世界始终在疾驰，但我们的生活，却往往在那些更加微小而具体的故事里展开。在这些宏大的叙事之外，2025年的你过得如何？看了哪些让你有所感悟的 书？又学习了怎样的新技能？ 封面来源｜《新编辑部故事》剧照 文末附赠书福利，10本好书等你来抽。 文｜挖菜 Amber 木也 曾曾 2025年即将落幕，今年依旧是充满变革的一年。 人人都在用的DeepSeek，其实年初才出现在大家身边；影院里《哪吒2》的浪潮未平，《疯狂动物城2》又开始新的票房狂飙；一娃难求的Labubu，让我 们见识了为情绪价值买单的疯狂；再从罗永浩一把火点燃的预制菜争议，到巨头们纷纷下场的外卖大战，关于吃的话题依旧不断；而像关税战、俄乌战 争、巴以冲突……世界局势的变化永远难以预料。 为了帮助大家在忙碌的生活里，快速筛选出不能错过的好物，今年我们从"看什么"、"听什么"、"做什么"这三个大类，为大家整理出一份来自36氪编辑部 的好物清单。我们邀请了36氪的作者和编辑老师，以及部分其他媒体的同仁们，带来了一系列他们的"年度心水好物"，我们希望这些真诚分享，能为你带 来帮助。 文末还有我们特别准备的赠书福利，我们会抽取10位幸运读者，每位读者可随机获赠一本 ...

经济日报发布对2025年消费及商业领域热点现象的系统观察，盘点出2025年十个消费&商业热词，分别 为："AI"、"机器人"、"外卖大战"、"超级供应链"、"文旅深融"、"体重管理"、"赛事经济"、"情绪健 康"、"银发经济"、"跨界联动"。 超级供应链：数字技术更广泛应用于产业升级 创造更大社会价值 在 "以新需求引领新供给、以新供给创造新需求" 的政策导向下，供应链的战略价值愈发凸显。国家统 计局数据显示，2025年上半年全国货运周转量同比增长5.1%，反映出产业链供应链运行效率的持续提 升。商务部明确将"海外仓+数字供应链"列为稳外贸的核心举措。同时，供应链金融规模迅速扩大， 2025年我国供应链金融市场规模已突破50万亿元，2019-2025年复合增速达18.6%。据中国贸促会金融服 务中心分析，供应链金融以约占社会融资总量15%的份额，稳定了上下游3000余万家民营、小微企业的 资金链，间接支撑了60%以上的城镇就业。 数字技术更广泛应用于产业升级，企业持续投入建设超级供应链基础设施。以京东为例，供应链基础设 施资产规模达1743亿元。企业实践中的诸多案例，也充分展现了超级供应链在效率提升、服务优化 ...

Group 1 - The core viewpoint of the report emphasizes that the restaurant industry is experiencing a weak recovery, with leading brands pursuing diversified growth strategies, particularly in the tea beverage sector, which shows promising investment opportunities [3][5][9] - The report highlights that from January to November 2025, the national restaurant revenue increased by 3.3%, lagging behind the 4.1% growth in retail sales, indicating a continued weak recovery in demand [3][13] - The online channel is identified as a structural growth driver, with significant benefits observed in the coffee and tea sectors due to the ongoing competition in instant retail [3][14] Group 2 - The analysis of the market performance indicates that leading tea beverage brands have significantly benefited from the delivery competition, with companies like Luckin Coffee and Mixue Group showing substantial stock price increases of 39.2% and 45.4% respectively [3][33] - The report notes that the performance of restaurant leaders is varied, with some brands like Guoquan and Xiaocaiyuan showing strong same-store sales growth, while others face pressure [3][33] - The investment framework for 2025 suggests that the valuation of leading tea beverage brands is shifting due to changes in performance expectations, with same-store revenue growth serving as a key valuation anchor [3][8][9] Group 3 - The sub-industry analysis reveals that the ready-to-drink tea segment is experiencing a surge in revenue and adjusted net profit, with a year-on-year increase of 32.5% and 58.0% respectively in the first half of 2025 [3][44] - The report indicates that the fast-food sector shows resilience, with brands like KFC and Xiaocaiyuan maintaining stable same-store sales growth despite broader market pressures [3][53] - The report also highlights that the overall restaurant sector is under pressure, particularly in the casual dining segment, which is affected by various factors including the rise of pre-packaged meals [3][53] Group 4 - The investment recommendations maintain an "outperform" rating for the restaurant sector, emphasizing the strong operational capabilities of leading brands and their potential to navigate through market cycles [3][9] - The report suggests that while the tea beverage sector faces growth challenges, leading companies with strong operational and innovative capabilities are expected to gain market share [3][9] - The report identifies specific companies such as Haidilao, Yum China, Guoquan, and Mixue Group as key investment targets for 2026, based on their strong same-store recovery potential and favorable franchisee returns [3][9][66]

Group 1 - The central economic work conference has emphasized the optimization of the "Two New" policy, which includes large-scale equipment updates and a subsidy program for replacing old consumer goods [1] - The subsidy program, referred to as "national subsidy," will continue next year, encouraging consumer purchases of home appliances and digital products [1] - In 2025, the subsidy program will expand to include new categories such as smartphones, tablets, smartwatches, microwaves, water purifiers, dishwashers, and rice cookers, benefiting consumers and stimulating sales [1] Group 2 - The "takeout war" among delivery platforms has led to intense competition characterized by cash-burning strategies to gain market share, resulting in record-high order volumes [2] - However, this competition has created a vicious cycle of low-quality service, with issues such as declining food quality, consumer safety concerns, and inadequate protection for delivery personnel [2] - Recent regulatory measures aim to improve management practices within delivery platforms, focusing on merchant management and promotional activities to foster healthy competition and innovation in the industry [2]

Core Insights - The article warns about the potential bubble in the instant retail sector in China, particularly in the context of the fierce competition among major players like Alibaba, JD, and Meituan, which is reminiscent of the warnings regarding AI bubbles in the U.S. [1] Financial Performance - Alibaba reported a revenue of 247.795 billion yuan for the latest quarter, a 5% year-on-year increase, with its instant retail segment generating 22.906 billion yuan, up 60% due to the launch of Taobao Flash Purchase [3][4] - Meituan's revenue reached 95.5 billion yuan, a 2% increase, but its core local business segment saw a decline in revenue to 67.4 billion yuan, down from 69.373 billion yuan year-on-year, leading to a loss of nearly 14.1 billion yuan [4] - JD achieved a revenue of 299.1 billion yuan, a 14.9% increase, but its net profit fell by 56% to 5.8 billion yuan, primarily due to strategic investments in new business areas, including instant delivery [4] Marketing Expenditure - The three giants collectively "burned" nearly 60 billion yuan in the latest quarter, with significant increases in marketing expenses: Meituan's rose to 34.3 billion yuan (up 90.9%), Alibaba's to 66.496 billion yuan (up 104.8%), and JD's to 21.1 billion yuan (up 110.5%) [6][4] Competitive Landscape - The intense competition in the instant retail sector has led to a "price war," characterized by low prices and poor quality, which is viewed as a form of unhealthy competition that does not create real value for the industry [7] - Research indicates that while large subsidies have increased order volumes, they have not translated into increased revenue for merchants, leading to a situation where merchants face declining profits [9][8] Regulatory Response - The State Administration for Market Regulation has intervened, urging platforms like Meituan, Ele.me, and JD to regulate promotional activities and engage in rational competition to foster a healthier ecosystem for consumers, merchants, and delivery personnel [9] Future Outlook - As the three giants plan to reduce their subsidy expenditures in the upcoming quarter, it is anticipated that heavily subsidized products will become less common, prompting a return to a focus on quality and user experience rather than just price [11][12] - The article emphasizes the need for companies to invest in technology and ecosystem development rather than relying solely on subsidies to achieve sustainable growth [12][10]

文 | 《BUG》栏目 闫妍 近日，瑞幸咖啡陷入"压榨员工"争议。在社交网络上，有大量自称瑞幸员工的人士曝料公 司存在"克扣工时"等问题，引发广泛关注。 其中，有自称是瑞幸的员工曝料称，自己每天工作 12 小时，但公司系统仅登记 9 小时工 时，被无偿压榨 3 小时。还有前员工透露，工时制度简直是文字游戏："排班表上写着休 息，但员工必须在店内待命，不能离开，还得随时帮忙接单、打包，可这几小时的待命时 间，一分钱工资都没有。" 更有网友呼吁，"请瑞幸的领导和老板听听员工的心声，想要长久做好，还是要对自己的员 工好一点。" 对于网友普遍反应的瑞幸"克扣工时、压榨员工"等问题，《BUG》栏目向瑞幸方面进行求 证，截至发稿官方暂无回应。此外，瑞幸客服人员被问及此事时，回避了核心问题，仅表 示："非常抱歉，我们确实没有收到相关通知。" 被曝克扣员工工时 每天白干3小时？ 近日，在社交网络上，有不少自称是瑞幸的员工集体控诉公司"克扣员工工时"，他们表 示，每日实际工作 12 小时，公司系统仅登记 9 小时，相当于无偿加班 3 小时。还有前员 工透露，排班表标注的 " 休息时间 " 实则是店内待命，需随时协助接单、打包， ...

来源：BUG 《BUG》栏目 闫妍 近日，瑞幸咖啡陷入"压榨员工"争议。在社交网络上，有大量自称瑞幸员工的人士曝料公司存在"克扣 工时"等问题，引发广泛关注。 其中，有自称是瑞幸的员工曝料称，自己每天工作12小时，但公司系统仅登记9小时工时，被无偿压榨3 小时。还有前员工透露，工时制度简直是文字游戏："排班表上写着休息，但员工必须在店内待命，不 能离开，还得随时帮忙接单、打包，可这几小时的待命时间，一分钱工资都没有。" 更有网友呼吁，"请瑞幸的领导和老板听听员工的心声，想要长久做好，还是要对自己的员工好一点。" 对于网友普遍反应的瑞幸"克扣工时、压榨员工"等问题，《BUG》栏目向瑞幸方面进行求证，截至发稿 官方暂无回应。此外，瑞幸客服人员被问及此事时，回避了核心问题，仅表示："非常抱歉，我们确实 没有收到相关通知。" 被曝克扣员工工时，每天白干3小时？ 近日，在社交网络上，有不少自称是瑞幸的员工集体控诉公司"克扣员工工时"，他们表示，每日实际工 作12小时，公司系统仅登记9小时，相当于无偿加班3小时。还有前员工透露，排班表标注的"休息时 间"实则是店内待命，需随时协助接单、打包，却无任何报酬，堪称文字游戏式压 ...

Core Insights - Meituan reported a significant net loss in Q3 2025, marking the first operational loss in its core business in three years, with adjusted net loss reaching 16.01 billion RMB compared to a profit of 12.83 billion RMB in the same period last year [2][5][7] Financial Performance - Total revenue for Q3 2025 was 95.49 billion RMB, a year-on-year growth of only 2.0% [2][4] - The net profit margin fell to -16.75%, with a substantial decline from the previous year's profit [2] - The core local commerce segment generated revenue of 67.45 billion RMB, down 2.8% year-on-year, resulting in an operational loss of 14.07 billion RMB [4][5] Segment Analysis - Meituan's delivery service revenue decreased by 17.1% to 23.02 billion RMB, while commission revenue grew by only 1.1% to 26.38 billion RMB [5] - Online marketing services revenue increased by 5.7% to 14.19 billion RMB, and other services saw a significant growth of 84.9% to 3.86 billion RMB [5] Cost Structure - Sales costs surged by 23.7% to 70.31 billion RMB, accounting for 73.6% of total revenue, an increase of 12.9 percentage points year-on-year [5][6] - Sales and marketing expenses rose by 91% to 34.27 billion RMB, representing 35.9% of total revenue, up from 19.2% [5][6] Market Position - Despite the losses, Meituan maintained a leading market share in high-value orders, capturing over two-thirds of the market for orders above 15 RMB and over 70% for orders above 30 RMB [7] - Meituan's market share in instant transactions was 47.1%, with a reported loss of 20% market share compared to previous periods [7] User Metrics - The number of monthly transaction users for Meituan's food delivery service reached a historical high, with total transaction users exceeding 800 million in the past 12 months [7] New Business Developments - The new business segment reported a revenue increase of 15.9% to 28.04 billion RMB, although operating losses increased by 24.5% to 1.3 billion RMB [8] - Meituan's Keeta business is expanding globally, with operations in Hong Kong and Saudi Arabia showing steady growth and improved operational efficiency [8] Cash Reserves - As of September 30, 2025, Meituan held cash and cash equivalents of 99.2 billion RMB, along with short-term investments totaling 42.1 billion RMB, amounting to a total cash reserve of 141.3 billion RMB [8]

Investment Rating - The report maintains an "Outperform" rating for the industry [5][37]. Core Insights - The report analyzes the recent financial performance of major players in the food delivery sector, including Meituan, JD Group, Alibaba, and Bawang Chaji, highlighting the impact of the ongoing delivery battle on their operations and profitability [1][2][3]. - It emphasizes that the low-frequency, low-ticket order subsidies are the primary reason for the significant losses in the instant retail business, which includes food delivery [2][19]. - The report suggests that the platforms are likely to return to a more rational subsidy strategy, focusing on high-ticket orders to improve unit economics [2][19]. Summary by Sections Meituan - In Q3 2025, Meituan reported revenues of 954.9 billion yuan, a year-on-year increase of 2.0%, but faced an adjusted net loss of 160.1 billion yuan, shifting from profit to loss [1][6]. - The core local business revenue was 674.5 billion yuan, down 2.8%, with an operating loss of 140.7 billion yuan [8][10]. - The food delivery segment is expected to see a 15% increase in order volume, but a 13% decline in revenue due to a decrease in average order value (AOV) and lower monetization rates [8][10]. JD Group and Alibaba - JD Group's Q3 2025 new business losses reached 157 billion yuan, while Alibaba's instant retail business incurred losses of approximately 361 billion yuan, with a per-order loss of about 5.3 yuan [2][17]. - Both companies are experiencing significant pressure on their overall performance due to the losses in their instant retail segments [2][19]. Bawang Chaji - Bawang Chaji reported a revenue of 32.08 billion yuan in Q3 2025, a decrease of 9.4%, with an adjusted net profit of 5.03 billion yuan, down 22.2% [3][21]. - The company has chosen a cautious approach to the delivery battle, avoiding price wars to maintain brand integrity and product strategy [3][32]. - The report notes that Bawang Chaji's same-store GMV declined by 27.9% in the Greater China region, reflecting the competitive pressures in the market [21][32]. Recommendations - The report recommends focusing on leading restaurant brands that are likely to benefit from increased subsidy efforts and are in a strong operational season, such as Guoquan, Haidilao, Yum China, and Xiaocaiyuan [3][37]. - It also highlights the potential of tea brands like Guming and Mixue Group, which are actively expanding their product offerings and private traffic strategies [3][37].

Core Insights - Meituan's Q3 earnings report highlights its resilience amid fierce competition in the food delivery market, maintaining a leading position in high-value orders despite significant losses [1][2][3] - Goldman Sachs maintains a "Buy" rating on Meituan, citing its strong execution capabilities and the current attractive stock price as key investment factors [1] User Metrics - Meituan's transaction user base has surpassed 800 million, with daily active users (DAU) increasing by over 20% year-on-year, and monthly transaction users for food delivery reaching a historical high [1][3] - The company holds over 70% market share in orders exceeding 30 yuan and over 66% in orders above 15 yuan, indicating strong market dominance in higher-priced segments [2][3] Financial Performance - In Q3, Meituan's core local business revenue (food delivery + in-store) was 67.4 billion yuan, remaining stable compared to the previous year, despite a slowdown in service marketing revenue growth [3] - Adjusted net loss for Q3 was 16 billion yuan, primarily due to losses in the core local business, but this loss is considered manageable compared to competitors [2][3] New Business Developments - Meituan's instant retail business has shown significant growth, with new user acquisition and transaction frequency both increasing [5] - The company has made notable progress in international markets, with its Keeta business achieving monthly profitability in Hong Kong ahead of schedule [5] Ecosystem and Community Support - Meituan has implemented comprehensive support for delivery riders, including pension insurance, welfare benefits, and housing support, covering over a million riders and their families [7][8] - The company has launched initiatives to assist merchants in navigating competitive pressures, including a 2.8 billion yuan support plan and upgrades to its merchant evaluation system [7] Technological Advancements - Meituan has invested 6.9 billion yuan in R&D in Q3, a 31% increase year-on-year, focusing on AI tools and applications to enhance service efficiency [5][6] - The company has expanded its drone delivery services, achieving over 670,000 commercial orders by September, showcasing its commitment to technological innovation [8]