2025年11月25日，「2025即时零售供给高峰论坛暨首期即时零售仓店商品对接会」在杭州举办，新经销CEO 任文青发表主题演讲《从即时零售看供需匹 配：过剩时代品牌如何增长？》。 它其实从属于一个更本质的课题，或者叫元课题——过剩时代，品牌要如何增长？ 我今天的分享，将从即时零售这个子课题切入，阐释我对这个元课题的理解，最后再回到子课题。20分钟，我希望能把这个问题讲清楚。 上半年，即时零售最吸引人眼球的是什么？各平台纷纷砸数百亿去补贴消费者。 下半年，这些流量端竞争的信息少了，取而代之的是什么？供给端的信息。 10月31日发布"淘宝便利店"品牌，通过品牌授权和输出运营标准整合优质商家。首批开放34个名额，未来一年投入20亿专项资金，目标覆盖全国200多个 城市。 几乎在同时，美团宣布加速拓展"品牌官旗闪电仓"，联合上万个品牌方直接入驻，开设官方旗舰店。专注线上经营，覆盖百货快消、应急类等长尾商品。 当然，美团在供给端的投入早就开始了。截至2025年9月，美团闪电仓数量已突破5万家，计划到2027年拓展至10万家。 核心观点： 本文是演讲内容的核心概述。 即时零售从流量战，进入供给战 今天品牌关注即时零售， ...

Group 1: Alibaba-W (09988.HK) - Alibaba reported total revenue of 247.8 billion yuan for FY2026 Q2, a year-on-year increase of 5% [4] - The Chinese e-commerce segment generated 132.6 billion yuan in revenue, up 16% year-on-year, while international commerce revenue reached 34.8 billion yuan, growing 10% [4] - Alibaba Cloud's revenue increased by 34% year-on-year to 39.8 billion yuan, with adjusted EBITA of approximately 3.6 billion yuan, a 35% increase [4][5] - Instant retail revenue surged by 60% year-on-year to 22.9 billion yuan, contributing to improved user engagement and customer management revenue [5] - Management indicated that the Capex target of 380 billion yuan over three years may be revised upwards due to high demand for servers [6] Group 2: Dongyangguang (600673.SH) - Dongyangguang is involved in a 100% equity acquisition of Qinhuai Data, with total investment reaching 11.2 billion yuan, of which Dongyangguang contributed 3 billion yuan [2] - The acquisition aims to transition Dongyangguang from a traditional materials supplier to an integrated digital ecosystem service provider focusing on green electricity and computing power [2] - The company anticipates significant revenue growth, projecting revenues of 15.7 billion yuan, 24.5 billion yuan, and 31 billion yuan for 2025, 2026, and 2027 respectively [3]

Core Viewpoint - Alibaba is experiencing a "restart year" in 2023, as indicated by its mid-term financial results for the fiscal year 2026, which show mixed performance but also signs of resilience and potential growth in its core e-commerce and AI sectors [1][3]. Financial Performance - Alibaba reported revenue of 247.795 billion RMB for the fiscal year 2026, reflecting a 5% year-on-year increase [2]. - Operating profit decreased significantly by 85% to 5.365 billion RMB, while net profit attributable to ordinary shareholders fell by 52% to 20.990 billion RMB [2]. - The adjusted EBITDA also saw a decline of 64%, indicating challenges in profitability despite revenue growth [2]. E-commerce Business - The Chinese e-commerce segment generated 132.578 billion RMB in revenue, marking a 16% increase year-on-year, showcasing a stable recovery in this core area [4][5]. - Instant retail, particularly through Taobao Flash Sale, has shown remarkable growth, with revenue increasing by 60% [5][6]. - The integration of offline stores into the instant retail model has improved unit economics and user engagement, leading to a return of double-digit user growth on the Taobao app [6][8]. AI Development - Alibaba's cloud intelligence group reported revenue of 398.24 billion RMB, with a year-on-year growth rate of 34%, driven by increased adoption of AI-related products [9][11]. - The launch of the "Qianwen" AI application has gained significant traction, achieving over 10 million downloads within a week and becoming one of the fastest-growing AI applications globally [11][13]. - This strategic shift towards consumer-facing AI marks a departure from Alibaba's previous focus on B2B AI services, positioning the company to leverage its AI capabilities across various consumer applications [14][17]. Industry Trends - The e-commerce sector is undergoing a transformation with the integration of AI, as seen during the recent Double 11 shopping festival, where AI tools significantly enhanced user experience and sales efficiency [18][20]. - However, the rapid adoption of AI has also led to challenges, including issues with product authenticity and the emergence of gray market practices, prompting platforms to implement stricter regulations [28][29]. Conclusion - Alibaba is in a critical phase of transformation, aiming to evolve from a traditional e-commerce company into a comprehensive AI-driven entity, with ongoing challenges and opportunities in both its financial performance and market positioning [29].

Core Viewpoint - Alibaba's FY2026 Q2 performance shows a revenue of 247.8 billion yuan, a 5% increase, but a Non-GAAP net profit of 10.4 billion yuan, a 72% decrease, indicating challenges in profitability despite revenue growth [1] E-commerce - Alibaba's China e-commerce group achieved revenue of 132.6 billion yuan, a 16% increase, with customer management revenue at 78.9 billion yuan, a 10% increase, reflecting a steady improvement in monetization rates [1] - Adjusted EBITA for the e-commerce group was 10.5 billion yuan, a 76% year-on-year decline, primarily due to investments in new instant retail businesses, but excluding these impacts, the core e-commerce EBITA showed single-digit growth [1] Instant Retail - The order structure for instant retail improved, with the loss per order (UE) halving since the peak in July and August, driven by a higher proportion of high-value orders and reduced logistics costs [2] - Non-food categories also saw rapid growth, with orders from Hema and other platforms increasing by 30% month-on-month [2] - The company plans to enhance user experience and focus on high-value customer management, indicating a commitment to long-term investment in instant retail [2] Cloud and AI - The cloud intelligence group reported revenue growth of 28%, exceeding expectations, with AI-related product revenue maintaining triple-digit growth [3] - Adjusted EBITA was 3.6 billion yuan, a 35% increase, with an EBITA margin of 9%, indicating strong profitability in the cloud segment [3] - The company anticipates further capital expenditure beyond the previously set target of 380 billion yuan over three years, driven by robust customer demand [3] Investment Recommendations - The company maintains a strong outlook for its e-commerce core competitiveness, growth potential in instant retail, and long-term growth in cloud and AI businesses, projecting Non-GAAP net profits of 106.9 billion, 166.6 billion, and 201.8 billion yuan for FY2026-2028 [3] - A target price of 185 HKD per share is set, with a "strong buy" rating maintained [3]

Core Insights - Alibaba reported total revenue of 247.8 billion yuan for FY2026 Q2, a year-on-year increase of 5% [1] - Non-GAAP net profit for the quarter was approximately 10.5 billion yuan, a significant decline of 71% year-on-year [1] Revenue Breakdown - **China E-commerce**: Revenue reached 132.6 billion yuan, up 16% year-on-year; adjusted EBITA was about 10.5 billion yuan, down 76% [1] - **International Commerce**: Revenue was 34.8 billion yuan, a 10% increase year-on-year; adjusted EBITA turned positive at approximately 200 million yuan [1] - **Alibaba Cloud**: Revenue grew to 39.8 billion yuan, with a year-on-year growth rate of 34%; adjusted EBITA was about 3.6 billion yuan, up 35% [1] - **Other Businesses**: Revenue totaled 63 billion yuan, down 25% year-on-year; adjusted EBITA was -3.4 billion yuan, with losses widening by 84% [1] Operational Highlights - Instant retail business showed significant growth, leading to a rapid increase in monthly active consumers on the Taobao app; management reported a 50% reduction in losses for Taobao Flash Purchase compared to July-August [2] - AI and cloud services are gaining traction in both B2B and B2C sectors; Alibaba Cloud's market share in China's AI cloud market reached 35.8% in H1 2025 [2] - The Qwen3 model underpins the newly launched Qianwen app, which has seen over 10 million downloads in its first week of public testing [2] Capital Expenditure and Future Outlook - Capital expenditure exceeded 31.5 billion yuan this quarter; management indicated a potential increase in the three-year capex target of 380 billion yuan due to high demand for server orders [3] - The company maintains a "Buy" rating, projecting revenues of 1,053.7 billion yuan, 1,143.6 billion yuan, and 1,269.8 billion yuan for fiscal years 2026-2028, with non-GAAP net profits of 97.4 billion yuan, 133.2 billion yuan, and 170.7 billion yuan respectively [3]

11月21日，中国本土仓储式会员制零售品牌fudi与京东达成战略合作，正式入驻京东秒送平台。此次合作是fudi首次向第三方即时零售平台开放其核心商品 与会员体系，通过"会员级品质"与"分钟级送达"的深度融合，旨在为消费者打造"30分钟新鲜生活圈"。 （左1：京东即时零售运营负责人肖杰；右1：北京尧地农业科技发展有限公司董事长王兴水） 此次战略合作为fudi带来全方位的价值提升。fudi通过向京东开放会员体系，实现了双方资源的深度融合。基于京东的大数据分析能力，fudi得以更精准地洞 察消费趋势，从而高效触达潜力会员。此举将助力fudi在现有超200万注册会员及20万付费会员的基础上，实现高品质会员规模的显著增长，并通过数据打 通推动会员服务的个性化升级。 预计自11月26日起，用户可在京东App首页搜索"fudi"，直接访问其京东秒送店铺，享受门店周边5至7千米"新鲜商品分钟级送达"的购物体验。 多维赋能，依托京东实现fudi会员价值跃迁 创新实践，重塑即时零售服务新范式 以北京市场的成功实践为起点，fudi将通过京东覆盖全国的物流网络与数字化能力，快速推进全国化布局。fudi计划进一步扩充线上商品种类，并依 ...

Core Insights - The report reveals the troubling reality of the food delivery industry, highlighting that while order volumes have increased, actual revenue for merchants has decreased due to aggressive subsidy wars [1][3][10] - The competition among major players in the food delivery market has led to a significant decline in profits for many restaurants, as they struggle to balance between participating in subsidies and maintaining profitability [4][10] Group 1: Industry Dynamics - A study covering over 40,000 merchants indicates that during the peak of subsidy wars, daily order volumes increased by an average of 7%, but actual revenue dropped by approximately 4%, leading to an average profit decline of 8.9% [1][3] - The phenomenon of "substitution effect" is evident, where food delivery is replacing dine-in services, resulting in a decline of over 10% in both order volumes and actual revenue for dine-in services [4][10] - Merchants not participating in subsidies are also affected, as customers shift towards competitors offering subsidies, creating a dilemma for them [4][10] Group 2: Competitive Landscape - The food delivery war began in February 2025 when JD.com announced its entry into the market with a "0 commission" policy, leading to a series of aggressive subsidy initiatives from major players like Meituan and Alibaba [5][6] - By July 2025, Meituan reported a daily order volume exceeding 1.2 billion, while Alibaba's Taobao Flash Purchase reached 80 million orders, showcasing the scale of competition and the financial stakes involved [5][6] - Despite the intense competition, regulatory scrutiny has increased, with the market regulator intervening to address the ongoing subsidy wars [6][10] Group 3: Strategic Implications - The competition is not merely about food delivery but reflects a broader strategy among giants to capture higher-frequency consumer engagement and enhance user activity on their platforms [7][8] - JD.com aims to leverage its supply chain capabilities to support the entire food service industry, while Alibaba focuses on creating synergistic effects within its ecosystem to enhance user experience [13][10] - Meituan is committed to maintaining its delivery network and has initiated plans to support merchants financially, indicating a shift towards a more sustainable business model [9][10] Group 4: Future Outlook - The ongoing battle suggests a shift from zero-sum competition to a more complex ecosystem where companies must innovate beyond subsidies to create sustainable value [12][14] - The industry's future will depend on the ability of these companies to build healthier, more equitable ecosystems that balance efficiency with fairness and short-term gains with long-term value [12][14]

需要。今年7月起，多个即时零售平台在广东、北京、山东、河南等地，以地方分公司与主要经销商进 行对接洽谈。其中广东方面，南都湾财社记者从广东省酒类行业协会了解到，有平台已经通过协会联系 头部大商进行洽谈，并称已初步达成协议；另外在北京，一家头部酒水流通企业向南都湾财社记者确 认，该公司已经与即时零售平台达成合作协议，并开始小范围"试水"。据了解，虽然即时零售平台与酒 企有直接合作，但是酒水配额的"大头"依然在经销商手中。因此，即时零售平台有"多少货可卖"，最终 还是要依托经销商：一方面，平台自营门店有相应的采购需求；另一方面，经销商的仓库、门店等可为 即时零售提供"前置仓"服务——这是即时零售平台提高覆盖面的必要设施。南都湾财社记者注意到，在 即时零售与经销商的合作中，此前"跌跌不休"的产品零售价出现了缓和趋势，例如上述提到的白酒"降 不动价"，除了有即时零售补贴减少外，还与经销商、酒企的博弈有关。例如今年"双11"大促期间，茅 台、贵州习酒、五粮液等多个酒企发布"消费警示"，直接或间接对线上平台"补贴引流""低价卖酒"等行 为表达不满，这一定程度上遏制了线上平台酒水跌破价。除酒企外，酒商对即时零售平台的产品定 ...

Core Insights - The traditional supermarket industry is facing significant challenges, with major players like RT-Mart, Walmart, and Yonghui closing hundreds of stores, totaling 3,037 closures, averaging 8 stores per day [1][3][25] - Consumer preferences are shifting towards online grocery shopping, with services like Meituan and JD Daojia becoming increasingly popular, leading to a decline in foot traffic at physical stores [5][10][25] - Supermarkets are adapting by transforming stores into fulfillment centers for online orders, but this has resulted in a less appealing shopping experience for customers [7][10][25] Consumer Behavior - Consumers are increasingly reluctant to visit supermarkets due to the inconvenience of travel and long wait times, preferring the convenience of online shopping [3][5] - The perception of supermarkets as a reliable source for fresh produce has diminished, with many consumers now finding online delivery options more appealing [5][10] - Traditional shopping habits are changing, with consumers now focused on efficiency and direct access to desired products rather than browsing [12][15] Supermarket Operations - Supermarkets are reconfiguring their layouts and operations to accommodate online orders, with a significant portion of inventory now designated for online fulfillment [7][10] - The traditional supermarket model, which relied on strategic product placement to encourage impulse buying, is becoming less effective as consumers are more goal-oriented in their shopping [12][15] - Price strategies that once attracted customers are losing effectiveness due to increased price transparency through online comparisons [15][19] Competitive Landscape - New retail formats like Sam's Club and Hema are successfully attracting customers with unique offerings and experiences, such as fresh food and live seafood, contrasting with traditional supermarkets [19][20][25] - Yonghui is attempting to adapt by increasing its online order share and introducing smaller, more focused store formats, but faces challenges in supply chain and digital transformation [23][25] - The retail industry is undergoing a significant transformation, with the survival of traditional supermarkets dependent on their ability to innovate and adapt to changing consumer demands [25][27]

" 闪电仓改造供应链，电商品牌加速布局。 " 作者丨李岩 编辑丨董子博 据雷峰网观察，品牌化正成为当前即时零售领域核心的趋势之一。 近期，雷峰网注意到，在美团闪购上购买电子、美妆、日用品时，出现了越来越多带有"官方旗舰店"标识 的店铺，例如索尼PlayStation、蕉下、毛戈平、珀莱雅、徕芬等品牌的官方旗舰店。这些店铺明确标注为 官方认证，形态类似消费者熟悉的电商平台官方旗舰店，但其最本质的区别在于30分钟送达。 电商品牌不再局限于传统线上货架，而是希望离消费者更近一步。为此，越来越多品牌开始积极布局即时 零售渠道，供应链模式也随之发生改变。 雷峰网获悉，自今年10月以来，已有索尼PlayStation、珀莱雅、JBL、自然堂、薇诺娜、全棉时代、罗 技、金士顿、毛戈平、欧莱雅、蕉下、徕芬、苏菲、漫步者、飞利浦、安克等数百个品牌率先 入驻美 团"品牌官旗闪电仓"，开设官方旗舰店。 这一变化的背后，是平台正在通过闪电仓"小快灵"的仓配体系，为品牌做"即时零售化"的供应链改造—— 相当于美团闪购给品牌定制了一套简单、直接进入即时零售的模式："品牌官旗闪电仓"。品牌无需自建线 下仓储，而是直接入驻美团的"品牌官旗闪 ...