本报（chinatimes.net.cn）记者卢晓 北京报道 围绕"最后一公里"，电商巨头们正在即时零售战场展开激烈较量。 10月9日，京东物流宣布，其欲以2.7亿美元的总对价，从第一大股东京东集团手中收购达疆和达盛两家 全资子公司100%的股权。京东集团（下称"京东"）方面对《华夏时报》记者确认，京东物流拟收购的 标的即为原达达集团的即时配送业务。 在京东整合自家即时配送业务背后，包括外卖在内的即时零售，一直被互联网巨头们看作是自己的生意 增量场，一张精密的配送大网是它们比拼的关键。不过在这个有着复杂供应链的战场，零售巨头们要比 拼的显然不只是配送。 一桩内部收购 这桩2.7亿美元的收购，可以看作是京东对即时配送资源的内部整合。 据京东物流公告，达疆及达盛是京东集团从事本地实时配送服务业务的全资子公司，其中达疆为根据中 国法律成立的有限公司，目前注册资本总额为7亿美元。达盛则为于2025年1月根据香港法律注册成立的 有限公司。天眼查还显示，达疆全称为达疆网络科技（上海）有限公司，法人代表为此前曾担任京东到 家总经理的李昌明。 达盛和达疆都来自今年6月从美股完成私有化的达达。公开资料显示，达达成立于2014年 ...

Core Viewpoint - The company reported strong performance in 1H25, exceeding expectations due to unexpected growth in instant retail demand [1] Financial Performance - Revenue increased by 49% year-on-year to 10.236 billion yuan - Gross profit rose by 44% year-on-year to 681 million yuan, with a gross margin decrease of 0.2 percentage points to 6.7% - Net profit surged by 120% year-on-year to 137 million yuan, with a net margin increase of 0.4 percentage points to 1.3% - Adjusted net profit grew by 139% year-on-year to 160 million yuan, surpassing expectations [1] Operational Data - Active merchant count increased by 55% year-on-year to 850,000 - Active consumer count rose by 13% year-on-year to over 24.77 million - Active rider count grew by 18% year-on-year to 1.14 million [1] Development Trends - In the same-city delivery sector, the growth in the takeaway industry and diverse business demands are driving the need for instant delivery, leading to sustained growth in To B revenue, which increased by 55% year-on-year to 4.467 billion yuan [2] - The company expects To C business revenue growth to remain in double digits, supported by stable macro demand and synergy with express delivery services [2] - Last-mile delivery revenue increased by 57% year-on-year, benefiting from the growth in last-mile demand and improved penetration of the network [2] Profitability Forecast and Valuation - The company anticipates a net profit margin increase of 0.4 percentage points to 1.2% by 2025, driven by order scale growth and an asset-light operating model [3] - Net profit estimates for 2025 and 2026 have been raised by 18.5% and 42.6% to 296 million yuan and 579 million yuan, respectively [3] - The target price has been increased by 38% to 18.70 HKD, reflecting a potential upside of 30% from the current price [3]

Core Viewpoint - The takeaway from the news is that SF Express City has emerged as a leading player in the instant delivery industry, showcasing significant revenue and profit growth amidst fierce competition in the takeaway market, driven by a robust business model and technological advancements [2][7]. Group 1: Financial Performance - In the first half of 2025, SF Express City reported a revenue of 10.24 billion yuan, a year-on-year increase of 49%, and a net profit of 140 million yuan, up 120% [2]. - The adjusted net profit reached 160 million yuan, reflecting a 139% year-on-year growth [2]. - The growth is attributed to the rapid expansion of the food delivery and instant retail sectors, leading to a more than 50% increase in order volume for same-city delivery services [2]. Group 2: Business Structure and Segments - SF Express City operates three main business segments: same-city delivery services for merchants, same-city delivery services for consumers, and last-mile delivery services [3]. - Revenue from merchant-focused same-city delivery services reached 4.47 billion yuan, a 55% increase year-on-year, with significant growth in various categories such as tea delivery, which saw a 105% increase [3]. - Consumer-focused same-city delivery services generated 1.31 billion yuan, a 13% increase, while last-mile delivery services achieved 4.46 billion yuan, up 57% [4]. Group 3: Market Strategy and Positioning - The company emphasizes a differentiated positioning and meticulous operation across its full-scenario business matrix, focusing on both food and non-food delivery to drive revenue growth [5]. - SF Express City has actively expanded into lower-tier markets and integrated resources from the SF Group to enhance service capabilities across all areas [5]. - The company has established a healthy business operation model, positioning itself for broader growth opportunities in the competitive landscape of instant delivery [7]. Group 4: Technological Advancements - SF Express City has implemented AI applications and scaled up its unmanned delivery models, significantly improving operational efficiency [6]. - The company has over 300 unmanned vehicles in operation across more than 60 cities, with an average of 20,000 active trips per month [6]. - The rider efficiency improved by 38% year-on-year in June, contributing to increased earnings for riders, with a 65% rise in the number of high-income riders [6].

Core Viewpoint - The takeaway from the article is the ongoing competition in the food delivery sector, particularly focusing on Meituan and Douyin's contrasting strategies in the local lifestyle services market, with Douyin opting for a more cautious approach after previous attempts in food delivery [1][5][10]. Group 1: Competition Dynamics - The food delivery industry has seen intense competition, evolving from a "hundred团大战" to a three-way battle, with Meituan being a long-standing player facing challenges from new entrants like Douyin [1]. - Douyin has previously scaled back its food delivery efforts, indicating a misalignment with its platform's core business model, while continuing to invest in its in-store services [1][5]. - Recent regulatory scrutiny has prompted major food delivery platforms to adhere to legal standards and engage in rational competition [1][5]. Group 2: Douyin's Strategy - Douyin's past attempts to enter the food delivery market included launching the "Xindong Takeaway" mini-program, which was later discontinued due to poor feedback [4][5]. - The platform has shifted its focus to in-store services, leveraging its content-driven approach to attract users and drive sales through group buying [10][12]. - Douyin's "随心团" business model allows users to purchase group coupons that can be redeemed either in-store or for delivery, effectively merging its in-store and delivery services [10][12]. Group 3: Market Positioning - Meituan's food delivery business operates on thin profit margins, with a net profit margin of around 4%, making it less attractive for Douyin, which prefers high-efficiency revenue models [9][10]. - Douyin's user engagement metrics significantly outperform Meituan, with Douyin's monthly active users (MAU) reaching 763 million compared to Meituan's 454 million [9]. - The strategic focus for Douyin remains on enhancing its in-store services, which are more profitable and align better with its operational strengths [10][12]. Group 4: Future Outlook - The competition between Meituan and Douyin is expected to evolve into a more normalized rivalry, with both platforms prioritizing operational efficiency over sheer transaction volume [10][15]. - Douyin is exploring innovative solutions, such as the AI product "探饭," to enhance user experience and streamline its service offerings [13]. - The overall landscape of local lifestyle services is shifting, with Douyin aiming to refine its group buying strategies while maintaining a cautious stance on direct food delivery competition [16][17].

Core Insights - The article discusses the competitive landscape of the instant retail app sector, highlighting significant growth in user engagement and the emergence of various operational models among key players [2][3][9]. Group 1: Market Growth and User Engagement - As of May 2025, the monthly active user base for instant retail apps reached 551 million, marking a 6% year-on-year increase, with fresh food e-commerce apps growing by 15% to 128 million users [3][12]. - The competition has intensified with major players like Meituan, Taobao, and JD.com restructuring their services to enhance user engagement, particularly in the "30-minute living circle" for food delivery [3][25]. Group 2: Competitive Landscape - Three main operational models have emerged: "front warehouse self-operated," "store-warehouse integrated self-operated," and "platform aggregation," each catering to different user needs [23]. - The overlapping user base among JD.com, Meituan, and Ele.me reached 77.61 million, a 32.4% increase year-on-year, indicating a shift towards multi-platform usage among consumers [27]. Group 3: User Demographics and Preferences - The user demographic is skewing younger, with users born after 2000 showing a strong preference for food delivery services, while users from the 90s and 00s account for over 55% of the fresh food e-commerce app market [33][35]. - The lower-tier market is becoming a new growth engine, with Ele.me and Meituan's combined user base in this segment reaching 5.167 million, reflecting a 2.6% year-on-year growth [37]. Group 4: Merchant and Rider Dynamics - The demand for instant delivery services is driving an increase in merchant participation, with Meituan's merchant app reaching nearly 17 million monthly active users [44]. - The competition for riders is intensifying, with JD.com's Dada Express leading the market with over 6 million active users, a 368% increase year-on-year [52][56].

Group 1 - The core viewpoint of the articles highlights the significant growth in the express delivery industry in Guangdong during the Dragon Boat Festival, with a total of 593 million packages handled, representing a year-on-year increase of 15.2% [1][2] - The express delivery volume included 362 million packages collected, up 16% year-on-year, and 231 million packages delivered, which is a 13.9% increase [1] - The demand for traditional food items, particularly zongzi, has surged, prompting express companies like SF Express and JD to offer differentiated services such as "hourly delivery" and "next-day delivery" to meet consumer needs [1] Group 2 - The production of lychee in Guangdong has seen a bumper harvest, leading to a significant increase in delivery demand, which has become a key driver for the express delivery sector during the holiday [2] - To ensure the freshness of lychee, postal and express companies have implemented innovative measures, including the addition of 12 new air routes by China Post to achieve a 48-hour delivery target to various administrative regions [2] - With the upcoming "618" mid-year shopping festival, express companies are ramping up their manpower and resources, utilizing technology to optimize delivery routes and ensure the safety and smoothness of the delivery channels [2]

Core Insights - Taobao's instant retail service "Xiaoshida" has officially upgraded to "Taobao Flash Purchase," which will be prominently displayed on the Taobao app homepage [1] - The service will launch in 50 cities initially and expand nationwide by May 6 [1] Group 1 - The upgraded Taobao Flash Purchase will collaborate with Ele.me to increase subsidies, offering consumers significant benefits such as free meal vouchers and large discounts on takeout [3] - Ele.me's supply chain will be fully accessible to Taobao Flash Purchase, integrating with Taobao's brand e-commerce advantages to provide a low-cost, fast delivery experience [3] - The timing of this upgrade is strategic, as Taobao has accumulated sufficient capabilities in instant retail and aims to leverage Ele.me's mature logistics and technology [3] Group 2 - The competition in the industry is viewed as a long-term endeavor, focusing on consumer benefits rather than aggressive marketing tactics [3] - The upgrade allows Taobao to save on marketing costs and redirect those funds into substantial consumer subsidies [3] - By July 2024, Taobao will further enhance its "Xiaoshida" service with a new homepage layout, improving user accessibility and increasing merchant visibility [3]