文 | 唐辰同学 把美团打得最疼的还是淘宝闪购。 7日上午，淘宝闪购联合饿了么发布了一组数据：日订单数超8000万；非餐饮订单超1300万；淘宝闪购日活跃用户超过2亿。 "真是太快了！" 这组数据是什么概念？做两个对比，一是和"淘宝闪购x饿了么"自身比：淘宝闪购于5月2日正式上线，5月底日订单超4000万，6月底日订单超6000万。上 线两个月，淘宝闪购即突破日订单8000万。 "淘宝"公众号还更新了一张趋势图，可以从中看到其增势的迅猛。官方自我评价都带着震惊："真是太快了！" 图源："淘宝"公众号 值得玩味的是，7月5日被传是淘宝闪购的"冲单日"，加上此前淘宝闪购500亿消费者及商家补贴，美团终于坐不住了，将Q1财报后的低调动作摆在了明 处，也在当天发放海量优惠券，尤其是针对奶茶、咖啡等新茶饮的小额高频订单，冲高订单量。 比如7月5日当晚，我就抢到了美团的免单券，包括5张外卖配送免单券和5张到店自取免单券，均为果茶、咖啡等大众饮品，包括茶百道、蜜雪冰城、沪上 阿姨、益禾堂等品牌。而且，大部分免单券在当晚23：59到期。 美团这波冲单是有作用的，直接创下1.2亿单即时零售新纪录，美团App还史无前例的短暂宕机 ...

2025.07. 08 本文字数：1309，阅读时长大约2分钟 作者 | 一财评论员 硝烟四起的外卖大战，在反内卷的大背景下格外引人关注。 7月5日夜间，淘宝闪购、美团掀起了外卖大战，大量外卖红包如雨后春笋般撒落，部分外卖甚至可 以"零元购"。 这场事关"即时零售+电商+丰盈流量入口"的决战，各参与主体都在大战中获得了福利的精进，消费者 获得了消费者剩余，平台企业提升了数字资产价值和供应链整合能力，商家有了更多外卖平台可供选 择，骑手则获得了更多业务和选择机会。 方兴未艾的外卖补贴大战，各大平台争夺的是即时配送、新零售业务等的流量入口，尽管补贴本质是 一场变相价格战，但这背后较量的是各大平台的供应链管理能力和数字资产的贴现能力等，可看作是 国内市场在消费交易环节的一场系统性的竞相升级。支撑各大平台发出竞争性补贴的是，平台复杂多 元的盈利渠道和能力，以及多元化的商业场景，即补贴在商业上可看作是平台运营模式的内部转移定 价。 当前国内正综合整治"内卷式"竞争，而外卖大战正用鲜活具象事件，为人们提供如何辨识正常商业竞 争与"内卷式"恶性竞争的区别，从而有助于避免误判误伤。 当然，要有效保护正常市场竞争，需要在包容竞 ...

Core Viewpoint - The downfall of Renrenle (002336.SZ), once a leading retail chain in China, culminated in its delisting from the Shenzhen Stock Exchange after failing to meet financial standards and experiencing continuous losses [3][5]. Group 1: Financial Performance and Delisting - Renrenle's stock entered the delisting preparation period on June 13, 2023, and was officially delisted on July 4, 2023, marking the end of its 15-year journey in the A-share market [1]. - The immediate cause of delisting was the company's financial performance, with a reported net asset of -404 million yuan for 2024 and an audit report that expressed "inability to express an opinion" [3]. - From 2021 to 2024, Renrenle recorded negative net profits after excluding non-recurring losses for four consecutive years, leading to multiple delisting indicators being triggered [3][5]. Group 2: Historical Context and Challenges - Renrenle, once celebrated as the "first private supermarket stock," was listed in January 2010 with an initial price of 26.98 yuan, peaking at over 35 yuan on its first trading day, and achieving a market capitalization exceeding 13 billion yuan [4]. - The company faced significant challenges starting in 2012, with performance fluctuations and more years of losses than profits, exacerbated by the rise of e-commerce and increased competition [4]. - Despite attempts to transform its business model through high-end supermarkets and online expansion, these efforts failed to reverse the declining trend [4][6]. Group 3: Industry Implications and Future Outlook - Renrenle's delisting highlights the broader challenges faced by traditional retail, including rising operational costs and the impact of new retail formats [6]. - The traditional supermarket sector, characterized by low profit margins and reliance on supplier fees, is under pressure from emerging competitors like Hema and membership-based models [6][7]. - Industry experts suggest that the future of retail lies in companies that can innovate and adapt, moving away from large-scale operations to more agile and specialized business models [7].

Core Viewpoint - The competition in the fresh food retail market is intensifying as major players like JD and Meituan accelerate their offline store openings, indicating a resurgence of the "new retail" concept that integrates online and offline shopping experiences [3][11][15]. Group 1: Market Dynamics - JD and Meituan are focusing on the fresh food segment as a high-frequency necessity, with JD's 7Fresh and Meituan's Little Elephant Supermarket both expanding their offline presence [4][9]. - The shift towards offline stores is supported by a change in consumer behavior, where online purchasing of fresh food has become more accepted [3][14]. - The success of Hema, which achieved profitability after nine years, has instilled confidence in other players to invest in the fresh food retail space [3][15]. Group 2: JD's Strategy - JD plans to achieve full coverage of the 7Fresh stores in the Beijing-Tianjin-Hebei region by the end of the year, with a focus on core business districts [5][6]. - The "1+N" model is being implemented, where the central store serves as both an experience hub and a supply chain node, while smaller satellite stores enhance delivery efficiency [6][7]. - JD's integration of 7Fresh with its food delivery services aims to create a seamless shopping experience for consumers [7][8]. Group 3: Meituan's Approach - Meituan's Little Elephant Supermarket is also ramping up its offline expansion, targeting all first- and second-tier cities [9][10]. - The recruitment of over 200 positions for Little Elephant Supermarket indicates a significant commitment to expanding its physical presence [10]. - Meituan's strategy includes leveraging its strong delivery capabilities to enhance the efficiency of its new store openings [20]. Group 4: Industry Trends - The shift back to offline retail is part of a broader trend where companies are reassessing the value of physical stores in light of rising online customer acquisition costs [19]. - The role of offline stores is evolving from mere sales points to multifunctional efficiency nodes that support both customer experience and logistics [21][22]. - The integration of online and offline channels is seen as essential for driving growth in the fresh food sector, with companies investing heavily in infrastructure to support this transition [23].

Core Viewpoint - The decline of Renrenle, the first private supermarket listed in China, leading to its delisting, reflects the challenges faced by traditional retail in the face of e-commerce competition and changing consumer habits [1][12]. Financial Performance - Renrenle was listed on January 13, 2010, with an initial stock price of 26.98 yuan per share, reaching a peak market capitalization of approximately 136.68 billion yuan shortly after [2]. - By July 3, 2025, Renrenle's stock price had fallen to 0.36 yuan per share, resulting in a total market capitalization of about 1.58 million yuan [2]. - The company reported a net asset of -4.04 billion yuan for the fiscal year 2024, continuing a trend of negative net profits since its third year of listing [4][6]. Operational Challenges - Renrenle faced significant operational challenges, including rising store operating costs, intense competition from online retailers, and a shift in consumer shopping habits [1][4]. - The company has experienced net losses in nine out of its fifteen years since going public, with attempts at transformation and new business ventures yielding little success [1][4]. Store Management and Strategy - Renrenle's store count peaked at 149 in 2019 but has since declined, with the company closing 45 stores and opening only one new store by the end of 2024 [11]. - The company has attempted to mitigate losses through asset sales and restructuring, including the divestment of subsidiaries and renegotiation of debts with suppliers [6][12]. Market Context - The retail sector has seen a significant number of companies delist, with 17 companies exiting the A-share market in 2024 alone, highlighting the broader challenges within the industry [12][13]. - Analysts attribute Renrenle's struggles to poor strategic decisions, including overexpansion and failure to adapt to e-commerce trends, which ultimately led to its loss of competitive advantage [12][13].

Core Insights - The article highlights the strategic focus of Hema on the flower market, particularly the hydrangea, as it prepares for the peak sales season [1][2] - Hema has established its first hydrangea village in Yunnan, aiming to strengthen its supply chain control and competitive advantage in the flower sector [1][4] - The overall flower retail market in China is projected to reach a total scale of 220 billion yuan in 2024, with online consumption accounting for approximately 120 billion yuan [2] Company Strategy - Hema's business model has transitioned to a positive cycle, achieving its first annual adjusted EBITA profit in the fiscal year from April 2024 to March 2025, with a GMV exceeding 75 billion yuan [1] - The introduction of hydrangeas in 2021 has led to significant sales growth, with over 2 million units sold in a summer season, making it the highest repurchased flower at Hema [2][4] - Hema is continuously innovating its product offerings, introducing seasonal flowers like peach blossoms and tulips to enhance customer experience and drive sales [2][3] Market Dynamics - The flower market in China has seen rapid growth, with over 5 million industry workers and nearly 220,000 seedling flower enterprises, generating an annual output value of over 520 billion yuan [1][2] - Hema faces increasing competition from other platforms like Seven Fresh and Little Elephant Supermarket, prompting the company to innovate its products and business models [2] - The average wholesale price of hydrangeas has significantly decreased due to Hema's direct partnerships with quality cultivation bases, stabilizing market prices [4]

Core Insights - The "2024 China Chain Top 100" list reveals significant transformations in the retail industry amidst fluctuations, with overall sales growth of 4.9% and a 13.5% increase in total store numbers among the top chain enterprises [1][2] - Hema's remarkable performance, with double-digit growth in both sales and store numbers, positions it as a key player reshaping the competitive landscape of China's retail sector [2] Group 1: Hema's Strategic Adjustments - Hema's strategic contraction is evident as it reduces its X membership stores from 10 to 3, shifting focus from competing with Sam's Club to prioritizing profitability [3][4] - The new CEO emphasizes a "core business focus," concentrating resources on "Hema Fresh" and "Hema NB," leading to a 27.1% year-on-year increase in GMV to 75 billion yuan and a 16.7% increase in store numbers to over 420 [3][4] - Hema's operational cost rate significantly decreased in 2024 due to a data-driven strategic adjustment, enhancing its profitability [4] Group 2: Dual Business Model Synergy - Hema's growth is driven by the synergy between "Hema Fresh" and "Hema NB," catering to both mid-to-high-end and lower-tier markets [5][6] - Hema Fresh showcases superior digital operational capabilities, with 63% of orders online and a rapid delivery network covering major cities, supported by a robust technological framework [5] - Hema NB targets lower-tier markets with a "hard discount" model, offering prices around 50% lower than competitors, effectively meeting the demand for quality at affordable prices [6][7] Group 3: Insights into Lower-Tier Market Consumption - In 2024, 30% of Hema's new stores were opened in lower-tier cities, marking a five-year high, with some stores achieving monthly sales exceeding 45 million yuan [9][10] - Hema's tailored product strategy for lower-tier markets significantly enhances product fit compared to traditional supermarkets, driven by a deep understanding of consumer behavior [9][10] - The "first store economy" effect has spurred consumer enthusiasm in lower-tier markets, with Hema's entry seen as a lifestyle upgrade [9][10] Group 4: Challenges Ahead - Despite achieving impressive results in 2024, Hema faces challenges in balancing scale expansion with capability development to meet its goal of exceeding 100 billion yuan in GMV within three years [11][12] - The company must navigate the pricing and quality balance in lower-tier markets, where consumers are price-sensitive yet expect quality assurance [11][12] - Hema's supply chain regionalization poses logistical challenges, particularly in western markets, requiring significant investment and time to establish a localized procurement network [12] Group 5: Conclusion - Hema's transformation reflects a shift in China's retail industry from a focus on traffic to a focus on value, providing a model for industry transition [14] - The strategic essence of Hema's approach lies in efficiency and user value rebalancing, leveraging digitalization to enhance inventory turnover and reduce procurement costs [14] - Hema's ability to open 72 new stores in a contracting supermarket sector demonstrates its resilience and commitment to enhancing consumer value [14]

Core Viewpoint - The collaboration between Jiugui Liquor and Pang Donglai has generated significant market interest, leading to a surge in Jiugui's stock price and market capitalization, indicating strong investor confidence in the potential success of their joint product launch [2][5]. Company Summary - Jiugui Liquor's stock price reached a limit up on June 30, closing at 43.99 yuan per share, resulting in a market value increase of 920 million yuan in one day [2]. - The partnership with Pang Donglai aims to enhance Jiugui's market presence and product innovation, with plans for deep collaboration in retail channel expansion and product promotion [5]. - Jiugui's revenue fell by 49.7% year-on-year, and net profit plummeted by 97.72%, highlighting the urgent need for revitalization through strategic partnerships [5]. Industry Summary - The collaboration represents a trend of traditional liquor companies partnering with retail platforms, reshaping distribution channels and power structures within the industry [4]. - The rise of new retail, particularly instant retail, is transforming the liquor market, with significant sales growth observed during events like the 618 shopping festival, where liquor sales on instant retail platforms surged dramatically [7][11]. - The industry is witnessing a shift towards direct sales models, with leading liquor companies increasing their direct-to-consumer strategies to enhance profit margins and control over distribution [10][13].

履约形态适配中国土壤，即时零售潜力或超预期 ——即时零售行业研究 评级： 增持（首次） 执业证书编号：S0740523110001 Email：suchang@zts.com.cn 执业证书编号：S0740524040004 Email：zhengch@zts.com.cn | 上市公司数 | 59 | | --- | --- | | 行业总市值(亿元) | 5,581.43 | | 行业流通市值(亿元) | 5,247.73 | 一般零售 证券研究报告/行业深度报告 2025 年 06 月 30 日 请务必阅读正文之后的重要声明部分 分析师：苏畅 报告摘要 核心观点：受制于较高履约成本，即时零售在发源地美国现仍是小众市场。但在中国， 在强烈的便捷需求，与显著成本结构优势共振下，即时零售较大概率成为一种主流的 零售模式。美团在履约体系与用户心智上具有较为显著优势，即时零售业务的发展有 望为其提高估值潜力。 分析师：郑澄怀 各国零售行业演进的理念是一致的，但最优履约形态受到人口、城市形态等因素影响。 基于对零售行业国别对比研究，我们发现优秀的零售企业均有着一致的理念：为消费 者降低交易成本。但具体的履约形态，在 ...

Group 1 - The core viewpoint of the news is that Anhui Wofan Intelligent Technology Co., Ltd. has completed a financing round of 30 million yuan, which will be primarily used for the expansion of its unmanned retail business and technology research and development, further consolidating its market position in the new retail sector [1][4] - The company has established strategic partnerships with well-known platforms such as Douyin, Meituan, and Ele.me, with a total of over 1,000 stores opened nationwide, indicating a strong market presence [1][3] - The financing will enhance the company's unmanned retail ecosystem layout and accelerate innovation in the "new retail" model, focusing on optimizing intelligent vending systems for a better shopping experience [3][4] Group 2 - Wofan Intelligent Technology has successfully incubated four major projects: 24-hour adult product unmanned stores, daily necessities unmanned warehouses, pet unmanned warehouses, and beauty flash warehouses, with the daily necessities project seeing rapid growth [3] - The 24-hour daily necessities unmanned flash warehouse project has surpassed 1,000 stores nationwide, significantly reducing operating costs and improving profitability through a self-service vending model [3] - The beauty flash warehouse project is currently in trial operation, aiming to provide an integrated online and offline shopping experience, aligning with the trend of personalized and experiential consumption in the beauty industry [3]