Overview
Compare with BingEx Ltd, ZTO Express or TFI International, or pick any stock.
- TickerSFWL on Nasdaq1
- IndustryTrucking & Courier Services (No Air)1
- HeadquartersFuzhou City, China1
- Incorporated inCayman Islands3
- Business addressShengfeng Building, No. 478 Fuxin East Road, Jinan District, Fuzhou City, F4 3500013
- Filer categoryNon-accelerated filer, Emerging growth company3
See how the biggest companies compare on our leaderboards
Building, No. 478 Fuxin East Road, Jin’an District, Fuzhou City, Fujian Province, China, and our phone number is +86-591-83619860.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
9.3%Gross margin2
2.9%Operating margin2
2.1%Net margin2
13.6%Revenue growth, 20252
9.0%Return on equity2
0.26×Debt to equity2
-$2.9MFree cash flow2
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Transportation brought in 49% of the revenue SHENGFENG DEVELOPMENT Ltd broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Transportation | $383.2M | $484.8M | $554.8M |
| Transportation Services | $383.2M | $484.8M | $554.8M |
| Warehouse Storage Management Services And Others Revenues | $20.9M | $19.4M | $17.7M |
| Warehouse Storage Management Service | $18.2M | $16.4M | $14.3M |
Regions
Fujian brought in 76% of the revenue SHENGFENG DEVELOPMENT Ltd broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| Fujian | $267.4M | $362.6M | $435.0M |
| Other | $69.2M | $69.1M | $63.9M |
| Beijing | $29.1M | $30.7M | $27.7M |
| Liaoning | $8.8M | $9.1M | $19.1M |
| Zhejiang | $15.4M | $18.3M | $15.1M |
| Guangdong | $14.1M | $14.3M | $11.6M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue91¢$519.4M
- Other costs6¢$36.4M
- Interest0¢$2.7M
- Income tax0¢$2.0M
- Profit2¢$11.9M
Out of $572.5M in revenue.2
Where each dollar of operating cash went, fiscal 2025
- Capital spending100¢$19.0M
Out of $16.1M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2
Financial statements
No quarterly figures reported.
Every line of the income statement as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Total revenues | $572.5M | $504.2M | $404.1M |
| Cost of revenues | -$519.4M | -$457.9M | -$357.6M |
| Gross profit | $53.1M | $46.3M | $46.5M |
| Selling and marketing | -$6.0M | -$6.0M | -$6.7M |
| General and administrative | -$30.2M | -$25.7M | -$25.9M |
| Total operating expenses | -$36.2M | -$31.6M | -$32.6M |
| Income from operations | $16.9M | $14.7M | $13.9M |
| Interest income | $255.0K | $159.0K | $126.0K |
| Interest expense | -$2.7M | -$2.0M | -$1.8M |
| Other (expense) income, net | -$143.0K | -$360.0K | $371.0K |
| Income before income taxes | $14.3M | $12.5M | $12.6M |
| Provision for income taxes | -$2.0M | -$1.7M | -$2.3M |
| Net income | $12.2M | $10.8M | $10.3M |
| Less: income (loss) attributable to non-controlling interests | $283.0K | -$51.0K | $14.0K |
| Net income attributable to Shengfeng Development Limiteds shareholders | $11.9M | $10.9M | $10.3M |
| Foreign currency translation adjustments | $3.0M | -$1.8M | -$1.8M |
| Total comprehensive income | $15.2M | $9.1M | $8.5M |
| Less: comprehensive income (loss) attributable to non-controlling interests | $434.0K | -$134.0K | -$53.0K |
| Total comprehensive income attributable to Shengfeng Development Limited | $14.8M | $9.2M | $8.5M |
No quarter-by-quarter statement was filed.
No quarterly figures reported.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.3M | $34.7M | $26.7M | |
| Restricted cash | $3.3M | $5.5M | $2.6M | |
| Notes receivable | $7.4M | $7.3M | ||
| Accounts receivable, net | $136.3M | $127.3M | ||
| Prepayments and other current assets, net | $22.2M | $29.7M | ||
| Total Current Assets | $216.6M | $205.2M | ||
| Property and equipment, net | $70.1M | $60.0M | ||
| Intangible assets, net | $11.2M | $11.4M | ||
| Operating lease right-of-use assets, net | $5.7M | $9.9M | ||
| Long-term investments | $8.9M | $1.9M | ||
| Deposits for investment | $9.2M | $10.6M | ||
| Deferred tax assets | $1.3M | $1.4M | ||
| Other non-current assets | $24.0M | $9.7M | ||
| Total Assets | $347.0M | $310.1M | ||
| Notes payable | $9.2M | $14.9M | $8.5M | $2.0M |
| Accounts payable | $89.6M | $88.7M | ||
| Short-term bank loans | $44.7M | $39.4M | ||
| Long-term bank loans, current | $2.8M | |||
| Salary and welfare payables | $5.6M | $3.0M | ||
| Accrued expenses and other current liabilities | $10.1M | $7.7M | ||
| Operating lease liabilities, current | $2.7M | $4.2M | ||
| Tax payables | $4.2M | $3.0M | ||
| Total Current Liabilities | $170.6M | $162.7M | ||
| Long-term bank loans | $33.8M | $16.4M | ||
| Operating lease liabilities, non-current | $2.2M | $4.7M | ||
| Deferred tax liabilities | $247.0K | $53.0K | ||
| Other non-current liabilities | $1.3M | $2.8M | ||
| Total Liabilities | $208.1M | $186.7M | ||
| Additional paid-in capital | $83.8M | $83.8M | ||
| Statutory reserves | $7.3M | $6.0M | ||
| Retained earnings | $47.0M | $36.5M | ||
| Accumulated other comprehensive loss | -$6.2M | -$9.0M | ||
| Total Shengfeng Development Limiteds Shareholders Equity | $131.9M | $117.1M | ||
| Non-controlling Interests | $6.9M | $6.3M | ||
| Total Equity | $138.9M | $123.4M | $112.3M | $95.1M |
| Total Liabilities and Equity | $347.0M | $310.1M |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $35.3M | $34.7M | $26.7M | |
| Restricted cash | $3.3M | $5.5M | $2.6M | |
| Notes receivable | $7.4M | $7.3M | ||
| Accounts receivable, net | $136.3M | $127.3M | ||
| Prepayments and other current assets, net | $22.2M | $29.7M | ||
| Total Current Assets | $216.6M | $205.2M | ||
| Property and equipment, net | $70.1M | $60.0M | ||
| Intangible assets, net | $11.2M | $11.4M | ||
| Operating lease right-of-use assets, net | $5.7M | $9.9M | ||
| Long-term investments | $8.9M | $1.9M | ||
| Deposits for investment | $9.2M | $10.6M | ||
| Deferred tax assets | $1.3M | $1.4M | ||
| Other non-current assets | $24.0M | $9.7M | ||
| Total Assets | $347.0M | $310.1M | ||
| Notes payable | $9.2M | $14.9M | $8.5M | $2.0M |
| Accounts payable | $89.6M | $88.7M | ||
| Short-term bank loans | $44.7M | $39.4M | ||
| Long-term bank loans, current | $2.8M | |||
| Salary and welfare payables | $5.6M | $3.0M | ||
| Accrued expenses and other current liabilities | $10.1M | $7.7M | ||
| Operating lease liabilities, current | $2.7M | $4.2M | ||
| Tax payables | $4.2M | $3.0M | ||
| Total Current Liabilities | $170.6M | $162.7M | ||
| Long-term bank loans | $33.8M | $16.4M | ||
| Operating lease liabilities, non-current | $2.2M | $4.7M | ||
| Deferred tax liabilities | $247.0K | $53.0K | ||
| Other non-current liabilities | $1.3M | $2.8M | ||
| Total Liabilities | $208.1M | $186.7M | ||
| Additional paid-in capital | $83.8M | $83.8M | ||
| Statutory reserves | $7.3M | $6.0M | ||
| Retained earnings | $47.0M | $36.5M | ||
| Accumulated other comprehensive loss | -$6.2M | -$9.0M | ||
| Total Shengfeng Development Limiteds Shareholders Equity | $131.9M | $117.1M | ||
| Non-controlling Interests | $6.9M | $6.3M | ||
| Total Equity | $138.9M | $123.4M | $112.3M | $95.1M |
| Total Liabilities and Equity | $347.0M | $310.1M |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.2
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $12.2M | $10.8M | $10.3M |
| Depreciation and amortization of property and equipment | $6.4M | $6.4M | $6.4M |
| Amortization of operating lease expense | $4.6M | $6.6M | $9.3M |
| Amortization of intangible assets | $452.0K | $652.0K | $591.0K |
| (Recovery of) provision for credit losses | -$95.0K | $88.0K | $566.0K |
| Loss (income) from equity method investment | $41.0K | -$15.0K | -$19.0K |
| (Gain) loss on disposal of property and equipment | -$57.0K | $315.0K | -$283.0K |
| (Gain) loss from disposal of subsidiaries | -$8.0K | $90.0K | |
| Deferred income taxes | $341.0K | $589.0K | $1.5M |
| Notes receivable | -$111.0K | -$724.0K | -$682.0K |
| Accounts receivable | -$5.8M | -$31.2M | -$10.7M |
| Prepayments and other current assets | $3.3M | $4.8M | $3.5M |
| Due from related parties | -$4.4M | -$626.0K | -$40.0K |
| Other non-current assets | $945.0K | $2.9M | -$3.7M |
| Accounts payable | -$1.1M | $29.3M | $4.5M |
| Due to related parties | -$6.0K | $8.0K | -$80.0K |
| Salary and welfare payable | $2.4M | -$1.5M | $1.5M |
| Accrued expenses and other current liabilities | $2.0M | -$8.2M | $177.0K |
| Operating lease liabilities | -$4.5M | -$6.8M | -$9.4M |
| Tax payables | $1.0M | $779.0K | $105.0K |
| Other non-current liabilities | -$1.6M | $880.0K | $500.0K |
| Net cash provided by operating activities | $16.1M | $15.0M | $14.1M |
| Investments deposit refund | $1.6M | $6.8M | $5.7M |
| Investments deposit | -$9.1M | ||
| Purchase of long-term investments | -$6.2M | ||
| Loan to a related party | -$2.8M | ||
| Loan to third parties | -$11.4M | -$5.8M | |
| Loan repaid from a third party | $2.8M | ||
| Purchase of intangible assets | -$9.1M | -$17.9M | |
| Purchase of property and equipment | -$19.0M | -$29.5M | -$10.8M |
| Proceeds from disposal of property and equipment | $255.0K | $1.3M | $1.2M |
| Proceeds from disposal of subsidiaries | $9.7M | $51.0K | |
| Consideration deposit received from third parties | $140.0K | $2.8M | |
| Dividend received from investment | $114.0K | ||
| Net cash used in investing activities | -$37.4M | -$32.6M | -$18.8M |
| Proceeds from initial public offering | $8.5M | ||
| Proceeds from notes payable | $9.1M | $34.0M | $8.5M |
| Repayments of notes payable | -$15.0M | -$27.4M | -$2.0M |
| Proceeds from short-term bank loans | $54.4M | $50.3M | $37.9M |
| Repayments of short-term bank loans | -$50.2M | -$46.5M | -$48.7M |
| Proceeds from long-term bank loans | $19.5M | $16.5M | |
| Due to related parties | $110.0K | -$600.0K | |
| Capital contribution from non-controlling shareholders | $238.0K | $2.1M | $556.0K |
| Dividend to non-controlling shareholders | -$28.0K | ||
| Payment of deferred issuance costs | -$279.0K | ||
| Loans from third parties | $1.2M | ||
| Repayment to a third party | -$600.0K | ||
| Advance from a third-party | $7.2M | ||
| Net cash provided by financing activities | $18.8M | $29.1M | $11.2M |
| Effects of exchange rate changes on cash, cash equivalents and restricted cash | $867.0K | -$533.0K | -$558.0K |
| Net (decrease) increase in cash, cash equivalents and restricted cash | -$1.6M | $10.9M | $5.9M |
| Cash paid for income tax | $1.5M | $589.0K | $634.0K |
| Cash paid for interest | $2.3M | $1.9M | $1.8M |
| Liabilities (settled) incurred for purchase of property and equipment | -$362.0K | $344.0K | -$387.0K |
| Operating lease right-of-use assets extinguished in exchange for operating lease liabilities | -$181.0K | -$2.1M | -$1.3M |
| Disposition consideration settled by long term investment | $700.0K | ||
| Reclassification of deferred issuance costs | $81.0K |
No quarter-by-quarter statement was filed.
Corporate structure
SHENGFENG DEVELOPMENT Ltd sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of SHENGFENG DEVELOPMENT Ltd
- DOUBLE SUN CAPITAL Ltd Filed SCHEDULE 13G/A on SHENGFENG DEVELOPMENT Ltd, latest Feb 19, 2026 (3 filings since Feb 14, 2024)
- MID-CASTLE DEVELOPMENT Ltd Filed SCHEDULE 13G/A on SHENGFENG DEVELOPMENT Ltd, latest Feb 19, 2026 (3 filings since Feb 14, 2024)
- SHENGFENG INTERNATIONAL Ltd Filed SC 13G/A on SHENGFENG DEVELOPMENT Ltd, latest Oct 22, 2024 (2 filings since Feb 14, 2024)
- PRIME LINK CAPITAL INTERNATIONAL Ltd Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Jul 31, 2024 (2 filings since Feb 14, 2024)
- CHANGLE INTERNATIONAL Ltd Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Feb 14, 2024
- Chen Chia-Yu Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Feb 14, 2024
- EVERBRIGHT INTERNATIONAL DEVELOPMENT Ltd Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Feb 14, 2024
- SKY TOP CAPITAL INTERNATIONAL Ltd Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Feb 14, 2024
- YUANSHENG INTERNATIONAL Ltd Filed SC 13G on SHENGFENG DEVELOPMENT Ltd, latest Feb 14, 2024
- SHENGFENG DEVELOPMENT Ltd Fuzhou City, China
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What SHENGFENG DEVELOPMENT Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $111.1M2 Dec 31, 2025 | $95.5M2 Dec 31, 2024 | +16.2% |
| Accumulated depreciation | $41.0M2 Dec 31, 2025 | $35.6M2 Dec 31, 2024 | +15.1% |
| Property and equipment, net | $70.1M2 Dec 31, 2025 | $60.0M2 Dec 31, 2024 | +16.9% |
| Operating-lease assets (leased space) | $5.7M2 Dec 31, 2025 | $9.9M2 Dec 31, 2024 | −42.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $35.3M2 Dec 31, 2025 | $34.7M2 Dec 31, 2024 | +1.8% |
| Marketable securities, current | $44.7M2 Dec 31, 2025 | $39.4M2 Dec 31, 2024 | +13.3% |
| Stakes in other companies (equity method) | $8.9M2 Dec 31, 2025 | $1.9M2 Dec 31, 2024 | +367.0% |
| Long-term investments | $8.9M2 Dec 31, 2025 | $1.9M2 Dec 31, 2024 | +367.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Intangible assets, net (excluding goodwill) | $11.2M2 Dec 31, 2025 | $11.4M2 Dec 31, 2024 | −1.8% |
| Finite-lived intangibles, gross | $16.3M2 Dec 31, 2025 | $16.0M2 Dec 31, 2024 | +2.3% |
| Accumulated amortization | $5.1M2 Dec 31, 2025 | $4.6M2 Dec 31, 2024 | +12.3% |
| Finite-lived intangibles, net | $11.2M2 Dec 31, 2025 | $11.4M7 Dec 31, 2024 | −1.8% |
Leadership
Who has led SHENGFENG DEVELOPMENT Ltd, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerYongxu Liu Mar 18, 2026 to now8
- Chief financial officerGuoping Zheng Mar 11, 2026 to now9
Board members and other officers (2)
- Board memberGuoping Zheng Mar 11, 2026 to now9
- Board memberYongxu Liu Mar 18, 2026 to now8
Timeline
- Mar 18, 2026New chief executive Yongxu Liu becomes CEO8
Filings
81 filings to the SEC since October 2021: 5 annual reports, 5 insider forms, 15 large holders, 56 other. The latest 20:
- Sep 15, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Sep 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Aug 25, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jul 30, 20266-K CURRENT REPORT EDGAR
- Jul 29, 20266-K CURRENT REPORT EDGAR
- Apr 13, 20263 EDGAR
- Mar 30, 20263 EDGAR
- Mar 27, 202620-F ANNUAL REPORT EDGAR
- Mar 18, 20263 EDGAR
- Mar 11, 20263 EDGAR
- Mar 11, 20263 EDGAR
- Feb 19, 2026SCHEDULE 13G/A EDGAR
- Feb 19, 2026SCHEDULE 13G/A EDGAR
- Dec 4, 2025EFFECT EDGAR
- Dec 2, 2025CORRESP EDGAR
- Oct 24, 2025F-3 REGISTRATION STATEMENT EDGAR
- Aug 27, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Jun 3, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
- Mar 28, 202520-F ANNUAL REPORT EDGAR
- Feb 14, 2025SCHEDULE 13G/A EDGAR
The 81 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- DOUBLE SUN CAPITAL LtdSCHEDULE 13G/A, 3 filings Feb 14, 2024 to Feb 19, 202610
- MID-CASTLE DEVELOPMENT LtdSCHEDULE 13G/A, 3 filings Feb 14, 2024 to Feb 19, 202611
- SHENGFENG INTERNATIONAL LtdSC 13G/A, 2 filings Feb 14, 2024 to Oct 22, 202412
- PRIME LINK CAPITAL INTERNATIONAL LtdSC 13G, 2 filings Feb 14, 2024 to Jul 31, 202413
- CHANGLE INTERNATIONAL LtdSC 13G, 1 filing Feb 14, 202414
- Chen Chia-YuSC 13G, 1 filing Feb 14, 202415
- EVERBRIGHT INTERNATIONAL DEVELOPMENT LtdSC 13G, 1 filing Feb 14, 202416
- SKY TOP CAPITAL INTERNATIONAL LtdSC 13G, 1 filing Feb 14, 202417
- YUANSHENG INTERNATIONAL LtdSC 13G, 1 filing Feb 14, 202418
SEC filer profile
How SHENGFENG DEVELOPMENT Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARSHENGFENG DEVELOPMENT Ltd1
- CIK0001863218
- Filer statusNon-accelerated filer an emerging growth company; not a shell company4
- Incorporated inCayman Islands4
- Fiscal year endsDecember 311
- Industry code (SIC)4210 Trucking & Courier Services (No Air)1
- SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
- Business addressShengfeng Building, No. 478 Fuxin East Road, Jinan District, Fuzhou City, F4 3500011
- Phone86-591-836198601
- Shares outstanding40,617,513 Common Class A shares; 41,880,000 Common Class B shares as of Dec 31, 20254
- AuditorMarcum Asia CPAs LLP, New York, New York PCAOB ID 5395; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceMay 20, 20211
- Filings91 in all: UPLOAD (13), 6-K (12), CORRESP (10), SC 13G (10), F-1/A (7), DRS/A (6), DRSLTR (6), 3 (5)1
All 20 form types
20-F (4), SCHEDULE 13G/A (4), EFFECT (3), DRS (2), F-1 (2), 20-F/A (1), 424B4 (1), 8-A12B (1), CERT (1), F-3 (1), FWP (1), SC 13G/A (1)
- Latest filingsAnnual report (20-F) Mar 27, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Ordinary Shares | SFWL | Nasdaq |
From the cover page of the 20-F filed Mar 27, 2026 (Section 12(b) of the Exchange Act).4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8SEC EDGARYongxu Liu, Chief executive officer
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18