Core Viewpoint - The instant delivery industry is undergoing significant changes, with major players like Meituan, Alibaba, and JD.com gaining substantial market share, while companies that fail to adapt are struggling [1][6]. Financial Performance - In Q2 2025, the company Shansong reported revenues of 1.025 billion RMB, a decline of 12.91% compared to 1.178 billion RMB in Q2 2024 [2]. - Gross profit for Q2 2025 was 122.69 million RMB, down from 126.99 million RMB in Q2 2024, with a gross margin of 12% [2]. - Net profit for Q2 2025 was 53.50 million RMB, a decrease of 9.51% from the previous year [2]. - For the first half of 2025, total revenue was 1.985 billion RMB, a year-on-year decline of 13.1%, with net profit dropping 65.05% to 43.23 million RMB [3][4]. Market Position and Competition - Shansong, once a leader in the instant delivery sector, is now facing intense competition from other companies enhancing their one-to-one delivery services [6][7]. - The overall instant delivery market has seen a surge in order volume, with Meituan and Taobao reaching daily order peaks of 120 million and 80 million, respectively [6]. - Despite an increase in delivery personnel and city coverage, Shansong's order volume has shrunk, contributing to revenue decline [3][4]. Operational Challenges - Shansong's operational expenses rose by 22.15% year-on-year, totaling 103 million RMB, with significant increases in general and administrative expenses [7]. - The company has not effectively adjusted its operational strategies in response to market changes, leading to disappointing performance [6][7].

每经记者｜赵雯琪 每经编辑｜董兴生 8月19日，一对一直送平台闪送（FLX.US，股价3.16美元，市值2.16亿美元）披露2025年第二季度财 报。在外卖巨头激战挤压市场空间的影响下，闪送第二季度营收同比下滑13%至10.246亿元，订单量为 6480万单，较去年季度均值有所收缩。 结合历史数据来看，2024年，闪送全年订单总量为2.772亿单，平均每季度约6930万单，而2025年第二 季度订单量为6480万单，低于去年季度均值。不过，相比一季度的5800万单，闪送二季度订单量有所增 加。也可以看出，虽然在巨头竞争之下闪送订单规模相比去年整体下滑，但也有回升的趋势。 财报同时披露，闪送2025年第二季度费用为1.034亿元，较上年同期的8470万元增长22.1%。其中，闪送 2025年第二季度销售及市场推广费用为4820万元，较上年同期的4490万元增长7.4%，增长主要归因于 股权激励费用的增加。一般及行政费用为3600万元，较2024年同期的1970万元增长82.5%，增长主要归 因于专业费用和股权激励费用的增加。 此外，闪送在业绩报告中也进一步披露了股份回购进展。根据闪送2025年3月通过的股份回购 ...

发布公告，本期间(截至2025年6月30日止6个月)公司拥有人应占利润与去年同期相比，预期将取得不低 于100%的增长;及本期间集团收入与去年同期相比，预期将取得不低于45%的增长。 该预期的正面表现主要是由于以下原因： 即时配送行业加速发展，即时配送需求快速增加;集团各项业 务均衡高质发展，订单量和收入实现健康增长;以技术创新为驱动，持续提升数智化能力，独立第三方 定位、品牌和产品服务加速得到客户广泛认可;及精益的运营底盘提质增效，进一步提高网络规模经济 效应，提高资源投入产出效率，带动利润释放。 ...

Core Viewpoint - SF Express (09699.HK) expects a significant increase in profit attributable to shareholders of no less than 100% year-on-year and revenue growth of no less than 45% year-on-year for the six months ending June 30, 2025, driven by the rapid development of the instant delivery industry and increasing demand for instant delivery services [1] Group 1: Financial Performance - The company anticipates profit attributable to shareholders will grow by at least 100% year-on-year [1] - Revenue is projected to increase by no less than 45% year-on-year [1] Group 2: Industry Dynamics - The positive performance is primarily due to the accelerated development of the instant delivery industry and a rapid increase in demand for instant delivery services [1] Group 3: Business Development - The company has achieved balanced and high-quality development across various business segments, resulting in healthy growth in order volume and revenue [1] - Technological innovation is driving continuous improvement in digital intelligence capabilities, leading to widespread recognition of the company's independent third-party positioning, brand, and product services [1] Group 4: Operational Efficiency - The company has enhanced its operational efficiency through lean operations, improving network economies of scale and increasing resource input-output efficiency, which contributes to profit release [1]

Core Viewpoint - The company expects to achieve a profit attributable to owners of no less than 100% growth compared to the same period last year, and a revenue increase of no less than 45% for the six months ending June 30, 2025 [1] Group 1: Reasons for Positive Performance - The rapid development of the instant delivery industry has led to a significant increase in demand for instant delivery services [1] - The company has achieved balanced and high-quality growth across various business segments, resulting in healthy growth in order volume and revenue [1] - Driven by technological innovation, the company has continuously enhanced its digital intelligence capabilities, gaining widespread recognition from customers for its independent third-party positioning, brand, and product services [1] - The company has improved its operational efficiency through lean operations, enhancing network economies of scale and increasing resource input-output efficiency, which has contributed to profit release [1]

点评：当前，AI技术与终端设备的融合已成趋势，大模型需通过硬件载体实现场景化渗透，但自研手 机需在供应链管理、市场渠道建设等方面进行重资产投入，且面临智能手机市场红海竞争的压力。 NO.215万京东外卖全职骑手全部有五险一金 8月19日，"京东黑板报"披露，截至目前，京东外卖全职骑手已突破15万人，公司为他们全部缴纳五险 一金且承担所有费用，每人每月平均缴纳约2000元。 点评：当前，即时配送赛道已从"速度比拼"转向"体验升级"，而骑手作为末端服务的核心载体，其稳定 性直接影响配送效率与用户体验。 | 2025年8月20日星期三| NO.1字节跳动否认将推手机产品 近期有媒体称字节跳动将在年底推出自己的手机产品。8月19日，豆包(字节跳动旗下)相关负责人称此 信息不实，豆包目前没有推出自己手机产品的计划。豆包相关负责人表示，豆包在持续探索如何把自己 的AI(人工智能)能力开放给各种硬件厂商(包括手机厂商)，在这个过程中，豆包会和一些合作伙伴做完 整解决方案尝试，但所有合作都不涉及自有手机产品的研发与推出。 NO.4闪送公司2025年第二季度营收10.2亿元 8月19日，闪送公司公布2025年第二季度业务数据。 ...

每经记者｜陈婷 每经编辑｜文多 | 2025年8月20日 星期三 | NO.1 字节跳动否认将推手机产品 近期有媒体称字节跳动将在年底推出自己的手机产品。8月19日，豆包（字节跳动旗下）相关负责人称 此信息不实，豆包目前没有推出自己手机产品的计划。豆包相关负责人表示，豆包在持续探索如何把自 己的AI（人工智能）能力开放给各种硬件厂商（包括手机厂商），在这个过程中，豆包会和一些合作 伙伴做完整解决方案尝试，但所有合作都不涉及自有手机产品的研发与推出。 点评：当前，AI 技术与终端设备的融合已成趋势，大模型需通过硬件载体实现场景化渗透，但自研手 机需在供应链管理、市场渠道建设等方面进行重资产投入，且面临智能手机市场红海竞争的压力。 NO.2 15万京东外卖全职骑手全部有五险一金 点评：AI岗位数量的爆发式增长，直观体现了行业在生成式技术落地浪潮下对AI人才的需求激增。从 行业背景看，2024年以来，大模型技术从实验室走向产业应用，企业对算法研发、场景落地、商业化运 营等全链条人才的需求全面提升。 NO.4 闪送公司2025年第二季度营收10.2亿元 8月19日，闪送公司公布2025年第二季度业务数据。数据显示，闪 ...

Financial Data and Key Metrics Changes - In Q2 2025, the company recorded total revenue of RMB 1.02 billion, a decrease from RMB 1.18 billion in the same period of 2024, primarily due to lower order volumes amid competitive dynamics [18][20] - Gross profit margin increased by 1.2 percentage points year over year to 12%, reflecting improved operational efficiency and cost management [18][19] - Adjusted net profit for the quarter was $45.6 million, down from $59.1 million in Q2 2024 [20] Business Line Data and Key Metrics Changes - The company fulfilled 123 million orders in the first half of 2025, maintaining steady average selling price (ASP) compared to the previous year [27] - The share of CN orders saw a slight positive increase, indicating a stable performance in the business lines [27] Market Data and Key Metrics Changes - The instant delivery industry continued to grow steadily, with flowers and cakes maintaining a significant market share due to unique demand [6][7] - The competitive landscape in the food delivery market remains intense, impacting order volumes and rider supply across the industry [30][33] Company Strategy and Development Direction - The company is focusing on enhancing product and service quality through a tiered operational strategy and in-depth analysis of user groups [5][6] - Plans to expand service offerings and deepen collaborations with high-value merchants are in place to enhance user satisfaction and drive repeat purchases [15][28] - The company aims to integrate its brand into users' daily lives through innovative marketing strategies and scenario-based initiatives [15] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about a recovery in overall order volume in the second half of 2025, as competition stabilizes [28][29] - The company remains committed to optimizing resource allocation and capturing emerging opportunities for sustainable growth [21] Other Important Information - The company has implemented a comprehensive rider support system, including subsidies, training, and rewards, to maintain a stable and efficient delivery team [13][31] - Cash and cash equivalents totaled RMB 827.8 million as of the end of Q2 2025, indicating a healthy cash position [20] Q&A Session Summary Question: Could you please share the company's order volume and ASP for this quarter broken down by 2B and 2C business? How do you project the trend for order volume and ASP in the second half of the year? - The company fulfilled 123 million orders in the first half of 2025, with ASP holding steady compared to last year, and expects a recovery in overall order volume in the second half [27][28] Question: How would you assess rider's thickness and retention metrics? What trajectory should we anticipate for rider incentive budget this year? - The company reported strong registered and new rider numbers, with no notable impact from market fluctuations, and is focusing on optimizing rider productivity through an intelligent dispatch system [30][31]

Core Insights - The article discusses the launch of a new delivery solution by SF Express City, aimed at addressing the pain points of self-delivery and platform delivery models for supermarkets and department stores [1][2] - SF Express City leverages a multi-modal transportation approach combined with customized services to enhance service radius, upgrade service experience, and improve competitive differentiation in the market [1] Group 1: Delivery Solution Features - SF Express City has developed a standardized delivery service process that includes temperature-controlled zones for different product types, ensuring the safe delivery of various goods while maintaining their freshness and integrity [1] - The company utilizes various delivery vehicles and protective measures, such as insulated boxes and foam stabilizers, to ensure that products arrive undamaged [1] - A one-to-one fulfillment model is customized for each store based on data analysis of the store's location, order volume, and product types [1] Group 2: Market Position and Advantages - As an independent third-party delivery platform, SF Express City offers unique advantages by not being tied to any specific commercial platform, allowing for flexible and comprehensive service integration [2] - The company aims to create a high-quality service loop by integrating online orders, third-party delivery, and customer data accumulation, which helps in building a comprehensive user profile [2] - The growth of instant retail across various scenarios and categories presents significant opportunities for the supermarket and department store industry, with SF Express City positioned as a key infrastructure provider in this evolving landscape [2]

Core Insights - Instant retail is reshaping lifestyles, with a projected market size of over 1.5 trillion yuan in 2024, growing at a rate of 26.2% [1] - Major platforms like Meituan, Taobao, and JD are intensifying competition in the instant retail space, enhancing market penetration [1] - The complexity of grocery and general merchandise delivery presents challenges in packaging, distribution, and operations, necessitating efficient fulfillment and quality assurance [1] Group 1: Delivery Solutions - SF Express has launched a tailored delivery solution for grocery and general merchandise, addressing pain points in self-delivery and platform delivery models [1][12] - A standardized delivery process has been established, ensuring the safe transport of diverse products while maintaining their quality [3] - The delivery radius for grocery items typically spans 3 to 5 kilometers, requiring customized fulfillment strategies to manage complex delivery needs [6] Group 2: Brand and Service Standardization - In a competitive retail environment, building a brand membership system and standardizing service across channels is crucial for differentiation [4] - Consumers are increasingly seeking branded and standardized service experiences, prompting businesses to establish unified quality service standards [4] - SF Express offers customized delivery personnel and fulfillment plans, enhancing brand recognition and consumer trust [4] Group 3: Integrated Operations - The instant retail ecosystem is expanding, with brands shifting towards an integrated public and private domain operational model [9] - Brands are leveraging membership systems to enhance customer retention while also utilizing multiple public domain platforms for growth [9] - SF Express provides comprehensive channel support, allowing brands to maintain pricing and operational autonomy while improving efficiency and reducing costs [9] Group 4: Case Study and Performance - Sam's Club's online channels contribute approximately 55% of sales, with 70% of orders fulfilled through front warehouses [10] - SF Express has reported a 26.2% year-on-year increase in non-food business revenue, reaching 3.695 billion yuan, with significant growth in grocery and convenience categories [12] - Collaborations with major retailers like Sam's Club and Metro are enhancing service experiences and expanding business scales [12]