21世纪经济报道记者赵佳佳实习生刘是卓 低迷的奢侈品消费或将在双十一迎来"逆转"。 全球知名咨询公司贝恩公司发布的研究报告，作为两大核心奢侈品市场的中国与美国近年来出现下滑趋势。2025年上半年，各 大奢侈品集团的营业收入、净利润都呈现下滑的态势。 但在今年双十一中，奢侈品又成为备受消费者关注的热门品类之一，据天猫双十一第一周期数据显示10月20日正式开售后，奢 品品牌整体成交同比两位数增长，Balenciaga.Burberry、Canada Goose、Coach、MiuMiu、Maison Margiela、Max Mara.Moncler、 Ralph Lauren等品牌均在天猫实现高双位数增长。 而即使在奢侈品市场规模整体下滑的时间点上，消费者对于奢侈品的需求仍然旺盛——只不过和过去相比，当下消费者的奢侈 品消费正在逐渐分化：有的消费者重视"新品"，渴望尝鲜；有的消费者重视个性化审美与体验；有的消费者重视"高性价比"、 降低品牌溢价。不同的需求正在重新洗牌奢侈品消费市场。 而特卖电商唯品会数据显示，多个奢侈品品牌销量同比增长超30%。同时，主打奢侈品特卖的唯品会，还在今年双十一期间， 引入中检鉴定师 ...

Core Viewpoint - The launch of the Aion UT Super by JD Auto marks a significant price revolution in the electric vehicle market, with a starting price of 49,900 yuan for battery rental and 89,900 yuan for full purchase, attracting considerable attention from consumers and the industry [2][3][4]. Pricing Strategy - The Aion UT Super's pricing strategy is designed to disrupt the entry-level electric vehicle market, targeting young consumers and families with its high cost-performance ratio [3][4]. - The actual purchase price can be further reduced through various subsidies, with the battery rental version potentially costing as low as 45,400 yuan after discounts [3][4]. Market Impact - The introduction of the Aion UT Super is expected to reshape the market dynamics of electric vehicles priced around 100,000 yuan, as it significantly undercuts previous market expectations [3][5][7]. - The vehicle's pricing is part of a broader trend where the average price of new energy vehicles has decreased by 6.43% from 2024 to the first three quarters of 2025, with the average price dropping below 160,000 yuan for the first time since 2019 [4]. Sales Model Innovation - The Aion UT Super will be exclusively sold through JD's online platform, combining online sales with offline experience stores to enhance consumer purchasing convenience [8]. - JD Auto aims to create a comprehensive service ecosystem, integrating purchasing, usage, and maintenance into a seamless experience for consumers [8][10]. Competitive Landscape - The entry of JD Auto into the automotive sector is seen as a challenge to traditional fuel and electric vehicle competitors, with the potential to quickly establish a presence in the market due to JD's supply chain management and user base [9]. - The vehicle's design and features were developed based on extensive user insights, addressing key consumer concerns such as price, space, safety, and charging efficiency [9][10]. Future Developments - JD Auto plans to expand its "National Good Car" standard to include various vehicle types, such as SUVs and MPVs, to cater to diverse consumer needs [10].

Summary of Key Points from the Conference Call Industry Overview - The focus is on the China internet sector, particularly mega-cap companies such as Tencent, Alibaba, JD, Meituan, and PDD, as they prepare for their 3Q earnings reports [1][2]. Core Insights and Arguments - **Mixed Earnings Expectations**: Anticipated mixed results for mega-caps in 3Q, with a projected decline in aggregate profits by -31% year-over-year (yoy) for the September quarter, compared to -9% yoy in the June quarter [2]. - **AI and Cloud Revenue Growth**: Expected uplift in capital expenditures (capex) related to AI from Alibaba and Tencent, alongside further acceleration in cloud revenue, driven by strong demand for AI tokens [1][2]. - **Quick Commerce Losses**: Significant losses in quick commerce are expected to continue, with Alibaba, Meituan, and JD projected to incur losses of Rmb-36 billion, Rmb-20 billion, and Rmb-13 billion respectively, widening from previous quarters [2]. - **Investment in New Business Areas**: Mega-caps are expected to invest in new business areas, including AI and international markets, which may impact group margins in the near term [1][2]. - **Consumer-Facing AI Initiatives**: Increased focus on consumer-facing AI initiatives, which may dilute margins in the short term but are seen as essential for long-term growth [1][2]. Company-Specific Insights - **Tencent**: Expected to report solid results with revenue growth of +13% yoy and adjusted EBIT growth of +20% yoy to Rmb73.2 billion. Concerns exist regarding potential margin suppression due to increased AI investments [11][19]. - **Alibaba**: Projected revenue growth of +1% yoy with a significant drop in adjusted EBITA by -80% yoy to Rmb8.2 billion, largely due to investments in quick commerce [11][20]. - **PDD**: Anticipated revenue growth of +16% yoy, with adjusted EBIT declining by -18% yoy to Rmb22.0 billion, driven by steady domestic growth and recovery in Temu's US GMV [11][21]. - **Meituan**: Expected to face a -252% yoy decline in adjusted EBIT, with increased competitive intensity impacting local commerce [11][18]. - **JD**: Projected revenue growth of +11% yoy, but with adjusted EBIT declining by -93% yoy to Rmb0.4 billion, focusing on investment priorities [11][18]. Other Important Insights - **Market Sentiment**: Recent sector pullback attributed to profit-taking on AI themes and concerns over weak profits in 3Q, with upcoming results seen as a potential inflection point for future earnings [2]. - **Valuation Comparisons**: Tencent and Alibaba are viewed as having undemanding valuations compared to global peers, with expectations of continued growth in AI applications and cloud capabilities [10][20]. - **Long-Term Outlook**: Despite short-term losses in quick commerce, there is optimism regarding narrowing losses and improving unit economics in international business segments by 2026 [2][10]. This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the China internet sector and its major players.

Core Insights - The dairy industry is facing challenges due to intensified market competition and changing consumer demands, leading to a focus on online growth strategies by major dairy brands [1][5][8] - JD Supermarket has partnered with Guangdong Yantang Dairy to capture the ambient yogurt market through a customized sales model, launching a special edition yogurt for the National Games [1][8] Industry Overview - The online market for dairy products has shown an upward trend, but the overall growth rate is slowing, with an average year-on-year growth of 7.78% from 2021 to 2024, and a decline to 4.8% in early 2025 [4][8] - The overall liquid milk sales in China saw a year-on-year decline of 7.5% from January to May 2025, with offline sales dropping by 9.7% [5][8] Company Performance - Yantang Dairy has expanded its collaboration with JD Supermarket to include various dairy categories, becoming JD's largest online sales channel, with a compound annual growth rate exceeding 100% since 2016 [4][9] - In 2024, Yantang Dairy's sales surpassed 70 million yuan, with a year-on-year growth rate exceeding 30%, significantly outpacing the industry average [4][9] Product Development - Yantang Dairy focuses on high-quality, health-oriented products, including a low-fat yogurt designed to meet the nutritional needs of athletes and students, which aligns with the growing consumer demand for healthy options [1][7][8] - The company employs a product development strategy of "developing one generation, reserving one generation, and launching one generation," leading to innovative offerings in the low-temperature yogurt segment [5][8] Marketing and Sales Strategy - The partnership with JD Supermarket includes promotional activities such as the "1 yuan drink milk" campaign during the 11.11 shopping festival, aimed at enhancing consumer engagement and sales [11] - JD Supermarket's competitive pricing and quality assurance have positioned it as a leading choice for consumers in both online and offline grocery shopping [11]

Summary of Conference Call on China Internet Sector Industry Overview - **Sector**: China Internet Sector, specifically focusing on e-commerce platforms and apparel brands - **Event**: Discussion on the performance during the Double 11 shopping festival and the evolving competitive landscape in e-commerce Key Takeaways Double 11 Performance - **Growth Acceleration**: Double 11 GMV (Gross Merchandise Value) growth improved from Q3, driven by higher platform subsidies, user reactivation through quick commerce, and favorable early winter weather boosting apparel demand [2][3] - **Platform Performance**: - **Taobao Tmall**: Most significant GMV acceleration and increase in merchant support and subsidies compared to last year - **Douyin**: Notable growth, followed by PDD and JD, with VIPS showing moderation compared to Q3 [2][3] Offline Retail Challenges - **Declining Foot Traffic**: Offline retail is facing challenges with reduced customer foot traffic and conversion rates - **Shift to Online**: Consumers are increasingly trying products offline but purchasing online, which may pressure merchant margins due to higher average selling prices (ASP) in offline retail [2][3] Quick Commerce Insights - **Contribution to Sales**: Quick commerce currently accounts for 5% of total sales, expected to rise to 10% in the long run for the apparel category [3] - **Consumer Behavior**: 70% of quick commerce customers are existing e-commerce customers, with 20% overlapping between online and offline, and 10% being new traffic [3] - **Traffic Conversion**: Low lifetime value (LTV) for new consumers from food delivery initiatives, indicating price sensitivity and a focus on white label products [3] Merchant Strategies - **ROI-Focused Advertising**: Merchants are prioritizing efficient platforms for ad spend, with about 30% allocated to acquiring new traffic targeting higher quality consumers [4] - **Impact of New Tax Policy**: The new ad tax policy, effective from October 1, limits tax-deductible ad spending, with potential larger impacts on short-form video platforms like Douyin and Kuaishou if strictly enforced [4] - **AI Tools**: AI-powered chatbot search on Taobao Tmall has shown a 5% ROI improvement, with expectations for further enhancements as data accumulates [6] Competitive Landscape - **BABA (Alibaba)**: Focus on enhancing execution and merchant efficiency, shifting from low-price competition to quality focus [7] - **JD (Jingdong)**: Apparel investments are driving growth, but consumer perception and app interface need time to evolve [7] - **PDD (Pinduoduo)**: Leading in brand penetration, with a significant portion of sales priced similarly to Taobao Tmall, supported by a merchant support initiative [7] Risks and Challenges - **Key Risks**: - Evolving competitive landscape and intensifying competition - Rapid technological changes and shifting consumer preferences - Uncertain monetization and rising costs of traffic acquisition - Regulatory changes and market sentiment fluctuations [8] Conclusion The conference call highlighted the robust growth in the China Internet sector, particularly during the Double 11 shopping festival, while also addressing the challenges faced by offline retail and the strategic shifts of major e-commerce platforms. The insights provided a comprehensive view of the current landscape and potential future developments in the sector.

Group 1 - The core viewpoint emphasizes the importance of food safety in online transactions and the responsibility of platform enterprises to ensure compliance with safety standards [1][2] - The National Market Supervision Administration has guided eight major online food trading platforms to sign a self-discipline convention aimed at enhancing food safety management [1][2] - The convention outlines six key areas for improvement, including the verification of food production and sales qualifications, monitoring of sales behaviors, and the establishment of a "blacklist" for non-compliant entities [2][3] Group 2 - The administration has reported significant enforcement actions, with 181,000 food safety violations handled and fines totaling 740 million yuan in the first half of 2025 [1][4] - A total of 263.9 million food safety inspections were conducted, resulting in the removal of 69,000 batches of non-compliant products [4] - The regulatory approach includes a combination of supervision, administrative guidance, and accountability measures to enhance the responsibility awareness of platform enterprises [3][4]

Core Points - JD.com officially launched the "National Good Car" Aion UT super on November 9, with a battery rental price starting at 49,900 yuan and a full purchase price of 89,900 yuan [1][2] - The Aion UT super features a range of 500 kilometers and supports a 99-second battery swap service provided by CATL [1][2] - The vehicle is equipped with Huawei's cloud-based in-car system, allowing for extensive app storage without occupying internal memory [1] - Safety features include a reverse guardian and a 540-degree panoramic view, but it lacks advanced driver assistance features like adaptive cruise control and automatic parking [1] Sales and Promotions - JD.com is the exclusive sales platform for the Aion UT super, offering various subsidies for early adopters [2] - The first 15,000 users who complete their purchase by December 31 can receive government and brand-specific subsidies, with 2,000 yuan for battery rental and 4,000 yuan for full purchase [2][4] - Additionally, the first 1,000 JD PLUS members who place an order after November 9 can receive a 2,500 yuan JD E-card if they choose the battery rental option [2][4]

记者 | 金珊 孔海丽 编辑 | 曾静娇 视频 | 柳润瑛 杨浩凯 11月9日晚间，京东汽车官方微博显示，埃安UT super国民好车正式官宣价格：电池租用价为 4.99万元，叠加补贴后PLUS会员价最低可至4.54万元。 | 埃安UT super 整车购买价 89,900元 | | | | --- | --- | --- | | 补4000元 | 购车补贴 | ~ ¥85.900 | | | | 双11限时整车购买价 | | | 购车享受权益 首年至高省万元 | | | 携电入网权益 | 8日24点前下定用户,加入巧克力换电网络,I 服务费,赚送价值299元电流检测 | 减免699元/年服务费 减免299元电池检测 | | 京东甄选折扣 | 名下定用户赠送价值198元京东1号会员店年卡 前5000名下定用户享超值特价购新车礼包权益 | 首年价值超1000元 | | 京东保 新车车险8折 | 前1000名下定用户京东保 新车车龄8折优惠 | 整单补贴20% | | 京东价保180天 | 成的在用户,以赞得在 | 10倍差额赔付 | | 跨年购置税补贴 | 下定用户,因至绿生产、运输 | ~3900元 | 据2 ...

11月9日，智通财经记者获悉，京东联合广汽集团、宁德时代公布"京东汽车"埃安UT super售价，其电 池租用购车价为4.99万元，整车购买价为8.99万元，将在京东独家销售。（智通财经记者 范佳来） ...

Core Insights - JD.com, in collaboration with GAC Group and CATL, has launched the "National Good Car" Aion UT Super, with a battery rental price of 49,900 yuan and a full purchase price of 89,900 yuan [1][3] - The partnership offers three major benefits: cashback, value-added services, and price protection, aimed at providing a seamless car buying and usage experience for consumers [1] - The vehicle will be exclusively sold on JD.com, with reservations and deposits available through the JD app [1] Company Roles - JD.com is primarily responsible for consumer insights and exclusive sales, without direct involvement in manufacturing [3] - GAC Group provides the vehicle manufacturing capabilities, while CATL contributes battery technology and battery swapping ecosystem [3] - The collaboration aims to create a comprehensive automotive consumption model, integrating online and offline resources for car buying and maintenance [3]