Hangzhou SF Intra-city Industrial (9699) H2 2024 earnings summary

Executive summary

• Continuing-operations revenue rose 27.1% YoY to RMB15,746.1m; attributable net profit climbed 161.8% to RMB132.5m, extending the second consecutive year of annual profitability.

• Growth reflected higher order volumes, network scale benefits, an improved customer mix, and technology-led efficiency gains; operating cash flow remained positive at RMB271.9m.

Financial highlights

• Revenue increased 27.1% to RMB15,746.1m; cost of revenue rose 26.6% to RMB14,674.6m.

• Gross profit grew to RMB1,071.5m from RMB794.7m; gross margin expanded to 6.8% from 6.4%.

• Operating profit reached RMB117.3m versus RMB19.2m; profit attributable to owners was RMB132.5m versus RMB50.6m.

• Adjusted net profit, adding back share-based compensation, was RMB145.9m versus RMB57.4m; share-based compensation was RMB13.4m versus RMB6.8m.

• Net profit margin attributable to owners improved to 0.8% from 0.4%; no final dividend was recommended.

Outlook and guidance

• Operational priority remains high-quality, healthy growth, with plans to pursue opportunities in diversified traffic, local retail, intra-city logistics, and third-party on-demand delivery.

• Strategic priorities include broader scenario and geographic coverage, expanded fulfilment services, stronger technology capabilities, and collaboration with more business partners.