Shengfeng Development Limited Announces Completion of the Ningde Shengfeng Smart Logistics Center, Primarily Servicing CATL

FUZHOU, China, Dec. 18, 2024 /PRNewswire/ -- Shengfeng Development Limited ("Shengfeng" or the "Company") (NASDAQ: SFWL), a contract logistics company in China providing customers with integrated logistics solutions, announced today the completion of the Ningde Shengfeng Smart Logistics Center (the "Ningde Center"), a facility that will be primarily used to serve Contemporary Amperex Technology Co., Limited ("CATL"), a client of Shengfeng that operates in the battery manufacturing industry.

The Ningde Center was constructed with a total investment of approximately RMB 244.59 million and spans 47,423 square meters with a total building area of 59,442.71 square meters. This facility is designed to integrate warehousing and distribution, providing logistics solutions for CATL and its supply chain partners.

The Ningde Center advances Shengfeng's efforts in enhancing its operational capabilities and solidifying relationships with key clients like CATL. By catering to CATL's logistics needs and those of the broader industrial chain, the Ningde Center is expected to attract new business opportunities, thereby strengthening Shengfeng's position as a leader in smart logistics in China.

"This milestone marks a significant step in Shengfeng's growth strategy," said Mr. Yongxu Liu, Chairman and CEO of Shengfeng. "The completion of the Ningde Center, which serves CATL and other clients, highlights the Company's ongoing commitment to providing innovative and efficient logistics solutions. It underscores our dedication to serving a wide range of industries in the Chinese market, especially the rapidly growing new energy vehicle sector. We anticipate that this facility will drive our business growth and reinforce our market position."

The grand opening ceremony for the Ningde Center is scheduled for December 20, 2024, with participation from industry leaders, local officials, and representatives from Shengfeng and CATL.

About Shengfeng Development Limited

Shengfeng Development Limited is a contract logistics company in China providing customers with integrated logistics solution services. Established in 2001, the Company has developed extensive and reliable transportation networks in China, covering 341 cities across 31 provinces, as of June 30, 2024. The Company provides integrated logistics solutions comprised of B2B freight transportation services, cloud storage services, and value-added services. The Company applies well-established management system and operation procedures to assist companies in China to increase efficiency and improve their own management systems with respect to transportation, warehousing and time management. For more information, please visit the Company's website: http://ir.sfwl.com.cn/.

Forward-Looking Statements

This press release contains "forward-looking statements." Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.