---
title: "In \"Major Banks,\" China International Capital Corporation lowered the target price for SF INTRA-CITY to 17.8 yuan, with last year's performance meeting expectations"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281491225.md"
description: "CICC lowered the target price for SF INTRA-CITY to HKD 17.8, expecting a 45% revenue growth to HKD 22.899 billion in 2025, and a 110% net profit growth to HKD 278 million. The adjusted net profit is expected to grow by 184% to HKD 415 million, in line with expectations. The number of active merchants is expected to grow by 72% to 1.12 million, consumers by 11% to 26.06 million, and riders by 46% to 1.46 million. Due to rising costs from expanding the rider workforce, the adjusted net profit forecast for 2026 is lowered by 8% to HKD 576 million, with a forecast of HKD 966 million for 2027, maintaining an \"outperform the industry\" rating"
datetime: "2026-04-02T08:22:48.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281491225.md)
  - [en](https://longbridge.com/en/news/281491225.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281491225.md)
---

# In "Major Banks," China International Capital Corporation lowered the target price for SF INTRA-CITY to 17.8 yuan, with last year's performance meeting expectations

According to a research report by China International Capital Corporation (CICC), SF INTRA-CITY (09699.HK) is expected to achieve a 45% year-on-year revenue growth in 2025, reaching RMB 22.899 billion; net profit is projected to grow by 110% year-on-year to RMB 278 million, while adjusted net profit is expected to increase by 184% year-on-year to RMB 415 million, with the adjusted net profit margin rising by 0.9 percentage points year-on-year to 1.8%, in line with the bank's expectations.

In terms of operational data, the number of annual active merchants is expected to grow by 72% year-on-year to 1.12 million, the number of annual active consumers is expected to increase by 11% year-on-year to over 26.06 million, and the number of annual active riders is expected to grow by 46% year-on-year to 1.46 million.

Considering the cost increase due to the expansion of the rider workforce, the bank has lowered its adjusted net profit forecast for 2026 by 8% to RMB 576 million and introduced a forecast for 2027 of RMB 966 million; it maintains an "outperform the industry" rating, with a target price reduced by 5% to HKD 17.8

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