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].