Hangzhou SF Intra-city Industrial (9699) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 45.4% YoY to RMB22,898.6m; net profit attributable to owners grew 109.7% to RMB277.7m, while adjusted net profit climbed 184.3% to RMB414.7m.

• Growth was driven by higher delivery demand, expanding merchant and customer partnerships, deeper lower-tier market coverage, and technology-enabled operational efficiencies.

Financial highlights

• Revenue increased 45.4% YoY to RMB22,898.6m; gross profit rose 34.8% to RMB1,444.5m, while gross margin declined to 6.3% from 6.8%.

• Operating profit increased to RMB278.5m from RMB117.3m; profit before tax was RMB308.1m versus RMB145.0m.

• Net profit attributable to owners was RMB277.7m, up 109.7% YoY; adjusted net profit, adding back share-based compensation, was RMB414.7m versus RMB145.9m.

• Net cash generated from operating activities was RMB394.8m, up from RMB271.9m; cash and cash equivalents at year-end were RMB1,145.4m.

Outlook and guidance

• Strategic priorities are high-quality, sustainable growth; scale expansion; broader service scenarios; stronger delivery-network capabilities; and continued investment in technology, AI and unmanned delivery.

• Market opportunities identified include diversified traffic channels, chain-brand penetration, food delivery and on-demand retail growth, faster intra-city logistics, and wider use of third-party delivery.