Sou Hu Cai Jing·2025-10-04 11:31Core Insights - Meituan is leveraging its delivery network to enhance scale effects and rapidly expand its market presence through its instant retail business, which includes Meituan Flash Purchase and Little Elephant Supermarket [1][4] Group 1: Meituan's Instant Retail Business - Meituan Flash Purchase collaborates with various retailers and local businesses to provide fast delivery services for daily necessities, food, and health products, utilizing a lightning warehouse model that allows delivery within 30 minutes [1] - The investment threshold for a lightning warehouse is approximately 250,000 yuan, primarily for inventory costs, with total investment ranging from 200,000 to 500,000 yuan [1] - Little Elephant Supermarket, a self-operated instant retail project, requires an initial investment of around 2 million yuan [1] Group 2: Operational Metrics - As of the end of 2024, Meituan Flash Purchase has expanded to cover 2,800 counties and cities nationwide, with over 30,000 warehouses and an average daily order volume exceeding 10 million, projecting a GTV of 252 billion yuan [4] - Little Elephant Supermarket has opened over 680 warehouses, with a GMV of approximately 39.4 billion yuan for 2024, and a market share nearing 20% in key markets like Shanghai and Beijing [4][5] Group 3: Product and Market Strategy - Meituan plans to expand its product categories, focusing on digital home appliances and collaborating with brands like Apple and Xiaomi, while also diversifying into beauty, pet supplies, and food categories [5] - The average order value for Meituan Flash Purchase is between 70-80 yuan, while Little Elephant Supermarket's average order value ranges from 80-100 yuan [5] Group 4: Competitor Analysis - Dingdong Maicai - Dingdong Maicai, a leading player in the fresh food e-commerce sector, has achieved profitability for nine consecutive quarters by focusing on a "central warehouse + front warehouse" model [6][7] - As of December 2024, Dingdong Maicai operates 1,130 front warehouses, surpassing Meituan's Little Elephant Supermarket, with a GMV of 25.56 billion yuan and a revenue of 23.07 billion yuan, reflecting a year-on-year growth of 16.34% and 15.5% respectively [7][8] Group 5: Future Development Strategies - Dingdong Maicai is focusing on pre-prepared dishes as a new growth point, having established a complete supply chain for this category and launched various products to meet consumer demands for health and safety [8][9] - The company is also testing offline discount stores, "Dingdong Outlet," in cities like Wuxi and Shanghai to penetrate lower-tier markets [9] Group 6: Competitor Analysis - JD Daojia - JD Daojia, which has evolved into JD Seconds, is expanding its product categories and plans to launch a food delivery service in 2025, while facing challenges from Meituan's efficient delivery network [10][11] - In 2024, JD Daojia reported a net revenue of 3.859 billion yuan, a decline of 41% year-on-year, primarily due to decreased online advertising and marketing service revenues [11] Group 7: Sam's Club - Sam's Club has adopted a "big store + cloud warehouse" model, achieving a 55% online sales ratio, with 70% of its e-commerce orders coming from the "one-hour express delivery" service [12][13] - The company operates over 500 front warehouses, with an average order volume of 1,000 orders per warehouse, and has streamlined its SKU to focus on essential products for middle-class families [13]