Hangzhou SF Intra-city Industrial (9699) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 48.8% YoY to RMB10,236.0 million; net profit increased 120.4% to RMB137.0 million, and adjusted net profit rose 139.0% to RMB160.2 million.

• Growth reflected rising delivery demand and order volumes, premium-customer contributions, wider lower-tier market reach, and efficiency gains from technology and lean management.

Financial highlights

• Revenue increased 48.8% to RMB10,236.0 million; cost of revenue rose 49.2% to RMB9,555.2 million, mainly reflecting higher delivery volume and rider costs.

• Gross profit rose 43.8% to RMB680.8 million; gross margin was 6.7%, versus 6.9% in H1 2024.

• Operating profit increased to RMB150.1 million from RMB62.6 million; net profit rose to RMB137.0 million from RMB62.2 million.

• Adjusted net profit, adding back share-based compensation, rose 139.0% to RMB160.2 million; adjusted net margin was 1.6%, versus 1.0%.

• Basic and diluted EPS were RMB0.15, versus RMB0.07 in H1 2024.

Outlook and guidance

• Focus remains on high-quality, healthy growth through scaling operations, expanding scenarios, improving services and network efficiency, and strengthening business synergies.

• Plans include continued investment in technology, AI and unmanned delivery, alongside opportunities in on-demand retail and intra-city logistics.