Analysis of Air Cargo Load Factor of SF Holding

Based on public information and industry data, SF Holding, as a leading enterprise in the domestic air cargo sector, maintained a sound development momentum in its air cargo business in 2025. Although specific month-on-month air cargo load factor data cannot be found, a comprehensive analysis can be conducted from the following aspects:

According to data from the Civil Aviation Administration of China, the overall operational efficiency of the civil aviation industry continued to improve in 2025:

• Annual cargo and mail traffic reached
  10.172 million tons
  , a year-on-year increase of
  13.3%
• The daily utilization rate of aircraft across the industry reached
  9.1 hours
• The scheduled passenger load factor was
  85.1%
  and the cargo load factor was
  73.4%
  , both of which increased compared to the previous year [1]

• As of the end of June 2025, SF Holding has launched a total of
  59 domestic routes and 19 international routes
  at the Ezhou cargo hub [2]
• In the first half of 2025, SF Holding’s all-cargo international flights exceeded
  6,800 sorties
  , a year-on-year increase of
  84%
  [2]

• In the third quarter of 2025, the revenue of SF Holding’s international express and cross-border e-commerce logistics business increased by
  27%
  year-on-year, accelerating compared to the first half of the year [3]
• The cargo and mail traffic on international routes increased by
  21.8%
  year-on-year, becoming the main driving force for the rapid growth of the air cargo market [1]

• SF Holding accounts for
  25%
  of the air cargo capacity distribution, ranking first in the industry [4]

In 2025, SF Holding reached a strategic cooperation with J&T Express, and the two parties will deepen synergy in the following aspects:

• Leveraging SF Holding’s core resources and mature operation system in cross-border first-mile and trunk routes
• Combining J&T Express’ efficient overseas last-mile delivery network and localized service capabilities
• Jointly building a more extensive, efficient, and resilient global integrated logistics network [3]

• In the first 11 months of 2025, the industry’s total cargo and mail traffic reached
  9.243 million tons
  , a year-on-year increase of
  13.6%
  [1]
• Cargo flights continued to grow, with flights now reaching
  70 countries and 170 cities
  in total, and the average weekly flight volume increased by
  15.7%
  compared to last year [1]

• As Asia’s largest air cargo hub, the daily cargo and mail volume peak of Ezhou Huahu Airport exceeded
  2,000 tons
  in 2025 [2]
• SF Holding connects important global nodes through Ezhou Airport to build an end-to-end international supply chain service system

SF Holding’s air cargo business continued to maintain steady growth in 2025. Although specific month-on-month change data of air cargo load factor has not been publicly disclosed, based on the overall industry performance and the company’s operating data, SF Holding’s air cargo business has the following characteristics:

1. Continuous Increase in Capacity Input
   - International flight sorties increased significantly by 84%
2. Accelerated Expansion of International Business
   - Cross-border e-commerce logistics revenue increased by 27% year-on-year
3. Gradual Emergence of Hub Effect
   - The operational efficiency of Ezhou Airport continues to improve
4. Obvious Strategic Synergy Effect
   - Cooperation with J&T Express strengthens the global logistics network layout

As the growth rate of the domestic express delivery industry slows down, SF Holding is accelerating its layout in the international market, and continues to strengthen its leading position in the air cargo sector through the core resource advantages of the Ezhou hub and all-cargo aircraft fleet.

[1] Securities Daily - “Leading Enterprises Accelerate the Seizure of the Air Logistics Market” (https://finance.sina.com.cn/jjxw/2025-12-22/doc-inhcqxcw9721044.shtml)

[2] Phoenix Net Finance - “SF Holding and J&T Express ‘Join Forces’: The E-commerce Pricing Power Battle Behind ‘Anti-Involution’” (https://www.guancha.cn/economy/2026_01_16_804078.shtml)

[3] 21st Century Business Herald - “SF Holding and J&T Express ‘Join Forces’ with HK$8.3 Billion: Two Giants ‘Team Up to Go Global’” (https://www.21jingji.com/article/20260116/f26e768125a350770d426a7fdff8076e.html)

[4] Sohu - SF Holding Air Cargo Capacity Distribution Chart (https://p4.itc.cn/images01/20200608/f6adad7ed66e4fb38f2f9822a784401c.png)