Interim Revenue Up 48.8%, Surpassing RMB Ten Billion

Net Profit Maintained Solid Growth, Reaching a Record High

Driven by Customer Base Optimization, Digital-intelligent Lean Management, and Network Scale Effects

Results Highlights

• Revenue increased by 48.8% year-on-year ("YoY") to RMB 10,236 million
• Gross profit increased by 43.8% YoY to RMB 680.8 million, with a gross profit margin of 6.7%, remaining stable
• Profit attributable to owners of the Company was approximately RMB 137.0 million, representing a YoY growth of 120.4%, exceeding the full-year level of 2024 and reaching a record high. Net profit margin stood at 1.3%; adjusted net profit for the period (non-IFRS Accounting Standards measure) grew by 139.0% to RMB160.2 million with an adjusted net profit margin of 1.6%
• Order volume generated by intra-city delivery services grew by over 50% YoY, with revenue reaching RMB 5,778.7 million, representing a YoY increase of 43.1%. Of this revenue, approximately RMB 4,466.9 million came from intra-city delivery services for merchants, reflecting a YoY increase of 55.4%, while revenue from intra-city delivery services for consumers was approximately RMB 1,311.8 million, representing a YoY increase of 12.7%
• Revenue from last-mile delivery services amounted to approximately RMB 4,457.3 million, representing a YoY increase of 56.9%
• During the 12 months ended 30 June 2025, the number of active merchants on the platform reached 850,000, representing a YoY increase of 55%, while the scale of active consumers continued to expand, reaching over 24.77 million
• During the 12 months ended 30 June 2025, the number of annual active riders on the platform expanded to approximately 1.14 million. Through optimized operational management capabilities, riders' productivity in June 2025 improved by 38% compared to the same period last year
• As of 30 June 2025, the Group held cash and cash equivalents and short-term financial investments of RMB 1,134.1 million and RMB 1,260.4 million, respectively

HONG KONG, Aug. 28, 2025 /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 unaudited interim results for the six months ended 30 June 2025 (the "Reporting Period" or the "1H 2025").

During the Reporting Period, all business lines achieved balanced and high-quality revenue growth. Revenue increased by 48.8% YoY to RMB 10,236.0 million. Gross profit increased by 43.8% YoY to RMB 680.8 million, with a gross profit margin of 6.7%, remaining stable. Profit attributable to owners of the Company was RMB 137.0 million, doubled YoY with an increase of 120.4%, reaching a record high. This was attributable to: (i) Rapid growth in food delivery and on-demand retail industry, which drove up demand for on demand delivery; (ii) optimization of business structure, with higher contribution from premium customers; and (iii) enhancement of the operational foundation through technology empowerment and lean management, resulting in improved quality and efficiency, expansion of network economies of scale, and continued release of profitability.

In 1H 2025, the Group maintained a healthy cash flow position. As of 30 June 2025, the cash and cash equivalents and short-term financial investments were RMB 1,134.1 million and RMB 1,260.4 million, respectively, reflecting a healthy cash flow and ample fund reserves, and fully demonstrated the operational resilience and showcased healthy business performance.

The management team of SF intra-city commented, "In 1H 2025, the Group delivered healthy financial growth. Leveraging our profound insights into the local lifestyle services industry, a nationwide flexible capacity network, and highly efficient digital and intelligent technology capabilities, we actively captured new growth and emerging trends in the catering, retail and service industries and continued to provide high-quality and convenient on-demand delivery services for merchants, consumers, and traffic platforms. At the same time, through the continuous release of network economies of scale and our refined operational management capabilities, we further enhanced efficiency and optimized costs. Going forward, we will continue to leverage our competitive advantages of our positioning as a neutral and open platform, and providing full-scenario, high-quality on-demand delivery services, continue to invest in business scale growth, network efficiency optimization, and business synergy across various scenarios to consolidate our intra-city delivery infrastructure capabilities."

The Scale of the Intra-city delivery continued to grow, unlocking profitability through economies of scale 

During the Reporting Period, revenue from intra-city delivery services increased by 43.1% to RMB 5,778.7 million which was mainly attributable to: (i) promotional activities held by merchants drove a rapid increase in demand for food delivery services, with food delivery revenue achieving strong YoY growth; (ii) sustained steady growth in non-food delivery scenarios, with revenue in the first half of 2025 increasing by 28.6% YoY to RMB 2,142.0 million, of which revenue from merchants increased by 35.3% YoY; (iii) outstanding comprehensive logistics infrastructure which enabled the Group to provide reliable and high-quality on-demand delivery services to different types of merchants and consumers, with the scale of annual active merchants and consumers expanding; (iv) the deepening of multi-scenario business development in lower-tier cities and counties, consolidating the competitive advantages in these markets; and (v) adoption of proactive pricing strategies to enhance product competitiveness.

Revenue from intra-city to merchants surged 55.4%, the comprehensive multi-scenario service capabilities continued to empower merchants and foster a thriving ecosystem

In 1H 2025, in terms of merchant cooperation, through expansion of the cooperating merchant base and optimization of merchant structure, revenue from intra-city delivery services for merchants reached RMB 4,466.9 million in the first half of 2025, representing a YoY increase of 55.4%, demonstrating strong growth momentum. Possessing multi-scenario, full-category service capabilities, customized professional on demand delivery solutions, and responsive high-quality service system made, the Group maintains long-term and in-depth cooperation with key customers across various industries. For small and medium-sized merchants, through strategies such as merchant operations and intelligent marketing applications, the Group has continuously expanded the base of active merchants and enhanced merchant stickiness. For the 12 months ended 30 June 2025, the number of active merchants on the platform reached 850,000, representing a YoY increase of 55%. The Group seized the industry trend of traffic platforms actively deploying on-demand retail, working closely with major traffic platforms. This enabled SF Intra-city not only to provide flexible delivery services for food delivery and on-demand retail platforms during peak order periods, but also serve as the on-demand delivery logistics infrastructure for a wider and more diverse range of traffic platforms, providing efficient and cost-effective end-to-end solutions that cover a variety of local lifestyle to-home delivery scenarios such as live-streaming e-commerce, supermarket delivery within an hour and private domain retail.

In terms of scenario coverage, by leveraging the multi-scenario service capabilities, the Group continued to deepen the presence in core advantageous sectors such as food & beverage, retail and pharmaceuticals. In the food & beverage sector, SF Intra-city provided chain restaurant customers with centralized multi-channel order management and delivery services. Through strong capacity infrastructure, refined business district operation capabilities, and the unique and highly efficient capacity model of off-peak integration with the capacity of SF Group enabled us to ensure fulfilment during peak order periods for chain catering merchants. For retail sector, SF Intra-city continued to deepen cooperation with leading national chain supermarkets and department stores, providing customized services such as one-hour delivery from warehouse to store, long-distance urban connections across the city, and counter-to-home direct delivery. For pharmaceuticals sector, SF Intra-city deepened cooperation with national leading pharmacy chains, with order volume for multiple chain pharmacy customers reaching record highs. In 1H 2025, revenue from tea beverage delivery increased by 105% YoY, while categories such as supermarket and convenience stores, pharmaceuticals, and maternal and baby products all achieved high double-digit growth.

In terms of geographic coverage, by enhancing the operational efficiency of the networks in the covered cities and counties, the Group doubled the average daily order volume in county areas, while revenue from lower-tier markets maintained a rapid growth momentum. Simultaneously, SF Intra-city actively explored new incremental business, launching cooperation with a top-tier tea beverage key customer in Hong Kong to open new cross-border business scenarios. Innovative solutions such as four-wheel vehicles and unmanned vehicles were explored to address the needs and pain points of food and beverage key customers for group meal delivery and campus delivery, expanding business boundaries and diversifying revenue channels. In 1H 2025, frequent promotional activities by merchants drove rapid order growth, and the highly flexible and elastic network was able to ensure order fulfilment during peak seasons, holidays, and adverse weather conditions. This demonstrated the Group's commitment to service quality and stability, with fluctuations in the fulfillment in-time rate during holidays and poor weather conditions were no more than 3 percentage points. During the Reporting Period, the fulfilment in-time rate was approximately 95%, with an average delivery time of 23 minutes for orders within 3 kilometers.

The Group also continued to deepen its strategic cooperation with S.F. Holding Co., Ltd. (順豐控股股份有限公司) and its subsidiaries (hereafter, the "SF Group") to offer an integrated supply chain solution comprising "warehousing + transport + intra-city on-demand delivery" for customers. In 1H 2025, the number of Credit Customers placing orders using the intra-city on-demand delivery services continued to grow steadily. The external incremental revenue generated through synergistic services with the SF Group grew by 29.5% YoY to RMB208.0 million.

Intra-city Delivery for Consumers sees a significant increase in premium demand, with revenue from Exclusive Delivery service tripling

For consumers, SF Intra-city is committed to providing industry-leading professional on-demand fulfilment services. The "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 healthcare, and business agency, reinforcing the brand image as "SF Intra-city, the first choice for urgent delivery of valuable items." In 1H 2025, the revenue from intra-city delivery for consumers amounted to RMB1,311.8 million, representing a YoY increase of 12.7%. During the Reporting Period, the Group further deepened the understanding of consumers and proactively captured new market opportunities. SF Intra-city explored the on-demand delivery needs of consumers in core CBD areas of first-tier cities, consolidating our brand image in high-end professional delivery, with revenue from business scenarios maintaining robust growth. The one-on-one "Exclusive Delivery" service accurately meets consumers' delivery needs for items with high value, time-sensitive, and high safety requirements. Revenue from this product recorded a threefold increase YoY. Meanwhile, the Group enhanced the reach to intra-city express delivery users through channel cooperation. The penetration rate of the "delivery within an hour" service continued to rise, with revenue from mid-to-long-distance delivery services growing rapidly. The Group proactively explored innovative service scenarios, exploring delivery services based on consumer demand such as laundry services, luggage delivery, and Hanfu rentals, while also deepening its penetration of lower-tier markets. This drove rapid growth in revenue from intra-city delivery to consumers in these lower-tier markets. By optimizing brand promotion and channel marketing strategies, the Group continuously enhanced brand awareness and consumer mindshare. The cooperation with multiple external channels effectively expanded the user base. Coupled with refined operations based on user profiling, user retention and platform loyalty were significantly improved, leading to rapid growth in revenue from the Group's proprietary intra-city business channels.

Revenue from Last-mile Delivery Services Soared by 56.9%, Diversified Scenarios Drove Robust Business Growth

In 1H 2025, the Group's last-mile delivery service achieved robust revenue growth, increasing significantly by 56.9% YoY to RMB4,457.3 million which was primarily attributable to: (i) The Group improved the fulfilment capabilities, and deepened network and business collaboration with major customers, leading to rapid growth in all cooperative business products; (ii) The scale and proportion of services supporting the dispatch process steadily increased. It further promoted customers' last-mile operational efficiency and cost-effectiveness, and enabled customers to enhance their logistics capabilities to better cater to the business goal of developing e-commerce parcels service. The scale of e-commerce delivery orders undertook has grown rapidly; (iii) In terms of parcel collection, the Group acted as supplementary flexible capacity to respond promptly to needs such as nighttime, public holidays, shopping peak seasons, and growing demands such as e-commerce consolidated collection, on-site collection of e-commerce return parcels etc., with the order volume for parcel collection support services increased by more than 150% YoY during 1H 2025; and (iv) The Group offered local transfer service such as "delivery within half a day", which can effectively meets diverse delivery and timeliness requirement. The Group actively expanded the last-mile delivery customer base and undertook intra-city logistics services in scenarios such as fruit and fresh produce, corporate group meals, and company gift deliveries, driving business growth.

Rider Scale and Productivity Improved Remarkably, Comprehensive Welfare System Set Industry Benchmark

For the 12 months ended 30 June 2025, the number of annual active riders on the platform expanded to approximately 1.14 million. Through optimized operational management capabilities, rider productivity in June 2025 improved by 38% compared to the same period last year, leading to continued improvement in rider income. Specifically, the number of riders with medium-to-high income levels increased by 65% YoY, and the number of riders with a monthly income exceeding RMB10,000 surged by 107% YoY. SF Intra-city continuously improved its rider welfare system, organizing over 7,000 offline caring activities during the Reporting Period. In addition to routine initiatives such as rider stations and adverse weather subsidies, the Group continued to address riders' emotional well-being by providing"Grievance Care Allowance" and offered support for riders and their families in areas including living expenses, education, and medical needs through the "Public Welfare Fund." Meanwhile, the Group consistently enhanced its safety management systems, with the safety accident rate decreasing by 11% YoY, effectively safeguarding riders' rights and interests.

Technology-Driven Operational Upgrades, AI and Unmanned Vehicles Empowered Smart Logistics

The Group actively advanced digital operations and AI decision-making intelligence. Its City Logistics System ("CLS") covers three core functions: Intelligent business planning, integrated rider dispatch and intelligent order distribution, achieving optimal matching between orders and riders. In 1H 2025, the Group focused on strengthening the system's scheduling capabilities to manage peak order volumes, implementing tiered support based on delivery demands, which significantly enhanced fulfillment efficiency.

In the field of unmanned delivery, the Group continued to promote the commercial application of unmanned vehicles. As of the end of June 2025, over 300 unmanned vehicles had been deployed for daily operations, covering more than 60 cities nationwide, with an average of approximately 20,000 active trips per month. By enhancing functions such as vehicle scheduling and road condition monitoring, the Group continuously improved the fulfillment efficiency and stability of unmanned vehicles, committed to building an efficient network operation model combining "Riders + Unmanned Delivery."

The Group consistently strengthened its capability to integrate order sources from multiple channels for merchants. Through intelligent distribution and planning, intelligent timeliness prediction, and real-time order monitoring, it assisted merchants in enhancing their digital operational efficiency. The application of AI large model capabilities in multiple scenarios yielded significant results, achieving experience upgrades and efficiency improvements across the entire process in areas such as rider management, intelligent customer service, and merchant operations.

Looking ahead, the management of SF Intra-city stated: "The Group will adhere to the operating principle of 'high-quality and sustainable growth,' striving with vigor and determination to actively respond to market changes. We will seize multiple market opportunities arising from traffic diversification, the continuous increase in penetration rates of food delivery and on-demand retail, accelerated intra-city logistics efficiency, and the rapid expansion of third-party delivery services. We will persistently work to scale up, broaden service scenarios, enhance service quality, and consolidate network infrastructure capabilities. Simultaneously, the Group will increase investment in technological innovations such as unmanned delivery, AI, big data, and other cutting-edge technologies to drive automation and intelligence in delivery, expand the boundaries of on-demand fulfillment services, and improve overall operational efficiency and user experience. Facing evolving consumption patterns and the local lifestyle ecosystem, the Group will collaborate closely with more partners to jointly develop innovative services, support the prosperity of new consumption, and uphold the concept of 'high-quality, efficient, and full scenario' services. We remain dedicated to deepening our third-party on-demand delivery services, striving to fulfill our corporate mission of 'bringing enjoyable lifestyle to your fingertips,' and setting a new benchmark for sustainable development in the industry."

-  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 the 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 the evolving customer needs resulting from the development and upgrade 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-intra-city-delivers-high-quality-sustainable-growth-in-1h-2025-302541628.html

SOURCE SF Intra-city