Creating a new model of "self-service unmanned freight transportation", SF INTRA-CITY (09699) expects to achieve a new high in revenue and net profit.

From efficiency transformation to value reshaping, the pilot of unmanned vehicle freight is driving SF INTRA-CITY (09699) to achieve a key leap. On March 16th, SF INTRA-CITY officially launched unmanned vehicle freight services in Weifang, Shandong Province, with dozens of unmanned vehicles put into operation, targeting consumers and small and medium-sized businesses, using the "autonomous loading and unloading + unmanned transportation" mode to provide unmanned small batch goods transportation within the city. In this unmanned vehicle freight layout, users can call for a vehicle through the online platform, and the unmanned vehicle will arrive as needed, providing fully unmanned transportation. The vehicles in operation have a cargo space of 5.5 cubic meters and a load capacity of 1 ton, providing a new option for daily small batch heavy goods transportation, effectively improving freight efficiency and service experience. It is worth mentioning that since the pilot of drone express delivery services in Shenzhen in 2022, SF INTRA-CITY has been exploring a wider path towards the commercialization of unmanned delivery. Now, with the official launch of unmanned vehicle freight services in Weifang, the company's "sky, ground, and people" delivery ecosystem of "unmanned delivery + two-wheeled/four-wheeled vehicles + riders" will be further improved, with more diverse scenarios, leading the intelligent transformation of the instant delivery industry. From a deeper perspective, the successful landing of the SF INTRA-CITY unmanned freight pilot is not only an important breakthrough in the commercialization and application of unmanned delivery technology, driving enterprise efficiency upgrades, but also a key opportunity to drive company performance and valuation simultaneously. Firstly, innovating business scenarios and reshaping the experience of heavy goods and instant delivery will open up new growth curves. In today's deepening integration of instant delivery into daily life, most users rely on riders for small items and trucks for large items. However, for heavy goods that fall between the two, suitable transport is often lacking. The recent pilot of unmanned vehicle freight services in Weifang by SF INTRA-CITY has precisely targeted this previously underserved market. In terms of cost, the starting price of unmanned vehicles is lower than traditional freight, solving the problem of "calling a truck for small batch heavy goods being uneconomical." In terms of load capacity, taking the Baixiniu R5 model of unmanned vehicles as an example, each vehicle has a volume of 5.5 cubic meters and a maximum load of 1 ton, capable of transporting several hundred parcels in one trip, as well as safely transporting fresh fruits and vegetables, hardware equipment, small furniture, etc., filling the gap in the middle ground between "small items by riders and large items by trucks." With SF INTRA-CITY effectively addressing pain points in scenarios such as supermarket replenishment, restaurant ingredient preparation, and gym equipment handling, expanding its business category from small items to local freight, successfully filling the capacity gap, and achieving full coverage of unmanned logistics in the B+C+last mile scenarios. This expansion not only opens up new space for additional orders from small batch heavy goods but also brings double growth in order volume and revenue to the company. Secondly, optimizing cost structures and unleashing the value of human resources will further enhance profitability. According to GMTEight observations, unmanned delivery is a core component of SF INTRA-CITY's diversified delivery system of "two-wheeled + four-wheeled + unmanned delivery," with the strategic goal of not replacing humans but achieving human-machine coordination to optimize overall efficiency. On the one hand, unmanned vehicles can handle manpower-inefficient orders such as heavy goods, optimizing delivery capacity structure; on the other hand, through automation of intermediate handling and refined operations by riders at both ends, it further enhances labor efficiency and performance quality. This network improvement driven by lean rider operations and technological innovations will further unleash SF INTRA-CITY's economies of scaleby the end of 2025, SF INTRA-CITY had deployed over 800 unmanned vehicles in 105 cities, with an average of about 20,000 active trips per month, forming a significant economy of scale. Looking ahead, unmanned vehicle freight will further boost profitability through the three-dimensional paths of "expanding scenarios" to increase order density, "enhancing differentiation" to increase order value, and "deep collaboration" to unleash labor efficiency, driving continuous profitability growth. Lastly, while strengthening its leadership position in the third-party instant delivery field, SF INTRA-CITY has also solidified its technological barriers. In the context of differentiation and intensified competition in food delivery and instant retail traffic, businesses are increasingly demanding autonomy in operations, and "public domain + private domain" collaborative operations have become an industry trend. On the one hand, businesses urgently need neutral third-party delivery services to fulfill orders through all channels; on the other hand, platforms also require external delivery capacity to supplement fulfillment capabilities, presenting broad development opportunities for independent third-party delivery platforms like SF INTRA-CITY. Through new productivity such as unmanned vehicles and drones, SF INTRA-CITY has not only further strengthened the company's delivery barriers as an "independent third party"the company can provide customized delivery services for platforms such as Meituan, Taobao Flash Sale, and JD Fast Delivery as well as brand merchants in various scenarios, including unmanned delivery. As road rights gradually open up and unmanned technology continues to mature, the company's forward-looking technological layout is poised to seize industry opportunities. Relying on its forward-looking technological layout and efficient implementation capabilities, SF INTRA-CITY's performance continues to lead the industry with impressive results. According to the latest performance forecast, the company is expected to achieve an adjusted net profit of not less than 376 million yuan for the full year 2025, with a year-on-year growth of not less than 158%, and revenue expectations of not less than 22 billion yuan, with a year-on-year growth of not less than 40%. SF INTRA-CITY attributes the high growth in both revenue and adjusted net profit to the company seizing opportunities in the real-time retail market, balanced and high-quality development of various businesses driving healthy growth in order volume and revenue, significant growth in scale, the company's neutral and open third-party market positioning, full-time all-category high-quality service, gaining long-term customer trust and driving steady business growth, as well as lean rider operations and technological innovations driving network quality and efficiency improvements, enhancing resource input-output efficiency, and driving profit growth. In summary, the successful implementation of unmanned freight clearly marks a key leap forward for SF INTRA-CITY in terms of performance and valuation resonance. While reinforcing its technological barriers, the unmanned layout has reshaped the company's corporate identity as a technology-driven logistics enterprise. In the future, with the release of economies of scale, the company's growth space will be completely opened up, ushering in a leap in scale.