Core Viewpoint - The news highlights the upcoming IPO of AUX Electric Co., a major player in the air conditioning market, which is seeking to capitalize on the current hot IPO environment in Hong Kong after a previous unsuccessful attempt in January 2025 [1][11]. Company Overview - AUX Electric Co. is recognized as the "fifth largest air conditioning supplier globally" and has a history dating back to the 1990s when it entered the burgeoning Chinese air conditioning market [1][11]. - The company was founded by Zheng Jianjiang, who aimed to disrupt the market dominated by high-priced competitors by initiating aggressive price wars, earning the nickname "air conditioning butcher" [1][6]. Market Position and Strategy - AUX has achieved significant revenue growth, with projected revenues of 195.28 billion yuan, 248.32 billion yuan, and 297.59 billion yuan for the years 2022, 2023, and 2024 respectively, alongside adjusted net profits of 14.49 billion yuan, 25.11 billion yuan, and 29.35 billion yuan [11]. - The company has successfully expanded its market presence internationally, operating in over 150 countries and regions, while focusing on lower-tier domestic markets to avoid competition with major players like Gree and Midea [2][9]. Competitive Landscape - The air conditioning market has seen a shift from a single dominant player to a more fragmented competitive landscape, with AUX's aggressive pricing strategy significantly impacting competitors like Spring Lan [1][8]. - Despite its growth, AUX still lags behind major competitors, with Midea's revenue reaching 407.2 billion yuan and Gree's at 190 billion yuan, indicating a substantial gap in market share and financial performance [2][11]. IPO Context - The recent surge in IPO activity in Hong Kong presents a strategic opportunity for AUX to secure funding and enhance its market position, especially after a significant pre-IPO dividend payout of 3.794 billion yuan [11]. - The company aims to leverage its global market share of 7.1% to attract investors and establish a stronger foothold in the competitive air conditioning industry [11].

Core Viewpoint - Meituan is actively engaging in discussions regarding the challenges and impacts of price wars in the food delivery industry, emphasizing the need for fair competition and sustainable practices among businesses [1][5]. Group 1: Industry Challenges - The influx of new platforms has led to a significant market investment of 800 billion in subsidies, resulting in aggressive price wars that have decreased average order values by 7 to 10 yuan and reduced merchant income by 15% [1][2]. - Many merchants express concerns that the reliance on high subsidies creates a "false prosperity," as customer retention diminishes once subsidies are removed, leading to a decline in both order volume and average order value [1][2]. - The pressure from price wars disproportionately affects small and medium-sized businesses, which struggle to compete against larger brands that can absorb the costs of subsidies [3][4]. Group 2: Operational Impacts - The fluctuation in order volumes due to subsidies increases operational stress on frontline staff, as businesses must hire additional employees to manage peak orders, leading to higher labor costs and potential declines in service quality [2][3]. - The price sensitivity of consumers has shifted, with many opting for lower-priced items, which has further compressed profit margins for businesses that rely on higher-quality offerings [3][4]. Group 3: Recommendations and Future Directions - Experts suggest that platforms should allocate resources more effectively to create a fair competitive environment, allowing for diverse market development and reducing the negative impacts of price wars on smaller businesses [4][5]. - Meituan has announced plans to invest in infrastructure, including the establishment of 1,200 "Raccoon Canteens" and the expansion of satellite stores, to support the growth of various restaurant brands and enhance operational efficiency [6].

美团召开外卖行业恳谈会美团近日在上海召开外卖行业高质量发展恳谈会。在恳谈会上，多家全国连锁品牌、上海本地餐饮及个体商户表达了担忧：被迫参与价格战、外卖客单价下滑7到10元、到手收入减少15%、补贴一停顾客可能减少消费等等。某全国连锁米粉品牌的外卖运营总监也表示，近期受补贴影响，外卖客单价从25元锐减至10多元。“别的品牌补贴后，订单涨得非常厉害，我们不补贴连老用户都会流失，只能被迫加入价格战。”（一财） ...

Core Viewpoint - The ongoing price war in the food delivery industry is unsustainable and detrimental to all parties involved, including consumers, merchants, and platforms [4][90][102]. Group 1: Industry Dynamics - The State Administration for Market Regulation has urged major food delivery platforms to engage in rational competition, indicating that the current aggressive pricing strategies are harmful to the industry [5][6]. - Meituan's CEO expressed concerns that the majority of orders in the current price war are "bubble" orders that do not contribute to actual revenue or profit [10][11]. - The influx of nearly 800 billion in subsidies from various platforms has created a competitive atmosphere where companies feel pressured to participate in irrational pricing wars [13][14]. Group 2: Impact on Merchants - Many small and medium-sized businesses are suffering due to the price war, as consumer demand is being redirected towards larger brands benefiting from subsidies [30][34]. - Merchants are finding it increasingly difficult to compete, with some resorting to self-subsidizing to attract customers, which further erodes their profit margins [41][42]. - The rising costs of raw materials, exacerbated by increased order volumes, are putting additional financial strain on merchants [45][46]. Group 3: Consumer Behavior - Consumers may initially benefit from lower prices, but the long-term implications include potential declines in food quality and service as merchants cut costs to survive [100][101]. - The perception of low prices due to subsidies may lead consumers to believe that such prices are sustainable, which is misleading and could result in higher prices once subsidies are removed [98][99]. Group 4: Calls for Change - Industry leaders and restaurant associations are calling for an end to the irrational competition, emphasizing the need for platforms to allow merchants to set their own prices [68][71]. - The consensus among industry stakeholders is that the current model is unsustainable and that a return to rational pricing is necessary for the health of the industry [89][105].

Core Viewpoint - The intense competition in the food delivery industry is being called to a halt due to irrational pricing strategies that harm the overall market and businesses involved [1][2][3][4]. Group 1: Industry Competition - The State Administration for Market Regulation has warned major food delivery platforms to engage in rational competition [2]. - The CEO of Meituan expressed that the ongoing price war is meaningless and detrimental to the industry, stating that most orders are "bubbles" [5][6]. - A significant influx of nearly 800 billion in subsidies from various platforms has created a festive atmosphere around low prices, leading to unsustainable competition [9][10]. Group 2: Impact on Small Businesses - The price war has severely affected the operational structure of many small businesses, with some reporting a drastic drop in customer traffic as consumers flock to subsidized delivery options [22][24]. - Small businesses are caught in a dilemma where they either participate in subsidy wars, which erodes their profit margins, or risk losing visibility and sales [32][33]. - Many small businesses are now forced to subsidize their own prices to remain competitive, which is not a sustainable solution [34][35]. Group 3: Consumer Behavior - Consumer demand for food is limited, and the influx of subsidies has shifted orders towards larger brands, leaving smaller businesses struggling [28][29]. - The perception of low prices due to subsidies may lead consumers to believe that normal prices are too high, further harming small businesses when subsidies end [87][90]. - The competition has created a scenario where consumers may enjoy short-term benefits, but the long-term implications could lead to reduced quality and fewer choices [89][90]. Group 4: Calls for Change - Various restaurant associations across multiple provinces have called for an end to irrational competition, highlighting the survival crisis faced by businesses due to excessive subsidies [58][59]. - Industry leaders have voiced concerns about the negative impact of the price war on profitability and the overall health of the restaurant sector [56][57]. - The need for rational pricing strategies and a focus on sustainable growth has been emphasized, as the current approach is deemed harmful to all parties involved [94][95].

标普全球汽车分析指出，价格战将对中国汽车产业带来全方位的冲击，同时，也将对国民经济的产生影响。 国家统计局数据显示，2024年汽车行业收入106470亿元，同比增长4%；成本93301亿元，同比增长5%；利润 4623亿元，同比下降8%；汽车行业利润率4.3%。2025年第一季度更进一步降至3.9%，远低于制造业平均水平。 上半年，中国汽车以1565万辆，同比增长11.4%的销量成绩收官。然而这种高速增长背后，汽车行业的运行 却充斥着价格战、内卷等问题。乘联分会数据显示，2024年汽车行业利润率跌破4.3%，创近十年新低。日前，标 普全球汽车全球智能预测与战略首席分析师方吉在接受记者采访时提出，从GDP支柱产业的宏观经济大盘，到技 术创新的微观土壤，从本土市场的生态平衡到海外拓展的战略版图，价格战带来的蝴蝶效应，正在重塑中国汽车 产业的未来图景。 中国车企运行状态待提升 方吉表示，整车企业利润率因价格战而降低，这一影响会迅速传递给整个产业链，企业会从方方面面寻求降 本增效，如延长供应商回款周期，利润空间被严重压缩；亦或降低研发费用降低，减少从业人员成本。相关数据 表明，2024 年汽车类上市公司应收账款规模同 ...

在笔者看来，商业的本质应是创造价值，而非透支价值。在短时间内，这种卷价格的"外卖大战"似乎让消费者享受到了价 格优惠、让商家骑手获得更多订单、让平台企业获得更多市场份额，但长远来看，一味卷价格是对良好行业生态的破坏，最 终，消费者、商家、平台企业、实体经济的利益均会受损，没有赢家。 近几个月来，外卖行业的补贴引发了各界的广泛关注，"0元购""20减18"等大额优惠券满天飞，从而吸引消费者涌入外卖 平台疯狂下单。 ■韩昱 从消费者角度看，似乎"外卖大战"的首要获益者就是广大的消费者，大额的补贴也确实让消费者在下单外卖时享受到了实 惠。过往的类似经历表明，这种依靠平台补贴形成的低价格不可持续，消费者看似短期得利，实际早已埋下长期隐患。长久的 低价势必会增加部分商家为降低成本继而降低品质的可能性。短时间内省的钱，最终将会成为所购商品品质上的折扣。 7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务 法》《中华人民共和国反不正当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主体责任，进一步规范促 销行为，理性参与竞争，共同构建消费者、商家、外卖骑 ...

疯狂的外卖大战一方面激发了用户的下单热情，另一方面，也出现了乱象。 商家如何看待这一次大战？火锅加盟商陈磊（化名）对第一财经表示，从行业推动上，外卖大战巩固了消费者的点外卖习惯，外卖平台在大战期间，不仅有 优惠活动，还在配送时效上不断优化。消费者不用经历出门、找停车位等烦琐环节。此外，在外卖大战期间，商户的曝光量也在增加。陈磊表示，外卖大战 中，商家为了在平台上获得更多曝光和订单量，常常推出大幅度的满减、折扣活动，再加上平台给予的补贴。这些优惠叠加后，外卖的价格往往比堂食更具 吸引力。这就使得对价格敏感的消费者更倾向于选择外卖，线下门店的客流量自然减少。陈磊表示，火锅店以堂食为主，外卖订单并不多。7月外卖大战以 来，门店的外卖订单增长了20%到30%。 但另一方面，陈磊认为外卖大战会影响消费者回归线下。他表示，由于外卖大战的价格与堂食相比更加便宜，近期他收到堂食顾客的反馈，称"在门店吃性 价比不高"。作为火锅业商家，他表示火锅在家吃和堂食是两种感觉。此外，陈磊表示，据他观察，外卖大战促使商家大量涌入外卖平台，一些商家为了应 对激烈竞争，会降低食材品质或压缩制作成本，以维持较低的外卖价格。这种做法虽然在短期内能 ...

Group 1 - The core issue in the electric vehicle industry is the emergence of irrational competition methods such as "price wars" and "0-kilometer used cars," which disrupt market order and affect sustainable development [2] - "0-kilometer used cars" refer to vehicles with mileage between 0-1000 kilometers that are registered but sold as used cars, allowing manufacturers to enhance sales data and brand influence [2] - The practice of selling "0-kilometer used cars" is widespread, with reports indicating that thousands of companies are involved in this market, often pricing these vehicles significantly below the manufacturer's suggested retail price [2][9] Group 2 - Zeekr brand recently faced public scrutiny over allegations of selling "0-kilometer used cars," but clarified that the vehicles in question were normal display cars and not classified as "0-kilometer used cars" [3][4] - Zeekr emphasized that their display cars are legally considered new vehicles as they have not been registered or issued retail invoices, and they maintain consumer rights similar to new car buyers [4][7] - The distinction between display cars and "0-kilometer used cars" is legally significant, as registration status is the key factor in defining a used car [7] Group 3 - The phenomenon of "0-kilometer used cars" is seen as a symptom of deeper issues within the automotive industry, reflecting pressures of internal competition and inventory clearance strategies by dealers [10] - The Ministry of Commerce is actively engaging with industry associations and companies to address the "0-kilometer used car" issue and promote healthy development in the used car market [10][11] - Proposed regulations, such as a ban on transferring new cars to used car status within six months of registration, aim to curb the circulation of "0-kilometer used cars" and restore market order [11]

Group 1 - Chery's chairman, Yin Tongyue, emphasized the company's opposition to "price wars" and the need for self-discipline in the automotive industry, aligning with national policies and promoting fair competition [1] - Chery will shorten payment terms for suppliers and resist negative practices such as false advertising and online manipulation [1] - Jaguar Land Rover announced a "full luxury car tax subsidy" policy for specific models, effective from July 20 to July 31, 2025, covering the new consumption tax for buyers [2] - Beijing Automotive Group launched three new versions of the BJ40, with prices ranging from 149,900 to 159,900 yuan [3] Group 2 - Beijing Automotive Group reported over 817,000 vehicle sales in the first half of the year, marking a 6% year-on-year increase [3] - The sales of BAIC's electric vehicle brand, Arcfox, reached over 55,000 units, reflecting a 200% increase [3] - BAIC Foton maintained its position as the leader in the commercial vehicle sector, achieving sales of 327,000 units, a 9% increase year-on-year [3] - BAIC's overseas sales surpassed 140,000 units, showing a 20% growth compared to the previous year [3]