即时零售火力全开、同城配送机会增多，押注“一对一专送”的闪送中期业绩差强人意

Core Insights - The company Flash Express (Nasdaq: FLX) remains committed to its "one-to-one delivery" model despite increasing competition in the same-city delivery market, focusing on finding more stable business flows [1][2] Financial Performance - In Q2 2025, Flash Express reported a revenue increase of 60 million yuan to 1.02 billion yuan compared to Q1 2025, with a gross profit of 120 million yuan and a gross margin of 12%, up 1.2 percentage points year-on-year [1] - The net profit attributable to ordinary shareholders rose from 22.3 million yuan in the same period last year to 53.5 million yuan, marking a 140% year-on-year increase [1] Market Dynamics - The instant retail market has seen significant growth in demand, driven by fierce competition among major players like Ele.me, JD.com, and Meituan, leading to increased order volumes [2] - The instant delivery market in China is projected to reach an order volume of 48.28 billion by 2024, with a year-on-year growth of 17.6%, and is expected to exceed 100 billion orders by 2030 [3] Service Differentiation - Flash Express emphasizes its one-to-one delivery model, which allows for faster and safer delivery of items, particularly in scenarios involving electronic products [3][4] - The company has developed a specialized team of "digital delivery riders" based on strict selection criteria, ensuring a higher fulfillment rate than the industry average [4] Strategic Initiatives - Flash Express is expanding its service offerings into various scenarios, including tourism and events, while enhancing partnerships with multiple e-commerce platforms [2][3] - The integration of AI and big data analytics is being utilized to improve order matching efficiency and optimize delivery routes, thereby enhancing overall operational performance [6] User Base and Coverage - As of June 30, 2025, Flash Express operates in 297 cities across China, with a workforce of 2.92 million delivery personnel and over 100 million registered users [6]