In-Depth Research Report on SF Holding's Strategic Layout of Embodied Intelligent Robots

Based on systematic data collection and analysis, we now present the

.

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SF Holding has reached a strategic cooperation with Xingdong Era, which is a key layout in the field of embodied intelligence. Xingdong Era was founded in 2024 by Chen Jianyu, Assistant Professor of the Institute for Interdisciplinary Information Sciences at Tsinghua University, and focuses on the R&D of embodied intelligent robots. The company has completed a

, led by Geely Capital, with co-investments from BAIC Capital, Beijing Artificial Intelligence Industry Investment Fund, etc. [1][2]

Cooperation Dimension	Details
Cooperation Form	In-depth cooperation agreement for joint R&D focusing on logistics scenarios such as express delivery and warehousing
Technical Solution	R&D and application promotion of embodied intelligent robot technical solutions
Commercial Implementation	The largest single order in the logistics industry worth nearly RMB 50 million; standardized solutions have been formed
Technical Products	Embodied Brain ERA-42, full-size bipedal humanoid robot Xingdong L7, five-finger dexterous hand, etc.

Xingdong Era’s Embodied Brain ERA-42 has achieved precise control of the whole body and five-finger dexterous hand of high-degree-of-freedom full-size bipedal humanoid robots. In the logistics field, it can complete

, with an efficiency of 70% in some scenarios currently [2][3].

SF Holding has formed a complete layout of “

” in the autonomous delivery field:

Layout Dimension	Progress
Shareholding Investment	Invested in White Rhino (a low-speed autonomous driving company) twice in August 2024 and May 2025 [4]
Deployment Scale	SF Holding has deployed more than 800 unmanned vehicles , and SF Instant has deployed approximately 200
Application Scenarios	Feeder transportation between transfer hubs and outlets, connection between outlets and collection/delivery areas, closed areas such as industrial parks and campuses
Coverage Network	SF Instant’s service network covers 38 major cities

SF Technology has been deeply engaged in logistics technology since its establishment in 2009, and has received multiple industry recognitions:

• Selected as one of the
  2025 Fortune China Top 50 Tech Companies
  [5]
• 2025 Franz Edman Global Finals Award
  ,
  2024 Shenzhen Artificial Intelligence Science and Technology Progress Award
• National Postdoctoral Research Workstation
  , certified by the Automatic Identification Technology R&D Center of the State Post Bureau
• Self-developed logistics industry large models “
  Fengyu
  ”, “
  Fengzhi
  ” and “
  SF Super Brain
  ” system

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Cost Indicator	Calculated Data
Monthly Cost Savings per Vehicle	RMB 5,100/month
Annual Savings from 800 Vehicles in Operation	RMB 49 million
Annual Savings After Full Replacement (100,000 Vehicles)	RMB 6.12 billion
After-Tax Profit Increase (25% Tax Rate)	RMB 4.59 billion

According to the research report of Sinolink Securities, the usage cost of unmanned vehicles (RMB 26,000/month) is significantly lower than that of traditional logistics vehicles (RMB 77,000/month), including vehicle depreciation, driver salaries, fuel costs, etc. [4]. If 100% replacement is achieved, SF Holding’s annual profit increase can reach

, representing an increase of over 40% relative to its current net profit scale of approximately RMB 10 billion.

: In May 2025, the State Post Bureau issued the “Opinions on Accelerating the Scientific and Technological Development of the Postal Industry”, clearly stating that “we will deepen the promotion and application of artificial intelligence technologies and products in the industry, and accelerate the large-scale application of drones, unmanned vehicles, and intelligent cloud warehouses in the industry” [4].

SF Holding possesses

, which serves as a natural testbed for embodied intelligence training. The cooperation with Xingdong Era has formed a positive “” flywheel:

Rich Scenarios → Data Accumulation → Model Iteration → Capacity Enhancement → More Scenarios

:

• Continuous upgrade of Embodied Brain ERA-42 (one of the world’s four major frequency-divided VLA players, alongside Figure Helix, Tesla Grok, NVIDIA GR00T) [2]
• Self-developed hardware accounts for over 95%, achieving vertical integration of the supply chain
• Logistics scenario data forms a differentiated competitive barrier

Barrier Dimension	Construction Path
Technological Moat	Full-stack self-development of integrated software and hardware, with independent and controllable core algorithms
Ecological Synergy	Dual-drive of developer ecosystem + industry solutions
First-Mover Advantage in Internationalization	Xingdong Era’s overseas business accounts for 50%, covering North America, Europe, the Middle East, Japan and South Korea
Scenario Network	Physical network composed of over 10,000 outlets and over 100,000 end-delivery vehicles across the country

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SF Holding’s current valuation system is still dominated by

(PE around 18x), but its strategic layout of embodied intelligence will drive the valuation logic to switch to :

Valuation System	PE Range	Valuation Midpoint
Traditional Logistics	15-20x	17x
Tech-Enabled Logistics	25-35x	30x
Valuation Upside	+30%-50%	-

:

1. Profit Growth from Cost Savings
   : Annual profit increase of approximately RMB 4.6 billion after full replacement, corresponding to an EPS increase of approximately RMB 0.9
2. Valuation Premium for Tech Attributes
   : SF Technology is selected as one of the Fortune China Top 50 Tech Companies, with continuous increase in R&D investment
3. Revaluation of Data Asset Value
   : Logistics scenario data barriers become a new valuation anchor
4. Certainty of Policy Support
   : National strategy supports intelligent transformation, with continuous release of policy dividends
5. First-Mover Advantage
   : In-depth cooperation with Xingdong Era seizes the first opportunity in the commercialization of humanoid robots

:

1. Short-Term Profit Pressure
   : Increase in early-stage R&D investment and capital expenditure
2. Uncertainty in Technology Implementation
   : Embodied intelligence technology is still in the early stage of development
3. Intensified Industry Competition
   : JD Logistics, Cainiao, etc. are also accelerating their layout of autonomous delivery
4. Fluctuations in Macroeconomic Environment
   : May affect capital expenditure capacity and expansion pace

Indicator	2024A	2025E	2026E	2027E
Operating Revenue (RMB 100 million)	2,844	3,197	3,528	3,898
Net Profit Attributable to Shareholders (RMB 100 million)	102	110	128	150
Contribution from Robot Business (RMB 100 million)	-	0.5	3	10
Expected PE	18x	17x	16x	15x
PE with Tech Premium (Considering AI Valuation)	18x	20x	24x	28x

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Enterprise	Robot Investment	Technology Maturity	Competitive Advantage
SF Holding (Direct Operation)	85	75	Scenario Data + Technical Cooperation
JD Logistics (E-Commerce Ecosystem)	70	80	E-Commerce Scenarios + Independent R&D Capability
Cainiao (Alibaba Ecosystem)	65	60	Platform Resources + Data Advantages
Tongda System (Franchise Model)	40	35	Cost Control + Network Coverage

SF Holding’s competitive advantages lie in its

(not controlled by any e-commerce platform) and . The in-depth cooperation with Xingdong Era makes up for its shortcomings in embodied intelligent hardware and algorithms.

:

SF Holding’s strategic layout of embodied intelligent robots will enhance the company’s value from three dimensions:

1. Short-Term (1-2 Years)
   : Large-scale deployment of unmanned vehicles brings cost savings, with annual profit growth potential of up to RMB 4.6 billion
2. Mid-Term (3-5 Years)
   : Accumulation of scenario data forms technological barriers, and valuation logic switches to that of a tech company
3. Long-Term (Over 5 Years)
   : Ecological barriers are built, establishing a leading position in intelligent logistics

:

• Technology implementation progress falls short of expectations
• Intensified industry competition puts pressure on gross profit margin
• Increase in capital expenditure affects short-term cash flow
• Macroeconomic fluctuations affect demand

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[1] Xingdong Era Secures Nearly RMB 1 Billion in Series A+ Financing - Securities Times Network

[2] Xingdong Era Secures Nearly RMB 1 Billion in Series A+ Financing - QbitAI

[3] Geely Capital Leads Nearly RMB 1 Billion New Financing for Xingdong Era - Southern Metropolis Daily

[4] Special Research on Transportation Industry - Sinolink Securities Research Institute

[5] SF Technology Selected as 2025 Fortune China Top 50 Tech Company - China Daily Website

[6] SF Holding Co., Ltd. 2025 Third Quarter Report - SF Holding

[7] Follow the Trend, Build the Foundation of Long-Term Value - Minsheng Securities Research Institute