具体来看，元旦假期，茶饮、外卖作为"假日标配"，需求持续走高。数据显示，顺丰同城元旦假期日均 饮品单量同比翻倍、快餐单量同比增超90%。作为麦当劳、肯德基、瑞幸咖啡、霸王茶姬等头部餐饮品 牌及各地中小商家的全渠道即配合作伙伴，顺丰同城依托"驻店+商圈+全城"的弹性运力模式，为节日 餐饮消费提供稳定履约保障。 据介绍，除了餐饮场景，元旦假期，顺丰同城深入全场景即时零售，商超百货、美妆、数码等品类单量 均实现大幅增长。顺丰同城与山姆会员商店、华为、抖音小时达等多个品牌及零售平台直接合作，并有 效补足美团、淘宝闪购等平台高峰期激增的运力需求，承接长距离、大重量等非标订单。此外，顺丰同 城还灵活满足游客们应急采购、租还装备、行李取送、帮排队等一系列需求，助力其提升出游便利体 验。 与此同时，去年12月31日当天，仪式感消费与商务需求集中爆发。数据显示，顺丰同城C端业务单量环 比翻倍。鲜花和蛋糕作为仪式感消费的经典单品，配送需求激增。其中，鲜花品类单量环比增超 110%，蛋糕更是成为1对1"独享专送"业务的最大需求来源。此外，珠宝、服饰等高端礼赠单量同样显 著增长。 2026年元旦假期，消费市场迎来"开门红"。以即时零 ...

Core Viewpoint - The intense competition in the instant retail sector, characterized by significant financial losses among major players like Meituan, Alibaba, and JD, has led to a unique opportunity for third-party delivery service providers like SF Express to achieve substantial profit growth amidst the turmoil [1][11]. Group 1: Financial Performance of Major Players - Meituan's Q3 revenue reached 954.88 billion, but its core local business segment suffered a drastic operating profit decline, resulting in a loss of 141 billion [6]. - Alibaba's Q3 instant retail revenue was 229 billion, a 60% year-on-year increase, but its net profit fell by 53% [9]. - JD's new businesses, including food delivery, saw a 214% year-on-year revenue growth, yet incurred a loss of 157.36 billion in Q3 [9]. - The combined sales and marketing expenses for Meituan, Alibaba, and JD increased by 614 billion in Q3 alone [9]. Group 2: Market Dynamics and Strategic Insights - The ongoing "burning money" competition is viewed as a necessary strategic investment by platforms to secure market share, with projections indicating the instant retail market could exceed 3 trillion by 2030 [10]. - Zhang Yi from iiMedia Consulting suggests that if instant retail can enhance efficiency and innovation, it aligns with broader economic growth objectives, although disordered competition may need regulation [2][10]. - Meituan's CEO Wang Xing emphasized the need for resource investment to maintain competitive advantages despite his opposition to price wars [9]. Group 3: SF Express's Performance and Market Position - SF Express's revenue for the first half of 2025 reached 102.36 billion, a 48.8% increase, with net profit growing by 120.4% [11][12]. - The company's unique position as a neutral platform allows it to benefit from the competition among major players, leading to a significant increase in order volumes [13]. - Analysts believe that SF Express's model, focusing on last-mile delivery, positions it well to capitalize on the ongoing demand despite potential future reductions in subsidies from major platforms [13][16]. Group 4: Regulatory Environment and Future Outlook - The introduction of new regulatory standards aims to curb chaotic competition in the food delivery market, promoting rational competition among platforms [16]. - Experts predict that competition intensity in instant retail will decrease and return to a more rational state in the coming year, although some covert competitive behaviors may persist [16].

Core Insights - The 17th "Double Eleven" event concluded with instant retail emerging as the biggest surprise, showcasing significant growth in sales figures [1] - Comprehensive e-commerce platforms achieved sales of 1.619 trillion yuan, a year-on-year increase of 12.3%, while instant retail sales reached 67 billion yuan, soaring 138.4% year-on-year [1] Group 1: Instant Retail Growth - Instant retail has become a core growth avenue for platforms amid peak traffic benefits, with daily order volume for same-city delivery increasing over 50% compared to last year [1] - Food and beverage categories saw substantial growth, with beverage orders up over 160% and fast food orders increasing by 110% [1] - Major platforms are actively expanding their instant retail offerings, with Taobao Flash Sale collaborating with over 37,000 brands and 400,000 stores, and JD integrating instant retail into its core strategy [1] Group 2: Logistics and Delivery Innovations - SF Express Same City provides integrated supply chain solutions, partnering with major retailers like Sam's Club and Yonghui Supermarket to offer customized services [2] - To alleviate logistics pressure, platforms are promoting unmanned delivery, with SF Express deploying over 800 unmanned vehicles across more than 100 cities [2] - The "last mile" delivery strategy has significantly improved efficiency, with daily order volume during "Double Eleven" surpassing last year's peak by over 106% [2] Group 3: Market Transformation - Instant retail is fundamentally altering the competitive landscape of "Double Eleven," reflecting changes in consumer habits and testing commercial infrastructure [2] - The value of neutral third-party instant delivery platforms is increasingly recognized due to their comprehensive service capabilities [2]

Core Insights - The third-party delivery platform SF Express City reported over a 50% increase in average daily orders during this year's "Double Eleven" compared to the same period last year [1] Delivery Performance - Food delivery orders have shown strong growth, with beverage orders increasing by over 160% year-on-year and fast food orders growing by 110% [1] - Non-food categories such as supermarket goods and beauty products also experienced high double-digit growth in order volume [1] Platform Efficiency - As a neutral third-party platform, SF Express City saw significant growth in orders from various channels including Douyin, Meituan, Taobao Flash Purchase, JD Instant Delivery, and merchants' own platforms during the promotional period [1] - The platform also contributed to speeding up traditional express delivery with a notable increase in "last mile" delivery orders, surpassing last year's peak daily volume in all aspects of delivery [1] Technological Advancements - SF Express City deployed over 800 unmanned vehicles across more than 100 cities, averaging about 20,000 trips per month, focusing on short-distance connections and distribution [1] - During the "Double Eleven" period, these unmanned vehicles efficiently handled peak orders, significantly reducing labor needs and ensuring overall fulfillment efficiency [1]

Core Insights - The 17th "Double Eleven" event concluded with a total sales volume of 1.619 trillion yuan on e-commerce platforms, marking a year-on-year growth of 12.3% [1] - Instant retail emerged as the biggest surprise this year, achieving a total sales volume of 67 billion yuan, which represents a staggering year-on-year increase of 138.4% [1] E-commerce Performance - The largest third-party delivery platform, SF City, reported that daily order volume for same-city delivery increased by over 50% compared to last year during the "Double Eleven" period [1] - In terms of product categories, food delivery orders have shown strong growth since the "takeout war," with beverage orders increasing by over 160% year-on-year and fast food orders growing by 110% [1] - Non-food categories such as supermarket goods and beauty products also experienced double-digit growth in order volume year-on-year [1] Delivery and Logistics - SF City, as a neutral third-party platform, demonstrated impressive performance during the promotional period, with significant growth in orders from platforms like Douyin, Meituan, Taobao Flash Sale, JD Instant Delivery, and merchants' own platforms [1] - The "last mile" delivery segment, which supports traditional express delivery, saw a rapid increase in order volume year-on-year, with daily average order volume in all stages of the delivery process far exceeding last year's peak [1] - The average daily order volume for the collection stage doubled compared to last year [1]

Core Viewpoint - The article highlights the recognition of SF Express (顺丰同城) as a leading player in the instant delivery industry, having won the "Growth Value Golden Bull Award" at the 2025 Xiamen Industry Development Conference, marking its second consecutive win [1][8]. Company Performance - SF Express has demonstrated strong financial performance, with revenue nearly doubling from 2021 to 2024, and achieving a revenue of 10.236 billion yuan in the first half of 2025, representing a year-on-year growth of 48.8% [4]. - The company reported a record net profit of 160 million yuan in the first half of 2023, maintaining a rapid growth trajectory in both revenue and net profit [4]. Market Position and Strategy - SF Express operates as the largest independent third-party delivery platform in China, leveraging its unique positioning to capture structural market dividends in the trillion-yuan market [4][5]. - The company has established a comprehensive service network covering various new consumption scenarios, including food delivery, instant retail, and last-mile logistics, which enhances its operational stability and profitability [5]. Technological Advancements - The company utilizes the CLS urban logistics system and AI technology to optimize order and capacity matching across multiple scenarios, with over 800 unmanned delivery vehicles deployed across 105 cities [5][6]. - Continuous investment in technology is expected to further enhance operational efficiency and support profitability as the business scales [5]. Recognition and Future Outlook - SF Express has been included in several international indices, such as the MSCI China Small Cap Index and the FTSE China Small Cap Index, reflecting its strong market recognition [6]. - The company has received an ESG rating upgrade of 53% in 2024, placing it in the top 25% of its industry, indicating a commitment to sustainable practices [6]. - Looking ahead, SF Express is poised to benefit from the expansion of the instant retail market and innovations in consumer behavior, positioning itself as a key player in the industry [8].

Core Viewpoint - SF Express City has been awarded the "Hong Kong Golden Bull Award" for the second consecutive year, reflecting its leading position and high growth in the instant delivery industry [1][3][7] Company Performance - SF Express City, the largest independent third-party instant delivery platform in China, has seen its revenue nearly double from 2021 to 2024, with a significant milestone of over 10.236 billion yuan in revenue for the first half of 2025, representing a year-on-year growth of 48.8% [4][5] - The company achieved a record net profit of 160 million yuan in the first half of 2023, marking it as one of the few in the industry to maintain high growth in both revenue and net profit [4][5] Market Position and Strategy - The company's unique independent third-party positioning and all-scenario business model have allowed it to capitalize on the rapid growth of the food delivery and instant retail sectors, leading to over 50% year-on-year growth in delivery orders in the first half of 2023 [5][6] - SF Express City has established a comprehensive service network covering various new consumption scenarios, including food delivery, instant retail, and last-mile logistics, enhancing its operational stability and profitability [5][6] Technological Advancements - The company is leveraging AI technology and its CLS urban logistics system for optimal order and capacity matching, while also expanding its fleet of over 800 unmanned delivery vehicles across 105 cities [6] - Continuous investment in technology is expected to further enhance efficiency and support profitability as the business scales [6] Recognition and Future Outlook - The recognition from the "Hong Kong Golden Bull Award" underscores SF Express City's resilience and investment value in a complex market environment [7] - With the expansion of the instant retail market and innovations in consumer behavior, the company is poised to play a crucial role in the economy and industry development, potentially delivering long-term returns for investors [7]

Investment Rating - The report assigns an "Accumulate-A" rating to the company for the first time [2][7]. Core Insights - The company is positioned to benefit from the rapid growth of the instant delivery industry, with a projected CAGR of 18.9% from 2023 to 2028 [2][45]. - The company has achieved profitability for the first time in 2023, with a net profit of 0.51 billion yuan, and is expected to continue growing significantly in the coming years [3][5]. - The company leverages its unique position as an independent third-party instant delivery service provider, which is rare in the market, to capture growth opportunities [4][50]. Summary by Sections Market Data - The closing price as of October 20, 2025, is HKD 12.910, with a market capitalization of HKD 118.43 billion [2]. Investment Highlights - The company is benefiting from the demand for instant retail, with multiple growth drivers including the expansion of food delivery services and the rapid development of digital retail in lower-tier markets [2][4]. - The instant delivery industry is expected to see a significant increase in order volume, with a CAGR of 14.5% from 2023 to 2028 [2][45]. Company Analysis - The company is the largest independent third-party instant delivery service platform in China, covering major consumption scenarios such as food delivery, local retail, and near-field e-commerce [3][52]. - The company has achieved a net profit of 1.3 billion yuan in 2024, representing a year-on-year growth of 159% [3][5]. Financial Data and Valuation - Revenue is projected to grow from 12.39 billion yuan in 2023 to 41.47 billion yuan in 2027, with a CAGR of 52% from 2024 to 2025 [8]. - The company’s net profit is expected to reach 8.91 billion yuan by 2027, with a year-on-year growth of 52.4% [5][8]. Strategic Positioning - The company aims to become the "first brand in new consumption delivery," supported by its integration with SF Group and its independent third-party logistics capabilities [3][52]. - The company is expanding its service offerings through technological advancements such as AI and autonomous delivery solutions [4][50].

Core Insights - SF Express City (09699) saw a nearly 4% increase in stock price, reaching HKD 13.38, with a trading volume of HKD 13.11 million [1] Delivery Performance - During the "Eleventh" holiday period, SF Express City reported a 63% year-on-year increase in average daily city delivery orders, with beverage orders surging by 168% [1] - Fast food, supermarket, and jewelry delivery orders also experienced significant double-digit growth [1] Tourism and Delivery Synergy - The "Cultural Tourism + Instant Delivery" model provided new experiences for tourists, with average daily order volumes in popular destinations like Harbin, Shanwei, Jingdezhen, and Hohhot showing multiple-fold increases [1] Service Demand - The "1-to-1 urgent delivery" service gained popularity during the holiday, with "exclusive delivery" orders on the Mid-Autumn Festival increasing over five times compared to last year [1] Strategic Advantages - According to Changjiang Securities, SF Express City leverages the SF brand advantage to offer customized solutions for vertical industries, outperforming other third-party logistics platforms in service quality and order volume [1] - The company collaborates with SF Group to reduce costs in the last-mile delivery, enhancing order scale and rider efficiency [1] Growth Outlook - The rapid growth of instant retail and the ongoing trend of diversified traffic are expected to accelerate the company's profit release [1]

Core Viewpoint - SF Express City (09699) has seen a nearly 4% increase in stock price, attributed to significant growth in delivery volumes during the "Eleventh" holiday period, indicating strong demand for its services [1] Group 1: Delivery Volume Growth - During the "Eleventh" holiday, SF Express City reported a 63% year-on-year increase in average daily city delivery orders, with beverage orders surging by 168% [1] - Fast food, supermarket, and jewelry delivery orders also experienced high double-digit growth in average daily volumes [1] - The "Cultural Tourism + Instant Delivery" model has led to multiple-fold increases in daily order volumes in popular tourist destinations such as Harbin, Shanwei, Jingdezhen, and Hohhot [1] Group 2: Service Demand and Performance - The "1-to-1 urgent delivery" service saw a more than fivefold increase in order volume on the day of the Mid-Autumn Festival compared to last year, reflecting high demand for timely delivery services [1] - Longjiang Securities noted that SF Express City leverages the SF brand advantage to provide customized solutions for vertical industries, outperforming other third-party logistics platforms in service quality and order scale [1] Group 3: Strategic Collaboration and Profitability - The company collaborates with SF Group to reduce costs in the last-mile delivery segment, enhancing order accumulation and improving rider efficiency [1] - The ongoing rapid growth of instant retail and the trend of diversified traffic are expected to accelerate the company's profitability release [1]