起点研究院 SPIR 统计， 2024 年 32140 大圆柱锂电池出货量约 1.5 亿只（ 7.19GWh ），同比增长 15.7% ； 2025 年一季度 32140 大圆柱锂电池出货量 4200 万只， 预计 2025 全年出货量将达 1.88 亿只（ 9.0GWh ）。 起点研究院 SPIR 预计到 2030 年中国 32140 圆柱锂电池出货量将达 3.63 亿只（ 17.4GWh ），未来前景广阔。未来促进 32140 大圆 柱锂电池出货量增长的原因主要有： 倒计时3天 2025第五届起点两轮车换电大会 暨轻型动力电池技术高峰论坛 活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点钠电、起点两轮车及换电 活动时间： 2025年7月11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 小哈换电/ 雅迪科技集团/台铃集团/新日股份/菜鸟集团/嘟嘟换电/司马出行/河豚换电/汇创新能源/中兴派能/孚能科技/保力新/创明新 能源/多氟多/博力威/睿恩新能源/诺达智慧/亿纬锂能/星恒电源/比克电池/鹏辉能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/威胜能 ...

中国商报（记者 蒋永霞）随着京东、淘宝等电商巨头纷纷加码即时零售业务，市场竞争日趋白热化。在这场由互联网巨头主导的市场争夺战中， 顺丰同城、闪送等第三方即时配送平台还有机会吗？ "外卖大战"激发的即时零售竞赛正在进一步演变。图为外卖员在北京街头骑车配送。（图片由CNSPHOTO提供） 即时零售竞争白热化 当前，随着京东、淘宝、美团这些互联网平台的加码，即时零售呈现爆发式增长。 京东外卖业务上线仅4个月，日订单量已突破2500万单，品质餐饮门店入驻超过150万家，全职骑手突破12万人。 当前，淘宝闪购的日订单数量已突破6000万。不仅如此，不久前阿里巴巴还宣布将饿了么合并入阿里中国电商事业群，集中目标、统一"作战"， 推动即时零售快速发展。 近期，美团发文称，将全面拓展即时零售。其中，小象超市将逐步拓展到所有一、二线城市，并在供应链上逐步覆盖全国200个优质县级农产区。 美团闪购也将继续拓展品类，如3C家电、生鲜食品、酒水饮料、快消日百等，优化消费者购物体验。 京东外卖下场不久，京东集团创始人、董事局主席刘强东不仅亲身体验送外卖，还邀请外卖小哥一起就餐，为京东外卖造势。6月24日，有消息 称，阿里巴巴创始人马云 ...

在多方的竞争之下，闪送在今年一季度的订单量下降至5800万单，环比下降11.8%，同比下降16.3%。 与此同时，在激烈的竞争之下，闪送的客单价已从2021年的19.2元下降到2024年上半年的16.5元。要知 道，订单量、客单价可是评估即时配送平台业务及盈利的核心指标。 其二则是高居不下的运营成本，其中骑手的薪酬及奖励成为"拖累"。 据悉，报告期内，闪送的总运营费用同比大幅增加27.0%至1.17亿元；其中销售和营销费用、一般行政 费用以及研发费用均出现不同程度上涨，其中上涨幅度最高者达到了46.9%。运营费用的上涨，概括来 说主要就是员工成本、股权报酬费用的增加。 运营商财经网 朱欣雨/文 近期，闪送披露2025年第一季度财报，这也是其上市后首份一季报，同比由盈转亏，收入也下滑，情况 不太如人意。 根据财报，闪送于今年一季度实现营业收入约9.61亿元，相较去年同期的11.08亿同比下滑13.27%；在 净利润方面，其同比由盈转亏，录得净亏损1027万元，在去年同期时，其还盈利6457万元。 值得一提的是，这其实是闪送于去年10月上市以来连续两个季度亏损了。2024年Q4，闪送单季度净亏 损2.94亿元，并 ...

2025年2月，京东集团向达达发布私有化要约，以每股ADS 2.0美元或每股普通股0.5美元，收购达达集 团所有已发行普通股，据测算，该收购方案对达达集团的估值达5.2亿美元。一周后，京东官宣外卖业 务，该业务正是位于京东APP首页的京东秒送下的一大门类，运力主要来自达达秒送。据最新披露的数 据，京东外卖日订单量已突破2500万单，超过150万家餐厅入驻，京东外卖全职骑手已突破12万人。 公开信息显示，达达集团成立于2014年，2016年达达与京东集团旗下O2O子公司京东到家合并，2019年 更名为达达集团。2020年6月，达达集团在美国纳斯达克挂牌上市，成中国赴美上市"即时零售第一 股"。但上市前后几年，受销售和营销费用的持续增长以及用户激励、公司人员成本上升等拖累，该集 团持续亏损，且近两年公司多个高管职位频繁变更。 随着即时消费趋势日趋显著，京东需要借助达达不断强化即时零售及配送能力，以构建从远场电商（京 东主站）到近场零售（即时配送）的全场景覆盖。基于此，2021年-2022年，京东集团增持达达集团股 份，双方进一步深化全渠道合作。2024年5月，达达集团全面融入京东生态，整合原即时零售品牌京东 小时 ...

Core Viewpoint - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in core local business and new business revenues [1] Group 1: Overall Performance - Q1 2025 revenue reached 86.6 billion yuan, representing a year-over-year increase of 18% but a quarter-over-quarter decrease of 2% [1] - Operating profit for Q1 2025 was 10.6 billion yuan, up 103% year-over-year and 58% quarter-over-quarter [1] - Net profit for Q1 2025 was 10.1 billion yuan, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [1] - Non-GAAP EBITDA for Q1 2025 was 12.3 billion yuan, a 52% year-over-year increase and a 7% quarter-over-quarter increase [1] - Non-GAAP net profit attributable to shareholders was 10.9 billion yuan, up 46% year-over-year and 11% quarter-over-quarter [1] Group 2: Core Local Business - Core local business revenue grew 18% year-over-year to 64.3 billion yuan, driven by increased transaction volume and reduced subsidy deductions [2] - Operating profit for core local business increased 39% year-over-year to 13.5 billion yuan, surpassing Bloomberg's consensus estimate of 12.2 billion yuan [2] - The company anticipates a slowdown in revenue growth for Q2 2025 due to intensified industry competition [2] Group 3: Business Segments - **Food Delivery Business**: Q1 2025 food delivery orders increased by 9.3% year-over-year, with over 480 brands launching more than 3,000 high-quality satellite stores [2] - **Meituan Flash Purchase**: Q1 2025 saw strong growth in flash purchase business, with over 500 million cumulative transaction users and daily order volume exceeding 18 million [3] - **In-store Travel Business**: Q1 2025 in-store travel revenue grew 20% year-over-year, with active merchants increasing by over 25% [3] Group 4: New Business and International Expansion - New business revenue grew 19% year-over-year to 22.2 billion yuan, with operating losses narrowing to 2.3 billion yuan [4] - Keeta has become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia and Brazil, with a commitment to invest 1 billion USD over five years [4] Group 5: Profit Forecast and Valuation - Long-term outlook remains positive for the company's core competencies in instant delivery and international expansion, despite increased competition [5] - Revenue forecasts for 2025-2027 are projected at 387.3 billion, 447.7 billion, and 510.6 billion yuan respectively, with Non-GAAP net profit estimates of 40.9 billion, 54.7 billion, and 67.6 billion yuan [5] - The target market capitalization for 2025 is set at 830.2 billion yuan, with a target price of 136 yuan per share [5]

从配送端看，达达依托京东生态，在其即时零售中相对占据先发优势；顺丰同城则凭全场景配送能力， 与各品类头部客户及平台深度合作，资料显示，其KA市占率稳居市场前列，可全生态承接外卖平台及 微信、抖音、阿里等平台订单；主打"一对一急送"的闪送亦可承接部分平台外溢订单。据悉，在刚刚过 去的"520"当天，顺丰同城鲜花单量环比前日增长超9倍，饮品、快餐单量同比分别增长143%、98%， 进一步凸显其在大促场景下的订单消化能力，第三方即配龙头地位持续巩固。 目前，资本市场对顺丰同城的长期价值亦给出积极评价，华泰证券等多家投行给予买入评级，目标价 13.8港元，较现价存15%的上行空间。 5月26日，美团发布2025年第一季度财报。在财报后电话会上，美团CEO王兴谈到如何看待京东外卖百 亿补贴时表示："我们将不惜一切代价赢得竞争""从长远来看，本地生活业务拥有可持续的增长潜力"外 卖与即时零售赛道竞争进一步白热化，各方一起做大市场，作为重要基础设施的即时配送平台，特别是 不捆绑商流平台的第三方即配或将持续受益。5月27日，国内规模最大的第三方即配平台顺丰同城股价 大涨8.7%，自5月8日以来累计上涨51.13%，市场反应强 ...

在消费升级与数字化转型的双重作用下，市场进一步拓展了即时配送服务的应用场景，使之成为推动下 沉市场消费活力与经济潜力释放的重要力量。各大即时配送平台纷纷布局下沉市场，即时配送服务逐渐 成为下沉市场居民生活不可或缺的部分。 乡镇外卖崛起，下沉市场成消费新蓝海 下沉市场(三线及以下城市、县镇与农村地区的市场)的独特性，使其成为外卖行业的关键增量空间。全 球新经济产业第三方数据挖掘和分析机构iiMedia Research(艾媒咨询)发布的《2025-2026年中国下沉市 场外卖配送平台趋势洞察报告》显示，2014年到2024年，中国即时物流用户规模从1.24亿人增长到7.99 亿人，整体呈现上升趋势。艾媒咨询分析师认为，随着社会消费的升级，人们的购物方式逐渐发生了改 变，对即时物流与跑腿服务的需求越来越高。即时物流因此应运而生并蓬勃发展，像餐饮外卖、生鲜配 送这种对时效性要求极高的服务，随着消费者对生活品质追求的提升，需求也在不断攀升。 即时配送平台的外卖服务因其高频率和成熟度在市场中占据主导地位。数据显示，2024年中国在线餐饮 外卖行业市场规模为16357亿元，同比增长7.2%，行业渗透率达28.0%。预计未 ...

Group 1 - The core viewpoint of the articles highlights the ongoing price war in the instant delivery sector, which is squeezing profit margins across the industry, prompting players to actively respond [2] - SF Express's stock has risen over 30% since May 8, with a peak increase of over 41%, positioning it as a leader in the instant delivery sector amid a reassessment of the value of third-party delivery platforms [2] - The competition in the instant retail market reveals that platforms' own delivery capabilities cannot meet the diverse and time-sensitive delivery demands, creating opportunities for third-party platforms like SF Express [2] Group 2 - The market's revaluation of third-party instant delivery services is reflected in SF Express's recent stock performance, driven by significant trends in local life market traffic polarization and high fulfillment demands across multiple scenarios [3] - According to Questmobile data, the average daily usage of SF Express's rider app increased by 40% year-on-year in April, indicating a positive outlook for demand in the instant delivery industry [3] - Analysts have raised revenue forecasts for SF Express for 2025 and 2026, maintaining a "outperforming the industry" rating with a target price of HKD 13.50, suggesting a 26% upside potential from the current price [3]

Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]

Core Viewpoint - The market is witnessing a shift in perception towards third-party instant delivery platforms, with SF Express (顺丰同城) emerging as a key beneficiary amidst the competitive landscape of food delivery giants like JD, Meituan, and Alibaba [1][2] Group 1: Market Dynamics - The ongoing battle for the instant retail market, initially focused on food delivery, has revealed two main issues: the inability of self-owned logistics from platforms to meet diverse delivery demands and the need for merchants to avoid being tied to a single delivery platform [2] - SF Express, as a neutral third-party delivery platform, is positioned to capitalize on these challenges by providing services across multiple platforms, thus enhancing operational efficiency for merchants [2] Group 2: Competitive Landscape - The market for neutral logistics has been disrupted in 2024, with Dada Group being privatized by JD and Flash Delivery facing significant losses, highlighting the scarcity of leading third-party players [3] - In contrast, SF Express has demonstrated strong and sustained profitability, with a 27% year-on-year revenue increase to 15.7 billion yuan and a doubling of net profit, solidifying its position as the only consistently profitable player in the sector [3] Group 3: Future Outlook - The stock performance of SF Express reflects a market re-evaluation of the value of third-party instant delivery services, driven by the increasing demand for multi-scenario fulfillment and the company's strong brand presence [3] - Analysts predict continued growth for SF Express, with expectations of increased revenue in 2025 and 2026, supported by a 40% year-on-year increase in daily usage of its rider platform [4]