SF Holding Shifts 15% of Non-Frontline Fixed Pay to Quarterly Bonus, Updates Dress Code

SF Holding has recently initiated a restructuring of its compensation structure, reallocating 15% of the fixed monthly salary for non-frontline positions to a quarterly performance component, which is only fully paid out if performance targets are met. Multiple SF employees have reported on social media that they received internal email notifications about the change, which has drawn some criticism from staff. Meanwhile, the company's internal dress code has also been updated, explicitly stating that attire must not expose the knees, that crocs are prohibited, and that hats are not allowed. An internal SF employee confirmed that the pay restructuring applies only to non-frontline roles, and frontline couriers are not affected.

Financial data show that SF Holding achieved operating revenue of RMB 74.142 billion in the first quarter of 2026, up 6.14% year-on-year, and net profit attributable to shareholders of RMB 2.526 billion, up 13.05%. On the cost side, the company has advanced its operational activation strategy, with structural cost reductions becoming evident. First-quarter gross profit reached RMB 10.19 billion, up 9.7% year-on-year, and the gross margin was 13.7%, up 0.4 percentage points from a year earlier.