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<Research> CICC Cuts SF Intra-city (09699.HK) TP to HKD17.8; 2025 Results In Line
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A research report by CICC stated that SF Intra-city (09699.HK) recorded 2025 revenue of RMB22.899 billion, up 45% YoY. Net profit rose 110% YoY to RMB278 million, while adjusted net profit increased 184% YoY to RMB415 million. Adjusted net profit margin expanded 0.9 ppts YoY to 1.8%, in line with the brokers expectations. In terms of operating metrics, the number of annual active merchants grew 72% YoY to 1.12 million, while annual active consumers increased 11% YoY to more than 26.06 million. The number of annual active riders rose 46% YoY to 1.46 million. Considering higher costs arising from rider recruitment expansion, the broker lowered its 2026 adjusted net profit forecast by 8% to RMB576 million and introduced a 2027 forecast of RMB966 million. It maintained an Outperform rating and trimmed the TP by 5% to HKD17.8. (ss/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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