Core Viewpoint - The era of profit from the price difference of famous liquor has ended, prompting companies to seek new business models and strategies to adapt to the changing market landscape [1][2][5]. Industry Overview - The Chinese liquor retail chain industry is undergoing significant transformation, with a need for channels to adapt to market changes and innovate marketing strategies [1][2]. - The "price inversion" phenomenon, where wholesale prices are lower than factory prices, has become common, leading to cash flow pressures for many small distributors [2][3]. Company Strategy - 1919 is shifting its profit model from relying on the price difference of famous liquor to focusing on "strategic brands" [5][8]. - The company plans to launch "1919 Liquor Life Halls" that combine "instant retail + experiential scenarios" to explore new paths for growth [1][7]. - The strategic brand products are expected to generate significant sales, with projections of reaching 600 million yuan in sales for the year [5]. Market Positioning - The company acknowledges that while it will continue to sell famous liquor, it aims to balance this with the development of strategic brands to cater to diverse consumer preferences [5][6]. - The integration of "food + liquor" is a new strategy, aiming to create strong connections between liquor consumption and dining experiences [7]. Operational Changes - 1919 is implementing a closed procurement model for its stores, requiring all partners to source exclusively from the company to maintain brand integrity [8]. - The company plans to streamline its franchise network, potentially terminating contracts with those who do not align with its new operational philosophy [8].

刚刚过去的周末，淘宝闪购、美团突然发动"周末战役"来冲单。在双方晒出新成绩单的同时，战局也无 可避免发生微妙变化。 7月5日当天，美团宣布即时零售当日订单突破了1.2亿单，其中餐饮订单超过1亿单；淘宝闪购则表示， 7月5日当天，单日订单数首次突破8000万单，日活跃用户数（DAU）达到2亿。 值得注意的是，淘宝闪购最新公布细分数据显示，超8000万日订单中，非餐饮订单超1300万，占比超过 16%。其中3724个非餐饮品牌的订单数对平台上线之初实现翻倍增长，涉及食品、母婴、个护、家电、 酒类、3C数码等多个品类。 淘宝闪购公布数据显示，500亿元补贴上线第一周，4124个餐饮品牌生意突破历史峰值，2318个非餐饮 品类订单量翻倍。 具体到餐饮细分市场，4124个品牌破峰次数达9818次。淘宝闪购发现，在这些破峰的连锁品牌中，95% 为城市区域连锁品牌，小吃、地方菜、快餐等中小连锁品牌商家占比超过五成。 其中咖啡、饮品、甜品、小吃、西式快餐等多品类品牌餐饮订单量环比增长超过150%。反映到消费者 端就是喝奶茶喝到爆，为了及时用掉大额券，冰箱快速塞满。 另外，淘宝闪购方面表示，加大补贴力度是以巨大流量反哺线下商业 ...

智通财经记者 | 李烨 卢奕贝 智通财经编辑 | 牙韩翔 不断升级的外卖补贴战持续刷新着消费者对餐饮低价的想象，这场补贴甚至在网络上被称为"00后唯一 赶上的时代福利"。 7月初，美团公布其即时零售日订单量突破1.2亿，其中餐饮订单已超过1亿单。淘宝闪购、饿了么联合 宣布其日订单量超8000万，其中非餐饮订单超1300万，淘宝闪购的日活跃用户数量已超2亿。京东黑板 报宣布，6月底其日订单量超2500万。 茶饮品牌之所以能成为外卖补贴中一个重要的增长极，原因正在于，相较正餐一天只吃3顿，一个消费 者一天却能买很多杯奶茶咖啡。而在明显降价之下，甚至平常不经常购买奶茶的人，也有可能"薅一杯 羊毛"。 身在一线，茶饮店对此感受深刻。 消费者对补贴的热情毋庸置疑。京东外卖从正式推出到现在，不过4个月时间。而淘宝闪购距离首次推 出，也才2个月。 外卖平台们并不打算结束。 就在本月，淘宝闪购与京东外卖宣布了进一步的补贴计划，其中淘宝闪购将在未来12个月拿出500亿元 给到商家与消费者，京东外卖将拿出超百亿元，在流量、营销、运营、配送等诸多方面补贴给商家，表 示要帮助更多品牌销量破百万。美团暂未对外宣布明确的加码补贴计划，但 ...

东 兴 晨 报 东兴晨报 P1 2025 年 7 月 9 日星期三 经济要闻 1. 国家发改委：新增 100 亿元以工代赈投资助力重点群体就业。国家发展改 革委日前新增下达 100 亿元中央预算内投资，支持 26 个省（区、市）和新疆 生产建设兵团实施 1975 个以工代赈项目。这批项目预计发放劳务报酬 45.9 亿元，带动 31 万名重点人群就业，包括脱贫人口、返乡农民工等群体。项目 劳务报酬占中央投资比例提高至不低于 40%，重点实施村道巷道硬化等劳动 密集型工程。截至 6 月底，2025 年度以工代赈中央投资累计达 295 亿元，预 计带动 70 余万名困难群众就业，发放劳务报酬超 110 亿元。下一步，国家发 改委将推动项目全部开工建设，强化重点群体就业保障。（资料来源：同花顺） 数据来源：《七月金股汇》 2025 年 06 月 29 日， 东兴证券研究所 2.发改委等三部门：通过地方政府专项债券资金等支持符合条件的零碳园区 项目。发改委等三部门印发开展零碳园区建设的通知，统筹利用现有资金渠 道支持零碳园区建设，鼓励各地区对零碳园区建设给予资金支持，通过地方 政府专项债券资金等支持符合条件的项目。鼓励 ...

近期 京东 、阿里、美团外卖纷纷加大补贴力度，外卖大战白热化态势明显。 7月8日下午， 京东 黑板报宣布， 京东 外卖正式上线4个月，已有近200个餐饮品牌在京东 外卖上销量突破百万。瑞幸、库迪、蜜雪冰城等成为京东外卖上首批销量破亿品牌， 霸王茶 姬 、 古茗 、塔斯汀、华莱士等超10个品牌销量破千万，肯德基、 麦当劳 、 海底捞 、 星 巴克 、汉堡王、 小菜园 、南城香、鱼你在一起、袁记云饺、紫燕百味鸡等品牌上线后销量 快速突破百万。 在这场即时零售巨头战争中，奶茶这枚"棋子"成最直接的受益者。论价格，大部分正餐商家 不参与活动，且很多品质连锁店的客单价要远高于二十多元的门槛；而一杯奶茶十多块钱， 如果单杯凑不到最低消费可以点两杯，或者加几元钱小料凑单。其次，夏季是茶饮消费旺 季，本就具备高频属性，一张满减券往往"引爆"成倍销量，补贴效果立竿见影。 如今，平台补贴成为茶饮市场营收增长的重要抓手，而现制茶饮行业呈现高度连锁化，截至 2024年末，蜜雪冰城全球门店总数达到4.6万家， 古茗 、 沪上阿姨 、 奈雪的茶 、 茶百道 、 霸王茶姬 门店分别为9914家、9176家、1798家、8395家、6440 ...

Core Viewpoint - The ongoing competition between food delivery platforms, particularly Meituan and Alibaba, has led to significant consumer discounts and promotions, creating a frenzy of consumption among users [1][8]. Group 1: Market Dynamics - The food delivery platforms are engaged in a fierce subsidy war, offering substantial discounts such as "spend 25 get 24 off" and "spend 15 get 15 off," which has attracted many consumers to the instant retail model [1][8]. - Consumers are actively comparing and utilizing various discounts across platforms, leading to a culture of maximizing benefits from these promotions [1][8]. - The competition has resulted in a surge in order volumes, with delivery riders frequently mentioning "explosive orders" due to the high demand driven by these promotions [8]. Group 2: Consumer Behavior - Many consumers are motivated to order food primarily based on the discounts available, indicating that a reduction in promotional offers could lead to decreased frequency of orders [8][10]. - Social media has become a platform for users to showcase their experiences and the extent of discounts they have received, further fueling the competitive atmosphere among consumers [3][4]. Group 3: Future Outlook - Goldman Sachs has projected that the competition among major players like JD, Meituan, and Ele.me will continue, with total investments expected to reach 25 billion RMB by the second quarter of 2025, peaking in September 2025 before potentially stabilizing [11].

Core Viewpoint - The recent criminal enforcement actions against executives of Ruiskanda highlight a significant shift in regulatory practices in China's capital markets, emphasizing a trend towards harsher penalties for serious violations, including criminal charges for corporate misconduct [2][3][6]. Group 1: Regulatory Changes - The introduction of the new "National Nine Articles" in April 2024 has led to a notable increase in criminal enforcement actions against listed companies for severe violations [2][7]. - The regulatory framework now emphasizes a "three-punishment linkage" approach, combining administrative, civil, and criminal penalties for serious offenders [3][6]. Group 2: Case of Ruiskanda - Ruiskanda's chairman and a director have been subjected to criminal coercive measures due to allegations of violating disclosure laws, marking a significant escalation from previous administrative penalties [3][5]. - The company was previously fined 7.7 million yuan for inflating its financial performance through fraudulent practices between 2019 and 2020, including a reported revenue inflation of 351 million yuan in 2019 and 281 million yuan in 2020 [4][6]. Group 3: Broader Implications - The trend of criminal penalties for corporate misconduct is becoming more common, with several other companies facing similar actions, indicating a zero-tolerance policy from regulators [6][8]. - The criminal penalties are expected to have a stronger deterrent effect compared to administrative fines, as they can significantly impact the reputation and future opportunities of the offenders [8][10]. Group 4: Recommendations for Future Actions - Experts suggest increasing the severity of criminal penalties, particularly targeting key corporate figures such as controlling shareholders and executives, to ensure accountability [10]. - There is a call for stricter regulations on information disclosure to enhance transparency and protect investors, including the establishment of a credit evaluation system for listed companies [10].

Core Insights - Alibaba Group has launched a new subsidy initiative called "Super Saturday" as part of its 100-day flash purchase growth plan, offering consumers extremely low prices or even free products [2][3] - The competition in the food delivery market has intensified, with Meituan responding to Alibaba's flash purchase strategy by significantly increasing its own subsidies, resulting in record daily retail orders [3][4] - The three major platforms—Alibaba, Meituan, and JD.com—are collectively investing nearly 100 billion yuan in subsidies to capture market share in the highly competitive food delivery sector [3][4] Alibaba - Alibaba's Taobao Flash Sale has reported over 80 million daily orders, with more than 2 billion active users, indicating strong consumer engagement [2] - The company plans to invest 50 billion yuan in subsidies over the next 12 months, fully funded by the platform [3] - The integration of Ele.me and Fliggy into Alibaba's e-commerce division aims to enhance its competitive edge in the instant retail market [8][9] Meituan - Meituan has recorded a historic daily retail order of 120 million, with over 100 million being food delivery orders, showcasing its strong market position [3][4] - The company is focusing on expanding its instant retail capabilities and has made strategic adjustments to its business model, including the suspension of certain loss-making services [7][8] - Meituan's CEO has emphasized a commitment to winning the food delivery competition at all costs, indicating a willingness to invest heavily in subsidies [4] JD.com - JD.com has announced plans to invest over 10 billion yuan in its food delivery subsidy program, aiming to enhance its market presence [3] - The company is leveraging its supply chain advantages to compete in the instant retail market, although it has faced challenges in establishing a strong foothold [5][6] - JD.com is also exploring cross-selling opportunities in the travel sector, using its food delivery platform to drive traffic to its hotel and travel services [10][14] Market Dynamics - The food delivery market is characterized by intense competition, with Alibaba, Meituan, and JD.com vying for a share of a market that is already heavily dominated by Meituan and Ele.me [4][5] - The shift towards instant retail is seen as a strategic move to capture high-frequency consumer demand, with all three companies adapting their business models accordingly [5][9] - The ongoing subsidy war reflects a broader trend of ecosystem competition, where companies are not only competing for orders but also for user retention and merchant resources [8][11]

文 | 刀客doc 在过去十年里，媒体与谷歌是一对牢不可破的盟友：媒体提供优质内容吸引流量，谷歌则借助搜索引擎 和广告网络持续分发这份流量，实现双赢。 但近期，刀客doc发现双方的关系开始出现裂痕。一个开始想要脚踏两只船，一方又开始往回找补，试 图挽回。 事情是这样的。 一、 7月3日科技媒体The Information报道，谷歌正加紧招聘一线广告技术工程师和产品经理，以推进面向媒 体方的新工具开发。这一招聘行动覆盖全球多个主要市场，岗位职责集中在优化谷歌Ad Manager和AdX 平台的功能，尤其是围绕内容解锁和用户付费路径的创新设计。 其实在6月底，谷歌就已经其广告业务线上正式上线了一款面向媒体方的新工具——Offerwall（国内常 称为"积分墙"）。简单来说，它是一种介于纯广告与传统付费墙之间的"混合变现"方式：媒体方可以通 过展示奖励式广告、问卷调研或一次性小额付费，为访问者提供内容解锁通道。 虽然市场上早已有类似的"积分墙"玩法，不过谷歌这次是和新闻媒体网站合作的，它将Offerwall直接内 嵌到平台管理界面，让媒体在广告管理后台，在几分钟内即可启用，无需支付额外的开发成本，相当于 一键启动 ...

活动主题： 换电之城 智慧两轮 主办单位： 起点锂电、起点固态电池、起点两轮车及换电 活动时间： 2025年7月11日 活动地点： 深圳宝安登喜路国际酒店2楼国际厅 活动赞助/演讲/合作单位： 小哈换电/嘟嘟换电/司马出行/雅迪科技集团/台铃集团/新日股份/汇创新能源/中兴派能/孚能科技/保力新/创明新能源/多氟多/博力 威/睿恩新能源/诺达智慧/亿纬锂能/星恒电源/比克电池/鹏辉能源/时代瑞象/优旦科技/逸飞激光/盾创科技/博观科技/尚闻科技/小安科技/先导智能/鑫晟达/精锐 精密等 尽管欧盟电动汽车产业发展不如预期，但欧盟始终没有放弃对锂电产业的政策扶持。 倒计时2天 2025第五届起点两轮车换电大会 暨轻型动力电池技术高峰论坛 Verkor 在法国的牵头的" AGATHE "项目，计划将敦刻尔克电池厂产能从 8GWh 提升至 16GWh ； 保时捷子公司 Cellforce 在德国发起的" CF3_at_Scale "项目，计划采用高镍正极与硅负极建设 1.6GWh 的高性能电池产线； 瑞士背景的 Leclanché 公司，其在德国巴登 - 符腾堡州的" WGF2G "项目旨在将工厂产能扩展至 2GWh ...