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 ...