Core Viewpoint - The e-commerce industry is undergoing a significant transformation as major platforms like Pinduoduo, Taobao, JD.com, Douyin, and Kuaishou announce adjustments to the "refund without return" policy, marking its exit from the industry and signaling a return to basic commercial logic for sustainable development [1][2] Group 1: Policy Changes - The "refund without return" policy, initially introduced by Pinduoduo in 2021, became a standard feature across major e-commerce platforms as a means to attract consumers amid declining e-commerce dividends [1] - The recent cancellation of this policy aligns with national directives aimed at promoting a healthy and sustainable platform economy, creating a healthier competitive environment [2] Group 2: Implications for Stakeholders - For merchants, the platforms are reducing their role as referees, granting more autonomy to negotiate with consumers, which helps mitigate unreasonable refund requests and fosters a positive cycle in the e-commerce industry [2] - Consumers' rights will still be protected as platforms will maintain return and refund mechanisms and enhance credit systems to safeguard honest consumers and merchants while penalizing malicious behaviors [2] Group 3: Ongoing Challenges - Despite the cancellation of the "refund without return" policy, challenges remain in e-commerce rule governance, such as "automatic price matching" and "lowest price guarantees," which are criticized by merchants for compressing profit margins and promoting low-quality competition [2] - The industry should focus on long-term development by establishing merchant credibility systems and improving product quality to shift from price competition to value competition, thereby creating a healthier industry ecosystem [2]

Core Viewpoint - The e-commerce industry is undergoing a significant transformation as major platforms like Pinduoduo, Taobao, JD.com, Douyin, and Kuaishou announce adjustments to the "refund only" policy, allowing merchants to handle refund requests independently, marking the end of a controversial practice in the sector [1][2] Group 1: Policy Changes - The "refund only" policy was first introduced by Pinduoduo in 2021 and later adopted by other major platforms as a means to attract consumers amid declining e-commerce growth [1] - Initially, the policy aimed to address post-purchase issues, particularly for perishable and low-cost goods, by simplifying the return process for consumers [1][2] Group 2: Issues with the Previous Policy - Over time, the drawbacks of the "refund only" policy became apparent, with a significant percentage (64.31%) of complaints during the 2024 Double Eleven shopping festival related to this policy, indicating its misuse by some consumers [2] - The policy led to increased operational pressure on merchants, who often faced unreasonable refund requests, resulting in financial losses [2] Group 3: Implications of the Change - The cancellation of the "refund only" policy aligns with national efforts to promote a healthier and more sustainable platform economy, as emphasized by regulatory authorities [2] - This change empowers merchants by reducing their reliance on platform intervention, allowing them to negotiate with consumers and focus on improving product quality and service [3] Group 4: Future Considerations - While the removal of the "refund only" policy is a crucial step, challenges remain in e-commerce rule governance, such as issues related to price competition and mechanisms that may harm merchants' profitability [3] - The industry is encouraged to shift from price competition to value competition through the establishment of merchant credit systems and improved product quality, fostering a sustainable ecosystem [3]

Group 1 - The core viewpoint of the article is that major e-commerce platforms in China, including Pinduoduo, Taobao, Douyin, Kuaishou, and JD.com, are abolishing the "refund only" policy, which previously allowed consumers to request refunds without returning products [2] - The adjustment of the "refund only" policy is seen as a move towards promoting healthy competition in the e-commerce industry and protecting merchants' interests, as it aims to reduce malicious refund behaviors that have exploited this policy [2][8] - The role of e-commerce platforms is shifting from being "referees" to "coordinators," emphasizing negotiation between merchants and consumers rather than direct intervention by the platforms [2] Group 2 - In 2023, China's online retail sales reached 15.42 trillion yuan, marking an 11% growth and maintaining its position as the world's largest online retail market for 11 consecutive years [3] - As of June 2023, the number of online shopping users in China reached 884 million, an increase of 38.8 million from December 2022, representing 82% of the total internet users [3] - The growth rate of online retail sales in China has shown a recovery in 2023, with a year-on-year increase of 11.9%, contributing to 32.72% of the total retail sales of consumer goods, which amounted to 47.14 trillion yuan [4]

Core Viewpoint - The article discusses the recent decision by major e-commerce platforms, including Taobao, to cancel the "refund without return" policy, shifting the responsibility of handling refund requests to sellers, which aims to balance merchant rights and consumer experience [1][4][12]. Summary by Sections Policy Changes - Taobao confirmed it will no longer actively intervene in refund requests after consumers have received goods, allowing sellers to negotiate directly with consumers [1]. - Other platforms like Pinduoduo, Douyin, Kuaishou, and JD.com are also expected to follow suit, although they have not officially announced this change yet [1]. Background and Rationale - The "refund without return" policy has faced ongoing controversy since last year, leading to adjustments across various e-commerce platforms [1]. - Taobao began phasing out this policy in July of the previous year, enhancing merchants' autonomy in handling after-sales service based on their experience ratings [1][3]. Market Dynamics - The cancellation of the "refund without return" policy is seen as a positive move for the e-commerce industry, reducing tensions between merchants and platforms and promoting a more rational shopping behavior among consumers [6][12]. - The article highlights that the policy's initial intent was to protect consumer rights, but it inadvertently led to exploitation by some users, creating an imbalance in the marketplace [5][6]. Future Strategies - Taobao is implementing a new store evaluation system called "real experience score," which will factor in product quality, logistics speed, and service assurance, influencing consumer purchasing decisions [3]. - E-commerce platforms are diversifying their strategies, with Taobao focusing on supporting quality brands and enhancing user experience through AI technology and live streaming [8][9][12]. - Competitors like JD.com and Meituan are also innovating, with JD.com launching a food delivery service and Meituan introducing a new retail brand to enhance consumer engagement [10][11].

近日，新京报贝壳财经举办"网红儿童"现象下的未保（即：未成年人保护）难题研讨会。抖音未成年人保 护专项工作组相关负责人出席研讨会并表示，从平台角度来说，当前较难界定什么是"网红儿童"账号，"除 极少数的青少年创作者外，多数未成年人出镜的账号运营主体是家长，很难通过未成年人出镜内容的比例 来判断界定。并且，多少粉丝体量才能称为'网红'目前业内也没有统一标准。" 中央文明办公开数据显示，我国未成年的网民规模已经接近2亿，未成年人互联网普及率达到97.2%。为提 供未成年人友好上网环境，抖音相关负责人主要从安全与健康使用、风险防范治理、友好内容建设及儿童 公益合作四个方面介绍了抖音未成年人保护体系工作。 据抖音方面介绍，2024年11月，基于《移动互联网未成年人模式建设指南》要求，抖音与华为、小米、 OPPO等多家终端厂商达成共识，探索移动智能终端、应用程序、应用程序分发平台的三方联动形式。"目 前抖音应用端相关能力已开发完成。测试版本显示，手机终端可作为未成年人模式的统一管控入口，家长 在手机终端统一完成设置后，多应用联动生效。" 抖音未成年人模式还于去年新增"内容偏好调节"设置，家长可以根据孩子的兴趣偏好调整个 ...

Core Viewpoint - Multiple e-commerce platforms have updated their after-sales rules, leading to the cancellation of the "refund only" policy, which has sparked significant discussion on social media [1][2]. Group 1: E-commerce Platform Changes - Taobao and Tmall will no longer proactively intervene in refund requests after goods have been received, requiring sellers to negotiate directly with consumers [2][3]. - A new evaluation system called "Real Experience Score" will be introduced, linking consumer feedback to core areas such as search, recommendation, and advertising, incentivizing sellers to improve product and service quality [2][3]. - Pinduoduo has also announced changes to its after-sales service rules, emphasizing self-negotiation between merchants and consumers without platform intervention [4][6]. - Douyin and Kuaishou have similarly stated their support for merchants and consumers to resolve after-sales issues independently, minimizing platform involvement [6][10]. - JD.com has removed terms like "refund only" from its after-sales rules, aiming to enhance consumer rights and optimize the responsibility distribution between consumers and merchants [10][11]. Group 2: Consumer Complaints and Market Trends - The "refund only" mechanism was initially designed to enhance user experience and filter merchants based on consumer feedback, but it has led to significant issues for merchants [12][14]. - Data from the China Consumers Association indicates that over 720,000 consumer complaints were processed in the first half of 2024, with after-sales service and product quality issues being the most common complaints [12][14]. - The misuse of the "refund only" policy has been highlighted, with platforms often issuing refunds without merchant consent, leading to financial losses for sellers [14][15]. - Regulatory bodies have begun addressing the negative impacts of the "refund only" policy, urging platforms to clarify the applicable rules and protect merchants' rights [15][16]. Group 3: Future Implications - The cancellation of the "refund only" policy is seen as a positive step for the e-commerce industry, fostering a more balanced relationship between merchants and platforms [16][17]. - Experts believe that this shift will encourage merchants to improve product quality and service levels, ultimately benefiting consumers [17].

目前，其他电商平台尚未作出公开回应。 "仅退款"行为是指在电商平台购物过程中，当遇到商品质量问题、与描述不符等情况，并符合平台相关 政策时，消费者可以选择向卖家提出"仅退款"请求，而无需将商品退回给卖家的一种服务。 尽管这种服务简化了售后服务流程，降低了消费者的维权成本，使消费者在遭遇商品质量问题时能快速 获得赔偿，但在运行中也滋生了"薅羊毛"等恶意行为，令商家蒙受损失。 4月22日晚，"仅退款""电商平台全面取消仅退款"等词条冲上热搜榜单前列。 有媒体报道称，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消"仅退款"，消费者收到货 后的退款不退货申请将由商家自主处理。 对此，淘宝回应称，为平衡实现商家权益保护与消费者体验提升，后续平台将不主动介入消费者在已收 到货后的不退货退款售后申请，由卖家先行与消费者协商处理。 记者获悉，取消"仅退款"后，淘宝天猫将于同期上线新版店铺评价体系"真实体验分"，根据商品质量、 物流速度、服务保障三方面，建立真实、客观、透明的消费者体验反馈机制，让真实体验分成为消费者 未来重要的购物决策依据。同时"真实体验分"与搜索、推荐、营销、广告等核心场域直接挂钩，激励商 家提升商 ...

Company News - China Mobile reported Q1 operating revenue of 263.8 billion yuan, a year-on-year increase of 0.02%, and a net profit of 30.6 billion yuan, up 3.45% year-on-year [4] - ZTE Corporation achieved Q1 revenue of 32.968 billion yuan, a year-on-year increase of 7.82%, while net profit decreased by 10.5% to 2.453 billion yuan [5] - Tsunami Machine Tool China announced a profit warning, expecting annual net profit attributable to shareholders to be approximately 782 million yuan, a year-on-year increase of about 60% [6] - Zhejiang Shibao reported Q1 revenue of 718 million yuan, a year-on-year increase of 45.47%, and net profit of 48.735 million yuan, up 123.77% year-on-year [6] - Chongqing Steel reported Q1 revenue of 6.614 billion yuan, a year-on-year decrease of 14.51%, with a net loss of 117 million yuan, narrowing by 64.82% year-on-year [6] - Pop Mart's overall revenue in Q1 grew by 165%-170% year-on-year, with China revenue increasing by 95%-100% and overseas revenue rising by 475%-480% [6] - Datang Power completed approximately 60.3232 billion kWh of electricity generation in Q1, a year-on-year increase of about 0.76% [7] - Weilang Delicious plans to invest approximately 1 billion yuan in a new snack food production base in Nanning [8] Industry Insights - Huatai Securities remains optimistic about the relative performance of Hong Kong stocks, citing low market capitalization of export chains and midstream manufacturing companies sensitive to tariffs, along with continued support from technology company earnings [2] - Galaxy Securities notes that the impact of tariffs on the economy will depend on the outcomes of tariff negotiations and implementation, while China's macro policies are expected to strengthen counter-cyclical adjustments to mitigate external shocks [2] - The International Monetary Fund has downgraded the global economic growth forecast for 2025 from 3.3% to 2.8%, with a projected growth of 3% for 2026, attributing this to the impact of U.S. tariff measures and policy uncertainties [3] - The Ministry of Industry and Information Technology is soliciting opinions on the "Cloud Computing Comprehensive Standardization System Construction Guide (2025 Edition)", aiming to establish over 30 national and industry standards by 2027 to enhance the cloud computing industry's standard system [3] - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a national intelligent manufacturing standard system, targeting the formulation of over 100 national and industry standards by 2026 [3]

电商平台全面取消"仅退款" 据北京商报消息，4月22日，记者获悉，拼多多、淘宝、抖音、快手、京东等多个电商平台 将全面取消"仅退款"，消费者收到货后的退款不退货申请，将由商家自主处理。 这意味着，"仅退款"在2021 年时被拼多多率先推出，后在2024年时被京东、淘宝、抖 音、快手等相关平台相继引入，历时四年正式迎来落幕。记者还获悉，上述电商平台已就全 面取消"仅退款"的相关细节与管理部门进行了多轮商讨和修改，一旦审核完成即对社会公 开宣布。 董明珠不再任格力电器总裁 昨天，发生了哪些财经大事？ 4月22日，格力电器（000651.SZ）临时股东大会审议通过了公司董事会换届选举的议 案，董明珠顺利当选新一届董事，并再次当选格力电器董事长，开启她执掌格力电器的第五 个三年任期。值得关注的是，她没有再担任格力电器的总裁。 22日晚，格力电器公告透露，公司新一届董事会同意聘请张伟为公司总裁。张伟1999年加 入格力电器，2013年至2020年任格力电器副总裁，2019年至今任格力电器董事，2020年 至今任格力电器党委书记。经张伟提名，格力电器董事会聘任方祥建、刘华、李绍斌、胡余 生、王凯为副总裁。这意味着，格力年 ...

昨天，发生了哪些财经大事？ 电商平台全面取消"仅退款" 据北京商报消息，4月22日，记者获悉，拼多多、淘宝、抖音、快手、京东等多个电商平台 将全面取消"仅退款"，消费者收到货后的退款不退货申请，将由商家自主处理。 这意味着，"仅退款"在2021 年时被拼多多率先推出，后在2024年时被京东、淘宝、抖 音、快手等相关平台相继引入，历时四年正式迎来落幕。记者还获悉，上述电商平台已就全 面取消"仅退款"的相关细节与管理部门进行了多轮商讨和修改，一旦审核完成即对社会公 开宣布。 董明珠不再任格力电器总裁 4月22日，格力电器（000651.SZ）临时股东大会审议通过了公司董事会换届选举的议 案，董明珠顺利当选新一届董事，并再次当选格力电器董事长，开启她执掌格力电器的第五 个三年任期。值得关注的是，她没有再担任格力电器的总裁。 22日晚，格力电器公告透露，公司新一届董事会同意聘请张伟为公司总裁。张伟1999年加 入格力电器，2013年至2020年任格力电器副总裁，2019年至今任格力电器董事，2020年 至今任格力电器党委书记。经张伟提名，格力电器董事会聘任方祥建、刘华、李绍斌、胡余 生、王凯为副总裁。这意味着，格力年 ...