暑期"三国杀"之后，阿里、美团、京东都在近期公布了最新财报，由于外卖补贴费用激增导致的增收不 增利，成为了三家财报的共同特征。来到九月，伴随大量青少年重回校园和暑期消费换挡，外卖业务单 量也在从峰值回归，另一方面，在最新财报发布会上，美团、阿里都表达了对外卖补贴的克制，京东则 在7月推出自营品牌"七鲜小厨"后就再没有进行过进攻性的表态，9月9日市场监管总局也表示，要杜绝 不正当竞争，抵制恶性补贴，推动行业规范有序发展。 那么，外卖行业本轮大战是否已经结束？回过头来，京东为什么要发起这轮外卖大战，阿里为何在后半 场突然加力，美团又是如何奋力守住自家领土的？打来打去，各家争夺的到底又是什么？ 尔要战，便战 "尔要战，便战"，是2017年美团深入滴滴腹地掀起打车战时程维的回应。风水轮流转，2025年京东发起 新的外卖抢位赛时，却成了美团的映照。无论是打车还是外卖，具有网络效应的行业市场份额都会受 到"721定律"的影响，无论是第一第二位置的调换，还是有企业从10%的水下冲杀出来抢夺第二的位 置，都意味着巨大的市场空间轮换，所以只要一方开战，其他各方就一定要迎战。 只不过外卖市场已经很大程度上是存量市场，虽然借助低价 ...

Core Insights - The rise of "instant retail" led by Meituan, JD, and Alibaba is transforming the retail ecosystem, with brands recognizing it as a critical growth area for 2025 [1][3][31] - Major investments in instant retail have exceeded 42 billion yuan from June to September, with one company reportedly spending over 22 billion yuan in just two months [3][6] - Instant retail is becoming essential for various brands, with significant order growth reported, particularly in the beauty and fruit sectors, where some brands saw order increases of over 40% [1][15] Investment and Strategy - Meituan is reallocating resources towards instant retail, viewing the period from September to December as crucial for competition [1][2] - Alibaba has positioned instant retail as a strategic project, integrating it into its broader consumer ecosystem [1][3] - Companies are adjusting their strategies, with some shifting from traditional distribution models to direct instant retail operations [1][26] Market Dynamics - The competition among platforms intensified during the back-to-school season, with promotional activities aimed at students [3][6] - Instant retail is seen as a growth engine for Alibaba, contributing to a 20% increase in daily active users [7][18] - Brands are experiencing increased consumer engagement and order volume through platforms like Taobao Flash Sale, with some reporting a 500% increase in order volume [8][12] Consumer Behavior - There is a notable shift in consumer purchasing behavior, with an increase in non-emergency product sales, indicating changing consumer habits [12][13] - Brands are focusing on user retention and understanding consumer needs, with a significant portion of new users coming from instant retail channels [18][23] - The demographic of instant retail users is predominantly younger, with 90s and 00s users making up a large share [18][24] Challenges and Considerations - Brands face challenges in managing pricing strategies due to the variability in product costs, particularly in categories like fresh produce [9][11] - The competition in instant retail is fierce, with many brands needing to invest heavily to keep up with rivals [29][30] - Companies are urged to focus on product quality and value proposition to stand out in the crowded instant retail market [25][30]

Core Viewpoint - The launch of Meituan's discount supermarket "Happy Monkey" in Hangzhou marks a significant move by major internet companies into the hard discount retail sector, which is expected to reshape the future of instant retail and enhance supply chain efficiency [1][2][4]. Group 1: Hard Discount Market Dynamics - The hard discount model focuses on extreme cost reduction and efficiency in operations and supply chains, typically achieving gross margins of 10%-15% [2]. - Major players like Meituan, Alibaba's Hema NB, and JD.com are entering the hard discount space, indicating a competitive landscape that extends from online to offline retail [1][4]. - The competition among these companies is characterized by strategic positioning in different geographic areas, with Meituan targeting first-tier cities, Hema NB focusing on the Yangtze River Delta, and JD.com expanding in northern cities [4]. Group 2: Retail Efficiency Revolution - The hard discount model is expected to drive a new wave of retail efficiency by reducing unnecessary distribution costs and directly engaging with manufacturers [5][6]. - The shift towards hard discounting is supported by changing consumer preferences, with a projected compound annual growth rate of 5.6% for hard discount formats over the next decade, outpacing traditional supermarkets [7][8]. - Consumers are increasingly seeking value-driven purchasing options, leading to a decline in luxury goods sales and a rise in outlet sales [6][7]. Group 3: Self-Operated Products and Quality Assurance - Major retailers are focusing on self-operated products to enhance price competitiveness while maintaining quality, with Hema NB's self-operated products accounting for approximately 60% of its offerings [10][12]. - The development of self-operated products allows retailers to collaborate closely with top suppliers, ensuring that pricing reflects true production costs and quality standards [11][12]. - Companies like JD.com are also introducing their own brands to compete effectively in the hard discount market, emphasizing quality and supply chain optimization as core strengths [12].

Core Insights - The article discusses the launch of Meituan's first hard discount supermarket "Happy Monkey" in Hangzhou, marking a significant move in the retail sector as major internet companies enter the hard discount space [2][4] - The competition in the hard discount sector is intensifying, with other players like Hema NB and JD's discount supermarket also expanding their presence, indicating a shift from online to offline retail strategies [5][11] Industry Overview - Hard discount retailing is characterized by a focus on cost reduction and efficiency in the supply chain, contrasting with soft discount models that rely on purchasing expired or near-expiry goods [4][12] - The gross margin for hard discount retail typically ranges from 10% to 15%, allowing for competitive pricing while maintaining profitability [6] Competitive Landscape - Major players like Meituan, JD, and Alibaba are strategically positioning themselves in the hard discount market, leveraging their existing resources and supply chains to enhance operational efficiency [11][19] - The competition is not only about pricing but also about providing high-quality products and a better shopping experience, as consumer preferences shift towards value for money [17][21] Consumer Trends - There is a noticeable shift in consumer behavior towards more cost-effective purchasing options, with a projected compound annual growth rate of 5.6% for hard discount formats over the next decade, outpacing traditional supermarkets [16] - The demand for high-quality yet affordable products is driving the development of private label goods, which are crucial for maintaining competitive pricing and enhancing consumer trust [18][19] Strategic Initiatives - Companies are focusing on direct sourcing from manufacturers to reduce costs and improve product pricing, thereby enhancing the overall value proposition for consumers [13][21] - The integration of self-operated products is becoming a key strategy for hard discount retailers, allowing them to offer better prices while ensuring quality through direct partnerships with top suppliers [18][19]

"送您一道菜，可以给一个五星好评吗？""帮您免单，可以帮忙删除差评吗……"当店员恳切地对 顾客发出类似请求，并附带一定的利益让渡时，大概率不会遭到拒绝——这是点评类应用评分失 真的重要来源场景之一。 点评平台赋予用户的话语权，通过长期积累构成了针对商户的量化评价体系；但当下包含一定情绪和随机性的 评价，难以对用户行为进行回溯，从而造成了评价体系失真现象和诸多消费争议。 阿里巴巴旗下高德地图9月10日推出的高德扫街榜，力图直击上述痛点，其创新之处在于将用户评价同信用和 行为两大要素挂钩。一方面，高德扫街榜对用户发言权的极低门槛特性进行纠偏，引入了支付宝芝麻信用体 系，为可信评价加权，有利于过滤恶评和噪音。 另一方面，在主观评价之外引入客观变量——行为。正如网友的辣评"嘴会骗人，但脚不会"，高德地图的长板 在于导航服务。通过出行、到店等真实数据，高德推出了"轮胎磨损榜""回头客榜"等，这些"用脚投票"的真实 行为榜单，比起纯主观评价的榜单更取信于用户。 从用户行为上看，高德扫街榜也有其长处。例如，消费者专程远距离前往某家小店，用餐后离开，其行为会纳 入"轮胎磨损榜"，成为商家的评分因子之一，省去用户了"绞尽脑汁想 ...

市场表现全面超出阿里方面预期的淘宝闪购，目前仍在加速前进。 据悉，近期天猫方面已面向品牌商家开通闪购合作邀约，并且品牌官方及经销商均可作为主体申请合 作，将线下直营门店和授权经销门店接入淘宝闪购。而接入淘宝闪购的相关商家则可"继承"远场电商模 式下的商品销量等数据，无需经历新店冷启动。随着超级88大促9月8日正式开卖，天猫还首次上线 了"即时购"会场，主打"品牌官方正品，小时可得"。 截至目前，已有苹果、迪卡侬、babycare、全棉时代、美的、追觅、绫致集团等，首批260余个品牌通 过天猫旗舰店或授权专营店接入淘宝闪购，覆盖3C数码、运动户外、母婴、服饰、家电等品类。 事实上，天猫品牌商家接入淘宝闪购并不让人感到意外。此前在2026财年第二季度财报电话会上，阿里 巴巴中国电商事业群CEO蒋凡在谈及即时零售非餐品类发展规划时就曾表示，淘宝闪购将该业态分为近 场原生模式和远近场结合模式两部分。其中针对远近场结合模式，除了推动天猫超市全面从B2C远场模 式升级为近场闪购模式外，淘宝闪购还将积极引入天猫品牌线下门店。 另一方面，如今摆在淘天面前的难题还有在天猫品牌商家有望通过闪购获得新增量的同时，无力实现本 地供给 ...

Core Viewpoint - UBS reports that Alibaba's Gaode Map has launched a new feature called Gaode Street Ranking, which utilizes AI-driven sorting based on user behavior rather than traditional user reviews [1] Group 1: Gaode Map's New Feature - Gaode Map's ranking system is based on real user behaviors, including the number of users navigating to a merchant, repurchase rates, willingness to visit, and diversity of visitors [1] - The system integrates personal data and credit ratings from Alipay users to enhance accuracy [1] - The initial rollout covers over 300 cities and provides recommendations for 1.6 million local merchants, including restaurants, hotels, and attractions [1] Group 2: Financial Implications and User Engagement - Gaode will invest 1 billion RMB in platform subsidies to encourage user participation in travel and in-store consumption [1] - UBS estimates that these initiatives will generate an additional 10 million user visits daily for local merchants [1] Group 3: Market Dynamics and Future Outlook - The upgrade reflects the dynamic competitive landscape of local life services, extending from instant retail to in-store business, which is the most profitable segment for Meituan [1] - Looking ahead to Q4, the focus is expected to shift from food delivery to non-food instant retail and in-store business, potentially leveraging traffic during the Golden Week holiday [1]

Group 1 - The core idea of the articles emphasizes the dynamic balance between competition and cooperation in business, highlighting how brands can evolve together in a competitive landscape [1] - The "2025 Meituan Instant Retail Brand Conference" was held in Beijing, focusing on how brands can leverage AI to gain insights into consumer demand and optimize supply [2] - In the first eight months of this year, Master Kong's instant noodle business led the market in instant retail sales, winning the "Golden Flash Award" from Meituan, marking it as the only award-winning brand in the instant food industry [4][6] Group 2 - The rise of instant retail is transforming consumer behavior from emergency needs to lifestyle choices, with the market expected to exceed 4.5 trillion yuan by 2030 [5] - Master Kong has strategically embraced new channels, achieving significant breakthroughs in supply optimization and targeting specific consumer groups, such as late-night snackers and students [5][10] - The launch of the new product "He Mian" targets the instant retail market, designed for dinner consumption, and has been well-received through online promotions [8][9] Group 3 - Master Kong's collaboration with Meituan has led to a dual growth in user engagement and sales data, particularly in late-night and campus scenarios [10][13] - The "Kang Shifu Late Night Noodle Shop" marketing initiative aims to capture the late-night snack market across 179 cities, integrating with youth culture and events [15] - The company is leveraging Meituan's delivery capabilities and extensive user base to enhance sales and market presence, positioning itself for sustainable growth in the evolving instant retail landscape [16]

Core Viewpoint - Alibaba's launch of the Gaode Street Ranking represents a significant shift in how urban life services are evaluated, leveraging AI and real user behavior data to create a new credit system for offline services [5][9][14] Group 1: Product Overview - The Gaode Street Ranking is the world's first service ranking based on real navigation and travel behavior, integrating AI technology [5][7] - The product aims to provide a more reliable evaluation system for local businesses, particularly small, non-chain restaurants, by focusing on actual customer visits rather than user-generated content [8][9] - Gaode has committed to keeping the Street Ranking free from commercialization, emphasizing the product's integrity [5][8] Group 2: Market Context - The launch coincides with Alibaba's 26th anniversary and the intensifying competition in the offline retail space leading up to 2025 [5][6] - The initiative is seen as a response to the challenges faced by small businesses that struggle to gain visibility in a market dominated by larger chains [9][12] - The Gaode Street Ranking is part of a broader strategy to redefine the urban service evaluation landscape, potentially impacting Alibaba's overall consumer platform strategy [13][14] Group 3: Data and Technology - Gaode's AI-driven approach has resulted in over 63 million daily life service point recommendations, showcasing the platform's capability to analyze user behavior effectively [7][8] - The platform records 1.2 billion daily searches for life services and over 1.5 billion kilometers of navigation, indicating a robust user engagement [8] - The evaluation system combines multiple data dimensions, including navigation, search, and user interactions, to create a comprehensive scoring mechanism [8][9]

Group 1 - UBS reports that Alibaba's Gaode Map has launched the "Gaode Street Ranking" feature, utilizing AI to rank local businesses based on user behavior metrics such as navigation visits and repurchase rates [1] - The ranking system integrates user data from Alipay to enhance accuracy and is initially covering over 300 cities, providing recommendations for 1.6 million local merchants [1] - Gaode is investing 1 billion RMB in platform subsidies to encourage user participation, which is expected to generate an additional 10 million user visits daily for local merchants [1] Group 2 - The upgrade of Gaode reflects Alibaba's ambition in local life services, contrasting with Meituan's focus on local search [2] - Gaode currently has 170 million daily active users, processing over 120 million searches and 13 million local merchant navigations daily, while Dazhong Dianping has 33 million daily active users [2] - The expansion of Ele.me's merchant base is expected to accelerate, leveraging Gaode's location-based services to better target small and medium-sized merchants, particularly in lower-tier cities [2] Group 3 - The upgrade indicates a dynamic competitive landscape in local life services, with a shift from food delivery to in-store services [3] - The focus for the fourth quarter is expected to shift towards non-food instant retail and in-store services, especially during the Golden Week [3] - UBS remains optimistic about Alibaba's long-term value release potential, while maintaining confidence in Meituan's competitive position [3]