Deepening multi–scenario presence to consolidate the business foundations, with AI and unmanned delivery opening up new prospects
Revenue hit new highs and achieved healthy growth 
Adjusted net profit increased by 70.8% to RMB 265.8 million

Results Highlights

• Revenue increased by 14.7% year-on-year (“YoY”) to RMB 11,739.5 million
• Gross profit increased by 20.9% YoY to RMB 823.2 million, with a gross profit margin of 7.0%, up by 0.3 percentage points YoY
• Profit for the period attributable to owners of the Company was approximately RMB 349.3 million, representing a YoY growth of 154.9%, exceeding the full–year level of 2025 and continuously reaching record highs. Net profit margin stood at 3.0%, up by 1.7 percentage points YoY. Adjusted net profit[1] grew by 70.8% to RMB 265.8 million, with an adjusted net profit margin of 2.3%, up by 0.8 percentage points YoY
• Order volume generated by intra-city delivery services grew by over 30% YoY, with revenue reaching RMB 7,188.9 million, representing a YoY increase of 24.4%. Of this revenue, approximately RMB 5,722.3 million came from intra-city delivery services for merchants, reflecting a YoY increase of 28.1%, while revenue from intra-city delivery services for consumers was approximately RMB 1,466.7 million, representing a YoY increase of 11.8%
• Revenue from last-mile delivery services amounted to approximately RMB 4,550.6 million, representing a YoY increase of 2.1%
• For the 12 months ended 30 June 2026, the number of active merchants on the platform reached 1.23 million, representing a YoY increase of 44%, while the scale of active consumers continued to expand, reaching over 27.03 million
• In the first half of 2026, the number of monthly active riders on the platform increased by 20% YoY. The Group’s rich and diverse business scenarios brought more diverse income opportunities to riders, and the number of middle–to–high–income riders increased by 17% YoY, maintaining steady improvement
• In 1H 2026, the Group’s unmanned vehicle network had covered 124 cities nationwide, with over 1,000 vehicles in operation and over 60,000 monthly average active trips. Going forward, the continuously expanding unmanned delivery network will serve as a crucial supplement to existing capacity and an engine for innovation.
• As of 30 June 2026, the Group held cash and cash equivalents and short-term financial investments of RMB 1,279.9 million and RMB 1,174.1 million, respectively

HONG KONG, Aug. 28, 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 unaudited interim results for the six months ended 30 June 2026 (the “Reporting Period” or the “1H 2026”).

During the Reporting Period, the Group achieved healthy growth in revenue and order volume and profitability improvement. Revenue increased by 14.7% YoY to approximately RMB 11,739.5 million; gross profit increased by 20.9% YoY to approximately RMB 823.2 million, with a gross profit margin of 7.0%, up by 0.3 percentage points YoY. Profit for the period attributable to owners of the Company was approximately RMB 349.3 million, representing an increase of 154.9% YoY. Adjusted net profit  grew by 70.8% to RMB 265.8 million. This was attributable to: (i) resilient demand for food delivery and on–demand retail, with order volume of intra–city delivery services increasing by over 30% YoY during the Reporting Period, which in turn drove revenue growth; (ii) the Group’s unique positioning as a neutral and open third party and its full–scenario, multi–category service capabilities enabling it to maintain good cooperative relationships with a multi–layered customer base; and (iii) further enhancement of economies of scale, optimisation of resource input strategies, refined rider network operations and the application of AI technologies to improve coordination and efficiency across the value chain from front–end customer acquisition to network operations and back–end resource input, thereby achieving gross margin improvement and effectively releasing profits.

In the first half of 2026, the Group maintained a healthy cash flow position. As of 30 June 2026, cash and cash equivalents and short–term financial investments were RMB 1,279.9 million and RMB 1,174.1 million, respectively, demonstrating a robust financial position and abundant capital reserves, and fully showcased the Group’s operational resilience and healthy business performance.

The management team of SF Intra–city commented: “In the first half of 2026, the Group continued to deeply cultivate the local lifestyle services industry. Amid the industry trend of high–quality development, the Group solidified its market positioning as an independent and open third–party platform, leveraged its full–scenario, multi–category, multi–time, multi–distance, and multi–channel service capabilities, and consistently provided high–quality and convenient on–demand delivery services to merchants, consumers, and traffic platforms. The Group continued to invest in business scale growth, network efficiency optimization, and ecological synergy across various business scenarios, continuously deepening value creation as an urban infrastructure.”

Capturing industry trends to consolidate the brand’s competitive advantages, accelerating growth across multi–scenario and multi–category businesses

During the Reporting Period, the Group’s revenue from intra–city delivery services increased by 24.4% YoY to RMB 7,188.9 million, which was mainly attributable to: (i) leveraging the Group’s full–scenario and multi–category service capabilities to capture the continuous penetration increase in the food delivery and on–demand retail industries. During the Reporting Period, revenue from the food delivery maintained positive growth, and revenue from core non–food categories represented by supermarkets increased rapidly, driving healthy growth in overall revenue; (ii) adapting to industry trends such as channel diversification and rising chain penetration rates, leveraging the Group’s unique market positioning as a neutral and open third–party platform, and becoming one of the preferred third–party on–demand delivery service providers for major customers with high–quality and stable fulfillment services; revenue from cooperation with major customers grew rapidly during the Reporting Period; (iii) steady expansion of business scale, with an expanding base of annual active merchants and active consumers; (iv) continuing to deepen presence in lower–tier cities and counties and strengthening coverage in county areas, with revenue in county–level areas achieving rapid YoY growth in the first half of 2026; (v) continuously iterating the Group’s one–on–one “Exclusive Delivery” services to satisfy high–end intra–city on–demand delivery needs, with order volume of “Exclusive Delivery” services doubling during the Reporting Period; and (vi) continuously advancing ecological synergies with SF Group, accelerating the penetration of enterprise and individual users’ demands for expedited intra–city express delivery.

Differentiated services have gained extensive penetration across diverse business scenarios, refined operations have driven a continued increase in the revenue–contribution share from high–quality customers, and the scale of active merchants has expanded by 44%

Revenue from intra–city delivery for merchants increased by 28.1% YoY to RMB 5,722.3 million

In 1H 2026, the scale of merchants served by the Group continued to grow with a healthy customer structure. Revenue from intra–city delivery for merchants reached RMB 5,722.3 million, representing a YoY increase of 28.1% and demonstrating strong growth momentum. On the basis of continuously expanding the scale of cooperating merchants and more in–depth cooperation with high–quality customers, the Group continued to enrich its category matrix and actively penetrate lower–tier markets, delivering high–quality fulfillment performance to customers through a flexible and scalable nationwide delivery network. The Group maintained a leading and continuously growing market share in cooperation with multiple major customers, and added over 4,300 newly cooperative stores during the Reporting Period. The Group continued to deepen operational synergy with brand customers by providing diversified services such as “Post-closing Cleaning” services, thereby enhancing business stickiness and becoming more deeply embedded in customers’ business operations. For small and medium–sized merchants, the Group leveraged AI–powered marketing tools to improve customer acquisition efficiency, expand the scale of merchant partnerships, and diversify the types of merchants served. Meanwhile, the Group actively deepened cooperation with major traffic platforms, providing differentiated on–demand delivery services tailored to each platform’s distinct needs, while jointly exploring new opportunities in local lifestyle services. For the 12 months ended 30 June 2026, the number of annual active merchants on the platform reached 1.23 million, representing a YoY increase of 44%. Among them, major customers showed strong growth momentum, the number of cooperative chain brands grew steadily, and the revenue contribution from high–quality customers continued to rise.

In terms of scenario coverage, leveraging its full–scenario service capabilities, the Group optimized products and services around core industries and categories. For food and beverage scenarios, the Group actively capitalized on industry trends such as channel diversification, increasing chain penetration rates, and lean operational efficiency, while leveraging its unique market positioning as a neutral and open third party, to provide chain restaurant merchants with centralized multi–channel order management and delivery services. This helped merchants strike a balance between stable fulfillment and cost reduction and efficiency enhancement in the process of expanding their to-home business across multiple channels, further reinforcing cooperation stickiness. During the Reporting Period, cooperation revenue with multiple high–potential food and beverage brands achieved rapid growth. In the retail sector, on one hand, the Group continued to iterate its industry solutions for supermarket merchants under the “front–warehouse + intra–city on–demand delivery” framework, successfully reaching a cooperation with a leading domestic online grocery supermarket. Revenue from front–warehouse customers grew rapidly, and service coverage gradually expanded, with revenue from the supermarket industry growing over 50% YoY during the Reporting Period. On the other hand, the Group tapped into growth opportunities in sub–sectors and categories under on–demand retail, continuously expanding chain lightning warehouse customers to cover more multi–time, high–frequency consumption needs, and promoting network integration. During the Reporting Period, non–food categories such as beauty and fresh groceries achieved impressive growth.

In terms of geographical coverage, the Group provided full–scenario services to merchants in over 2,400 cities and counties nationwide, including coverage of over 1,500 lower–tier counties, with network density continually increasing. In lower–tier markets, the Group acted as a core delivery partner empowering chain brand customers to expand their markets and deeply tap into local advantageous brands to capture incremental business. At the same time, by penetrating restricted areas such as university campuses and industrial parks, the Group continuously optimized the layout and operational efficiency of its lower–tier networks. In Hong Kong and Macau, the Group facilitated the international deployment of chain brands by co–creating localized business models, further expanding and densifying its nationwide on–demand delivery service network. In the first half of 2026, the Group’s flexible and scalable capacity network delivered on its commitment to service quality and fulfillment stability during peak order periods, holidays, and adverse weather conditions. The fluctuation in fulfillment in–time rate during holidays and adverse weather conditions did not exceed 3 percentage points. During the Reporting Period, the Group’s fulfillment in–time rate was approximately 95%, with an average delivery time of 22 minutes for orders within 3 kilometers.

The Group also engaged in strategic cooperation with SF Group to build an integrated supply chain solution comprising “warehousing + transport + intra–city on–demand delivery” for customers. Through resource synergy and capability integration with SF Group, customers can more conveniently select suitable logistics products. In 1H 2026, the number of Credit Customers placing orders using intra–city on–demand delivery services maintained good growth. The Credit Customers jointly served by the Group and SF Group brought in RMB 263.0 million of external incremental revenue, representing a YoY increase of 26.4%.

Active consumer base continued to expand, with Exclusive Delivery services achieving rapid growth

For consumers, the Group is committed to building industry–leading, professional on–demand fulfillment services. The Group’s “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 services, reinforcing the brand image of “SF Intra–city, the first choice for urgent delivery of valuable items.” In 1H 2026, revenue from intra–city delivery for consumers was RMB 1,466.7 million, representing a YoY increase of 11.8%. The revenue growth was mainly due to: (i) continuous optimization of customer acquisition strategies and expansion of acquisition channels, carrying out refined operations for users from different channels; during the Reporting Period, channel marketing efficiency and user reach capabilities were further enhanced; (ii) strengthening user mindshare and stickiness, with robust repurchases from existing customers; (iii) “Exclusive Delivery” services catering to more high–value individual users’ intra–city delivery needs, driving rapid growth in revenue and order volume for “Exclusive Delivery” products during the Reporting Period; and (iv) continuously advancing ecological integration with SF Group to accelerate the conversion of individual users’ demands for expedited intra–city express delivery.

During the Reporting Period, the Group further deepened its understanding of consumers and proactively captured market opportunities. The number of cities covered by “Exclusive Delivery” services steadily increased, and the revenue growth in lower-tier markets was impressive. In terms of categories, revenue from “Exclusive Delivery” services for high-value categories, such as cakes, flowers, and fresh produce, achieved high double-digit growth during the Reporting Period. The Group continued to advance local services in cultural and tourism scenarios, such as Hanfu rental and luggage delivery, and increased its reach to intra-city express delivery users through channel cooperation and group ecosystem synergy, gradually promoting the penetration of short-distance intra-city personal express delivery in the form of on-demand delivery, satisfying user demands for faster intra-city express delivery. By integrating with existing business districts, optimizing operational processes, and improving service capabilities, the penetration rate of 0-6km “delivery within an hour” service continued to rise during the Reporting Period with steady revenue growth. For the 12 months ended 30 June 2026, the number of active consumers exceeded 27.03 million.

Leveraging a flexible and scalable capacity network and proactively tapping into new customer segments for last–mile delivery

In the first half of 2026, the Group’s revenue from last–mile delivery services was RMB 4,550.6 million, representing a YoY increase of 2.1%. This was mainly attributable to: (i) continuously advancing multi–scenario cooperation with SF Group; apart from deepening cooperation in the parcel delivery process, revenue from parcel collection and intra–city transit support services achieved healthy growth, and the penetration rate of supporting services for parcel collection steadily increased; (ii) actively assisting SF Group in building economy express networks, leveraging the Group’s flexible and scalable capacity network to help customers reduce costs and enhance efficiency, creating benchmark cities to lay a solid foundation for nationwide economy express network roll–out, and promoting the synergistic development of both parties’ network ecosystems; (iii) demand in e–commerce scenario remained resilient; during express delivery peak seasons such as the “618” e–commerce shopping festival, the Group’s scalable capacity played an effective role to smooth out the impact of peaks and troughs, safeguarding fulfillment quality; during the Reporting Period, last–mile revenue from e–commerce scenarios maintained healthy growth; and (iv) proactively expanding the last–mile delivery client base beyond SF Group, satisfying the increasingly diverse market needs for specialized products, such as cold chain and bulky item delivery, as well as customized capacity matrices like four–wheel delivery, providing new momentum for business growth.

Strengthening welfare and care initiatives and improving training mechanisms, with rider scale and activity continuing to increase

In the first half of 2026, the scale and activity of riders showed good growth, and the number of monthly active riders on the platform increased by 20% YoY. The Group’s rich and diverse business scenarios attracted more riders to join, while also bringing more diverse income opportunities to riders. During the Reporting Period, the number of middle–to–high–income riders increased by 17% YoY, maintaining steady improvement. The Group continued to increase investment in welfare and care resources, holding a cumulative total of over 9,500 offline care activities, and deepened the progress of “Grievance Care Allowance” and expanded its coverage. Through AI technology, the Group iteratively upgraded the Rider Academy course platform, achieving precise recommendation of personalized courses, improving training efficiency, shortening the skills ramp–up period for novice riders, helping them quickly complete their first delivery, and concurrently enhancing rider retention and long–term loyalty.

The “AI + Unmanned” strategy was comprehensively advanced in depth, driving improvements in operational efficiency and service quality

In 1H 2026, the Group fully promoted the implementation of the “AI + Unmanned” strategy, actively embracing the technological transformations brought by AI, and continuously deepened the large–scale application of smart logistics and unmanned delivery technologies in diversified commercial scenarios, leveraging technology to empower core business operations and drive operational efficiency improvement and cost optimization. The Group continuously iterated the City Logistics System (“CLS”). Driven by big data analysis and AI algorithms, the system not only effectively predicts order fluctuations but also deeply integrates commercial district characteristics, riders’ behavior, and real–time market dynamics. Through order bundling strategy optimization and model innovation, it achieves superior matching of orders and capacity within complex networks.

In terms of AI, the Group completed the construction of a full–scenario agent system, deeply empowering core business workflows, and actively driving comprehensive efficiency improvements on the organizational performance side through AI. For merchants and consumers, the Group’s systems have integrated with mainstream AI Agents such as WeChat “Xiaowei” and Alipay “Abao” during the Reporting Period, enabling a voice interaction feature that allows users to “place an order with one sentence.” This service allows users to directly access on–demand delivery services via voice or use AI to call a merchant’s mini program, with SF Intra–city completing the delivery fulfillment, realizing the seamless connection between AI commands and offline physical delivery. The Group is committed to becoming an independent third–party AI intra–city on–demand delivery infrastructure directly callable within the AI ecosystem and actively embracing AI traffic channels to further expand business growth potential. For riders, the Group specifically planned three major intelligent agents – fulfillment, dispatch, and customer service – using AI tools more deeply in the frontline of delivery operations. Among them, the fulfillment agent improves the riders’ delivery experience through functions like smart guidance, interactive operations, and voice Q&A; the dispatch agent gradually advances automated management and full–process quality control of commercial district dispatch by constructing operational digital twins and multi–modal risk control capabilities, enhancing rider–order matching efficiency; the customer service agent focuses on elevating overall call center efficiency, optimizing customer service processes, and enhancing interactions and problem–solving capabilities of automated responses. At the organizational efficiency end, AI agents have covered business processes such as contract review, financial reimbursement, and BD customer acquisition; concurrently, the Group steadily advanced AI Coding capability construction, relying on a “Human + Agent” collaboration model to gradually move towards R&D autonomy. Overall, the Group will continue to use the systematic application of AI agents as the core driver, driving its business systems towards an expert–level intelligent form, building long–term development advantages through technological innovation, and leading a dual upgrade of efficiency and experience.

In terms of unmanned delivery, as of 1H 2026, the Group’s unmanned vehicle network had covered 124 cities nationwide, with an operating fleet exceeding 1,000 vehicles and over 60,000 monthly average active trips, forming an extensive terminal service network. During the Reporting Period, the application scale and scope of unmanned vehicles steadily expanded in last–mile delivery scenarios such as deliveries between transit hubs and local delivery outlets, as well as intra–city on–demand delivery scenarios like catering and campuses. Meanwhile, during the Reporting Period, the Group innovatively piloted a shared unmanned vehicle capacity service, offering unmanned vehicle on–demand delivery services to merchants and consumers through the SF Intra–city mini–program. While creating an entirely new service experience, integrating a shared capacity pool effectively increased vehicle utilization rates and overall network operational efficiency. In terms of vehicle operations, the Group’s unmanned vehicle operation system has achieved full–chain functions including real–time vehicle monitoring, intelligent task dispatch, dynamic route planning, early warnings for charging and maintenance, anomaly detection and alerting, and providing terminal customers with integrated hardware–software professional unmanned vehicle solutions. Going forward, the continuously expanding unmanned delivery network will serve as a crucial supplement to existing capacity and an engine for innovation, continuously driving comprehensive improvements in the Group’s operational efficiency and service quality.

Looking ahead, the management of SF Intra–city stated: “We will adhere to the business goal of ‘high–quality and sustainable growth,’ embracing market opportunities such as traffic channel diversification, rising brand chain penetration, continuous penetration increases in food delivery and on–demand retail, acceleration of intra–city logistics, and ongoing penetration of third–party on–demand delivery services. We will steadfastly continue to scale up the business, broaden scenarios, improve services, and solidify the network. We will focus on core value contributions within local lifestyle services, invest in technological innovation, deepen the advancement of AI technology reforms and unmanned delivery deployment, and collaborate with more partners to bring prosperous development in new consumption, better realizing 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 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/

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SOURCE SF Intra-city