文｜本原财经 中国互联网月活用户达到破七亿的APP有六个：微信、淘宝、支付宝、抖音、拼多多，和「高德地图」。 QuestMobile数据显示，9月，高德App月活用户高达9.5亿。 相比于其它通讯、电商、支付、娱乐等综合类APP，高德显得格格不入，因为今年之前，大部分人还只是把它当做一个地图软件。 如今这家地图公司的肚子里，究竟盛下了多少业务？ 导航、打车、代驾、秒送是基操，在高德你能租车、买车、干顺风车，还能贷款、租房、买房。能订酒店、订机票、订门票出游，顺便用"扫街榜"找到烟 火小店订座，还能在无聊时跟AI小高老师打电话聊聊心事。车标、皮肤能买联名款，能抽盒，明星周边也是琳琅满目。 近期，高德又宣布与小鹏汽车达成全球生态合作，发力Robotaxi等前沿领域，还把5000家雪王门店陆续接到团购里面。 2010年高德迎来第一个高光时刻，成功登陆纳斯达克，是「中国首家上市的地图企业」。 2013年百度地图宣布免费后，高德迅速跟进，放弃每年数亿元的授权收入，转型为免费工具应用。 2014年马云花11亿美元收购高德，填补了阿里自身在LBS领域的短板。高德从纳斯达克退市，开始「加速向移动互联网转型」。 俞永福接管高德 ...

最近，云南省旅游民宿行业协会发布的公告称，OTA正在利用其市场地位，对云南民宿行业实施"二选 一"条款、单方面涨佣金、屏蔽流量等行为。这些行为严重侵害了民宿主合法权益，破坏市场秩序，阻 碍行业发展。一边是OTA扩张竞争下的民宿集体维权，另一边，以小红书为代表的新媒体平台近年 来"趁乱"悄悄瓜分着住宿这块"蛋糕"…… 小红书拿支付牌照意在"分食"酒旅？ 旅游民宿行业协会公开向在线旅游平台"开炮"无可厚非；事实上，OTA为实现竞争和规模化扩张，让民 宿保持入驻平台的"独一性"，是市场的演化过程、也是吸引用户的必要手段之一。 近年来，在传统OTA"割据"市场的情况下，民宿和酒店的持份者不得不在其他类型的软件和平台上"开 源"；同时，诸多新媒体软件本身也想在酒旅赛道"分一杯羹"，在头部OTA吵得不可开交之时，小红书 自然也不愿放过大好时机，悄悄布局本地生活板块的变现。 不久前，小红书趁势推出了号称"吃喝玩乐一卡通"的"小红卡"，年费设定为168元，持卡用户可以在上 海、杭州、广州三座试点城市的数千家精选门店享受通用折扣、专属活动参与权等权益，这一举动被视 为小红书变现本地生活板块的一大举措。 11月，小红书又拿下了支 ...

预计阅读时长 7 mins Zimbig First T 百亿条评价背后，大众点评的增长故事还讲得动 唱 3 大众点评诞生于 2003 年，比美国同行 Yelp 还要早一年问世。根据界面新闻的报道，点评的早期用户，更像是 热衷分享美食的爱好者，当他们发现某个地方新开了家餐馆，就会主动把信息添加上去，顺便写下消费体验， 还能积攒点评积分。 2010 年之后，中国团购平台的竞争日趋激烈，最多时全国同时有五六千家公司在卖打折餐券和优惠套餐，这 场烧钱混战后来被称为「千团大战」。随着市场的整合，美团和大众点评在 2015 年正式合并，消费者也逐渐 形成了在大众点评搜索餐厅、订座，以及购买各类线下店团购券的习惯。根据美团三季度财报，目前他们的到 店业务用户交易频次保持着快速的增长。平台已积累超过 250 亿条用户评价，过去 12 个月内新增 35 亿条，相 当于每天都会有大约 960 万条新评论出现。不过与百亿级别的用户评价数相比，大众点评的活跃用户数却并不 算多。根据 QuestMobile 数据 ，截止到今年 8月，大众点评的日活跃用户规模大约是三千多万。要知道，比大 众点评晚成立十年的小红书，在 2020 年初时 ...

12月8日，小红书官宣"小红卡"试运营将暂停。这代表着，这款9月在第三届小红书马路生活节上才刚刚 推出的"精选吃喝玩乐一卡通"的会员产品——小红书在本地生活业务上的重要探索，仅用时不到百日， 便宣告夭折。 定位"你的生活兴趣社区"的小红书，拥有着丰富的生活内容供给，早已构建起诸多网友获取吃喝玩乐建 议的高频场景，按理来说，应当存在大量的"拔草"需求，但为何其"小红卡"的尝试不但未能掀起多少水 花，还迅速宣告暂停，作为内容平台，小红书的突围究竟难在哪里？ 轻投入的风吹不到本地生活 对比美团、抖音等本地生活头部玩家，此前开拓市场时普遍采用大笔补贴、高举高打的策略，小红书此 次"小红卡"的尝试，属于小步试探，试图走出一条小而美、美而精的路子：小红卡为会员制年卡，定 位"精选吃喝玩乐一卡通"，首期仅在上海、杭州和广州三城同步上线。 具体来说，小红书基于平台内用户评论和商户口碑，筛选出一批精选门店，用户购买小红卡年卡后，用 户可以享受门店推荐、最少9折的买单优惠、消费满30送"鸭马路毛绒盲盒"等专属活动。 从门店供给上看，小红卡商家来源略显简单直接，"基于平台内用户评论和商户口碑"，实操中，小红书 交易产品负责人、本地 ...

Core Insights - Xiaohongshu has decided to suspend the trial operation of its membership product "Xiaohong Card" starting January 1, 2026, indicating a strategic retreat from its local lifestyle business [1][5][21] - The Xiaohong Card, launched in September during the third Xiaohongshu Street Life Festival, aimed to provide a "selected card for food, drink, and entertainment" but faced challenges in user engagement and merchant satisfaction [2][3][10] Product Performance - The Xiaohong Card was introduced in three cities: Shanghai, Hangzhou, and Guangzhou, partnering with thousands of selected stores but lacked significant subsidies, leading to limited user appeal [2][3] - Users reported that the card's benefits were minimal, with discounts not competitive enough compared to other platforms, resulting in low usage after initial interest [8][9][10] Merchant Feedback - Merchants involved in the Xiaohong Card program expressed disappointment, noting that the initiative did not drive significant customer traffic or sales, leading to a lack of enthusiasm for the program [10][12] - Many merchants were unaware of the card's operational issues and were not incentivized to promote it due to insufficient customer flow and high operational costs [19][20] Strategic Implications - The suspension of the Xiaohong Card reflects Xiaohongshu's recognition of the challenges in transitioning from a community-driven platform to a transactional model in the local lifestyle sector [5][13][21] - Despite the setback, Xiaohongshu plans to continue exploring opportunities in the local lifestyle market, emphasizing the importance of community engagement and user experience in future initiatives [21][25][26] Market Context - The local lifestyle service market in China is projected to grow significantly, with estimates suggesting a market size of 35.3 trillion yuan by 2025, highlighting the competitive landscape that Xiaohongshu is navigating [25] - Competitors like Meituan and Douyin have established strong footholds in the local lifestyle sector, making it imperative for Xiaohongshu to leverage its community strengths to differentiate itself [20][26]

12月8日，小红书官方发布公告，宣布其本地生活会员产品"小红卡"将于2026年1月1日起暂停试运营，并为所有购卡用户办理全 额退款。这一决定距离"小红卡"在9月第三届马路生活节期间上线尚不足百日。 官方表示，"小红卡"团队接下来将阶段性集中资源，聚焦在本地生活内容影响力，提升本地生活交易产品和工具。 士拨薯 内容社区的"信任溢价"为何失效？ 本地生活竞争的喧嚣从未停止，但真正的破局者鲜少出现。 不过，此次尝试的暂停并不意味着退场，更像是一次战术收缩与重新校准。小红书并不会放弃本地生活这一赛道，就像其过往 在商业化上的探索一样，小红书也将继续寻找更适合它的商业闭环路径。 "小而美"的本地生活 在喧嚣的本地生活竞争中，此前的小红书试图走出一条基于自身社区基因的差异化道路。 关注 致小红卡伙伴们 亲爱的小红卡伙伴们: 小红卡业务在今年９月马路生活节上线试运营以 来,受到了大家的大力支持。感谢您陪着我们这 个"小探索"一起成长。 我们一直在倾听着大家的声音。一方面不少伙伴对 我们说,通过小红卡发现了很多宝藏小店,解锁了 不一样的生活方式;另一方面我们也认识到,我们 的准备不够充分,还没能满足大家对本地生活丰富 性与便 ...

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 ...

Core Viewpoint - Kuaishou's Q3 2025 financial report shows steady revenue and profit growth, indicating a shift from expansion to value creation in its business strategy [1][3]. Financial Performance - Kuaishou reported Q3 revenue of 35.6 billion RMB, a year-on-year increase of 14.2% [1]. - Adjusted net profit reached 4.986 billion RMB, up 26.3% year-on-year [1]. User Data - The average daily active users (DAU) of Kuaishou reached 416 million, a 2.1% increase year-on-year [2]. - The average monthly active users (MAU) stood at 731 million, reflecting a 2.4% year-on-year growth [2]. Strategic Shift - Kuaishou is transitioning from a horizontal growth narrative to a focus on vertical value creation, as indicated by its stable double-digit growth in revenue and profit despite a slow increase in user numbers [3]. - The company has restructured its local services division, integrating it with the advertising business to enhance resource allocation and ensure more predictable returns [5]. AI Integration - AI is a central theme in Kuaishou's operations, with significant contributions to revenue from online marketing services, which generated 20.1 billion RMB in Q3, a 14% increase [6]. - The introduction of generative AI models has contributed approximately 4%-5% of revenue growth in the domestic market [6]. - Kuaishou's R&D expenditure reached 3.65 billion RMB in Q3, a 17.7% increase, primarily driven by investments in AI technology and talent [9]. AI Product Development - Kuaishou's Keling AI generated over 300 million RMB in revenue in Q3, highlighting its strategic importance despite its small financial weight in the overall revenue [7]. - The company is focusing on AI-driven content creation, particularly in the realm of "manhua" (comic) production, leveraging AI to enhance efficiency and reduce costs [16][18]. Market Competition - The competitive landscape is intensifying with the emergence of new AI-driven platforms, prompting Kuaishou to adapt its strategy rather than confront competitors head-on [10][11]. - Kuaishou's approach to AI differs from competitors like Sora, focusing on professional content creators first before expanding to consumer applications [12]. Future Outlook - The potential for AI in content production is significant, particularly in the "manhua" sector, which is experiencing rapid growth due to AI's efficiency [21]. - However, the market for AI-generated content may face challenges in consumer adoption, as the target demographic is already saturated with entertainment options [22].

Core Insights - Kuaishou aims to achieve an annual revenue of 1 billion from its AI product, Keling AI, which has shown significant growth and profitability, distinguishing itself from other major tech companies in China [2][3][5] Financial Performance - In Q3 2025, Kuaishou reported a revenue of 35.554 billion yuan, a year-on-year increase of 14.2%, marking the best growth rate in nearly six quarters [3] - Operating profit increased by 69.9% to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 4.99 billion yuan, comparable to other major firms like JD and Baidu [5] - Keling AI's revenue exceeded 300 million yuan in Q3, with a significant increase in its annual revenue target from 430 million yuan to 1 billion yuan, representing a growth of over 130% [5][6] AI Business Impact - AI has become the core engine for Kuaishou's growth, contributing approximately 5% to the domestic online marketing service revenue, with AIGC marketing materials generating over 3 billion yuan [8][9] - The launch of the 2.5Turbo model has reduced video generation costs by nearly 30%, facilitating commercial viability [9] - Keling AI has surpassed 45 million global users, generating over 200 million videos and 400 million images for more than 20,000 enterprise clients across various industries [11] User Engagement and Ecosystem - Kuaishou's daily active users (DAU) reached 416 million, a year-on-year increase of 1.7%, while monthly active users (MAU) grew by 2.2% to 731 million, indicating strong user engagement [17] - The average daily usage time per user reached 134.1 minutes, with a 3.6% year-on-year increase in total usage time [19] - The platform's dual-focus on content and user interaction has led to a significant increase in user retention and engagement [19] Strategic Adjustments - Kuaishou has restructured its business operations to enhance efficiency, integrating related business units to address collaboration issues [20][22] - The company is focusing on local services, with a significant increase in GMV for local services, which grew by 200% year-on-year [24][26] - The management has emphasized the importance of understanding local market dynamics and consumer behavior, particularly in lower-tier cities where over 60% of users reside [26][27]

Core Insights - JD Group has launched a series of significant initiatives in the local lifestyle sector, including the introduction of an independent JD Takeout app, JD Review, and the "JD True List" [1][3] - The new JD Takeout app aims to provide a comprehensive service platform integrating takeout, instant retail, reviews, travel, and shopping, enhancing user experience and retention [3][4] - JD Review differentiates itself from existing commercial review products by promising not to commercialize and ensuring the authenticity of reviews through a three-dimensional model [4][5] Group 1: JD Takeout App - The JD Takeout app is designed as a comprehensive service platform, allowing users to switch between local lifestyle services and daily shopping within a single application [3] - The app integrates JD Review functionality and connects with the main JD platform, creating a seamless service experience [3][4] - The launch of the app is seen as a strategic move to reshape user perception and establish JD as a primary entry point for local services [3][6] Group 2: JD Review and JD True List - JD Review is positioned as a key entry point for local lifestyle traffic, emphasizing the importance of user decision-making in the consumption process [4][5] - The "JD True List" utilizes an AI model to analyze millions of online reviews, ensuring the authenticity of evaluations [4] - The focus on repeat purchases in JD Review indicates a shift towards building long-term user engagement rather than just attracting one-time traffic [5][6] Group 3: New Product Launches - The new ready-to-drink brand "Seven Fresh Coffee" emphasizes the use of fresh milk and high-quality coffee beans, with plans for rapid expansion in Beijing [8][10] - JD's travel initiative "Treasure City" has launched its second phase in Sanya, offering promotional activities for tourists [8][10] - The collaboration with Wuliangye aims to integrate alcohol delivery with takeout services, enhancing the overall service offering [10] Group 4: Market Positioning - JD's recent moves indicate a strategic shift from being a supplementary player in instant retail to becoming a main competitor in the sector [6][10] - The competitive landscape is evolving, with JD positioning itself against Meituan and Alibaba in the instant retail space, focusing on supply chain efficiency and service delivery [6][10] - The emphasis on local lifestyle services is seen as crucial for JD to capture market share and enhance user loyalty in a slowing growth environment [10]