本文源自：金融界 作者：行情君 8月5日，闪送(FLX)盘中上涨3.97%，截至21:52，报3.14美元/股，成交7483.0美元，总市值2.15亿美元。 财务数据显示，截至2025年03月31日，闪送收入总额9.61亿人民币，同比减少13.27%；归母净利 润-1026.9万人民币，同比减少115.9%。 大事提醒： 8月28日，闪送将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实际 披露日期以公司公告为准）。 资料显示，闪送必应有限公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公司 Beijing Tongcheng Biying Technology Co., Ltd.运营。公司通过其全资子公司、可变利益实体(VIE)和VIE 的子公司(统称为集团),主要通过其移动平台和网站向客户提供按需专用快递服务。 ...

Core Viewpoint - Flash Delivery (FLX) experienced a 5.02% increase in stock price, reaching $3.14 per share, with a total market capitalization of $215 million as of August 5 [1] Financial Performance - As of March 31, 2025, Flash Delivery reported total revenue of 961 million RMB, reflecting a year-over-year decrease of 13.27% [1] - The company recorded a net loss attributable to shareholders of 10.269 million RMB, which is a significant decline of 115.9% year-over-year [1] Upcoming Events - Flash Delivery is scheduled to release its mid-year report for the fiscal year 2025 on August 28, with the actual disclosure date subject to company announcement [1] Company Overview - Flash Delivery is a Cayman Islands-registered holding company primarily operated by its domestic subsidiary, Beijing Tongcheng Biying Technology Co., Ltd. [1] - The company provides on-demand delivery services through its mobile platform and website, utilizing wholly-owned subsidiaries and variable interest entities (VIEs) [1]

8月4日，闪送(FLX)盘中上涨3.34%，截至22:16，报3.09美元/股，成交1.28万美元，总市值2.12亿美元。 8月28日，闪送将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实际 披露日期以公司公告为准）。 资料显示，闪送必应有限公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公司 Beijing Tongcheng Biying Technology Co., Ltd.运营。公司通过其全资子公司、可变利益实体(VIE)和VIE 的子公司(统称为集团),主要通过其移动平台和网站向客户提供按需专用快递服务。 本文源自：金融界 作者：行情君 财务数据显示，截至2025年03月31日，闪送收入总额9.61亿人民币，同比减少13.27%；归母净利 润-1026.9万人民币，同比减少115.9%。 大事提醒： ...

Group 1 - The stock price of Flash Delivery (FLX) increased by 5.3% to $3.18 per share, with a total market capitalization of $218 million as of August 1 [1] - Financial data indicates that as of March 31, 2025, Flash Delivery's total revenue was 961 million RMB, representing a year-on-year decrease of 13.27% [1] - The company's net profit attributable to shareholders was -10.269 million RMB, reflecting a year-on-year decline of 115.9% [1] Group 2 - Flash Delivery is a Cayman Islands-registered holding company primarily operated by its domestic entity subsidiary, Beijing Tongcheng Biying Technology Co., Ltd. [1] - The company provides on-demand express delivery services to customers through its mobile platform and website [1] - The mid-year report for the fiscal year 2025 is scheduled to be disclosed on August 28, with the actual date subject to company announcement [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Flash Delivery (FLX), indicating a decline in revenue and net profit for the fiscal year ending March 31, 2025 [1][2] - As of July 31, Flash Delivery's stock price increased by 2.98%, reaching $3.11 per share, with a total market capitalization of $213 million [1] - Financial data shows that Flash Delivery's total revenue amounted to 961 million RMB, representing a year-on-year decrease of 13.27%, while the net profit attributable to the parent company was -10.27 million RMB, a decline of 115.9% year-on-year [1] Group 2 - A significant event reminder is that Flash Delivery is set to disclose its mid-year report for the fiscal year 2025 on August 28, with the actual disclosure date subject to the company's announcement [2] - Flash Delivery is registered in the Cayman Islands and primarily operates through its domestic entity, Beijing Tongcheng Biying Technology Co., Ltd., providing on-demand express delivery services via its mobile platform and website [2]

7月30日，闪送(FLX)盘中上涨4.12%，截至21:52，报3.27美元/股，成交8461.0美元，总市值2.24亿美 元。 财务数据显示，截至2025年03月31日，闪送收入总额9.61亿人民币，同比减少13.27%；归母净利 润-1026.9万人民币，同比减少115.9%。 大事提醒： 8月28日，闪送将披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当地时间，实际 披露日期以公司公告为准）。 资料显示，闪送必应有限公司是一家在开曼群岛注册成立的境外控股母公司,主要由其境内实体子公司 Beijing Tongcheng Biying Technology Co., Ltd.运营。公司通过其全资子公司、可变利益实体(VIE)和VIE 的子公司(统称为集团),主要通过其移动平台和网站向客户提供按需专用快递服务。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - The article discusses the competitive landscape of the instant delivery industry, highlighting the struggles of the company Flash Delivery (闪送) and the overall market dynamics influenced by the food delivery sector [1][3][7]. Group 1: Flash Delivery's Performance - Flash Delivery's stock price fell by 1.26% to $2.35, down 85.8% from its IPO price of $16.5 [1]. - In Q1 2025, Flash Delivery reported revenue of 960 million yuan, a 13.5% decrease from 1.11 billion yuan in Q1 2024, with a net loss of 10.3 million yuan compared to a net profit of 64.6 million yuan in the same period last year [3]. - The company experienced a decline in order volume, completing 58 million orders in Q1 2025, down from 65.8 million in Q4 2024, attributed to increased market competition [3][4]. Group 2: Market Dynamics and Competitors - The instant delivery market is seeing a divergence in performance among logistics companies, with SF Express (顺丰) reporting a 27.1% revenue increase to 15.75 billion yuan in 2024, driven by stable demand in food delivery [6]. - Dada's total net revenue for 2024 was 9.664 billion yuan, an 8% decline, while its instant delivery platform saw a 44.6% increase in revenue to 5.805 billion yuan due to rising order volumes from chain merchants [6]. - The entry of JD.com into the food delivery market has intensified competition, with Dada becoming a key logistics partner for JD's delivery services [6]. Group 3: Future Trends and Opportunities - The instant delivery market is expected to grow, with user numbers projected to exceed 1 billion by 2030, driven by the expansion of instant logistics [7]. - The food delivery sector is a critical application for instant delivery services, with the online food delivery market reaching 1.6357 trillion yuan in 2024, a 7.2% increase [9]. - Future trends in instant delivery include multi-platform competition, integrated logistics solutions, and technological advancements such as AI optimization [11].

Core Insights - The takeaway from the articles is that the food delivery industry is deeply intertwined with the instant logistics sector, which is currently experiencing significant changes due to increased competition and evolving market dynamics [1][7]. Group 1: Market Performance - Flash Delivery (FLX) saw its stock price drop by 85.8% from its IPO price of $16.5 to $2.35 as of May 22, 2023, reflecting ongoing challenges in the market [1]. - Flash Delivery reported a revenue of 960 million yuan for Q1 2025, down 13.5% from 1.11 billion yuan in Q1 2024, with a net loss of 10.3 million yuan compared to a net profit of 64.6 million yuan in the same period last year [3][4]. - The total order volume for Flash Delivery in Q1 2025 was 58 million, a decrease from 65.8 million in Q4 2024, indicating a downward trend in demand [4]. Group 2: Competitive Landscape - The instant delivery market is seeing a divergence in performance among logistics companies, with SF Express reporting a 27.1% revenue increase to 15.75 billion yuan in 2024, driven by stable demand in food delivery [5]. - Dada's total net revenue for 2024 was 9.664 billion yuan, down 8%, while its instant delivery platform saw a 44.6% increase in revenue to 5.805 billion yuan due to increased order volume from chain merchants [5]. - JD.com announced that its daily order volume for food delivery exceeded 20 million, indicating its growing presence in the market and the competitive pressure on existing players [6]. Group 3: Industry Trends - The online food delivery market in China reached a scale of 1.6357 trillion yuan in 2024, growing by 7.2%, with a penetration rate of 28% [7]. - The demand for instant logistics is expected to grow, with the user base projected to exceed 1 billion by 2030, driven by the expansion of instant logistics services [6][7]. - The industry is witnessing a shift towards more diversified services beyond food delivery, with opportunities in instant retail and other sectors [8]. Group 4: Challenges and Innovations - The industry faces challenges such as food safety, rider rights protection, and high operational costs, prompting platforms to invest in technology and innovate their business models [9]. - Over 60% of consumers reported that their issues with instant delivery platforms were resolved, but over 80% experienced blame-shifting among platforms, merchants, and riders when goods were damaged [9].

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached RMB 961 million, a decline from RMB 1,108 million in the same period of 2024, primarily due to a decrease in fulfilled orders amid intensified market competition [18][20] - Gross profit was RMB 127 million, with a gross profit margin of 13.2%, an increase of 1.4 percentage points year-over-year [19][20] - Adjusted net profit for Q1 2025 was RMB 49.6 million, down from RMB 64.6 million in Q1 2024 [20] Business Line Data and Key Metrics Changes - FlashX completed 58 million orders in Q1 2025, with gross margin per order continuing to improve [7] - The company has attracted nearly 2.86 million registered riders and over 100 million registered users, indicating strong brand momentum [7] Market Data and Key Metrics Changes - The service footprint has expanded significantly in lower-tier cities, enhancing market penetration [7] - The competitive landscape has intensified, particularly in the food delivery sector, but FlashX maintains a differentiated service model [32][34] Company Strategy and Development Direction - FlashX is focused on refining service details and enhancing user experience through personalized solutions and faster delivery speeds [5][9] - The company aims to broaden its application of the on-demand dedicated courier model and enhance service efficiency [15] - FlashX is investing in technology and innovative management to improve operational performance and user experience [11][20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the fierce competition but believes it positively influences service standards across the industry [26] - The company expects operational efficiency and user experience to remain stable in the short term, with confidence in achieving sustainable long-term growth [27][20] Other Important Information - FlashX has implemented a recognition and rewards program for riders, enhancing their career development opportunities and overall welfare [14][36] - The company is actively participating in a pilot program for occupational injury protection for riders, reflecting its commitment to corporate social responsibility [37][38] Q&A Session Summary Question: Changes in order volume and competition landscape - Analyst inquired about the decrease in order volume and how competition has evolved, seeking insights on future improvements [22][23] Response - Management emphasized a focus on core customers and service refinement, believing that healthy competition enhances service standards [25][26] Question: Margins and operating expenses - Analyst asked about the reasons behind the slight decrease in operating margin despite improvements in gross margin and profit per order [22][23] Response - Management explained that focusing on core customers and leveraging big data models are key strategies to optimize business structure and enhance user experience [27] Question: Rising delivery demand and rider incentives - Analyst questioned if customer subsidies from platforms have influenced order volume growth and how rider incentives have changed [31] Response - Management noted that competition is mainly in the food delivery sector, and while the impact on operations has been limited, it has raised awareness of delivery efficiency [32][34] - They also highlighted increased investment in rider support and career development initiatives [36][37]

Financial Data and Key Metrics Changes - In Q1 2025, total revenue reached RMB 960.8 million, a decline from RMB 1,107.7 million in Q1 2024, primarily due to a decrease in fulfilled orders amid intensified market competition [18][19] - Gross profit for the quarter was RMB 126.7 million, compared to RMB 130.3 million in the same period last year, with gross profit margin improving by 1.4 percentage points to 13.2% [20] - Non-GAAP net income for Q1 2025 was RMB 49.6 million, down from RMB 64.6 million in Q1 2024 [21] Business Line Data and Key Metrics Changes - FlashEX completed 58 million orders in Q1 2025, with gross margin per order continuing to improve [7] - The company has attracted nearly 2.86 million registered riders and over 100 million registered users, indicating strong brand momentum and industry leadership [7] Market Data and Key Metrics Changes - The competitive landscape has intensified, particularly in the food delivery sector, but FlashEX's unique on-demand dedicated delivery model has allowed it to maintain a strong position [32][34] - The company has observed heightened awareness among merchants and users regarding delivery efficiency and reliability due to increased competition [35] Company Strategy and Development Direction - FlashEX is committed to its on-demand dedicated courier model, focusing on core customers and enhancing service quality to differentiate itself in the market [5][26] - The company is leveraging big data and AI-powered operations to improve user experience and operational efficiency [27] Management's Comments on Operating Environment and Future Outlook - Management believes that healthy competition can elevate service standards across the industry, ultimately benefiting users [26] - The company expects operational efficiency and user experience to remain stable in the short term, with confidence in achieving sustainable long-term growth as brand value and user base expand [27] Other Important Information - FlashEX has enhanced its recognition and rewards program for riders, focusing on career development and training resources to foster a positive work environment [15][38] - The company is actively participating in a pilot program for occupational injury protection for riders, reflecting its commitment to corporate social responsibility [39] Q&A Session Summary Question: Order volume and competition - The order volume year-on-year decreased but narrowed from the previous quarter, with management discussing changes in the competitive landscape and expectations for future improvements [23][24] Question: Margins and operating expenses - Management explained that while gross margin and gross profit per order improved, operating margin slightly decreased due to measures taken to cope with competition [24][25] Question: Rising delivery demand and rider incentives - Management noted that competition is concentrated in the food delivery sector, with limited impact on FlashEX's operations, and discussed the company's focus on rider welfare and career development [31][32][36]