格隆汇9月9日｜据36氪，业界普遍预计，iPhone 17系列，及Apple Watch、AirPods等新品即将在北京时 间9月10日凌晨的Apple发布会上亮相。据了解，今年Apple各类新品将继续在美团闪购同步预售、首发 开售，30分钟拿到正品现货。 ...

Market Overview - On September 9, A-shares saw a collective decline in the three major indices, with a trading volume of 2.12 trillion yuan, a decrease of 300.2 billion yuan compared to the previous trading day [1] - The electronic map and retail sectors showed significant movements, with four-dimensional mapping stock (002405.SZ) hitting a temporary limit up before closing at a 7.55% increase, and retail stocks like Sanjiang Shopping (601116.SH) also reaching a limit up [1] Alibaba's Business Adjustments - There are rumors that Alibaba will announce significant business adjustments, including the relaunch of Koubei and collaboration with Gaode for group buying, aimed at reconstructing the local consumption decision-making system [1] - Despite the lack of confirmed information, the market has reacted, with Alibaba's stock (09988.HK) rising by 3.35% to close at 141.9 HKD, while Meituan's stock (03690.HK) fell by 2.3% [1] Financial Performance - Alibaba's financial results for the quarter ending June 2025 showed a customer management revenue of 892.52 billion yuan, a year-on-year increase of 10%, and instant retail revenue grew by 12% to 14.8 billion yuan [2] - The number of 88VIP members increased by double digits, reaching 53 million, indicating strong consumer engagement [2] Regulatory Environment - The local life service market is facing a new regulatory environment, with the State Administration for Market Regulation addressing subsidy disputes among major platforms [3] - The community group buying sector has been declining since 2022, with notable companies like Tenhui Group and Chengxin Youxuan facing challenges [3]

Group 1 - The iPhone 17 series, along with new Apple Watch and AirPods, is expected to be unveiled at the Apple event on September 10, 2023 [1] - Consumers can pre-order and purchase new Apple products through Meituan Flash Sale, ensuring quick access to genuine products within 30 minutes [1] - The number of Apple authorized specialty stores participating in the pre-sale has significantly increased, covering third and fourth-tier cities and county markets [1] Group 2 - According to iResearch, the consumer electronics category in the instant retail market is experiencing rapid growth, with a projected compound annual growth rate of 68.5% from 2021 to 2026 [2] - By 2026, the scale of the instant retail consumer electronics industry is expected to exceed 100 billion, making it an important choice for brands to launch new products [2] - Meituan Flash Sale will introduce a dedicated IP "Lightning New Products" to support the launch of consumer electronics, providing traffic preference and exclusive resource exposure [2]

Core Insights - Apple will continue to offer pre-sale and launch of its new products through Meituan Flash Purchase, ensuring consumers can reserve new devices and receive them within 30 minutes [1] Group 1 - The number of Apple authorized specialty stores supporting the first batch of pre-sales has significantly increased, covering third and fourth-tier cities and county markets [1] - Consumers can place orders during the pre-sale period to lock in store inventory and experience new devices faster [1]

Core Viewpoint - Alibaba is preparing a significant offensive in the local lifestyle service market, targeting industry giant Meituan's core territory, with plans to launch a new group buying product and evaluation system [1] Group 1: Business Strategy - Alibaba will hold a major business conference on September 10, where it is expected to unveil a new group buying product and evaluation system, marking a comprehensive push into local lifestyle services [1] - The company plans to restart Koubei and leverage Gaode Map to develop self-operated group buying services, aiming to reconstruct the local consumption decision-making system to compete with Meituan's Dianping [1][6] - This marks the third major restart of Koubei since its acquisition in 2008, with a clear strategic goal to create an independent consumer decision evaluation system [6] Group 2: Market Reaction - The market has reacted positively to Alibaba's strategic moves, with its U.S. stock rising by 3% in pre-market trading [1] - Following the announcement of these initiatives, Alibaba's stock price surged over 4% on September 8, and its Hong Kong stock also performed well on September 9, with a net inflow of 5.146 billion HKD [6] Group 3: Competitive Landscape - Meituan's stock fell by 2.3% in response to Alibaba's upcoming initiatives, indicating a competitive pressure in the market [4] - Alibaba's entry into the instant retail space is seen as a response to intensified competition, with Meituan and JD also launching substantial support plans for their delivery services [7][8] Group 4: Financial Performance - Alibaba's adjusted EBITA showed a year-on-year decline, attributed to investments in the "Flash Purchase" business and user acquisition costs, reflecting the company's commitment to strategic investments in this area [8] - HSBC's report indicates that Alibaba will continue to increase investments in instant retail and delivery services, which may impact short-term profitability but is expected to be reflected in the stock price [8] Group 5: Cloud Business - In the AI cloud market, Alibaba holds a leading share of 35.8%, surpassing the combined market share of the second to fourth players [12] - The AI cloud market is projected to grow by 148% by 2025, with Alibaba's investments in AI expected to create a differentiated advantage and enhance its market leadership [12]

（文章来源：每日经济新闻） 每经AI快讯，9月9日，美团午后跌幅扩大一度跌近5%，现跌3.7%。 ...

9月9日，市场传出消息，阿里将于明后天正式宣布上线全新团购产品及评价体系，直接对标美团核心业 务。据悉，周三（9月10号）上午，在杭州西溪C区阿里的确有一场重磅业务发布会，活动时间是上午 半天。但阿里方面并未说明是否为团购业务发布会。（证券时报） ...

【网传阿里巴巴将上线全新团购产品 直接对标美团核心业务】智通财经9月9日电，据证券时报报道， 今日市场突然传出，阿里将于明后天正式宣布上线全新团购产品及评价体系，直接对标美团核心业务。 而记者获悉，周三（9月10号）上午，在杭州西溪C区阿里的确有一场重磅业务发布会，活动时间是上 午半天。但阿里方面并未说明是否为团购业务发布会。 转自：智通财经 ...

核心观点：25Q2 公司收入略低于预期，利润大幅下滑，主要系外卖竞争格局恶化，公司加大补贴投入 影响业绩约100 亿。Q3 看竞争态势仍未明显缓和，我们认为短期美团业绩仍承压，且需持续动态跟踪 竞对补贴力度、即时配送运营层面单量、运力、供给等差距变化。 外卖大战拖累业绩表现，短期竞争持续下利润承压。25Q2 公司营业收入略低于预期（yoy+11.7%，bb 一致预期为13.9%）、调整后净利润大幅低于预期（绝对值14.9亿，bb 一致预期为98.5 亿），主要系即 时配送行业竞争格局恶化，美团加大补贴投入捍卫市场地位，影响体现在：①用户补贴部分冲减收入、 商家广告预算转向C 端用户补贴导致配送服务和广告收入均明显降速，毛利较bb 一致预期低58 亿；② 销售费用绝对值225 亿，去年同期为148 亿，较bb 一致预期高出37 亿。下半年和短期看，7 月补贴预计 环比显著增长，8 月力度相对有所减弱，我们判断Q3 核心本地商业利润由正转负、或显著亏损。短期 仍需继续跟进阿里补贴力度和决心，以及补贴退坡后单量的稳定性，在运力效率、供给丰富度上能否持 续缩小差距。 我们预计新业务同比亏损扩大，关注海外市场开拓、其他 ...

机构：天风证券 研究员：杨雨辰/何富丽/孔蓉 整体业绩：美团25Q2 收入918.4 亿元，低于彭博一致预期2.0%；EBIT 2.3亿元，低于彭博一致预期 97.2%。调整后净利润约14.9 亿元，低于彭博一致预期84.8%。分业务来看，核心本地商业收入653.5 亿 元，低于彭博一致预期3.3%；新业务收入264.9 亿元，超彭博一致预期2.1%。 核心本地商业：受竞争影响本季度收入端和利润端均低于预期。收入653.5亿元，其中配送服务收入 236.6 亿元，佣金收入249.5 亿元，在线营销收入135.5 亿元。经营利润37.2 亿元，低于彭博一致预期 69.0%。 餐饮外卖：1）本季度新增用户规模实现扩张，核心用户的粘性与交易频次进一步提升。供应链端，公 司与餐饮商家合作推进创新，助力数百家连锁餐饮品牌落地 "品牌卫星店"，升级 "拼好饭"、"神抢手" 的供给与服务品质。 "拼好饭" 已为中小商家与连锁品牌均带来收入增长。2）美团闪购订单量与商品交 易总额均实现强劲增长，公司加快用户获取节奏，转化更多餐饮外卖用户，并提升核心用户的交易频 次。3）美团闪电仓助力线下门店与零售品牌推进数字化转型，扩大服务 ...