运营3个月后，小红书的到店项目突然"黄了" 。 根据小红书官方发布公告， "小红卡"业务将于2026年1月1日起暂停试运营。这是小红书在今年9月上线试 运营的项目，核心目的是让用户在指定的精选门店消费时享受"吃喝玩乐一卡通"的折扣，其年卡收费为 168元。 小红书官方对于关停的理由是"准备不够充分，还没能满足大家对本地生活丰富性与便捷性的需求。 " 无论是用户还是商家，均有人对小红卡的体验表示不满。用户侧认为，小红卡的功能欠缺，导致开卡权 益作废，而商家侧表示，交了钱做小红卡官方认证，但官方的福利和承诺均未兑现。 "没服务 ，没售后， 没对接，十分敷衍，拖时间" ，有商家对此非常失望："给了钱其他什么都不管？" 交 等来 交了600元，等来了"三无服务" 小红卡的推出可谓来势汹汹。作为小红书的本地生活会员卡，其定位为"精选吃喝玩乐一卡通" ，于2025 年9月在上海、杭州、广州三城同步上线。依托马路生活节这样的大型活动，小红卡在短时间内进行了规 模化验证。 《BUG》栏目注意到，部分小红书用户在开通"小红卡"后的体验较差。部分用户在黑猫投诉上表示，小 红书官方对于小红卡的开卡礼权益没有任何提醒，也没有使用截止 ...

Core Insights - The article discusses the recent acquisition of a payment license by Xiaohongshu through its subsidiary Dongfang Electronic Payment Co., which is a significant step towards transforming the platform into a transaction-oriented entity [1][2]. Group 1: Company Developments - Dongfang Electronic Payment Co. completed a legal entity change and capital increase on November 13, indicating Xiaohongshu's strategic move to enhance its payment capabilities [1]. - Xiaohongshu has been recognized as a platform that showcases a refined lifestyle for the middle class and is now aiming to evolve from a content-driven platform to a transaction platform [1][4]. Group 2: Payment License Acquisition - The payment license obtained is categorized under Internet payment, which is crucial for Xiaohongshu's operational framework, allowing it to reduce payment processing costs significantly [2][3]. - The license enables Xiaohongshu to save on transaction fees, which could amount to approximately 2.4 billion RMB based on a 0.6% fee rate on a projected GMV of over 400 billion RMB in 2024 [3]. Group 3: Future Strategies - There is speculation about Xiaohongshu's potential pursuit of additional licenses, such as for Internet micro-lending, which could enhance its revenue streams and customer acquisition [3][4]. - The company aims to create a closed-loop experience by integrating payment services with lending options, thereby increasing user engagement and monetization opportunities [3][4]. Group 4: Business Vision - Xiaohongshu's founder, Zhai Fang, envisions a balance between e-commerce and content, with the goal of ensuring that monetization does not compromise the community aspect of the platform [4]. - The successful acquisition of the payment license is seen as a critical step in Xiaohongshu's journey towards becoming a comprehensive transaction platform, necessitating careful management of its commercial and content strategies [4].

Core Viewpoint - Kuaishou is expanding into self-operated e-commerce by launching the "Kuaishou Official Self-Operated Flagship Store" within its app, aiming to enhance its e-commerce ecosystem and improve service capabilities [2][3]. Group 1: Business Model and Operations - The flagship store is operated by Chengdu Pinong Technology Co., Ltd., which is 100% controlled by a Kuaishou affiliate, and has achieved over 220,000 sales with a fan base exceeding 10,000 [2]. - The store utilizes a factory-direct shipping model, reducing intermediaries, but lacks a nationwide warehousing network, which may affect delivery efficiency [2][4]. - Kuaishou's self-operated model is designed to attract price-sensitive consumers by offering competitive pricing through direct partnerships with factories [3][4]. Group 2: Market Position and Financial Performance - Kuaishou's e-commerce segment is becoming increasingly significant, with a reported GMV of 3,323.252 billion yuan in Q1 2025, up from 2,880.725 billion yuan in the same period last year [4]. - The company reported Q1 2025 revenue of 32.61 billion yuan, a 10.9% year-on-year increase, with an adjusted net profit of 4.58 billion yuan, reflecting a net profit margin of 14.0% [4]. Group 3: Competitive Landscape - The launch of the self-operated flagship store is seen as a complement to Kuaishou's existing third-party merchant and live-streaming sales model, potentially enhancing overall user trust and driving third-party sales [4]. - The self-operated model is expected to provide valuable quality control and operational experience that can benefit the management of third-party merchants, promoting a more standardized e-commerce ecosystem [4].

Core Viewpoint - Kuaishou is rumored to be entering self-operated e-commerce through the launch of the "Kuaishou Official Self-Operated Flagship Store," but internal sources indicate that there are no comprehensive plans for self-operated e-commerce at this time [1][3] Group 1: Kuaishou's E-commerce Strategy - The "Kuaishou Official Self-Operated Flagship Store" has launched dozens of gold jewelry products, with many marked as "Kuaishou Self-Operated," indicating a potential shift towards self-operated e-commerce [1] - Kuaishou's e-commerce has previously introduced a managed model, including semi-managed and fully managed options, allowing the platform to handle various operational tasks for merchants [3] - The self-operated model allows Kuaishou to endorse product quality under its name, potentially increasing consumer trust [3] Group 2: Market Context and Performance - The overall e-commerce industry primarily relies on third-party merchants, as this model is less operationally intensive and enhances product variety [4] - Kuaishou's e-commerce GMV (Gross Merchandise Volume) grew by 15.4% year-on-year in Q1, reaching 332.3 billion, with monthly active buyers increasing to 135 million [4] - The focus for Kuaishou's e-commerce in the past year has been on optimizing product supply and improving operational efficiency to meet user demands [4] Group 3: Challenges and Competitive Landscape - The investment in self-operated e-commerce requires significant resources and poses higher operational risks, making it a less favorable option compared to enhancing platform ecology and collaboration with external supply chains [5] - Competitors like Douyin have attempted self-operated e-commerce but faced challenges, leading to the closure of several self-operated stores [5] - Kuaishou is advised to concentrate on refining its platform operations rather than aggressively pursuing self-operated e-commerce at this stage [5]