Core Viewpoint - The recent decline in subsidies from food delivery platforms indicates a shift in the competitive landscape, influenced by regulatory actions and the need for rational competition among major players in the industry [1][2][3]. Group 1: Impact of Subsidy Cuts - Consumers have experienced a reduction in the benefits of food delivery subsidies, leading to a decrease in the excitement of "hunting for deals" [1]. - The intense competition among platforms has resulted in record-high order volumes, but has also caused some merchants to face declining profits and operational challenges [1][2]. - The shift in order distribution, with delivery orders increasing from 30%-40% to around 60%, has altered the dynamics between dine-in and delivery services [3]. Group 2: Merchant Perspectives - Restaurant owners express concerns over the pressure from platforms to participate in subsidy programs, which can lead to reduced profit margins and negative impacts on product pricing [2][3]. - The need for platforms to return pricing power to merchants is emphasized, as many businesses struggle to maintain profitability amidst aggressive discounting [2][5]. - The operational challenges faced by merchants, such as staffing and supply chain adjustments, highlight the strain that rapid order increases can place on businesses [6]. Group 3: Long-term Industry Implications - The substantial investment in subsidies by platforms, exceeding 100 billion, raises questions about the long-term benefits for the restaurant industry [3][7]. - The ongoing competition may lead to increased consolidation within the restaurant sector, with smaller businesses at greater risk of failure [7]. - Platforms are encouraged to adopt a more rational approach to competition, which aligns with their long-term interests and the need for a sustainable industry ecosystem [7][8]. Group 4: Future of Instant Retail - The future of instant retail hinges on the ability of platforms to integrate more product categories and enhance service efficiency, which will require significant improvements in supply chain and technology [8]. - The potential for growth in the instant retail market remains high, but the effectiveness of platforms in transitioning from aggressive competition to building a more digital and efficient ecosystem is yet to be seen [8].

Core Insights - The article presents the weekly ranking of outstanding works titled "作·嗅之星" for the period of July 11 to July 17, 2025, highlighting the top articles and their authors [1][3]. Ranking Summary - The top article is "The Company Doesn't Care How Much Work You Do" by Ye Xiaochai [3][5]. - The second-ranked article is "Why is the Takeaway Industry Still in Battle After Ten Years?" by Junze [3][5]. - The third article, "Is Effort Really Becoming Less Valuable?" is authored by Jiu Bian [3][5]. - "Alibaba's 'Advance' and Pinduoduo's 'Retreat'" by Biao Wai Biao Li ranks fourth [3][5]. - The fifth article, "Sam's Club Lists Haoliyou, Middle Class is Out" is written by Shan Nong Xia Shan [3][5]. - The sixth article, "Will 99% of Programmers Become Unemployed?" is from Tencent Research Institute [3][5]. - The seventh article, "A Generation of SUV Dominator Declares Bankruptcy" is reported by Investment界 [3][5]. - The eighth article, "Why Aren't Those Airlines That 'Suspended Flights to China' Coming Back?" is authored by Travel界 [3][5]. - The ninth article, "What is the Actual Vacancy Rate of Housing in Beijing?" is by Knowledge分子 [3][5]. Support for Authors - The company will regularly provide bonuses and special support rights to the awarded authors to encourage the continuous production of quality content [4][8].

Core Viewpoint - The recent discussions between the market regulatory authority and major food delivery platforms like Meituan, Ele.me, and JD have not led to a significant reduction in aggressive promotional strategies, particularly concerning "0 yuan purchase" and "0.1 second kill" offers, indicating ongoing fierce competition in the food delivery sector [2][12]. Group 1: Regulatory Response and Market Behavior - The market regulatory authority has urged platforms to engage in rational competition and standardize promotions, aiming to create a healthier ecosystem for consumers, merchants, delivery personnel, and platform companies [13][19]. - Despite the regulatory talks, the competitive landscape remains intense, with platforms like Meituan and Taobao still offering "0 yuan purchase" and substantial low-price subsidies, albeit in a more discreet manner compared to previous weeks [12][19]. - JD has adopted a more restrained approach, with less aggressive promotional tactics compared to its competitors [11][12]. Group 2: Impact on Merchants and Delivery Personnel - Merchants are increasingly vocal against the detrimental effects of the subsidy wars, highlighting a cycle where non-participation leads to a lack of visibility, while participation results in financial losses [15][18]. - The delivery personnel, while experiencing increased earnings during the subsidy period, face heightened labor intensity and safety risks, creating a precarious situation for their long-term sustainability [18][19]. Group 3: Changes in Retail Dynamics - The ongoing food delivery competition is reshaping the broader retail landscape, with platforms transitioning from traditional roles to becoming comprehensive service providers, integrating various services beyond food delivery [20][21]. - User consumption habits are evolving towards immediate gratification, with a shift from planned shopping to on-demand purchasing, compelling traditional e-commerce to adapt [22][23]. - The competition is pushing supply chains to the forefront, necessitating rapid fulfillment capabilities and localized inventory management to meet consumer demands effectively [23][24]. Group 4: Future Outlook - The food delivery battle is expected to gradually cool down, transitioning from price wars to value-based competition, similar to past market dynamics seen in ride-hailing and bike-sharing sectors [19][24]. - The long-term competitive advantages will hinge on data utilization, fulfillment efficiency, and ecosystem collaboration, as platforms strive to convert high-frequency orders into profitable low-frequency services [24][25].

Core Viewpoint - The article discusses the unprecedented competition in the food delivery industry driven by major internet companies, which is negatively impacting restaurant businesses and the overall dining ecosystem [5][7][19]. Group 1: Impact of Food Delivery Wars - The food delivery war has led to a surge in low-priced orders, with one restaurant receiving nearly 11,000 low-priced orders unexpectedly, causing operational challenges [6][15]. - Restaurant owners express concerns about the sustainability of their businesses, with predictions of increasing closures as the competition intensifies [7][58]. - The competition has resulted in a loss of pricing power for restaurants, leading to a significant waste of resources and squeezing already thin profit margins [8][28][52]. Group 2: Restaurant Strategies - In response to the challenges posed by the delivery wars, some restaurants are choosing to remove unprofitable items from their menus and focus on maintaining profitability [9][35]. - The emphasis is on internal management and efficiency to survive the competitive landscape, with a focus on employee welfare to enhance customer service [59]. - The industry is calling for regulatory changes to restore pricing power to restaurants and prevent platforms from dictating terms [26][27]. Group 3: Industry Dynamics - The article highlights a shift in consumer behavior, with food delivery increasingly cannibalizing dine-in sales, leading to a rise in delivery orders to 40% for some restaurants [36]. - The current environment is characterized as a "crazy self-destructive state," with the competition driving prices down to unsustainable levels [45]. - The article notes that the delivery market is becoming a bubble, with unsustainable growth patterns that could lead to more significant industry repercussions [46].

Core Insights - The recent development in the food delivery and e-commerce sectors is characterized by a transformation rather than a competition, creating new opportunities for all stakeholders involved [1] - The growth in order volume and revenue in the food delivery sector has led to significant job creation, with businesses planning to expand their workforce in response to increased demand [1][2] - The rise of new service-oriented e-commerce is enhancing consumer convenience and driving a positive cycle of consumption and employment [2][3] Group 1 - The "new service industry e-commerce" is experiencing substantial market growth, significantly increasing consumption density and benefiting the entire supply chain [1] - "Wan Jia Zao An" reported a 30% increase in order volume and total revenue over the past two months, necessitating the hiring of additional staff across its 50 stores in Beijing [1] - The number of delivery orders at a specific station increased from approximately 4,000 to 9,000 in two months, leading to an increase in the number of riders from 100 to around 150 [2] Group 2 - The competitive landscape among platforms is enhancing consumer service accessibility, allowing for previously unachievable late-night consumption [2] - The emergence of new e-commerce models, such as Taobao Flash Purchase, is stimulating consumption and improving platform and merchant performance, as well as rider income [3] - The development of new service industry e-commerce is identified as a crucial method for promoting high-quality employment across various sectors, including logistics and manufacturing [3]

Investment Rating - The industry is rated as "Recommended" indicating a positive outlook for the industry fundamentals and an expectation that the industry index will outperform the benchmark index [3]. Core Insights - In June 2025, the total retail sales of consumer goods reached 42,287 billion yuan, with a year-on-year growth of 4.8%. The resilience of commodity retail remains strong despite a slight decline in growth due to the timing of promotional events [1][4]. - The online retail sales of physical goods in June grew by 4.7% year-on-year, with a combined growth of 6.4% for May and June. The overall online retail growth continues to outpace the total retail sales [1][4]. - Key categories such as food and daily necessities showed robust growth, with year-on-year increases of 8.7% and 7.8% respectively. In contrast, the growth rate for mobile communication devices has slowed down [2][4]. Summary by Category - **Overall Retail Performance**: June's total retail sales of consumer goods were 42,287 billion yuan, with a year-on-year increase of 4.8%. The growth rate for commodity retail was 5.3%, while restaurant revenue grew by only 0.9% [1][4]. - **Online Retail**: The online retail sales of physical goods reached 11,313 billion yuan in June, with a year-on-year growth of 4.7%. The proportion of online retail in total retail sales was 24.9% [1][19]. - **Category Performance**: - Essential goods such as grain, oil, and food saw a year-on-year growth of 8.7% - Home appliances and audio-visual equipment grew by 32.4% - Cultural and office supplies (including computers) increased by 24.4% - Communication equipment grew by 13.9%, but at a slower pace [2][31][45].

Core Insights - The ongoing price war in the food delivery industry is causing significant financial strain on merchants, with many being forced into unprofitable promotional activities without their consent [2][3] - Merchants are experiencing a drastic decline in dine-in customers, with reports of a nearly 50% drop in foot traffic due to aggressive discounting strategies [3] - Regulatory bodies are taking action against the harmful practices in the industry, urging platforms to reduce predatory pricing and improve traffic distribution mechanisms [3] Group 1 - Merchants are facing severe financial losses due to forced participation in promotional activities, with some reporting that they receive as little as 3 yuan for orders after discounts and fees [2] - The pressure to participate in these promotions is driven by regional managers who are incentivized to meet high participation targets, often resorting to coercive tactics [2] - The quality of food is at risk as some merchants are substituting fresh ingredients with lower-quality or expired products to cut costs [2] Group 2 - Consumers have become accustomed to low prices, leading to a perception that food quality should match these prices, resulting in negative reviews for merchants who cannot maintain low pricing [3] - Merchants are caught in a dilemma where not participating in promotions leads to a lack of customer traffic, while participating damages their brand reputation [3] - Regulatory measures are being implemented to address these issues, including a call for major platforms to reform their marketing tools and reduce the emphasis on aggressive pricing strategies [3]

Group 1 - The core viewpoint of the article discusses the recent legal issues surrounding Zong Fuli, the daughter of Wahaha founder Zong Qinghou, who is being sued by three half-siblings in Hong Kong, while several Wahaha companies under her name have changed their names to "Hongsheng" [1] - Zong Fuli has taken over her father's shares in Hangzhou Wahaha Group Co., Ltd., becoming the second-largest shareholder with a 29.4% stake [1] - Zong Fuli is associated with over 210 companies, with more than 200 currently in operation, holding positions such as chairman and general manager in several of them [1] Group 2 - Nvidia CEO Jensen Huang was recently photographed with Xiaomi founder Lei Jun, indicating a potential business relationship, although the meeting was described as a non-public client visit [3][5] - Apple is reportedly considering acquiring the European AI startup Mistral, which has raised €1.1 billion (approximately ¥9.2 billion) and is valued at €5.8 billion (approximately ¥48.6 billion) [13] - Meta Platforms CEO Mark Zuckerberg announced plans to invest several hundred billion dollars in AI, aiming to build a leading team and advanced computational capabilities [14] Group 3 - The cross-border e-commerce sector in China saw imports and exports reach approximately ¥1.32 trillion in the first half of the year, marking a year-on-year growth of 5.7% [25] - In the first half of the year, new registrations of electric vehicles in China reached 5.622 million, a year-on-year increase of 27.86%, with electric vehicles accounting for 44.97% of all new vehicle registrations [26]

Core Viewpoint - A peculiar food delivery order has gone viral on social media, raising questions about its authenticity and pricing structure in the food delivery industry [1] Group 1: Order Details - A screenshot allegedly shows an order placed through JD's delivery platform for 1,750 drinks, weighing a total of 875 kilograms, with a delivery fee of only 76.13 yuan, and a delivery time of 1 hour and 10 minutes [2] - The order includes various drink types, such as "Berry Trio" and "Cheese Milk Cap," with quantities listed for each type [4] Group 2: Verification Issues - The store listed for the order, "Mixue Ice City (Xiang'an Store)," could not be found on major delivery platforms like Meituan and Ele.me, raising doubts about the order's legitimacy [5] - Staff from nearby Mixue Ice City locations expressed skepticism about the feasibility of selling 1,750 drinks for just 76 yuan, noting that the cheapest drink is priced at 4 yuan, making such a low total implausible [6] Group 3: Industry Context - The recent competitive landscape in the food delivery industry has seen platforms offering significant discounts, such as 0 yuan milk tea promotions, which may have led to the creation of this viral order as a rumor [6]

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