Core Viewpoint - The article discusses the evolution of e-commerce promotions for alcoholic beverages, particularly during the 618 shopping festival, highlighting the shift towards instant retail platforms offering significant discounts through subsidies [1][5][20]. Group 1: E-commerce Competition - Major e-commerce platforms like Meituan, Taobao, and JD.com are competing fiercely in the instant retail space, offering substantial discounts on alcoholic beverages during the 618 promotion [1][5]. - Instant retail has emerged as a new battleground for low-priced alcoholic beverages, with platforms providing subsidies that allow them to offer prices significantly lower than traditional retail [5][10]. Group 2: Pricing Strategies - Discounts on premium liquors have become more common, with some high-end products being sold at prices significantly below market rates due to platform subsidies [1][10]. - For example, a premium liquor was priced at 1999 yuan after subsidies, while another high-end product was available for as low as 859 yuan [1][10]. Group 3: Sales Performance - Meituan reported a staggering 18-fold increase in sales for alcoholic beverages during the 618 event, with white liquor sales increasing over 70 times compared to previous years [20]. - Other platforms like Tmall also reported significant growth in sales for various domestic liquors, with some brands experiencing over 400% growth [20]. Group 4: Industry Response - Traditional liquor companies have shown a degree of acceptance towards the lower prices offered by instant retail platforms, indicating a shift in strategy to maintain sales volume during a downturn [19][21]. - Many well-known liquor brands have partnered with e-commerce platforms for instant retail services, allowing for faster delivery and maintaining product authenticity [19][21]. Group 5: Future Outlook - While instant retail is gaining traction, industry experts believe it will serve as a supplement rather than a replacement for traditional sales channels, as the primary market for liquor remains focused on bulk purchases [22][23]. - The long-term impact of e-commerce promotions on liquor pricing and sales dynamics is still uncertain, with concerns about potential harm to brand value and traditional retail channels [23].

行业研究丨深度报告丨啤酒 [Table_Title] "每食每刻"系列之（十三）：即时零售，啤酒 消费的"硬折扣" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 依托于互联网发展，具有"快"、"近"、"多"特征的即时零售业务近年来得到高速发展，酒小 二、歪马送酒等酒水垂直类即时零售平台渐渐走入消费者生活，2025 年酒小二/歪马送酒门店 预计已突破 2000/1400 家。本文主要探讨酒水即时零售平台运营模式、单店模型及其为啤酒行 业带来的变化。 分析师及联系人 [Table_Author] 董思远 徐爽 冯萱 SAC：S0490517070016 SAC：S0490520030001 SAC：S0490524060001 SFC：BQK487 请阅读最后评级说明和重要声明 2 / 22 %% %% %% %% research.95579.com 2 [Table_Title "每食每刻"系列之（十三）：即时零售，啤酒 2] 消费的"硬折扣" [Table_Summary2] 中国酒水消费线上化率不断提升 中国饮酒文化源远流长， ...

证 券 研 究 报 告 内需崛起，挖掘新消费的情绪曲线 2025夏季电商零售投资策略 证券分析师：赵令伊 A0230518100003 研究支持：李秀琳 A0230123070007 2025.6.10 投资主线 ◼ 主线1：新消费高景气，情绪价值满足的供给升级 • 工艺变迁升级下，行业转向产品设计和品牌化能力比拼，金饰迎来产品及品牌长周期beta，而传统品牌产品同质化及渠道竞争仍在调整。 建议关注具备产品差异化和高品牌认知的优质品牌：老铺黄金、潮宏基、曼卡龙、 菜百股份、莱绅通灵、周大生、老凤祥。 • 情绪消费崛起，中国人均IP消费有巨大潜力空间。聚焦IP经济，赋予产品更大商业附加值，将成为消费品牌构建差异化的重要竞争力。 建议关注：名创优品、量子之歌。 1. 宏观：内需提振，政策加力推动新消费 3 ◼ 主线2：增长势能延续，AI、即时零售开拓增量 • 平台竞争维度延展，对商家及用户生态、AI和即时零售潜力新业务、出海扩张等新增长极加大布局，持续投入蓄力，有望带动长期增长 正循环，看好平台高质量增长势能。推荐：阿里巴巴、美团、拼多多、京东 。 ◼ 主线3：贸易不确定性加剧，消费内循环重要性提升。 • 关税波 ...

Core Viewpoint - The company welcomes increased competition in the food delivery and instant retail market, expressing confidence in its long-term prospects [1][3]. Group 1: Market Dynamics - The recent influx of new players in the food delivery and instant retail sectors indicates a positive outlook for the market, as these players recognize its potential [3][4]. - The company has been a pioneer in the food delivery space since 2013 and has expanded its services to include non-food items and instant retail, reflecting its adaptability to consumer demands [3][4]. Group 2: Consumer Demand - There is an almost insatiable demand for faster delivery services, evolving from days to hours, and now to half-hour delivery windows, which consumers have come to expect [3][4]. - The company believes that meeting consumer needs is crucial for market growth, emphasizing the importance of supply-side enhancements to satisfy this demand [4]. Group 3: Industry Collaboration - The company acknowledges the necessity of collaboration with traditional retail players to enhance supply capabilities, which has been challenging in the past [4]. - The entry of more players, including traditional retailers, into the instant retail space is seen as a positive development that can drive innovation and accelerate industry growth [4].

目录 05 即时零售的竞争格局 06 即时零售面临的挑战 07 即时零售的未来趋势 08 即时零售的发展建议 01 即时零售重塑消费 场景研究报告 目录 01 即时零售概述 02 即时零售兴起的背景 03 即时零售对消费场景的重塑 04 即时零售的商业模式 即时零售概述 章节副标题 即时零售的定义 即时零售是一种基于即时配送体系的 消费模式，强调"线上下单，30分钟 送达"，让消费者能快速获得所需商 品。 即时零售的概念 传统零售依赖"需求预演"，如周末 囤货、月度采购；而即时零售激活的 是"场景消费"，满足即时产生的需 求。与传统零售的区别 传统电商解决"多"和"省"，即时 零售则通过数字化整合，首次实现 "多、快、好、省"的平衡，消费者 能享受线上选择与高效履约服务。 与电商的区别 即时零售的发展历程 即时零售雏形可追溯至十年前的外卖平台， 当人们习惯用手机点餐时，商品即时配送 的需求便悄然萌芽。 雏形阶段 2015年后，美团闪购、京东到家等平台拓 展至全品类，盒马、朴朴超市等自营模式 入局，行业进入高速发展期。 全品类拓展阶段 01 02 03 2020年疫情催化下，消费者对"无接触配 送"的需求激增， ...

Core Insights - The article highlights the shift in the ready-to-drink beverage industry from rapid growth to a more refined phase, emphasizing the need for brands to adapt to a market where incremental growth is diminishing and to focus on enhancing customer acquisition strategies [1][11]. Group 1: Market Trends - The penetration rate of ready-to-drink beverages has reached 58% as of February 2025, remaining stable compared to three years ago [1]. - The industry is witnessing a trend where "having a thousand stores" has become a standard benchmark for brands [1]. - The article identifies a "Matthew Effect" where leading brands like Mixue Ice City and Bawang Tea Sister excel in both penetration and repurchase rates, reinforcing their market dominance [1]. Group 2: Consumer Segmentation - Three key consumer segments are identified for ready-to-drink beverages: 1. Heavy consumers contribute 61% of value, with brands needing to understand barriers to purchase, such as brand awareness and price sensitivity [4]. 2. O2O channel consumers can add an incremental 28% to brand reach, highlighting the importance of digital channels for brand exposure [6]. 3. Potential consumers, particularly urban blue-collar workers and small-town middle-aged individuals, show lower penetration but significant consumption potential, with a possible 39% increase in penetration through social sharing [10][15]. Group 3: Strategic Recommendations - For sustained growth, brands must focus on: 1. Diagnosing consumer assets for refined operations [11]. 2. Identifying demand opportunities across various consumption scenarios [11]. 3. Leveraging instant retail to support digital transformation and reshape the value chain [11].

Core Insights - The report maintains an "outperform" rating for the retail sector, highlighting a stable performance during the 618 shopping festival, with significant growth in sales and user engagement across major platforms like JD and Tmall [1][2][10] - New consumption trends are emerging, driven by instant retail and AI technology, enhancing consumer interaction and operational efficiency for merchants [2][20][24] Retail Sector Performance - During the 618 promotional period, JD reported over 200% year-on-year growth in transaction volume, order quantity, and number of users within the first hour of the event [1][10] - Tmall's first phase saw 217 brands surpassing 100 million yuan in sales, indicating strong brand performance [1][10] - Instant retail platforms like Meituan have also shown impressive results, with over 50 product categories experiencing more than 100% growth compared to the previous year [10][20] Investment Recommendations - The report suggests focusing on sectors with strong growth potential, including: 1. **Beauty and Personal Care**: Companies like Dongkang Oral Care and Maogeping are expected to achieve significant growth due to innovative product offerings and effective use of e-commerce channels [2][3] 2. **Gold and Jewelry**: The sector is anticipated to benefit from a low base effect in Q2, with brands like Chaohongji and Caibai showing promising sales [3][12] 3. **IP Toys**: Companies like Pop Mart and Blokus are well-positioned to capitalize on the emotional value for young consumers and the potential for overseas market expansion [3][12] 4. **Cross-border E-commerce**: Brands like Anker Innovations are expected to leverage favorable trade conditions for growth [3] Market Trends - The retail sector is experiencing a shift towards simplified promotional rules and extended event durations, with Tmall starting pre-sales earlier than in previous years [19] - AI technology is increasingly integrated into retail operations, enhancing customer service and marketing effectiveness [24][28] Recent Industry Data - In April, the total retail sales of consumer goods reached 37,174 billion yuan, with a year-on-year growth of 5.1%, indicating a steady recovery in consumer spending [28][29] - Online retail sales for the first four months of 2025 reached 47,419 billion yuan, growing by 7.7% year-on-year, with physical goods online sales accounting for 24.3% of total retail sales [29][30] Stock Performance - In May 2025, the retail index rose by 1.66%, slightly underperforming the CSI 300 index, while the beauty and personal care index increased by 2.55%, outperforming the broader market [42][47] - Notable stock performers in the retail sector included Liren Liyang and Ruoyuchen, with significant price increases [52][55]

可能正是因为看到了很大的空间，所以才有很多玩家进来。我们所有的市场空间归根到底都在于，你是 否能够更好地满足消费者需求。我觉得大家对快的需求是近乎无止境的，以前从几天后到，到次日达， 到当天上、下午就要到达，后面以外卖为代表的半个小时送达，大家习惯这种方式之后，需要半个小时 送达的，不光是餐厅的餐，不光是奶茶咖啡，也希望其他很多东西。所以更多参与者进来，是因为他们 看到这个市场有发展空间，这一点我们是非常同意的。 在现场提问环节，王兴首先回应了京东、淘宝闪购的竞争以及对自身的影响。他表示：我觉得关于最近 市场又热起来，我有三个判断和三个观点：第一，我们非常欢迎更多参与者入场的。第二，再次重申美 团是坚决反对内卷的。第三，我们对长期是很有信心的。 同时我们认为这个需求如此之大，要满足消费者需求，需要供给侧全面提升。以美团为例，我们在13年 开始做外卖之后，到16、17年观察到消费者有餐饮以外的需求。我们当时就很希望跟原有的线下超市合 作，但事实上17、18年跟线下超市合作不是那么顺利，因为传统的玩家没有充分意识到线上零售的潜 力。所以在19年之后，我们才开始做闪购，去培育新供给。最后这个生态能够发展起来，消费者 ...

Core Insights - The 618 mid-year shopping festival has seen significant changes this year, driven by government initiatives to boost consumption and the simplification of discount rules by major e-commerce platforms [1][2][4] Group 1: Simplified Discount Rules - E-commerce platforms have shifted from complex discount structures to straightforward "official discounts" and "direct price reductions," enhancing consumer experience [2][3] - The government's "old-for-new" subsidy policy has expanded, increasing the number of eligible appliance categories from 8 to 12 and including digital products with a subsidy of up to 15% [3][4] Group 2: Integration of Content and E-commerce - There is a notable trend of "content + e-commerce" integration, allowing consumers to transition from product discovery on social media to purchasing on e-commerce platforms seamlessly [5][6] - Initiatives like the "Red Cat Plan" between Xiaohongshu and Taobao, and the "Jinghuo Plan" by Bilibili and JD, have facilitated direct links to products, enhancing the shopping experience [7] Group 3: Instant Retail and AI Technology - Instant retail has gained prominence, with platforms like Meituan Shanguo reporting a 200% increase in transaction volume, indicating a shift towards immediate delivery services [7][8] - AI technologies are increasingly utilized in e-commerce, with tools for personalized recommendations and automated video generation for product promotion, improving operational efficiency for merchants [8]

Core Viewpoint - The article discusses the competitive landscape of the e-commerce sector in China, focusing on Alibaba's Taotian Group and its declining performance compared to rivals like JD.com and Pinduoduo. It highlights the challenges faced by Alibaba in maintaining its market share and profitability amidst increasing competition and changing consumer behavior [3][5][8]. Group 1: Competitive Landscape - Taotian Group is not only a key revenue driver for Alibaba but also faces significant challenges as its growth lags behind Alibaba International and Alibaba Cloud [3][5]. - The retail battle intensifies with JD.com aggressively entering the food delivery market, prompting Taotian to collaborate with Ele.me to compete [4][37]. - Alibaba's market share has been declining, from 51.3% in 2021 to an estimated 36.2% by 2026, while Pinduoduo and JD.com have gained ground [21][25]. Group 2: Financial Performance - In the fiscal year 2025, Alibaba's revenue reached 99.63 billion yuan, with a growth rate of 5.9%, falling short of the 1 trillion yuan target [10][18]. - Taotian Group contributed 44.98 billion yuan in revenue, accounting for 45% of Alibaba's total, but this represents a 1% decrease year-on-year [12]. - The revenue growth of Taotian Group was only 3%, significantly lower than the double-digit growth rates of Alibaba International and Alibaba Cloud [13][15]. Group 3: Strategic Initiatives - Alibaba plans to invest 380 billion yuan over the next three years in AI and cloud computing to address traffic concerns and enhance user experience [31][35]. - The upcoming "618" shopping festival is seen as a critical opportunity to assess the performance of the new leadership under Jiang Fan, who took charge of Alibaba's e-commerce division [3][40]. - Taotian Group has implemented changes to its merchant operating rules to improve monetization rates, which have been lower than competitors [27][30]. Group 4: Market Dynamics - The rise of live-streaming e-commerce has significantly impacted Taotian's market share, with platforms like Douyin and Kuaishou capturing a larger audience [22][24]. - The competition is expected to continue intensifying, with Alibaba's Taotian Group needing to stabilize its market position while managing costs associated with aggressive promotional strategies [26][40].