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China's largest independent intra-city/last-mile delivery platform, spun off from SF Holding.
China's largest independent intra-city/last-mile delivery platform, spun off from SF Holding.
Is paid per delivery order by merchants and platforms and pays riders per order, so profit depends on order volume, rider productivity and how efficiently deliveries are matched in each city. SF Holding, the express-parcel group, remains the controlling shareholder.
In one line: China's DoorDash for last-mile delivery.
Moat: narrow (network effects, scale). Largest independent rider network for on-demand delivery, reinforced by SF Holding ties.
Headquarters: Shenzhen, China · Founded: 2016 · Employees: 2,067
Size Hangzhou SF Intra-city Industrial (9699.HK) is a Hong Kong Industrials company (Air Freight/Couriers) with a market value of $941M, the 605th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.04 on 6 Nov 2026.
Performance Over six months the shares fell 23.5%, against -8.8% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 32.2% over the last twelve months (peer median +4.0%); the operating margin is 1.2% (peer median 6.3%).
Valuation It trades at 13.3× forward earnings against a peer median of 12.8× (8th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -30 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.3 points above its cost of capital (10.4% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$27.2B | HK$24.8B | HK$17.1B | HK$13.7B | HK$11.9B |
| Revenue growth | — | +45% | +25% | +15% | — |
| Gross profit | HK$1.75B | HK$1.54B | HK$1.14B | HK$845M | HK$448M |
| EBITDA | HK$404M | HK$326M | HK$170M | HK$81.3M | -HK$261M |
| Net income | HK$552M | HK$301M | HK$144M | HK$55.9M | -HK$334M |
| Free cash flow | HK$430M | HK$383M | HK$276M | HK$287M | -HK$491M |
| Capital expenditure | HK$68.3M | HK$73.3M | HK$51.8M | HK$76.2M | HK$126M |
| Total debt | n/a | HK$30.8M | HK$20.7M | HK$26.3M | HK$45.5M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hangzhou SF Intra-city Industrial 9699.HK | $941M | -24% | +32% | 1% | 13.3× | 5.9% |
| Meituan-w 3690.HK | $63.3B | -5% | +10% | -12% | 303.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 9699.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -0.5% | 8th lowest of 21 |
| 6-month return | -23.5% | -8.8% | 5th lowest of 21 |
| Distance from 52-week high | -50.6% | -23.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +32.2% | +4.0% | 2nd highest of 20 |
| Operating margin | 1.2% | 6.3% | 4th lowest of 20 |
| Forward P/E | 13.3× | 12.8× | 8th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 5.9% | 3.1% | 8th most demanding of 16 |
| Growth delivered (Del g) | +35.5% | +5.0% | 2nd highest of 16 |
| Hurdle (Req g minus delivered) | -29.6 pp | +0.8 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +9.3 pp | -0.5 pp | 3rd highest of 20 |
| Net debt / EBITDA | -7.0× | 0.2× | 2nd least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou SF Intra-city Industrial 9699.HK | Hong Kong | $941M | -24% | +32% | 1% | 13.3× | 5.9% | +35.5% |
| Orient International Enterprise 600278.SS | China | $919M | +1% | -12% | 1% | n/a | n/a | n/a |
| Konoike Transport 9025.T | Japan | $973M | +2% | +1% | 6% | 10.9× | -12.5% | +4.0% |
| Cargojet CJT.TO | Canada | $1.00B | +15% | +1% | 10% | 23.4× | 12.4% | +8.2% |
| Swedish Logistic Property SLP-B.ST | Sweden | $876M | -9% | +27% | 86% | 14.2× | 11.6% | +60.3% |
| Hengtong Logistic 603223.SS | China | $870M | -9% | +2% | 30% | 15.5× | -9.5% | -24.6% |
| Shenzhen Easttop Supply Chain Management 002889.SZ | China | $845M | +14% | -35% | 6% | n/a | 12.0% | +6.7% |
| Hamakyorex 9037.T | Japan | $808M | -2% | +9% | 10% | 11.4× | -9.0% | +5.5% |
| Ferrari FERGR.AS | Netherlands | $780M | -4% | +3% | 17% | 12.8× | -2.7% | +5.0% |
| Blue Dart Express BLUEDART.NS | India | $1.14B | -20% | +9% | 7% | 26.5× | 22.4% | +13.3% |
| Shenzhen Feima International Supply Chain 002210.SZ | China | $768M | -36% | +116% | 11% | n/a | 34.5% | +1.5% |
| Bonheur BONHR.OL | Norway | $1.20B | +1% | +4% | 7% | 10.0× | 3.1% | +20.6% |
| Friend 605050.SS | China | $709M | -24% | +4% | 4% | 10.1× | n/a | n/a |
| Shipping Corporation of India SCI.NS | India | $1.29B | -18% | +17% | 24% | n/a | n/a | n/a |
| KLN Logistics 0636.HK | Hong Kong | $1.30B | -15% | -2% | 4% | 7.0× | -10.4% | +2.6% |
| COSCO SHIPPING International (Hong Kong) 0517.HK | Hong Kong | $1.32B | +8% | +1% | 5% | 12.6× | 2.3% | +1.5% |
| China Master Logistics 603967.SS | China | $644M | -11% | +11% | 4% | 13.9× | -12.1% | +11.4% |
| Eternal Asia Supply Chain Management 002183.SZ | China | $1.48B | -32% | -25% | 0% | 54.3× | 29.9% | 0.0% |
| Hub HUBG | United States | $1.48B | -44% | n/a | n/a | 51.6× | n/a | n/a |
| CMST Development 600787.SS | China | $1.49B | -12% | +23% | 0% | n/a | n/a | n/a |
| Fukuyama Transporting 9075.T | Japan | $1.51B | +18% | +6% | 4% | 11.6× | 12.0% | +2.2% |