Value Workshop | SF Express Same City Continues to See Conditions for Further Growth

While the earnings season is nearing its end, some listed companies still showcase impressive results. Shunfeng Samecheng (09699), which is currently China’s largest third-party on-demand delivery service provider, is precisely such a case. Since turning profitable in 2023, its profit scale has continued to expand. As of the end of December 2025, the attributable net profit reached RMB 278 million (RMB hereinafter), compared to about RMB 132 million in 2024—doubling year-on-year, nearly 1.1 times. After achieving profitability, it posted a doubling of performance in its third fiscal year. Moreover, when calculated based on adjusted net profit, the year-over-year growth is even higher at 1.84 times. Overall, including revenue, gross profit, net profit, adjusted net profit, and adjusted net profit margin, all key performance indicators have hit record highs.

With full-scenario capabilities already forming a moat

The data reflect that Shunfeng Samecheng has become one of the few companies in the industry capable of maintaining both rapid revenue growth and continuous profit improvement simultaneously. Meanwhile, as mainland China’s largest third-party on-demand delivery platform, the company’s strong performance in 2025 further confirms that its business model possesses sustainable growth potential, successfully overcoming the industry’s pain point of “growth in volume and revenue while also increasing profit, which is difficult to achieve at the same time.” Facing last year’s intense competition among food delivery platforms, the scarcity positioning of Shunfeng Samecheng as a third-party platform is advantageous for diversified full-scenario services. Therefore, even with a high base, there are clear signs that profitability in 2025 continues to double in absolute terms. In fact, the company’s full-scenario capabilities have already established a moat, with healthy growth seen in its city-delivery businesses serving merchants (To B) and consumers (To C), as well as its last-mile delivery operations.

To B fully covers various “at-home” local life scenarios

In the To B city-delivery segment, revenue contribution in 2025 exceeded RMB 107 million, representing a 60% year-over-year increase. This high growth rate relies entirely on proactive and continuous deployment. It not only provides flexible capacity supplementation during peak periods for catering and instant retail platforms but also serves as the logistics infrastructure for on-demand delivery, offering efficient and cost-effective end-to-end solutions for a broader and more diverse traffic platform ecosystem. It comprehensively covers multiple local life “to-home” scenarios, including live-stream e-commerce, supermarket same-hour delivery, and private domain retail. The number of active merchants on the platform reached 1.12 million, up 72% year-over-year.

To C enhances the “priority brand” image for urgent delivery of important items

In the To C city-delivery business, revenue contribution was RMB 27.66 billion, up 13.7% year-over-year. Shunfeng Samecheng’s “help deliver, help pick up, help buy, and help handle” services cover personal life and work scenarios such as daily assistance, healthcare, and business errands, strengthening the brand image of “Shunfeng Samecheng—the preferred choice for urgent delivery of important items.” Last year, it expanded the scope of its exclusive dedicated delivery services to meet more high-value personal city-delivery needs. Concurrently, revenue from these exclusive services doubled, allowing more users to enjoy upgraded “1-to-1 express” services, with orders for exclusive dedicated delivery in first-tier cities increasing rapidly. The growth in To C revenue is also related to customer acquisition and optimization strategies, with active consumer numbers continuing to expand, now exceeding 26.06 million. As for last-mile delivery, revenue contribution reached RMB 9.432 billion, up 42.4% year-over-year, demonstrating excellent performance.

Undoubtedly, investors are most concerned about whether last year’s strong results can be sustained into 2026. Currently, the on-demand retail industry has entered a new cycle of “fair competition + high prosperity,” further emphasizing the value of third-party on-demand delivery. The State Council’s Anti-Monopoly Committee has officially launched investigations into issues such as “subsidy stacking and traffic control” by food delivery platforms, which is expected to steer the industry toward “fair competition.” As merchants regain bargaining power, the overall consumer experience created through third-party delivery capacity will be increasingly valued by merchants. This indicates that as the importance of third-party on-demand delivery capacity grows, Shunfeng Samecheng, as a scarce third-party platform with strong fundamentals, is well-positioned to directly benefit from the rising demand for instant retail and the resulting surge in on-demand orders. According to research by the Ministry of Commerce, China’s on-demand retail market is projected to surpass RMB 1 trillion in 2026, implying that Shunfeng Samecheng will continue to have the strength to drive business growth. Its performance and stock price are expected to perform well this year, moving in tandem “like fish in water.”

Nie Zhenbang (Nie Sir)

The author confirms that neither I nor any related persons have engaged in either of the following: first, trading the stocks analyzed above within thirty days prior to writing; second, trading the stocks within three business days after the publication of this article. Additionally, I currently do not hold any of the aforementioned shares.

The above is purely personal research and sharing, and does not represent the stance of any third-party organization, nor does it constitute investment advice or solicitation. Readers are advised to exercise independent judgment and make their own investment decisions.