SF Intra-city (9699.HK) Reports Record Revenue of RMB22.9 Billion on Strong Growth in On-demand Delivery

HONG KONG, March 31, 2026 – Hangzhou SF Intra-city Industrial Co., Ltd. (9699.HK) reported record financial performance for the year ended December 31, 2025, driven by strong growth across its intra-city and last-mile delivery businesses, alongside continued investments in technology and network expansion.

The company recorded revenue of RMB22.9 billion, up 45.4% year-on-year, while profit attributable to shareholders rose 109.7% to RMB277.7 million. Adjusted net profit increased 184.3% to RMB414.7 million, reflecting improved operational efficiency and scale benefits.

Gross profit rose 34.8% to RMB1.44 billion, with margins remaining stable at 6.3%, underscoring the company’s ability to maintain profitability amid rapid expansion.

Intra-city delivery drives core growth

SF Intra-city’s intra-city delivery segment remained the primary growth engine, with revenue rising 47.6% to RMB13.47 billion. Order volumes increased by more than 55% year-on-year, supported by growing demand across food delivery, on-demand retail, and local services.

Revenue from merchant-focused delivery services surged 60% to RMB10.7 billion, reflecting stronger engagement with key accounts and expanding partnerships with major brands and platforms. The company added more than 7,900 new cooperating stores during the year.

The platform’s merchant base grew significantly, with annual active merchants reaching 1.12 million, up 72% year-on-year, while active consumers exceeded 26 million.

Last-mile delivery segment expands with e-commerce demand

The company’s last-mile delivery business also recorded strong growth, with revenue increasing 42.4% to RMB9.43 billion. This was driven by rising demand for e-commerce logistics services, including parcel delivery and returns handling. Both revenue and order volumes from e-commerce parcel services doubled during the year, supported by deeper integration with key customers and improved fulfilment capabilities.

The company also expanded its role as a flexible logistics partner during peak periods such as major online shopping festivals, further strengthening its position within the broader logistics ecosystem.

SF Intra-city continued to expand its geographic footprint, offering services across nearly 2,400 cities and counties in China, including more than 1,400 lower-tier markets. Revenue from county-level markets maintained high double-digit growth, with average daily order volumes doubling year-on-year, highlighting increasing penetration beyond major urban centres.

The company’s flexible nationwide rider network also expanded, with annual active riders reaching approximately 1.46 million, while rider productivity improved by 30% year-on-year.

Technology and AI drive efficiency gains

Technology continued to play a central role in SF Intra-city’s growth strategy. The company advanced its digital logistics platform, leveraging AI-driven dispatch systems, intelligent order allocation, and automated operational processes to enhance efficiency.

Its City Logistics System enables end-to-end coordination across fulfilment operations, while AI applications have improved order conversion, customer service response times, and compliance processes.

The company has also expanded its unmanned delivery capabilities, with more than 1,000 autonomous vehicles deployed across 116 cities, supporting last-mile and intra-city logistics scenarios.

SF Intra-city deepened its collaboration with its parent ecosystem, including integration with broader supply chain services such as warehousing and transportation. This integrated approach enabled the company to deliver end-to-end logistics solutions, generating incremental revenue of RMB451.6 million from such collaborations, up 23.2% year-on-year.

Looking ahead, SF Intra-city said it will continue to focus on scaling its network, expanding service scenarios, and investing in technology to support sustainable growth.

With increasing demand for on-demand delivery services driven by evolving consumption patterns, the company is positioning itself to capture opportunities across food delivery, local retail, and intra-city logistics, while further strengthening its leadership in China’s third-party instant delivery market.