Core Insights - The article highlights the competitive landscape of the food delivery and instant retail market, emphasizing the ongoing subsidy wars among major players like Meituan, Alibaba, and JD, which indicates a strong commitment to maintaining market positions [1][8] - SF Express's subsidiary, SF City, reported significant growth in its mid-2025 financial results, showcasing a revenue increase of 49% year-on-year, reaching 10.24 billion yuan [1][3] - The report indicates that SF City has successfully expanded its active merchant and rider base, with 850,000 active merchants and 1.14 million active riders by mid-2023, alongside a 50% increase in delivery order volume [5][7] Financial Performance - SF City achieved a gross profit of 680 million yuan, a 44% increase year-on-year, with a gross margin of 6.7% [3] - The net profit surged to 140 million yuan, marking a 120% year-on-year growth, with an adjusted net profit of 160 million yuan, reflecting a 139% increase [3] Market Dynamics - The article discusses the increasing reliance on third-party delivery platforms like SF City, which are becoming essential infrastructure in the instant retail market, akin to utilities [18][23] - It notes that the competition in the food delivery sector has catalyzed growth for third-party logistics providers, which are now seen as critical to supporting various platforms and merchants [8][10] Strategic Positioning - SF City maintains a neutral stance, collaborating with a wide range of clients without being tied to any specific platform, which enhances its strategic advantages in the competitive landscape [7][10] - The company has focused on improving rider compensation and support, resulting in a 65% increase in high-income riders and a 107% increase in riders earning over 10,000 yuan per month [7][12] Industry Trends - The article emphasizes the shift towards diversified logistics solutions, with merchants increasingly seeking to reduce dependency on single platforms due to high fees and restrictions [10][11] - It highlights the growing demand for specialized third-party delivery services across various sectors beyond food, including groceries, pharmaceuticals, and electronics, which require tailored logistics solutions [11][12] Future Outlook - The instant delivery market is projected to continue expanding, with estimates suggesting that the volume of instant delivery orders may surpass that of e-commerce orders in the future [27] - The article concludes that the third-party delivery sector holds significant potential for growth, with opportunities for new players to emerge and contribute to the industry's evolution [27]

Core Viewpoint - SF Express City (09699) shows strong growth in revenue and profit, indicating a robust performance in the third-party delivery sector, with significant increases in order volume during peak periods [1] Financial Performance - In the first half of the year, SF Express City achieved revenue of approximately 10.236 billion yuan, representing a year-on-year growth of 48.8% [1] - Gross profit was around 681 million yuan, with a year-on-year increase of 43.8% [1] - Adjusted net profit reached approximately 160 million yuan, marking a year-on-year growth of 139.0% [1] Business Growth - The number of same-city delivery orders increased by over 50% year-on-year [1] - On the Qixi Festival (August 29), the platform's same-city delivery order volume grew by 73% compared to the same period last year, while last-mile delivery orders surged by 80% year-on-year [1] Market Outlook - Minsheng Securities highlights the company as a leader in the third-party delivery sector, which possesses strong growth potential, and expresses optimism about the company's long-term development [1] - Dongwu Securities notes that the company's business is entering a phase of accelerated growth, with considerable long-term profit release potential [1]

监管约谈虽为外卖大战按下"减速键"，但行业竞争远未结束。连日来，淘宝闪购、京东等平台动作频频 ——淘宝闪购再发战报宣告连续两周末日订单量超9000万单；京东宣布开设"七鲜小厨"自营外卖店。从 行业趋势看，围绕即时零售的长期竞争格局未改：当前头部平台合计高峰日订单量级已突破2.5亿单， 直逼传统电商快递业务规模，成为零售市场的重要增长极。但繁荣背后，平台与商家的利益矛盾、竞争 焦点过度集中餐饮领域等问题仍存，为行业高质量发展提供了转型方向。 外卖平台与商家的关系，本质是"流量赋能"与"服务供给"的协同共生，但价格战的持续升级打破了这一 平衡。 然而，平台亦在这场博弈中面临压力。为维持市场份额，平台持续烧钱补贴，据统计，近3个月，仅京 东、阿里两家平台在外卖市场便投入了800亿元补贴，相当于全国上半年出海投资总额的20%。高盛预 测，基准情形下，阿里外卖业务未来12个月预计亏损410亿元，京东亏损260亿元，美团的EBIT利润将 下滑250亿元。并且，由于平台依靠低价策略吸引用户，用户对优惠敏感，忠诚度较低，一旦补贴退 潮，如何稳定客群亦成为平台运营重心。 更值得注意的是，这场围绕餐饮外卖的激烈厮杀，还掩盖了即时 ...

7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手和平台企业 等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。这被视为官方为外卖大战"踩刹车"的信号。 约谈之前，外卖大战有多疯狂？7月5日，阿里、美团两大平台放出了"满25减21""满25减20""满16减16"等多张大额无门槛外卖券；7月12日，淘宝闪购甩 出"满18减18"大额券，美团外卖立刻以"0元喝奶茶"强势反击……约谈之后，低门槛的红包优惠券、免费配送券、大量的"0元茶饮券"基本消失不见，只有少 量的一些红包、优惠券、到店团购优惠等还能领取和使用。 7月初以来，许多人仿佛回到了2015年—2017年，彼时正是第一次外卖战争的白热化阶段，补贴不断，亏本抢夺市场是常态。回过头看，在这场资本驱动的 战争中，大部分聚光灯给到了平台巨头和消费者，餐饮商家表面看起来业务爆单从中受益，但也面临着高强度的出餐压力、"薄如刀锋"的盈利模式和逐渐流 失的品牌忠诚度。 在巨头挟裹下如何突围破局？商家已经和平台形成了深度绑定的关系，但外卖大战也让他们开始思考，如何通过自建私域和第三方配送等 ...

Core Insights - The explosive growth of instant retail is evident, with JD.com handling an average of 25 million orders daily and Meituan's flash purchase orders increasing over 60% year-on-year in Q1 2025 [1] - The gap between daily order volumes in instant retail and e-commerce logistics is narrowing, indicating a structural transformation in the supporting logistics system [1] Group 1: Logistics Models - Instant retail mirrors the e-commerce era with two logistics models: platform self-operated and third-party delivery, with the latter gaining prominence due to its efficiency and resource utilization [1][2] - Third-party delivery services are increasingly being utilized by platforms like Meituan and Ele.me to alleviate the cost pressures associated with self-operated logistics [2] Group 2: Market Dynamics - Merchants are diversifying their platform presence to reduce dependency on single platforms, leading to a demand for third-party delivery services that can facilitate multi-platform operations [3] - The competitive landscape among platforms is driving the need for cost reduction and efficiency, positioning third-party delivery as a core infrastructure in the instant retail ecosystem [3] Group 3: Profitability and Business Models - SF Express has successfully implemented a full-scenario delivery model, achieving profitability and establishing a competitive edge through efficient resource allocation and collaboration with various platforms [4] - The increasing demand for cross-platform traffic integration and high fulfillment costs are expected to enhance the scale economy of third-party delivery services [4] Group 4: Future Outlook - The third-party delivery network enables brands to reach a broader consumer base while optimizing fulfillment costs and improving service quality, creating a win-win situation for all parties involved [5] - The instant retail market is projected to reach 2 trillion yuan by 2030, with third-party delivery potentially sharing the market with e-commerce logistics, indicating a promising future for this sector [5]

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].