Core Insights - By 2025, online shopping has become a normalized lifestyle across various demographics, indicating a shift in the e-commerce market from incremental expansion to stock competition [2] - Data from iResearch shows a significant change in the growth rate of comprehensive e-commerce sales from a year-on-year increase of 17.5% in 2022 to a decline of 6.9% in 2024, while live-streaming e-commerce growth plummeted from 124% to 12.1% [2] - The disappearance of traffic dividends has led e-commerce platforms to engage in fierce price wars, neglecting the exploration of new consumer demands [2][4] - Consumers are increasingly breaking traditional consumption patterns, demonstrating a desire for products that better meet their diverse needs, leading to a decentralized market structure [5][8] E-commerce Market Dynamics - The complexity and diversity of consumer behavior are challenging traditional market segmentation, as consumers switch between quality and cost-effectiveness [3][4] - The balance of power in the industry is shifting towards consumers, who are no longer passively accepting brands' predefined consumption logic [5] - E-commerce platforms must respect the equal value of all consumer needs to effectively tap into the deeper pulse of the market [5][8] Supply Chain and Platform Strategies - E-commerce platforms like Pinduoduo are recognizing the need for diverse supply chains that can offer a wider range of choices while ensuring equitable cooperation among all stakeholders [6] - Pinduoduo's "100 Billion Subsidy" plan, which has evolved into a "1000 Billion Support" initiative, aims to provide substantial resources to support small and medium-sized businesses [6][7] - This shift from simple cost subsidies to systemic supply chain improvements reflects a broader strategy to enhance the overall e-commerce supply [6][8] Consumer-Centric Innovations - Successful case studies, such as the kitchenware brand "Yizhi Fu" and the camera company "Kemeirui," illustrate how businesses can thrive by leveraging e-commerce platforms to meet specific consumer demands [7][8] - The "1000 Billion Support" strategy aims to lower the barriers for small businesses, allowing them to innovate and respond quickly to market changes, thus enriching the product offerings on platforms [7][8] Long-term Industry Transformation - The evolution towards "Supply Equality" and "Consumer Equality" is just the beginning of industry transformation, with a focus on driving industrial upgrades as the key momentum for growth [9] - E-commerce platforms are increasingly supporting quality merchants as a long-term strategy, aiming to activate ecosystem vitality and deeply empower industrial clusters [9][10] - The shift from mass production to precision creation is being driven by consumer demand, pushing the industry towards a more sustainable development model [10][11]

Core Viewpoint - The 2025 "618" shopping festival saw significant growth in sales across various e-commerce platforms, with a notable increase in consumer engagement and brand performance, driven by promotional activities and government subsidies [3][4][5][6][8]. Group 1: Overall Sales Performance - Comprehensive e-commerce platforms achieved a total sales volume of 855.6 billion yuan during the 2025 "618" event, marking a year-on-year growth of 15.2% compared to the previous year [3]. - Instant retail sales reached 29.6 billion yuan, reflecting an 18.7% increase year-on-year, while community group buying sales declined by 9.1% to 12.6 billion yuan [3]. Group 2: Brand Performance and Consumer Engagement - During the 2025 "618" event, 453 brands on Tmall achieved sales exceeding 100 million yuan, a 24% increase from the previous year, with brands like Apple, Midea, Haier, and Xiaomi surpassing 1 billion yuan in sales [4]. - Tmall's user engagement improved, with a double-digit growth in active users and the number of high-net-worth 88VIP members exceeding 50 million, representing a 15% year-on-year increase [4]. Group 3: Competitive Landscape - JD Group reported over 100% growth in overall order numbers during the 2025 "618" event, with more than 2.2 billion orders placed across its online and offline businesses [5]. - JD's fresh food delivery service surpassed 25 million daily orders, covering 350 cities, while its new store format, Seven Fresh Food Mall, became the first in China to implement 100% live kitchen streaming [5]. Group 4: Promotional Strategies and Market Response - Pinduoduo leveraged multiple promotional strategies, including "billion-dollar support" and "super double subsidies," resulting in significant sales growth across various categories during the 2025 "618" event [6][7]. - The platform's government-subsidized products saw a 177% increase in sales compared to previous periods, indicating a strong market response to subsidy initiatives [7]. Group 5: Instant Retail and Consumer Experience - Instant retail gained traction during the 2025 "618" event, with major players like Meituan, Alibaba, and JD incorporating instant retail into their promotional strategies, leading to over 100 million orders on Meituan [8]. - The simplification of promotional rules and the introduction of large, no-threshold coupons improved consumer experience, contributing to the overall positive performance of the e-commerce sector [8].

Group 1: Industry Overview - The consumption sector is becoming increasingly important, but the growth effect from consumption is lower than expected [1] - The tea beverage industry, particularly the milk tea segment, has seen significant closures, with 197,000 stores shutting down from November 2023 to November 2024 [1] - Nayuki's Tea reported a revenue of 4.921 billion yuan in 2024, a year-on-year decline of 4.7%, with a loss of 919 million yuan [1] Group 2: Market Leaders - Mixue Ice City has emerged as the largest winner in the milk tea market, boasting over 45,000 stores globally and a revenue of 24.8 billion yuan in 2024, with a gross profit of 8 billion yuan [3][4] - The low price point of Mixue Ice City, with drinks priced around 5 yuan, has allowed it to achieve growth amidst a contracting market [4] Group 3: Consumer Behavior Changes - There is a notable shift in consumer behavior, with younger generations now favoring low-cost options, contrasting with previous trends where premium brands were preferred [5][6] - The price sensitivity among consumers has increased, leading to a preference for affordable products like milk tea and discounted food items [23] Group 4: Broader Economic Implications - The decline in consumption is not limited to the milk tea sector but is reflected in other food categories, such as pork, which has seen prices drop to around 10 yuan [10][11] - The rapid growth of the near-expiry food market indicates a shift in consumer preferences, with projections suggesting the market could exceed 200 billion yuan by 2029 [12][13] Group 5: E-commerce Trends - Pinduoduo's revenue for Q1 was 95.67 billion yuan, up from 86.81 billion yuan year-on-year, but the company faced a significant drop in net profit, indicating challenges in the e-commerce sector [17] - The decline of Pinduoduo is attributed to a combination of factors, including a lack of government subsidies and increased competition from other e-commerce platforms [17] Group 6: Economic Transition - The shift from investment-driven growth to consumption-driven growth is crucial for the economy, as over-reliance on investment has led to inefficiencies and excess capacity in various sectors [18][20] - The importance of stimulating consumption is emphasized as a means to support employment and income growth, particularly in light of a large number of college graduates entering the job market [22][23]

Core Insights - The article discusses the booming lychee sales season in China, highlighting the rapid delivery of fresh lychees from production areas to consumers through cold chain logistics, particularly via e-commerce platforms like Pinduoduo [1][2]. Group 1: Market Dynamics - This year is a "big year" for lychee production, leading to a significant increase in supply and a subsequent drop in prices, with wholesale prices in Suzhou falling to 5-5.5 yuan per pound, a decrease of up to 70% from peak prices [2]. - Despite the overall price drop, some merchants are able to maintain stable prices by focusing on high-quality products, with Pinduoduo enforcing strict quality standards for lychees sold on its platform [3][7]. Group 2: Quality Control and Supply Chain - Pinduoduo has implemented a "Good Specialty" program to ensure high-quality lychees by setting strict standards, such as requiring individual fruits to weigh at least 18 grams [3][9]. - Merchants are encouraged to improve their sourcing practices, leading to better quality control and higher prices for farmers, which in turn supports sustainable production [7][8]. Group 3: Cold Chain Logistics - The delivery time for lychees has been reduced to 48 hours, with Pinduoduo utilizing cold chain logistics to ensure freshness, including the use of express delivery services like SF Express [5][6]. - The implementation of advanced sorting and preservation technologies has helped maintain a low loss rate of 5% during the supply chain process [6]. Group 4: Business Ecosystem and Support - Pinduoduo's "100 Billion Subsidy" plan aims to support high-quality agricultural products and enhance the e-commerce ecosystem, with a focus on helping merchants reduce costs and increase efficiency [8][9]. - The platform's support for quality merchants has resulted in a significant decrease in customer complaints and an increase in repurchase rates for seasonal fruits like lychees [7][9].

Core Insights - The rise of e-commerce platforms has created a unique "inclusive" employment ecosystem, generating numerous job opportunities for traditional labor and vulnerable groups [1][4] - Platforms like Pinduoduo are enhancing resource allocation and industrial collaboration, significantly boosting overall productivity and optimizing industrial structure, thus contributing to high-quality economic development [1] Group 1: Employment Opportunities - E-commerce platforms have opened new market channels for agricultural products, as demonstrated by the case of Liu Zhijun, whose sales of Yulu fragrant pears exceeded 200,000 pounds in 2024, with significant growth from e-commerce channels [2] - The development of rural e-commerce has revitalized local industries, creating hundreds of jobs annually in areas like Xih County, where young people are returning to work in agriculture [2] - Pinduoduo's logistics initiatives, such as the establishment of delivery stations, have improved access to online shopping for rural residents, facilitating the distribution of over 2,000 packages daily [2][3] Group 2: Support for Vulnerable Groups - The platform economy allows individuals, especially women and the elderly, to choose flexible work types and hours, creating more job opportunities for traditionally marginalized groups [4] - Zhang Xue, a mother of two, found a suitable job through community group buying, allowing her to manage her time effectively while providing employment for other mothers [4] Group 3: Economic Impact - Pinduoduo's initiatives have led to a significant increase in employment, with over 55.3 million jobs created across various sectors, including direct employment, logistics, and indirect jobs [7] - The platform has also facilitated the return of over 300,000 new farmers to entrepreneurship and engaged over 20 million agricultural producers in the digital economy [7] Group 4: Training and Support - Pinduoduo offers comprehensive support for entrepreneurs, including a three-phase training system for delivery station operators, enhancing their skills in warehouse management and community operations [6] - The company has launched a "100 billion support" plan to invest in merchant transformation and upgrade, aiming to create a win-win business ecosystem [6]

近日，有消息称多多买菜最快将于8月上线即时配送服务。据华尔街见闻了解，该消息属实。拼多多相 关人员对华尔街见闻表示，该尝试旨在提升平台履约时效，让消费者有更好的消费体验。（全天候科 技） ...

Core Viewpoint - The 618 shopping festival this year was notably quieter, attributed to the increasing number of promotional events and more rational consumer behavior, leading to a dilution of 618's impact [1][2][6] Group 1: Changes in E-commerce Strategies - E-commerce platforms have simplified subsidy rules, reducing complexity and competition among them, resulting in a more subdued atmosphere compared to previous years [2][6] - The previous aggressive price wars have led to a "low-price trap," where platforms struggled to maintain profitability while competing on price [4][5][6] - The 618 event this year marked a shift away from price wars, with platforms focusing on differentiated competition based on their unique strengths and market understanding [6][8] Group 2: Platform-Specific Developments - **Taobao**: Despite a 10% growth in GMV, there are concerns about the increasing costs for small merchants and complaints about unclear service fees, indicating a struggle to balance the interests of different merchant types [11][12][13] - **Douyin E-commerce**: Focused on enhancing content advantages and supporting small merchants through flexible policies, Douyin has shifted towards a model that combines content and commerce effectively [17][20] - **JD.com**: Achieved over 100% growth in user orders, benefiting from government subsidies, but faces challenges in maintaining its competitive edge as market dynamics evolve [21][22][23] - **Pinduoduo**: Launched a "trillion support" plan to assist small merchants, aiming to improve supply-side efficiency, but faces profitability challenges due to ongoing subsidies [25][26][27] Group 3: Industry Trends and Consumer Behavior - The retail industry is evolving towards a consumer-centric model, where understanding and meeting user needs is paramount for competitive advantage [27][28] - The focus has shifted from merely competing on price to enhancing user experience and building sustainable competitive advantages [28]

Investment Rating - The report does not explicitly state an investment rating for the discretionary cosmetics industry Core Insights - The 2025 618 shopping festival showed robust growth, with total sales across integrated e-commerce, instant retail, and community group buying reaching 855.6 billion yuan, 29.6 billion yuan, and 12.6 billion yuan respectively, marking year-on-year growth rates of 15.2%, 18.7%, and -9.1% [1][17] - The overall transaction volume of major platforms increased by 10.4% year-on-year, with Taobao/Tmall, JD.com, Douyin, Pinduoduo, and Kuaishou accounting for 48.7%, 19.3%, 18.4%, 10.1%, and 3.6% of GMV respectively [1][17] - The beauty category on major e-commerce platforms achieved a GMV of 60-70 billion yuan during the 618 period, with a year-on-year increase of over 10% [1][19] Summary by Sections Sales Performance - Sales during the 618 festival from May 13 to June 18, 2025, reached 855.6 billion yuan, with a year-on-year growth of 10.4% across major platforms [1][17] - Tmall's GMV, excluding refunds, increased by 10% year-on-year, with 453 brands exceeding 100 million yuan in sales, a 24% increase [2][18] Platform Insights - Douyin saw over 60,000 brands doubling their transaction amounts year-on-year, with more than 2,000 products exceeding 10 million yuan in sales [2][18] - JD.com led the industry with over 100% growth in user orders, achieving a record high in daily active users [2][18] Market Share and Brand Rankings - Tmall maintained a 41.3% market share in the beauty category, followed by Douyin at 35.7%, JD.com at 14.8%, and Kuaishou at 8.2% [1][19] - The top brands in the beauty and skincare category on Tmall included Pechoin, Lancôme, L'Oréal, Estée Lauder, and Skinceuticals, with Skinceuticals entering the top five for the first time [1][19] Competitive Landscape - The competition in the makeup and perfume category was intense, with YSL topping the list, followed by Caitang and Mao Ge Ping [1][19] - On Douyin, the beauty and skincare category saw 34 brands exceeding 100 million yuan in sales, a significant increase of 88.9% year-on-year [1][20]

Investment Rating - The industry is rated as "Buy" with expectations of leading market benchmark returns by over 15% in the next 6-12 months [7]. Core Insights - The 2025 "618" promotional event saw a stable conclusion with comprehensive e-commerce platforms achieving a sales increase of 15.2% year-on-year, totaling 855.6 billion yuan, while instant retail sales grew by 18.7% to 29.6 billion yuan [1]. - The performance of brands on platforms like Tmall was strong, with 453 brands achieving over 100 million yuan in sales during the event, a 24% increase from the previous year [2]. - JD.com reported over 100% growth in overall user orders during the "618" event, with daily orders for its food delivery service surpassing 25 million [3]. - Pinduoduo leveraged multiple promotional activities, resulting in significant sales increases across various categories, with some participating merchants seeing sales double [4]. - Instant retail gained traction during the event, with platforms like Meituan, Alibaba, and JD.com incorporating instant retail into their promotional strategies, indicating a positive trend for online penetration across categories [5]. Summary by Sections E-commerce Performance - Comprehensive e-commerce platforms recorded a total sales of 855.6 billion yuan during the "618" event, marking a 15.2% increase year-on-year [1]. - Instant retail sales reached 29.6 billion yuan, reflecting an 18.7% growth [1]. - Community group buying sales fell by 9.1% to 12.6 billion yuan [1]. Brand and Consumer Insights - Tmall saw 453 brands surpassing 100 million yuan in sales, with notable brands like Apple and Xiaomi leading the performance [2]. - The number of high-net-worth 88VIP members on Tmall exceeded 50 million, with brand membership increasing by 15% [2]. JD.com Highlights - JD.com reported over 22 billion total orders during the "618" event, with significant growth in 3C and home appliance categories [3]. - The launch of the first fully live-streamed food mall in Harbin marked a new milestone for JD's offline operations [3]. Pinduoduo Strategies - Pinduoduo's promotional strategies, including "100 billion subsidies," led to substantial sales growth, particularly in agricultural products [4]. - The "government subsidy" section on Pinduoduo saw a 177% increase in sales for subsidized products [4]. Instant Retail Trends - Instant retail's inclusion in the "618" event by major platforms indicates a growing trend, with Meituan reporting over 100 million users placing orders [5]. - The focus on consumer experience and ecosystem building is expected to foster healthy development in the e-commerce sector [5].

Core Viewpoint - The article discusses the transformation of the logistics and supply chain for lychee distribution in China, highlighting the advancements in cold chain technology and the role of e-commerce platforms like Pinduoduo in making high-quality lychees accessible to consumers nationwide [4][12][17]. Logistics and Supply Chain Transformation - The logistics revolution for lychee preservation relies on technological upgrades and the restructuring of quality supply chains, with Pinduoduo launching a "100 billion support plan" to enhance the production and sales chain [4][5]. - The cold chain logistics advancements have significantly reduced transportation time, allowing lychees to be delivered across 1600 kilometers in approximately 24 hours, compared to the historical delays [7][9]. E-commerce Platform Impact - Pinduoduo's initiatives, such as subsidies and logistics cost reductions, have enabled consumers to access high-quality lychees without paying a premium, transforming luxury items into everyday products [5][12]. - The platform's support has encouraged merchants to explore new markets, including previously underserved regions, by lowering logistics costs and improving delivery efficiency [13][17]. Quality Control and Merchant Strategies - Merchants are focusing on quality control and supply chain stability, with strategies such as direct sourcing from farmers and implementing strict quality checks to enhance customer satisfaction and repeat purchases [15][16]. - The article highlights the importance of tailored preservation methods for different lychee varieties to maintain freshness during transportation [9][10]. Economic and Market Dynamics - Pinduoduo's financial investments in marketing and operational support have led to increased sales efficiency and consumer trust, creating a positive feedback loop that benefits both merchants and consumers [16][17]. - The "100 billion support plan" is seen as a catalyst for a healthy ecosystem where consumers enjoy quality products, merchants achieve profitability, and farmers benefit from stable income [17].