Adjusted Net Profit Reaches RMB414.7 million, Driven by Technological Innovation and Accelerated Network Scale Economies

Achieves Balanced High – Quality Growth Across All Business Segments Further Strengthens Leadership in China's Third – party On – demand Delivery Market Further Solidifies Its Leadership in Third-Party Instant Delivery

Results Highlights

• Revenue increased by 45.4% year-on-year ("YoY") to RMB 22,898.6 million
• Gross profit increased by 34.8% YoY to RMB 1,444.5 million; the gross profit margin stood at 6.3% and remained healthy
• Profit attributable to owners of the Company reached a new historical high of approximately RMB 277.7 million, up 109.7% YoY; net profit margin was 1.2%; adjusted net profit (non-IFRS Accounting Standards measure) grew by 184.3% to RMB 414.7 million, with an adjusted net profit margin of 1.8%
• Order volume generated by intra-city delivery services grew by over 55% YoY, with revenue reaching RMB 13,466.9 million, representing a YoY increase of 47.6%. Of this revenue, approximately RMB 10,700.8 million came from intra-city delivery services for merchants, reflecting a YoY increase of 60.0%, while revenue from intra-city delivery services for consumers was approximately RMB 2,766.0 million, representing a YoY increase of 13.7%
• Revenue from last-mile delivery services amounted to approximately RMB 9,431.8 million, representing a YoY increase of 42.4%
• During the Reporting Period, the number of active merchants on the platform reached 1.12 million, representing a YoY increase of 72%, while the scale of active consumers continued to expand, exceeding 26.06 million
• During the Reporting Period, the number of annual active riders on the platform approximately 1.46 million. Through optimised operational management capabilities, riders' productivity improved by 30% YoY
• As of 31 December 2025, the Group generated net cash from operating activities of RMB 394.8 million, up by 45% YoY; and held cash and cash equivalents and short-term financial investments of RMB 1,145.4 million and RMB 1,504.3 million, respectively, with healthy cash flows and ample liquidity reserves.

HONG KONG , March 30, 2026 /PRNewswire/ -- Hangzhou SF Intra-city Industrial Co., Ltd. ("SF Intra-city" or the "Group"; Stock Code: 9699.HK), the largest third-party on-demand delivery service provider in China, announced its audited annual results for the 12 months ended 31 December 2025 (the "Reporting Period").

During the Reporting Period, the Group achieved high-quality and robust financial growth. Revenue recorded a YoY increased by 45.4% to approximately RMB 22,898.6 million; gross profit increased by 34.8% YoY to approximately RMB 1,444.5 million; the gross profit margin stood at 6.3%, remaining healthy. In 2025, the net profit of the Group amounted to approximately RMB 277.7 million, representing YoY growth of 109.7%; the adjusted net profit was RMB 414.7 million, up 184.3% YoY, with an adjusted net profit margin of 1.8%. Both adjusted net profit and adjusted net profit margin reached record highs.

The management team of SF Intra-city commented, "In 2025, we actively captured industry opportunities. Leveraging a nationwide flexible and scalable rider network, together with efficient digital and intelligent technology capabilities, we captured new growth opportunities and emerging trends across the catering, retail, and services industries, providing customers with high-quality, stable, and cost-effective products and services. At the same time, through our refined operational management capabilities, we further enhanced efficiency and optimised costs, strongly driving robust growth in both the Group's revenue and profit. During the Reporting Period, the Group's business structure continued to optimise, with the order volume of intra-city delivery services increasing by more than 55% YoY, driving rapid expansion of revenue scale; we further leveraged our advantages in cooperation with key accounts, and the revenue contribution and proportion of high-quality customers increased steadily. Technological innovation continuously empowered lean operations, promoted the accelerated release of network economies of scale, and facilitated sustained improvement in profit performance."

Actively capturing industry expansion opportunities, advancing full-scenario deployment to fuel robust growth in the Group's business scale

During the Reporting Period, revenue from the Group's intra-city delivery services increased significantly by 47.6% YoY to RMB 13,466.9 million, primarily attributable to: (i) leveraging its full-scenario service capabilities to capture market opportunities in the food delivery and on-demand retail sectors and meet the growing demand for on-demand delivery services, with rapid YoY revenue growth during the Reporting Period in catering categories such as fast food and tea beverages, as well as non-food core categories such as supermarkets; (ii) aligning with industry trends such as channel diversification and the increasing penetration of brand chains, leveraging its unique competitive advantage as a neutral and open third-party service provider, and becoming one of the preferred third-party on-demand delivery service providers for major key accounts through high-quality and stable fulfilment services, with rapid YoY growth in revenue from cooperation with major key accounts during the Reporting Period; (iii) expansion of business scale, with an increase in the number of annual active merchants and consumers; (iv) continuing to deepen penetration into lower-tier cities and counties, strengthening county-level coverage, with revenue from county areas maintaining high double-digit YoY growth in 2025 and average daily order volume doubling YoY; (v) the one-on-one exclusive delivery service better addressing premium demand for intra-city on-demand delivery; and (vi) adopting a proactive pricing strategy to enhance product competitiveness.

Deepening key account cooperation and accelerating county-level penetration, revenue from service for merchants surged 60%

In 2025, the scale of merchants served by SF Intra-city continued to grow, with a healthy customer structure. Revenue from intra-city delivery services for merchants reached RMB 10,700.8 million, representing a substantial YoY increase of 60.0%, achieving growth in both scale and quality. Leveraging its flexible and scalable nationwide rider network, the Group delivered high-quality fulfilment performance for key accounts, continuing to earn their long-term trust. Market share among multiple key accounts remained leading and continued to increase, with over 7,900 newly added cooperating stores during the Reporting Period. For small and medium-sized merchants, the Group continued to expand customer acquisition channels, optimise cooperation processes, enlarge the merchant base, and enrich merchant categories. During the Reporting Period, the number of annual active merchants on the platform reached 1.12 million, representing a YoY increase of 72%. Among them, key accounts maintained strong growth momentum, with the number and proportion of chain brands continuing to increase, and the revenue contribution from high-quality customers increasing. During the Reporting Period, the Group seized the industry trend of traffic platforms actively deploying in the on-demand retail sector, deepening cooperation with major traffic platforms, providing efficient and cost-effective end-to-end solutions for a wider and more diverse range of traffic platforms across live-streaming e-commerce, supermarket delivery within an hour, private-domain retail, and other local lifestyle to-home scenarios. During the Reporting Period, the Group established partnerships with brand merchants across multiple industries, including Starbucks, METRO etc.

In terms of scenario coverage, leveraging its full-scenario capabilities, the Group optimised products and services around core industries and categories. In the food and beverage sector, it actively captured industry trends such as channel diversification and increasing chain penetration, providing chain restaurant merchants with centralised multi-channel order management and delivery services to better capture incremental opportunities arising from industry expansion. During the Reporting Period, revenue from cooperation with multiple chain restaurant customers grew rapidly. In the retail sector, it continued to iterate customised solutions for the supermarket industry, delivering standardised service capabilities such as city-wide long-distance delivery and warehouse-to-store one-hour delivery to supermarket merchants nationwide, while actively expanding within the on-demand retail ecosystem and exploring new "front-warehouse + intra-city on-demand delivery" models. During the Reporting Period, delivery revenue from the supermarket sector increased by over 80% YoY, while cooperation share and the number of stores served among national leading supermarket chains increased rapidly. Meanwhile, non-food categories such as beauty, digital products, and apparel maintained steady growth.

In terms of geographic coverage, the Group provided full-scenario services to merchants in nearly 2,400 cities and counties nationwide, including coverage of over 1,400 low-tier counties. In addition to supporting major chain clients in expanding into lower-tier markets, it also enriched products and services in these markets, broadened service boundaries, and strengthened its competitive advantages in lower-tier markets. During the Reporting Period, county-level revenue maintained high double-digit growth, and average daily order volume in counties doubled. Furthermore, the Group continued to rapidly expand and densify its nationwide rider network, with both network coverage density and quality improving simultaneously. The number of profitable business districts nearly doubled YoY, and the profitability model continued to improve. In 2025, the Group's fulfilment in-time rate was approximately 95%. The average delivery time for orders within 3 km was 22 minutes, and fluctuations in the fulfilment in-time rate during holidays and adverse weather were within 3 percentage points.

The Group also continued to deepen its strategic partnership with S.F. Holding Co., Ltd. (順豐控股股份有限公司) and its subsidiaries (hereafter, the "SF Group"), offering customers an integrated supply chain solution comprising "warehousing + transport + intra-city on-demand delivery," effectively helping both parties jointly expand their customer base and enhance customer loyalty. In 2025, the number of Credit Customers placing orders using intra-city on-demand delivery services maintained steady growth, generating external incremental revenue of RMB 451.6 million from the collaboration with SF Group, representing a YoY increase of 23.2%, fully realising the value of synergies.

Covering diverse local service  scenarios through innovative service formats, achieving steady growth in intra-city delivery services  for consumers

For consumers, the Group is committed to building industry-leading professional on-demand fulfilment services. Its "deliver for me, fetch for me, purchase for me and solve for me" services cover personal life and work scenarios such as daily errands, medical care, and business agency services, continuously reinforcing the brand positioning of "SF Intra-city, the first choice for urgent delivery of valuable items." In 2025, revenue from intra-city delivery services for consumers reached RMB 2,766.0 million, representing a YoY increase of 13.7%. During the Reporting Period, the Group optimised its customer acquisition strategies, with the scale of active consumers continuing to expand and revenue from both proprietary and external channels growing rapidly. The Group not only continuously optimised the consumer fulfilment experience, driving strong repurchases from existing customers, but also expanded the service coverage of Exclusive Delivery to meet more high-value personal intra-city delivery needs, with revenue from the Exclusive Delivery product doubling during the Reporting Period. The Group introduced innovative service offerings such as Hanfu rentals, luggage delivery, and laundry and shoe-cleaning services based on cultural tourism and local lifestyle scenarios, meeting more diversified local service demands. In addition, through channel cooperation, the Group increased its reach to intra-city express users, allowing consumers to select the "delivery within an hour" service directly on the ordering interface to meet their needs for accelerated intra-city express timeliness. During the Reporting Period, the penetration rate of "delivery within an hour" continued to increase, with steady revenue growth. During the Reporting Period, the number of active consumers exceeded 26.06 million.

Achieving a substantial surge of 42.4% in revenue from last-mile delivery services, driving business scale expansion through doubled growth in the e-commerce parcel business

In 2025, revenue from the Group's last-mile delivery services increased to RMB 9,431.8 million, representing a YoY increase of 42.4%, primarily attributable to: (i) continuous enhancement of last-mile fulfilment capabilities, enrichment of the last-mile delivery product matrix, and deeper network integration and business collaboration with major customers, with steady increases in penetration across cooperation businesses; (ii) actively undertaking last-mile delivery of e-commerce parcels for major customers, helping customers meet broader e-commerce logistics needs, including consolidated parcel collection and delivery of e-commerce parcels, as well as doorstep pickup of e-commerce return parcels, with revenue and order volume from e-commerce parcels doubling during the Reporting Period, driving business scale growth; (iii) in terms of parcel collection, serving as supplementary flexible capacity to meet collection demand during logistics peak periods such as holidays and major e-commerce promotions, continuously improving fulfilment service quality, with both revenue and order volume from parcel collection support services doubling in 2025; and (iv) in exploring new scenarios, actively expanding intra-city transfer and connection services, large item delivery, and continuously enhancing last-mile service coverage and capabilities in lower-tier markets, with last-mile service revenue in lower-tier markets achieving high double-digit YoY growth during the Reporting Period.

Expanding rider scale and enhancing rider productivity, supporting rider development through a diversified welfare and safety assurance system

During the Reporting Period, the platform's annual active riders further expanded to approximately 1.46 million, increased by 46% YoY. Through optimised operational management capabilities, rider productivity increased by 30% YoY during the Reporting Period. Among them, the number of riders at mid-to-high income levels increased by 74% YoY, and the number of riders with average monthly income exceeding RMB10,000 increased by 113% YoY. SF Intra-city continuously focuses on improving platform experience, welfare and care, and rights protection for riders. The Group continues to improve its safety management system, providing multi-channel safety education on a daily basis, equipping riders with protective gear, and implementing intelligent anti-fatigue alerts, systematically enhancing operational safety levels. In addition, the Group places great importance on riders' physical and mental health, holding over 17,000 offline care events during the Reporting Period and further deepening the industry-first "Grievance Care Allowance" programme, with cumulative investment exceeding RMB 10 million. During the Reporting Period, the "Health Insurance Fund" was established to provide critical illness protection for riders, safeguarding rider health from multiple dimensions.

Deploying unmanned vehicle services in multiple scenarios, empowering through technology to drive continuous upgrades in efficiency and experience

The Group is committed to deepening operational digitalisation and AI-driven decision-making across the entire business chain. Its City Logistics System ("CLS") continues to iterate its three core functions, intelligent business planning and marketing management, integrated rider dispatch and intelligent order distribution, and intelligent operational optimisation, enabling end-to-end coordination and information transparency across the fulfilment chain. In 2025, by building the core pillars of an intelligent and adaptive business operations network, the Group continued to create efficiency and experience advantages.

In the field of unmanned delivery, the Group continued to deepen the large-scale application of smart logistics and unmanned delivery technologies across diversified commercial scenarios. As of the end of 2025, SF Intra-city's unmanned vehicle network covered 116 cities nationwide, with more than 1,000 vehicles in operation and over 50,000 average monthly active trips. In last-mile scenarios, the Group continued to promote the penetration of unmanned vehicles in intra-city transfer and hub distribution, driving efficiency improvements in the last-mile network. During the Reporting Period, the Group's unmanned vehicle services were successfully deployed in multiple scenarios, including food delivery and campus delivery.

During the reporting period, the Group actively promoted the multi-scenario integration of artificial intelligence technologies with core business and successfully built and scaled a multi-scenario AI agent application framework, comprehensively empowering operational efficiency improvement and service upgrades. In terms of marketing, AI agents have significantly improved order conversion rates through dynamic strategy control, and empowered automated opportunity discovery, enhancing audience targeting accuracy and marketing efficiency. On the customer and rider service side, the intelligent response system is deeply embedded into business scenarios, effectively improving enquiry handling and issue-resolution efficiency. On the operational compliance side, AI review agents can achieve 100% automated verification in various scenarios, continuously optimizing operating costs.

Looking ahead, the management of SF Intra-city stated: "The Group will remain committed to its operational goal of 'high-quality and sustainable growth.' We will embrace market opportunities arising from the diversification of traffic channels, increasing brand chain penetration, growing penetration of food delivery and on-demand retail, accelerating intra-city logistics, and the continued penetration of third-party on-demand delivery services. We will firmly and unwaveringly continue to expand scale, broaden scenarios, enhance service quality, and strengthen network capabilities. As consumption models evolve and the industry expands, we will continue to focus on our core value contribution within the local service ecosystem, investing in technological innovation, further advancing AI technological innovation and unmanned delivery deployment, and joining hands with more partners to safeguard the prosperity and development of new consumption, better fulfilling our mission of 'bringing enjoyable lifestyle to your fingertips.'"

-  Ends  -

About Hangzhou SF Intra-city Industrial Co., Ltd. (Stock code: 9699.HK)

SF Intra-city focuses on the emerging opportunities of intra-city on-demand delivery services. Since 2019, SF Intra-city has operated as an independent legal entity to capture the growth opportunities arising from new consumption trends. SF Intra-city adopts a multi-scenario business model, providing full coverage of delivery scenarios for all types of products and services. The Company's extensive service coverage, ranging from mature scenarios such as food delivery to growth scenarios such as local retail, local e-commerce and local services, has enabled it to respond to evolving customer needs resulting from the development and upgrading of the local consumer market. For more details, please visit the Company's website: https://ir.sf-cityrush.com/en/investor-relations/

 

View original content:https://www.prnewswire.com/news-releases/sf-intracity-reports-recordhigh-revenue-of-rmb-22-9-billion-in-2025--302728742.html

SOURCE SF Intra-city