HONG KONG, August 30, 2026: Hangzhou SF Intra-city Industrial Co., Ltd. reported record first-half 2026 results, with revenue rising 14.7% year-on-year to RMB11.74 billion and profit attributable to owners of the company increasing 154.9% to RMB349.3 million, as China’s largest third-party on-demand delivery service provider deepened its multi-scenario logistics network.
The Hong Kong-listed company, trading under stock code 9699.HK, said adjusted net profit increased 70.8% to RMB265.8 million, while gross profit rose 20.9% to RMB823.2 million. Gross profit margin improved by 0.3 percentage points to 7.0%, supported by economies of scale, refined rider operations and AI-enabled efficiency improvements.
SF Intra-city said order volume generated by intra-city delivery services grew by more than 30% year-on-year, with intra-city delivery revenue reaching RMB7.19 billion, up 24.4%. Merchant delivery revenue rose 28.1% to RMB5.72 billion, while consumer delivery revenue increased 11.8% to RMB1.47 billion. Last-mile delivery revenue reached RMB4.55 billion, up 2.1%.
For the 12 months ended June 30, 2026, the number of active merchants on the platform reached 1.23 million, up 44%, while active consumers exceeded 27.03 million.
Neutral Third-Party Positioning
SF Intra-city said its growth was driven by resilient demand for food delivery and on-demand retail, its neutral and open third-party platform positioning, and its full-scenario, multi-category service capabilities. It also cited improved resource allocation and AI technologies across front-end customer acquisition, network operations and back-end resource input.
The management team said the group continued to cultivate the local lifestyle services industry and provide on-demand delivery services to merchants, consumers and traffic platforms, while investing in scale growth, network efficiency and ecological synergies across business scenarios.
The company’s merchant business benefited from food delivery, on-demand retail, supermarkets, chain penetration and lower-tier market expansion. It added more than 4,300 newly cooperative stores during the reporting period and continued to strengthen cooperation with high-quality customers.
In retail, supermarket industry revenue grew more than 50% year-on-year, while non-food categories such as beauty and fresh groceries also recorded strong growth. The company provided services to merchants in more than 2,400 cities and counties, including more than 1,500 lower-tier counties. Its fulfilment in-time rate was approximately 95%, with an average delivery time of 22 minutes for orders within three kilometres.
Consumer and Last-Mile Growth
For consumers, SF Intra-city continued to build “deliver for me, fetch for me, purchase for me, and solve for me” services across daily errands, medical healthcare and business agency scenarios. Revenue from consumer intra-city delivery reached RMB1.47 billion, supported by customer acquisition, repeat purchases, Exclusive Delivery services and ecosystem integration with SF Group.
Last-mile delivery revenue grew 2.1% to RMB4.55 billion, driven by cooperation with SF Group, parcel collection and intra-city transit support, e-commerce peak season demand and expansion into cold chain, bulky item delivery and four-wheel delivery capacity.
SF Intra-city also reported growth in rider scale and activity. Monthly active riders increased 20% year-on-year, while the number of middle-to-high-income riders rose 17%. The company said it held more than 9,500 offline care activities and used AI to upgrade its Rider Academy course platform.
AI and Unmanned Delivery
The company said its “AI + Unmanned” strategy advanced significantly in the first half of 2026. Its City Logistics System uses big data and AI algorithms to predict order fluctuations, integrate commercial district characteristics, analyse rider behaviour and optimise order-capacity matching.
SF Intra-city has also integrated with AI agents such as WeChat “Xiaowei” and Alipay “Abao”, enabling users to place on-demand delivery orders through voice interaction. The company said it aims to become an independent third-party AI intra-city delivery infrastructure callable within the AI ecosystem.
As of the first half of 2026, SF Intra-city’s unmanned vehicle network covered 124 cities, with more than 1,000 vehicles in operation and over 60,000 monthly average active trips. The network is being used in last-mile delivery and intra-city on-demand scenarios such as catering and campuses.
Looking ahead, management said the company would continue pursuing “high-quality and sustainable growth”, deepen AI and unmanned delivery deployment, broaden service scenarios and strengthen its role in local lifestyle services.