Hangzhou SF Intra-city Fast Tracks Delivery Growth

Hangzhou SF Intra-city Industrial is strengthening its role as a key force in China's rapidly developing on-demand logistics sector, leveraging independent positioning, digital-intelligent capabilities, and multi-scenario service coverage to capture rising demand for rapid, reliable and diversified delivery solutions across the country.

SF Intra-city has been strengthening its position as China’s leading third-party on-demand delivery platform by distancing itself from platform-tied delivery competitors. Its independent market positioning has enabled robust expansion across retail, food, pharmaceutical and high-value goods delivery, driven by rising nationwide demand for instant logistics.

The company made a positive operational update in early 2026, highlighting strong performance momentum that is driven by expanding service adoption and increasing reliance on its independent third-party delivery model. This growth reflects the company’s ability to strengthen customer trust while broadening its role within China’s rapidly evolving on-demand logistics ecosystem.

SF Intra-city has capitalized on the "everything-instant" trend, offering rapid delivery for electronics, pharmaceuticals and premium consumer goods. Its flexible capacity network and digital-intelligent infrastructure enabled over 50% growth in intra-city order volumes in early 2025, while customer-facing premium services saw significant uptake across major cities.

International expansion accelerated with the launch of the SoFast brand in Hong Kong in July 2024, marking the company’s first overseas move. SoFast provides one-hour intra-city delivery, real-time tracking and 24/7 service, serving diverse categories including documents, flowers, food, jewelry and electronics, creating a strategic base for broader Asia expansion.

Revenue is powered by a multi-pillar structure: merchant-facing intra-city delivery and last-mile services each contribute roughly 44%, while consumer delivery services account for the remainder. These pillars reflect strong market confidence in SF Intra-city’s digital logistics capabilities and its sustained high-quality growth strategy across both domestic and emerging international markets.

Robust growth

SF Intra-city delivered record revenue of CNY 10.2bn in H1 25, up 48.8% y/y. This strong top-line performance underscored the company’s ability to scale rapidly despite macroeconomic uncertainties and sector-wide competitive pressures.

Net profit rose 120.4% y/y to CNY 137m, representing the company’s highest interim profit on record. Adjusted net profit surged 139%, reaching
CNY 160.2m, highlighting continued improvements in efficiency, margin discipline and the scalability of the company’s operating model. This reflected balanced cost management and service diversification. The company’s resilient performance helped it navigate uneven consumer sentiment and intensified competition in China’s retail and services sectors.

Merchant-facing intra-city delivery services grew 55.4% y/y to CNY 4.5bn, while last-mile delivery surged 56.9% to CNY 4.5bn, boosted by e-commerce demand. Meanwhile, consumer-facing exclusive delivery services grew 12.7%, with premium “one-on-one” service tripling in revenue, thanks to increased demand for reliable, time-sensitive delivery.

Optimistic outlook

SF Intra-city’s stock has climbed approximately 33.2% over the past year, raising its market capitalization to around CNY 8.8bn ($1.4bn). The shares currently trade at a FY 26 P/E ratio of 19.2x, well below the company’s two-year average of 50x.

Analysts maintain a strongly positive stance. The consensus price target of CNY 17.98 indicates a further 64.0% upside, while the most bullish projection of CNY 20.47 points to potential gains of up to 86.8%. All 12 analysts who cover the stock have “Buy” ratings on it, reflecting continued confidence in SF Intra-city’s medium-term prospects.

Off the track

SF Intra-city Industrial advances its independent, multi-scenario on-demand delivery platform through digital-intelligent logistics, nationwide service expansion, and strengthening merchant and consumer adoption across diverse delivery categories.

SF Intracity faces risks typical to on demand logistics providers, including intense competition from established delivery platforms, pressure on margins due to high labor and operational costs, and sensitivity to fluctuations in local consumer demand. Regulatory changes in China’s gig economy and logistics sectors may affect cost structures and compliance requirements. Operational disruptions, technology system failures, or service quality lapses could also impact growth and customer retention.