China's SF Intra-City H1 profit more than doubles on strong delivery demand

Hangzhou Sf Intra-City Industrial

28/08/2026 09:42

Overview
China intra-city logistics provider's half-year revenue rose 14.7% yr/yr to RMB11.74 bln
Net profit for the half-year more than doubled yr/yr to RMB349.3 mln; gross profit margin rose to 7.0% yr/yr 
Board proposed not to distribute interim dividend for the six months ended June 2026

Outlook
Company did not provide specific financial guidance or outlook for future periods

Result Drivers
FOOD AND RETAIL DEMAND – Revenue growth was driven by resilient food-delivery and on-demand retail demand, lifting intra-city order volume by over 30% yr/yr
SCALE AND AI EFFICIENCY – Economies of scale, lean rider-network operations and AI-enabled coordination lifted gross margin to 7.0% from 6.7%
INVESTMENT FAIR-VALUE GAIN – A joint-venture profit of RMB222.3 mln, versus a RMB0.5 mln loss, reflected unrealised gains after a portfolio company's listing

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
RMB 11.74 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the courier, postal, air freight & land-based logistics peer group is "buy"
Wall Street's median 12-month price target for Hangzhou Sf Intra-City Industrial Co Ltd is HK$17.80, about 124.9% above its August 27 closing price of HK$7.92
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 15 three months ago

Reuters Recommended Reads
Aug 27 - China's Changan Minsheng H1 profit falls on logistics price pressure, higher labor costs
Aug 26 - Logistics provider Legion Consortium H1 revenue rises on higher trucking and freight forwarding demand
Aug 26 - France's ID Logistics H1 revenue rises on North America growth

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)