Core Viewpoint - The competition in the instant retail market is intensifying as major internet platforms like JD.com, Taobao, and Meituan ramp up their efforts, raising questions about the opportunities for third-party delivery platforms like SF Express and Flash Delivery [1][10]. Group 1: Market Dynamics - Instant retail is experiencing explosive growth, with JD.com's food delivery service achieving over 25 million daily orders within just four months and over 150,000 full-time couriers [3][4]. - Taobao's flash purchase service has surpassed 60 million daily orders, and Alibaba has merged Ele.me into its China e-commerce group to accelerate instant retail development [3][4]. - Meituan is expanding its instant retail offerings, planning to cover all first and second-tier cities and enhance its supply chain across 200 quality agricultural regions [3][4]. Group 2: Strategic Involvement of Major Players - High-level executives from major companies are directly involved in promoting their instant retail services, indicating the strategic importance of this sector [4][5]. - JD.com has begun recruiting full-time couriers for its delivery service and has introduced a "second delivery station" role to enhance management and service quality [7][8]. Group 3: Innovations in Delivery Services - JD Logistics has launched the "Second Delivery Warehouse" service, which integrates warehousing and delivery, allowing for average delivery times of 30 minutes in key areas [9]. - This service model helps merchants avoid the high costs associated with building their own warehouses, thus lowering entry barriers for instant retail [9]. Group 4: Opportunities for Third-Party Delivery Platforms - Despite the dominance of major internet platforms, third-party delivery companies like SF Express and Flash Delivery have the potential to thrive by focusing on customized delivery solutions for various sectors [10][11]. - SF Express has noted that the current "takeout war" is just the beginning, with future expansions expected into non-food categories such as general merchandise and pharmaceuticals [11]. - The company aims to leverage its unique advantages by providing comprehensive service solutions for mid-sized businesses, which may prefer to collaborate with third parties rather than be tied to major platforms [12].

Core Insights - The company has successfully navigated the challenge of balancing revenue growth and profit margins, achieving a continuous increase in gross margin for seven consecutive years while outpacing market revenue growth [1][2] - The company anticipates maintaining its growth momentum in 2024, with a projected doubling of net profit to 132 million yuan, establishing itself as the only consistently profitable player in the third-party delivery industry [2][4] Group 1: Business Performance - The company reported a significant increase in active merchants, reaching 650,000 in 2024, with a strong growth in key accounts (KA) and a market share that remains competitive [1][2] - The number of active consumers exceeded 23 million, with a notable increase in repurchase rates, contributing to revenue growth and enhancing order density in various business districts [1][2] - The active rider count reached 1 million last year, with a significant year-on-year increase in high-income riders [1] Group 2: Business Segments - The company’s three business segments (ToB, ToC, and last-mile delivery) are expected to drive sustained growth, with the ToB segment expanding its customer base by over 7,500 stores last year [2][3] - The ToC segment has introduced exclusive delivery products that strengthen its position in the high-end market, aiding consumer business development [2][3] Group 3: Market Trends - The ongoing competition in the food delivery sector is intensifying, with major players like Meituan and JD.com heavily investing in the market, indicating a shift towards a broader range of products beyond just food [4][5] - The company believes that the current food delivery battle is just the beginning, with future expansions into grocery, pharmacy, and other sectors expected to drive significant growth [4][5] Group 4: Strategic Focus - The company aims to maintain its unique third-party positioning and comprehensive business model, focusing on enhancing service quality and building a robust rider ecosystem [5][6] - The company plans to leverage customized logistics solutions to cater to various verticals, including grocery and pharmaceuticals, while integrating warehousing and delivery services to enhance efficiency [5][6] Group 5: Long-term Outlook - The company is positioned in a long-term growth sector, with increasing consumer demand for convenience and instant delivery aligning with modern lifestyle trends [6][7] - The industry is expected to see an influx of new players, driven by the need for diverse channels and the ongoing trend of brand concentration in the supply side [6][7]

出品：新浪财经上市公司研究院 作者：木予 6月16日美股盘后，昔日的"即时零售第一股"达达集团发布公告称，公司已完成私有化交易，正式成为京东集团的全资子公司并从纳斯达克退市，结束了为 期五年的资本市场征程。截至当日收盘，达达集团每股价格仅约1.96美元，较发行价跌去87.8%；市值最终定格在5.06亿美元，与2020年12月最高点相比蒸 发逾120亿美元。 而同为即时配送平台的闪送仍在苦苦挣扎。上市后短短八个月的时间，公司股价从发行价16美元/股降至2.90美元/股，跌幅高达81.9%，期间甚至一度触底至 2.01美元/股。目前，闪送的市值仅剩2.06亿美元，对比上市首日高点暴跌超九成；流动性严重匮乏、市场关注度奇低，年内日均换手率还不到0.1%。 （来源：wind） 业绩光速"变脸"、自造血能力堪忧，投资者们纷纷对闪送按下不信任键。即时配送市场竞争波谲云诡，公司此时转向十分拥挤的B2C赛道又胜算几何？ 连续两个季度净亏损 巨头环伺订单量下滑 自2024年10月IPO以来，闪送接连交出了两份令人失望的"成绩单"。 据公告显示，2024年闪送实现总营收44.68亿元，同比下降1.3%，为近六年来首次缩水；净亏损 ...

Group 1 - The instant retail market is experiencing explosive growth driven by consumer demand for "on-demand" services, with the industry size reaching approximately 341 billion yuan in 2023, up from 116.8 billion yuan in 2018, reflecting a compound annual growth rate of 23.9% over five years [1] - By 2025, the number of instant delivery orders is expected to reach 79.5 billion, with third-party delivery orders accounting for 16.3 billion, leading to a projected penetration rate of third-party delivery at 20.5% [1] - Delivery demand is expanding beyond food delivery to include fresh produce, pharmaceuticals, supermarkets, and flowers, with increasing expectations for delivery speed [1] Group 2 - Traditional food delivery platforms like Meituan and Ele.me face challenges in meeting the complex demands of all-category instant retail, particularly during peak order times and in remote areas [3] - Third-party delivery platforms leverage strong resource integration capabilities to create a "full network capacity pool," allowing merchants to overcome the limitations of single-platform capacity and ensure timely order delivery [3] - The rapid advancement of technology, including AI, big data, and IoT, is revolutionizing the delivery industry, with third-party platforms adopting these technologies to enhance dispatch and management [3] Group 3 - In major urban centers, intelligent algorithms facilitate efficient delivery by optimizing the sequence of order pickups and drop-offs, significantly improving delivery efficiency and user satisfaction [4] - The intensifying competition in the food delivery market has led platforms to focus on lower-tier markets, presenting significant opportunities for third-party delivery platforms [8] - Third-party delivery platforms can provide cost-effective delivery solutions tailored to the diverse needs of lower-tier market users, enhancing service quality while reducing costs for merchants [8] Group 4 - The demand for instant delivery is surging across various categories, including fresh produce, pharmaceuticals, and documents, each with unique service requirements [8] - Third-party delivery platforms possess the flexibility to create customized delivery solutions for different scenarios, giving them a competitive edge in meeting diverse consumer needs [8]

韩鎏曾任饿了么CEO。今年2月，饿了么董事长吴泽明（花名：范禹）通过公司全员信宣布 饿了么最新组织调整：即日起，吴泽明将兼任饿了么CEO，韩鎏（花名：昊宸）专注分管 即时物流中心，继续向吴泽明汇报。 值得注意的是，就在今年5月15日，韩鎏还以饿了么资深副总裁、蜂鸟即配总裁身份，在饿 了么蜂鸟即配物流生态商大会上表示，将持续搭建高效有温度的即时物流网络，通过AI驱动 提升效率与体验，实现多方共赢、持续与生态共 进。 韩鎏表示，通过科技赋能伙伴、促增 长，目前高精度地图在top100城市覆盖率超96%。此外在人工智能辅助下，骑手取餐纠错 率下降19.8%，骑手等餐时间也进一步缩短10%。 6月20日，网传 饿了么物流负责人、原CEO韩鎏在上海办公室被警方带走。 《每日经济新闻》记者向饿了么求证，饿了么方面回应称：经内部调查发现物流主管韩鎏涉 嫌职务犯罪，并向公安机关主动报案。近日，警方已传唤相关人员配合调查。饿了么秉持诚 信廉洁文化，对触碰红线行为绝不姑息，坚决依法依规处理。 2019年，韩鎏加入阿里巴巴，最初担任共享零售事业部、同城物流事业部及超市生态事业 部总经理。此后，他在饿了么内部不断晋升，历任饿了么资深 ...

Group 1 - The core viewpoint emphasizes the importance of instant delivery platforms in providing convenience to the public and creating job opportunities, while also highlighting the significant traffic safety management issues faced by delivery riders [3] - The Guangzhou Municipal People's Congress is actively monitoring the implementation of the "Guangzhou Electric Bicycle Management Regulations" by instant delivery platforms and is conducting inspections to address rider-related issues [2][3] - Recommendations were made during the meeting to enhance safety management for delivery riders, including the issuance and use of special license plates, safety education, and the application of smart technology [2][3] Group 2 - The government is urged to strengthen law enforcement against traffic violations and to systematically rectify issues identified during inspections, such as running red lights and speeding [3] - Instant delivery platforms are called upon to take social responsibility seriously and ensure compliance with traffic regulations to create a safer and more efficient delivery environment [3]

Core Insights - The recent financial report from Flash Delivery for Q1 2025 shows a significant decline, with a shift from profit to loss and a decrease in revenue [1][3]. Financial Performance - Flash Delivery reported a revenue of approximately 961 million yuan in Q1 2025, down 13.27% from 1.108 billion yuan in the same period last year [3]. - The company experienced a net loss of 10.27 million yuan, contrasting with a profit of 64.57 million yuan in the previous year [3]. - This marks the second consecutive quarter of losses since the company's IPO in October last year, with a net loss of 294 million yuan in Q4 2024, leading to an annual net loss of 146 million yuan [3]. Market Competition - The decline in revenue and profits is attributed to intense market competition, resulting in decreased order volume and lower average order value [3][4]. - Flash Delivery's order volume fell to 58 million orders in Q1 2025, representing a 16.3% year-over-year decline and an 11.8% quarter-over-quarter decrease [3]. - The average order value decreased from 19.2 yuan in 2021 to 16.5 yuan in the first half of 2024, indicating challenges in maintaining pricing power [3]. Operational Costs - The company's total operating expenses increased significantly by 27.0% to 117 million yuan, driven by rising costs in sales, marketing, general administration, and research and development [4]. - The increase in operational costs is largely due to higher employee compensation and stock-based compensation expenses [4]. - As of March this year, Flash Delivery had 2.9 million registered couriers, up from 2.8 million at the end of last year, leading to increased payroll and rewards expenses [4]. Industry Context - The challenges faced by Flash Delivery are reflective of broader issues in the "one-to-one urgent delivery" sector, where competitors like Dada Group also reported significant losses due to rising courier costs [5]. - Despite the challenges, Flash Delivery achieved a gross margin of 13.2%, an increase of 1.4 percentage points compared to the same period last year, indicating a gradual improvement in profitability [5]. - The company processed 58 million orders in Q1, suggesting that there is still a willingness among consumers to use Flash Delivery's services [5].

Core Viewpoint - Dada Group has completed its privatization transaction, becoming a wholly-owned subsidiary of JD Sunflower Investment Limited, which is fully owned by JD Group, and will no longer be a publicly listed company starting June 17, 2025 [1][3]. Company Overview - Dada Group was established in 2014 and merged with JD Group's O2O subsidiary in 2016, rebranding in 2019. It went public on NASDAQ in June 2020, becoming the first Chinese company to list in the instant retail sector in the U.S. [3]. - The company has faced continuous losses due to rising sales and marketing expenses, user incentives, and personnel costs, with cumulative losses exceeding 13 billion yuan from 2017 to 2023 [3][4]. Market Position and Performance - JD Group has been increasing its stake in Dada Group to strengthen its instant retail and delivery capabilities, with Dada's active delivery personnel exceeding 1.2 million by the end of 2023 [4]. - In 2024, Dada Group's total revenue was 9.664 billion yuan, a decrease of 8% year-on-year, with a net loss of 2.039 billion yuan, widening by 4.14% compared to the previous year [4]. Privatization Offer - In February 2025, JD Group made a privatization offer to Dada Group at $2.0 per ADS or $0.5 per ordinary share, valuing the company at approximately $520 million [5]. - JD's recent announcement of its food delivery business, which is part of the JD Seconds brand, indicates a strategic move to leverage Dada's delivery capabilities, with daily order volumes exceeding 25 million and over 150,000 restaurants onboarded [5].

Summary of SF Express City Conference Call Company Overview - **Company**: SF Express City - **Industry**: New Consumption and Delivery Services Key Points Industry and Market Dynamics - SF Express City benefits from the rise of the new consumption delivery market and the significant growth in order volume from SF Holdings, leading to rapid order growth through deep collaborations with key accounts (KA) such as Lucky, Sam's Club, and Starbucks [2][4] Financial Performance and Projections - The company has revised its related party transaction limits with SF Holdings, increasing the limits to 12.8 billion yuan for 2025 and 20.6 billion yuan for 2026, representing a year-on-year increase of 101% and 60% respectively [3] - The expected profit contribution from the increased transaction limits is approximately 100 million yuan in 2025 and 200-300 million yuan in 2026, with adjusted net profit forecasts of 350 million yuan for 2025 and 670 million yuan for 2026 [3][4] Growth Drivers - SF Express City is experiencing dual growth engines: the rise of new consumption delivery and the increase in order volume from SF Holdings [4] - Collaborations with major KA clients lead to rapid order increases and a focus on building private traffic, positioning SF Express City as an independent delivery platform [4] Operational Strategy - The company employs a hybrid model of stationed and crowdsourced delivery to balance service quality and operational flexibility, enhancing execution rates in traditional markets while penetrating the internet market [6] - The stationed model ensures service quality, while the crowdsourced model provides ample supply during peak demand [6] Profitability and Cost Structure - SF Express City has seen a continuous improvement in gross margin over the past seven years, with further potential for enhancement due to economies of scale, improved capacity utilization, and better negotiation power [8][9] - The company operates with high operating leverage, where increased revenue leads to a decrease in management expense ratio, thus improving net profit margins [9] Investment Recommendation - The company is recommended for investment due to its strong growth prospects driven by the new consumption delivery market and high order volumes, deep partnerships with KA clients, and effective market expansion strategies [10]

Core Insights - The article highlights the emergence of DouSong as a significant player in the instant delivery market, traditionally dominated by giants like Meituan and Ele.me, by identifying and addressing industry pain points [1][4][8] Industry Context - The instant delivery industry is characterized by a facade of prosperity coupled with underlying contradictions, creating opportunities for new entrants like DouSong [3] - Traditional delivery models have fragmented capacity resources across different platforms, leading to high delivery costs and inefficiencies, particularly during peak hours [5] DouSong's Strategy - DouSong positions itself as a pioneer in aggregated delivery services, integrating multiple logistics platforms to create a "super capacity pool" that allows merchants to access diverse rider resources from a single platform [4] - The company has invested heavily in developing an intelligent scheduling system that utilizes advanced AI algorithms to optimize order allocation and route planning, ensuring faster delivery times [4][7] Technological Innovations - The AI scheduling system enables real-time data analysis, allowing for optimal decision-making in order distribution and route optimization, significantly improving delivery efficiency [4][7] - DouSong's multi-channel order collaboration system addresses the "data silo" issue by enabling data interoperability with major platforms like Meituan and Ele.me, facilitating centralized order management [7][10] Market Positioning - DouSong's success is attributed to its ability to identify industry pain points, maintain a technology-driven innovation approach, and create a win-win ecosystem through continuous exploration and adaptation [8]