2026 Mid-Year Report Gold Mine: Urban Delivery Revenue Grows by 24.4%, Orders Increase by Over 30%, SF INTRA-CITY (09699) is Capitalizing on the Largest Dividend of Trillion-yuan Instant Retail.

As China's instant retail market officially surpasses the trillion-yuan threshold in 2026, a hidden track is being revalued. In this trillion-yuan market, which maintains an annual growth rate of 12.6%, SF INTRA-CITY (09699) has delivered a highly convincing performance: in the first half of the year, the company achieved a revenue of 11.740 billion yuan, a year-on-year increase of 14.7%; net profit was 349 million yuan, a staggering rise of 154.9%. Since achieving its first profitability in 2023, the company has now recorded profitability for seven consecutive cycles, with its profit-making ability continually breaking new ground. If sustained positive performance is a quantitative representation of operational ability, then the 400 million Hong Kong dollar buyback is SF INTRA-CITY's public statement regarding long-term value. SF INTRA-CITY announced a subsequent H-share repurchase and cancellation plan with a limit of 400 million Hong Kong dollars, all funded by the company's own cash flow. For the Hong Kong stock market, such substantial buybacks not only serve as direct evidence of the company's ample cash flow and solid financial foundation but also enhance earnings per share and return on equity through cancellation, conveying a long-term commitment to shareholder returns. It can be seen that while the industry struggles with the inertia of burning cash for expansion, SF INTRA-CITY has communicated a clear signal to the market through continuous profitability and substantial buybacks: the company's value has not yet been fully priced in at the current valuation. A trillion-yuan track, hundred billion revenue, continuously doubling profits, a buyback of 400 million in real cash when these elements converge in the same company, the market needs to reassess not only the investment value of SF INTRA-CITY itself but also the strategic coordinates of third-party instant delivery in the trillion-yuan retail landscape. Transitioning from "delivery operator" to "new consumer infrastructure," SF INTRA-CITY's value is approaching a revaluation window. Multiple scenarios resonate, establishing a solid long-term growth logic For SF INTRA-CITY, sustained revenue growth is not just a short-term benefit from a single track, but a long-term result of resonating multiple scenarios driven by both food and non-food segments, breakthroughs on both the B-end and C-end, and continuous expansion of new businesses. The explosive growth of a single order relies on nodes, while sustained growth momentum depends on a comprehensive layout. The consumer calendar for the first half of 2026 is especially packedmultiple nodes such as the 618 shopping festival, the World Cup, and the Dragon Boat Festival overlap, with concentrated demand released across various scenarios like home purchasing, event viewing economy, cultural tourism travel, and holiday gifting. Amidst this multiple-consumption dividend, SF INTRA-CITY's financial performance set new heights in the first half of the year. On one hand, demand for food delivery and instant retail remained resilient, with the order volume for same-city delivery increasing by over 30% year-on-year, driving revenue growth; on the other hand, leveraging its neutral and open third-party positioning along with omnichannel and pan-category fulfillment capabilities, the company maintains stable cooperative relationships with multi-tier customers. Behind the order prosperity is SF INTRA-CITY's robust fundamental base built on the dual drivers of food and non-food segments. In the food sector, as the domestic restaurant chain rate has climbed to 25%, and the number of 10,000-store brands continues to expand, there is an increasing urgency from chain brands for unified multi-channel fulfillment and standardized services. SF INTRA-CITY has deeply allied with several leading food brands, adding over 4,300 new cooperative stores during the reporting period, with the market share of multiple top clients remaining leading and continuously enhancing, while the revenue from numerous high-potential fast-food brands has rapidly grown. Revenue from the tea beverage category maintains high growth, showcasing the "ballast effect" of the restaurant fundamental base. Greater growth momentum comes from the non-food sector. As the scale of China's instant delivery industry continues to expand and the ecosystem accelerates evolution, non-food orders in the industry have rapidly grown. In this context, SF INTRA-CITY continues to iterate its "front warehouse + same-city instant delivery" supermarket solution, for example, collaborating with leading front warehouse clients while continuously expanding its lightning warehouse clientele to cover high-frequency consumer demands across all time periods. During the reporting period, revenue in the supermarket sector grew by over 50% year-on-year, with impressive growth in non-food categories such as beauty products and fresh produce. Lower-tier markets are also releasing incremental demand. Currently, SF INTRA-CITY's service network covers nearly 2,400 cities and counties nationwide, with over 1,500 in lower-tier counties. As a core delivery partner, the company assists chain brands in exploring lower-tier markets while deeply excavating local advantageous brands through penetration in closed scenarios such as campuses and industrial parks, continuously optimizing network layout and operational efficiency. In addition to solidifying its existing base, SF INTRA-CITY's B-end full-link upgrades and C-end traffic breakouts are simultaneously broadening business growth boundaries. On the B-end, SF INTRA-CITY is transitioning from being a "capacity service provider" to a "comprehensive operational partner for restaurants." During this period, the company further deepened its integrated cleaning and shutdown services, extending its services from frontline delivery to in-store logistical operations. For example, tailored to the cleaning characteristics of different formats such as Western fast food and tea beverages, SF INTRA-CITY developed a model of "unified bottom standard + customized solutions for each store," launching full, half, and single-area service types. With mature implementation methodologies and a digital management system, it achieved service replicability and quality traceability, significantly enhancing the cleaning efficiency of cooperative stores. Currently, SF INTRA-CITY has engaged in related cleaning and shutdown collaborations or project validations with more than ten chain brands, covering multiple formats, including Western fast food, tea beverages, and coffee. Relying on a decade of delivery experience in personnel scheduling and standardized delivery capabilities, SF INTRA-CITY's integrated "delivery + store operations" solution not only deepens ties with top clients but also opens up new revenue growth avenues. On the C-end, SF INTRA-CITY's traffic entrance has achieved exponential expansion. As one of the first instant delivery service providers to access Alipay and WeChat's AI ecosystem, SF INTRA-CITY realized an ultra-simplified interaction of "one phrase to get a courier," drastically lowering the threshold for service reach. Unique delivery services covering cities have steadily increased, with core categories such as cakes, flowers, and fresh produce all seeing high double-digit growth. Innovative scenarios like unmanned vehicle freight and cultural tourism delivery are continuously being implemented, filling the gap in small-batch city freight between "small package couriers" and "large package freight vehicles." Furthermore, SF INTRA-CITY's "last mile" business has made deep inroads into the urban logistics market. Relying on a flexible and adaptive transport network, the business has gradually expanded from simple delivery to include door-to-door pickup and urban transit scenarios, extending its operations from instant delivery to a broader urban logistics track. During the peak express phase of the 618 event, flexible capacity played a critical role in smoothing out peaks and filling in valleys, ensuring stable fulfillment, while last-mile delivery revenue in the e-commerce scenario maintained steady growth. At the same time, leveraging customized products and transport matrices such as cold chain, large goods, and four-wheeled delivery, new clients are being continuously developed, injecting new momentum for long-term growth. It can be seen that with the dual forces of food and non-food segments running in tandem, breakthroughs on both the B-end and C-end, and continuous expansion of new businesses, SF INTRA-CITY has undoubtedly successfully opened up incremental space from the trillion-yuan instant retail sector and moved beyond the traditional growth ceiling of food delivery. Numbers are the best litmus test. During the reporting period, SF INTRA-CITY's various business lines achieved healthy revenue growth, with same-city delivery service revenue reaching 7.189 billion yuan, a year-on-year increase of 24.4%; last mile service revenue reached 4.551 billion yuan, a year-on-year increase of 2.1%. Additionally, as of June 30, 2026, the company had over 27.03 million active consumers, and the number of active merchants reached 1.23 million, a year-on-year increase of 44%. "Multiple scenario resonance" is not a simple business overlap but a systematic synergy of omnichannel fulfillment ability, neutral third-party positioning, and scale effect. It is this advantage of holistic collaboration that has allowed SF INTRA-CITY to thoroughly break the growth shackles of traditional food delivery, deeply penetrate the trillion-yuan instant retail track, and continuously explore incremental dividends across all categories, regions, and scenarios. The commercialization of AI and unmanned delivery opens up greater profit potential If the comprehensive layout and multi-scenario resonance have fortified the basic plate for SF INTRA-CITY's revenue growth, then the large-scale commercial landing of AI and unmanned delivery has opened up a new space for long-term cost reduction, efficiency enhancement, and profit expansion, leveraging technology as the core lever for SF INTRA-CITY. On one hand, after years of refinement, AI dispatch has evolved from being an "auxiliary tool" to "infrastructure", strengthening the technological foundation for SF INTRA-CITY's scale expansion. Currently, the AI intelligent dispatch system has become an indispensable technical foundation for SF INTRA-CITY. After years of iteration, the company's self-developed urban logistics system (CLS) continues to optimize core modules such as order distribution, rider dispatch, and commercial area operations, and can customize dispatching strategies for differentiated scenarios, including major items for supermarkets and deliveries across multiple vehicle types. Meanwhile, relying on big data and AI algorithms, the system can predict changes in overall order density, adjusting capacity matching schemes in real time based on commercial area traffic and rider dynamics. Facing "order tsunamis" such as during 618, the dispatch system can still smoothly manage large-scale fulfillment demands, solidifying the technological groundwork for sustained scale expansion. On the other hand, supported by a mature AI dispatch system, SF INTRA-CITY's unmanned delivery business has now surpassed the experimental phase and initiated large-scale operational implementation. Reportedly, SF INTRA-CITY's unmanned delivery is accelerating from the pilot phase of "one point, one line" to the critical window period of "one city, one network" for scaling operations. As of the first half of 2026, SF INTRA-CITY's unmanned vehicle network has covered 124 cities nationwide, with over 1,000 operating vehicles, averaging over 60,000 active trips per month. The application scale of unmanned vehicles continues to expand within "last mile" delivery scenes such as urban connections and distribution points, as well as within same-city instant delivery scenarios for restaurants and campuses. During the reporting period, the company also piloted the launch of unmanned vehicle shared capacity services, opening its unmanned delivery capabilities to merchants and consumers, thereby improving vehicle utilization efficiency through a shared capacity pool. Unmanned capacity features 24/7 uninterrupted operation and, as a flexible transport resource, meets the demand for small-batch, high-frequency flexible supply chains, accommodating scenarios like nighttime deliveries and low-traffic area deliveries that traditional manual capacity struggles to cover, supporting the rollout of various innovative business scenarios. Additionally, the comprehensive implementation of technological capabilities is also bringing dual benefits of cost reduction and market expansion to SF INTRA-CITY. Specifically, SF INTRA-CITY has completed the construction of an all-scenario intelligent agent penetration system: for merchants and consumers, it has been one of the first to access mainstream AI agents like WeChat's "Xiao Wei" and Alipay's "A Bao," achieving an ultra-simple interaction of "one phrase to get a courier"; for riders, it has planned intelligent agents for fulfillment, dispatching, and customer service; and on the organizational efficiency side, AI has covered business processes such as contract reviews, financial reimbursements, and business development client acquisition. The deeper value lies in the fact that AI and unmanned vehicles are reconstructing the entire logistics chainliberating delivery staff from high-frequency, low-efficiency transfers, allowing them to focus on customer-facing services; eliminating scheduling bottlenecks and nighttime delivery pressures through all-weather transport capacity. As the unmanned delivery network continues to expand and operational density gradually increases, broader application scenarios and the cost-reducing, efficiency-enhancing advantages of scaled operations will drive unit fulfillment costs into a downward trajectory, unleashing continuous profit elasticity. Moreover, technological investment is transforming from a "cost item" into a "profit engine." In the first half of 2026, the company's gross profit was 823 million yuan, a year-on-year increase of 20.9%, with a gross profit margin of 7.0%, an increase of 0.3 percentage points year-on-year. The application of AI technology has driven collaborative quality enhancement across the entire chain, from customer acquisition, network operations, to backend investments, which is one of the core drivers of effective profit release. In summary In conclusion, SF INTRA-CITY's continuous profitability over multiple cycles is not just a phase but the result of long-term entrenchment from its omnichannel fulfillment layout and neutral third-party positioning. As a rare publicly listed company on the Hong Kong stock market focused on third-party instant delivery, it undertakes diversified traffic through its comprehensive capability and embeds "warehousing + transshipment + delivery" as an integral part of retail infrastructurethis independence is not only an irreplaceable moat but also the fundamental source of its scarcity premium. Moreover, its growth value extends far beyond this. In the short term, balanced efforts across all scenarios lead to a solid foundation in the food sector, with rapid growth in non-food and e-commerce items, providing strong performance certainty; in the medium term, breakthroughs in B-end full-link services and new C-end scenarios continuously optimize income structure and gradually open up growth space; in the long term, the large-scale implementation of AI and unmanned deliveries will drive continuous optimization of cost structure, propelling the profit model into an accelerated realization phase. Short-term performance is solid, medium-term structures are improving, and long-term efficiencies are changingthis three-layer logic progresses sequentially, while the 400 million buyback plan currently provides a robust valuation safety net. Nevertheless, the scarcity of a leading third-party player and the growth dividends contained within the trillion-yuan instant retail sector are still far from being fully priced in at the current valuation. As the quality of earnings continues to gain market validation and the cost-reducing value of technology gradually becomes apparent, the company is expected to experience a dual resonance of performance growth and valuation recovery.