The transition from efficiency reform to value reshaping is being propelled by the pilot launch of unmanned vehicle freight services, marking a critical leap forward for SF INTRA-CITY (09699). On March 16th, the company officially initiated a pilot program for unmanned freight vehicle services in Weifang, Shandong. Dozens of unmanned vehicles have been deployed into operation, targeting both individual consumers and small-to-medium businesses. The service adopts a "self-loading/unloading + unmanned transport" model, providing unmanned, small-batch freight transportation within city limits. Within this unmanned freight deployment, users can hail a vehicle via an online platform, enabling on-demand arrival and fully unmanned transportation from start to finish. The operational vehicles feature a cargo capacity of 5.5 cubic meters and a load capacity of 1 ton, offering a new solution for daily, small-batch heavy goods transport, effectively enhancing both freight efficiency and service experience. It is noteworthy that since first piloting drone express delivery services in Shenzhen in 2022, SF INTRA-CITY's exploration into the commercialization of unmanned delivery has progressively broadened. Now, with the official launch of the Weifang unmanned freight service, the company's integrated "Sky-Ground-Human" delivery ecosystem—comprising "unmanned delivery + two-wheeled/four-wheeled vehicles + riders"—will be further refined, with increasingly diverse application scenarios, thereby continuing to lead the intelligent transformation of the instant delivery industry.

From a deeper perspective, the successful implementation of SF INTRA-CITY's unmanned freight pilot represents not only a significant breakthrough in the commercial and scenario-based application of unmanned delivery technology, driving operational efficiency upgrades, but also a key opportunity to propel the company's financial performance and valuation upwards simultaneously. Firstly, the innovation in business scenarios and the reshaping of the heavy goods instant delivery experience are opening up new growth avenues. In today's world where instant delivery is deeply integrated into daily life, the common choice for users is "light, small items via riders; large items via trucks." However, the market for heavy goods falling between these categories has often lacked suitable transport capacity. The unmanned freight service recently piloted in Weifang by SF INTRA-CITY precisely targets this previously underserved market segment. In terms of cost, the starting price for unmanned vehicles is lower than traditional freight, addressing the issue of cost-ineffectiveness when hiring a truck for small-to-medium batch heavy goods. Regarding load capacity, taking the White Rhino R5 unmanned vehicle as an example, a single vehicle offers a volume of 5.5 cubic meters and a maximum load of 1 ton. It can transport hundreds of parcels in one trip and reliably carry various items such as fresh produce, hardware supplies, small furniture, and bicycles, effectively filling the gap between "small items via courier" and "large items via truck." As SF INTRA-CITY effectively addresses pain points in scenarios like supermarket restocking, restaurant ingredient preparation, and fitness equipment moving, it expands its service categories from small parcels to intra-city freight, successfully filling the capacity gap and achieving comprehensive unmanned logistics coverage across "B2B + B2C + last-mile" scenarios. This expansion not only unlocks new incremental growth from the small-to-medium batch heavy goods market for the company but also drives increases in both order volume and revenue.

Secondly, the optimization of the cost structure and the enhancement of human resource value are further boosting profitability. Observations indicate that unmanned delivery is a core component of SF INTRA-CITY's strategy to build a diversified delivery capacity system involving "two-wheeled + four-wheeled + unmanned delivery." The strategic goal is not to replace humans but to achieve optimal overall efficiency through human-machine collaboration. On one hand, unmanned vehicles can handle less efficient human tasks like heavy goods transport, optimizing the capacity structure. On the other hand, by automating intermediate transfers and refining operations performed by riders at both ends, personnel efficiency and fulfillment quality are further enhanced. This network-wide improvement in quality and efficiency, driven by lean rider operations and digital-intelligent technological innovation, is also expected to further unleash economies of scale for SF INTRA-CITY. By the end of 2025, the company had deployed over 800 unmanned vehicles across 105 cities, with an average of approximately 20,000 active trips per month, demonstrating significant scale effects. Looking ahead, unmanned freight is poised to amplify these scale effects through a three-pronged approach: expanding scenarios to increase order density, focusing on differentiation to enhance order value, and deepening collaboration to maximize personnel efficiency, thereby driving sustained improvement in profitability.

Finally, beyond strengthening its leadership position in the third-party instant delivery sector, these developments solidify the company's technological barriers. Against a backdrop of diverging traffic flows in food delivery and instant retail and intensifying competition, merchants' demand for operational autonomy is continually increasing. The coordinated operation of "public + private" domains has become an industry trend. On one hand, merchants urgently require neutral third-party capacity to handle omnichannel orders. On the other hand, platforms also need external capacity to supplement their fulfillment capabilities, creating broad development opportunities for independent third-party capacity platforms like SF INTRA-CITY. Through new productive forces like unmanned vehicles and drones, SF INTRA-CITY not only strengthens its fulfillment barrier as an "independent third-party"—enabling it to provide customized delivery capacity for diverse scenarios to platforms and brand merchants such as Meituan, Taobao Quick Purchase, and JD.com Instant Delivery—but also offers integrated solutions that include unmanned delivery. As road access rights gradually open up in various regions and unmanned technology continues to mature, the company's forward-looking technological investments position it to seize industry opportunities. Backed by its前瞻性 technology布局 and efficient implementation capabilities, SF INTRA-CITY's performance continues to outpace the industry, delivering impressive results. According to the latest performance forecast, the company expects its full-year 2025 adjusted net profit to be no less than 376 million yuan, representing year-on-year growth of no less than 158%. Revenue is anticipated to reach no less than 22 billion yuan, a year-on-year increase of no less than 40%. SF INTRA-CITY attributes this dual growth in revenue and adjusted net profit to seizing opportunities in the real-time retail market, balanced and high-quality development across its business segments leading to healthy growth in order volume and revenue with significant scale expansion. Additionally, its neutral, open third-party market positioning and all-weather, full-category quality service have earned long-term customer trust, contributing to steady business growth. Furthermore, lean rider operations and digital-intelligent innovation have driven network-wide quality and efficiency improvements, enhancing resource input-output efficiency and facilitating profit realization.

In summary, it is evident that the successful launch of unmanned freight services represents a pivotal leap for SF INTRA-CITY, aligning its financial performance and valuation for upward momentum. The unmanned logistics布局 not only reinforces its technological barriers but also reshapes its core identity as a technology-driven logistics enterprise. In the future, as economies of scale are fully realized, the company's growth potential is set to be thoroughly unlocked, heralding a significant leap in scale and performance.