# SF Intra-city's Strategic Leadership Drives Performance to  New Heights in 1H 2026

- Link: https://www.thailand-business-news.com/pr-news/sf-intra-citys-strategic-leadership-drives-performance-to-new-heights-in-1h-2026
- Published: 2026-08-28T21:36:00+07:00
- Author: PR Newswire

**Deepening multi****–****scenario presence to consolidate the business foundations,
with AI and unmanned delivery opening up new prospectsRevenue 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/](https://ir.sf-cityrush.com/en/investor-relations/)

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^([1]) "adjusted net profit" represents profit attributable to owners of the Company excluding share-based compensation expenses, share of profit of a joint venture accounted for using the equity method, net fair value changes of equity investments at fair value and the related income tax effects.

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