2025.05. 23 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 陆涵之 外卖行业上演三国杀，深度关联的即时配送行业也备受关注。 5月22日美股收盘，即时物流服务平台闪送（FLX）股价下跌1.26%至2.35美元。闪送在去年10月4 日上市，上市大半年后股价距离16.5美元的发行价已经跌去85.8%。 过去即时配送市场以第三方服务商为主，例如顺丰同城、闪送和达达。随着外卖服务渗透率不断提 高，即时配送市场也迎来了变化。 除了闪送外，其他物流企业的业绩呈现分化趋势。 顺丰2024年年报显示，2024年顺丰同城收入同比增长27.1%至157.5亿元。其中同城配送服务增长 23.5%至91.2亿元，主要是因为餐饮外卖消费需求稳定，零售消费等场景下即时配送需求加速释 放。目前同城配送服务主要来自于餐饮外卖消费，非餐场景2024年收入为37亿元，占比为40.6%。 而达达2024年财报显示，2024年总净收入为96.64亿元，同比下滑8%。达达快送（即时配送开放平 台）产生的净收入由2023年的40.15亿元增长44.6%至2024年的58.05亿元，增长主要是因为向各连 锁商家提供的同城配送服务订单 ...

Core Insights - The romantic economy was significantly boosted during the 520 festival, with a notable increase in demand for instant delivery services, particularly for flowers and food items [1][2] - On May 20, flower orders surged over 9 times compared to the previous day, while beverage orders increased by 143% and fast food orders rose by 98% [1] - The "exclusive delivery" service gained popularity, with nationwide order volume increasing by 369%, and in Shenzhen, the growth exceeded 8 times [1] Delivery Trends - Instant delivery platforms played a crucial role in facilitating the purchase of gifts, with online channels being the primary method for consumers [1][2] - The peak delivery time on May 20 was between 6 PM and 7 PM, highlighting the convenience for working individuals [2] - The total delivery distance for flower and cake orders exceeded 6 million kilometers on the festival day [1] Market Dynamics - The demand for instant delivery services extended to various platforms, including Douyin and Alibaba, with significant growth in beverage and fast food orders [2] - The lower-tier markets also showed strong enthusiasm, with supermarket and department store orders increasing by 99% [2] - The company utilized a flexible network and intelligent scheduling system to enhance delivery efficiency, particularly for fragile items like flowers and cakes [2][3] Consumer Experience - The "pick-up and delivery" service provided personalized options for consumers, such as queueing at popular restaurants and timely delivery of flower bouquets [3] - The company effectively captured the full-spectrum demand during the festival, reinforcing its role as a core consumer infrastructure and enhancing overall consumer experience [3]