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].

Core Viewpoint - The company, Flash Delivery, reported a 13% year-on-year decline in revenue for Q2 2025, attributed to intense competition in the food delivery market, while showing improvements in core profitability metrics [1][2][4]. Financial Performance - Flash Delivery's Q2 2025 revenue was 1.0246 billion yuan, down from 1.1767 billion yuan in Q2 2024 [2]. - The number of orders in Q2 2025 was 64.8 million, a decrease from the average of 69.3 million orders per quarter in 2024, but an increase from 58 million orders in Q1 2025 [2]. - Gross profit for Q2 2025 was 122.7 million yuan, with a gross margin increase from 10.8% in the previous year to 12.0% [4][5]. - Net profit attributable to ordinary shareholders reached 53.5 million yuan, reflecting a 139.9% year-on-year growth [4]. Cost Structure - Total expenses for Q2 2025 were 103.4 million yuan, up 22.1% from 84.7 million yuan in the same period last year [3]. - Sales and marketing expenses increased by 7.4% to 48.2 million yuan, primarily due to higher stock incentive costs [3]. - General and administrative expenses surged by 82.5% to 36 million yuan, driven by professional fees and stock incentive costs [3]. Market Strategy - The company aims to mitigate risks from fierce competition by focusing on high-value segments such as flowers and cakes, expanding service scenarios, and upgrading its intelligent dispatch system [1][4]. - Flash Delivery has seen a slight increase in the proportion of high-end orders, which helped stabilize average transaction value and cushion the impact of declining order volume on revenue [5]. - New service scenarios, including the return of traditional clothing and camera rentals, have been introduced to cater to niche markets, aligning with the company's "one-to-one" service model [5]. Industry Outlook - The management believes that competition in the instant delivery industry will gradually return to rationality, with expectations for order volume recovery in the second half of the year [5]. - The company is optimistic about the potential for high-value delivery services to become a key differentiator in a market dominated by larger players [5].