Shengfeng Development is a B2B contract logistics company operating in China. Its core business is freight transportation: picking up goods from corporate clients, moving them through a national hub-and-spoke network of 26 regional sorting centers, and delivering to recipients. The LTL (less-than-truckload) business — consolidating freight from multiple clients into a single truck — is the core of operations, alongside full truckload services. Shengfeng covers 382 cities across 32 provinces and operates over 650 line-haul and short-haul routes. About 84% of freight is outsourced to third-party carriers, making this an asset-light model. Clients are medium- to large-scale manufacturers and trading companies; the new energy vehicle sector is the largest vertical, followed by consumer goods and general manufacturing. Notable clients include CATL, Tesla, Xiaomi, and Schneider Electric. Beyond freight, Shengfeng operates 57 fulfillment centers offering warehousing, pick-and-pack, and inventory management under multi-year contracts. Revenue is driven by per-shipment freight fees, priced on weight, route, and cargo type, plus incremental fees for value-added services like customs declaration, insurance, and delivery upstairs. Margins are thin, typical for price-competitive contract logistics. Shengfeng is winding down its owned fleet and retail service outlets to focus on B2B clients and reduce fixed costs, while investing in route optimization technology and transitioning to electric heavy-duty trucks.