Group 1: Industry Trends - The Chinese automotive market is transitioning from incremental growth to stock competition over the next two to three years, with new energy vehicles reshaping the market landscape [1] - The competition is evolving from initial disorder and fragmentation to high-quality, comprehensive competition, emphasizing the importance of strategic planning, cost control, and continuous technological innovation for companies [1] Group 2: Company Developments - Geely Holding Group announced the completion of the merger agreement between Geely Auto and Zeekr, with Geely Auto fully acquiring Zeekr [3] - The merger aims to address previous issues of resource duplication and optimize overall operational efficiency, as the multi-brand strategy has shown increasing pain points in the context of stock competition [2] - Post-merger, Geely's brand matrix will focus on distinct market segments: Zeekr on luxury and intelligent pure electric vehicles, Lynk & Co on youth-oriented and dynamic segments, Galaxy on mainstream high-value new energy, and the China Star series on energy-efficient and intelligent fuel vehicles [2][3] Group 3: Strategic Insights - The merger is a key step in Geely's strategy to return to a unified brand approach, enhancing its global competitiveness in the smart new energy sector [3] - The complementary strengths of Zeekr's luxury electric vehicle DNA and Geely's mainstream market experience are expected to create strong synergies in technology development and supply chain sharing [3]

Core Viewpoint - The company is expected to face significant pressure on profits due to intensified competition in the food delivery and instant retail sectors, despite an increase in order volume. Group 1: Financial Projections - For Q2 2025, the company anticipates adjusted net profit to be 7.7 billion yuan, with revenue expected to grow by 13% year-on-year to 92.9 billion yuan, resulting in an adjusted net profit margin of 8.3% [1] - The company's core local business operating profit is projected to decline by 33% year-on-year to 10.2 billion yuan, with an operating profit margin (OPM) of 15.2% [1] - The overall operating profit margin for the core local business is expected to decrease to 12.6% for the full year, with a total operating profit of 35.3 billion yuan, reflecting a 33% year-on-year decline [2] Group 2: Competitive Landscape - The food delivery market is experiencing heightened competition, particularly with competitors like JD.com and Taobao launching aggressive subsidy campaigns, which have led to a significant increase in order volume [1] - The company has responded to competition by implementing various promotional strategies, including large consumer coupons and new product offerings, which have resulted in a 14% year-on-year increase in food delivery order volume for Q2 2025 [1] - Instant retail orders have also surged, with peak order volume reaching 150 million, driven by the company's participation in promotional events [2] Group 3: New Business Developments - The company has decided to further scale back its Meituan Youxuan business, leading to a reduction in expected losses for new businesses from 10.4 billion yuan to 6.7 billion yuan for the year [2] - Despite the reduction in losses, the revenue growth forecast for new businesses has been adjusted down to 10% due to limited contributions from overseas expansion and the closure of operations in many regions [2] Group 4: Valuation Adjustments - The company has revised its adjusted net profit forecasts for 2025 and 2026 down by 30% and 19% respectively, now projecting 28.6 billion yuan and 43.8 billion yuan [2] - The target price has been lowered by 12.4% to 155 HKD, reflecting a 20 times adjusted price-to-earnings ratio for 2026, with a potential upside of 23.5% [2]

数据显示，该基金近3个月收益率13.98%，近一年收益率52.72%，成立以来收益率为53.53%。其股票持 仓前十分别为：腾讯控股、美团-W、小米集团-W、中芯国际、德康农牧、赤子城科技、理想汽车-W、 阿里巴巴-W、快手-W、网易-S，前十持仓占比合计52.65%。 截至2025年6月30日，中欧基金旗下中欧港股数字经济混合发起(QDII)C（015885）期末净资产1.30亿 元，比上期减少12.45%，该基金经理为FANG SHENSHEN。 简历显示，FANG SHENSHEN女士:澳大利亚国籍,本科、学士。历任高盛私人财富管理部税务分析 师,Cooper Investors助理基金会计师、交易员、新兴市场组研究员,曾任中欧基金管理有限公司研究员、 高级研究员,现任中欧基金管理有限公司的基金经理。2024年05月31日起担任中欧港股数字经济混合型 发起式证券投资基金(QDII)基金经理。2024年7月1日起任中欧中证港股通央企红利指数发起式证券投资 基金(QDII)的基金经理。2025年01月14日起任中欧恒生科技指数发起式证券投资基金(QDII)基金经理。 近期份额规模变动情况： 日期期间申购（亿 ...

Core Viewpoint - Meituan Waimai is focusing on food safety innovation through transparency, empowerment, and co-governance, aiming to enhance food safety management for merchants and engage in multi-party collaboration [1][4]. Group 1: Food Safety Strategy - Meituan Waimai has established a "transparent, empowering, and co-governing" approach as the core philosophy for food safety, leveraging data, AI algorithms, and situational understanding [2][4]. - The initiative "Mingchu Liangzao" (Clear Kitchen) was launched to break the "information black box," with a live streaming system for merchant kitchens implemented since September 2018 [2][3]. - A total of 50 million yuan in hardware subsidies has been allocated to encourage small merchants to showcase their kitchens, with nearly 1,000 merchants already receiving support [2]. Group 2: Merchant Empowerment - The "Raccoon Kitchen" business was incubated to explore reliable takeaway infrastructure for the restaurant industry, ensuring full traceability and transparency in food processing [3]. - Meituan Waimai aims to help over 10,000 restaurant merchants upgrade their quality through 1,200 "Raccoon Kitchens" over the next three years [3]. - By the end of 2024, Meituan plans to establish over 10,000 satellite stores focused on takeaway services, with "Mingchu Liangzao" as a fundamental infrastructure [3]. Group 3: Collaborative Safety Initiatives - Meituan is conducting "Anxin 365" food safety public training in collaboration with regulatory authorities to enhance food safety awareness among restaurant staff [3]. - The company has initiated regular inspections across the country, having conducted checks on over 200,000 merchants since 2025 to verify the authenticity of store addresses and hygiene conditions [4]. - Meituan emphasizes the need for multi-party collaboration and continuous investment in food safety as a systematic project [4].

今年4月以来，京东和淘宝闪购、饿了么接连在外卖市场推出超大规模补贴。据统计，外卖市场将涌入 800亿补贴，最高日订单达2.5亿。 7月16日，美团核心本地商业CEO王莆中公开表态，美团不愿参与"内卷"，并且一直在反对"内卷"。同 时，这场"外卖大战"带来许多泡沫，希望社会各界能够一起讨论和反思。 "我们也在行业里呼吁四个月了。"王莆中表示，商战如果不能推动进步，这个战场就没有赢家。而且对 于大部分正餐品牌来说，外卖补贴大战，影响到堂食正常的经营秩序，也不可持续。 在此前美团2025年股东周年大会上，美团CEO王兴在回答外卖竞争问题时，也强调美团会非常坚决地反 对"内卷"：不健康的无效"内卷式"竞争，无论对平台还是商家来说，长期都不可持续，对行业有负面影 响。 今年年初，美团打响外卖行业"反内卷"第一枪，并积极推动产业上下游"反内卷"，如上线骑手防疲劳机 制、取消超时扣款、试点养老保险补贴、为商家提供助力金等等。就在7月17日，美团还宣布将正式在 全国范围内上线养老保险补贴，补贴不设人数上限，满足条件的骑手均可申领。 转自：新华财经 7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严 ...

Core Insights - The takeaway from the article is that the food delivery industry is experiencing unprecedented growth driven by a massive subsidy war among major players like Alibaba, JD.com, and Meituan, but this growth is largely seen as unsustainable and potentially harmful to the industry in the long run [2][4][6]. Group 1: Market Dynamics - The instant retail market's daily order volume has doubled from 100 million to 250 million since the beginning of the year due to aggressive subsidies [2][3]. - Alibaba and JD.com have announced a combined investment of 80 billion yuan in subsidies, forcing Meituan to participate in the competition [3][4]. - Despite the surge in order volume, Meituan's CEO has indicated that most of this growth is illusory, as it primarily consists of low-value orders driven by subsidies rather than genuine consumer demand [4][16]. Group 2: Regulatory Environment - The State Administration for Market Regulation has called for stricter compliance with e-commerce laws and rational competition among platforms, indicating a shift towards more regulated market practices [4][5][33]. - Recent regulatory discussions have highlighted the need for platforms to focus on fair competition and sustainable practices rather than engaging in destructive price wars [5][34]. Group 3: Financial Implications - The 80 billion yuan investment in subsidies represents 12.5% of the total investment in China's primary market for the year, raising questions about the rationality of such spending in a mature market [8][9][11]. - The food delivery sector has low profit margins, with Meituan's net profit margin hovering around 4%, indicating that the current subsidy-driven growth model is not financially sustainable [12][29]. Group 4: Industry Challenges - The article suggests that the current subsidy war is leading to a zero-sum game where platforms are incurring significant costs without achieving meaningful market share gains [6][20]. - The competition is resulting in unstable customer bases, as users attracted by low prices are less likely to remain loyal to any platform [19][30]. - The ongoing price wars are distorting market prices and negatively impacting the operational stability of restaurants and delivery services [27][28]. Group 5: Future Outlook - The food delivery industry is calling for a return to rational competition, emphasizing the need for improved service quality and a stable ecosystem for all stakeholders involved [25][34]. - As the market matures, the focus is shifting towards enhancing customer experience and ensuring fair compensation for delivery personnel, rather than merely competing on price [26][31].

中经记者 李立 上海报道 过去两个周末，在大额红包、"0元外卖券"轮番轰炸下，百万骑手、爆单商家，"免费奶茶"快要喝不动 的消费者，有意无意间都参与了史上最激烈的外卖大战。 同时，淘宝闪购尝试开辟"第二战场"。记者独家获悉，淘宝闪购开始在重庆、杭州等区域市场测试"特 价酒店"频道，背后是此前刚整合进淘宝的飞猪团队，但究竟何时全力参战，还要看测试结果、等安 排。 美团、淘宝闪购分别再次刷新单量。截至7月12日，美团即时零售订单量达1.5亿单；淘宝闪购则称"又 火又稳定"，日订单再破8000万单，日活用户周环比增长15%。 单量不断冲高背后，形势却在发生变化：爆单商家、借着外卖大战乘风破浪的奶咖品牌都开始显示出不 同程度的焦虑；"烧钱"的平台都在屏息凝视对方的动作。"友商不停，美团也没法停。"一位美团内部人 士对《中国经营报》记者表示。另外一边，"我们这周（7月7日—7月13日）打算休息。"一位淘宝人士 向记者透露。只是谁也不敢真正停下来，就怕对方突然奇袭。 多位业内人士认为，大战还没有看到结束的迹象。"从7月开始，至少打完第三季度（9月）"。据一位接 近阿里巴巴的人士透露。这场战争最有意思的变化在于，美团从当年 ...

Group 1 - The market regulator has summoned Ele.me, Meituan, and JD.com to ensure compliance with relevant laws and regulations, aiming for a healthier and more sustainable development in the food delivery industry [1] - Recent social controversies arose from the "0 yuan purchase" promotions by some delivery platforms, highlighting the need for high-quality and healthy industry development [2] - All three platforms have expressed a desire to reduce irrational competition, with Taobao emphasizing merchant profitability, Meituan advocating for rational competition, and JD.com stating it has never engaged in extreme subsidy behaviors like "0 yuan purchase" [3] Group 2 - JD.com reported a significant increase in daily active users from 120-130 million to 169 million after launching its food delivery service, indicating a positive impact on its overall business [3] - The irrational subsidies from delivery platforms are seen as disruptive to the market order, necessitating timely regulatory intervention to promote orderly and rational industry development [3]

"我们不想卷，我觉得这样卷没意义。"7月16日晚间，美团核心本地商业CEO王莆中在媒体 上首次公开回应"外卖大战"。 王莆中重点谈及两方面问题：一是美团不愿参与"内卷"，最后还是被卷入，但参战是为了生 存。二是外卖大战带来很多泡沫，希望社会各界能够讨论和反思。 在7月5日、7月12日，美团即时零售订单量分别达1.2亿、1.5亿，两次突破历史峰值。王莆 中表示，美团参战是为了自保和生存。"别人用非理性的方式冲击你，你被迫反击。如果在主 营业务上我们不参与的话，连转AI的机会也没有了。" 这场由电商平台掀起的"外卖大战"，也给餐饮产业带来影响。北京南城香餐饮有限公司创始 人、董事长汪国玉就表示，外卖大战下餐饮商家整体线上渗透率明显增加，但客单价下滑、 利润率下降也是肯定的。 "我们也在行业里呼吁四个月了。"王莆中表示，商战如果不能推动进步，这个战场就没有赢 家。而且对于大部分正餐品牌来说，外卖补贴大战，影响到堂食正常的经营秩序，也不可持 续。 他表示，希望呼吁和帮助行业回归理性，大家公平竞争。 在此前美团2025年股东周年大会上，美团CEO王兴在回答外卖竞争问题时，也强调美团会非 常坚决地反对"内卷"：不健康的无 ...

Core Viewpoint - The current battle in instant retail, particularly in food delivery, is characterized by a significant increase in subsidies from major platforms, leading to record-high order volumes. However, the underlying reality suggests that the competition is not merely about subsidy scale but rather about the foundational infrastructure capabilities that determine the ultimate victor [3][6][15]. Group 1: Key Factors for Success - The decisive factors in the current food delivery war are fulfillment and supply capabilities, which have become the strongest leverage points [7]. - Recent order data shows that JD's food delivery surpassed 25 million orders last month, while Meituan's peak order volume increased from 90 million to 150 million within a short period, indicating a significant growth potential despite the high subsidy environment [8][9][10]. - Meituan's return on investment (ROI) from subsidies appears to be the highest among the three major platforms, suggesting that its operational efficiency is superior [10][11]. Group 2: Misconceptions in the Market - The misconception that food delivery is primarily a volume-driven business is challenged by the reality that fulfillment and supply capabilities are critical to success. The dynamics of local, non-standardized transactions in food delivery differ significantly from traditional retail [16][19]. - The historical pattern of subsidy wars in various sectors indicates that attracting users through subsidies often leads to low conversion rates and customer lifetime value (LTV), as these users are typically price-sensitive rather than genuinely interested in the service [27][28]. Group 3: The Dangers of Continuous Subsidy Wars - The ongoing subsidy wars are unsustainable and could lead to market distortions, undermining the health of the instant delivery ecosystem. The focus should shift from mere data competition to fostering a healthy development of the entire market [24][28][29]. - The two primary motivations for e-commerce platforms engaging in food delivery are to leverage high-frequency dining demand to drive low-frequency retail demand and to build a comprehensive instant delivery system. However, relying on strong subsidies is not a viable strategy for achieving these goals [25][26].