SUZHOU, China, Aug. 29, 2025 /PRNewswire/ — Alphamab Oncology (stock code: 9966.HK) reported interim financial results for the six months ended June 30, 2025 and highlighted recent business progress.

Financial Summary

• For the six months ended June 30, 2025, we recorded total revenue of RMB 319.44 million, an increase of 84.05% compared with the first half of 2024. Meanwhile, product revenue (attributed to the Company) amounted to RMB 67.02 million.
• For the six months ended June 30, 2025, our R&D expenditure amounted to RMB 253.16 million, an increase of 30.14% compared with the first half of 2024.
• For the six months ended June 30, 2025, we recorded a profit for the period of RMB 21.58 million, as compared to a loss of RMB 44.90 million for the first half of 2024, representing a year-on-year turnaround from loss to profit.
• We have a healthy financial position, with cash reserves of RMB 1,644.79 million as of June 30, 2025.

Business Highlights

Product Pipeline

By leveraging its proprietary core technology platforms, the Company has established a product portfolio with differentiated innovation and global competitiveness, covering cutting-edge areas such as antibody-drug conjugates (ADCs), bispecific antibodies, and single-domain antibodies. Envafolimab, the world’s first subcutaneously injectable PD-(L)1 inhibitor, was approved by Chinese authorities in 2021, providing a safer and more convenient tumor immunotherapy for patients. Additionally, the Company has multiple bispecific antibodies and bispecific ADCs in clinical stage, while rapidly advancing the preclinical pipeline prioritizing bispecific ADCs and dual-payload ADCs.

KN035 (Envafolimab)

KN035, an innovative anti-tumor immunotherapy drug, is the first subcutaneously injectable PD-(L)1 inhibitor worldwide, the first immunotherapy drug aimed at cross-tumor indications in China and the first domestically produced PD-L1 drug. KN035 offers advantages in effectiveness, safety, convenience and compliance, particularly suitable for frail, elderly patients and those with adverse reactions to intravenous infusions, while significantly reducing the use of healthcare resources. Envafolimab has been highly recommended by 16 latest domestic authoritative guidelines and consensus recommendations. Envafolimab was granted Breakthrough Therapy Designation (BTD) by the Center for Drug Evaluation (CDE) of the National Medical Products Administration of China (NMPA) for the treatment of patients with unresectable or metastatic solid tumors with high tumor mutation burden (TMB-H) who have failed prior standard treatment and no satisfactory alternative treatment.

Events during the Reporting Period

• In June 2025, data from three phase II studies of Envafolimab (either as monotherapy or combination therapy) were presented as posters at the American Society of Clinical Oncology (ASCO) Annual Meeting, with data from additional eight studies published online.

KN026

KN026 is a HER2 heterodimeric bispecific antibody (BsAb) that can simultaneously bind two non-overlapping epitopes of HER2, leading to HER2 signal blockade. KN026 has demonstrated better tumor inhibition in HER2-positive tumor cell lines compared with Trastuzumab and Pertuzumab in combination. Additionally, KN026 has also shown inhibitory effect on tumor cells with Trastuzumab-resistant cell lines. The results of multiple clinical studies in different stages showed that KN026 has significant anti-tumor activities, even in heavily pretreated patients with HER2-positive breast cancer (BC) and gastric cancer (GC), including those with prior anti-HER2 treatment. KN026 in combination with chemotherapy for the treatment of patients with HER2-positive GC/ gastroesophageal junction cancer (GEJ) who have failed first-line standard treatment was granted BTD by the CDE.

Events during the Reporting Period

• In January 2025, the results of phase II clinical study of KN026 in combination with docetaxel as first-line treatment for HER2-positive recurrent or metastatic BC were published in Cancer Communications.
• In March 2025, the results of phase II clinical study of KN026 in combination with KN046 for the treatment of advanced HER2-positive solid tumors (excluding BC) were published in Signal Transduction and Targeted Therapy.
• In April 2025, phase II/III clinical trial of KN026 in combination with chemotherapy as second-line or above treatment of HER2-positive GC (including GEJ), completed the first interim analysis and met the pre-specified primary endpoint of progression-free survival (PFS), and showed a trend toward overall survival (OS) benefit, with both statistical significance and clinical relevance.
• In April 2025, enrollment of all patients was completed in the phase III clinical trial of KN026 combined with albumin-bound docetaxel HB1801 as first-line treatment for HER2-positive recurrent or metastatic BC.
• In June 2025, the results of phase II clinical study of KN026 in combination with KN046 for the treatment of HER2-positive BC were published in Clinical Cancer Research.
• The phase III clinical trial of KN026 combined with albumin-bound docetaxel HB1801 as neoadjuvant treatment of HER2-positive early or locally advanced BC is undergoing smoothly.

Events after the Reporting Period

• In July 2025, the Investigational New Drug (IND) application for a phase III clinical trial of KN026 as first-line treatment for HER2-positive GC/GEJ was accepted by the CDE.
• In July 2025, the first interim analysis results from the phase III clinical study of KN026 in combination with chemotherapy as second-line or above treatment of HER2-positive GC/GEJ were accepted by the 2025 European Society for Medical Oncology (ESMO) Congress and will be presented during the Congress in October.

Expected Milestones in 2025

• A New Drug Application (NDA) will be submitted in China for KN026 combined with chemotherapy as second-line or above treatment for HER2-positive GC/GEJ.
• Enrollment of all patients will be completed in the phase III clinical trial of KN026 combined with albumin-bound docetaxel HB1801 as neoadjuvant treatment of HER2-positive early or locally advanced BC.

JSKN003

JSKN003 is a bispecific ADC developed based on KN026 using the proprietary glycan-specific conjugation platform. JSKN003 can bind HER2 on the surface of tumor cells and release topoisomerase I inhibitors (TOPIi) through cellular endocytosis, thereby exerting anti-tumor effects. Compared with its ADC counterparts, JSKN003 demonstrated better serum stability and stronger bystander effect, which effectively expands the therapeutic window. Results of multiple clinical studies at various stages of JSKN003 in China and Australia have demonstrated favorable safety profile, with promising efficacy of JSKN003 in heavily pretreated patients with advanced solid tumors, especially in patients with platinum-resistant ovarian cancer (PROC), HER2-expressing BC, or high HER2-expressing solid tumors.

Events during the Reporting Period

• In February 2025, JSKN003 received approval from the CDE to initiate a phase III clinical trial to compare the efficacy and safety of JSKN003 versus trastuzumab emtansine (T-DM1) as second-line or above treatment for HER2-positive advanced BC, and the first patient was successfully dosed in the same month. The trial is now undergoing smoothly.
• In February 2025, the first patient was successfully dosed in a phase III clinical trial to compare the efficacy of JSKN003 versus investigator-selected chemotherapy for the treatment of platinum-resistant recurrent epithelial ovarian cancer, primary peritoneal cancer, or fallopian tube cancer. The trial is now undergoing smoothly.
• In March 2025, JSKN003 was granted BTD by the CDE for the treatment of platinum-resistant recurrent epithelial ovarian cancer, primary peritoneal cancer, or fallopian tube cancer, not restricted to HER2 expression levels.
• In June 2025, results of three pooled analysis from the phase I study in Australia and the phase I/II study in China evaluating the efficacy and safety of JSKN003 in non-primary platinum-refractory PROC, heavily pretreated HER2-positive BC and advanced HER2-overexpressing (IHC 3+) gastrointestinal tumors were presented at the 2025 ASCO Annual Meeting.
• In June 2025, results of a preclinical study of JSKN003 were published in RSC Chemical Biology.
• The phase III clinical trial of JSKN003 for the treatment of unresectable locally advanced or metastatic HER2-low expressing BC is undergoing smoothly.
• The phase II clinical trial of JSKN003 in combination with KN026, immunotherapy (IO), or chemotherapy as first-line and perioperative treatment for HER2-positive GC/GEJ has been initiated and is currently being conducted.
• Multiple exploratory phase II clinical studies of JSKN003 are currently being conducted.

Events after the Reporting Period

• In July 2025, JSKN003 has been granted Orphan Drug Designation (ODD) by the U.S. Food and Drug Administration (FDA) for the treatment of GC/GEJ.
• In July 2025, JSKN003 has received approval from the FDA to initiate a phase II clinical study in the U.S. for the treatment of platinum-resistant recurrent epithelial ovarian cancer, primary peritoneal cancer, or fallopian tube cancer, not restricted to HER2 expression levels.
• In July 2025, two latest research results of JSKN003 for the treatment of primary platinum-refractory ovarian cancer (OC) and HER2-positive metastatic colorectal cancer (mCRC), along with the study design of the phase III study of JSKN003 versus physician’s choice of chemotherapy in PROC, were accepted by the 2025 ESMO Congress and will be presented during the Congress in October.

Expected Milestones in 2025

• Enrollment of all patients will be completed in the phase III clinical trial of JSKN003 versus trastuzumab emtansine (T-DM1) as second-line or above treatment for HER2-positive advanced BC.
• File an application with the CDE for one pivotal clinical study of JSKN003.
• File an application with the CDE for BTD for one indication of JSKN003.

JSKN016

JSKN016 is a bispecific ADC simultaneously targeting HER3 (Human epidermal growth factor receptor 3) and TROP2 (Trophoblast cell surface antigen 2), which is developed with proprietary single-domain antibody platform and glycan-specific conjugation platform. TROP2 and HER3 are overexpressed in multiple solid tumors. JSKN016 exerts tumor cell-killing activity through dual binding to both antigens, killing tumor cell through endocytosis and bystander effects, demonstrating superior efficacy compared to monospecific TROP2 or HER3 ADCs. Furthermore, JSKN016 shows enhanced ability to overcome drug resistance caused by tumor heterogeneity.

Events during the Reporting Period

• Enrollment has been completed in the cohort expansion clinical study of JSKN016 monotherapy in HER2-negative BC.
• In March 2025, IND application for a phase II clinical trial of JSKN016 in combination with chemotherapy/IO as first-line and later-line treatment of HER2-negative BC was approved by the CDE. Dose optimization of JSKN016 in combination with chemotherapy as later-line treatment of HER2-negative BC is currently ongoing.
• The phase II clinical study of JSKN016 monotherapy in multiple cohorts of non-small cell lung cancer (NSCLC) to evaluate efficacy, safety, and dose optimization is currently being conducted. Enrollment has been completed for both the cohorts of second-line and third-line treatment for EGFR-mutant patients.
• In March 2025, IND application for a phase II clinical trial of JSKN016 in combination with chemotherapy/IO/tyrosine kinase inhibitors (TKI) as first-line and later-line treatment of NSCLC was approved by the CDE. Dose confirmation has been completed for multiple cohorts until now.
• Phase I clinical trial of JSKN016 for the treatment of advanced malignant solid tumors in China is currently undergoing smoothly.

Expected Milestones in 2025

• Initiate patient enrollment in the clinical trial of JSKN016 in combination with IO and chemotherapy as first-line treatment for wild-type NSCLC.
• File an application with the CDE for one to two pivotal clinical studies of JSKN016.
• File an application with the CDE for BTD for one to two indications of JSKN016.
• Release HER2-negative BC related clinical data.

JSKN033

JSKN033 is a proprietary high-concentration co-formulation consisting of ADC and immune checkpoint inhibitor, independently developed by the Company, which can be administered subcutaneously. JSKN033 is the world’s first subcutaneous injectable ADC for clinical trials. By combining immunotherapy (KN035) and ADC (JSKN003), JSKN033 is anticipated to significantly enhance efficacy while leading to improved safety and convenience.

Events during the Reporting Period

• In January 2025, the first patient was successfully dosed in the phase I/II clinical trial of JSKN033 in China for the treatment of advanced metastatic malignant tumors, with dose escalation already completed and cohort expansion currently ongoing. This study has previously been included in the “Pilot Program for Optimizing the Review and Approval of Clinical Trials for Innovative Drugs”.
• The phase II clinical study of JSKN033 in HER2-mutated or HER2-expressing NSCLC has been initiated.
• The dose escalation phase has been completed in the phase I/II clinical study in Australia of JSKN033 for the treatment of HER2-expressing advanced or metastatic solid tumors.

Expected Milestones in 2025

• File an application with the CDE for a phase II clinical study of JSKN033 in combination with chemotherapy.

JSKN022

JSKN022 is a first-in-class ADC targeting both PD-L1 and integrin αvβ6. Based on independently developed Envafolimab, Alphamab integrates immuno-oncology (IO) mechanisms with ADC approaches. This novel drug molecule utilizes glycan-specific conjugation technology to enhance both stability and homogeneity. The topoisomerase I inhibitor T01 is site-specifically conjugated to antibodies via a cleavable linker, enhancing therapeutic efficacy. JSKN022 is expected to provide a novel therapeutic option for cancers that are refractory or resistant to PD-1/PD-L1 inhibitors.

Events during the Reporting Period

• In April 2025, preclinical data on JSKN022 were presented at the 2025 American Association for Cancer Research (AACR) Annual Meeting. Preclinical data demonstrated that JSKN022 exhibited potent antitumor activity in both in vitro and in vivo models against tumor cells expressing integrin αvβ6 and/or PD-L1.

Events after the Reporting Period

• In August 2025, IND application for the phase I clinical study of JSKN022 in patients with advanced malignant solid tumors who have failed standard therapies has been officially accepted by the CDE.

Expected Milestones in 2025

• The first patient will be dosed in the Chinese phase I clinical study of JSKN022 in patients with advanced malignant solid tumors who have failed standard therapies.

KN046

KN046, a bispecific antibody (BsAb) immune checkpoint inhibitor, composed of a fusion of CTLA-4 and PD-L1 single domain antibody, engineered to target the tumor microenvironment with high PD-L1 expression. Multiple clinical trials of KN046 have been conducted in China, the United States and Australia.

Events during the Reporting Period

• In February 2025, the results of phase II clinical study of KN046 in combination with lenvatinib for the treatment of advanced unresectable or metastatic hepatocellular carcinoma were published in Nature Communications.

Early-stage R&D

Leveraging proprietary platform technologies including glycan-specific conjugation, linker-payload, dual-payload conjugation, and bispecific antibodies, the Company has developed globally competitive new drugs such as ADCs and bispecific antibodies. The bispecific ADCs (BADC) and dual-drug conjugates (BADDC) developed by the Company, not only improve tumor targeting but also address heterogeneity and resistance issues, offering new strategies for cancer treatment. Currently multiple innovative bispecific ADC new drug candidates are in preclinical development and will be advanced into clinical trials sequentially.

• In April 2025, preclinical data on JSKN021, a bispecific EGFR/HER3 dual-payload ADC, were presented at the 2025 AACR Annual Meeting. Preclinical studies showed that JSKN021 exhibits excellent stability. Its dual-payload design effectively addresses tumor heterogeneity, demonstrating significantly superior tumor inhibition compared to single-payload ADCs.

Expected Milestones in 2025

• JSKN027: File an IND application with the CDE.
• JSKN021: File an application for a phase I clinical study in Australia.

Manufacturing Facilities

The Company’s manufacturing facility was constructed in compliance with Good Manufacturing Practice (GMP) standards of the National Medical Products Administration of China (NMPA), the U.S. Food and Drug Administration (FDA), and the European Medicines Agency (EMA), with current capacity meeting the large-scale manufacturing needs for a variety of biologic both in the clinical and commercial stages. The Company further expanded its production capacity by constructing the new suite dedicated to ADC drugs in 2024, which has now already commenced operations.

For more information, please refer to the Company’s Interim Results Announcement for the Six Months Ended June 30, 2025 published on the Hong Kong Stock Exchange and the Company’s official website.

About Alphamab Oncology

Alphamab Oncology is an innovative biopharmaceutical company focusing on oncology therapeutics. On December 12, 2019, the Company was successfully listed on the Main Board of the Hong Kong Stock Exchange, trading under the stock code 9966.

By leveraging its proprietary core technology platforms including single-domain antibodies, bispecific antibodies, glycan-specific conjugation, linker-payload, dual-payload antibody conjugation, and subcutaneous high concentration formulation for biologics, the Company has established a product portfolio with differentiated innovation and global competitiveness, covering cutting-edge areas such as antibody-drug conjugates (ADCs), bispecific antibodies, and single-domain antibodies.

The Company has one product approved for marketing (Envafolimab, the world’s first subcutaneously injectable PD-(L)1 inhibitor), which has made a significant breakthrough in the convenience and accessibility of cancer treatment. Additionally, the Company has multiple bispecific antibodies and bispecific ADCs in clinical stage, while rapidly advancing the preclinical pipeline prioritizing bispecific ADCs and dual-payload ADCs. Multiple strategic collaborations based on innovative products or technology platforms have been established with partners such as CSPC, ArriVent, and Glenmark.

Our overarching mission is to make cancer manageable and curable by addressing unmet clinical needs in oncology. Alphamab Oncology is continuously dedicated to the development of effective, safe, and globally competitive anti-tumor drugs, delivering China-innovated cancer therapies to benefit patients worldwide.

Interim Revenue Up 48.8%, Surpassing RMB Ten Billion

Net Profit Maintained Solid Growth, Reaching a Record High

Driven by Customer Base Optimization, Digital-intelligent Lean Management, and Network Scale Effects

Results Highlights

• Revenue increased by 48.8% year-on-year (“YoY”) to RMB 10,236 million
• Gross profit increased by 43.8% YoY to RMB 680.8 million, with a gross profit margin of 6.7%, remaining stable
• Profit attributable to owners of the Company was approximately RMB 137.0 million, representing a YoY growth of 120.4%, exceeding the full-year level of 2024 and reaching a record high. Net profit margin stood at 1.3%; adjusted net profit for the period (non-IFRS Accounting Standards measure) grew by 139.0% to RMB160.2 million with an adjusted net profit margin of 1.6%
• Order volume generated by intra-city delivery services grew by over 50% YoY, with revenue reaching RMB 5,778.7 million, representing a YoY increase of 43.1%. Of this revenue, approximately RMB 4,466.9 million came from intra-city delivery services for merchants, reflecting a YoY increase of 55.4%, while revenue from intra-city delivery services for consumers was approximately RMB 1,311.8 million, representing a YoY increase of 12.7%
• Revenue from last-mile delivery services amounted to approximately RMB 4,457.3 million, representing a YoY increase of 56.9%
• During the 12 months ended 30 June 2025, the number of active merchants on the platform reached 850,000, representing a YoY increase of 55%, while the scale of active consumers continued to expand, reaching over 24.77 million
• During the 12 months ended 30 June 2025, the number of annual active riders on the platform expanded to approximately 1.14 million. Through optimized operational management capabilities, riders’ productivity in June 2025 improved by 38% compared to the same period last year
• As of 30 June 2025, the Group held cash and cash equivalents and short-term financial investments of RMB 1,134.1 million and RMB 1,260.4 million, respectively

HONG KONG, Aug. 29, 2025 /PRNewswire/ — Hangzhou SF Intra-city Industrial Co., Ltd. (“SF Intra-city” or the “Group“; Stock Code: 9699.HK), the largest third-party on-demand delivery service provider in China, announced its unaudited interim results for the six months ended 30 June 2025 (the “Reporting Period” or the “1H 2025”).

During the Reporting Period, all business lines achieved balanced and high-quality revenue growth. Revenue increased by 48.8% YoY to RMB 10,236.0 million. Gross profit increased by 43.8% YoY to RMB 680.8 million, with a gross profit margin of 6.7%, remaining stable. Profit attributable to owners of the Company was RMB 137.0 million, doubled YoY with an increase of 120.4%, reaching a record high. This was attributable to: (i) Rapid growth in food delivery and on-demand retail industry, which drove up demand for on demand delivery; (ii) optimization of business structure, with higher contribution from premium customers; and (iii) enhancement of the operational foundation through technology empowerment and lean management, resulting in improved quality and efficiency, expansion of network economies of scale, and continued release of profitability.

In 1H 2025, the Group maintained a healthy cash flow position. As of 30 June 2025, the cash and cash equivalents and short-term financial investments were RMB 1,134.1 million and RMB 1,260.4 million, respectively, reflecting a healthy cash flow and ample fund reserves, and fully demonstrated the operational resilience and showcased healthy business performance.

The management team of SF intra-city commented, “In 1H 2025, the Group delivered healthy financial growth. Leveraging our profound insights into the local lifestyle services industry, a nationwide flexible capacity network, and highly efficient digital and intelligent technology capabilities, we actively captured new growth and emerging trends in the catering, retail and service industries and continued to provide high-quality and convenient on-demand delivery services for merchants, consumers, and traffic platforms. At the same time, through the continuous release of network economies of scale and our refined operational management capabilities, we further enhanced efficiency and optimized costs. Going forward, we will continue to leverage our competitive advantages of our positioning as a neutral and open platform, and providing full-scenario, high-quality on-demand delivery services, continue to invest in business scale growth, network efficiency optimization, and business synergy across various scenarios to consolidate our intra-city delivery infrastructure capabilities.”

The Scale of the Intra-city delivery continued to grow, unlocking profitability through economies of scale 

During the Reporting Period, revenue from intra-city delivery services increased by 43.1% to RMB 5,778.7 million which was mainly attributable to: (i) promotional activities held by merchants drove a rapid increase in demand for food delivery services, with food delivery revenue achieving strong YoY growth; (ii) sustained steady growth in non-food delivery scenarios, with revenue in the first half of 2025 increasing by 28.6% YoY to RMB 2,142.0 million, of which revenue from merchants increased by 35.3% YoY; (iii) outstanding comprehensive logistics infrastructure which enabled the Group to provide reliable and high-quality on-demand delivery services to different types of merchants and consumers, with the scale of annual active merchants and consumers expanding; (iv) the deepening of multi-scenario business development in lower-tier cities and counties, consolidating the competitive advantages in these markets; and (v) adoption of proactive pricing strategies to enhance product competitiveness.

Revenue from intra-city to merchants surged 55.4%, the comprehensive multi-scenario service capabilities continued to empower merchants and foster a thriving ecosystem

In 1H 2025, in terms of merchant cooperation, through expansion of the cooperating merchant base and optimization of merchant structure, revenue from intra-city delivery services for merchants reached RMB 4,466.9 million in the first half of 2025, representing a YoY increase of 55.4%, demonstrating strong growth momentum. Possessing multi-scenario, full-category service capabilities, customized professional on demand delivery solutions, and responsive high-quality service system made, the Group maintains long-term and in-depth cooperation with key customers across various industries. For small and medium-sized merchants, through strategies such as merchant operations and intelligent marketing applications, the Group has continuously expanded the base of active merchants and enhanced merchant stickiness. For the 12 months ended 30 June 2025, the number of active merchants on the platform reached 850,000, representing a YoY increase of 55%. The Group seized the industry trend of traffic platforms actively deploying on-demand retail, working closely with major traffic platforms. This enabled SF Intra-city not only to provide flexible delivery services for food delivery and on-demand retail platforms during peak order periods, but also serve as the on-demand delivery logistics infrastructure for a wider and more diverse range of traffic platforms, providing efficient and cost-effective end-to-end solutions that cover a variety of local lifestyle to-home delivery scenarios such as live-streaming e-commerce, supermarket delivery within an hour and private domain retail.

In terms of scenario coverage, by leveraging the multi-scenario service capabilities, the Group continued to deepen the presence in core advantageous sectors such as food & beverage, retail and pharmaceuticals. In the food & beverage sector, SF Intra-city provided chain restaurant customers with centralized multi-channel order management and delivery services. Through strong capacity infrastructure, refined business district operation capabilities, and the unique and highly efficient capacity model of off-peak integration with the capacity of SF Group enabled us to ensure fulfilment during peak order periods for chain catering merchants. For retail sector, SF Intra-city continued to deepen cooperation with leading national chain supermarkets and department stores, providing customized services such as one-hour delivery from warehouse to store, long-distance urban connections across the city, and counter-to-home direct delivery. For pharmaceuticals sector, SF Intra-city deepened cooperation with national leading pharmacy chains, with order volume for multiple chain pharmacy customers reaching record highs. In 1H 2025, revenue from tea beverage delivery increased by 105% YoY, while categories such as supermarket and convenience stores, pharmaceuticals, and maternal and baby products all achieved high double-digit growth.

In terms of geographic coverage, by enhancing the operational efficiency of the networks in the covered cities and counties, the Group doubled the average daily order volume in county areas, while revenue from lower-tier markets maintained a rapid growth momentum. Simultaneously, SF Intra-city actively explored new incremental business, launching cooperation with a top-tier tea beverage key customer in Hong Kong to open new cross-border business scenarios. Innovative solutions such as four-wheel vehicles and unmanned vehicles were explored to address the needs and pain points of food and beverage key customers for group meal delivery and campus delivery, expanding business boundaries and diversifying revenue channels. In 1H 2025, frequent promotional activities by merchants drove rapid order growth, and the highly flexible and elastic network was able to ensure order fulfilment during peak seasons, holidays, and adverse weather conditions. This demonstrated the Group’s commitment to service quality and stability, with fluctuations in the fulfillment in-time rate during holidays and poor weather conditions were no more than 3 percentage points. During the Reporting Period, the fulfilment in-time rate was approximately 95%, with an average delivery time of 23 minutes for orders within 3 kilometers.

The Group also continued to deepen its strategic cooperation with S.F. Holding Co., Ltd. (順豐控股股份有限公司) and its subsidiaries (hereafter, the “SF Group”) to offer an integrated supply chain solution comprising “warehousing + transport + intra-city on-demand delivery” for customers. In 1H 2025, the number of Credit Customers placing orders using the intra-city on-demand delivery services continued to grow steadily. The external incremental revenue generated through synergistic services with the SF Group grew by 29.5% YoY to RMB208.0 million.

Intra-city Delivery for Consumers sees a significant increase in premium demand, with revenue from Exclusive Delivery service tripling

For consumers, SF Intra-city is committed to providing industry-leading professional on-demand fulfilment services. The “deliver for me, fetch for me, purchase for me and solve for me” services cover personal life and work scenarios such as daily errands, medical healthcare, and business agency, reinforcing the brand image as “SF Intra-city, the first choice for urgent delivery of valuable items.” In 1H 2025, the revenue from intra-city delivery for consumers amounted to RMB1,311.8 million, representing a YoY increase of 12.7%. During the Reporting Period, the Group further deepened the understanding of consumers and proactively captured new market opportunities. SF Intra-city explored the on-demand delivery needs of consumers in core CBD areas of first-tier cities, consolidating our brand image in high-end professional delivery, with revenue from business scenarios maintaining robust growth. The one-on-one “Exclusive Delivery” service accurately meets consumers’ delivery needs for items with high value, time-sensitive, and high safety requirements. Revenue from this product recorded a threefold increase YoY. Meanwhile, the Group enhanced the reach to intra-city express delivery users through channel cooperation. The penetration rate of the “delivery within an hour” service continued to rise, with revenue from mid-to-long-distance delivery services growing rapidly. The Group proactively explored innovative service scenarios, exploring delivery services based on consumer demand such as laundry services, luggage delivery, and Hanfu rentals, while also deepening its penetration of lower-tier markets. This drove rapid growth in revenue from intra-city delivery to consumers in these lower-tier markets. By optimizing brand promotion and channel marketing strategies, the Group continuously enhanced brand awareness and consumer mindshare. The cooperation with multiple external channels effectively expanded the user base. Coupled with refined operations based on user profiling, user retention and platform loyalty were significantly improved, leading to rapid growth in revenue from the Group’s proprietary intra-city business channels.

Revenue from Last-mile Delivery Services Soared by 56.9%, Diversified Scenarios Drove Robust Business Growth

In 1H 2025, the Group’s last-mile delivery service achieved robust revenue growth, increasing significantly by 56.9% YoY to RMB4,457.3 million which was primarily attributable to: (i) The Group improved the fulfilment capabilities, and deepened network and business collaboration with major customers, leading to rapid growth in all cooperative business products; (ii) The scale and proportion of services supporting the dispatch process steadily increased. It further promoted customers’ last-mile operational efficiency and cost-effectiveness, and enabled customers to enhance their logistics capabilities to better cater to the business goal of developing e-commerce parcels service. The scale of e-commerce delivery orders undertook has grown rapidly; (iii) In terms of parcel collection, the Group acted as supplementary flexible capacity to respond promptly to needs such as nighttime, public holidays, shopping peak seasons, and growing demands such as e-commerce consolidated collection, on-site collection of e-commerce return parcels etc., with the order volume for parcel collection support services increased by more than 150% YoY during 1H 2025; and (iv) The Group offered local transfer service such as “delivery within half a day”, which can effectively meets diverse delivery and timeliness requirement. The Group actively expanded the last-mile delivery customer base and undertook intra-city logistics services in scenarios such as fruit and fresh produce, corporate group meals, and company gift deliveries, driving business growth.

Rider Scale and Productivity Improved Remarkably, Comprehensive Welfare System Set Industry Benchmark

For the 12 months ended 30 June 2025, the number of annual active riders on the platform expanded to approximately 1.14 million. Through optimized operational management capabilities, rider productivity in June 2025 improved by 38% compared to the same period last year, leading to continued improvement in rider income. Specifically, the number of riders with medium-to-high income levels increased by 65% YoY, and the number of riders with a monthly income exceeding RMB10,000 surged by 107% YoY. SF Intra-city continuously improved its rider welfare system, organizing over 7,000 offline caring activities during the Reporting Period. In addition to routine initiatives such as rider stations and adverse weather subsidies, the Group continued to address riders’ emotional well-being by providing”Grievance Care Allowance” and offered support for riders and their families in areas including living expenses, education, and medical needs through the “Public Welfare Fund.” Meanwhile, the Group consistently enhanced its safety management systems, with the safety accident rate decreasing by 11% YoY, effectively safeguarding riders’ rights and interests.

Technology-Driven Operational Upgrades, AI and Unmanned Vehicles Empowered Smart Logistics

The Group actively advanced digital operations and AI decision-making intelligence. Its City Logistics System (“CLS”) covers three core functions: Intelligent business planning, integrated rider dispatch and intelligent order distribution, achieving optimal matching between orders and riders. In 1H 2025, the Group focused on strengthening the system’s scheduling capabilities to manage peak order volumes, implementing tiered support based on delivery demands, which significantly enhanced fulfillment efficiency.

In the field of unmanned delivery, the Group continued to promote the commercial application of unmanned vehicles. As of the end of June 2025, over 300 unmanned vehicles had been deployed for daily operations, covering more than 60 cities nationwide, with an average of approximately 20,000 active trips per month. By enhancing functions such as vehicle scheduling and road condition monitoring, the Group continuously improved the fulfillment efficiency and stability of unmanned vehicles, committed to building an efficient network operation model combining “Riders + Unmanned Delivery.”

The Group consistently strengthened its capability to integrate order sources from multiple channels for merchants. Through intelligent distribution and planning, intelligent timeliness prediction, and real-time order monitoring, it assisted merchants in enhancing their digital operational efficiency. The application of AI large model capabilities in multiple scenarios yielded significant results, achieving experience upgrades and efficiency improvements across the entire process in areas such as rider management, intelligent customer service, and merchant operations.

Looking ahead, the management of SF Intra-city stated: “The Group will adhere to the operating principle of ‘high-quality and sustainable growth,’ striving with vigor and determination to actively respond to market changes. We will seize multiple market opportunities arising from traffic diversification, the continuous increase in penetration rates of food delivery and on-demand retail, accelerated intra-city logistics efficiency, and the rapid expansion of third-party delivery services. We will persistently work to scale up, broaden service scenarios, enhance service quality, and consolidate network infrastructure capabilities. Simultaneously, the Group will increase investment in technological innovations such as unmanned delivery, AI, big data, and other cutting-edge technologies to drive automation and intelligence in delivery, expand the boundaries of on-demand fulfillment services, and improve overall operational efficiency and user experience. Facing evolving consumption patterns and the local lifestyle ecosystem, the Group will collaborate closely with more partners to jointly develop innovative services, support the prosperity of new consumption, and uphold the concept of ‘high-quality, efficient, and full scenario’ services. We remain dedicated to deepening our third-party on-demand delivery services, striving to fulfill our corporate mission of ‘bringing enjoyable lifestyle to your fingertips,’ and setting a new benchmark for sustainable development in the industry.”

–  Ends  –

About Hangzhou SF Intra-city Industrial Co., Ltd. (Stock code: 9699.HK)

SF Intra-city focuses on the emerging opportunities of intra-city on-demand delivery services. Since 2019, SF Intra-city has operated as an independent legal entity to capture the growth opportunities arising from the new consumption trends. SF Intra-city adopts a multi-scenario business model, providing full coverage of delivery scenarios for all types of products and services. The Company’s extensive service coverage, ranging from mature scenarios such as food delivery to growth scenarios such as local retail, local e- commerce and local services, has enabled it to respond to the evolving customer needs resulting from the development and upgrade of the local consumer market. For more details, please visit The Company’s website: https://ir.sf-cityrush.com/en/investor-relations/