这种模式最关键的环节是区域干线节点之间的运输。以上面那个订单为例，就是从华南区到华北区的干 线物流。如果干线发车频次低，商品等待时间就会很长，频次高，商品耽误的时间就少。电商"长链"模 式也正是"三通一达"（申通、圆通、中通、韵达）等快递巨头得以崛起的基础。当然有些大卖家为了给 消费者提供更好的服务，会选择在一些订单集中的地区多建几个仓。例如广州的大卖家为了给东北、华 北、华东、西北、西南的消费者提供更好的服务会考虑在这几个区域成本比较低的地方建立仓库，实现 三仓或者七仓发全国，但本质没有变。 京东最近强势进军外卖行业与美团进行了激烈的交锋，双方负责人也频频隔空打口水仗。京东为什么会 和美团打起来？京东和美团竞争的底层逻辑是什么？为什么会现在打起来？未来谁可能是赢家？我们用 一篇文章来讲清楚这些。 一、京东和美团竞争的底层逻辑 1. 电商物流的"长链"、"中链"和"短链"模式 要理解这场京东与美团之间的激烈交锋，我们需要从电商行业的底层逻辑出发进行分析。众所周知，中 国的电商发展位居世界前列，各类模式层出不穷，电商在社会零售总额中的占比也高于多数国家。简单 来说，电商可以被划分为两个核心环节：商品交易（商流） ...

28 May 2025 | 10:51PM HKT Meituan (3690.HK): NDR highlights: Focusing on defending food delivery market share leadership and Keeta overseas expansion; Buy We hosted Meituan's Capital Markets team with investors on May 28. Investors' key focuses centered around Meituan's food delivery competitive landscape and impact on market structure/unit economics longer-term, In-store competition & margin trajectory, Instashopping's growth & eventual profit potential, and Keeta's expansion in the Middle East, LatAm regi ...

和往年不同，今年的电商"618"战局，迎来了新的参与者。美团联合百大餐饮、零售品牌，于5月28日启 动"618"大促。活动期间，美团会向消费者发放618元神券包，用于外卖和闪购用户在酒水饮料、休闲食 品、数码家电、美妆护肤、运动用品、母婴用品等方面的购物。 在王兴看来，中国外卖行业发展到了一个新阶段，平台和商户都不应该回到多年前依靠激进补贴驱动的 竞争模式中，此外，要正视行业面临的"营销内卷"、食品安全基建不足等系列问题和挑战。 5月26日晚的电话会后，王兴所言的"不惜一切代价"被广为传播，而他提及的"赢得竞争"的路径并非卷 补贴、打价格战。 美团内部理解王兴提及的"不惜一切代价"，指的是避免"内卷式"竞争，通过一切必要的措施去完善生态 里的各方，将外卖的基本盘继续做大做好。 此前，即时零售领域中的各个玩家动辄要投入百亿元人民币展开市场争夺。在京东外卖上线百亿补贴一 个月后，淘宝闪购与饿了么也以超百亿元的补贴规模加入战局。真金白银砸向市场，各家都见到了"水 花"。 京东外卖的日订单量已经在5月中旬突破2000万单。在美团公布财报当天，记者从淘宝方面获悉，淘宝 闪购的日订单量超过了4000万单。 在这场补贴大战 ...

Core Viewpoint - The article discusses the detrimental effects of "involution" in various industries in China, highlighting the shift towards "external expansion" as a more sustainable growth strategy for companies [1][6][10]. Group 1: Involution and Its Impact - "Involution" leads to resource wastage, squeezed profit margins, and instability in the market environment [1]. - The ride-hailing industry experienced unsustainable competition, exemplified by the subsidy war between Didi and Kuaidi, resulting in significant losses and eventual merger [2]. - The automotive sector is facing a price war, with 227 models experiencing price cuts in 2024, leading to a profit margin of only 4.3%, significantly lower than the average of 6% for downstream industrial enterprises [7]. Group 2: External Expansion as a Solution - Companies are increasingly recognizing the need to shift from domestic competition to international markets, termed "external expansion," to escape low-quality involution [6][10]. - In the e-commerce sector, platforms like Temu are rapidly growing while domestic competitors struggle with rising costs and high return rates [4]. - The automotive industry saw a 43.9% sales growth in electric vehicles exported, far exceeding the 11.2% growth in the domestic market [5][9]. Group 3: Measures Against Involution - Companies like Meituan are implementing measures to combat low-quality competition, focusing on enhancing the ecosystem and supporting riders and merchants [12][13]. - Meituan's initiatives include a "fatigue prevention" mechanism for riders and a commitment to improve algorithm transparency and rider welfare [12][14]. - The company plans to invest 100 billion yuan over three years to support high-quality industry development and enhance user experience [15][16]. Group 4: Long-term Strategies and Ecosystem Building - The article emphasizes the importance of long-term strategies and building a win-win ecosystem, where all stakeholders benefit [14][17]. - Meituan's approach includes integrating various services into a comprehensive membership system, catering to the needs of a younger consumer demographic [16]. - The focus on technological innovation is seen as a key driver for enhancing competitiveness and expanding into international markets [11][17].

Core Insights - Meituan's flash purchase platform reported a significant increase in overall transaction volume, doubling compared to the same period last year within the first 24 hours of the 618 shopping festival [1] Category Summaries - Alcohol category experienced explosive growth, with transaction volume increasing over 18 times compared to the same period last year [1] - 3C home appliances saw a doubling in transaction volume, with mobile phones increasing nearly 1 time, computer and digital products growing nearly 6 times, and various small appliances increasing nearly 2 times [1] - Milk powder sales also saw a significant increase, with transaction volume more than doubling compared to last year [1]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月26日，美团发布2025年一季报，实现季度营收866亿元，同比增长18%。美团一季报业绩实现两位数 增长，与其核心业务稳健增长、即时零售大爆发和国际化拓展取得阶段性成果等紧密相关。 作为中国本地生活服务领域的龙头企业，美团继续加大对生态体系的建设投入，致力打造多方共赢的健 康生态，让用户更好地消费、商户更好地经营、骑手更好地工作、行业可持续提升。 业绩稳健攀升：即时零售爆发、闪购累计交易用户破5亿 出海显见成效 新业务亏损收窄 美团的主营业务包括核心本地商业和新业务两大板块。2025年一季度，美团核心本地商业分部收入结构 持续优化，该分部收入同比增长17.8%至人民币643亿元；新业务同比减亏。 其中，美团闪购成为本季度最大亮点。报告期内，美团闪购保持了强劲的增长势头，包括饮料零食、 3C产品、家用电器、美妆个护等在内的多个品类增长显著。2月14日"情人节"当天，美团闪购日订单量 同比增长接近一倍。截至3月底，美团闪购累计交易用户数超5亿，以90后的年轻消费者为主。当前，美 团非餐饮品类即时零售日单量已突破1800万单。除此之外，外 ...

Core Viewpoint - Meituan's Q1 2025 earnings report demonstrates resilience and growth amidst competitive pressures, with a focus on enhancing its ecosystem and addressing market challenges through strategic investments and innovations [2][5][35]. Financial Performance - Meituan achieved Q1 revenue of 86.6 billion RMB, reflecting an 18% year-on-year growth, indicating strong performance despite consumer pressures [2]. - Following the earnings announcement, Meituan's stock showed positive market response, recovering from an initial drop to close up 2% [2]. Business Segments - The company operates primarily in two segments: core local commerce and new businesses, with the former showing steady growth and the latter's losses narrowing [6][13]. - Meituan's core local commerce includes food delivery, flash purchase, and in-store services, while new businesses encompass grocery retail and international expansion [6]. Key Highlights from Core Business - The food delivery segment continues to grow, with increased user engagement and the successful launch of the "brand satellite store" model, aiding over 480 brands in opening 3,000 high-quality stores [8]. - Flash purchase services have seen significant growth, with transaction users surpassing 500 million and daily orders exceeding 18 million [9]. - The in-store business has also rebounded, with active merchant numbers increasing by over 25% year-on-year [12]. International Expansion - New business revenue reached 22.2 billion RMB, up 19.2% year-on-year, with operating losses decreasing by 17.5% to 2.3 billion RMB [13]. - Meituan's international business, particularly the Keeta platform in Saudi Arabia, is gaining traction and plans to enter Brazil soon [13]. Competitive Landscape and Strategy - Meituan emphasizes a commitment to healthy competition and ecosystem investment, countering low-quality price wars while enhancing rider benefits and merchant support [1][33]. - The company is adapting to regulatory changes and has initiated social security trials for riders, showcasing its commitment to corporate responsibility [33]. Technological Innovation - Meituan's R&D investment reached 5.8 billion RMB in Q1, a 15% increase, focusing on AI applications and smart logistics [22]. - The company is leveraging technology for operational efficiency, including the deployment of drones for delivery, enhancing its competitive edge [23]. Market Potential - The instant retail market is projected to exceed 1 trillion RMB by 2025-2026, with Meituan's flash purchase service positioned to capitalize on this growth [27][29]. - As Meituan evolves from a food delivery platform to a retail giant, its revenue structure is shifting towards higher-margin retail categories, enhancing profitability [29][30]. Conclusion - Meituan's robust ecosystem, driven by user, merchant, and rider interactions, positions it for sustained growth and resilience in the face of competition and regulatory challenges [35].

转自：新华财经 理提天边的元。 端午出去玩 探索当季热门好去处 舞 美团·度假 次领9张端午六一旅游神券 ....... 200元 旅游神券 載局 领取 膨胀 端午小长假恰逢六一儿童节，多家景区都准备了有趣的亲子游玩项目，海岛赶海度假，让游客在海边踏 浪拾贝，体验赶海的乐趣，让孩子们度过一个难忘的假期。（杨辰） 端午想来山东旅游的朋友，先进入旅游度假频道，或美团App搜索"端午旅游"进入活动会场一次可领9 张不同额度的神券，最高可膨胀200元，会场内还有热门景点排名榜单，帮助你选择好玩的目的地及当 地特色项目，为你规划出性价比极高的旅行体验。 编辑：穆皓 端午期间，山东多家酒店推出丰富民俗主题活动。山东省文化和旅游厅与美团酒店民宿、门票、度假等 多业务联合推出价值188元的旅行神券包，补贴金额达百万元。 即日起，通过美团App搜索"端午旅游好去处"即可领取。同时针对不同人群，还特别推出了"端午慢慢 来""躺平式遛娃""花YOUNG度假"等酒店主题套餐，搭配主题乐园与小众个性爆款等多种酒店产品，满 足不同人群的端午出游需求，让用户享受户外活动乐趣的同时，也能在舒适的环境中放松身心。 端午假期即将到来，山东省文化 ...

港股收盘，恒生指数收涨1.35%，恒生科技指数收涨2.46%；线上零售、生物基础概念股走强，美团 (03690.HK)收涨6.62%，药明巨诺(02126.HK)收涨近20%。 ...

美团拉升大涨超7%，美团闪购酒类618首日成绩亮眼。 ...