来源：财天COVER 01、在新城市猛开首店 2026年元旦，盒马CEO严筱磊的全员信发布后，瞬间在零售圈刷屏，不少行业老将感慨万千。 严筱磊在信中披露，2025年盒马整体营收同比增长超40%，盒马鲜生与超盒算NB双业态已服务超1亿消 费者。1月6日，盒马方面告诉《财经天下》，基于营收增速以及2025年的GMV推测，到2026年3月财年 结束时，盒马GMV将超1000亿元。 这距离盒马换帅还不到两年，2024年3月严筱磊走马上任盒马CEO一职，当年年底就立下了"让盒马站上 千亿规模台阶"的军令状，如今这一目标即将实现。 严筱磊刚从创始人侯毅手中接棒时，盒马正处于低谷期，营收增速降至9%的历史低点，并且连续7年没 盈利。严筱磊上任当年，就带领盒马连续9个月盈利，并且实现两位数增长，如今更是要跨上1000亿元 的新台阶，她究竟是怎么做到的？ 这与盒马猛踩油门息息相关。2025年盒马鲜生进入40个新城市，在马鞍山、临沂、丽水、烟台、遂宁、 慈溪等多个城市开出首店，超盒算NB新开门店超过200家。截至目前，盒马鲜生门店数约500家，超盒 算NB门店总数约400家。对比2024年的数据可以发现，盒马鲜生已经连续两年年均 ...

事实上，京东可能收购叮咚买菜的传闻并非第一次流传于市场。2023年三季度，京东出售所持永辉超市 全部股权后，市场曾猜测其会把资金转投前置仓赛道，彼时叮咚买菜即为可能对象。 叮咚买菜创立于2017年5月，聚焦"厨房买菜"场景，采用前置仓模式，布局贴近消费者，覆盖周边1～3 公里，以生鲜鲜活为亮点，覆盖多种品类。 叮咚买菜于2018—2021 年密集融资，颇受资本喜爱。 2018年5月-2021年5月，叮咚买菜共完成10轮机构融资，累计募资约10.3亿美元，主要股东包括软银愿 景、DST Global、今日资本、General Atlantic等国内外知名VC/PE机构。 21世纪经济报道记者 刘婧汐 有市场传闻称，京东正在与叮咚买菜洽谈收购，双方已就估值、区域仓网整合等核心条款交换意见。 随着消息发酵，上周五美股开盘，叮咚买菜（DDL.US）涨10.29%，报3.00美元，盘内一度冲高至3.41 美元，创2025年单日最大涨幅。 截至北京时间 2025 年 12 月 30 日（美东 12 月 29 日收盘），叮咚买菜随中概股整体回调，报收2.68美 元/股，本月内涨幅约达55%。 截至发稿，京东和叮咚双方对此传 ...

硬折扣业态热度又起 今年下半年，硬折扣超市被互联网大厂推到台前，成了线下零售最热的赛道之一。 8月末，盒马NB战略升级并更名为"超盒算NB"，全国17家门店集中开业，年底还将开放多城加盟；京东折扣超市全国已开9家门店；美团"快乐猴"两个月 落地5家门店，并与京东几乎同时向北方市场推进；物美也把"物美超值"在北京多区域铺开。 作者/十里 ID/lingshouke 1 ▲这是灵兽第1733篇原创文章 一方面，传统零售企业在调改、创新、转型；另一方面，互联网大厂重回线下开店。 外资玩家奥乐齐同样在加速，自2019年进入中国后，今年3月启动"出沪入苏"，在苏州、无锡、常州新增7店；截至9月底，其在中国已开出79家门店，节 奏不快，但扩张持续。 大厂为何在这个节点集体下场？原因很现实：消费更理性、价格更敏感，谁能把蔬果、粮油米面等日常刚需"卖得更便宜、更稳定"，谁就更容易拿到增 量。更关键的是，硬折扣天然适合做线下高频入口，能反哺线上流量，也更方便和到家业务打通。 这恰好解释了大厂的优势：供应链整合能力强、规模议价更有力，直采也更容易做深做广；同时，数字化能把选品、定价、补货、损耗控制做成系统， 把"高周转"变成可复 ...

Core Viewpoint - Pupu Supermarket is expanding from an online-only model to physical retail, opening its first offline store in Fuzhou, marking a significant shift in its business strategy and reflecting the evolving landscape of the fresh e-commerce industry [1][6][7] Group 1: Expansion into Offline Retail - Pupu Supermarket's first offline store will occupy 5000-6000 square meters, taking over a location previously operated by Yonghui Supermarket, which closed due to underperformance [1] - The new store will adopt a "warehouse-store integration" model, aiming to provide a high-quality shopping experience [1][4] - This move symbolizes a transition in the retail landscape, as both Pupu and Yonghui are major players in Fuzhou [1][6] Group 2: Market Position and Strategy - Pupu Supermarket has established a "local monopoly" in Fuzhou with a market penetration rate exceeding 70% and annual sales surpassing 10 billion yuan [2] - The company is strategically expanding its presence in the restaurant service sector, launching "Pupu Kitchen" to target the white-collar meal market, with plans to extend this service to Xiamen [3][6] - Pupu's supply chain efficiency allows for a reduction in the traditional distribution process from seven steps to three, achieving a delivery time of 12 hours and reducing loss rates from 8% to 3.5% [2] Group 3: Response to Market Conditions - The decision to open physical stores is a response to rising online customer acquisition costs and favorable rental conditions due to vacancies in commercial real estate [6] - The strategic upgrade may be linked to Pupu's potential IPO plans, as the company has been preparing for a public offering since 2022 [7] - The success of the first offline store will be crucial for Pupu's future valuation in the capital market [7]

Core Insights - Fudi, a domestic warehouse-style membership retail brand, has entered into an exclusive strategic partnership with JD's instant delivery service, JD秒送 [1] - The collaboration will focus on deep integration of instant retail services and membership systems, including mutual benefits for Fudi and JD PLUS members [1] - This partnership marks the first in-depth cross-industry integration between JD PLUS and a membership retail brand [1] Membership System Integration - The partnership aims to promote the integration of "Fudi Membership" and "JD PLUS Membership," allowing for mutual point exchange, exclusive discounts, and joint marketing initiatives [1] - This integration is expected to enhance customer loyalty and engagement for both brands [1] Front Warehouse Model Development - Both companies will work together to develop a front warehouse model, leveraging JD's experience in building front warehouses for membership supermarkets [1] - JD has established a systematic methodology for precise site selection based on consumer data, intelligent product selection, and dynamic optimization within warehouses [1] - This capability will assist Fudi in rapidly constructing its front warehouse network and accelerating its national market expansion [1]

Core Insights - The competition in the instant retail sector is intensifying as major players like JD.com and Meituan are establishing physical stores in close proximity to each other, targeting community commerce as a key battleground [1][3][6] - The focus on community retail is driven by the need to meet high-frequency, essential consumer demands, with both companies leveraging their existing traffic to stimulate local markets [1][4][7] Group 1: Market Dynamics - JD.com is set to open its first discount supermarket in Beijing's Mentougou district, strategically located near Meituan's "Happy Monkey" supermarket, highlighting the competitive landscape [2][3] - The shift towards hard discount models is gaining traction, with companies like Yonghui and Meituan introducing private label products to attract consumers [4][8] - The community retail strategy is characterized by a focus on essential goods and quick delivery, with both JD.com and Meituan aiming to capture local consumer needs [6][7] Group 2: Strategic Positioning - The new JD.com discount supermarket will occupy a space of 47,000 square meters, indicating a significant investment in the community retail sector [2] - Meituan's "Happy Monkey" supermarket, which opened earlier, emphasizes fresh produce and baked goods, showcasing a similar business model [3] - Both companies are avoiding saturated urban core areas and instead targeting suburban markets where operational costs are lower and consumer demand is high [11][12] Group 3: Consumer Behavior - The community-focused retail approach is designed to cater to the needs of densely populated residential areas, with both companies aiming to provide better services to local residents [6][7] - The trend towards discount retailing is a response to changing consumer preferences for value and quality, prompting retailers to streamline operations and reduce costs [8][10] - The collaboration between e-commerce giants and local shopping centers is expected to enhance the shopping experience and drive foot traffic [9][10]

Core Insights - The retail landscape in Fuzhou is undergoing significant changes, with the transition from Yonghui to Pupu being a focal point of this transformation [1][3][10] Group 1: Market Dynamics - Pupu has captured over 50% of the fresh e-commerce market share in Fuzhou, while Yonghui holds approximately 30%, together controlling nearly 80% of the market [4] - The shift in store branding from Yonghui to Pupu reflects the competitive pressures and market share erosion faced by Yonghui [4][5] Group 2: Pupu's Strategy - Pupu's growth strategy focuses on deep regional penetration, achieving a local market penetration rate of 70% in Fuzhou, which has significantly impacted Yonghui's previous dominance [5] - Pupu has expanded its operations to cover nine cities, establishing over 400 front warehouses to enhance service efficiency [5] Group 3: Yonghui's Response - In response to Pupu's market encroachment, Yonghui is adopting management philosophies from the successful retailer Pang Donglai, emphasizing a culture of sincerity and trust [6] - Yonghui's store transformation efforts have resulted in an average customer traffic increase of 80% in remodeled stores, with over 60% of these stores entering a stable profitability phase [6] Group 4: Competitive Landscape - New entrants like Meituan's Xiaoxiang Supermarket are planning to enter the Fuzhou market, leveraging a delivery network of over 7 million riders to offer 30-minute delivery services [7] - Pupu is also diversifying its offerings with the introduction of "Pupu Kitchen," aiming to capture core consumer scenarios and further solidify its market position [8]

Core Insights - The instant retail sector for alcoholic beverages is experiencing explosive growth due to consumption upgrades and the popularity of instant delivery services [1][2] - Anhui Jichong Liquor Flash Warehouse has emerged as a pioneer in the industry by leveraging an innovative business model and an efficient supply chain system, providing consumers with a new purchasing experience [1][2] Market Opportunities in Instant Alcohol Retail - The Chinese alcoholic beverage market is vast, primarily relying on traditional offline channels like convenience stores and supermarkets, which face issues such as slow delivery and limited product variety [2] - The demand for convenience and immediacy among younger consumers has led to the rise of the "online ordering + instant delivery" model, further accelerated by the pandemic [2] - In 2023, the domestic instant retail market has surpassed 1 trillion yuan, with a significant increase in the share of alcoholic beverages [2] Innovative Model: Supply Chain and Digitalization - The core competitiveness of Jichong Liquor Flash Warehouse lies in its efficient supply chain management and digital operations [6] - **Smart Product Selection and Inventory Management**: The company analyzes regional consumption data to optimize its SKU selection, ensuring popular products are well-stocked [7] - **Front Warehouse Network Coverage**: Utilizing a "central warehouse + community front warehouse" model, the company has established over 50 front warehouses in cities like Hefei and Wuhu [8] - **Technology Empowerment Across Processes**: The entire process from order placement to delivery is managed through algorithmic scheduling, optimizing delivery routes and predicting peak times [9] Differentiated Services: From Convenience to Experience Upgrade - In addition to speed, the company builds a competitive edge through value-added services [11] - **Professional Alcohol Consultants**: Offering online consultation to help consumers select suitable beverages for various occasions [11] - **Customized Delivery**: Night delivery services extend to midnight, catering to late-night consumption needs, with special holiday gift boxes available for instant delivery [12] - **Membership System**: Enhancing user engagement through point redemption and invitations to tasting events, while accumulating consumer data to inform product selection strategies [12] Challenges and Future Outlook for the Industry - Despite the promising outlook, the instant alcohol retail sector faces challenges such as the impact of cold chain delivery on the quality of beer and sparkling wine, and authenticity issues with high-end products [13] - The company collaborates directly with manufacturers and employs anti-counterfeiting measures to build consumer trust [13] - The industry is becoming increasingly competitive, with platforms like Meituan and JD.com intensifying their instant alcohol business efforts [13] - Experts predict three major trends for the future of instant alcohol retail: diversification of product categories, segmentation of service scenarios, and deeper application of technology [13] Conclusion - The practices of Anhui Jichong Liquor Flash Warehouse not only validate the commercial viability of instant alcohol retail but also drive the industry towards a transformation from "passive purchasing" to "active service" [15] - Its model serves as a reference for regional brands to break through by focusing on agile supply chains and immediate consumer needs, potentially positioning instant alcohol retail as the next trillion-yuan market [15]

Core 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]

Core Insights - The article discusses the intense competition in the "instant retail" sector, primarily driven by major platforms like Meituan, Taobao, and JD, marking a shift from mere food delivery to a broader battle for market entry points [1][3] - The emergence of a "duopoly era" in the front warehouse model is highlighted, where the competition has evolved from small players to major corporations, indicating a significant transformation in the industry landscape [3][5] Industry Evolution - The front warehouse model, initially popularized by companies like Daily Fresh, faced challenges due to low margins and high operational costs, leading to significant losses and eventual market exits for some players [5][7] - The industry has bifurcated into two paths: platform-based models like Meituan and JD, which connect retailers without holding inventory, and self-operated models like Dingdong Maicai, which manage their own supply chains [9][11] Financial Performance - Dingdong Maicai reported a GMV of 25.56 billion yuan in 2024, with a 16.3% year-on-year growth, and achieved a net profit of 420 million yuan, marking a significant turnaround [11][13] - Pupu Supermarket also achieved profitability in 2024, with annual revenue around 30 billion yuan, showcasing a successful operational model focused on high-margin daily goods [13][15] Competitive Landscape - The entry of major players into the instant retail space has intensified competition, with significant financial backing allowing them to engage in aggressive pricing strategies that smaller players cannot match [20][22] - The article emphasizes that smaller players are increasingly forced to align with larger platforms to survive, as the competitive landscape shifts towards a model dominated by a few large corporations [22][24] Future Outlook - The retail industry is expected to continue evolving, with the potential for technological advancements, such as automated delivery and smart warehouses, to significantly reduce operational costs and drive growth in instant retail [26] - Trust and efficiency are identified as critical factors for success in the evolving market, with the ultimate winner being the entity that can secure long-term consumer trust [26]