Core Insights - The competition intensity among e-commerce platforms and local service providers in the instant delivery sector has reached a new level by 2025, driven by players like JD.com, Alibaba, and Meituan [1] - The demand for instant delivery is expanding, with a shift from food delivery to a broader range of categories, indicating a trend towards a more diversified and fragmented consumer demand [2] Demand - The instant delivery market is primarily based on food delivery, accounting for nearly 80% of industry order volume, with the instant retail market serving as a growth engine [2] - By 2024, the order volume of China's instant delivery industry is projected to reach approximately 48.28 billion orders, reflecting a year-on-year growth of 17.6% [2] - The demand categories for instant delivery have expanded from food to include snacks, beverages, household items, and pharmaceuticals, with a growing emphasis on 24-hour instant response [2] Supply - The instant delivery network features direct point-to-point delivery without transshipment, with significant order peaks during lunch and dinner times [3] - The rider network is a crucial component of the instant delivery value chain, accounting for over 50% of the total revenue in the delivery segment [3] - The cost of riders represents a substantial portion of the revenue, with rider costs estimated to account for about 85% of income in 2024 [3] - The supply structure of the instant delivery industry is characterized by a primary focus on first-party providers, supplemented by third-party services [3]