从京东外卖日均2500万单的入局体量，到美团闪购2025年Q1超60%的订单同比增速，即时零售赛道的 爆发已无需赘言。更值得关注的是，当前即时零售行业的日单量与电商快递的单量差距正在进一步缩 小，这也意味着支撑即时零售的即配物流体系将迎来结构性变革。 在电商的发展历程中，以顺丰、中通等为代表的第三方快递，共同支撑起了电商生态的繁荣，并且都跑 出了盈利商业模式，这两家企业更是成为千亿市值巨头。相对而言，选择基于平台生态自建物流体系的 京东，虽也已成规模，却面临一定的增长瓶颈和盈利压力。 与电商时代类似，即时零售同样存在两种物流模式：平台自营与第三方即配。这种结构性差异在即时零 售领域似乎也遵循了历史规律。在外卖、闪购大战加速即时零售发展的进程中，第三方即配正以其更广 泛的场景覆盖、更高效的资源利用、更灵活的调配方式与自营物流共生，并持续凸显更多基础设施价 值。 第三方即配：即时零售生态的破局关键 虽然外卖平台自营配送在一定程度上能以闭环服务模式增强用户体验，但是由于即时配送需满足"即需 即达"的时效性要求，在运力调度、人员配置、路线优化等方面的运营复杂度更高，使得其单位订单履 约成本显著高于传统物流模式。而对于 ...

Core Viewpoint - The Hong Kong stock market has experienced a rally, with SF Express (09699.HK) showing significant performance, rising over 33% since May 9, 2023, and reaching a market capitalization of HKD 9.8 billion, driven by increased transaction volumes and a competitive landscape in the instant delivery sector [1][2]. Group 1: Market Performance - SF Express has seen a substantial increase in its stock price, with a cumulative rise of over 33% since May 9, 2023, and a single-day transaction volume of nearly HKD 350 million on May 13, 2023 [1]. - The company's business data during the "May Day" holiday indicates a year-on-year growth of 87% in overall order volume, with significant increases in specific categories such as supermarket orders (up 177%) and beverage orders (up 106%) [1]. Group 2: Competitive Landscape - The competition among major platforms like Meituan, Alibaba, and JD.com in the instant retail sector has intensified, leading to an increase in order volumes for third-party delivery platforms [1][2]. - Leading chain brands are increasingly opting for independent third-party delivery platforms to ensure service stability and reduce reliance on traffic platforms, as exemplified by Luckin Coffee's standardized delivery service provided by SF Express across various platforms [2]. Group 3: Financial Performance - SF Express reported a revenue of CNY 15.746 billion for 2024, representing a year-on-year growth of 27.1%, and a net profit of CNY 132 million, marking a significant increase of 161.8% [3]. - The company is recognized as the only third-party delivery enterprise in the industry that has achieved high revenue growth while maintaining continuous profitability [3].