▲拼好饭商家可自定义订单备注功能，可自主限制恶意用户下单。(图片来源：受访商家供图) "点了一份黄焖鸡，备注'加三倍肉'，商家没做到就要给差评，要求不太合理！"有商户反映，一些消费 者点外卖时通过夸张备注，如要求双倍分量、免费加料等不合理诉求，未获满足便恶意差评，给不少中 小餐饮店主增添了困扰。 今年上半年，美团拼好饭针对"不合理差评、恶意差评"进行专项治理，通过对恶意用户差评屏蔽、骗赔 骗保差评屏蔽、剔除配送差评对评分影响、不支持不合理备注、限制恶意用户下单等方式，保障商户正 当权益。相比年初，拼好饭商家"不合理差评、恶意差评"数量下降30%，商家对恶意评价用户投诉数量 下降55.7%。 "有些顾客会提额外不合理的要求，不满足就会给差评""给了那么大一碗，备注要加面、送米饭，能吃 完还好，吃不完不都浪费了""两个人点一份，要两人的分量"……在一线走访中，不少商家反馈拼好饭 订单不应支持备注。 为此，今年上半年，拼好饭对订单备注功能不断优化，商家可自主选择备注功能是否开通、可自主设置 备注标签，拼好饭充分尊重商家的自主选择权，从而降低不合理备注带来的差评。"现在遇到'要十双筷 子'的备注，平台会主动帮我们过滤 ...

Group 1: Company News - Meituan refuted rumors regarding the claim of "300,000 undergraduates delivering food," stating that such data lacks factual basis and is merely speculation for gaining attention [2] - Maserati's SUV model Grecale is being offered at a promotional price of 388,800 yuan, significantly lower than its official price range of 650,800 to 1,038,800 yuan, with the dealership clarifying that this pricing is not associated with the Maserati brand [3] - xAI's latest flagship model Grok 4 has been announced by Elon Musk, claiming it has reached "postdoctoral level" performance, with training volume significantly increased compared to previous versions [4] - Zhiyuan Robotics denied rumors of pursuing an IPO in Hong Kong, stating there are no clear plans for such an action [5] - Meta has hired Apple’s foundational model team leader, Pang Ruoming, with a compensation package exceeding $200 million, which will be paid over several years [6] - Baichuan Intelligence's co-founder, Xie Jian, is leaving the company, with reasons and future plans currently undisclosed [7] Group 2: Financial Performance and Projections - Morgan Stanley has lowered Alibaba's target price to $150, citing short-term profit pressure from investments in food delivery and flash sales, while still maintaining a positive outlook on its AI potential [8][9] - iFlytek expects a net loss of 280 million to 200 million yuan for the first half of 2025, primarily due to increased investment in general AI, with R&D expenses accounting for about 20% of revenue [15] - Seres anticipates a net profit increase of 66.20% to 96.98% for the first half of 2025, driven by new product launches and improved profitability [16] Group 3: Market Developments - AI chip startup Groq is seeking to raise $300 million to $500 million at a post-money valuation of $6 billion, aiming to support its latest collaboration with Saudi Arabia [18] - Chao Ying Electronics has successfully passed the listing review by the Shanghai Stock Exchange, focusing on PCB manufacturing with significant production capacity [19] - KuaLing AI has launched the Ketu 2.1 model, achieving comprehensive upgrades in various dimensions, including enhanced instruction-following capabilities and improved image generation [22]

Investment Rating - The investment rating for Meituan is Overweight (OW) with a price target reduced to HK$150.00 from HK$160.00, indicating a potential upside of 26% from the current price of HK$118.60 [8][27]. Core Insights - The report anticipates a significant decline in operating profit (OP) for Meituan, estimating a 48% year-over-year decrease in 2Q25 to Rmb8 billion, with further declines expected in subsequent quarters due to intensified competition [1][2][3]. - Long-term profitability forecasts have been adjusted downward, with the food delivery gross transaction value (GTV) margin now projected at 2.4% and the unit economics (UE) at Rmb1.15, reflecting a decrease from previous estimates [5][39]. - The total revenue for 2025 is forecasted at Rmb276 billion, representing a 10% year-over-year growth, but with a significant drop in operating profit expected [4][26]. Financial Estimates - For 2Q25, CLC revenue is estimated at Rmb67 billion, a 10% increase year-over-year, while operating profit is expected to decline to Rmb8 billion [2]. - The full-year 2025 estimates include total revenues of Rmb371.6 billion and an operating profit of Rmb30 billion, down 43% year-over-year [4][26]. - Adjusted EBITDA forecasts have been cut by 43% for 2025 and 27% for 2026, reflecting the anticipated challenges in profitability [6]. Market Position and Competition - Meituan is expected to maintain its dominance in the food delivery market, although market share may decrease to over 65% from the current 70-75% due to increased competition [5][38]. - The total addressable market (TAM) for quick commerce is projected to expand, but the market is likely to be fragmented among multiple players [5][38]. Valuation Methodology - The valuation is based on a discounted cash flow (DCF) model with a weighted average cost of capital (WACC) of 12% and a terminal growth rate of 3% [27][32].

外卖大战步入下半场 今年盛夏，外卖大战在千亿级资本的碰撞中，迎来了历史性变革，而外卖大战也开始进入下半场，开启 新一轮的竞争。 日前，美团官方宣布，美团即时零售日订单量已突破1.2亿单，其中，餐饮订单量超1亿单。此后不久， 淘宝闪购也传来捷报，日订单量超8000万，非餐饮订单超1300万。同时，淘宝闪购日活跃用户超过2 亿，平台活跃度和用户粘性得到了极大提升。 具体来看，盒马作为新零售的领军者，扩张极为迅猛。截至目前，盒马鲜生已经开设超430家门店，而 盒马NB的门店数量也超300家。同时，盒马CEO严筱磊表示，盒马新财年还将持续狂奔，计划在2025年 开近100家门店，进驻几十个新城市。 京东七鲜在京津地区也实现了快速扩张。公开信息显示，京东七鲜在北京的线下门店已有28家，在天津 有10家。而且，京东七鲜计划在今年年底前在北京实现100个店仓全覆盖。近期，京东七鲜还与天津嘉 里汇签约，将在天津再添一家商场门店。 小象超市作为美团的自营零售业务，目前已经在全国范围内开设了18座城，总计开仓数量已超过800 个。在此基础上，小象超市还将继续扩大覆盖范围，逐步拓展到所有一二线城市，进一步提升自己的市 场影响力。 ...

Group 1 - xAI has launched Grok 4, claiming it to be the world's strongest AI model, achieving a performance level equivalent to a PhD in handling academic issues [1] - The new model Grok 4 is a significant upgrade from its predecessor Grok 3, skipping version 3.5, and is reported to be smarter than human graduate students across various disciplines [1] - Keling AI has introduced the Ketu 2.1 model, which features enhanced instruction-following capabilities, impressive image aesthetics, and over 180 different response styles, available for free to all members for seven days [1] Group 2 - European defense startup Helsing claims its AI system has accumulated the equivalent of 1 million pilot hours of experience in just 72 hours, indicating rapid advancements in AI-controlled combat aircraft [2] - U.S. power suppliers are seeking significant rate increases due to the surge in demand from AI data centers, with a reported 142% increase in rate hike requests compared to the previous year, totaling $29 billion [2] - Meituan has refuted claims regarding the number of college graduates working as delivery riders, clarifying that such data lacks factual basis and is misleading [2] Group 3 - TikTok has denied reports of developing a separate application for U.S. users that would utilize different algorithms and data systems, stating that the claims are unfounded [3] - Zongshen has issued an apology for potential trademark infringements related to the naming of its new tricycle models, committing to rectify the situation and enhance internal review processes [3] Group 4 - Xiaomi has reported that its automotive division has delivered over 300,000 vehicles within 15 months of its launch [5] - Huawei's smart driving system has surpassed a total mileage of 3.037 billion kilometers, averaging over 10 million kilometers per day, with significant usage of its parking assistance feature [6] Group 5 - Maserati has announced a limited-time promotional price for its Grecale SUV model, dropping the price to approximately 388,800 yuan, a reduction of over 40% from the official starting price of 650,800 yuan [7][8] - The promotional pricing is specific to a dealership and is not representative of the Maserati brand's pricing strategy, with the initial batch of vehicles selling rapidly [8]

Group 1 - The topic of "Meituan Free Order" has surged to the top of trending searches, indicating an escalation in the subsidy competition among food delivery platforms [1][3] - Several chain restaurant brands have announced collaborations with Meituan to launch free order promotional activities starting July 11, requiring users to log in to Meituan to access these benefits [3] - The ongoing subsidy competition among major platforms is stimulating consumer enthusiasm and expanding instant retail business, but raises concerns about long-term sustainability and profitability for some merchants [3] Group 2 - Meituan and Taobao Flash Sale issued significant discount coupons over the weekend of July 5-6, leading to a surge in order volume, with Meituan reporting over 1.2 billion orders on July 5 [4] - Taobao Flash Sale and Ele.me announced a combined daily order count exceeding 80 million, with over 2 billion active users on Taobao Flash Sale [4] - The first week of the 500 billion subsidy program saw a significant increase in business for many restaurant brands, with 95% of peak performances coming from regional chain brands [4] Group 3 - JD.com has launched its "Double Hundred Plan," committing over 10 billion yuan to support brands achieving significant sales milestones, while also implementing a 10 billion yuan consumer subsidy [5] - JD.com’s daily order volume has surpassed 25 million, capturing over 31% of the national food delivery market share, and approximately 45% in the quality delivery segment [5] - The overall daily order volume in China's food delivery market is estimated to be between 80 million and 90 million [5]

Group 1 - The core viewpoint highlights the surge in demand for outdoor sports equipment and apparel during the summer, with instant retail becoming the mainstream choice for consumers [1][2] - Instant retail has seen significant growth, with sales of running shoes, sports T-shirts, and basketball shoes increasing over 200% year-on-year since June, while swimming and cycling products have also seen over 100% growth [1][2] - Major brands like Decathlon have experienced substantial sales increases, with swimming gear sales doubling and sun protection clothing sales increasing by 30 times during promotional events [1][3] Group 2 - The convenience of instant retail has been particularly beneficial during holiday seasons, with children's and father's day sales seeing a 70% increase in product quantity and nearly 60% increase in transaction value for sports apparel [2] - Recent sporting events have further fueled consumer enthusiasm for sports, with significant sales growth in related products, such as a 120% increase in ball-related goods and a doubling of swimming gear sales in Jiangsu province [2] - Decathlon has partnered with Meituan to launch seasonal activities and services, resulting in nearly 200% year-on-year growth in overall sales during promotional periods [3][4] Group 3 - The trend of purchasing larger items through instant retail is on the rise, with Decathlon's children's bicycles seeing a tenfold increase in sales during the first month of availability on Meituan [4] - Meituan's instant delivery services for larger sports equipment ensure safe and timely delivery, making it easier for consumers to purchase these items [4] - The collaboration between major sports retailers and Meituan is expected to continue driving growth, with Decathlon projected to achieve record order volumes in 2024 and further doubling sales by 2025 [4]

Core Viewpoint - Meituan refutes claims regarding the educational background of its delivery riders, stating that such information lacks factual basis and is spread as false information for gaining attention [3][14]. Group 1: Meituan's Response - Meituan's official account clarified that any claims about the educational qualifications of riders, such as "30% of riders are undergraduates" or "70,000 master's degree holders," are unfounded and should be verified through official channels like the Ministry of Education or relevant educational institutions [3][14]. - The company emphasized that the total data regarding riders' educational backgrounds is not supported by facts and is merely speculative [3][14]. Group 2: Case of Ding XZ - Ding XZ, a 39-year-old individual claiming to have multiple prestigious degrees, has gained attention for his contrasting identity as a delivery rider [3][5]. - Meituan conducted an investigation into Ding XZ's delivery activity, revealing that he registered as a rider on February 15 and has only worked a few days, averaging about 2 hours of work per day with a total income of 174.3 yuan from 34 deliveries [3][4]. - Ding XZ's videos, which prominently feature his educational background, have seen a significant increase in viewership, particularly during a period of intense posting [5].

7月5日，阿里、美团两大平台分别放出了大量且大额的外卖红包券，新一轮"外卖大战"上演，也被网友称为"薅羊毛日"。 有的用户表示收到了"满25减21""满16减16"等多张优惠券。这些优惠券使得部分饮品和食品的外卖价格接近"0元购"。随着优惠券的持续发放，不断有消费 者涌入美团和淘宝闪购下单，导致美团一度出现宕机，甚至冲上微博热搜榜。 对此，美团外卖官方表示，7月5日下午6点前后，因用户下单量突破历史峰值，触发了服务器限流保护，美团App小范围地区用户出现了短时服务异常，现 已全面恢复，大家可以正常下单。期间部分受影响用户的优惠券，可延续至次日继续使用。 此外，针对部分受系统影响短暂出现接单异常的商家，美团将进行回溯，确保商家评分及后续排名等不受影响。 美团内网公布的信息显示，当晚20时45分，美团即时零售日订单突破1亿单，截至22时54分，美团即时零售当日订单破1.2亿单。 据报道，美团此次大规模补贴或源于阿里的补贴计划。7月2日，淘宝闪购宣布启动规模500亿元的补贴计划，补贴方式涉及红包雨、免单卡、商品直降等， 为期12个月。 有消息透露，7月5日是淘宝闪购的"冲单日"，其目标是峰值订单超过美团，预计达到9 ...

其中A4轮融资由今日资本、美团龙珠联合领投，中金保时捷基金、襄禾资本，以及老股东米哈游、无 锡创投集团跟投；A5轮由美团龙珠、美团战投联合领投，北京机器人基金超额加注，亦庄国投跟投， BV百度风投、凯辉基金、今日资本、襄禾资本等老股东持续追投。 星海图自2025年开启A轮系列融资以来，持续获得战略投资方、国家级产业基金以及一线财务投资机构 的共同加持。截至目前，公司Pre-A轮及A轮总融资规模近15亿元人民币，最新轮次估值较年初增长超3 倍。 星海图成立于2023年9月，是一家专注打造"一脑多型"具身智能机器人的人工智能企业，始终致力于通 用具身智能体的研发，从具身本体、端到端算法，再到场景落地解决方案，均实现全栈自研。 瑞财经 刘治颖 近日，星海图接连完成A4轮及A5轮战略融资，两轮合计融资金额超过1亿美元。 公司已推出多款标准平台产品，包括通用仿人形机器人R1Pro、轮式双臂移动平台R1lite，并构建了全链 路具身智能开发平台EDP，集数据采集、数据管理、真机测试于一体，显著降低开发门槛与数据获取成 本。 公司四位联合创始人中，有三位出身于清华大学。其中，创始人兼CEO高继扬本科毕业于清华大学电子 工程 ...