文 | 窄播，作者 | 庞梦圆 2025是美团被迫重塑的一年。2024年快结束的时候，美团刚收获了一份营收、利润、新业务减亏等表现 均超出市场预期的Q3财报，摩根士丹利将美团视为接下来一年最有看点的中文互联网企业。但2025年 一开年，整个互联网就风起云涌，外卖大战极大影响了美团的发展节奏，也改变了它在整个互联网坐标 系中的位置。 它不再相对独立地存在于一个大的本地生活市场，与个别巨头弱交叉，维持着某种平衡。而是站在一个 更大的消费市场，与一个更大的巨头强交叉，且巨头的进攻威胁至今没有消除。 那么相应的，我们也应该用更大的坐标系来摆放美团的位置，用新的框架和标准，来理解在新坐标系里 的美团。 如今，美团仍是最懂本地生活的企业，它最差异化的能力，仍是如大摩所说，「通过精细化运营在低毛 利业务中实现盈利的能力」。 只是在业务拓展方式上，以前可以相对轻松地。用高频的外卖、单车等业务，带动低频但高毛利的团 购、酒旅业务，从而实现整体客单价、毛利率、营收、利润的增长。 但外卖大战之后，美团外卖的流量优势被削弱，除了外卖自己的收入、利润受到影响，连带着美团的商 业模式也受到影响，乃至影响整个公司的营收结构。 如此背景下， ...

最近，外卖行业展开了"抢骑手"大战。 在北京部分站点，美团针对来自饿了么、京东且月单量大于720单的活跃骑手，提供2888元的一次性转 会奖励。 紧随其后，淘宝闪购针对12月15—21日在京东、美团、顺丰等平台单量超140单、加入淘宝闪购优选并 连续接单四周的骑手，提供3000元补贴，推荐人额外获1000元奖励。 京东虽然没有跟着一起"抢人"，却在防止骑手跳槽方面下足了功夫。 短期来看，争夺骑手是应对年底订单高峰与运力波动的必要之举。 12月，最新一批京东全职骑手入住位于北京通州区的首个"京东小哥之家"，京东宣布未来5年将投入220 亿元，提供1.5万套"小哥之家"。 从长远看，这可能仍然是外卖巨头砸钱抢市场的延伸，今年的"转会"补贴力度明显比往年要大。 今年的外卖大战，三巨头不惜代价，累计投入资金超过了1000亿。如今到了年底，仍在相互较劲。外卖 的价值究竟有多大？ 千亿补贴，没有砸出新故事 天量资金投入外卖战场，巨头们得到了什么呢？ 利润没有增加。 阿里和京东三季度归属于普通股股东净利润分别同比下降52%和55%，美团则录得上市以来最大亏损， 三季度调整后净亏损达160亿元。 营销费用也没有减少。 如果非 ...

滴滴上新增家政频道上了热搜。 近期，不少滴滴用户在打开APP打车的时候发现其悄然上线了家政频道，宣传的79元3小时服务远低于市场价格，颇具吸引力。和以往推出新品要经过盛 大的发布会宣发不同，这次滴滴的家政服务在悄然之间覆盖了41个城市，服务涉及衣鞋清理到全屋保洁，从收纳整理到除虫除螨各个细分领域，这家曾经 在美股上市，市值近千亿美元的出行巨头，正在放下身段将触角伸向社会最底层的琐碎领域。 有意思的是，不止滴滴这一家出行巨头放下身段杀入家政行业，美团和京东这两个巨头也进入该赛道。美团上49元的保洁秒杀以及京东69元干洗3件衣鞋 且免费收送的服务已经征服了不少消费者。 互联网大厂为什么会不约而同地卷向"辛苦钱"的市场？这或和各大平台用户增长放缓有关，这些曾经他们无暇顾及的辛苦钱市场，被寄予希望成为新的增 长点，甚至成为培养高频用户的基池。这样的业务扩张，是一场"标准化的算法"与"非标准的人性"之间的正面碰撞。 京东、滴滴、美团等互联网大厂集体杀向家政，核心是看中万亿级增量市场+高频流量入口+业务协同闭环+数字化改造空间，同时借助自身运力、流量、 供应链与技术优势，补全本地生活版图并寻找新增长点。 高频带低频 家政 ...

Core Insights - Chengdu Bay Yue City, a new commercial project by Meikailong and Jianfa Group, officially opened on December 20, marking a significant collaboration and a new attempt at integrating home and lifestyle commerce [1][11] - The project aims to transform the commercial landscape of Tianfu New Area and Chengdu by introducing a variety of high-frequency consumption formats, enhancing the shopping experience and driving business model upgrades [1][9] Group 1: Project Overview - Bay Yue City has a total construction area of approximately 144,000 square meters and was previously known as Meikailong Life Aesthetics Center, which opened in 2021 [1] - The project is designed as a "family gathering place" and includes diverse offerings such as fitness, family entertainment, specialty dining, and outdoor living [3][5] Group 2: Consumer Experience - The mall focuses on family-oriented services, featuring brands like Kid King and Haidilao, creating a one-stop leisure consumption experience for families [5] - Three themed areas have been developed: an energy gathering sports social space, a children's interactive space, and a rooftop garden, all aimed at enhancing family bonding and social interactions [5][10] Group 3: Business Strategy - The project breaks the boundary between home and lifestyle commerce, significantly increasing the proportion of dining, family, and entertainment formats, which is expected to drive foot traffic and cross-selling opportunities [7][10] - Meikailong's strategic shift is based on insights into retail trends, focusing on creating experiential spaces rather than just sales venues, which aligns with the evolving consumer preferences for deeper engagement [9][10] Group 4: Financial Performance - Meikailong reported a net operating cash flow of 643 million yuan for the first three quarters of 2025, with a significant improvement in operating profit from approximately 100 million yuan to 200 million yuan year-on-year [10] - The occupancy rate of self-operated malls increased from 83.0% at the end of 2024 to 84.7% by the end of September 2025, indicating improved asset management and operational efficiency [10] Group 5: Strategic Collaboration - The opening of Bay Yue City signifies a new phase in the strategic partnership between Meikailong and Jianfa Group, moving from limited collaborations to a comprehensive and deep cooperation across the entire mall [11][12] - Jianfa Group's management expertise is expected to enhance the operational success of the project, while Meikailong benefits from revitalizing its existing assets and gaining professional operational insights [12][13]

Core Insights - The ongoing competition in the food delivery sector has unexpectedly provided more "oxygen" to the entire industry, rather than leading to mutual destruction [1][3] - The integration of platforms like Ele.me into Taobao Flash Purchase and the increase in traffic sources for JD.com and Meituan have benefited the overall industry [3][9] OTA Industry Dynamics - The OTA industry is being redefined by the intense competition in the food delivery sector, which has created new traffic sources [9][10] - Historically, the OTA market has been characterized by weak competition, with Ctrip holding over 60% market share prior to the food delivery wars [4][14] - Ctrip has established a strong customer mindset and has optimized supply in hotel products, making it a key player in demand distribution [6][12] Market Trends and Performance - During the recent National Day holiday, domestic travel saw significant growth, with 888 million trips taken, a 16.1% increase from the previous year, and total spending reaching 809 billion yuan, up 15.4% [11] - Ctrip's performance has been consistently strong, with its market value exceeding 170 billion HKD at the time of its IPO in 2021 [6][7] Competitive Landscape - The OTA industry is transitioning from weak to strong competition, with new players like Fliggy emerging as significant competitors to Ctrip [8][12] - The competitive intensity in the OTA sector is expected to be less severe than in the food delivery industry due to its cyclical nature [13][14] Future Growth Opportunities - The OTA market has reached a saturation point domestically, prompting companies to seek growth through international expansion [17][19] - Ctrip's international travel bookings have seen over 60% year-on-year growth, indicating potential in overseas markets [18][20] - The current market environment is favorable for consumers, with increasing options for travel and lower costs in the Asia-Pacific region [20][21] Conclusion - The competition in the OTA sector is expected to lead to continuous service optimization, benefiting both consumers and businesses [15][23] - The industry is poised for growth through international expansion, with companies needing to adapt to local market conditions [22][24]

Core Viewpoint - The hotel and travel industry is emerging as a new battleground for major players, similar to the recent competition in the food delivery sector, with Alibaba, Ctrip, Meituan, and Douyin being key competitors in this space [1][6]. Industry Overview - The travel industry is one of the few sunrise industries in China, with significant growth potential [7]. - During the recent 2025 National Day holiday, travel participation reached a record high, with over 2 billion people traveling [8]. - In the first half of 2025, domestic travel spending by residents reached 3.15 trillion yuan, a year-on-year increase of over 15%, outpacing China's GDP growth [9]. Company Performance - Atour Hotel reported a 37% year-on-year revenue growth in the first half of 2025, indicating strong performance in the hotel sector despite a challenging macroeconomic environment [10]. - Ctrip holds a dominant market share of 56% in the travel market, significantly higher than its competitors [13]. - Ctrip's annual profits reach around 2 to 3 billion USD, showcasing the profitability of travel platforms [14]. Competitive Landscape - The second-largest player in the travel industry is Tongcheng Travel, with a market share of approximately 15%, supported by Tencent's investment [15]. - Meituan and Fliggy rank third and fourth, with market shares of 13% and 8%, respectively [16]. - The travel industry is characterized by a fragmented supply of hotels, which increases the value that platforms can capture [20]. Consumer Behavior - Consumers heavily rely on platforms for hotel bookings, as most hotels lack direct customer acquisition capabilities [18]. - Although travel is not a high-frequency activity, the high spending associated with it makes it a significant part of annual expenditures for many consumers [23][25]. Strategic Moves - Alibaba's integration of Fliggy into Taobao signifies a serious commitment to the travel market, aiming to leverage high-frequency shopping to drive low-frequency travel bookings [27][29]. - Fliggy's previous struggles stemmed from service quality issues compared to Ctrip and a strategic misalignment focusing on outbound travel rather than domestic tourism [30][35]. Future Outlook - The integration with Taobao presents a crucial opportunity for Fliggy to enhance its service offerings and tap into the vast user base of Taobao [37]. - The collaboration with 88VIP will allow for better membership benefits, which are highly valued in the travel industry [39]. - Platforms like Taobao and Douyin have the potential to personalize travel recommendations, enhancing consumer experiences [42].

Core Viewpoint - The article discusses JD's recent developments in the food delivery and hotel industries, emphasizing the company's focus on supply chain innovation and its competitive stance against other platforms while maintaining a collaborative spirit in the industry [3][5][15]. Summary by Sections JD's Recent Events - The first "JD Wine Tasting Event" took place on September 16, where CEO Liu Qiangdong engaged with users, showcasing a dish he prepared, highlighting the company's commitment to customer interaction [3][4]. Business Growth and Strategy - JD's new delivery service has seen significant growth, with a 198.8% revenue increase in the new business segment to 13.852 billion yuan in Q2, despite a loss of 14.7 billion yuan in the same segment [4][5]. - The company reported a 35% increase in daily active users and a 17% increase in monthly active users, outperforming competitors like Taobao and Pinduoduo [4]. Supply Chain Innovation - Liu emphasized that JD's business model revolves around supply chain innovation, aiming to alleviate industry pain points rather than engage in destructive price wars [5][6]. - The "4+2" strategy for the hotel business focuses on four areas of revenue generation and two cost-saving measures, including low commissions and corporate procurement [5][6]. New Business Initiatives - The "Seven Fresh Kitchen" initiative aims to enhance hotel dining experiences and has already increased restaurant orders by over 30% in its vicinity [12][13]. - JD's approach to the hotel industry seeks to avoid price wars and instead focus on quality and service, with plans for future announcements regarding hotel development [15][16]. Commitment to Industry Standards - JD is committed to paying full social insurance for its delivery personnel, setting a new standard in the industry [17]. - Liu highlighted the importance of maintaining high-quality standards in retail, drawing parallels with the premium positioning of brands like Moutai [17]. Customer Engagement - Liu expressed gratitude for long-term customer relationships, emphasizing the importance of direct communication with users through events like the "Netizen Meeting" [18].

Core Insights - The launch of the new "Big Member" system by Taobao integrates various Alibaba resources, covering a wide range of consumer needs from dining to travel, aiming to create a comprehensive membership experience for all users [2][6][10] - The new membership system is free and has no entry barriers, allowing all Taobao users to participate and earn "Taoqi Value" which determines their membership level across multiple Alibaba platforms [3][4][12] Group 1: Membership System Features - The Taobao Big Member system consists of six levels: Bronze, Silver, Gold, Platinum, Diamond, and Black Diamond, with higher tiers offering access to additional benefits like 88VIP [3][5] - The "Taoqi Value" system has been updated to enhance transparency and user engagement, allowing users to see their earning details and growth paths [4][5] - The membership system aims to provide comprehensive benefits that span various life scenarios, reflecting a shift in consumer expectations for integrated services [6][10] Group 2: Strategic Implications - The introduction of the Big Member system is part of Alibaba's broader strategy to transition from an e-commerce platform to a "big consumption platform," integrating services like food delivery and travel [10][11] - The consolidation of services under a unified membership system is expected to enhance user loyalty and engagement, ultimately increasing the lifetime value of customers [6][12] - The strategic alignment of different business units within Alibaba, such as Ele.me and Fliggy, is designed to optimize resource allocation and improve overall service delivery [11][12] Group 3: Impact on Merchants - The new membership system is anticipated to significantly impact merchants by increasing user engagement and providing more opportunities for targeted marketing [16][18] - Merchants can now operate within a broader membership framework, allowing for more refined customer segmentation and tailored promotional strategies [18][19] - The emphasis on everyday benefits rather than just promotional events indicates a shift towards creating sustained customer relationships through regular engagement [18][20]

Core Viewpoint - The launch of the new "Big Member" system by Taobao is a strategic move to integrate various Alibaba resources and enhance user engagement across multiple lifestyle scenarios, positioning Taobao as a comprehensive "big consumption platform" [2][12][16]. Summary by Sections Overview of the Big Member System - The new Taobao Big Member system is free and accessible to all users, categorizing them into six levels based on their "Taoqi Value," which is calculated from spending across Taobao, Ele.me, and Fliggy [4][6][11]. - The system aims to create a more inclusive membership experience, moving beyond just serving a subset of paying users [7][12]. Changes and Features - The Taoqi Value system has been updated to enhance transparency and user engagement, with many users noticing an increase in their Taoqi Value compared to the previous version [8][11]. - The Big Member system emphasizes comprehensive coverage of various lifestyle needs, reflecting a shift in user expectations for integrated benefits across different platforms [12][27]. Strategic Implications - The integration of services from Taobao, Ele.me, and Fliggy under the Big Member system is a critical step towards establishing a unified consumption ecosystem, enhancing user loyalty and engagement [16][17]. - The strategic alignment of different business units within Alibaba aims to optimize resource allocation and improve user experience across the board [15][16]. Impact on Merchants - The Big Member system is expected to significantly impact merchant operations by increasing user engagement and providing more opportunities for targeted marketing [25][26]. - Merchants can leverage the new membership structure to enhance cross-industry collaboration and drive deeper consumer engagement through tailored promotions [27][29]. Future Directions - The Big Member system opens up new avenues for merchants to implement refined customer segmentation and targeted offers, moving away from broad discount strategies [29][30]. - The focus on everyday benefits rather than just promotional events indicates a shift towards a more sustainable and user-centric approach in membership design [30][34].

Core Insights - The article highlights a significant surge in daily orders for food delivery services, with Taobao Flash Purchase and Ele.me reporting over 80 million daily orders and more than 200 million active users, while Meituan's daily orders exceeded 100 million [1][7][10] - The competition among e-commerce giants has intensified, particularly in the food delivery sector, driven by substantial subsidies aimed at attracting younger consumers and boosting order volumes [1][6][10] E-commerce Competition - Taobao Flash Purchase and Ele.me launched a massive subsidy campaign, with Taobao offering a total of 50 billion yuan in subsidies, leading to a spike in orders and user engagement [7][10] - Meituan reported that its instant retail orders surpassed 120 million, with food delivery orders exceeding 100 million, indicating a strong consumer response to the subsidy initiatives [6][10] Consumer Behavior - The article notes a trend of consumers sharing their experiences on social media, showcasing the benefits of the subsidies, such as receiving multiple drinks for little to no cost [8][9] - The demand for milk tea has been particularly effective in driving sales, as it appeals to younger demographics and has a high frequency of purchase [9][11] Impact on Merchants and Delivery Personnel - Merchants and delivery personnel are experiencing overwhelming order volumes, with reports of some stores receiving over 300 orders in an hour, leading to challenges in fulfilling orders promptly [8][9] - Delivery personnel have reported significant increases in earnings due to the subsidies, with some earning over 1,000 yuan in a single day [8][9] Strategic Implications - The ongoing subsidy wars are seen as a strategic battle for high-frequency traffic and market share in the trillion-yuan instant retail market, with companies aiming to create a closed-loop ecosystem that connects food delivery with other high-value services [10][11] - Experts suggest that while subsidies can drive short-term growth, they may not be sustainable in the long run, potentially leading to a "prisoner's dilemma" scenario within the industry [10][12]