大额外卖补贴背后，商家真的赚了吗？ 最近几天，外卖大额券满天飞，消费者狂薅羊毛冰箱塞满奶茶、骑手急得直接下场包饺子、门店爆单店员累哭…… 但这场消费狂欢背后，真的有赢家吗？ "0元吃小吃、0元喝奶茶咖啡，0元买生活用品……这羊毛薅到手软。"刚过去的这个周末，家住成都的涵涵（化名）实现了好几单外卖"0元购"。 不少消费者还趁着优惠开始囤货，据社交平台网友晒图，很多人把冰箱塞得满满当当的，全都是奶茶咖啡生鲜等。 像浙江网友"watercats"就晒出了8张饺子订单——不到5元买了近200个云吞，她从7月6日上午9点下单，收到最后一单紫菜鲜肉云吞时，已经是凌晨1点。 消费者激情下单背后，不少餐饮商家直接爆单了，尤其是此次补贴大战的核心战场茶咖。 后台系统宕机、打印机贴单"瀑布"、堆成小山的待取奶茶……"爆单图"在社交平台上刷屏。 △图片来源：小红书截图 西安一书亦烧仙草店主分享，周末一天接600-700单，做到最后茶叶都不够了，只能打电话找别的门店借乌龙茶。"凌晨两点还在跟供货商沟通，今天（7 月7日）早上又堆了几百单预定单。" 据齐鲁晚报报道，济南世茂广场沪上阿姨店，4名店员一天共制作了近3000杯饮品；瑞幸多地 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the consumer goods sector, focusing on home appliances, electronics, IP toys, and logistics industries [1][2][3][4][5][12][15][17][23]. Key Points and Arguments Home Appliances - The impact of the suspension of national subsidies on the home appliance sector is limited, with actual funding support continuing [1][2]. - Midea has adopted aggressive pricing strategies to increase market share, leading to a recovery in the competitive landscape favoring leading brands [3][4]. - The white goods market has seen a shift, with leading brands like Haier and Gree maintaining stable market shares while some second-tier brands lose ground [3][4]. Black Goods (Television Market) - The black goods market is experiencing significant product structure upgrades, with a notable trend towards larger sizes and Mini LED technology [5]. - The average price of televisions has increased by over 10% from January to May 2025, resulting in improved profit margins for leading companies like Hisense and TCL [5]. Electronics and Consumer Products - Consumer trust and price anchoring effects are crucial in the electronics peripheral market, with consumers preferring higher-priced, reputable brands [7]. - Apple's strategy of selling charging accessories separately has created a price anchoring effect, benefiting leading brands like Ugreen and Anker [7]. IP Toys Industry - The IP toy industry showed remarkable performance during the 618 shopping festival, with a 31% year-on-year growth in related categories [8]. - Notable brands such as Pop Mart, Disney, and Sanrio dominated the market, with several merchants achieving sales exceeding 100 million yuan [9][10]. Logistics Industry - The logistics sector maintained stable growth during the 618 period, with SF Express leading in growth rates [12]. - The overall express delivery volume reached approximately 3.9 billion packages, with a year-on-year growth rate of about 17-18% [12]. - Price competition is becoming more pronounced, particularly in northern regions, while companies like Shentong maintain high growth despite lower price reductions [13][14]. Dairy Industry - The dairy industry is experiencing a phase of stable or slightly declining milk prices, with demand expected to stabilize in the second half of the year [15][16]. - Leading companies like Yili and New Dairy are focusing on high-end products, with Yili aiming for double-digit growth through effective channel cost savings [18][20]. - New Dairy has seen significant growth in low-temperature products, with potential for further expansion in sales volume [21]. Additional Important Insights - The overall consumer goods sector is adapting to changing market dynamics, with leading companies optimizing their strategies to capture market share and enhance profitability [23]. - The logistics sector is leveraging technology to optimize costs, which is crucial for maintaining profitability amid competitive pressures [14]. - The IP toy market's growth is driven by the increasing purchasing power of the Z generation, highlighting a shift in consumer behavior towards emotional value and branded products [11].