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 …