Di Yi Cai Jing Zi Xun·2025-12-22 07:01Core Viewpoint - The newly released "Internet Platform Pricing Behavior Rules" by the National Development and Reform Commission, the State Administration for Market Regulation, and the National Internet Information Office prohibits selling goods below cost, aiming to curb price wars among internet platforms and promote healthier industry development [2][3]. Group 1: Impact on Pricing Strategies - The rules will likely lead to a rapid cooling of the ongoing price wars among internet platforms, potentially increasing the valuations of Hong Kong-listed companies like Meituan, JD Group, and Alibaba [2]. - Companies that rely on subsidies and low-price strategies will need to reassess their pricing strategies and business models, shifting towards more sustainable development paths such as improving service quality and product differentiation [2][3]. - The rules also require dynamic pricing and subsidy promotions to be transparent, aiming to protect consumer and operator rights while promoting healthy platform economic development [3]. Group 2: Long-term Industry Effects - In the long term, the rules are expected to benefit industry health, although some companies may face short-term revenue growth pressures [2][3]. - The end of aggressive price wars is anticipated to enhance the profitability of internet platforms, allowing them to focus on efficiency improvements, AI applications, and supply chain optimization [4]. - The challenge remains in defining "below cost" due to the non-standardized nature of many products and services sold by internet platforms, complicating the assessment of pricing practices [4]. Group 3: Market Reactions - Following the announcement of the rules, stocks of related companies such as Meituan, JD Group, and Alibaba saw increases of less than 1% as of December 22 [2]. - The competitive landscape among internet platforms is expected to continue influencing stock prices for some time [4].