总体而言，趣店当前困境并非单纯由最初商业模式风险引起，而是监管政策误判、战略反复、激进投资 及营销失衡等结构性问题叠加的结果。这些因素最终形成"自毁式衰落"，使这家曾经风光无限的金融科 技公司逐步淡出公众视野。 "所有命运的馈赠，早已在暗中标好了价格。"曾经引发校园贷风波的始作俑者——趣店，多次尝试转型 却屡屡受挫，如今依旧在迷途中苦苦探索出路。 近日，趣店有限公司（股票简称：趣店，股票代码：QD.N）发布了2025年一季度财务报告。数据显 示，公司营业收入仅为2580万元，同比大幅下降53.76%；但净利润实现扭亏为盈，达到1.5亿元，主要 依赖投资收益等非经常性收入，主营业务尚未出现明显改善。 公司重点投入的"最后一公里"配送业务表现持续低迷。一季度该业务收入仅2380万元，较去年同期的 5380万元大幅缩水，且客户集中度较高，风险显著。公司已表达考虑终止该业务的可能性，若该业务正 式退出，趣店将再次面临缺乏核心主营业务的尴尬局面。 财报同时透露，趣店正重新规划未来战略方向，但新路径尚不明确，转型充满不确定性。频繁调整业务 重心和战略方向，反映出趣店持续探索中面临的艰难困境。曾经的资本宠儿，再次站在命运的 ...

Company Updates - The company announced that during the "May Day" period, the total business volume for SF Same City increased by 87% year-on-year, with supermarket and department store volume up by 177%, beverage volume up by 106%, and last-mile delivery volume up by 102% [1] - According to Questmobile data, the average daily usage of the rider app in April increased by 40% year-on-year, indicating strong demand in the instant delivery sector [1] Industry Commentary - The growth in the takeaway industry is driving demand for last-mile delivery, suggesting that the company's same-city delivery B2B business volume may exceed previous expectations [1] - Questmobile data shows that the average daily usage of KFC and McDonald's increased by 31% and 30% year-on-year, respectively, indicating a positive trend in the takeaway sector [1] - The company is expected to benefit from its refined operational capabilities and flexible logistics network, leading to increased order volumes from key accounts (KA) [1] - The company anticipates that its revenue from merchants will exceed 24% by 2025, with KA business growth expected to be even higher [1] - The company's B2C business is expected to grow steadily alongside macroeconomic demand, supported by synergies with its express delivery services [1] Last-Mile Delivery Insights - The last-mile delivery business is projected to continue contributing revenue beyond expectations due to increased demand from e-commerce returns and the delivery of national subsidy products [2] - The integration of the company's logistics network with its parent company's express network is expected to enhance penetration rates and collaborative effects, further boosting profitability [2] - The company anticipates that its last-mile delivery volume will contribute significantly to revenue growth [2] Profitability Forecast and Valuation - The company has raised its revenue forecasts for 2025 and 2026 by 4.7% and 5.5%, respectively, to 20.343 billion and 25.711 billion [2] - Despite uncertainties in pricing trends within the takeaway industry, the net profit forecasts for 2025 and 2026 remain unchanged at 250 million and 406 million [2] - The company maintains an outperform rating and a target price of HKD 13.50, which corresponds to 0.6x and 0.4x P/S for 2025 and 2026, respectively, indicating a 26% upside potential from the current price [2]