Abstract: Based on the panel data analysis of 36 domestic logistics listed companies during 2015—2018, this paper conducts an empirical study on the impact of dual innovation and single innovation on performance of logistics firms. Results show that when the delay effect is not considered, there is no significant correlation between the exploratory innovation and performance. When considering the delay effect, exploratory innovation has a positive impact on the market performance and financial performance of the enterprises. When the delay effect is not considered, the dual innovation is significantly related to the firms' performance and is superior to the single innovation, which has a positive impact on the market performance and financial performance of the firms. When considering the delay effect, the dual innovation has a positive impact on the market performance of the firms and a negative impact on the financial performance, but not significant.