| RELATED PARTY TRANSACTIONS |
| 6. | RELATED PARTY TRANSACTIONS | The table below sets forth the major related parties and their relationships with the Company as of June 30, 2026 and December 31, 2025, and for the six months ended June 30, 2026 and 2025: | Name of related parties | | Relationship with the Company | | Fujian Bafang Shengfeng Logistics Co., Ltd (“Fujian Bafang”) | | An equity investee of the Company | | Fuzhou Tianyu Shengfeng Industrial Co., Ltd (“Fuzhou Tianyu”) | | A company controlled by Yongxu Liu, CEO and Chairman of the Company | | Fuzhou Tianyu Shengfeng Property Management Co., Ltd (“Fuzhou Tianyu Management”) | | A company under the control of a shareholder | | Fujian Desheng Logistics Co., Ltd (“Fujian Desheng”) | | A company under the control of a shareholder | | Yongxu Liu | | The Company’s CEO and Chairman | | Xiying Yang | | CEO’s spouse | | Yongteng Liu | | CEO’s brother | | Fujian Yunlian Shengfeng Industry Co., Ltd., (“Fujian Yunlian”) | | Shengfeng VIE’s shareholder | | Fuzhou Puhui Technology Co., Ltd | | Non-controlling shareholder of Ningde Shengfeng Logistics Co. Ltd. | | Chongqing Changjiang River Moulding Material (Group) Co., Ltd. (“Chongqing Changjiang”) | | Non-controlling shareholder of Liaoning Tianyu Changsheng Supply Chain Management Co., Ltd. | | Pingtan SF | | An equity method investee of the Company | | Mid-Castle Development Ltd. (“Mid-Castle”) | | The Company’s shareholder | | Hebei Tianyu Shengfeng Supply Chain Management Co., Ltd. (“Hebei Tianyu”) | | An equity method investee of the Company | | i) | Significant transactions with related parties were as follows: | | | | For the Six Months Ended
June 30, | | | | | 2026 | | | 2025 | | | Transportation services to Fujian Desheng | | $ | - | | | $ | 28 | | | Transportation services to Fujian Bafang | | | 62 | | | | 4 | | | Transportation services to Chongqing Changjiang and its subsidiaries | | | 8,240 | | | | 4,094 | | | Transportation services to Hebei Tianyu | | | 12 | | | | - | | | Total | | $ | 8,314 | | | $ | 4,126 | | | | | For the Six Months Ended June 30, | | | | | 2026 | | | 2025 | | | Transportation services from Fujian Bafang | | $ | 857 | | | $ | 1,394 | | | Lease services from Fuzhou Tianyu | | | 93 | | | | 124 | | | Lease services from Fuzhou Tianyu Management | | | 9 | | | | 8 | | | Supply services from Hebei Tianyu | | | 239 | | | | - | | | Total | | $ | 1,198 | | | $ | 1,526 | | The Company’s shareholder, CEO and Chairman, Yongxu Liu, his spouse, Xiying Yang, his brother, Yongteng Liu, Fujian Yunlian and Fuzhou Puhui Technology Co., Ltd, were the guarantors of the Company’s bank loans. | iii) | Significant balances with related parties were as follows: | | | | As of
June 30,
2026 | | | As of
December 31,
2025 | | | Due from related parties | | | | | | | | Fuzhou Tianyu | | $ | 43 | | | $ | 42 | | | Hebei Tianyu | | | 209 | | | | - | | | Fujian Bafang | | | 59 | | | | 31 | | | Pingtan SF (a) | | | 7,410 | | | | 6,971 | | | Mid-Castle | | | 317 | | | | 472 | | | Chongqing Changjiang and its subsidiaries | | | 3,598 | | | | 4,642 | | | Total | | $ | 11,636 | | | $ | 12,158 | | | (a) | The Company has made advances to Pingtan SF in accordance with the investment agreement. Such advances are due on demand. | | | | As of
June 30,
2026 | | | As of
December 31,
2025 | | | Due to related parties | | | | | | | | Fujian Bafang (a) | | $ | 1,420 | | | $ | 1,699 | | | Fuzhou Tianyu | | | 7 | | | | 21 | | | Yongteng Liu | | | 110 | | | | 110 | | | Total | | $ | 1,537 | | | $ | 1,830 | | | (a) | On December 10, 2007, the Company entered into an interest-free loan agreement with Fujian Bafang for a principal amount of approximately $1.4 million (RMB 9.6 million). Such loan is due on demand. |
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