Tai Mei Ti A P P·2025-06-17 08:20Core Viewpoint - The e-commerce industry is transitioning from growth to a more competitive landscape, with major promotional events like 618 becoming less about performance boosts and more about meeting expectations and testing resilience [1][17]. Group 1: Market Reactions - Major e-commerce platforms reported disappointing financial results, leading to significant stock declines: Alibaba down 8%, JD.com down 4%, and Pinduoduo experiencing a record drop of approximately 18% [2]. - The negative market sentiment casts a shadow over the upcoming 618 shopping festival, indicating a challenging environment for these platforms [2]. Group 2: Competitive Dynamics - JD.com has entered the food delivery market, achieving daily order volumes of 25 million, while Alibaba has followed suit, with daily orders reaching 40 million [4]. - Meituan has also joined the competition by launching a comprehensive promotional campaign for 618, marking its first participation in this major sales event [4]. - The adjustment of national subsidies in various regions may impact consumer spending during the 618 event, necessitating stronger promotional strategies from platforms [5][6]. Group 3: National Subsidy Impact - Recent adjustments to national subsidies have led to temporary unavailability in certain regions, although the overall policy is expected to continue until the end of the year [5]. - The overlap of subsidy adjustments with the peak shopping period of 618 presents challenges for e-commerce platforms, which must implement additional measures to mitigate the impact on consumer demand [5][6]. Group 4: Company-Specific Strategies - JD.com has shown impressive revenue growth of 13.4% and 16% in the last two quarters, attributed to its self-operated business model and effective subsidy implementation [7]. - However, the market remains skeptical about JD.com's long-term prospects due to the temporary nature of national subsidies [7][8]. - Pinduoduo's reliance on national subsidies is less pronounced, allowing it to potentially weather the storm during the 618 event, but future pressures may arise as subsidies are reinstated [11][12]. Group 5: Alibaba's Position - Alibaba is currently in a relatively stable position, focusing on enhancing monetization through increased service fees and significant investments in the food delivery sector [14][15]. - The company aims to maintain market share while optimizing user experience, although this conservative approach may not be well-received by capital markets [16]. Group 6: Long-term Industry Outlook - The 618 event has evolved into a test of strategic adjustments rather than a mere sales boost, with JD.com attempting to break through via food delivery, Alibaba seeking stability, and Pinduoduo recalibrating its position amid subsidy challenges [17]. - The changing dynamics of national subsidies, market reactions, and competitive pressures from players like Meituan are reshaping the underlying logic of the e-commerce narrative, emphasizing efficiency, structure, and long-term capabilities over mere pricing strategies [17].