小红书宣布：暂停“小红卡”试运营，全额退款

Core Viewpoint - Xiaohongshu announced the suspension of the "Xiaohong Card" trial operation starting January 1, 2026, due to insufficient preparation to meet user demands for local lifestyle services [1][2]. Group 1: Announcement Details - The "Xiaohong Card" was launched in September 2025 during the third "Maluxing Festival" as a local lifestyle membership card, with an annual fee of 168 yuan, initially available in Shanghai, Hangzhou, and Guangzhou [1]. - Users of the card could enjoy benefits such as discounts at selected stores and exclusive activities, including a 10% discount at participating locations nationwide [1]. - All cardholders will continue to enjoy their benefits until December 31, 2025, after which the cards will automatically become invalid, and users will receive a full refund without needing to take any action [2][4]. Group 2: Market Context and Challenges - Xiaohongshu's foray into local lifestyle services faces significant competition from major players like Meituan, Douyin, and Alibaba, raising concerns about its market viability [1]. - The company aims to focus on user recognition metrics rather than just Gross Merchandise Volume (GMV), emphasizing card purchase rates, in-store consumption rates, and willingness to pay [1]. - Challenges include managing operational costs, helping merchants achieve profitability, and ensuring that selected stores maintain authentic recommendations [1].