文 | 新识研究所 抖音又把手伸到了腾讯阿里的地盘。 据Tech星球消息，"抖音买单"功能也就是抖音线下支付，已在上海、深圳、杭州等一线城市开启试点。 用户在门店消费时，不再需要切换App，只需打开抖音扫描官方二维码，输入金额，便可选择抖音支 付、支付宝或微信支付完成付款，整个过程在抖音App内丝滑闭环。 这被视为抖音商业化版图的最后一块，也是最关键的一块拼图。抖音这个手握超过8亿日活用户的流量 帝国，终于将触角从线上内容、电商、本地生活，伸向了线下支付这个最基础、最高频的商业场景。 然而，支付江湖早已不是一片蓝海。 据中国支付清算协会数据，2025年第一季度微信支付市场份额达到59.7%，支付宝则为36.2%，两者合 计占据超90%的市场。近年来，两者的份额比例一直处于"五五开"的拉锯状态。 从细分场景看，易观分析数据显示，微信支付凭借社交优势，在线下小额高频场景如餐饮、零售渗透率 达63.1%，日均使用频次是支付宝的1.5倍。支付宝在大额支付场景如网络购物、生活缴费中保持优势， 用户月均支付金额是微信支付的2.3倍。 面对这样铜墙铁壁般的格局，抖音携万钧流量而来，更像是一场"防御性进攻"。其目标并非颠覆支 ...

Fast Reading： 阿里的目标，是打造一个"AI原生的C端超级入口"。无需频繁跳转，在AI Agent的协助下，在一个app内就能丝滑完成所有操作。这不是简单的功能堆叠，而 是生态的有机融合。 一旦实现，那将是一个真正的庞然大物。 千问接入高德，让AI Agent长什么样变得具象化。 一张用数据编织的巨大网络，让AI连接到了物理世界的无数个真实触点。 12月18日，才刚"满月"的千问APP正式接入高德，从线上回答问题的伙伴，进化为服务于现实生活的个人助手。 地图对地理空间信息的像素级网罗，让AI能更精准、动态地理解现实世界。接下来，阿里生态的消费、支付、生活服务等核心场景将全面接入千问APP。 想象一下，也许就在不远的将来，追剧看到喜欢的穿搭，千问能通过图片识别品牌，自动在淘宝完成搜索比价，甚至给出专业的搭配建议；假期想来一场说 走就走的旅行，千问迅速为你规划好整个行程，并用飞猪订好了机票、酒店，用高德扫街榜选好了当地特色的餐厅，帮你打车前往，最终用支付宝完成付 款。 去陌生城市旅游，它可以结合高德扫街榜，帮你快速找到合适的餐厅、酒店、药店，并即时生成包含地理位置和出行方案的可视化决策卡片，点击卡片即 ...

Core Viewpoint - Xiaohongshu has made a strategic move by acquiring a payment license, but it simultaneously announced the suspension of its local life membership program "Xiaohong Card," indicating a complex strategic landscape with both expansion and contraction elements [1][8]. Group 1: Payment License Acquisition - Xiaohongshu acquired 100% of Dongfang Electronic Payment Co., Ltd., gaining a payment license that allows for core functions such as user recharge, consumption, and transfer, which aligns with its e-commerce and local life payment needs [3][10]. - The acquisition of the payment license is expected to optimize cost structures, improve merchant settlement efficiency, and provide valuable data assets for the platform [3][10][11]. - Previously, Xiaohongshu relied on third-party payment channels, incurring high transaction fees estimated at around 2.4 billion yuan annually based on a projected GMV of over 400 billion yuan for 2024 [2][9]. Group 2: Suspension of Xiaohong Card - The "Xiaohong Card," launched in September 2025 with an annual fee of 168 yuan, aimed to create a premium membership experience in cities like Shanghai, Hangzhou, and Guangzhou, but will be suspended starting January 1, 2026 [5][12]. - The suspension is attributed to high operational costs and a mismatch with Xiaohongshu's core online content-driven model, which contrasts with the "heavy operation" nature of local life services [5][12][13]. - The decision to pause the program allows Xiaohongshu to reallocate resources towards more critical areas, particularly the integration of its e-commerce and payment systems [6][13].

Core Viewpoint - The recent announcement by Xiaohongshu to suspend its local life membership product "Xiaohong Card" indicates challenges in establishing a successful business model in the competitive local life market, despite the platform's strong community influence and user engagement [1][5][6]. Group 1: Product Launch and Suspension - Xiaohongshu's "Xiaohong Card" was launched on September 8, 2023, during the third "Street Life Festival" but will be suspended from January 1, 2026, with full refunds for users [1][4]. - The company aims to refocus resources on enhancing local life content and tools rather than continuing the card's trial operation [4][8]. Group 2: Market Position and Strategy - The "Xiaohong Card" was intended to create a paid model based on community trust, differentiating itself from competitors like Meituan and Dazhong Dianping by focusing on high-quality, niche offerings [5][7]. - Despite the initial goal of not prioritizing GMV, the limited user engagement and merchant coverage have raised concerns about the card's effectiveness in driving actual transactions [8][9]. Group 3: Competitive Landscape - The local life service market is projected to grow to 35.3 trillion yuan by 2025, with a compound annual growth rate of 12.6%, indicating a lucrative but highly competitive environment [10]. - Major players like Meituan and Douyin have established strong positions, making it challenging for Xiaohongshu to carve out a niche without a robust merchant network and competitive pricing [12][13]. Group 4: Future Directions - Xiaohongshu remains committed to the local life sector, planning to enhance its content and tools to assist users in discovering quality local options, despite the suspension of the Xiaohong Card [14][15]. - The company acknowledges the need for a more effective commercial model and aims to innovate its approach to achieve a sustainable business strategy in the local life market [14].

小红书继续加码本地生活。 近期，小红书上涌现大量服务商发布的招商信息，承诺为入驻商家提供从流量扶持、权益激励到一站式运营的全链路服务。 这是小红书继9月上线"小红卡"后的又一次布局。而如今本地生活赛道早已群狼环伺，成为各大巨头的必争之地。 小红书能否啃下本地生活这块蛋糕？ 01 小红书加码本地生活 小红书继续加码本地生活。 近期，小红书上涌现大量本地生活服务商发布的招商信息，承诺为入驻商家提供从流量扶持、权益激励到一站式运营的全链路服务—— 商家入驻限时0保证金；提供门店、商品、笔记一站式经营管理工具；专属商品笔记有流量扶持以及有专属培训课...... 招商类目方面，据某MCN机构创始人通过其公众号表示，目前小红书正在美食餐饮、运动健身、休闲娱乐及生活服务等类目展开全面招商。 平台的扶持政策为商家降低了入驻门槛，除此之外部分商家有更深层需求：获取流量并实现销售转化，这种需求被服务商捕捉到并构建出差异化服务体 系。 以上信息得到小红书合作伙伴的侧面印证。 有赞在其官网发布于11月16日的文章中指出，对于绝大部分小红书团购新商家，目前平台采用"0元入驻"政策。当前大部分团购类目对新入驻商家不收取 年费和月费。 至 ...

沐曦股份的上市进程堪称光速。从上市申请获受理到过会的周期仅为116天，从过会到拿到批文仅20 天。这样的审核速度，在科创板历史上也属罕见。 沐曦股份成立于2020年，正是国内GPU创业热潮涌动的年份。那一年，国家集成电路产业投资基金二期 （即"大基金二期"）启动，重点支持GPU和AI芯片等高端芯片的国产化。 从股东阵容来看，沐曦股份汇聚了国内顶级的风险投资机构、产业资本及具有国资背景的基金。 私募大佬葛卫东和其创立的混沌投资分别持有沐曦股份1433.82万股、1259.97万股，持股比例分别为 3.98%和3.5%，为公司第五、第六大股东。经纬创投、红杉资本等知名机构也现身股东名单。 截至2025年3月最后一轮融资，沐曦股份的估值已达210.71亿元，成功跻身独角兽行列。而与其同日递 交招股书的摩尔线程，Pre-IPO轮融资时的投前估值已达246.2亿元。 高估值背后的巨额亏损 与高估值形成鲜明对比的是，沐曦股份至今尚未实现盈利。财务数据显示，2022年至2024年，沐曦股份 营收分别为42.6万元、5302.1万元和7.43亿元，增速显著。 但同期净亏损分别为7.8亿元、8.7亿元、14.1亿元，三年总亏3 ...

Core Insights - The article discusses the emergence of Xiaohongshu Venture Capital in Shenzhen's investment scene, highlighting its rapid investment capabilities and unique approach to deal-making [1][3][5]. Investment Strategy - Xiaohongshu Venture Capital has invested in nearly 10 startups within six months, showcasing a preference for quick decision-making and minimal due diligence [5][9]. - The team can complete investments within 24 hours, often bypassing traditional due diligence processes, which has led to a competitive environment among seasoned investors [3][5]. - Xiaohongshu is willing to increase valuations by 20%-30% to secure exclusive investment opportunities, with investments typically ranging from several million to over 10 million USD [5][10]. Market Position - The valuation of Xiaohongshu surged by 19% in just three months, reaching 31 billion USD, indicating a shift in investor perception from a mere traffic platform to a platform giant with a complete business ecosystem [9][10]. - The company aims to build an ecosystem rather than focusing solely on short-term financial returns, as evidenced by its active investment strategy [8][10]. User Engagement - As of August 2025, Xiaohongshu's monthly active users exceeded 350 million, with an average daily usage time of over 74 minutes, reflecting strong user engagement [11]. Strategic Acquisitions - Xiaohongshu's acquisition of Guangdong Oriental Electronic Payment Co., Ltd. for 100% ownership is seen as a strategic move to complete its commercial ecosystem by obtaining a payment license, reducing reliance on third-party payment platforms [10].

Core Insights - The article discusses the rapid investment activities of Xiaohongshu Ventures in Shenzhen's investment landscape, highlighting its aggressive approach to funding startups and its strategic positioning in the market [3][4][10]. Investment Trends - Xiaohongshu Ventures has invested in nearly 10 startups within six months, showcasing a fast-paced investment strategy that can complete deals in as little as 24 hours [4][5]. - The firm is known for its "lightning investment" approach, often skipping due diligence to expedite the investment process, which has raised eyebrows among traditional investors [4][5]. Market Positioning - Xiaohongshu is shifting its perception from a mere traffic platform to a platform giant with a complete business ecosystem, as evidenced by its valuation surge to $31 billion within three months [8][9]. - The company aims to build an ecosystem rather than focusing solely on financial returns, indicating a long-term strategic vision [8][9]. User Engagement - As of August 2025, Xiaohongshu's monthly active users exceeded 350 million, with an average daily usage time of over 74 minutes, reflecting strong user engagement [10]. Strategic Acquisitions - The acquisition of Guangdong Oriental Electronic Payment Co., Ltd. for 100% ownership is seen as a critical move to complete Xiaohongshu's commercial ecosystem by securing a payment license [9].

Core Insights - The "Qixing Mountain Camel Cup" extreme wilderness survival challenge has become a phenomenon, attracting over 5 billion clicks online and generating significant commercial interest [3][5] - The event has led to a 30% year-on-year increase in tourism revenue for Zhangjiajie, with the sponsor Camel Clothing achieving over 30 million in sales [6][19] Event Overview - The event is hosted by Zhangjiajie Qixing Mountain Scenic Area and organized by Lao Liu Wilderness, with exclusive sponsorship from Camel Clothing [5][6] - The competition has garnered massive attention, with participants gaining popularity and being sought after by MCN agencies [3][14] Commercial Impact - The event has significantly boosted ticket sales for the scenic area, although specific growth figures have not been disclosed [4][5] - Camel Clothing's products, particularly the "Wangzhe Kaijia ICON" jacket, have been prominently featured, leading to increased brand exposure and sales [6][19] Social Media and Audience Engagement - The event has resulted in a dramatic increase in followers for the organizing account, with a 770% growth in just eight months [5] - Participants have leveraged their newfound fame on social media, with some amassing tens of thousands of followers [15][17] Long-term Viability - Analysts suggest that while the event has created a temporary surge in interest, sustaining this momentum will require ongoing engagement and innovation [7][18] - The potential for participants to become long-term influencers remains uncertain, as many may only achieve short-lived fame [18] Strategic Marketing - Camel Clothing has established a dedicated product category for "Wilderness Survival" items to capitalize on the event's traffic [9][11] - The brand's marketing strategy has been closely aligned with the event, enhancing its visibility during major sales events like Double Eleven [12][19]

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (Haixue) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position in the construction vocational qualification training industry, despite ongoing financial losses and a fragmented reputation among users [1][2]. Group 1: Company Overview - Haixue was founded in 2010 and has become a leading institution in the construction vocational qualification training sector, competing with other major players like Youlu Education and Global Online School [3]. - The company has a total of 4.3 million registered users, with projected revenues of RMB 5.1 billion in 2024, ranking fourth in the industry [3][4]. - The primary revenue sources include training for various construction qualifications, which are expected to contribute 63.3% of total revenue in 2024 [3]. Group 2: Financial Performance - Haixue's revenues for 2022, 2023, and 2024 are projected to be RMB 4 billion, RMB 4.7 billion, and RMB 5.1 billion, respectively, with a high gross margin of 78.6%, 81.1%, and 81.6% during the same period [4][8]. - Despite high gross margins, the company has reported net losses of RMB 1.9 billion, RMB 1.8 billion, and RMB 0.9 billion from 2022 to 2024, with a significant increase in losses to RMB 1.6 billion in the first half of 2024 [9]. Group 3: Marketing and User Conversion - Haixue's marketing expenses are substantial, amounting to RMB 2.9 billion, RMB 3.2 billion, and RMB 3.3 billion from 2022 to 2024, representing 71.3%, 66.8%, and 64.7% of total revenue [9]. - The user conversion process involves a two-step funnel, where only 30.5% of registered users purchase low-priced courses, and just 3.5% of those convert to higher-priced offerings [10][12]. - The average cost of acquiring a customer has risen from RMB 301.6 in 2023 to RMB 428.7 in 2024, indicating increasing competition and marketing costs [9]. Group 4: Industry Context and Challenges - The construction vocational qualification training industry has been affected by a downturn in the real estate sector, leading to a projected revenue decline of 5.5% in the first half of 2025 [5]. - Despite challenges, the industry maintains a certain scale due to ongoing demand for training in municipal engineering and urban renewal projects [6][7]. - Regulatory scrutiny regarding "gray market" practices in the industry has intensified, impacting marketing strategies and necessitating compliance [15][16].