作者｜酒high 子煜 近日，重庆啤酒披露2025年半年报：营收88.39亿元，同比下降0.24%，归母净利润8.64亿元，同比下降4.03%。 今年上半年，尽管业绩承压，但重庆啤酒没有停下脚步，一边密集上新近30款新品，一边在市场、渠道方面搞创新。半年报发布当日，该公司还宣布拟向 佛山公司增资6亿元，凸显其在华南市场突围的决心。 这场围绕产品、市场与渠道的调整，能否让重庆啤酒蓄足马力？ 近30款新品上市 今年上半年，重庆啤酒一口气推出近30款新品。 新品包括啤酒和非啤酒，涵盖嘉士伯醇滑5°、乌苏啤酒天山原酿、重庆精酿全麦啤酒1L等啤酒品类，也跨界延伸至天山鲜果庄园汽水、乌苏首款能量饮 料"电持"等非啤产品。 从精酿升级到茶啤创新，产品矩阵的扩张几乎覆盖了当前啤酒行业的所有热门赛道。 这种"全面开花"的推新策略，带着明确的指向性。 1L 装产品瞄准多人聚餐、家庭自饮等场景，与非现饮渠道的崛起形成呼应。重庆啤酒在业绩说明会上提到，上半年重庆啤酒旗下1664、乌苏、嘉士伯等 品牌在非现饮渠道保持良好增长，带动整体罐化率继续提升。而茶啤、果味汽水等品类，则是对年轻消费群体多元化、个性化需求的回应。 图片来源：嘉士伯 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health [6][18]. Core Insights - JD Health achieved a revenue of 35.3 billion yuan in H1 2025, representing a year-on-year increase of 25%. The growth was driven by an increase in active user numbers and the online penetration of health products [10][18]. - The company reported a non-IFRS net profit margin increase from 9.3% to 10.1% year-on-year, with operating profit margin rising from 3.6% to 6.2% [2][11]. - Active users surpassed 200 million, with a 10% year-on-year growth, and daily consultation volume exceeded 500,000 [3][12]. Revenue Summary - In H1 2025, product revenue reached 29.3 billion yuan, up 23% year-on-year, while service revenue was 6 billion yuan, reflecting a 34% increase [10][18]. - The number of merchants increased to over 150,000, up more than 50,000 from the end of the previous year [10][18]. Profitability Summary - The gross profit margin for H1 2025 was 25.2%, an increase of 1.6 percentage points year-on-year, attributed to growth in advertising revenue and improved supply chain capabilities [2][11]. - Fulfillment expenses rose from 2.9 billion yuan to 3.6 billion yuan, but the fulfillment cost rate decreased from 10.4% to 10.1% due to cost dilution from increased order volume [2][11]. Operational Data Summary - The company is actively promoting instant retail services, connecting over 200,000 pharmacies, and expanding online medical insurance payment services to nearly 200 million people [3][12]. - JD Health has launched AI medical products, with over 50 million users served by AI medical assistants by the end of June [3][12]. Financial Forecast - Revenue projections for 2025-2027 are 70.1 billion, 80.8 billion, and 90.9 billion yuan, with adjustments of +7%, +10%, and +11% respectively [18]. - Adjusted net profit forecasts for the same period are 5.5 billion, 6.2 billion, and 6.9 billion yuan, with adjustments of +25%, +27%, and +28% respectively [18].

京东健康（06618.HK） 优于大市 2025H1 财报点评：业绩表现亮眼，年活跃用户破 2 亿 证券研究报告 | 2025年08月22日 收入端：2025H1，公司实现营业收入 353 亿元，同比+25%。分拆看，1）上 半年商品收入 293 亿元，同比+23%，主要受益于活跃用户数量增加以及用户 的额外购买、医药和健康产品销售的线上渗透率不断提高以及产品品类的丰 富，25H1 超过 30 个创新药物在京东健康首发；2）服务收入 60 亿元，同比 +34%，广告和佣金收入保持高增速，公司持续的用户增长吸引品牌方加大了 广告投入，商家种类也持续丰富，25H1 商家数量超过 15 万，较去年末增加 超过 5 万家。 利润端：公司 non IFRS 净利率从去年同期 9.3%升至 10.1%，公司经营利 润率从 3.6%提升至 6.2%，主要受益于毛利率和行政管理费率优化。1） 25H1 毛利率达到 25.2%，同比+1.6pcts，主要受益于广告收入的增长以 及供应链能力的深化；2）履约开支从去年同期的 29 亿上升至 36 亿， 配送服务的使用随着产品销量的增加而增加，履约费率从 10.4%下降至 10.1 ...

自开海季启动，上岸鲜活越来越多，不少消费者也陆续吃上了今年的"第一口鲜"，感叹"开海季终于又 来了"。 8月初，苍南港、吕四港、舟山港等码头千帆竞发，在近四个月的休渔期正式结束后，渔民们重新出 海，怀着满满的期待撒下今秋第一网。 经过几天时间，前几批海捕船只满载着鲜活梭子蟹陆续回港，经过朴朴超市品控人员的层层把关，以及 高效专业的供应链路，这些梭子蟹在福州最快只要12小时，就能从码头抵达遍布社区的前置仓，等待用 户下单品尝。 作为当下即时零售赛道的重要一员，同时也是福州、厦门、广州、深圳等城市现代商贸流通体系试点企 业，朴朴超市近几年对生鲜品类供应链持续打磨，开海季成为凸显其品质升级的一个窗口。 01品质升级，安心鲜货 在深度参与"开海季"的第四个年头，如何为用户提供"又好又快"的海鲜产品，依然是朴朴超市采销人员 持续思考的课题。 为迎接一年一度的开渔节，朴朴水产买手团队提前数周抵达浙江舟山码头、江苏吕四码头、福建东山码 头、六鳌码头，以及南海的广东阳江码头等等，从各码头"船老大"手中，为消费者锁定开海头鲜。 毕磊是忙碌在三沙码头的朴朴超市品控专员，从7月开始，他所在的团队就启动了针对对开海季冰鲜商 品供应商 ...

文｜象先志 京东的二季度财报确认了一个事实，2025的外卖大战是中国互联网历史上烈度最高的商业竞争。 高达147亿元的季度亏损，意味着仅仅京东外卖，年化亏损总额也会超过阿里宣布的500亿投入。 当然，京东的新业务里面不只包含外卖，但毫无疑问这部分亏损贡献了主要比例。 财报发布前，CEO许冉接受媒体专访表示，外卖市场存在泡沫，恶意补贴没有模式创新，并不产生增量价值，只会打乱价格体系，造成商家困扰，京东不会 参与。 事后来看，这更像是财报发布前京东搞的前瞻指引，只为做些舆论缓冲。 财报新闻稿里，京东声称新业务健康发展并已达成初期战略目标。 业绩电话会上，管理层说外卖与核心电商业务产生协同价值，符合最初预期。 我们当然不知道刘强东决定下场做外卖时，到底设置了什么战略目标，又具体树立了哪些预期。 我们可以确定的，是半年前的这些目标和预期，一定不是今天的目标和预期。 如《象先志》在此前曾提到的，京东当下面临的已是骑虎难下的局面。 外卖市场规模能在短期内被各方补贴从1亿单抬高了2.5亿单，证明外卖消费者属极度价格敏感型群体，谁给钱多跟谁走，补贴就是王道。 京东外卖当下或许还谈不上失败，但已然在酝酿败局。 而这，已经是刘强 ...

Core Viewpoint - JD.com is re-entering the community group buying market with its JD Pinpin business, expanding its presence in multiple cities and aiming for significant growth in the sector [3][4][5]. Group 1: Expansion Strategy - JD Pinpin has opened multiple stores in Beijing and other regions, including Hebei, Anhui, and Jiangsu, with plans for further expansion in areas like Daxing and Miyun [4][5]. - Since June, JD Pinpin has launched 16 new stores in Zhuozhou, focusing on communities with over 600 households and targeting local businesses like convenience stores and express delivery stations [5][6]. - The company aims to open 1,000 stores in Suqian, showcasing its ambitious expansion plans [5]. Group 2: Business Model and Partnerships - JD Pinpin offers flexible cooperation models for local merchants, providing a 5% commission on online sales and allowing them to purchase goods at cost price for resale [5][6]. - Merchants are required to pay a deposit of 20,000 to 30,000 yuan, which can be refunded after one year if they do not renew their contract [5]. - The business leverages resources from JD's other operations, such as discount supermarkets, to reduce supply chain costs and enhance market coverage [6]. Group 3: Competitive Landscape - The community group buying sector has faced challenges, with competitors like Meituan and Taobao adjusting their strategies or exiting the market due to profitability issues [9][10]. - Experts indicate that community group buying is not currently a lucrative business due to low customer spending and high operational costs [9][10]. - JD Pinpin's new approach combines community group buying with convenience store operations, but this complexity may pose challenges in user experience and supply chain management [10].

新浪科技讯 8月21日下午消息，名创优品集团公布了2025年第二季度及半年度财务报告。 即时零售渠道也实现了高速增长，线上线下一体化加速推进。上半年，即时零售渠道销售额同比飙升 53%，共有12个细分品类销售额破千万，近百个细类销售额同比增长超100%。 全球化进程再加速，名创优品海外市场也持续聚焦高势能商圈开设标杆大店。报告期内，名创优品韩国 首尔江南大道MINISO FRIENDS店、澳大利亚墨尔本Swanston旗舰店、泰国曼谷bangkapi旗舰店等相继 盛大开业，以"超级IP+超级门店"模式强化品牌全球形象，同步推动海外市场实现强劲增长。值得注意 的是，名创优品最大的直营国家之一——美国，也在大店模式的拉动下实现运营情况和品牌势能的不断 提升。据统计，2025年名创优品美国新开门店的店效为老店的1.5倍，坪效高出近30%，租售比也较老 店更优。第二季度，美国市场的营收同比增长超80%。 集团旗下潮玩品牌TOP TOY在2025年第二季度继续保持高速增长态势，实现了业绩的强劲增长与战略 的纵深推进。TOP TOY Q2营收达4亿元，同比大增87.0%，门店总数达293家。此外，全球投资机构淡 马锡领投 ...

Core Viewpoint - Alibaba's Taobao Flash and Meituan Flash have both entered into deep collaborations with Kweichow Moutai, intensifying competition in the instant retail sector, particularly in high-end liquor delivery services [1][9][24]. Group 1: Collaboration Details - Kweichow Moutai has partnered with Taobao Flash to launch over 1,000 official stores under the "Moutai Aroma · Shared by Thousands" initiative, offering a "30-minute delivery" service for genuine Moutai products [1][8]. - Taobao Flash will integrate with Moutai's 270 experience centers and over 6,500 themed terminal stores nationwide, enhancing its high-end liquor offerings [8][24]. - Meituan Flash has also announced a similar partnership with Moutai, providing a comparable 30-minute delivery service for Moutai products [9][14]. Group 2: Competitive Landscape - The competition between Alibaba and Meituan is characterized by direct comparisons in store coverage and delivery efficiency, as both platforms aim to attract high-net-worth users and increase consumer traffic [14][24]. - Recent data indicates that Taobao Flash's daily order volume exceeded 100 million for three consecutive days, with a notable increase in market share over Meituan Flash, although Meituan still maintained a lead on certain days [23][24]. - Both companies are expanding their instant retail strategies, with Alibaba integrating its resources across various platforms and Meituan enhancing its logistics through partnerships with convenience store chains [17][19][30]. Group 3: Broader Industry Implications - The competition extends beyond high-end liquor, as both companies are actively engaging in various dimensions such as rider recruitment and membership systems, indicating a multi-faceted rivalry [24][30]. - The partnerships with Moutai serve as a significant indicator of the escalating competition in the instant retail market, which is crucial for both companies' long-term positioning in the trillion-dollar instant consumption market [24][30].

Core Viewpoint - The express delivery industry is currently facing intense price competition, and companies must shift from price wars to value wars by enhancing service quality to achieve sustainable growth [1][2]. Financial Performance - In Q2 2025, ZTO Express reported a package volume of 9.85 billion, a year-on-year increase of 16.5%, and a revenue of 11.83 billion yuan, up 10.3% year-on-year [1]. - Adjusted net profit for the quarter was 2.05 billion yuan, a decrease of 26.8% compared to the previous year [1]. - The company has revised its annual package volume guidance to a range of 38.8 billion to 40.1 billion packages, corresponding to a growth rate of 14.0% to 18.0% [1]. Operational Insights - The average revenue per package in the core express business decreased by 0.06 yuan, influenced by increased incentives and a decline in average package weight, although prices for key accounts rose by 0.17 yuan [2]. - As of June 30, 2025, ZTO operates 94 sorting centers and over 31,000 pickup and delivery points, with approximately 6,000 direct network partners [2]. Strategic Focus - ZTO Express emphasizes a "quality first" strategy, aiming to create differentiated products and service experiences [2]. - The company is focusing on cost reduction and efficiency improvements in the last-mile delivery segment to enhance competitiveness and profitability [2]. Industry Challenges and Opportunities - The express delivery industry is experiencing challenges from aggressive pricing strategies and the rise of instant retail, which could impact traditional delivery volumes [4][5]. - Major internet companies are increasing investments in instant retail, with the market expected to exceed 2 trillion yuan by 2030 [4]. Technological Advancements - ZTO has begun commercializing the use of unmanned vehicles in over 700 locations, deploying more than 2,000 units across over 200 cities [6]. - The company is committed to deepening the application of artificial intelligence across all business segments to enhance efficiency and reduce costs [6][7].

Core Viewpoint - The article discusses the strategic shifts of major platforms like Meituan, Ele.me, and JD.com in the instant retail sector, moving from price competition to value creation, emphasizing supply chain capabilities and channel expansion. Group 1: JD.com Initiatives - JD.com opened its first discount supermarket in Hebei, attracting over 100,000 customers in two days, which is about one-sixth of the city's population [2][4] - The company reported a threefold increase in foot traffic and a 100% increase in online orders for its Seven Fresh Food MALL since its opening [2][4] - JD.com is expanding its offline presence by collaborating with over ten cities and integrating its community dining service, Seven Fresh Kitchen [2][4] Group 2: Supply Chain Strategy - JD.com emphasizes its supply chain advantages, utilizing direct sourcing and self-owned brands to reduce costs and enhance product quality [5] - The acquisition of Hong Kong's Jia Bao Food Supermarket is a strategic move to strengthen its fresh supply chain in the Greater Bay Area and enhance local retail market presence [5] Group 3: Taobao's Approach - Taobao's Flash Purchase reported significant growth, with 66 brands achieving over 10 million in monthly sales in July, and a 110% increase in new brand entries [6][8] - The platform's collaboration with brands like Xiaomi and Miniso has led to a fourfold increase in daily orders since May, showcasing the effectiveness of near-field delivery [8] Group 4: Meituan and Douyin Strategies - Meituan's self-operated instant retail brand, Xiao Xiang Supermarket, has expanded its product range to over 10,000 SKUs, with a projected GMV of nearly 30 billion in 2024 [9] - Douyin is integrating "live streaming + instant delivery" to enhance its e-commerce capabilities, leveraging its content output for immediate consumer engagement [9] Group 5: Industry Trends - The shift from "price war" to "value creation" in instant retail is highlighted, with a focus on convenience, quality, and efficiency rather than capital-driven price competition [10]