Behind Profits of 109 Million: Why Did Flash Delivery Lose 10% of Orders?

Questioning AI: Can Flash Delivery’s Differentiation Model Survive Under Competition from Tech Giants?

Amid the spreading flames of industry giants, the survival space for small and beautiful companies is gradually shrinking.

On March 17, the one-on-one express delivery platform Flash Delivery announced its financial results for Q4 2025 and the full year 2025. Data shows that in Q4 2025, Flash Delivery’s net profit was 22.5 million yuan, compared to a net loss of 294 million yuan in the same period of 2024. For the full year 2025, net profit was 109.4 million yuan, versus a net loss of 146.5 million yuan in 2024.

Behind the successful turnaround to profit, Flash Delivery’s core business is facing a survival crisis.

Because Flash Delivery’s business model is highly focused on same-city instant delivery services, its main revenue comes from fees charged to customers for one-on-one express (dedicated courier) services. In Q4 2025, Flash Delivery’s revenue was 1.0013 billion yuan, compared to 1.0289 billion yuan in the same quarter of 2024; for the full year 2025, revenue was 3.9921 billion yuan, down from 4.4682 billion yuan in 2024—a 10.66% decrease year-over-year.

Regarding the over-ten-percent decline in annual revenue, Flash Delivery stated in its financial report that the main reason was increased market competition leading to fewer orders. Data shows that in Q4 2025, Flash Delivery completed 63.2 million orders, and for the full year, 249.2 million orders; in comparison, in Q4 2024, it completed 65.8 million orders, and 277.2 million for the full year. Calculations indicate that in 2025, the total order volume decreased by 10.10% year-over-year, closely matching the revenue decline.

Photo by Cai Shumin

It’s worth noting that by the end of 2025, the registered courier fleet on Flash Delivery’s platform reached 3.1 million, an increase of 300,000 from 2.8 million at the end of 2024. However, the platform did not provide more orders. Meanwhile, the average revenue per order has been declining year by year. This also means increased competition among couriers and a weakening earning effect.

In fact, this situation has persisted for over a year, and the decline in orders was expected. As Alibaba, JD.com, and Meituan intensify their competition around instant retail, the market space left for small and beautiful platforms is shrinking.

Over the past year, the three giants have been both internally and externally expanding in instant retail, integrating internally while seeking growth externally. JD.com renamed “Dada Express” to “Dada Miao Song” and completed the privatization of its listed company Dada; JD’s self-operated supermarkets, Jingsuan and hard-discount stores, are expanding omnichannel layouts. Alibaba revamped Ele.me into Taobao Flash Sale, integrating instant retail with traditional e-commerce, successfully establishing user awareness and increasing market share. Meituan continues to broaden its instant retail categories and quickly acquired Dingdong Maicai’s China operations, strengthening its warehouse advantages and market share in Jiangsu, Zhejiang, and Shanghai.

Clearly, whether in terms of traffic or capital, Flash Delivery is insufficient to compete with the powerful giants. According to the latest financial report, facing fierce competition in instant retail and the squeeze on one-on-one express delivery, Flash Delivery is focusing on “profitable growth.” As CFO Tang Le stated in the report: “In 2025, we maintained stable performance through our differentiated on-demand dedicated courier model and precise operational efficiency. Full-year net profit was 109.4 million yuan, and non-GAAP net profit was 199.4 million yuan, achieving non-GAAP profitability for the third consecutive year.”

As of December 31, 2025, Flash Delivery’s cash, cash equivalents, restricted cash, and short-term investments totaled 951.6 million yuan, showing solid performance. However, while maintaining profits, what new growth opportunities can Flash Delivery, as a listed company, offer for the future?

Industry expert Zhao Xiaomin sees three major challenges for Flash Delivery: First, how to maintain order volume without engaging in price wars; second, how to find new revenue growth points; third, how to rebuild its narrative in the public market. The behind-the-scenes of Flash Delivery’s 2025 results show low revenue growth, shrinking orders, and a bottomed-out market value. While profitability has been maintained, the growth story remains elusive. For Flash Delivery, the real test in 2026 is not just whether it can continue to be profitable, but whether it can get revenue back on a growth track—in a highly consolidated competitive landscape, the answer remains uncertain.

Alongside the earnings announcement, the Flash Delivery board approved a one-year extension of its existing $30 million share repurchase plan. On the same day, Flash Delivery’s stock surged 20.76%, returning to $2.85, with a latest market cap of $203 million—still over 80% below its IPO valuation.

Reporter: Cai Shumin

Editor: Ma Yunfei