| Schedule of Consolidated Financial Statements |
As of December 31, 2025, the accompanying consolidated financial statements
reflect the activities of the Company and each of the following entities, including its WFOE and VIE:
| No. | | Name of subsidiaries | | Place of
incorporation | | Date of
incorporation
or acquisition | | Percentage
of direct
or indirect | | | Principal activities | | 1 | | Shengfeng Holding Limited (“Shengfeng HK”) | | Hong Kong | | August 18, 2020 | | 100 | % | | Investment holding of Tianyu | | 2 | | Tianyu Shengfeng Logistics Group Co., Ltd. (“Tianyu”, formerly known as “Fujian Tianyu Shengfeng Logistics Co., Ltd “) | | Fujian, the PRC | | December 16, 2020 | | 100 | % | | Investment holding of Shengfeng VIE | | 3 | | Singularity Digital Technology Co., Ltd. | | Cayman Islands | | September 12, 2025 | | 100 | % | | Software and technology consulting | | 4 | | Shengfeng (Viet Nam) International Supply Chain CO., Ltd. | | Vietnam | | November 26, 2025 | | 100 | % | | Transportation and warehouse storage management service | | | | VIE and VIE’s subsidiaries: | | | | | | | | | | | 5 | | Shengfeng Logistics Group Co., Ltd. (“Shengfeng VIE” or “Shengfeng Logistics”) | | Fujian, the PRC | | December 7, 2001 | | 100 | % | | Transportation and warehouse storage management service | | 6 | | Fuqing Shengfeng Logistics Co., Ltd. | | Fujian, the PRC | | April 15, 2011 | | 100 | % | | Transportation and warehouse storage management service | | 7 | | Xiamen Shengfeng Logistics Co., Ltd. | | Fujian, the PRC | | December 22, 2011 | | 100 | % | | Transportation and warehouse storage management service | | No. | | Name of subsidiaries | | Place of
incorporation | | Date of
incorporation
or acquisition | | Percentage
of direct
or indirect | | | Principal activities | | 8 | | Guangdong Shengfeng Logistics Co., Ltd. | | Guangdong, the PRC | | December 30, 2011 | | 100 | % | | Transportation and warehouse storage management service | | 9 | | Hainan Shengfeng Supply Chain Management Co., Ltd. | | Hainan, the PRC | | August 18, 2020 | | 51 | % | | Transportation and warehouse storage management service | | 10 | | Beijing Tianyushengfeng E-commerce Technology Co., Ltd. | | Beijing, the PRC | | January 9, 2004 | | 100 | % | | Transportation and warehouse storage management service | | 11 | | Beijing Shengfeng Supply Chain Management Co., Ltd. | | Beijing, the PRC | | April 13, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 12 | | Shengfeng Logistics (Guizhou) Co., Ltd. | | Guizhou, the PRC | | August 15, 2017 | | 100 | % | | Transportation and warehouse storage management service | | 13 | | Shengfeng Logistics (Tianjin) Co., Ltd. | | Tianjin, the PRC | | March 8, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 14 | | Shengfeng Logistics (Shandong) Co., Ltd. | | Shandong, the PRC | | March 15, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 15 | | Shengfeng Logistics Hebei Co., Ltd. | | Hebei, the PRC | | February 17, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 16 | | Shengfeng Logistics (Henan) Co., Ltd. | | Henan, the PRC | | March 28, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 17 | | Shengfeng Logistics (Liaoning) Co., Ltd. | | Liaoning, the PRC | | March 2, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 18 | | Shengfeng Logistics (Yunnan) Co., Ltd. | | Yunnan, the PRC | | January 25, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 19 | | Shengfeng Logistics (Guangxi) Co., Ltd. | | Guangxi, the PRC | | February 1, 2016 | | 100 | % | | Transportation and warehouse storage management service | | 20 | | Hubei Shengfeng Logistics Co., Ltd. | | Hubei, the PRC | | December 15, 2010 | | 100 | % | | Transportation and warehouse storage management service | | 21 | | Shengfeng Logistics Group (Shanghai) Supply Chain Management Co., Ltd. | | Shanghai, the PRC | | August 26, 2015 | | 100 | % | | Transportation and warehouse storage management service | | 22 | | Shanghai Shengxu Logistics Co., Ltd. | | Shanghai, the PRC | | June 4, 2003 | | 100 | % | | Transportation and warehouse storage management service | | 23 | | Hangzhou Shengfeng Logistics Co., Ltd. | | Zhejiang, the PRC | | June 10, 2010 | | 100 | % | | Transportation and warehouse storage management service | | No. | | Name of subsidiaries | | Place of
incorporation | | Date of
incorporation
or acquisition | | Percentage
of direct
or indirect | | | Principal activities | | 24 | | Nanjing Shengfeng Logistics Co., Ltd. | | Jiangsu, the PRC | | August 30, 2011 | | 100 | % | | Transportation and warehouse storage management service | | 25 | | Suzhou Shengfeng Logistics Co., Ltd. | | Jiangsu, the PRC | | January 14, 2005 | | 90 | % | | Transportation and warehouse storage management service | | 26 | | Suzhou Shengfeng Supply Chain Management Co., Ltd. | | Jiangsu, the PRC | | August 9, 2019 | | 100 | % | | Transportation and warehouse storage management service | | 27 | | Shengfeng Supply Chain Management Co., Ltd. | | Fujian, the PRC | | June 19, 2014 | | 100 | % | | Transportation and warehouse storage management service | | 28 | | Fuzhou Shengfeng Transportation Co., Ltd. | | Fujian, the PRC | | April 18, 2019 | | 100 | % | | Transportation and warehouse storage management service | | 29 | | Sichuan Shengfeng Logistics Co., Ltd. | | Sichuan, the PRC | | June 27, 2019 | | 100 | % | | Transportation and warehouse storage management service | | 30 | | Fujian Shengfeng Logistics Co., Ltd. | | Fujian, the PRC | | April 2, 2020 | | 100 | % | | Transportation and warehouse storage management service | | 31 | | Fujian Dafengche Information Technology Co. Ltd. | | Fujian, the PRC | | August 26, 2020 | | 100 | % | | Software engineering | | 32 | | Ningde Shengfeng Logistics Co. Ltd. | | Fujian, the PRC | | November 12, 2018 | | 51 | % | | Transportation and warehouse storage management service | | 33 | | Shengfeng Logistics (Zhejiang) Co., Ltd. | | Zhejiang, the PRC | | February 1, 2021 | | 100 | % | | Transportation and warehouse storage management service | | 34 | | Chengdu Shengfeng Supply Chain Management Co., Ltd. | | Chengdu, the PRC | | October 12, 2021 | | 100 | % | | Supply chain management service | | 35 | | Shengfeng Logistics Group (Ningde) Supply Chain Management Co., Ltd. | | Fujian, the PRC | | September 23, 2022 | | 100 | % | | Supply chain management service | | 36 | | Anhui Shengfeng Supply Chain Management Co., Ltd. | | Anhui, the PRC | | November 29, 2023 | | 100 | % | | Transportation and warehouse storage management service | | 37 | | Shenzhen Tianyu Shengfeng Supply Chain Management Co., Ltd. | | Guangdong, the PRC | | May 19, 2023 | | 100 | % | | Transportation and supply chain management service | | 38 | | Ningbo Shengfeng Supply Chain Co., Ltd. | | Zhejiang, the PRC | | April 16, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 39 | | Qingdao Shengfeng Supply Chain Co., Ltd. | | Shandong, the PRC | | April 22, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 40 | | Zhongshan Shengfeng Supply Chain Management Co., Ltd. | | Guangdong, the PRC | | May 15, 2024 | | 100 | % | | Transportation and warehouse storage management service | | No. | | Name of subsidiaries | | Place of
incorporation | | Date of
incorporation
or acquisition | | Percentage
of direct
or indirect | | | Principal activities | | 41 | | Hunan Shengfeng Supply Chain Management Co., Ltd. | | Hunan, the PRC | | May 23, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 42 | | Jiangxi Shengfeng Supply Chain Management Co., Ltd. | | Jiangxi, the PRC | | May 24, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 43 | | Dongguan Shengfeng Supply Chain Management Co., Ltd. | | Guangdong, the PRC | | July 7, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 44 | | Langfang Shengfeng Logistics Co., Ltd. | | Hebei, the PRC | | August 27, 2024 | | 100 | % | | Transportation and warehouse storage management service | | 45 | | Liaoning Tianyu Changsheng Supply Chain Management Co., Ltd. | | Liaoning, the PRC | | October 16, 2024 | | 66 | % | | Transportation and warehouse storage management service | | 46 | | Chongqing Tianyu Shengfeng Supply Chain Management Co., Ltd. | | Chongqing, the PRC | | October 21, 2024 | | 100 | % | | Transportation and supply chain management service | | 47 | | Fujian Shengfeng Fulai Low Altitude Comprehensive Service Co., Ltd. | | Fujian, the PRC | | November 7, 2024 | | 51 | % | | Transportation and cargo packaging service | | 48 | | Fujian Shengfeng Zhuoyue Shipping Engineering Technology Co., Ltd. | | Fujian, the PRC | | December 9, 2024 | | 51 | % | | Technical services and development | | 49 | | Zhangzhou Shengfeng Logistics Co., Ltd. | | Fujian, the PRC | | May 14, 2025 | | 100 | % | | Transportation and warehouse storage management service | | 50 | | Luoyang Shengfeng Supply Chain Management Co., Ltd. | | Luoyang, the PRC | | August 1, 2025 | | 100 | % | | Transportation and warehouse storage management service | | 51 | | Heilongjiang Shengfeng Supply Chain Management Co., Ltd. | | Heilongjiang, the PRC | | September 26, 2025 | | 100 | % | | Transportation and warehouse storage management service | | | | Significant subsidiaries of Tianyu: | | | | | | | 52 | | Yichun Shengfeng Logistics Co., Ltd. | | Jiangxi, the PRC | | December 1, 2022 | | 100 | % | | Transportation and warehouse storage management service | | 53 | | Hubei Tianyu Shengfeng Logistics Co., Ltd. | | Hubei, the PRC | | November 14, 2023 | | 100 | % | | Transportation and supply chain management service |
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