9月23日，货拉拉遭国家市场监管总局约谈，第五次IPO突生变数。这不仅是货拉拉一家的困境，更是整个货运O2O行业的缩影。在快狗打车股价低迷、滴 滴货运扩张的背景下，此次约谈标志着行业结束野蛮生长，正式进入合规深水区。安全、盈利与合规，已成为压在行业头上的三座大山。 出品 | 网经社 撰写 | 南烛 配图 | 网经社图库 一审 | 无痕 二审 | 云马 （1）平台经济"野蛮生长"时代彻底结束； （2）货运行业"算法黑箱"与"高抽成"套路将被系统性拆解； （3）公平竞争、司机权益、消费者体验将成为政策高压线。 一、监管风暴升级：从货拉拉看行业约谈常态化 货运O2O行业作为数字经济发展的重要组成部分，近年来在提升物流效率、降低空驶率方面发挥了重要作用。然而，其快速发展也伴随着诸多共性挑战， 包括价格机制不透明、司机权益保障不足、安全监管存在漏洞等。这些行业性难题，使得主要平台屡屡成为监管焦点。 2025年9月23日，货拉拉因涉嫌违反《反垄断法》及相关规范经营要求，被国家市场监督管理总局约谈，要求其维护货车司机和消费者合法权益。此次约谈 并非孤例，而是2023年以来货拉拉第八次被监管部门点名，也是其在2025年内第二 ...

Core Viewpoint - The State Administration for Market Regulation has decided to investigate Chengdu Kuaigou Technology Co., Ltd. for suspected violations of the Electronic Commerce Law of the People's Republic of China [1][3]. Group 1: Company Overview - Chengdu Kuaigou Technology Co., Ltd. was established on October 31, 2019, with a registered capital of 50 million yuan. It is a wholly-owned subsidiary of Beijing Kuaishou Technology Co., Ltd. and primarily operates the e-commerce platform "Kuaishou Xiaodian," providing services for supplier and service provider onboarding, as well as live broadcast base entry [1]. Group 2: Regulatory Context - The Central Committee of the Communist Party of China and the State Council emphasize the importance of a healthy development of the platform economy, advocating for a robust governance system and enhanced regulatory measures [3]. - The live e-commerce sector, as a significant part of the platform economy, plays a crucial role in innovation, consumption promotion, and job creation. However, it faces challenges such as complex legal relationships and frequent violations, including false marketing and counterfeit goods [3][4]. Group 3: Investigation Details - The decision to investigate Chengdu Kuaigou Technology Co., Ltd. aims to enforce the responsibilities of e-commerce platforms, protect the legitimate rights of consumers and small businesses, and enhance compliance within the live e-commerce industry [4]. - The investigation will be conducted fairly and impartially in accordance with the Electronic Commerce Law, with results to be disclosed to the public in a timely manner [4].

Core Viewpoint - Huasu Media faces ongoing challenges, including a significant reduction in cash dividends and the first share reduction plan from its major shareholder, Zhejiang Yitong Media, indicating potential strategic shifts and financial pressures [1][3][5]. Group 1: Shareholder Actions - Zhejiang Yitong Media plans to reduce its holdings by up to 18.53 million shares, representing 1% of Huasu Media's total share capital, marking the first reduction since its investment [3][5]. - The share reduction is attributed to Zhejiang Yitong Media's "operational needs," reflecting a potential reevaluation of its investment strategy [3]. Group 2: Financial Performance - Huasu Media's net profit growth has been declining, with year-on-year decreases of -12.59%, -13.07%, and -22.50% from 2022 to 2024 [5][6]. - The company's revenue from its main business segments has also been declining, with smart home revenue down 3.82% and new media revenue down 11.04% in 2024 [6]. - The overall revenue for Huasu Media in 2024 was reported at 44.35 billion yuan, a slight increase of 2.07% compared to the previous year, with net profit at 2.54 billion yuan, up 4.63% [7]. Group 3: Dividend Policy - Huasu Media's cash dividend for 2024 decreased by approximately 0.74 billion yuan, representing an 18.18% decline from the previous year, indicating reduced cash flow and profitability [6][7]. Group 4: Tax Benefits and Future Outlook - The company benefited from a tax exemption policy, which is expected to reduce its tax expenses by about 1.4 billion yuan in 2024, contributing to a temporary increase in net profit [7]. - However, reliance on such tax benefits raises concerns about the sustainability of profit growth, especially if policies change or expire [7].

Core Viewpoint - The platform economy in China is undergoing a critical transformation, with digital technology accelerating integration across industries, while facing potential risks such as traffic prioritization, algorithm abuse, and disorderly competition [2] Group 1: Regulatory Framework - The National Market Supervision Administration has established a policy framework to promote orderly competition and innovation in the platform economy, including the introduction of various regulations such as the "Network Transaction Supervision Management Measures" and the "Interim Measures for Network Transaction Law Enforcement Cooperation" [2] - Amendments to the "Anti-Monopoly Law" and the "Anti-Unfair Competition Law" have been completed, along with the issuance of guidelines specifically for the platform economy to clarify competition rules [2] - A national standardization technical committee for platform economy governance has been established to accelerate the formulation of relevant national standards, enhancing industry self-discipline [2] Group 2: Enforcement Actions - The administration has conducted special regulatory actions, resulting in the removal of 4.541 million pieces of illegal product information and the suspension of services for 58,000 online stores [3] - Significant cases in the live e-commerce sector have been addressed, including actions against major violators such as "Three Sheep" and "Northeast Rain Sister" [3] - Online transaction platforms have been urged to eliminate unreasonable restrictions such as "refund only" policies and to enhance the transparency and reasonableness of fees [3] Group 3: Compliance and Support - Guidelines have been issued to encourage platforms to implement compliance management responsibilities, with compliance reminders released during major shopping events [3] - Pilot programs are being introduced to provide platforms with government data comparison services to help intercept and promptly remove non-compliant entities [3] - Ongoing communication with various stakeholders, including platforms, merchants, delivery personnel, and streamers, is being emphasized to ensure regulatory measures are more responsive and supportive [3] Group 4: Future Directions - The National Market Supervision Administration will continue to balance regulatory norms with development promotion, enhancing the regular regulatory system for the platform economy [3] - There will be a focus on improving preventive and penetrating regulatory capabilities to foster the sustainable and healthy development of the platform economy [3]

Group 1: Market Regulation Achievements - The State Administration for Market Regulation (SAMR) highlighted significant achievements in high-quality market regulation during the 14th Five-Year Plan period, focusing on business environment, market operation, and safety supervision [2][5] - Key areas of focus include reforms in the registered capital system, prevention of excessive penalties for minor infractions, addressing platform economy issues, food safety, and innovation drug approval reforms [2][5] Group 2: Registered Capital Reform - The revised Company Law in 2023 stipulates that the maximum contribution period for limited liability company shareholders is five years, effective from July 1, 2024 [3][5] - The reform aims to curb market irregularities such as inflated registered capital and excessively long contribution periods, enhancing the credibility of registered capital [5][6] Group 3: Prevention of Excessive Penalties - The SAMR is implementing a "double random, one public" regulatory approach to minimize disruptions to normal business operations and enhance administrative enforcement standards [6][7] - A typical case highlighted the issue of disproportionate penalties, prompting the SAMR to withdraw an excessive fine against a local restaurant [6][7] Group 4: Platform Economy Regulation - The SAMR is addressing issues in the platform economy, including algorithm abuse and unfair competition, through ongoing regulatory actions [8][9] - Over the past five years, the SAMR has taken significant actions, including deleting 4.541 million pieces of illegal product information and investigating 105,000 internet-related cases [8][9] Group 5: Food Safety Oversight - Food safety remains a critical focus, with the SAMR enhancing compliance guidance for platform enterprises and increasing special inspections to address issues like "ghost deliveries" and false claims [12][13] - The SAMR has introduced new regulations to clarify food safety responsibilities among various stakeholders in the online food sales ecosystem [12][13] Group 6: Innovation Drug Approval - The pharmaceutical industry in China has seen rapid development, with 204 innovative drugs and 265 innovative medical devices approved since the beginning of the 14th Five-Year Plan [14][15] - The SAMR is streamlining the drug approval process, aiming to complete reviews of key innovative drugs within 30 working days and significantly reducing the time for supplementary application reviews [14][15]

"十四五"以来，全国市场监管部门完善涉企收费监管制度，持续降低经营主体成本。加强知识产权和商业秘密保护，有效增强了经营主体的创新动力。数据显 示，"十四五"以来，我国企业净增1999.9万户，个体工商户净增3394.6万户。 市场监管总局局长罗文表示，"十四五"时期，推动出台《公平竞争审查条例》，对规制招商引资"恶性竞争"、违规财政奖补和限制企业迁移等问题形成了刚性制度 约束。持续开展制止滥用行政权力排除、限制竞争专项执法，发现和废除了阻碍要素流动的政策措施4218件，查处行政性垄断案件239件，及时纠治了地方保护、 市场分割等突出问题。 推动修订《公司法》《反垄断法》《反不正当竞争法》《广告法》以及计量、标准、认证认可、消费者权益保护等领域一批行政法规。"整个'十四五'期间，全国市 场监管部门共处理投诉举报8902.8万件，为消费者挽回经济损失217.1亿元；全国消协组织共受理消费者投诉574.9万件，挽回经济损失57.8亿元。"市场监管总局副 局长柳军表示。 服务企业办事更加高效。推动开办餐饮店、企业信息变更、企业迁移登记、"个转企"等"高效办成一件事"。罗文介绍，开办餐饮店时间由过去的37天减少至现在的 ...

Group 1 - The National Market Supervision Administration has emphasized strict regulation of "emerging industries" since the start of the 14th Five-Year Plan, particularly in response to the rapid development of platform economies and new consumption scenarios such as online shopping, food delivery, and live-streaming sales [3] - The administration has increased special inspections and comprehensive governance to address issues like "ghost deliveries" and false claims, ensuring compliance among platform enterprises [3] - New regulatory frameworks are being developed for online sales, platform food delivery, and live-streaming e-commerce, which will clarify food safety responsibilities for various entities while maintaining consumer convenience and mitigating new risks [3]

一是把规矩"划清楚"。 把握鼓励创新和规范发展的平衡点，构建促进平台经济有序竞争创新发展的政策体系。出台《网络交易监督管理办 法》《网络交易执法协查暂行办法》《自然人网店管理规范》等规则，提升监管执法效能。推动《反垄断法》《反不正当竞争法》完成修 订，配套出台《关于平台经济领域的反垄断指南》《网络反不正当竞争暂行规定》，明确平台经济领域竞争规则。成立全国平台经济治理标 准化技术委员会，加快制定相关国家标准，强化标准引领、加强行业自律。 二是对乱象"出重拳"。 会同相关部门持续开展网络市场监管专项行动，共督促平台删除违法商品信息454.1万条，责令停止平台服务网店 5.8万个次，查处涉网类案件10.5万件。突出强化直播电商乱象治理，加大违规行为监测处置力度， 查办"三只羊""东北雨姐"等直播电商领 域重大案件。 督促网络交易平台 全面取消"仅退款"、解除"自动跟价""强制运费险"等不合理限制 、 提升收费合理性和透明度，要求外卖 平台规范促销行为、理性参与竞争、共建良好生态。 三是将服务"送上门"。 出台《关于推动网络交易平台企业落实合规管理主体责任的指导意见》，引导平台完善合规管理机制。围绕重大活 动及"6· ...

Core Viewpoint - The article discusses the rapid development of the platform economy in China, highlighting the need for effective regulation to address issues such as algorithm abuse and unfair competition while promoting healthy industry growth [1]. Group 1: Regulatory Framework - The government aims to balance innovation encouragement and regulatory compliance by establishing a policy framework that promotes orderly competition and innovation in the platform economy [2]. - New regulations such as the "Network Transaction Supervision Management Measures" and the "Interim Measures for Network Transaction Law Enforcement Cooperation" have been introduced to enhance regulatory effectiveness [2]. - The establishment of a national standardization technical committee for platform economy governance is intended to strengthen industry self-discipline and set clear competition rules [2]. Group 2: Enforcement Actions - The regulatory authorities have conducted special actions to address market irregularities, resulting in the removal of 4.541 million illegal product listings and the suspension of services for 58,000 online stores [2]. - Significant cases in the live e-commerce sector, such as "Three Sheep" and "Northeast Rain Sister," have been investigated to combat irregularities [2]. - Platforms are required to eliminate unreasonable restrictions such as "refund only" policies and to enhance the transparency and reasonableness of their fees [2]. Group 3: Service Improvement - The government has issued guidelines to encourage platforms to improve compliance management and has provided compliance prompts during major sales events like "6.18" and "Double Eleven" [4]. - Initiatives to offer government data comparison services to platforms aim to help them effectively intercept and remove non-compliant entities [4]. - Continuous communication with various stakeholders, including platforms, merchants, and delivery personnel, is emphasized to ensure a more responsive regulatory approach [4]. Group 4: Future Directions - The regulatory body plans to maintain a dual focus on regulation and development, enhancing the platform economy's ongoing health and sustainability through improved monitoring systems [4].

Core Viewpoint - The National Market Supervision Administration is enhancing regulatory measures to address issues such as "ghost deliveries" and false claims in the rapidly growing platform economy, particularly in new consumer scenarios like online shopping, food delivery, and live streaming sales [1] Regulatory Measures - The administration is strengthening compliance guidance for platform enterprises and increasing the frequency of special inspections to tackle prominent issues in the market [1] - New regulatory frameworks are being developed for online sales, platform food delivery, and live e-commerce to clarify food safety responsibilities among various stakeholders [1] Consumer Protection - The efforts aim to maintain consumer convenience while promptly eliminating new risks and hidden dangers associated with emerging consumption patterns [1]