SF INTRA-CITY (09699) saw its share price rise by 9.83% before midday, currently trading at HKD 16.09 with a turnover of HKD 132 million.

Shenwan Hongyuan pointed out that competition in the instant retail sector is becoming more compliant, which is expected to drive category expansion from dining and beverages towards higher average-order-value segments, creating more growth opportunities for the logistics side. High-frequency subsidies have successfully cultivated user consumption habits, and the increased intensity of such investments will directly boost the volume of instant delivery orders, becoming a key source of incremental demand for the industry.

It was reported that during the New Year's Day holiday in 2026, the company's average daily intra-city delivery order volume increased by 55% compared to the previous year, with beverage orders doubling and fast-food orders surging over 90% year-on-year. Categories such as supermarkets and department stores, cosmetics, and electronics all achieved high double-digit growth in order volume. Both food and non-food scenarios experienced robust order growth, providing support for holiday consumption and commercial operations. Shenwan Hongyuan believes that platform competition benefits third-party logistics service providers. As a prominent independent third party, SF INTRA-CITY is benefiting from order spillover due to intensified food delivery competition, with business growth and profit expectations looking positive.