SF Intra-city Delivers High-Quality, Sustainable Growth in 1H 2025
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 ...
