文 | 窄播，作者 | 庞梦圆 2025是美团被迫重塑的一年。2024年快结束的时候，美团刚收获了一份营收、利润、新业务减亏等表现 均超出市场预期的Q3财报，摩根士丹利将美团视为接下来一年最有看点的中文互联网企业。但2025年 一开年，整个互联网就风起云涌，外卖大战极大影响了美团的发展节奏，也改变了它在整个互联网坐标 系中的位置。 它不再相对独立地存在于一个大的本地生活市场，与个别巨头弱交叉，维持着某种平衡。而是站在一个 更大的消费市场，与一个更大的巨头强交叉，且巨头的进攻威胁至今没有消除。 那么相应的，我们也应该用更大的坐标系来摆放美团的位置，用新的框架和标准，来理解在新坐标系里 的美团。 如今，美团仍是最懂本地生活的企业，它最差异化的能力，仍是如大摩所说，「通过精细化运营在低毛 利业务中实现盈利的能力」。 只是在业务拓展方式上，以前可以相对轻松地。用高频的外卖、单车等业务，带动低频但高毛利的团 购、酒旅业务，从而实现整体客单价、毛利率、营收、利润的增长。 但外卖大战之后，美团外卖的流量优势被削弱，除了外卖自己的收入、利润受到影响，连带着美团的商 业模式也受到影响，乃至影响整个公司的营收结构。 如此背景下， ...

笔者在抖音、小红书等社交平台看到，多数晒单购买成功的消费者，都是购买了2瓶、4瓶、6瓶不等， 用途多是临时用酒和为过节或赠礼做准备。一位重庆消费者在接受媒体采访时表示，购酒是因为马上过 春节用于家庭聚餐，和亲友一同分享喜悦和祝福。 "这段时间购酒需求量在增加，很多在i茅台上抢不到的客户，都到专卖店来咨询是否能买到"，一位上 海经销商表示，这些客户多是为了过年需求而来，其中不乏一些工作不久的年轻人，很多是看到网上的 信息前来咨询的。 "线上的曝光反而带动了我们线下门店客流。"上海经销商表示，"它把那些原本只是偶然接触茅台的用 户吸引进来，而要将这部分人转化为长期、忠诚的客户，最终还是要靠我们线下渠道来承接和服务。" 值得注意的是，i茅台平台设置了"门店自提"与"快递配送"两种发货方式。笔者在成都自营店咨询了前 来提货的消费者，在他看来，将选择权交给消费者，凸显了茅台对消费者体验的深度思考，门店自提提 供了一种仪式感，强化了线下体验，快递配送则提供了便利性。 两种提货方式的并存，体现了茅台推进线上线下一体化的战略思维。 2026年1月1日起，到"i茅台"购买500ml飞天茅台，成为酒圈最关心的话题。在线上热卖的同 ...

对于常见疾病患者，尤其是慢性病患者而言，定期复诊、长期用药是常规诊疗需求。为减少患者往返奔 波医院与排队等候时间，市一医院互联网医院平台及服务已完成全新升级，支持线上线下一体化服务。 作为全市首家"线上线下一体化"的互联网医院，无论您身处何地，只需轻触手机屏幕，通过搜索"肇庆 市第一人民医院互联网医院"小程序或"肇庆市第一人民医院"微信公众号进行登录。该平台旨在为患者 提供在线问诊、复诊、慢病续方等服务，患者可选择药品配送上门。 一、开放互联网诊疗科室 首期功能推出服务包含以下 及服务范围 首批上线科室 一、全科医学科：1.复诊开药：符合条件的复诊患者，可线上问诊，药品配送上门。2.初诊咨询与分 诊：为您提供专业的初步健康评估，并协助您更精准地选择就诊科室。3.延续健康管理:为慢性病患者 提供长期的随访与指导。 二、内分泌代谢科：提供慢性内分泌疾病咨询服务。 三、烧伤整形外科：1.线上健康咨询提供专业的医疗健康建议与指导。2.术后与康复随访线上跟进恢复 情况，提供专业指导。3.皮肤健康管理提供相关皮肤问题的愈后延续管理方案。 四、生殖医学中心：提供生殖健康领域的线上健康咨询服务。 二、互联网诊疗服务内容 01 ...

纵观全球服务业发展进程，头部连锁品牌往往成为衡量一个市场成熟度与规范度的关键标尺。从麦当劳、星巴克到沃尔玛、开市客，规模化、可复制的商 业模式，构成了现代服务业崛起的底层逻辑。 在中国，这一规律正迎来新的注解者——途虎养车。 2025年12月23日，途虎养车对外宣布工场店数量正式突破8000家，覆盖全国347个城市、1920个县域。这一数字，已超越麦当劳中国约7500家门店的规 模，标志着途虎不仅是中国汽车后市场的绝对龙头，更成为本土连锁服务业发展的新标杆。自今年4月突破7000家以来，短短8个月内新增1000家，"途虎 速度"背后，是一场由技术、数据与系统能力驱动的深度产业变革。 这并非简单的规模竞赛。在汽车后市场这片曾以"散、乱、小"著称的土壤上，途虎用十余年时间，构建了一套从前端用户体验、到中台运营管理、再到后 端智能供应链的完整数字化基础设施。8000家门店不仅是地理意义上的覆盖，更是其系统能力溢出效应的物理投射。 规模领先：从城市毛细血管到乡镇"最后一公里" 途虎的8000家工场店，织就了一张堪称中国汽车服务领域最密集的线上线下一体化网络。 在高线城市，途虎实现了近乎"基础设施"式的布局。在北上广深 ...

Core Insights - Meituan's Xiaoxiang Supermarket aims to compete with Hema Fresh, Wumart's Pangu Store, and JD's Seven Fresh by targeting consumers with certain purchasing power and a demand for quality and shopping experience [1][15] - The offline store of Xiaoxiang Supermarket complements Meituan's existing online infrastructure, creating a competitive landscape against Hema [1][15] - The supermarket's strategy focuses on enhancing the shopping experience and leveraging supply chain advantages in fresh produce, alcohol, and prepared foods [1][6][12] Store Experience and Layout - Xiaoxiang Supermarket's layout and style are similar to Wumart's Pangu Store, emphasizing service details and cleanliness [1][2] - The store features a mix of standardized pre-packaged products and a rich variety of live seafood, along with a dining area and a bakery section [2][12] - The supermarket enhances customer service by providing tips on product selection and offering free services like steak cooking and melon peeling [4][12] Product Strategy - Xiaoxiang Supermarket emphasizes high-quality self-operated products, including strawberries, juices, and rice, while ensuring safety and quality through direct sourcing [6][8] - The product range is more extensive than Wumart's Pangu Store but still lags behind Hema in novelty and variety [8][10] - The introduction of third-party brands in the prepared food section creates a mini food market atmosphere [10][12] Competitive Landscape - Meituan's Xiaoxiang Supermarket and Happy Monkey discount stores form a three-tier structure in the fresh produce market, competing directly with Alibaba's Hema and its associated logistics [15][18] - The competition is framed within the broader trend of integrating online and offline retail, with fresh produce becoming a focal point for consumer demand [15][16] - The market is characterized by a shift towards medium-sized supermarkets replacing large hypermarkets, with a focus on unique experiences and high-quality offerings [21][23] Future Outlook - Meituan plans to expand Xiaoxiang Supermarket to all first- and second-tier cities, indicating a significant growth strategy [15][25] - The company aims to enhance its supply chain capabilities and product innovation to compete effectively against established players like Hema [25] - The ongoing competition in the fresh produce sector is expected to accelerate as consumer preferences evolve towards integrated shopping experiences [25]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese chain pharmacy industry is experiencing rapid growth, with the market size expected to exceed 1 trillion yuan by the end of 2024, indicating significant market potential [18] - The industry has maintained an average annual growth rate of over 10% in the past five years, driven by increased medical insurance coverage and rising consumer health awareness [20] - The market is becoming increasingly concentrated, with leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominating the market [39] Industry Overview - The chain pharmacy industry is defined as a collection of retail stores organized under a unified management system, sharing brand image, procurement channels, and service processes [4] - The industry has evolved from traditional single-store pharmacies to a more standardized and professional model, with significant growth in major cities [8] - The industry is categorized into three main types: direct chain pharmacies, franchise chain pharmacies, and mixed chain pharmacies [5] Market Size and Growth Trends - As of 2024, the number of chain pharmacy stores in China has surpassed 120,000, covering most provinces and major cities [18] - The industry is characterized by a "leading enterprises leading, regional strong players supporting" market structure, with significant market share held by top companies [18][39] - The growth of the industry is supported by government policies promoting healthcare consumption and capital market interest [10] Supply and Demand Analysis - Major chain pharmacy enterprises are concentrated in first-tier cities and economically developed second-tier cities, with a notable presence in eastern coastal regions [21] - The supply chain and logistics systems are crucial for improving operational efficiency and ensuring drug safety [24] - The variety of drugs offered includes prescription drugs, over-the-counter drugs, traditional Chinese medicine, and health products, catering to diverse consumer needs [26] Consumer Behavior and Preferences - The primary consumer groups include elderly patients with chronic diseases, young health management consumers, and families with regular medication needs [28] - Modern consumers prioritize drug quality, price transparency, and overall service experience, leading to a shift towards personalized health management services [31] - The integration of online and offline purchasing channels is becoming the mainstream trend in the pharmaceutical retail industry [34] Competitive Landscape - Leading companies like Guoda Pharmacy, Yifeng Pharmacy, and Laobaixing Pharmacy dominate the market, leveraging their financial strength and efficient supply chain management [37] - The market is highly concentrated, with the top ten chain pharmacies holding over half of the market share [39] - Regional competition varies, with intense competition in economically developed areas and significant growth potential in less developed regions [42] Policy and Regulatory Environment - The government has implemented strict regulations to ensure drug quality and safety, including licensing requirements and procurement standards [48] - Recent reforms in medical insurance policies have significantly impacted the operations of chain pharmacies, prompting them to optimize procurement and inventory management [50] - Regulatory measures are aimed at promoting standardized and compliant operations within the industry [51] Technological Development and Digital Transformation - The application of information technology, such as drug management information systems and customer relationship management (CRM) systems, is enhancing operational efficiency [58][59] - The integration of mobile payment and electronic prescriptions is transforming the purchasing process, improving customer experience [61] - The trend towards online and offline integration is driving the development of a comprehensive sales and service system [62]

手机号 15769519125 2025 年 商业合作： collaboration@shuoyuanconsulting.com 1 / 32 1.中国便利店行业概述 1.1 行业定义与分类 1.1.1 便利店的基本定义 中国便利店行业市场 研究报告 主编：雷静兰 编辑：张潞玮 2 / 32 过大数据分析和线上线下融合，为消费者提供更加便捷、高效和智能的购物体 验。 1.1.2 便利店的主要类型 根据经营规模、服务对象及经营模式，便利店可分为以下几类： 1. 连锁便利店： 如全家、罗森、7-11 等，拥有统一的品牌形象和管理体系，依托总部的集中采 购、物流配送和信息管理系统，实现规模化运营。 2. 社区便利店：以服务周边 居民为主，商品种类和服务更贴近社区需求，门店面积较小，通常由单体业主 经营。 3. 无人便利店：利用智能技术实现无人值守，通过人脸识别、扫码支付 等技术提升购物体验和运营效率。 4. 特色便利店：结合特定主题或特色商品， 如健康食品店、绿色环保店等，满足特定消费群体需求。 图表：中国便利店定义与分类 便利店，作为一种以便利性为核心的零售业态，主要是指在社区、商业区或交 通枢纽附近开设的，提 ...

12月4日，运动品牌361°正式接入淘宝闪购。首批业务率先落地重庆，北京、上海、广州、济南等160个城市，共1500家门店将陆续上线淘宝闪购。即日 起，消费者在淘宝闪购搜索"361"，即可选择附近门店下单，享受运动装备30分钟极速送达服务。 目前，361°接入闪购的商品已实现多品类覆盖，如年度重磅跑鞋单品飞燃4.5、应对秋冬雨水天气的防泼水"雨屏系列"跑鞋等当季爆款，以及基础款鞋 服、配件、及儿童产品。 校对盛媛媛 "淘宝拥有庞大的电商购物流量，用户在浏览体育用品、参与平台大促或观看直播时，即时消费需求的转化更高，有望带来显著的零售增量增长。同时对 品牌的供应链和运营能力提出了更高要求。"361°品牌新零售总监表示。 阿里巴巴9月季度财报显示，截至10月31日，约3500个天猫品牌将其线下门店接入淘宝闪购。在协同效应下，天猫双11期间，淘宝App实现消费者同比双 位数增长，天猫品牌即时零售日均订单环比9月增长198%。品牌线下门店接入淘宝闪购，在天猫通过线上线下（300959）一体化经营，给消费者带来全新 购物体验。 晓风 ...

Investment Rating - The report maintains an "Outperform" rating for JD Health International [1][2][17]. Core Insights - JD Health International continues to show strong revenue and profit growth, with Q3 2025 revenue reaching RMB 17.12 billion, a year-on-year increase of 28.7%, and net profit of RMB 1.84 billion, up 97.2% year-on-year [3][13][14]. - The company has raised its full-year revenue growth guidance to approximately 22.0% from the previous 20.0%, and adjusted profit target to RMB 6.20 billion from RMB 5.60 billion, reflecting strong Q3 performance [4][15]. - The report highlights the company's effective marketing investments and improved bargaining power in the pharmaceutical category as key drivers of growth [14][16]. Financial Performance Summary - For FY 2025, revenue is projected to be RMB 71.05 billion, representing a 22.1% year-on-year growth, while adjusted profit is expected to be RMB 6.21 billion, a 30% increase [5][16]. - The gross profit margin is expected to improve to 24.6% in FY 2025, with a net profit margin of 7.5% [10][16]. - The company’s DCF valuation predicts an equity value of HKD 227.44 billion, corresponding to a target share price of HKD 71.07, reflecting a 4.3% increase in target price [5][17].

Core Insights - The Chinese automotive aftermarket is projected to reach an annual revenue of 1.7 trillion yuan by 2025, more than doubling since 2015, indicating significant growth potential [2] - Tuhu Car Maintenance leads the automotive aftermarket chain franchise sector with a consumer preference rate of 45.38%, significantly higher than its competitors [2][5] - Tuhu has established a robust supply chain network and a standardized service model, allowing it to maintain a competitive edge and achieve high profitability among its franchise stores [7][12] Market Overview - By 2025, China's vehicle ownership is expected to exceed 359 million, driving the growth of the automotive aftermarket [2] - The competitive landscape is shifting from chaotic growth to a more refined approach, with leading brands like Tuhu gaining market share and consumer trust [2][5] Tuhu's Business Model - Tuhu's franchise model is likened to McDonald's, focusing on a replicable business system that includes product, service, and operational standards [3] - The company addresses the fragmented nature of the automotive aftermarket by standardizing high-frequency service projects and integrating online and offline operations [5][13] Supply Chain and Cost Efficiency - Tuhu collaborates directly with major brands like Michelin and Continental to create a direct supply chain, reducing procurement costs by 15%-20% compared to traditional channels [9] - The company has developed a smart inventory system that alleviates financial pressure on franchisees by managing stock levels based on sales forecasts [12] Franchise Growth and Profitability - Tuhu's franchise network has expanded significantly, with a net increase of 331 stores in just six months, and over 90% of stores open for more than six months achieving profitability [7][8] - The company's model not only leads in store count but also demonstrates sustainability and health in its business operations [8] Competitive Advantages - Tuhu's supply chain is evolving, particularly in the electric vehicle aftermarket, where it has established partnerships with battery manufacturers and trained certified technicians [10] - The company's ability to offer lower prices through bulk purchasing and customized products enhances its competitive position in the market [9][13]