient cash and securities that
are readily convertible to cash to meet operational needs while maintaining sufficient headroom on
its undrawn committed borrowing facilities from major financial institutions so that the Group does
not breach borrowing limits or covenants on any of its borrowing facilities to meet the short-term and
long-term liquidity requirements.The financial liabilities of the Group at the balance sheet date are analysed by their maturity date
below at their undiscounted contractual cash flows:
30 June 2021
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
Deposits from
customers 2925182.37 - - - 2925182.37
Accounts payable 15896242092.03 - - - 15896242092.03
Other payables 7581186251.15 - - - 7581186251.15
Short-term borrowings 15237727137.00 - - - 15237727137.00
Other current liabilities 2044074379.81 - 2044074379.81
Current portion of
non-current liabilities 8002790951.30 - - - 8002790951.30
Long-term borrowings 71185823.65 440034330.16 141202817 8.18 2809529 4.43 1951343626.42
Debentures payable 310897812.50 970054826.20 414724756 6.35 499933873 8.01 10427538943.06
Lease liabilities - 3729307088.76 395750748 9.36 90053099 2.27 8587345570.39
49147029629.81 5139396245.12 951678323 3.89 592796502 4.71 69731174133.53
In addition on the balance sheet date the Group has lease contracts that has been signed but not
yet executed which will cause cash outflows. Thus such impact is listed by maturity dates in Note
10(2).315
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
14 Financial instrument and risk (Cont’d)
(3) Liquidity risk (Cont’d)
The financial liabilities of the Group at the balance sheet date are analysed by their maturity date
below at their undiscounted contractual cash flows (Cont'd):
31 December 2020
Within 1 year 1 to 2 years 2 to 5 years Over 5 years Total
Deposits from
customers 3654785.86 - - - 3654785.86
Accounts payable 15484940351.95 - - - 15484940351.95
Other payables 7530793784.24 - - - 7530793784.24
Short-term borrowings 8094272062.48 - - - 8094272062.48
Current portion of
non-current liabilities 2826483705.02 - - - 2826483705.02
Long-term borrowings 76284318.10 574531015.93 1305305241.34 129527438.94 2085648014.31
Debentures payable 294374475.00 967689159.93 3731796741.44 5110498430.45 10104358806.82
Long-term payables - 8634317.84 1592920.35 204491.33 10431729.52
34310803482.65 1550854493.70 5038694903.13 5240230360.72 46140583240.20
15 Fair value estimates
The level in which fair value measurement is categorised is determined by the level of the fair value
hierarchy of the lowest level input that is significant to the entire fair value measurement:
Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or
liability either directly or indirectly.Level 3: Unobservable inputs for the asset or liability.316
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Fair value estimates (Cont'd)
(1) Financial assets and liabilities measured at fair value on a recurring basis
As at 30 June 2021 the financial assets measured at fair value on a recurring basis by the above
three levels were analysed below:
Level 1 Level 2 Level 3 Total
Financial assets held for
trading -
Structural deposits - - 10024343370.09 10024343370.09
Others 75403.21 - - 75403.21
Other non-current financial
assets -
Special scheme
equity-class securities - - 390391319.74 390391319.74
Industry fund investments - - 456428950.23 456428950.23
Investments in other equity
instruments -
Equity instruments 395947836.92 - 4059207411.86 4455155248.78
Total financial assets 396023240.13 - 14930371051.92 15326394292.05
As at 31 December 2020 the financial assets measured at fair value on a recurring basis by the
above three levels were analysed below:
Level 1 Level 2 Level 3 Total
Financial assets held for
trading -
Structural deposits - - 627684783 9.67 627684783 9.67
Others 74830.02 - - 74830.02
Other non-current financial
assets -
Special scheme
equity-class securities - - 39039131 9.74 39039131 9.74
Industry fund investments - - 44113472 1.34 44113472 1.34
Investments in other equity
instruments -
Equity instruments 891158779.32 - 413633027 4.98 5027489054.30
Total financial assets 891233609.34 - 1124470415 5.73 12135937765.07
As at 30 June 2021 the financial liabilities measured at fair value on a recurring basis by the above
three levels were analysed below:：
Level 1 Level 2 Level 3 Total
Derivative financial liabilities-
Foreign exchange forward
contract - 23703392.07 - 23703392.07
As at 31 December 2020 the financial liabilities measured at fair value on a recurring basis by the
above three levels were analysed below:：
Level 1 Level 2 Level 3 Total
Derivative financial liabilities-
Foreign exchange forward
contract - 22155013.53 - 22155013.53317
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Fair value estimates (Cont'd)
(1) Financial assets and liabilities measured at fair value on a recurring basis (Cont’d)
The Group takes the date on which events causing the transfers between the levels take place as the timing specific for recognising the transfers. There
were no transfers between levels for the current period.The fair value of financial instruments traded in an active market is determined at the quoted market price; and the fair value of those not traded in an active
market is determined by the Group using valuation technique. The valuation models used mainly comprise discounted cash flow model and market
comparable company model. The inputs of the valuation technique mainly include risk-free interest rate benchmark rate exchange rate credit spread
liquidity premium EBITDA multiplier liquidity discount etc.The changes in Level 3 financial assets are analysed below:
Financial assets Other non-current Other non-current Other equity
held for trading financial assets financial assets instruments
- Special scheme - Industry fund - Available-for-sale
- Structural deposits equity-class securities investments equity instruments
31 December 2020 6276847839.67 390391319.74 441134721.34 4136330274.98
Increase in the current period 50185100000.00 - 13942550 .57 -
Decrease in the current period (46614182953.51) - (10568692 .12) (40000000 .00)
Gains or losses recognised in profit or loss 176578483.93 - 12193119 .55 -
Gains recognised in other comprehensive
income - - - 2885035 .25
Exchange differences on translation of foreign
currency financial statements - - (272749 .11) (40007898 .37)
30 June 2021 10024343370.09 390391319.74 456428950.23 4059207411.86318
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
15 Fair value estimates (Cont'd)
(1) Financial assets and liabilities measured at fair value on a recurring basis (Cont’d)
Financial assets held Other non-current Other non-current Other equity
for trading financial assets financial assets instruments
- Special scheme - Industry fund - Available-for-sale
- Structural deposits equity-class securities investments equity instruments
31 December 2019 2909852581.06 260424488.45 218615943.17 4127308996.79
Increase in the current period 61765000000.00 - 56616465 .82 500000 .00
Decrease in the current period (51432770887.14) - - -
Gains or losses recognised in profit or loss 229159591.69 - 272668 .05 -
Gains recognised in other comprehensive
income - - - (10728054 .93)
Translation of foreign currency financial
statements - - 341390 .36 74227041 .20
30 June 2020 13471241285.61 260424488.45 275846467.40 4191307983.06
(2) Financial assets and financial liabilities not measured at fair value but disclosed
The Group’s financial assets and liabilities measured at amortised cost mainly include cash at bank and on hand bank wealth management products
included in other current assets placements with and loans to banks and other financial institutions receivables factoring receivables loans and advances
current portion of non-current assets long-term receivables short-term borrowings payables long-term borrowings debentures payable current portion of
non-current liabilities other current liabilities and long-term payables.The carrying amount of the financial assets and liabilities not measured at fair value is a reasonable approximation of their fair value. The fair value of
financial assets and financial liabilities over one year is the present value of the contractually determined stream of future cash flows discounted at the rate
of interest applied at that time by the market to instruments of comparable credit status and providing substantially the same cash flows on the same terms
and categorised within Level 3 of the fair value hierarchy.319
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
16 Capital management
The Group’s capital management policies aim to safeguard the Group’s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders and
to maintain an optimal capital structure to reduce the cost of capital.In order to maintain or adjust the capital structure the Group may adjust the amount of dividends
paid to shareholders refund capital to shareholders issue new shares or sell assets to reduce
debts.The Group’s total capital is calculated as “Equity” as shown in the consolidated balance sheet. The
Group is not subject to external mandatory capital requirements.As at 30 June 2021 and 31 December 2020 the Group's gearing ratio was as follows:
30 June 2021 31 December 2020
Gearing ratio 57.04% 48.94%
17 Notes to the Company’s financial statements
(1) Cash at bank and on hand
30 June 2021 31 December 2020
Cash at bank 56435522.39 58098498.15
(2) Other receivables
30 June 2021 31 December 2020
Dividends receivable from Taisen Holdings - 1500000000.00
Funds raised by convertible corporate
debentures granted to subsidiaries 5454806766.73 5454806766.73
Others 6098431.27 6052075.25
5460905198.00 6960858841.98
Less: Provision for bad debts (231.78) -
5460904966.22 6960858841.98
The ageing of other receivables is analysed as follows:
30 June 2021 31 December 2020
Within 1 year(inclusive) 2901731192.41 4784120657.19
1 to 2 years(inclusive) 2559174005.59 2176738184.79
5460905198.00 6960858841.98320
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
17 Notes to the Company’s financial statements (Cont’d)
(3) Long-term receivables
30 June 2021 31 December 2020
Funds raised by a non-public offering of
shares granted to subsidiaries - 82496567.74
The above funds raised granted to subsidiaries constitute substantially a long-term equity in the net
investment in the subsidiaries.
(4) Long-term equity investments
30 June 2021 31 December 2020
Subsidiaries (a) 50997087817.91 50997093513.91
Less: Provision for impairment of long-term
equity investments - -
50997087817.91 50997093513.91
There is no significant restriction on sales of the long-term equity investments held by the Company.321
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
17 Notes to the Company’s financial statements (Cont’d)
(4) Long-term equity investments (Cont’d)
(a) Subsidiaries
Explanation of Cash
disparity between dividends
Movements in percentages of Provision for declared in
Accounting the current Shareholding Voting rights shareholding and impairment the current
method 31 December 2020 period 30 June 2021 (%) (%) voting rights loss period
Taisen Holdings Cost method 50997093513.91 (5696.00) 50997087817.91 100.00% 100.00% Not applicable - -322
S.F. HOLDING CO. LTD.NOTES TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
17 Notes to the Company’s financial statements (Cont’d)
(5) Investment income
For the six months ended 30 June
2021 2020
Investment income from financial assets held
for trading 2664607.92 39274743.44
Investment income from wealth management
products - 5629216.85
2664607.92 44903960.29323
S.F. HOLDING CO. LTD.SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
1 Statement of non-recurring profit or loss
For the six months ended 30 June
2021 2020
Investment income from disposal of
subsidiaries 942964204.15 -
(Losses) /Gains on disposal of other
non-current assets (6632153.94) 7613935.62
Government grants recognised in profit or
loss for the current period (government
grants recognised in non-operating income
other income and deducted against related
cost and expenses) 383344061.72 426807766.64
Gains/(Losses) arising from changes in fair
value of financial assets and liabilities held
for trading and investment income/(loss)
arising from disposals of financial assets
and liabilities held for trading 21622194.25 (1429156.76)
Income generated where investment cost of
enterprises’ acquisition of subsidiaries is
less than the share of the fair value of the
investee’s identifiable net assets at the time
of acquisition of investment 2375341.81 -
Reversal of impairment provision for
receivables individually assessed for
impairment 18564776.44 -
Net amount of other non-operating income
and expenses (23918665.39) (23668908.06)
Sub-total 1338319759.04 409323637.44
Less: Income tax effect (94158037.89) (90886652.95)
Less: Non-recurring profit or loss attributable
to minority shareholders (7151872.09) (1605088.81)
Non-recurring profit or loss attributable to
shareholders of the parent company 1237009849.06 316831895.68
Including: Non-recurring profit or loss from
continuing operations 1237009849.06 316831895.68
Basis for preparation of statement of non-recurring profit or loss
Pursuant to the Explanatory Announcement for Information Disclosure of Companies Offering
Securities to the Public No. 1 - Non-recurring Profit or Loss (2008) issued by the China Securities
Regulatory Commission non-recurring profit or loss refers to profit or loss arising from transactions
and events those are not directly related to the company’s normal course of business also from
transactions and events those even are related to the company’s normal course of business but will
interfere with the right judgement of users of the financial statements on the company’s operation
performance and profitability due to their special nature and occasional occurrence.324
S.F. HOLDING CO. LTD.SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]
2 Return on net assets and earnings per share
Weighted average return on net Earnings per share
asset (%) Basic earnings per share Diluted earnings per share
For the six months ended 30 For the six months ended 30 For the six months ended 30
June June June
2021 2020 2021 2020 2021 2020
Net profit attributable to
ordinary shareholders
of the Company 1.34% 8.51% 0.17 0.85 0.17 0.85
Net profit attributable to
ordinary shareholders
of the Company after
deducting
non-recurring profit or
loss
(0.84%) 7.79% (0.10) 0.78 (0.10) 0.78
Including:
- Continuing operations
Net profit attributable to
ordinary shareholders
of the Company 1.34% 8.51% 0.17 0.85 0.17 0.85
Net profit attributable to
ordinary shareholders
of the Company after
deducting
non-recurring profit or
loss (0.84%) 7.79% (0.10) 0.78 (0.10) 0.78325
S.F. HOLDING CO. LTD.SUPPLEMENTARY INFORMATION TO THE FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30 JUNE 2021
(All amounts in RMB Yuan unless otherwise stated)
[English translation for reference only]326