借助"餐饮+非餐"同步发展态势，支撑新消费升级演进 11月25日商务部研究院发布的《即时零售行业发展报告(2025)》指出，2026年我国即时零售规模将突破 1万亿元。当前，即时零售"餐饮+非餐"同步发展的态势凸显。一方面，餐饮作为外卖大战的核心引流 品，单量节节攀升，再叠加消费者日益高涨的节假日消费效应，极其考验即时配送基础设施的高峰期弹 性支撑能力；另一方面，在传统电商红利见顶之后，平台开始将目光转向广阔的万亿即时零售市场，同 时消费者习惯初步养成，推动非餐需求水涨船高，对传统电商提出了远近场一体化融合和改革的要求。 2025年，即时零售的"东风"依旧猛烈，市场规模逼近万亿大关，"餐饮+非餐"品类单量均刷新了历史纪 录，验证即时零售的天花板远未见顶；另一方面，零售供给侧的变革，引发新一轮"外卖大战"，如何充 分链接平台、商家和消费者，寻找实现多赢的平衡点，成为即时配送行业贯穿全年的核心主题。 也是在这一年，顺丰同城作为行业内稀缺的全场景第三方即配平台，价值定位更加清晰：在物流基础设 施建设方面，持续深耕全场景服务，为"万物到家"带来更多确定性；在差异化定位上，持续加强全渠道 整合能力，向商家、平台和消费者 ...

值得一提的是，这一轮骑手争夺并非偶然，而是2025年外卖行业竞争升级的必然结果。此前，平台竞争多集中于价格补贴与商户资源争夺，如今已逐步延伸 到履约环节的核心人力保障。有北京美团骑手透露，近期身边至少有六七位同行被淘宝闪购的福利吸引跳槽。 不过也有资深骑手表示，成熟骑手更看重单量稳定性与平台服务保障，不会因短期高额奖励轻易流动。事实上，早在2025年7月，淘宝闪购就曾在三里屯推 出高额周补补贴政策，吸引大量美团骑手跳槽，9月补贴收缩后，骑手又大规模回流美团。 临近年底，外卖行业的竞争战火再度升级，这场始于流量与价格的博弈，如今已聚焦到对优质骑手资源的白热化争夺。美团、淘宝闪购等头部平台相继抛出 高额"转会"奖励，在北京等核心区域掀起抢人热潮。 据每日经济新闻报道，北京多个外卖站点的骑手们接连收到来自不同平台的高薪邀约。美团针对11月在饿了么、京东等平台月单量超720单的骑手，推出了 2888元的入职奖励，条件是加入美团乐跑并完成6周服务。 淘宝闪购的政策则面向2025年12月15日至21日在京东、美团、顺丰等平台跑单超过140单、加入淘宝闪购优选并连续跑4周的骑手奖励3000元，同时设置1000 元邀请奖励激 ...

2025年，即时零售的"东风"依旧猛烈，市场规模逼近万亿大关，"餐饮+非餐"品类单量均刷新了历史纪录，验证即 时零售的天花板远未见顶；另一方面，零售供给侧的变革，引发新一轮"外卖大战"，如何充分链接平台、商家和 消费者，寻找实现多赢的平衡点，成为即时配送行业贯穿全年的核心主题。 也是在这一年，顺丰同城作为行业内稀缺的全场景第三方即配平台，价值定位更加清晰：在物流基础设施建设方 面，持续深耕全场景服务，为"万物到家"带来更多确定性；在差异化定位上，持续加强全渠道整合能力，向商 家、平台和消费者输出专业、中立、高质量的履约服务。同时结合技术驱动效率体验、深化生态协同等一系列措 施，交出了一份高质量的增长答卷，推动即时零售迈入流量多极化下高效与品质并重的新阶段。 借助"餐饮+非餐"同步发展态势，支撑新消费升级演进 11月25日商务部研究院发布的《即时零售行业发展报告(2025)》指出，2026年我国即时零售规模将突破1万亿元。 当前，即时零售"餐饮+非餐"同步发展的态势凸显。一方面，餐饮作为外卖大战的核心引流品，单量节节攀升， 再叠加消费者日益高涨的节假日消费效应，极其考验即时配送基础设施的高峰期弹性支撑能力；另一 ...

Group 1 - The core viewpoint of the articles highlights the surge in consumer spending during the New Year holiday, particularly driven by the "instant gratification" and self-reward consumption patterns [1][2] - During the New Year holiday, significant sales were recorded for various products, including over 75 million cherries and more than 10 million strawberries, indicating a strong demand for festive items [1][2] - The sales data reflects a shift in consumer behavior, where traditional New Year purchases are evolving from mere stockpiling to immediate emotional satisfaction and social investment [2] Group 2 - The consumption patterns during the holiday show distinct time-based trends, with seafood and hot pot ingredients being popular in the morning, gifts and snacks in the afternoon and evening, and beer and fruits late at night [2] - The success of the instant retail platform during the holiday season underscores its adaptability to festive scenarios, suggesting a transformation in traditional New Year consumption models [2] - The New Year consumption trend is expected to continue, with plans for ongoing promotions throughout the Spring Festival, ensuring that supply chains are prepared to meet demand [2]

Core Insights - The article highlights significant changes in the consumer market in 2025, emphasizing the emergence of new consumption patterns and the evolution of various sectors within the industry [2]. Instant Retail - Instant retail is recognized as the "explosion year" in 2025, expanding beyond food delivery to encompass a wide range of products [3]. - Major players like JD.com and Alibaba have entered the market, leading to intense competition and a subsidy war among platforms [4]. - The industry is shifting towards a more sustainable model, focusing on long-term ecological coexistence rather than short-term gains [4]. Emotional Consumption - Emotional consumption has become a key trend, driven by the desire for psychological comfort and social recognition among consumers [5]. - The market for emotional consumption in China reached 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [5]. - Various segments, including healing products and immersive experiences, are gaining popularity, reflecting a shift in consumer preferences [6]. Reverse Tourism - There is a notable increase in tourism orders in county-level areas, with local entrepreneurs capitalizing on unique cultural experiences [7]. - The focus has shifted from traditional sightseeing to immersive local experiences, appealing to younger demographics [7]. Consumption Downward - Lower-tier cities are experiencing a surge in consumer activity, with significant growth in orders during events like Double 11 [8]. - Brands are increasingly targeting these markets, with local players gaining traction through culturally resonant products [8]. Hard Discounts - The hard discount retail sector is expanding, challenging the perception that low prices equate to low quality [11]. - Major internet companies are driving this trend, with new store formats and streamlined supply chains enhancing efficiency [11]. Light Health - Health-conscious products are becoming popular among younger consumers, with a focus on convenience and effectiveness [13]. - The market is evolving to include innovative health products that cater to the busy lifestyles of young professionals [14]. Circular Economy - The circular economy is gaining traction, with a shift in consumer attitudes towards second-hand goods and sustainability [16]. - Platforms like Xianyu and Zhuanzhuan are adapting their strategies to enhance trust and user experience in the second-hand market [17]. Pet Economy - The pet economy is experiencing rapid growth, with a market size exceeding 811.4 billion yuan and a 25.4% annual growth rate [18]. - There is a diversification of products and services catering to pet owners, reflecting a shift towards more personalized and premium offerings [18]. Value Export - Chinese brands are increasingly focusing on global markets, leveraging cultural resonance and operational efficiency to build brand loyalty [19]. - The strategy of value export is reshaping perceptions of "Made in China" and driving foreign trade growth [19]. Prepared Dishes - The prepared dishes industry is moving towards standardization and innovation, addressing consumer trust issues through transparency [20]. - Technological advancements in preservation and quality control are enhancing product offerings in this sector [20].

文 李立 吴清 2025年，中国互联网商业舞台的中心，被一场前所未有、代价高昂的战役——"即时零售"大战牢 牢占据。 以阿里巴巴、美团、京东为代表的三大巨头，从年初的外卖补贴燃起战火，迅速蔓延至覆盖餐饮、生 鲜、商超、数码乃至美妆服饰的全品类展开近场零售争夺。 这场战争规模之大、卷入之深，几乎重新定义了电商与本地生活的边界，也向市场抛出了一系列尖锐问 题：天量投入换来了什么？这是一个真实可持续的新大陆，还是资本催生的海市蜃楼？血流不止的战 局，2026年又将走向何方？ 账单：战损严重 当三大巨头相继交出2025年第三季度（自然年Q3）的财务成绩单时，市场预期被冰冷的数字证实：这 是一场代价惨烈的消耗战，目前看"没有赢家"。 阿里巴巴以利润换规模，生态协同初显效。阿里2026财年第二季度（对应自然年2025年Q3）营收 2477.95亿元，同比增长5%，但净利润同比下滑53%，经营利润更是同比暴跌85%。核心原因直指对"淘 宝闪购"（即时零售业务）的巨额投入。该季度阿里销售和市场费用高达665亿元，同比激增104.8%。 高投入带来了高增长：即时零售收入达229亿元，同比暴涨60%；淘宝闪购日订单峰值在8月曾达 ...

Core Viewpoint - The "battle of the giants" in the food delivery sector has sparked interest, but it essentially ignites a new journey for instant retail, termed "everything to home" [1] Group 1: Instant Retail Development - Instant retail is seen as a new blue ocean with significant growth potential, characterized by intense competition for market share and the activation of traffic through near and far-field collaboration [2] - The narrow instant retail market in China is projected to reach 781 billion yuan in 2024, reflecting a year-on-year growth of 20.15%, with a compound annual growth rate (CAGR) of 50% from 2018 to 2024 [2] - The online food delivery market in China is also expected to grow, with a CAGR of 24% from 2018 to 2024 [2] Group 2: Instant Delivery Demand - The demand for instant delivery is rapidly increasing, with the order volume in China's instant delivery sector expected to reach approximately 48.28 billion orders in 2024, a year-on-year increase of 17.6% and a CAGR of 20.3% from 2019 to 2024 [2] - By 2030, the nationwide instant delivery order volume is anticipated to reach 100.84 billion orders, with an estimated annual growth rate of 13.1% from 2024 to 2030 [2] Group 3: SF Express's Position - SF Express is the largest third-party instant delivery service platform in China, aiming to become the "first brand in new consumption delivery" by covering four major scenarios: food delivery, local retail, near-field e-commerce, and near-field services [3] - The company has shown continuous improvement in profitability, with gross margin increasing from -23.3% in 2018 to 6.8% in 2024, and adjusted net profit margin rising from -36.4% to 0.93% during the same period [3] Group 4: Financial Performance and Projections - The revenue and profit growth of SF Express is driven by revenue expansion and cost efficiency through scale and refined management [3] - The company is projected to achieve a net profit of 230 million yuan, 460 million yuan, and 710 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 73%, 100%, and 55% respectively [4] - The target price for SF Express is set at 18.1 HKD, reflecting a potential upside of 64% based on a 25x price-to-earnings ratio for the adjusted net profit in 2026 [4]

淘宝闪购年货节负责人表示："我们发现年货消费正逐步走向即时化、场景化。此次围绕四大情感场景布局商品与服务，正是为了更贴近年轻人的真实生 活需求。" 行业分析指出，年货节的即时零售模式，精准契合了年轻人"悦己"与"自我关怀"的情感需求。在新年节点，优质年货不再只是计划性采购，更成为随时随 地可实现的即时犒赏与社交互动。 晓风 近日，淘宝闪购正式启动2026年货节，以"淘宝闪购买年货，30分钟送到家"为核心主张，围绕团聚、出行、礼赠、装扮玩乐四大高频场景推出年货购物解 决方案。 随着年轻用户成为消费主力，年货采购正从过往以家庭为单位的"集中囤货"，转向更个人化、场景化的"即时满足"。如今的年货不再是节前统一备货 的"库存商品"，而成为融入日常、随时可得的品质选择。 基于这一洞察，淘宝闪购年货节于12月底提前开启，通过整合盒马鲜生、天猫超市的优质商品供给，并联合大润发、沃尔玛等大型连锁商超，百果园、酒 小二、吉列等知名品牌，共同推出多款新年节日爆款及冬季时令大单品。智利车厘子、红颜草莓礼盒、鲜活波士顿龙虾、澳洲和牛肥牛卷、榴莲千层等品 质食材，以及"马上有钱"银柳福桶、新年玫瑰花束等节庆好物悉数上线，覆盖送礼、聚会 ...

Core Insights - Hema achieved a significant milestone in 2025 by surpassing a GMV of 75 billion yuan and turning its adjusted EBITA positive for the first time, ending a seven-year loss streak and becoming the first self-operated instant retail platform to achieve scalable profitability [1][13][17] - The company's transformation from "trial and error" to "strategic focus" is evident in its dual business model of "Hema Fresh" and "Super Box" combined with a multi-layered retail network [1][2] Business Model and Strategy - Hema's dual business strategy allows for comprehensive coverage of "all customer groups + all scenarios," with Hema Fresh targeting the mid-to-high-end market and Super Box focusing on community discount retail [3][8] - The company opened 72 new stores in 2025, bringing the total to over 420 across more than 50 cities, with membership exceeding 40 million [1][3] Operational Efficiency - The reintroduction of the front warehouse business is integrated into a "1 store + N warehouses" ecosystem, enhancing delivery efficiency with 89% of orders delivered within 30 minutes [4][5] - Hema's operational costs have decreased by 18%, and inventory turnover days have been reduced to 28 days, laying a solid foundation for profitability [4][13] Product Innovation - Hema's self-owned brand accounted for 35% of sales in 2025, with the "Hema MAX" brand achieving a gross margin exceeding 40%, driving profit growth [8][9] - The company has successfully launched products tailored to consumer needs, such as "30-minute ready-to-cook meals" and "low-calorie light meals," which have seen high sales and repeat purchase rates [9][10] Market Position and Growth Potential - Hema's market value has doubled from 40 billion yuan in 2024 to 80 billion yuan in 2025, with a PE ratio of 35 times, indicating strong market recognition [14][18] - The company plans to open nearly 100 new Hema Fresh stores in 2026, expanding into over 50 new cities, and aims to invest 2 billion yuan in developing retail AI models [17][18]

Core Viewpoint - In 2026, Jining aims to enhance consumer spending and improve living standards by implementing targeted consumption initiatives, with a goal of achieving a 6% growth in total retail sales of consumer goods for the year, thereby driving high-quality economic development [1][2] Group 1: Consumer Demand and Policies - The city plans to stimulate consumer demand by promoting trade-in policies and collaborating with merchants to offer coupons and discounts, particularly in sectors like automobiles, home appliances, and digital products [1] - Over 200 promotional events titled "Canal City, Benefit Purchase Jining" will be organized to encourage consumption [1] Group 2: Housing Market Initiatives - Jining will accelerate the construction of high-quality residential properties and implement policies to facilitate the purchase of new homes through trade-in programs, including home buying festivals and group purchasing for key demographics [1] Group 3: Service Consumption Expansion - The city intends to tap into the potential of service consumption by expanding sectors such as dining, tourism, education, healthcare, and elder care, while also promoting new economic models like first-store economy and food economy [1] - Initiatives will include the development of smart business districts, unmanned stores, and the promotion of new retail formats such as instant retail and live-streaming e-commerce [1] Group 4: Infrastructure and Logistics Enhancement - Jining will focus on upgrading consumer platforms and expanding core commercial districts, while also enhancing the logistics network to improve rural consumption supply [2]