SM9 is a national and also ISO/IEC standard concerning identity-based cryptosystem. It plays a significant role in numerous applications, such as medical collaboration services and e-government affairs. Motivated by the fact that the decryption in SM9 merely offers all-or-nothing access to the plaintext, Li et al. proposed a hierarchical identity-based broadcast inner product functional encryption from SM9. It supports inner product operations and one-to-many access control mechanism simultaneously. Nevertheless, their scheme suffers from low efficiency in practice. Its encryption/decryption complexity grows with the size of the broadcast set. To resolve this issue, we propose a wildcarded identity-based inner product functional encryption scheme based on SM9 (WIP-SM9), which achieves better efficiency and inner product functionality. Then we give a formal security proof to demonstrate that our WIP-SM9 scheme achieves ciphertext indistinguishability against selective pattern and vector, and chosen-plaintext attacks (IND-sPV-CPA) in the random oracle model. Eventually, the theoretical and experimental analyses for real-world scenarios indicate that WIP-SM9 outperforms existing related schemes in encryption and decryption algorithms.