Xi Niu Cai Jing·2025-12-16 11:24Group 1 - Meituan's group buying business, Tuanhao Huo, announced the suspension of operations, shifting its strategic focus towards exploring new retail formats after five years in the express e-commerce sector [2] - Tuanhao Huo was launched in August 2020 as a mini-program and quickly became a primary entry point in the Meituan app, aiming to compete with Pinduoduo in lower-tier markets through a "direct delivery from production + low-price group buying" model [2] - Initially, Tuanhao Huo showed strong momentum, achieving over 100,000 daily orders and covering 18 major categories, but failed to establish a sustainable model, with daily orders dropping to less than half of their peak by the end of 2022 [2] Group 2 - Meituan's Q3 2025 financial report indicated a revenue of 95.5 billion yuan, with only a 2% year-on-year growth, and a core local business loss of 14.1 billion yuan, primarily due to intense competition and subsidies in the food delivery sector [2] - The external environment is shifting towards structural changes in retail, with "half-hour delivery" becoming mainstream; the Ministry of Commerce predicts that China's instant retail market will reach 781 billion yuan in 2024, growing by 20.15% year-on-year, significantly outpacing overall online retail growth [3] - The demographic of Meituan's flash purchase users shows that over two-thirds are from the post-90s generation, indicating a shift away from traditional B2C e-commerce models like Tuanhao Huo [3]