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内卷式竞争
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特发服务:上半年营收同比增长3.59%,优质客户持续增加
Core Insights - The company reported a revenue of 1.393 billion yuan for the first half of 2025, representing a year-on-year growth of 3.59% [1] - The total profit reached 87.67 million yuan, with a year-on-year increase of 1.22%, while the net profit attributable to shareholders was 59.14 million yuan, up by 2.69% [1] Company Performance - The company is implementing a dual-driven strategy of "deepening the main business and parallel diversification," which has led to stable operational performance and ongoing strategic development in diversified business areas [1] - The company successfully won the property service project for Shenzhen People's Hospital, the oldest and largest three-tier hospital in Shenzhen, enhancing its professional strength in hospital logistics support services [1] - The company has also entered the military camp property management sector, securing service projects in regions such as Xinjiang and Beijing, laying a solid foundation for future strategies [1] Key Projects - Core projects such as Huawei's Oriental Global Enterprise Center, Huawei's Yudu Jinmin Garden, Ant Financial's Hangzhou Antown Park, and Shanghai Xiaohongshu project have all been renewed, further solidifying the company's market share and brand influence in the non-residential sector [1][2] Industry Context - As a property management platform under Shenzhen State-owned Assets, the company has established long-term stable partnerships with leading firms like Huawei, Alibaba, Tencent, ByteDance, Xiaohongshu, and State Grid, providing comprehensive services including lifecycle management and space operation [2] - The real estate market is currently undergoing deep adjustments, with the residential property increment market facing continuous pressure, while competition in the non-residential property sector is intensifying [2] - According to a report by Zhongxin Securities, while there is some internal competition within the property service industry, the market share of leading companies remains low, and their profitability is not expected to decline due to this competition [2]
首次披露“新三样”领域偷骗税案件 以税收公平助力“反内卷”
Core Viewpoint - The exposure of tax evasion cases in the "New Three Items" (new energy vehicles, lithium batteries, solar cells) sector highlights the need for compliance and integrity in a rapidly growing industry, emphasizing that companies should focus on innovation rather than exploiting tax loopholes [1][2][3]. Group 1: Tax Evasion Cases - The National Taxation Administration revealed two tax evasion cases in the "New Three Items" sector, marking the first disclosure of such violations in this field [1]. - Jiangxi Nan's Lithium Battery New Materials Co., Ltd. was found to have improperly claimed R&D tax deductions by including non-R&D personnel's salaries, resulting in a tax penalty of 5.719 million yuan [2]. - A criminal gang led by Lin Jiayang was discovered to have fraudulently obtained export tax refunds amounting to 149 million yuan by misrepresenting products, leading to severe legal consequences for the involved parties [3]. Group 2: Impact on Industry Development - Tax evasion undermines the intended purpose of tax incentives designed to foster innovation and disrupts the fair tax environment, contributing to chaotic competition and overcapacity in the industry [2][3]. - The illegal activities not only distort market mechanisms but also harm compliant businesses, threatening the overall health of the "New Three Items" sector [1][2]. Group 3: Regulatory and Policy Recommendations - The central government emphasizes the importance of strict enforcement against tax evasion to ensure that tax benefits reach companies genuinely focused on innovation and quality improvement [4][5]. - Experts suggest that optimizing the policy framework is essential to prevent overcapacity and promote high-quality development, advocating for adjustments in fiscal subsidies and tax incentives based on industry dynamics [6].
内卷式竞争:怎么看,怎么办?
Jing Ji Guan Cha Wang· 2025-08-18 09:13
Core Viewpoint - Major platforms such as Meituan, Ele.me, and JD.com have jointly committed to resisting vicious competition and regulating promotional behaviors, marking a significant response to regulatory signals and a potential shift towards sustainable development in the industry [1] Group 1: Concept and Classification of "Involutionary Competition" - "Involution" refers to a complex internal development process that leads to increased complexity without qualitative change, often resulting in resource wastage and industry deterioration [2][3] - "Involutionary competition" is defined as excessive competition for limited market share that fails to enhance efficiency or create new value, leading to a waste of resources and a vicious cycle within the industry [2][3] Group 2: Types of "Involutionary Competition" - Horizontal involutionary competition manifests as price wars among peer companies, significantly compressing profit margins and damaging industry health [3][4] - Vertical involutionary competition occurs when dominant firms exert pressure on upstream and downstream partners, transferring costs and risks, which can lead to a low-quality, low-price, and low-efficiency cycle [4][5] Group 3: Causes of "Involutionary Competition" - Shrinking internal and external demand due to factors like trade tensions and demographic changes has led to increased price competition among firms [6][7] - Local government policies that prioritize short-term growth metrics over sustainable practices have exacerbated the issue, encouraging firms to engage in irrational competition [8][9] - The lure of China's vast market encourages aggressive strategies that prioritize market share over profitability, leading to a "winner-takes-all" mentality [10] - Scale economies and network effects drive firms to engage in price wars to achieve cost advantages, often at the expense of long-term stability [11] - Distorted financial valuation logic prioritizes growth over profitability, pushing firms to adopt aggressive pricing strategies to attract investment [12] - Cultural factors, such as the belief in "thin profit and high sales," contribute to a competitive environment that favors price cuts over value enhancement [13][14] Group 4: Strategies to Address "Involutionary Competition" - Expanding internal and external demand through policy reforms and enhancing consumer confidence is crucial to alleviating price competition [16][17] - Restructuring industrial policies and local incentives to focus on high-quality growth rather than short-term metrics can mitigate involutionary pressures [18][19] - Redefining competition boundaries and incentive structures in the unified market to prioritize value over price is essential [20][21] - Regulating platform governance and ensuring fair competition can prevent monopolistic behaviors that lead to systemic inefficiencies [21] - Reforming financial valuation logic to emphasize long-term value creation over short-term growth can help curb involutionary practices [22] - Promoting cultural change within organizations to prioritize sustainable growth and value creation over mere sales volume is necessary [23][24]
依法严肃查处“新三样”领域偷骗税等违法行为 以税收公平助力反“内卷”和全国统一大市场建设
Zhong Guo Jing Ji Wang· 2025-08-18 07:53
Group 1 - The core issue is the misuse of tax incentives by some entities in the "New Three Samples" sector, which undermines high-quality development and fair competition [1][2] - Some companies are engaging in tax evasion through fraudulent practices such as issuing false invoices and overstating expenses, which distorts market mechanisms and harms compliant businesses [1][2] - The government emphasizes the need for strict enforcement against tax fraud to ensure that tax benefits reach companies focused on innovation and quality improvement [2][3] Group 2 - There is a call for optimizing the policy framework to prevent overcapacity and "involution" competition, promoting sustainable high-quality development in the "New Three Samples" industry [3] - Adjustments to fiscal subsidy standards and tax incentive policies are necessary to shift the industry focus from being policy-driven to innovation-driven [3] - Legal compliance in tax payments is highlighted as a fundamental requirement for businesses to ensure long-term stability and growth in the "New Three Samples" sector [3]
新闻分析:越是政策受益者越应是合规经营者
Xin Hua Wang· 2025-08-18 07:23
Core Viewpoint - The article emphasizes the importance of compliance in the "new three items" (electric vehicles, lithium batteries, and photovoltaic products) sector, highlighting that tax evasion undermines the intended benefits of tax incentives and disrupts market order [1][2]. Group 1: Tax Incentives and Compliance - The National Taxation Administration has revealed two tax evasion cases in the "new three items" sector, marking the first disclosure of such violations in this area [1]. - Tax incentives are designed to encourage innovation and development, but some entities are misusing these benefits to evade taxes, which harms fair competition and exacerbates overcapacity [1][2]. - From 2021 to mid-2023, the cumulative tax reductions and exemptions reached 9.9 trillion yuan, expected to hit 10.5 trillion yuan by the end of the year, with 3.6 trillion yuan specifically benefiting technology innovation and advanced manufacturing [2]. Group 2: Impact on Industry and Market - The article discusses the negative effects of tax evasion on legitimate businesses, as it distorts market mechanisms and disrupts fair competition [2][3]. - The tax authorities have investigated 21,800 cases of tax fraud and improper tax benefits during the "14th Five-Year Plan" period, recovering 26.9 billion yuan in taxes [3]. - Experts suggest that a more scientific and sustainable policy framework is needed to address issues like "involution" in certain sectors and to promote a shift from "policy-driven" to "innovation-driven" growth for high-quality development [3].
大力整治“内卷式”竞争 银行业经营质效持续提升
Group 1 - The core viewpoint of the news is that the banking and insurance sectors in China are showing stable growth and improved operational efficiency, with key indicators reflecting resilience and enhanced risk management capabilities [2][3][4] Group 2 - As of the end of Q2 2025, the total assets of China's banking sector reached 467.3 trillion yuan, a year-on-year increase of 7.9%, while insurance companies' total assets grew by 9.2% to 39.2 trillion yuan [2] - The non-performing loan (NPL) balance for commercial banks was 3.4 trillion yuan, a decrease of 2.4 billion yuan from the previous quarter, with an NPL ratio of 1.49%, down by 0.02 percentage points [2] - In the first half of the year, commercial banks reported a net profit of 1.2 trillion yuan, with an average capital return on equity of 8.19% and an average asset return on equity of 0.63% [3] - The cost-to-income ratio for commercial banks improved to 30.2%, a decrease of 5.3 percentage points compared to the previous year, while the net interest margin remained stable at 1.42% [3] - The loan loss provision balance for commercial banks was 7.3 trillion yuan, with a provision coverage ratio of 211.97%, indicating strong risk mitigation capabilities [3] - Overall, the banking sector is maintaining a stable operation with key indicators such as NPL ratio, provision coverage ratio, and capital adequacy ratio showing positive trends, reflecting the industry's resilience and ability to support the real economy [4]
平台反“内卷”,停止高额补贴应是第一步
Jing Ji Guan Cha Wang· 2025-08-15 09:24
今年以来,外卖领域的竞争此起彼伏。一组数据和一项倡议引发了社会的广泛关注:今年上半年,北京餐饮收入达672.6亿元,同比下降3.6%;北京市餐饮 行业协会发布倡议书,呼吁行业抵制"内卷式"恶意竞争,维护公平的市场秩序。其他省市的餐饮情况也与之类似,大多在外卖大战中被迫陷入了"内卷"的泥 潭。 我们该如何反"内卷"?停止高额补贴或许是第一步。 二是自我牺牲,甚至不计代价。从哲学角度看,"内卷"可解释为一种"退化"的演化,其结果必然是付出很多,收获很少,甚至各方均受损。具体表现 为,"内卷"压低了部分商品的价格,导致商家利润下降、消费者消费品质降低、骑手劳动时长增加以及交通安全性下降。高盛预计,在今年7月到明年6月的 12个月内,阿里的外卖业务将亏损410亿元,京东亏损260亿元,美团利润减少250亿元。 三是给予高额补贴,抢占市场份额。这与地方政府招商引资过程中出现的逐底竞争类似,即为了争夺市场份额或资源,通过不断降低标准(如劳工权益、环 保要求、价格等),陷入恶性循环的竞争模式,最终导致整体利益受损。 对于平台而言,其主要手段就是通过补贴降价。尤其是外卖大战中出现了浪费现象,这与第一次工业革命时期的"倒牛奶" ...
中航协发布自律公约:民航反内卷指向机票销售
Di Yi Cai Jing· 2025-08-14 11:43
民航局长还提到,在部分航线市场,网络销售平台依靠庞大的用户流量和便捷的预订渠道,借助AI算 法、大数据等技术影响机票定价,航司被迫低价销售以争夺客源。 就在不久前,民航局专门召开了一次电视电话会,部署民航领域综合整治"内卷式"竞争工作。民航局局 长在会上提到,在民航领域,内卷的本质是部分市场主体为追求短期收益,过度低价,导致我国航空市 场尽管保持增长,但"旺丁不旺财,增利不增收"的现象突出。 第一财经记者梳理《公约》内容发现,对机票销售价格和航空销售网络平台的相关要求,是《公约》条 款的重要组成部分,比如要求各企业严格遵守价格法、反不正当竞争法等相关法律规定,杜绝以排挤竞 争对手为目的的恶意竞争行为(如低于成本价倾销、虚假宣传等)。 【#中航协发布自律公约#:#民航反内卷指向机票销售#】#中航协整顿机票低价倾销#8月14日,由中国 航空运输协会(下称"中国航协")牵头编制的《中国航空运输协会航空客运自律公约》(下称《公 约》)正式发布。 这里所说的"低于成本价倾销",主要是指国内航线目前存在的"价格战"。 《公约》由国内多家主要运输航空公司及行业专家共同参与制定,倡议各公司从航空安全、服务质量、 运营效率、规 ...
外卖大战风向变了:内卷式竞争,没有出路
3 6 Ke· 2025-08-14 10:40
Core Viewpoint - The ongoing competition in the food delivery industry is shifting from aggressive subsidy wars to a more rational approach, as major players like JD.com, Meituan, and Ele.me express their intention to resist "involutionary" competition [1][2][3]. Group 1: Characteristics of Involutionary Competition - Involutionary competition is characterized by chaotic expansion and zero-sum games among companies vying for limited market share [8]. - Three typical manifestations of involutionary competition include: 1. Price Wars: When prices are driven down to unsustainable levels, leading to losses across the industry [9]. 2. Imitation Wars: Companies blindly follow trends without maintaining their unique offerings, resulting in homogenized products [10]. 3. Internal Strife: Companies focus on undermining competitors rather than expanding the market, often through unethical practices [12][13]. Group 2: Strategies to Avoid Involutionary Competition - Companies should focus on creating value rather than competing on price, ensuring customers perceive their offerings as worth the price [16][20]. - Differentiation is essential for competitive advantage, allowing companies to avoid resource-draining competition by offering unique value propositions [21][24]. - Transitioning from zero-sum games to win-win relationships is crucial, as illustrated by the example of Ford and General Motors, where mutual support can lead to overall industry health [25][30].
外卖平台砸钱补贴为获客拉新 中小商家不参加则流量减少?
Sou Hu Cai Jing· 2025-08-14 08:52
Core Viewpoint - The competition in the tea and coffee delivery market has intensified due to aggressive subsidies from platforms, leading to concerns about "involutionary" competition characterized by low prices and low quality [3][5][6] Group 1: Involutionary Competition - Involutionary competition is defined as "low-price, low-quality competition," where businesses are forced to lower product quality to compete [5][6] - This phenomenon is prevalent in platform economies, where platforms influence market dynamics, compelling merchants to engage in price wars [6][12] - The ideal competitive progression in an industry should move from price competition to differentiation and ultimately to innovation, but involutionary competition traps businesses at the price level [5][6] Group 2: Market Dynamics and Consumer Behavior - The current focus of competition is on the instant retail market, which aligns with the preferences of younger consumers who favor immediate satisfaction [7][10] - Platforms are using substantial subsidies as a marketing strategy to attract users, effectively reallocating funds from traditional advertising to consumer discounts [9][10] - The surge in orders due to subsidies can overwhelm merchants, leading to operational challenges and potential declines in product quality [11][12] Group 3: Impact on Merchants - Merchants face a dilemma between maintaining quality and meeting increased demand driven by subsidies, which can lead to a cycle of low prices and low quality [11][12] - Small and niche businesses are particularly vulnerable to the competitive pressures created by platform subsidies, as they may not have the resources to participate effectively [12][14] - The initial focus of subsidies on larger brands can disadvantage smaller merchants, even when subsidies are made available to all [13][14] Group 4: Recommendations for Platforms - Platforms should focus on creating long-term value for both merchants and consumers rather than relying solely on price competition [15][16] - Effective use of data analytics to assist merchants in inventory management and demand forecasting can provide more substantial benefits than mere financial incentives [16] - Regulatory approaches should be nuanced, avoiding blanket restrictions while addressing specific issues faced by smaller merchants [17][18][19]