Valuation Update With 7 Day Price Move • May 21
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to HK$8.30, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 9x in the Logistics industry in Hong Kong. Total loss to shareholders of 3.4% over the past three years. Major Estimate Revision • Apr 07
Consensus EPS estimates fall by 18% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from CN¥0.572 to CN¥0.47 per share. Revenue forecast steady at CN¥27.9b. Net income forecast to grow 52% next year vs 29% growth forecast for Logistics industry in Hong Kong. Consensus price target down from HK$20.46 to HK$19.18. Share price rose 2.5% to HK$11.08 over the past week. Reported Earnings • Mar 31
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: CN¥0.31 (up from CN¥0.14 in FY 2024). Revenue: CN¥22.9b (up 45% from FY 2024). Net income: CN¥277.7m (up 110% from FY 2024). Profit margin: 1.2% (up from 0.8% in FY 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 19% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Mar 30
Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 08, 2026 Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 08, 2026. Announcement • Mar 18
Hangzhou SF Intra-city Industrial Co., Ltd. to Report Fiscal Year 2025 Results on Mar 30, 2026 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report fiscal year 2025 results on Mar 30, 2026 Major Estimate Revision • Feb 04
Consensus EPS estimates fall by 18%, revenue upgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from CN¥22.2b to CN¥22.5b. EPS estimate fell from CN¥0.317 to CN¥0.261 per share. Net income forecast to grow 80% next year vs 12% growth forecast for Logistics industry in Hong Kong. Consensus price target broadly unchanged at HK$20.30. Share price was steady at HK$14.48 over the past week. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to HK$14.78, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 9x in the Logistics industry in Hong Kong. Total returns to shareholders of 65% over the past three years. Recent Insider Transactions • Nov 16
Non-Executive Director recently sold HK$806k worth of stock On the 10th of November, Qiuyu Li sold around 66k shares on-market at roughly HK$12.15 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Buy Or Sell Opportunity • Oct 07
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 20% to HK$13.17. The fair value is estimated to be HK$16.85, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 63% in 2 years. Earnings are forecast to grow by 229% in the next 2 years. Buy Or Sell Opportunity • Sep 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.0% to HK$13.68. The fair value is estimated to be HK$17.29, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 61% in 2 years. Earnings are forecast to grow by 220% in the next 2 years. Major Estimate Revision • Sep 04
Consensus EPS estimates increase by 15% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from CN¥20.7b to CN¥22.7b. EPS estimate increased from CN¥0.289 to CN¥0.332 per share. Net income forecast to grow 96% next year vs 9.5% growth forecast for Logistics industry in Hong Kong. Consensus price target up from HK$18.21 to HK$20.16. Share price was steady at HK$14.14 over the past week. Reported Earnings • Aug 31
First half 2025 earnings released: EPS: CN¥0.15 (vs CN¥0.068 in 1H 2024) First half 2025 results: EPS: CN¥0.15 (up from CN¥0.068 in 1H 2024). Revenue: CN¥10.2b (up 49% from 1H 2024). Net income: CN¥137.0m (up 120% from 1H 2024). Profit margin: 1.3% (up from 0.9% in 1H 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Logistics industry in Hong Kong. Over the last 3 years on average, earnings per share has increased by 128% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. New Risk • Aug 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Significant insider selling over the past 3 months (HK$27m sold). Announcement • Aug 22
Hangzhou Sf Intra-City Industrial Co., Ltd. Announces Earnings Guidance for Six Months Ended 30 June 2025 Hangzhou SF Intra-city Industrial Co., Ltd. announced earnings guidance for six months ended 30 June 2025. For the period the profit attributable to owners of the Company for the Period is expected to record a growth of not less than 100% compared to the same period of last year and (ii) the Group's revenue for the Period is expected to record a growth of not less than 45% compared to the same period of last year. Such expected positive performance is primarily due to the following: the accelerated development of the on-demand delivery industry has driven a significant increase in customer demand for on-demand delivery services; the Group achieved balanced and high-quality development across its various business lines, resulting in significant growth in both order volume and revenue; driven by continuous technological innovation, the Group has further strengthened its digital and intelligent capabilities, its positioning as an independent third-party service provider, along with the brand and product offerings, has gained accelerating wide recognition among customers; and through lean operations and quality improvements, the Group has further enhanced its economies of scale and improved the efficiency in utilisation of resource input and output, thereby contributing to the release of profitability. Announcement • Aug 18
Hangzhou SF Intra-city Industrial Co., Ltd. to Report First Half, 2025 Results on Aug 28, 2025 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report first half, 2025 results on Aug 28, 2025 Buy Or Sell Opportunity • Jun 13
Now 21% undervalued Over the last 90 days, the stock has risen 73% to HK$15.90. The fair value is estimated to be HK$20.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 42% per annum over the same time period. Valuation Update With 7 Day Price Move • May 13
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to HK$10.00, the stock trades at a forward P/E ratio of 34x. Average forward P/E is 11x in the Logistics industry in Hong Kong. Total returns to shareholders of 56% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at HK$19.71 per share. Board Change • Apr 10
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Johnny Chan was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 28
Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 20, 2025 Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 20, 2025. Announcement • Mar 13
Hangzhou SF Intra-city Industrial Co., Ltd. to Report Fiscal Year 2024 Results on Mar 28, 2025 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report fiscal year 2024 results on Mar 28, 2025 Announcement • Jan 21
Hangzhou Sf Intra-City Industrial Co., Ltd. Provides Unaudited Consolidated Earnings Guidance for the Year Ended 31 December 2024 Hangzhou SF Intra-city Industrial Co., Ltd. provided unaudited consolidated earnings guidance for the year ended 31 December 2024. For the period, the company expects the profit attributable to owners of the Company for the Year is expected to record a growth of not less than 100% compared to last year; (ii) the Group's revenue for the Year is expected to record a growth of not less than 25% compared to last year. Specifically, the Group 's revenue for the second half of the Year is expected to record a growth of not less than 30% compared to the same period last year. Such expected positive performance is primarily due to the following: the increase in consumption in the catering and retail industries in China and the development of the consumption and service sectors, leading to a higher demand for on-demand delivery; the on-demand delivery industry is rapidly developing, and the Company is experiencing rapid growth in the order volume of intra-city on-demand delivery services and last-mile delivery services, with all business segments of the Company achieving balanced, high-quality, and healthy development; the increase in market share and penetration rates, driven by the Company's technological innovation and continuous enhancement of digital intelligence capabilities, and the increased and widespread recognition of independent third-party positioning, branding, and products and services by its customers; and continual improvement in the quality and efficiency of the operational base and further leveraging of economies of scale and network effects, which further enhanced lean management capabilities and enhanced efficiency in utilisation of resource input and output, leading to continuous improvements in gross profit margin and expense ratio. Announcement • Jan 10
Hangzhou SF Intra-city Industrial Co., Ltd. Announces Change of Address of Principal Place of Business in Hong Kong The board of directors of Hangzhou SF Intra-city Industrial Co., Ltd. announced that with effect from January 10, 2025, the address of the principal place of business in Hong Kong of the Company will change from 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong to: Room 1928, 19/F, Lee Garden One, 33 Hysan Avenue, Causeway Bay, Hong Kong. Announcement • Nov 14
Hangzhou SF Intra-city Industrial Co., Ltd. has completed a Follow-on Equity Offering. Hangzhou SF Intra-city Industrial Co., Ltd. has completed a Follow-on Equity Offering.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 100,000,000
Transaction Features: Subsequent Direct Listing Reported Earnings • Sep 29
First half 2024 earnings released: EPS: CN¥0.068 (vs CN¥0.048 in 1H 2023) First half 2024 results: EPS: CN¥0.068 (up from CN¥0.048 in 1H 2023). Revenue: CN¥6.88b (up 20% from 1H 2023). Net income: CN¥62.2m (up 40% from 1H 2023). Profit margin: 0.9% (in line with 1H 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.3% growth forecast for the Logistics industry in Hong Kong. Reported Earnings • Aug 30
First half 2024 earnings released: EPS: CN¥0.068 (vs CN¥0.048 in 1H 2023) First half 2024 results: EPS: CN¥0.068 (up from CN¥0.048 in 1H 2023). Revenue: CN¥6.88b (up 20% from 1H 2023). Net income: CN¥62.2m (up 40% from 1H 2023). Profit margin: 0.9% (in line with 1H 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.7% growth forecast for the Logistics industry in Hong Kong. Announcement • Aug 27
Hangzhou SF Intra-city Industrial Co., Ltd. to Report First Half, 2024 Results on Aug 28, 2024 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report first half, 2024 results on Aug 28, 2024 New Risk • Aug 10
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 59% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (59% increase in shares outstanding). Minor Risk Large one-off items impacting financial results. Reported Earnings • Apr 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.07 (up from CN¥0.26 loss in FY 2022). Revenue: CN¥12.4b (up 21% from FY 2022). Net income: CN¥64.9m (up CN¥302.5m from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Logistics industry in Hong Kong. Reported Earnings • Mar 28
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CN¥0.07 (up from CN¥0.31 loss in FY 2022). Revenue: CN¥12.4b (up 21% from FY 2022). Net income: CN¥64.9m (up CN¥351.8m from FY 2022). Profit margin: 0.5% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 14%. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Logistics industry in Hong Kong. Announcement • Mar 27
Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 06, 2024 Hangzhou SF Intra-city Industrial Co., Ltd., Annual General Meeting, Jun 06, 2024. Announcement • Mar 15
Hangzhou SF Intra-city Industrial Co., Ltd. to Report Fiscal Year 2023 Results on Mar 26, 2024 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report fiscal year 2023 results on Mar 26, 2024 Announcement • Mar 13
Hangzhou SF Intra-City Industrial Co., Ltd. Provides Earnings Guidance for the Year Ended December 31, 2023 Hangzhou SF Intra-city Industrial Co., Ltd. provided consolidated earnings guidance for the year ended December 31, 2023. For the year, Group is expected to achieve a turnaround from loss to profit, and is expected to record net profit from continuing operations of not less than approximately RMB 60 million. New Risk • Dec 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Hong Kong stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Nov 30
Hangzhou Sf Intra-City Industrial Co., Ltd. Appoints Li Juhua as Non-Executive Director Hangzhou SF Intra-city Industrial Co., Ltd. announced that at the EGM, Ms. Li Juhua has been elected as a non-executive Director of the Company with effect from 30 November 2023. The Board was also authorised to determine Ms. Li Juhua's remuneration upon passing of the resolution No. 3 as disclosed above at the EGM. Announcement • Nov 01
Hangzhou Sf Intra-City Industrial Co., Ltd. Announces Board Changes The board of directors of Hangzhou SF Intra-city Industrial Co., Ltd. (the "Company", and together with its subsidiaries, the "Group") hereby announced that: Mr. Chan Fei ("Mr. Chan") has tendered his resignation as (i) a non-executive Director, (ii) the chairman of the Board (the "Chairman"), (iii) the chairman of the nomination committee of the Company (the "Nomination Committee") and (iv) a member of the remuneration committee of the Company (the "Remuneration Committee") on 31 October 2023. Mr. Chan would like to resign from the above offices in order to focus on other business endeavours. With the full support and agreement of the Board, Mr. Chan will remain in the above offices until 30 November 2023 to ensure a smooth transition. The Board announced that Mr. Sun Haijin ("Mr. Sun"), currently the executive Director and the chief executive officer ("CEO") of the Company, has been appointed as the Chairman, the chairman of the Nomination Committee and a member of the Remuneration Committee with effect from 30 November 2023. The biographic details of Mr. Sun are set out below: Mr. Sun, aged 44, is the executive Director and CEO of the Company. Mr. Sun joined S.F. Holding Co., Ltd. and is one of the controlling shareholders of the Company ("SF Holding", together with its subsidiaries, the "SF Holding Group")) and its subsidiaries in April 2006. Mr. Sun consecutively served as multiple significant positions within SF Holding Group including human resources director, regional general manager, head of product management from April 2006 to June 2016 and accumulated abundant project experience in areas including human resources management, business operation and management and project incubation. Prior to the incorporation of the Company, Mr. Sun served as the head of the intra-city on-demand delivery business unit since June 2016, being fully responsible for the operation and management of the intra-city on-demand delivery business. Mr. Sun established the Group in March 2019 and continues to be responsible for formulating business strategy, making major corporate and operation decisions, as well as the overall management of the Group. His work experience in the Group mainly includes: served as the executive director and the general manager of Shenzhen SF Intra-city Logistics Co., Ltd. one of our subsidiaries, since October 2018, served as the CEO and the executive Director of the Group since June 2019 and December 2019, respectively, and served as a director of various subsidiaries of the Company. Mr. Sun has nearly 20 years of experience in logistics, delivery, and online-to-offline business management, and has a deep understanding of the combination of traditional logistic industry and new business forms. Mr. Sun was awarded "The 14th China Logistics Industry Golden Pegasus Award - "2020 Outstanding Young Logistics Entrepreneur by the Logistics Times Magazine and Committee of China Logistics Industry Pegasus Award in March 2021, "The 5th New Award - "30 New Influencers in 2022" by Caijing New Media in January 2023 and 2022 New Young Entrepreneur in Shenzhen by Shenzhen Municipal Committee of the Communist Youth League and Shenzhen Youth Federation in April 2023. Mr. Sun obtained a college degree in administrative management from Nanchang University in Jiangxi Province, the PRC in June 2005. Announcement • Sep 21
Hangzhou SF Intra-City Industrial Co., Ltd. Approves Election of Mr. Geng Yankun as Non-Executive Director Hangzhou SF Intra-city Industrial Co., Ltd. approved election of Mr. Geng Yankun as non-executive director with effect from September 20, 2023 at the EGM of the Company held on September 20, 2023. Breakeven Date Change • Aug 31
Forecast to breakeven in 2024 The 7 analysts covering Hangzhou SF Intra-city Industrial expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥127.5m in 2024. Average annual earnings growth of 114% is required to achieve expected profit on schedule. Reported Earnings • Aug 30
First half 2023 earnings released: EPS: CN¥0.048 (vs CN¥0.15 loss in 1H 2022) First half 2023 results: EPS: CN¥0.048 (up from CN¥0.15 loss in 1H 2022). Revenue: CN¥5.75b (up 28% from 1H 2022). Net income: CN¥44.6m (up CN¥188.5m from 1H 2022). Profit margin: 0.8% (up from net loss in 1H 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 9.1% growth forecast for the Logistics industry in Hong Kong. Announcement • Aug 29
Hangzhou SF Intra-city Industrial Co., Ltd. Announces the Resignation of Xu Zhijun as Non-Executive Director The board of directors of Hangzhou SF Intra-city Industrial Co., Ltd. announced that: Mr. Xu Zhijun ("Mr. Xu") has tendered his resignation as a non-executive Director with effect from August 28, 2023. Mr. Xu would like to resign from the above office in order to take on other work and business opportunities. Announcement • Jul 08
Hangzhou SF Intra-city Industrial Co., Ltd. Provides Consolidated Earnings Guidance for the Six Months Ended 30 June 2023 Hangzhou SF Intra-city Industrial Co., Ltd. provided consolidated earnings guidance for the six months ended 30 June 2023. The Group is expected to record a profit for the period as compared to the consolidated net loss attributable to owners of the company of approximately RMB 144 million for the six months ended 30 June 2022, thereby achieving a turnaround from loss to profit. Announcement • May 06
Shenzhen Fengxiang Information Technology Co., Ltd. agreed to acquire Shanghai Fengzan Technology Co., Ltd. from Hangzhou SF Intra-city Industrial Co., Ltd. for CNY 120 million. Shenzhen Fengxiang Information Technology Co., Ltd. agreed to acquire Shanghai Fengzan Technology Co., Ltd. from Hangzhou SF Intra-city Industrial Co., Ltd. for CNY 120 million on May 5, 2023. As of December 31, 2022, Shanghai Fengzan Technology Co., Ltd. reported total assets of CNY 140 million and net asset value of 98.4 million. The deal is subject to removal of executive directors of Shanghai Fengzan Technology Co., Ltd. Breakeven Date Change • Mar 31
Forecast breakeven date pushed back to 2024 The 4 analysts covering Hangzhou SF Intra-city Industrial previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 82% to 2023. The company is expected to make a profit of CN¥195.0m in 2024. Average annual earnings growth of 136% is required to achieve expected profit on schedule. Reported Earnings • Mar 30
Full year 2022 earnings: EPS exceeds analyst expectations Full year 2022 results: CN¥0.31 loss per share (improved from CN¥1.28 loss in FY 2021). Revenue: CN¥10.3b (up 26% from FY 2021). Net loss: CN¥286.9m (loss narrowed 68% from FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 11%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 8.9% growth forecast for the Logistics industry in Hong Kong. Major Estimate Revision • Mar 29
Consensus EPS estimates increase by 135%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥14.0b to CN¥13.1b. EPS estimate rose from CN¥0.016 to CN¥0.037. Net income forecast to grow 72% next year vs 13% growth forecast for Logistics industry in Hong Kong. Consensus price target broadly unchanged at HK$14.31. Share price was steady at HK$11.60 over the past week. Major Estimate Revision • Feb 18
Consensus EPS estimates upgraded to CN¥0.35 loss The consensus outlook for fiscal year 2022 has been updated. 2022 losses forecast to reduce from -CN¥0.40 to -CN¥0.35 per share. Revenue forecast unchanged from CN¥10.2b at last update. Logistics industry in Hong Kong expected to see average net income growth of 14% next year. Consensus price target up from HK$13.10 to HK$14.05. Share price rose 3.9% to HK$11.66 over the past week. Announcement • Jan 31
Hangzhou SF Intra-City Industrial Co., Ltd. Provides Earnings Guidance for the Year Ended 31 December 2022 The board (the ‘Board’) of directors of Hangzhou SF Intra-city Industrial Co., Ltd. (the ‘Directors’) wishes to inform the shareholders of the Company and potential investors that, based on the preliminary review of the latest unaudited consolidated management accounts of the Group for the year ended 31 December 2022 (the ‘Year’) and other information currently available, it is expected that the Group's consolidated net loss attributable to the owners of the Company for the Year will decrease by more than 50% as compared to the corresponding period for the previous year. Major Estimate Revision • Dec 09
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CN¥10.5b to CN¥10.2b. 2022 losses expected to reduce from -CN¥0.40 to -CN¥0.35 per share. Logistics industry in Hong Kong expected to see average net income growth of 19% next year. Consensus price target down from HK$12.80 to HK$12.21. Share price rose 35% to HK$8.10 over the past week. Breakeven Date Change • Nov 16
Forecast breakeven date moved forward to 2023 The 5 analysts covering Hangzhou SF Intra-city Industrial previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 62% to 2022. The company is expected to make a profit of CN¥1.09m in 2023. Average annual earnings growth of 111% is required to achieve expected profit on schedule. Board Change • Nov 16
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Non-Executive Director Johnny Chan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Breakeven Date Change • Sep 06
Forecast breakeven date moved forward to 2023 The 4 analysts covering Hangzhou SF Intra-city Industrial previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 62% to 2022. The company is expected to make a profit of CN¥45.5m in 2023. Average annual earnings growth of 113% is required to achieve expected profit on schedule. Reported Earnings • Aug 31
First half 2022 earnings released: CN¥0.15 loss per share (vs CN¥0.30 loss in 1H 2021) First half 2022 results: CN¥0.15 loss per share (up from CN¥0.30 loss in 1H 2021). Revenue: CN¥4.48b (up 142% from 1H 2021). Net loss: CN¥143.9m (loss narrowed 29% from 1H 2021). Over the next year, revenue is forecast to grow 56%, compared to a 28% growth forecast for the Logistics industry in Hong Kong. Breakeven Date Change • Aug 23
Forecast breakeven date pushed back to 2024 The 4 analysts covering Hangzhou SF Intra-city Industrial previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 89% per year to 2023. The company is expected to make a profit of CN¥505.4m in 2024. Average annual earnings growth of 97% is required to achieve expected profit on schedule. Announcement • Aug 16
Hangzhou SF Intra-city Industrial Co., Ltd. to Report First Half, 2022 Results on Aug 30, 2022 Hangzhou SF Intra-city Industrial Co., Ltd. announced that they will report first half, 2022 results on Aug 30, 2022 Reported Earnings • May 02
Full year 2021 earnings: EPS misses analyst expectations Full year 2021 results: CN¥1.28 loss per share. Revenue: CN¥8.17b (up 69% from FY 2020). Net loss: CN¥898.9m (loss widened 19% from FY 2020). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 27%. Over the next year, revenue is forecast to grow 38%, compared to a 17% growth forecast for the industry in Hong Kong. Board Change • Apr 27
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Supervisor Guozhong Wu is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Johnny Chan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Breakeven Date Change • Mar 31
Forecast to breakeven in 2023 The 4 analysts covering Hangzhou SF Intra-city Industrial expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥52.0m in 2023. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Breakeven Date Change • Jan 21
Forecast to breakeven in 2023 The 2 analysts covering Hangzhou SF Intra-city Industrial expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of CN¥30.0m in 2023. Average annual earnings growth of 52% is required to achieve expected profit on schedule. Announcement • Dec 15
Hangzhou SF Intra-city Industrial Co., Ltd. has completed an IPO in the amount of HKD 2.153989 billion. Hangzhou SF Intra-city Industrial Co., Ltd. has completed an IPO in the amount of HKD 2.153989 billion.
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 13,118,200
Price\Range: HKD 16.42
Discount Per Security: HKD 0.36945
Security Name: H Shares
Security Type: Common Stock
Securities Offered: 118,062,600
Price\Range: HKD 16.42
Discount Per Security: HKD 0.36945
Transaction Features: Regulation S; Rule 144A Board Change • Dec 14
Less than half of directors are independent There are 12 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 12 new directors. No experienced directors. No highly experienced directors. 3 independent directors (6 non-independent directors). Supervisor Guozhong Wu is the most experienced director on the board, commencing their role in 2019. Independent Non-Executive Director Johnny Chan was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors.