【中信社服】DoorDash 25Q1业绩速览：利润表现强劲，收购Deliveroo及SevenRooms 25Q1营收30.3亿美元/YoY+20.7%；我们计算25Q1 GOVtake rate为13.1%/YoY+8bps，环比24Q4下降36bps。 #运营端：量价齐增驱动GMV维持高增。 25Q1公司订单量达7.32亿/YoY+18.1%，系用户总数增长、核心用户数提升购频提升、新垂类贡献度提升。 25Q1 GOV230.8亿美元/YoY+19.9%，我们计算AOV为31.5美元/YoY+1.6%。 【中信社服】DoorDash 25Q1业绩速览：利润表现强劲，收购Deliveroo及SevenRooms #运营端：量价齐增驱动GMV维持高增。 25Q1公司订单量达7.32亿/YoY+18.1%，系用户总数增长、核心用户数提升购频提升、新垂类贡献度提升。 25Q1 GOV230.8亿美元/YoY+19.9%，我们计算AOV为31.5美元/YoY+1.6%。 #收入端：货币化率同比稳定、环比下滑。 #费用端：规模效应下毛利率提升、折旧与摊销费用优化显著。 25Q1公司实现经调毛利润14.6亿美元/毛利 ...

比如，自淘宝闪购5月2日上线以来，库迪咖啡一日内订单增长近10倍，茉莉奶白在饿了么外卖订单量日 均也增长近3倍。 京东外卖上的销量表现也反映了茶咖品牌受到的追捧。茶咖观察在假期内多次点开京东外卖，爆单榜一 直稳定被瑞幸、库迪、古茗、霸王茶姬等占据。 茶饮和咖啡的高频成为外卖平台的必争赛道。 五一假期，连锁新茶饮和咖啡成了承接流量红利的最大赢家。 茶百道数据显示，五一期间，品牌整体销售额环比增幅50%，全国多家门店销量增幅超1700%，甚至有 景区门店销量增幅达3000%。奈雪的茶数据显示，五一假期期间，全国销售火爆，部分门店订单量环比 节前激增超300%。 假期经济带来的出游热潮为新茶饮门店带来大量客流。茶咖观察还了解到，外卖大战，也给各大茶咖品 牌带来了流量。 但这只是表象。一杯茶咖如何能在流量争夺战中脱颖而出？为什么是新茶饮和咖啡，而不是正餐、甜品 或便利零食，最终接住了这波补贴红利？ 首先，相较正餐、甜品等品类，新茶饮的标准化程度更高。大多已经实现了从原料供应、门店操作到出 杯流程的高度标准化，具备"千店一味"的能力，这让它在平台运营、用户决策和履约配送的全链条中更 具优势。即便用户是在旅游途中或临时起 ...

Group 1 - Taobao's "Hour Delivery" has been upgraded to "Taobao Flash Purchase," launching in over 50 cities and achieving over 10 million daily orders by May 5 [1] - The online food delivery market is projected to reach a scale of 1.64 trillion yuan in 2024, with a year-on-year growth of 7.2% and a user base of 545 million, indicating high frequency and demand for local services [2] - The competition in the food delivery sector is intensifying, with major players like JD and Taobao entering the market, suggesting a strategic shift towards capturing new growth opportunities amid slowing e-commerce growth [2] Group 2 - The profit margins in the food delivery industry are low, with major platforms expected to have net profit margins between 1.5% and 3.3%, highlighting the challenges in achieving profitability [1] - The competition is not just about market share but also about enhancing service quality and social value, indicating a deeper evolution in the industry dynamics [2][3] - The growth of instant retail is significant, with a projected market size exceeding 1.5 trillion yuan in 2024 and a growth rate of 26.2%, making it a critical area for e-commerce platforms to explore [2]

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from Northbound trading, with a total net buy of 134.75 billion HKD on May 6, 2023, indicating a positive sentiment towards certain stocks and sectors [1]. Northbound Trading Activity - The net buy from Northbound trading was 76.9 billion HKD through the Shanghai Stock Connect and 57.85 billion HKD through the Shenzhen Stock Connect [1]. - The most bought stocks included the Tracker Fund of Hong Kong (02800), Meituan-W (03690), and Hang Seng China Enterprises (02828) [1]. - The most sold stocks were Xiaomi Group-W (01810), Tencent (00700), and CNOOC (00883) [1]. Stock-Specific Insights - Xiaomi Group-W had a net sell of 4.91 billion HKD, with concerns over its vehicle's advertising changes and recent accidents [6]. - Tencent faced a net sell of 3.62 billion HKD, reflecting ongoing market challenges [7]. - Meituan-W saw a net buy of 34.56 billion HKD, with analysts noting the stability of the food delivery market despite short-term fluctuations [5]. - Alibaba-W (09988) received a net buy of 15.03 billion HKD, with news of Ant Group's potential IPO in Hong Kong [5]. - Construction Bank (00939) had a net buy of 5.24 billion HKD, despite a reported decline in first-quarter profits [5]. Market Sentiment and Future Outlook - Analysts from交银国际 expressed that the Hong Kong market shows resilience due to various supportive factors, with expectations of structural recovery in previously affected sectors [4]. - The report indicated that the emotional impact of tariffs has diminished, and global equity markets are recovering, which is positively influencing the Hong Kong market [4].

瑞财经 吴文婷外卖市场"硝烟四起"，继京东之后，淘宝也强势入局。 近日，淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购"，并在淘宝App首页Tab以"闪购"一级 流量入口展示，首日上线50个城市，后续5月6日推广至全国。 升级后，饿了么的供给面向淘宝闪购全部开放，也包括餐饮外卖。换言之，淘宝允许用户点外卖了。 与此同时，饿了么宣布进一步加大平台补贴力度，开启"饿补超百亿"大促。大促之下，有用户反馈， 1.4元点茶百道、19.9元喝星巴克、25.5元吃海底捞冒菜套餐等，"饿了么今天便宜到不敢点"相关话题也 一度登上热搜。 在业内人士看来，阿里将淘宝的流量入口向饿了么开放，利用两大平台合力抢夺用户，此举无疑加剧了 市场竞争，也意味着阿里全面向美团、京东开战。 值得注意的是，最近一段时间，"外卖大战"持续升温。先是京东率先从外卖市场点燃战火，宣布为全职 外卖骑手缴纳五险一金，美团也宣布要为全职及稳定兼职骑手缴纳社保；京东接着官宣承担外卖骑手五 险一金的所有成本，美团也宣布要为骑手补贴50%的养老保险。 4月21日，京东发布《致全体外卖骑手兄弟们的公开信》。信中提到，近期，有竞对平台再次玩起"二选 一"游戏， ...

来 源丨天下网商（ID：txws_txws） 作者丨天下网商 以下文章来源于天下网商 ，作者天下网商 图源丨midjourney 天下网商 . 万亿外卖市场的背面，有人悄悄赚钱。 记录互联网商业的人物和故事。 近日，京东和美团在外卖领域的火拼，让李昱林"梦回"2014年——那是滴滴打车和快的打车烧钱血战的一年。 数十万张大额券每日诱人下单，餐饮外卖的订单量应势增长。无论商家们"留守"美团抑或"叛逃"京东，只要订单在变多，他们需要的外卖包装也就更多。 这对河北石家庄的李龙、李雷、李昱林三兄弟来说，无疑是一个积极信号。 他们共同创办的石家庄纸管家包装印刷有限公司，正是外卖市场背后的隐形掘金者，公司所生产的手提纸袋、纸杯、纸碗、烘焙盒、炸鸡汉堡盒等产品，已经累 计卖给了10万多个客户，每只最低3毛钱，一年入账超过6亿元。 从一家江河日下的传统印刷厂，到主攻餐饮包装的赛道头部玩家，十多年间，外卖市场飙升的渗透率、淘宝天猫的流量红利、印刷业技术转型的契机，三兄弟都 抓住了。李昱林告诉《天下网商》，近五年来，公司以每年业绩增长1个亿的速度向前跑。 据中国包装联合会，2023年，中国食品包装的市场规模为450亿元。另据头豹 ...

Core Insights - The entry of JD.com into the food delivery market has intensified competition, initially between JD.com and Meituan, but now also involving Taobao and Ele.me as of the pre-May Day period [2][4] - Ele.me reported that as of May 5, 2023, at 20:28, orders from Taobao's flash purchase exceeded 10 million within just six days of its launch [2][4] Group 1 - Taobao Flash Purchase announced a long-term benefit starting May 6, offering consumers chances to receive free meal vouchers and collaborating with Ele.me to distribute 100 million cups of beverages [4] - The upgrade of Taobao's "Hourly Delivery" to "Taobao Flash Purchase" on April 30, with Ele.me ensuring delivery services, has led to a significant increase in order volume during the May Day holiday [4][5] - In 39 cities, including Chongqing, Shenzhen, and Guangzhou, daily order numbers have surpassed historical peaks, with over 1,000 brands on Ele.me achieving record sales [4][5] Group 2 - Following the nationwide launch of Taobao Flash Purchase on May 2, many beverage stores experienced a surge in orders, with some brands seeing daily order volumes increase nearly threefold [5] - The tea brand "Moli Nai Bai" sold over 100,000 cups, while "Nai Xue's Tea" reported over 200% year-on-year growth in delivery orders [5] - Other food brands, such as "Mi Cun Ban Fan," also reported significant order increases, with nearly 100% growth compared to April, attributing this to the collaboration between Taobao Flash Purchase and Ele.me [5]

Core Insights - The competition between JD.com and Meituan in the food delivery market is intensifying, with JD.com recently launching its food delivery service and achieving significant daily order volumes [2][3] - Concerns about the profitability of the food delivery industry have arisen, with reports indicating that over 60% of restaurants are operating at a loss, while some platforms have gross margins exceeding 40% [4][5] - Meituan's food delivery business had a reported operating profit margin of approximately 6.4% in 2021, while JD.com aims to keep its net profit margin below 5% [5][19] Market Dynamics - JD.com announced plans to recruit 100,000 delivery riders in the next three months to capture market share, while Meituan is facing scrutiny over various operational issues [3][4] - Both companies experienced significant stock price declines due to market concerns about increased competition, with Meituan and JD.com losing over 100 billion HKD in market value within a few days [3][4] Financial Performance - Meituan's food delivery revenue in 2021 was 963 billion CNY, with delivery service revenue of 542 billion CNY and commission income of 285 billion CNY [13][15] - The projected net profit margin for Meituan's food delivery service in 2024 is estimated at 2.8%, slightly above the average of 2.2% for major global food delivery platforms [17][19] - Meituan's overall revenue for 2024 is expected to reach 3,376 billion CNY, with a net profit of 358 billion CNY, indicating a gross margin close to 40% [19] Commission Structure - Meituan claims to charge merchants a commission rate of 6%-8%, while many merchants report rates around 25%, which may include additional costs such as delivery fees and advertising [6][8] - The commission structure has been a point of contention, with various interpretations of the actual costs incurred by merchants when using Meituan's platform [8][9] Industry Trends - The global online food delivery market is projected to have a net profit margin ranging from 1.5% to 3.3% in 2024, with Uber Eats leading at 3.3% [17][19] - The competitive landscape is characterized by high commission rates and operational challenges, leading to varying profitability across different platforms [4][5][17]

这是半佛仙人的第1793篇原创 1 假期不卷，随便写点。 外卖大战如火如荼。 之前很多人说饿了么会傻眼，我写文章解释了饿了么的【目的】和【策略】，并且告诉大 家饿了么比想象中更聪明，他们能活到现在已经证明了这一点，不聪明的早就没了。 他们不是没能力卷，而是没必要第一时间卷，注意看我当时的发布时间。 而最近，他们开始发狠了。 （内容来自饿了么公众号） 如 果 你 真 的 打 开 不 同 的 产 品 比 一 比 ， 你 会 发 现 饿 了 么 正 在 发 大 额 券 ， 我 自 己 是 已 经 用 上 了，疯狂购买日常喝的茶饮料以及电解质水，因为折算下来已经便宜到比超市进货价还便 宜了。 如果只是发券，那不叫厉害，叫有钱。 如果只是跟着对方的节奏一起发，那也不叫厉害，人家干嘛你都跟，那叫有钱人家的傻孩 子。 现 在 是 外 卖 战 争 ， 战 争 很 重 要 的 一 点 是 不 能 跟 着 别 人 的 节 奏 走 ， 那 样 一 定 会 被 带 进 沟 里 头。 要有自己的节奏。 2 思考一个问题，饿了么当下一切策略的【目的】，是什么？ 3 为什么之前不发狠？ 因为之前两个对手火星撞地球，互相打的堪称疯狂，铆足了 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 4月最后一天，当美团与京东外卖大战正酣之时，饿了么也祭出外卖补贴的杀手锏——启动"饿补超百 亿"外卖补贴计划。这场看似突然的加码，实则是近期外卖平台竞争进入新一轮阶段的号角。 从年初的京东高调进入外卖平台，到美团宣布搭建骑手社保信息系统……公众的关注点始终聚焦于京东 和美团。如今饿了么以补贴战再次进入公众视线，且在五一节这一特殊的时间窗口，在行业专家看来， 一方面证明了外卖行业旧秩序确实被冲击，另一方面行业补贴也促进了居民的消费热情，并带来更好的 消费体验。 实际上，早在4月18日，饿了么就在官微上宣布"不打口水仗，只送口味虾"，并配图一个黄衣人与红衣 人争吵，而一位饿了么骑手端出一盘小龙虾，并附上"搞虾"一词，疑似在回应外卖平台的头部竞争。而 随后不少网友也在社交平台发现，饿了么平台开启大额的补贴优惠，"饿了么加大补贴力度""饿了么点 餐便宜"等相关话题还登上热搜。随着此次官宣，饿了么也直言：不打竞争口水仗，"只发真福利"。 广东省食品安全保障促进会副会长、中国食品产业分析师朱丹蓬向新浪科技表示，京东外卖如同鲶鱼入 局，对原有的行业两 ...