2025.09. 12 本文字数：2393，阅读时长大约4分钟 作者 | 第一财经 吕倩 巨头们在本地生活这件烟火气的事上又"撞车"了。 近日，阿里巴巴(9988.HK)通过高德入局本地生活到店领域，启动"烟火好店支持计划"，通过发放 超10亿元补贴等措施，鼓励用户到店消费。很快，抖音生活服务业务宣布上线名字颇为相似的"烟火 小店扶持计划"，针对人均消费100元以内的商家，提供流量激励等资源。 而在 一年前的 本地生活战场里，这种"针尖对麦芒"的竞争发生在美团与抖音之间。2025年，阿里 先后通过外卖与到店，将本地生活打成一场巨头"混战"。 瑞银表示，高德本次升级反映本地生活服务的竞争格局已从即时零售延伸至到店业务，预计四季度竞 争焦点将从外卖转向非食品类即时零售及到店业务。摩根大通认为阿里此举将直接冲击美团到店这 一"现金牛"业务，并下调美团2026-2027年到店利润预期。 多位行业人士对第一财经记者表示，大厂补贴不是为了拉新，而是为了争夺用户心智，沉淀各自 APP用户停留时长，培养消费者在各APP下单习惯，进而将消费力逐步转移至利润更高的泛电商领 域，挖掘电商存量市场中的增长空间。作为当前本地生活领域的 ...

Core Viewpoint - The competition in the local life service sector is intensifying as major players like Alibaba and Douyin launch similar support plans to attract users and increase in-store consumption, indicating a shift in focus from food delivery to in-store services [1][4][9] Group 1: Company Strategies - Alibaba, through Gaode, has initiated the "Smoke Fire Good Store Support Plan" with over 1 billion yuan in subsidies to encourage in-store consumption [1] - Douyin has launched a similar "Smoke Fire Small Store Support Plan" targeting merchants with an average consumption of under 100 yuan, providing traffic incentives [1] - Meituan's stock has dropped 49.1% from its March high, while Alibaba's stock has risen 98.6% from its January low, indicating a shift in market dynamics [2] Group 2: Market Dynamics - UBS predicts that the competition will shift from food delivery to non-food instant retail and in-store services in the fourth quarter [1] - Morgan Stanley has lowered Meituan's profit expectations for its in-store business for 2026-2027 due to the competitive pressure from Alibaba [1] - The local life service market is evolving into a duopoly between Meituan and Douyin, with Alibaba re-entering the fray [4][6] Group 3: Industry Insights - Industry experts suggest that the subsidies from major companies are aimed at capturing user mindshare and increasing app engagement rather than merely acquiring new users [1][8] - The local life service sector is seen as a battleground for e-commerce platforms, with Alibaba's strategy focusing on integrating its ecosystem to enhance user experience [6][7] - The overall growth of the e-commerce sector is slowing, with traditional platforms facing challenges from content-driven e-commerce like Douyin and Kuaishou [7][8]

Core Insights - The competition in the local life service sector has intensified, with Alibaba entering the market through Gaode and launching the "Smoke Fire Good Store Support Plan" with over 1 billion yuan in subsidies to encourage in-store consumption [1] - Douyin has also announced a similar initiative called the "Smoke Fire Small Store Support Plan," targeting merchants with an average consumption of under 100 yuan, providing traffic incentives and resources [1] - Analysts predict that the focus of competition will shift from food delivery to non-food instant retail and in-store services in the fourth quarter of 2025 [1] Company Strategies - Alibaba's investment in in-store services is driven by the higher profitability of this business and the need for an independent platform to support local life services, as Taobao cannot cover all scenarios [3] - Meituan has historically maintained its leading position through cash flow control and a strong ground team, but faces challenges from new entrants like Douyin and Alibaba [4] - Douyin's local life services achieved over 300 billion yuan in transaction volume in 2023, but faces challenges in user retention and service fulfillment [4][5] Market Dynamics - The local life service market is evolving into a duopoly between Meituan and Douyin, with Alibaba's re-entry pushing the industry into a new competitive phase [4] - The overall e-commerce market is experiencing slower growth, with traditional platforms like Alibaba and JD.com facing competition from content-driven e-commerce platforms like Douyin and Kuaishou [7][8] - The competition is not just about acquiring new users but also about cultivating user habits and increasing the time spent on respective apps, which can lead to higher-margin e-commerce transactions [1][8] Financial Performance - Meituan's stock has dropped 49.1% from its March high of 189.6 HKD to 96.55 HKD, while Alibaba's stock has risen 98.6% from a low of 76.073 HKD to 151.1 HKD, marking a four-year high [2] - Meituan reported revenue of 918.4 billion yuan and an adjusted net profit of 14.9 billion yuan in Q2 2025, while Douyin's e-commerce GMV is projected to reach 4.2 trillion yuan in 2025 [7]

Core Viewpoint - The shift in e-commerce platforms from supporting "refund only" policies to prioritizing seller interests reflects a significant change in the domestic e-commerce ecosystem, driven by the realization that the previous approach was exploited by consumers, leading to adverse effects on merchants and overall market health [1][3][9]. Group 1: Changes in E-commerce Policies - E-commerce platforms, including Taobao, have begun to implement features that allow merchants to screen out high refund rate customers, indicating a move towards protecting seller interests [3][10]. - The "refund only" policy, initially introduced to combat low-quality goods, has been found to be detrimental as it encouraged exploitative behavior among consumers, leading to a toxic shopping environment [4][8]. Group 2: Market Dynamics and Consumer Behavior - The rapid growth of the e-commerce market has masked the underlying conflicts between consumers and merchants, which have now surfaced as the market matures and enters a "stock stage" with limited growth potential [6][9]. - The prevalence of "refund only" policies has led to a situation where legitimate businesses suffer while exploitative consumers benefit, prompting platforms to reconsider their strategies [8][9]. Group 3: Industry-Specific Considerations - The fashion industry, characterized by high turnover rates, is particularly affected by refund policies, as unsold seasonal items can lead to significant financial losses for merchants [10][11]. - Taobao's decision to pilot the screening feature in the fashion sector is aimed at reducing costs for merchants by limiting exposure to high refund rate customers, thereby enhancing operational efficiency [10][11].