据国内最大的第三方即配平台顺丰同城数据，"十一"期间，其日均同城配送单量同比去年增长63%，其 中饮品日均单量同比增长168%；快餐、商超百货及珠宝等贵重物品日均单量同比双高位数增长。与此 同时，"文旅+即配"模式为各地游客带来出游新体验，哈尔滨、汕尾、景德镇、呼和浩特等热门旅游目 的地日均单量呈现数倍增长。适逢双节，"1对1急送"高时效服务备受礼赠等需求青睐，中秋当日， 其"独享专送"单量同比去年增超5倍。 购物、聚餐迎高峰，饮品日均单量同比增长168% 今年国庆中秋双节合一，8天"黄金周"可"拼出"12天超长假期，有效激发了全国消费市场活力。文化和 旅游部信息显示，国庆中秋假日8天，全国国内出游8.88亿人次，较2024年国庆节假日7天增加1.23亿人 次；国内出游总花费8090.06亿元，较2024年国庆节假日7天增加1081.89亿元。同时，各地积极出台政策 丰富节日供给，进一步释放了本地餐饮、零售等消费需求。在"出游"与"团圆"交织的假日主题下，即时 配送等新消费基础设施，为游客出行和本地消费提供了重要支撑。 | | | 中秋1对1急送需求旺，"独享专送"单量同比增超5倍 浓厚的中秋氛围下，从为亲友 ...

又是一年中秋至，家家户户的团圆饭提上日程，但筹备家宴的方式正悄然发生着可喜的变化——厨房不 再需要提前数日囤积食材，一方空间也不再是家人的忙碌战场。在京东七鲜3公里内最快30分钟送达以 及各类自有品牌好物的加持下，随叫随到、即烹即食的从容不迫，正成为开启佳节的新方式。 随着越来越多年轻人成为中秋家宴主力，借助京东七鲜各类时下流行的空气炸锅美食，即便不常下厨， 也能轻松化身"家宴大厨"。无需复杂处理，无需担心火候，南乳风味的炸鸡翅、裹着雪花芝士的脆皮鸡 翅、厚切多汁的炸猪排、原味大颗粒虾饼、新疆烤包子等丰富选择，均为"无需解冻、一键搞定"的便捷 款式。从冰箱取出直接放入空气炸锅，短短十几分钟后，外皮金黄酥脆、内里鲜嫩多汁的各式炸物便能 惊艳上桌，既满足了全家不同口味，又在烹饪过程中实现"万物皆可炸，人人皆大厨"的轻松愉悦。 核心产区，是今年九月中旬刚刚收割的"稻花香2号"原粮。新米含水量适中，颗粒饱满，煮出的米饭油 亮润泽，软糯弹牙，空口品尝便能感受其天然甘甜。这份来自黑土地的馈赠，不仅为家宴增添了扎实的 幸福感，更将"不时不食"的餐桌哲学融入团圆时刻。 佳肴相伴，自然少不了美酒助兴。适配节日的微醺氛围，京东七 ...

▲ 用户可自主选择 " 立即配送 " 或 "1 对 1 急送 " 。图源：美团 App 国庆临近，许多人已经准备好出行计划，即时配送需求预计激增。 9月26日，美团外卖正式宣布升级"1对1急送"，用户使用美团外卖点餐时可勾选"1对1急送"服务，让午 高峰的"锅气"提前5-20分钟送达。目前，美团外卖超八成餐饮商家可调用"1对1急送"运力，已有数百万 用户体验过"锅气急达"的新服务，超过一半用户在第二次点单时，再次选择了这一服务。 记者获悉，美团外卖"1对1急送"于今年8月升级上线，核心优势在于通过专属运力支持，保障"一次只送 一单"。这意味着骑手点对点直达，不用担心多单状态下的商家卡餐或路线规划难题，也减少了商品在 配送过程中被挤压碰撞的风险。此前，消费者主要通过美团跑腿使用这类服务，让骑手专门一对一配送 文件、证件、票据等，或代购其它即刻需要的重要物品。总之，这类专人直送服务往往发生在"急、 忙、忘"场景下，配送商品也多为鲜花、数码等高价值物品。 消息人士称，继七夕美团"1对1急送"单量突破峰值，以超过130万单的服务规模超过闪送成为细分赛道 第一后，目前美团该项服务的日均订单规模已稳居1对1即时配送行业第 ...

▲用户可自主选择"立即配送"或"1对1急送"。图源：美团App 此次则是"1对1急送"能力首次优化服务于餐饮外卖，美团成为全国首个推出"1对1急送"的外卖平台。只 要商家周边有"1对1急送"骑手运力，用户下单时就可以自主自愿勾选该服务，平均支付2-5元，即可节 省5-20分钟配送时间。特别是猛火现炒类中餐，送达时"锅气"更足。目前使用该服务的用户，大多集中 在一二线城市的主流商圈、旅游街区、低密度住宅区、潮流文创区等。 9月26日，美团外卖正式宣布升级"1对1急送"，用户使用美团外卖点餐时可勾选"1对1急送"服务，让午 高峰的"锅气"提前5-20分钟送达。目前，美团外卖超八成餐饮商家可调用"1对1急送"运力，已有数百万 用户体验过"锅气急达"的新服务，超过一半用户在第二次点单时，再次选择了这一服务。 记者获悉，美团外卖"1对1急送"于今年8月升级上线，核心优势在于通过专属运力支持，保障"一次只送 一单"。这意味着骑手点对点直达，不用担心多单状态下的商家卡餐或路线规划难题，也减少了商品在 配送过程中被挤压碰撞的风险。此前，消费者主要通过美团跑腿使用这类服务，让骑手专门一对一配送 文件、证件、票据等，或代购其它即 ...

Core Insights - The third-party instant delivery platform, SF Express's local subsidiary, has officially launched its "SoFast" brand in Macau, marking a significant expansion following its entry into Hong Kong last year [1] - SF Express has formed a strategic partnership with Macau's largest local service platform, "Aomi App," to enhance resource integration and provide efficient, convenient one-stop delivery services for local merchants and users [1] - The "SoFast" service will cover a wide range of categories, including food and non-food items, with delivery times as fast as one hour, utilizing multiple channels such as "Aomi App" and "SF-EXPRESS App" [1][2] Business Model and Market Potential - Merchants in Macau can place orders through the SF Express merchant version, while consumers can access the service via "Aomi App" or "SF-EXPRESS App," catering to the growing demand for instant delivery in the region [2] - The demand for rapid and timely delivery services in Macau has been increasing, indicating significant growth potential in the instant delivery market compared to mainland China [2] - SF Express aims to leverage its successful experience in mainland China to enhance its service offerings in Macau and the broader Hong Kong-Macau region, integrating more merchant brands and expanding its user services [2] Future Opportunities - The experience gained in the Greater Bay Area is expected to lay a solid foundation for the company's future expansion into other overseas markets [3]

Core Insights - SF Express's subsidiary, SF City, has officially launched its "SoFast" brand in Macau, marking a significant expansion of its overseas business following its entry into Hong Kong last year [1][3] Group 1: Strategic Partnerships - SF City has formed a strategic partnership with Macau's largest local service platform, "Aomi APP," to integrate resources and enhance delivery services for local merchants and users [3] - The collaboration aims to promote digital upgrades in Macau's local lifestyle services [3] Group 2: Service Offerings - "SoFast" will provide a comprehensive business matrix targeting both businesses (To B) and consumers (To C), covering a wide range of categories including food, flowers, and electronics, with delivery times as fast as one hour [3][4] - The service will be accessible through multiple channels, including the Aomi APP and SF Express APP, allowing users to experience point-to-point delivery services [3] Group 3: Market Potential - There is a growing demand for rapid and timely delivery services among Macau consumers, indicating significant growth potential in the local instant delivery market compared to mainland China [3][4] - SF City aims to leverage its successful experience in mainland China to enhance its service offerings in the Hong Kong and Macau regions, potentially expanding into other overseas markets in the future [4]

Core Insights - The company reported Q2 2025 revenue of 91.8 billion yuan, a year-over-year increase of 12% but below market expectations, with significant declines in operating and net profits due to intensified competition in the food delivery sector and losses from overseas expansion [1] Group 1: Core Local Business - Core local business revenue grew by 8% year-over-year to 65.3 billion yuan, with delivery service revenue growth lagging behind the increase in instant delivery transaction volume due to increased delivery subsidies [2] - Operating profit for the core local business fell by 76% year-over-year to 3.7 billion yuan, significantly below the market expectation of 12 billion yuan, primarily due to declining gross margins and increased user incentives and marketing expenses [2] - The company plans to continue strategic investments in Q3 2025, which may pressure profit metrics, while maintaining a long-term profit assumption of 1 yuan per order and a profit margin of approximately 3% for 2025 [2] Group 2: Business Segments Performance - The food delivery business saw a steady growth with a 10% year-over-year increase in order volume, driven by various models enhancing food supply and user engagement [3] - The Meituan Flash Purchase business experienced strong growth in order volume and transaction value, with significant increases in high-ticket item sales during the "618" shopping festival [3] - The in-store travel and accommodation business performed well, with order volume growing over 40% year-over-year and revenue increasing by 15% [3] Group 3: New Business and International Expansion - New business revenue grew by 23% year-over-year to 26.5 billion yuan, driven by retail and overseas business growth, although operating losses expanded to 1.9 billion yuan due to increased costs in overseas operations [4] - Keeta maintained strong growth in order volume and gross transaction value, solidifying its leading position in Hong Kong and expanding into 20 cities in Saudi Arabia and launching services in Qatar [4] - The company remains optimistic about Keeta's long-term growth potential, aiming for a gross merchandise value of 100 billion USD within 10 years [4] Group 4: Financial Forecast and Valuation - The company is optimistic about its core barriers in instant delivery and growth opportunities from overseas expansion, but has revised down its profit forecasts due to irrational competition and increased short-term investments [5] - Revenue projections for 2025-2027 are set at 370.2 billion, 417.9 billion, and 475.5 billion yuan, with Non-GAAP net profit forecasts of 5 billion, 32.3 billion, and 48.8 billion yuan respectively [5] - The company has set a target market value of 735.1 billion yuan for 2026, corresponding to a target price of 120 yuan per share [5]

Core Viewpoint - The company reported strong performance in 1H25, exceeding expectations due to unexpected growth in instant retail demand [1] Financial Performance - Revenue increased by 49% year-on-year to 10.236 billion yuan - Gross profit rose by 44% year-on-year to 681 million yuan, with a gross margin decrease of 0.2 percentage points to 6.7% - Net profit surged by 120% year-on-year to 137 million yuan, with a net margin increase of 0.4 percentage points to 1.3% - Adjusted net profit grew by 139% year-on-year to 160 million yuan, surpassing expectations [1] Operational Data - Active merchant count increased by 55% year-on-year to 850,000 - Active consumer count rose by 13% year-on-year to over 24.77 million - Active rider count grew by 18% year-on-year to 1.14 million [1] Development Trends - In the same-city delivery sector, the growth in the takeaway industry and diverse business demands are driving the need for instant delivery, leading to sustained growth in To B revenue, which increased by 55% year-on-year to 4.467 billion yuan [2] - The company expects To C business revenue growth to remain in double digits, supported by stable macro demand and synergy with express delivery services [2] - Last-mile delivery revenue increased by 57% year-on-year, benefiting from the growth in last-mile demand and improved penetration of the network [2] Profitability Forecast and Valuation - The company anticipates a net profit margin increase of 0.4 percentage points to 1.2% by 2025, driven by order scale growth and an asset-light operating model [3] - Net profit estimates for 2025 and 2026 have been raised by 18.5% and 42.6% to 296 million yuan and 579 million yuan, respectively [3] - The target price has been increased by 38% to 18.70 HKD, reflecting a potential upside of 30% from the current price [3]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Insights - The report highlights that intensified competition in the food delivery sector has pressured profits, while the company is expected to release long-term value [2][6] - Meituan's Q2 2025 revenue reached 91.8 billion RMB, reflecting a year-on-year growth of 12% and a quarter-on-quarter growth of 6% [11] - The report anticipates that the company's core local business will continue to face challenges due to increased competition and overseas expansion losses [10][18] Summary by Sections Recent Performance - In Q2 2025, Meituan achieved a revenue of 91.8 billion RMB, with operating profit of 200 million RMB (YoY -98%, QoQ -98%) and net profit of 400 million RMB (YoY -97%, QoQ -96%) [11] - Non-GAAP EBITDA was 2.8 billion RMB (YoY -81%, QoQ -77%), and Non-GAAP net profit attributable to shareholders was 1.5 billion RMB (YoY -89%, QoQ -86%) [11] Business Segments - **Food Delivery Business**: Q2 2025 saw a steady growth in food delivery, with estimated order volume increasing by 10% YoY. The company is enhancing supply through various models to boost user engagement [7] - **Flash Purchase Business**: Strong growth in order volume and transaction value was noted, with significant increases during promotional periods. The establishment of over 50,000 flash warehouses supports local store digital transformation [7] - **In-store and Travel Business**: This segment performed well, with order volume growing over 40% YoY and revenue increasing by 15% YoY [7] Financial Forecasts - The report revises revenue forecasts for 2025-2027 to 370.2 billion RMB, 417.9 billion RMB, and 475.5 billion RMB respectively, with Non-GAAP net profit estimates of 5 billion RMB, -5.02 billion RMB, and 26.2 billion RMB [10][18] - The target market capitalization for 2026 is set at 735.1 billion RMB, corresponding to a target price of 120 RMB per share [10][19]

Core Viewpoint - SF Express City (9699.HK) experienced a significant stock increase of over 9.4%, reaching a peak of HKD 15.69 following the announcement of its interim results, which exceeded market expectations [1] Financial Performance - The company reported a revenue of CNY 10.236 billion, representing a year-on-year growth of 48.8% [1] - Net profit reached CNY 137 million, marking a substantial increase of 120.4% year-on-year [1] - Adjusted net profit was CNY 160 million, reflecting a growth of 139% compared to the previous year [1] Business Segments - Revenue from merchant-oriented same-city delivery services amounted to CNY 4.47 billion, up 55% year-on-year, with the platform's active merchant count reaching 850,000, also a 55% increase [1] - Consumer-oriented same-city delivery services generated revenue of CNY 1.31 billion, showing a year-on-year growth of 13%, with active consumer count at 24.77 million [1] - Last-mile delivery services achieved revenue of CNY 4.46 billion, representing a 57% increase year-on-year [1] Analyst Ratings - CICC's research report indicated that SF Express City's interim performance was above expectations, maintaining an "outperforming the industry" rating and raising the target price by 38% to HKD 18.7 [1] - The company is expected to benefit from the ongoing growth in instant delivery demand, with net profit estimates for 2025 and 2026 increased by 18.5% and 42.6% to CNY 296 million and CNY 579 million, respectively [1]