Core Viewpoint - Meituan-W (03690) reported a revenue of RMB 178.4 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.7%, but adjusted net profit decreased by 41% [1] Financial Performance - For Q2 2025, the company achieved revenue of RMB 91.84 billion, up 11.7% year-on-year, while adjusted net profit fell by 89% to RMB 1.493 billion [1] - The operating profit of the core local business segment significantly declined to RMB 3.7 billion due to intense competition in the food delivery sector [1] - The new business segment reported an operating loss of RMB 1.9 billion, widening year-on-year [1] - As of June 30, 2025, the company held cash and cash equivalents of RMB 101.7 billion and short-term investments of RMB 69.4 billion [1] Business Segments - The instant delivery business saw strong growth in order volume and transaction value, solidifying market position despite increasing competition [3] - The restaurant delivery segment expanded its customer base and increased transaction frequency among core users, while maintaining a focus on high-value consumption scenarios [2] - The hotel and travel business maintained robust growth, leveraging new service retail opportunities and digital transformation for merchants [4] Technological Advancements - The company has assisted over 1 million independent artisans in digital archiving to enhance sales and consumer connections [5] - AI tools have been introduced to improve operational efficiency for merchants, including AI customer service representatives and AI scheduling assistants [5]

Core Insights - Meituan-W (03690) reported a revenue of RMB 178.398 billion for the six months ending June 30, 2025, representing a year-on-year increase of 14.7% [1] - Adjusted net profit decreased by 41% to RMB 12.442 billion, while profit attributable to equity holders fell by 37.67% to RMB 10.422 billion, with basic earnings per share at RMB 1.72 [1] - In Q2 2025, revenue reached RMB 91.84 billion, up 11.7% year-on-year, but adjusted net profit plummeted by 89% to RMB 1.493 billion [1] Revenue and Profitability - The company's core local business segment saw a significant decline in operating profit to RMB 3.7 billion due to intense competition in the food delivery sector [1] - The new business segment reported an expanded operating loss of RMB 1.9 billion, contributing to a decrease in adjusted EBITDA and adjusted net profit to RMB 2.8 billion and RMB 1.5 billion, respectively [1] - Operating cash inflow for Q2 was RMB 4.8 billion, with cash and cash equivalents and short-term investments totaling RMB 101.7 billion and RMB 69.4 billion, respectively, as of June 30, 2025 [1] Business Segments Performance - The instant delivery business maintained market position with a 7.7% year-on-year revenue growth to RMB 65.3 billion, despite a 75.6% drop in operating profit to RMB 3.7 billion [2] - The company focused on enhancing user experience and expanding service offerings, including partnerships with restaurants for supply-side innovations and the promotion of high-value consumption scenarios [2] - The "Meituan Flash Purchase" business experienced strong growth in order volume and transaction value, with over 50,000 flash warehouses established nationwide [3] Digital Transformation and AI Integration - The company is actively promoting digital transformation among merchants, providing integrated solutions for store management, marketing, and customer acquisition [4] - Over 1 million independent artisans have been assisted in digital archiving to enhance sales and consumer connections [5] - AI tools have been introduced to improve operational efficiency, including AI customer service representatives and AI scheduling assistants [5]

我们此前提及，8月13日，亚马逊表示客户可购买生鲜杂货并享受当日送达。扩展服务已覆盖1000多个 城市，计划在年底前扩展至美国2300多个城市。 据追风交易台消息，摩根大通分析师Doug Anmuth等发布的最新研报显示，到今年年底，亚马逊的生鲜 当日达（Same-Day）配送服务覆盖范围将从目前的1000多个城市翻倍至2300多个城市，Prime会员25美 元以上订单免费配送。 报告预计，这一杂货扩张计划加上低价格、领先的商品选择规模和快速配送速度，将支持亚马逊在面临 沃尔玛等竞争对手加剧竞争的情况下，继续扩大其在美国电商市场的领先优势。 瞄准低渗透率的生鲜赛道 本文来自：华尔街见闻，作者：李笑寅，原文标题：《不止中国在打，亚马逊也盯上了"即时配送"，要 跟沃尔玛"打一架"》，头图来自：AI生成 亚马逊加码美国本土"即时配送"，正面硬刚沃尔玛。 沃尔玛约60%的美国销售额来自杂货业务，这使其在电商领域的扩张颇具成效。然而，亚马逊正试图通 过组合拳夺回失地。根据第三方机构Profitero的数据，亚马逊已连续八年成为美国日常必需品领域价格 最低的零售商。 摩根大通认为，亚马逊的低价策略、领先的商品选择和规模， ...

Core Viewpoint - Amazon is significantly expanding its same-day delivery service for groceries in the U.S., aiming to enhance its competitive position against Walmart in the e-commerce market [1][4]. Group 1: Expansion Plans - Amazon's same-day delivery service for groceries will increase its coverage from over 1,000 cities to more than 2,300 cities by the end of the year [1]. - The expansion is part of a broader logistics investment, with Amazon planning to invest $4 billion to double its rural delivery network by 2026, adding over 200 delivery stations [3]. Group 2: Market Potential - The grocery retail market in the U.S. represents a significant opportunity, accounting for approximately 43% of adjusted retail sales, yet online penetration is only around 15% [2]. - Amazon's grocery business is projected to exceed $100 billion in revenue in 2024, representing over 20% of its total U.S. gross merchandise volume (GMV) [3]. Group 3: Competitive Landscape - Amazon's move is seen as a direct response to Walmart, which has gained 80 basis points in e-commerce market share, compared to Amazon's 65 basis points [4]. - Amazon's pricing strategy and extensive product selection are expected to help regain market share, with projections indicating a 140 basis point increase in its e-commerce market share to about 47% by year-end [4]. Group 4: Impact on Competitors - The announcement has negatively impacted other grocery delivery platforms like Instacart, which saw a stock price drop of over 10% [5]. - Despite the pressure, Instacart maintains a competitive edge with over 1,800 retail brands on its platform and a significant market share in high-value orders [5]. Group 5: Industry Implications - Amazon's increased involvement in grocery delivery may catalyze overall industry growth, potentially benefiting large retailers like Kroger and Costco that partner with Instacart [6].

Group 1 - The company has announced a new business segment focused on providing an instant delivery system service for chain supermarkets and hypermarkets [1] - The company is in advanced negotiations with several leading online supermarkets and large physical chain supermarkets to utilize its instant delivery system service in certain regions of China [2] - The instant delivery system service will include a comprehensive solution for supermarkets and delivery personnel, featuring dedicated electric delivery vehicles, new energy batteries, charging equipment, and corresponding smart management software [2] Group 2 - The company has signed a licensing agreement with an independent software development company for smart management software, which will be used across all regions in China [3] - The online platform will allow delivery personnel to rent electric delivery vehicles and related accessories, optimizing delivery efficiency through features such as AI scheduling and route optimization [3] - The smart management software operates on a SaaS platform and includes functionalities like energy consumption management and automated settlement of rental and charging fees [3][4] Group 3 - The company has entered into a procurement contract with a supplier for a total amount of RMB 20 million, involving 3,200 sets of electric delivery vehicles and related accessories [5] - The procurement will ensure that the vehicles meet the company's specified functionality, quality, and safety standards for rental by delivery personnel [5] Group 4 - The company is in in-depth discussions with several financing leasing companies to arrange financial leasing for the electric delivery vehicles once they are registered with the relevant government departments [6] - The board believes that providing instant delivery system services to supermarkets represents a blue ocean market, particularly with the rapid expansion of the domestic fresh e-commerce market [6] - The company anticipates that this new business segment will significantly diversify its operations and increase revenue sources [6]

Core Viewpoint - The article highlights the upcoming 2025 Fifth Electric Two-Wheeler Battery Swap Conference and the growth potential of the 32140 cylindrical lithium battery market, driven by increasing demand in outdoor activities, instant delivery services, and advancements in battery technology [2][6]. Group 1: Event Details - The event theme is "Swap City, Smart Two-Wheelers" and will take place on July 11, 2025, at the Shenzhen Baoan DENGXILU International Hotel [2]. - The event is organized by Qidian Lithium Battery, Qidian Sodium Battery, Qidian Two-Wheelers, and Battery Swap [2]. - Numerous sponsors and partners are involved, including major companies like Yadi Technology Group, New Day Co., and others [2]. Group 2: Market Statistics - In 2024, the shipment volume of 32140 cylindrical lithium batteries is expected to reach approximately 150 million units (7.19 GWh), representing a year-on-year growth of 15.7% [2]. - In Q1 2025, the shipment volume is projected to be 42 million units, with an anticipated total shipment of 188 million units (9.0 GWh) for the entire year [2]. - By 2030, the shipment volume of 32140 cylindrical lithium batteries in China is expected to reach 363 million units (17.4 GWh), indicating a promising future for the market [2]. Group 3: Growth Drivers - The growth of the 32140 cylindrical lithium battery market is attributed to the increasing popularity of outdoor activities and the rising demand for portable energy storage solutions [2]. - The expansion of the instant delivery market is expected to enhance the penetration rate of battery swapping for two and three-wheelers, which require high-capacity batteries [2]. - Technological advancements and decreasing prices of lithium batteries are likely to lead to a gradual replacement of lead-acid batteries, providing a larger market space for 32140 batteries [2]. Group 4: Industry Structure - The 32140 cylindrical lithium battery industry is relatively mature with a high market concentration [6]. - The first tier of companies includes EVE Energy, Guoxuan High-Tech, and CATL, which together account for 55.0% of the market share in Q1 2025 [6]. - The second tier consists of companies like Chuangming New Energy, Baoli New Energy, and others [6].

Core Viewpoint - The competition in the instant retail market is intensifying as major internet platforms like JD.com, Taobao, and Meituan ramp up their efforts, raising questions about the opportunities for third-party delivery platforms like SF Express and Flash Delivery [1][10]. Group 1: Market Dynamics - Instant retail is experiencing explosive growth, with JD.com's food delivery service achieving over 25 million daily orders within just four months and over 150,000 full-time couriers [3][4]. - Taobao's flash purchase service has surpassed 60 million daily orders, and Alibaba has merged Ele.me into its China e-commerce group to accelerate instant retail development [3][4]. - Meituan is expanding its instant retail offerings, planning to cover all first and second-tier cities and enhance its supply chain across 200 quality agricultural regions [3][4]. Group 2: Strategic Involvement of Major Players - High-level executives from major companies are directly involved in promoting their instant retail services, indicating the strategic importance of this sector [4][5]. - JD.com has begun recruiting full-time couriers for its delivery service and has introduced a "second delivery station" role to enhance management and service quality [7][8]. Group 3: Innovations in Delivery Services - JD Logistics has launched the "Second Delivery Warehouse" service, which integrates warehousing and delivery, allowing for average delivery times of 30 minutes in key areas [9]. - This service model helps merchants avoid the high costs associated with building their own warehouses, thus lowering entry barriers for instant retail [9]. Group 4: Opportunities for Third-Party Delivery Platforms - Despite the dominance of major internet platforms, third-party delivery companies like SF Express and Flash Delivery have the potential to thrive by focusing on customized delivery solutions for various sectors [10][11]. - SF Express has noted that the current "takeout war" is just the beginning, with future expansions expected into non-food categories such as general merchandise and pharmaceuticals [11]. - The company aims to leverage its unique advantages by providing comprehensive service solutions for mid-sized businesses, which may prefer to collaborate with third parties rather than be tied to major platforms [12].

近日，有消息称多多买菜最快将于8月上线即时配送服务。据华尔街见闻了解，该消息属实。拼多多相 关人员对华尔街见闻表示，该尝试旨在提升平台履约时效，让消费者有更好的消费体验。（全天候科 技） ...

Core Viewpoint - Dada Group has completed its privatization transaction, becoming a wholly-owned subsidiary of JD Sunflower Investment Limited, which is fully owned by JD Group, and will no longer be a publicly listed company starting June 17, 2025 [1][3]. Company Overview - Dada Group was established in 2014 and merged with JD Group's O2O subsidiary in 2016, rebranding in 2019. It went public on NASDAQ in June 2020, becoming the first Chinese company to list in the instant retail sector in the U.S. [3]. - The company has faced continuous losses due to rising sales and marketing expenses, user incentives, and personnel costs, with cumulative losses exceeding 13 billion yuan from 2017 to 2023 [3][4]. Market Position and Performance - JD Group has been increasing its stake in Dada Group to strengthen its instant retail and delivery capabilities, with Dada's active delivery personnel exceeding 1.2 million by the end of 2023 [4]. - In 2024, Dada Group's total revenue was 9.664 billion yuan, a decrease of 8% year-on-year, with a net loss of 2.039 billion yuan, widening by 4.14% compared to the previous year [4]. Privatization Offer - In February 2025, JD Group made a privatization offer to Dada Group at $2.0 per ADS or $0.5 per ordinary share, valuing the company at approximately $520 million [5]. - JD's recent announcement of its food delivery business, which is part of the JD Seconds brand, indicates a strategic move to leverage Dada's delivery capabilities, with daily order volumes exceeding 25 million and over 150,000 restaurants onboarded [5].

Core Viewpoint - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in core local business and new business revenues [1] Group 1: Overall Performance - Q1 2025 revenue reached 86.6 billion yuan, representing a year-over-year increase of 18% but a quarter-over-quarter decrease of 2% [1] - Operating profit for Q1 2025 was 10.6 billion yuan, up 103% year-over-year and 58% quarter-over-quarter [1] - Net profit for Q1 2025 was 10.1 billion yuan, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [1] - Non-GAAP EBITDA for Q1 2025 was 12.3 billion yuan, a 52% year-over-year increase and a 7% quarter-over-quarter increase [1] - Non-GAAP net profit attributable to shareholders was 10.9 billion yuan, up 46% year-over-year and 11% quarter-over-quarter [1] Group 2: Core Local Business - Core local business revenue grew 18% year-over-year to 64.3 billion yuan, driven by increased transaction volume and reduced subsidy deductions [2] - Operating profit for core local business increased 39% year-over-year to 13.5 billion yuan, surpassing Bloomberg's consensus estimate of 12.2 billion yuan [2] - The company anticipates a slowdown in revenue growth for Q2 2025 due to intensified industry competition [2] Group 3: Business Segments - **Food Delivery Business**: Q1 2025 food delivery orders increased by 9.3% year-over-year, with over 480 brands launching more than 3,000 high-quality satellite stores [2] - **Meituan Flash Purchase**: Q1 2025 saw strong growth in flash purchase business, with over 500 million cumulative transaction users and daily order volume exceeding 18 million [3] - **In-store Travel Business**: Q1 2025 in-store travel revenue grew 20% year-over-year, with active merchants increasing by over 25% [3] Group 4: New Business and International Expansion - New business revenue grew 19% year-over-year to 22.2 billion yuan, with operating losses narrowing to 2.3 billion yuan [4] - Keeta has become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia and Brazil, with a commitment to invest 1 billion USD over five years [4] Group 5: Profit Forecast and Valuation - Long-term outlook remains positive for the company's core competencies in instant delivery and international expansion, despite increased competition [5] - Revenue forecasts for 2025-2027 are projected at 387.3 billion, 447.7 billion, and 510.6 billion yuan respectively, with Non-GAAP net profit estimates of 40.9 billion, 54.7 billion, and 67.6 billion yuan [5] - The target market capitalization for 2025 is set at 830.2 billion yuan, with a target price of 136 yuan per share [5]