外卖大战大半年后，阿里交出了利润跳水的业绩答卷。11月25日，阿里最新财报显示，报告期内阿里收 入同比微增5%。但同时，盈利显著承压，公司期内经营利润同比大幅下滑85%。 京东作为最早的发起方，外卖身影退后，与几个月前高调的闯入者姿态截然不同。然而，京东很快又在 酒旅、七鲜小厨等业务上高调官宣，战场顺势向到店业务转移。 尽管最新的财报尚未集齐，从上个季度数据已经能清晰看到得失。 横向对比，在外卖大战的帮助下，阿里、京东、美团的营收均稳步攀升，但净利润却双位数下滑，业绩 冰火，冷暖自知。 三季度是外卖大战炮火猛烈的阶段，阿里猛攻美团为主线，三家巨头几个月烧掉数百亿，将外卖行业的 订单峰值从一天1个亿做大到2.5亿。 大力出奇迹。若放在大平台身上，这是聚焦短期目标的合理战术。用巨资补贴冲高任何单一数字，打外 卖战更是立竿见影。 外卖不是新兴行业，自身讲不出新故事。算不上风口，比不了AI，几乎成为电商零售线上最便宜的赛 道，但如今，几个巨头却愿意为了争夺几杯奶茶，打一场最贵的商战。 巨头，都不是什么"冤大头"。 阿里从未孤立地看待闪购业务，而是将其放到整体的中国电商大盘中考虑。重金砸向外卖，用大手笔补 贴换来的，不 ...

阿里巴巴集团首席财务官徐宏表示，从闪购这部分来看，由于整体投入，三季度会是一个高点。随着整体效率的提升，包括单位经济模型的显著改善和规模的稳定，预计下个季度的投入将显著收缩。当然，对于这点也会根据市场竞争状况动态调整投入策略。外汇交易员 (@myfxtrader):阿里巴巴集团首席财务官徐宏在财报中表示，过去4个季度，阿里在AI+云基础设施的资本开支约1200亿元。即时零售业务收入为229.06亿元，同比增长60%，主要是得益于2025年4月底推出的“淘宝闪购”所带来的订单量增长。 https://t.co/FBNEhXLjnx ...

Core Insights - Meituan Flash Sale reported record highs in transaction volume, number of users, and per capita spending during the "Double 11" shopping festival from October 31 to November 11, with nearly 400 product categories seeing over 100% year-on-year growth [1] - High-priced products are driving a nearly 30% increase in per capita spending, with over 800 brands also experiencing more than 100% sales growth [1] - The introduction of the "Brand Official Flagship Lightning Warehouse" has led to a nearly 400% increase in overall sales for hundreds of brand flagship stores compared to pre-"Double 11" levels [1] Product Category Trends - The shopping behavior during "Double 11" reflects a clear trend towards "all categories, new categories, and high-priced items," with traditional and fresh product categories seeing explosive sales [1] - Specific high-demand items include mobile air conditioners, sports cameras, jade, gold, sports apparel, coffee machines, gaming consoles, platinum, and optical glasses, all experiencing over tenfold year-on-year sales growth [1] Flash Warehouse Performance - The Meituan Flash Warehouse has seen significant growth across all retail categories, with 3C home appliances sales increasing nearly 500%, and liquor and baby toys sales growing by 300% [2] - Notable sales increases in the liquor category include a nearly 400% rise in overall sales, with Moutai sales growing over 600% and other brands like Luzhou Laojiao and Jian Nan Chun seeing over 500% growth [2] - In the baby formula segment, sales for brands like Friso and Aptamil have increased by over 100% and nearly 300%, respectively [2] Retailer Performance - Multiple chain retailers have reported explosive sales during "Double 11," with Midea's store sales increasing over 30 times, and other retailers like Mingming Hen Mang and Zhongbai Electric seeing sales growth of over 20 times [2]

Core Insights - The focus of competition is not only on speed but also on certainty [1] - Tmall remains the primary battleground for 3C digital products during the Double 11 shopping festival, showcasing significant brand performance [2][6] - New product launches are the main driver of growth for 3C digital brands, with Tmall being the key platform for these launches [3][10] Group 1: Tmall's Dominance in 3C Digital Products - Tmall's 3C digital category achieved a transaction share of 40.2%, leading among all e-commerce platforms [3] - During the Double 11 event, over 80 brands, including Apple, achieved sales exceeding 100 million yuan within the first hour [2] - Tmall's strategy of supporting premium and original brands has solidified its position as the leading platform for new product launches [14][34] Group 2: The Role of Flash Sales - Flash sales have emerged as a significant growth driver for smartphone and digital brands, with a monthly user base of 300 million [16][18] - Brands like Huawei and Lenovo have successfully integrated their physical stores with Tmall's flash sales, resulting in substantial sales growth [20][21] - The introduction of flash sales has transformed consumer purchasing behavior, leading to increased visibility and sales opportunities for brands [23] Group 3: Rise of AI Smart Hardware - The AI hardware sector, particularly AI glasses, is experiencing rapid growth, with a projected shipment of 4.065 million units in the first half of 2025, marking a 64.2% increase [25] - Tmall's data indicates that the AI glasses category saw a 25-fold increase in sales during Double 11, positioning it among the top three trending categories [27] - The integration of AI technology in consumer electronics is reshaping the competitive landscape, moving beyond traditional mobile devices [26][30] Group 4: Strategic Shift Towards Quality Growth - Tmall's recent strategy emphasizes returning to brand-centric growth, moving away from price wars and focusing on high-quality user engagement [35][36] - The 88VIP membership program is highlighted as a crucial asset for driving stable growth, with members spending nine times more than non-members [36][37] - This strategic pivot marks the beginning of a new era for Tmall, focusing on sustainable and quality-driven growth in the consumer market [38]

Core Viewpoint - The 2023 Double 11 shopping festival has shown a significant revival in the e-commerce sector, with major platforms experiencing notable growth and innovation, particularly through the integration of AI and new retail models [2][3][6]. Group 1: E-commerce Performance - The overall transaction volume of the five major e-commerce platforms during the first phase of Double 11 increased by 11.4% [2]. - Taobao's daily active users (DAU) grew by 20% year-on-year in August, reaching 600 million on the day of the pre-sale [3]. - The online retail sales growth rate for the first nine months of the year rose to 9.8%, indicating a rebound in e-commerce activity [6]. Group 2: Innovations and Strategies - This year's Double 11 marked the first fully integrated AI application and the first participation of Taobao's flash sales, which significantly impacted consumer behavior [6][10]. - The introduction of a membership system with six tiers has enhanced user engagement, with 88VIP members showing a 39% increase in daily orders during the event [8][15]. - AI tools have been utilized to generate 5 million promotional strategies, reducing merchants' workload by 30% [9]. Group 3: Market Dynamics - The e-commerce industry is transitioning from a phase of intense competition to one focused on innovation and value creation [4]. - The integration of flash sales has attracted new customer segments, with brands reporting significant sales increases [7][19]. - The shift from discount-based promotions to direct price reductions has become a hallmark of this year's Double 11 [15][22]. Group 4: Future Outlook - The e-commerce landscape is expected to evolve with the growth of instant retail, projected to double in size by 2025 [18]. - Alibaba's strategic focus on AI and its integration into e-commerce operations is anticipated to enhance efficiency and user experience [20][21]. - The success of this year's Double 11 may redefine industry standards and set new rules for competition in the e-commerce sector [23].

Core Insights - The report from Huatai Securities indicates that the 2025 Double Eleven shopping festival has recently commenced, highlighting three key trends in the e-commerce sector [1] Group 1: Key Trends - The timeline for promotional events is continuously extending, with the start of activities being further advanced [1] - Flash sales are emerging as a new fulfillment method during e-commerce promotions, enhancing user fulfillment experience while also aiding brand merchants in improving offline sales [1] - The application of AI in e-commerce scenarios is accelerating, with both B2C and B2B advancements, becoming a crucial path for platforms to optimize user experience and enhance merchant operational efficiency [1]

Core Insights - The e-commerce platform's Double Eleven promotion for 2025 has recently commenced, highlighting three core trends in the industry [1] Group 1: Promotion Trends - The timeline for promotions is continuously extending, with the event's opening being further advanced [1] - Flash sales have emerged as a new fulfillment method during e-commerce promotions, enhancing user fulfillment experience while also aiding brand merchants in improving offline sales [1] - The application of AI in e-commerce scenarios is accelerating, with both B2C and B2B advancements, becoming a crucial path for platforms to optimize user experience and enhance merchant operational efficiency [1]

Core Trends - The 2025 Double Eleven shopping event has recently commenced, indicating a shift in promotional strategies within the e-commerce sector [1] - The timeline for promotional events is being extended, with the opening of activities occurring earlier than in previous years [1] - Flash sales are emerging as a new fulfillment method during e-commerce promotions, enhancing user experience and aiding brand sales in offline environments [1] - The application of AI in e-commerce is accelerating, with both consumer-to-consumer (2C) and business-to-business (2B) approaches advancing simultaneously, serving as key pathways for platforms to optimize user experience and improve merchant operational efficiency [1]

Investment Rating - The report maintains an "Overweight" rating for the internet sector, specifically recommending "Buy" for JD Group and Alibaba [6]. Core Insights - The 2025 Double Eleven shopping festival is characterized by three key trends: extended promotional timelines, the introduction of flash sales as a new fulfillment method, and accelerated application of AI in e-commerce [1]. - The competition among platforms remains intense, with a focus on acquiring market share through early promotional activities and enhanced discount strategies [2][10]. - The integration of flash sales into the Double Eleven event marks a significant shift, combining local and distant e-commerce to create new consumption scenarios [3][16]. Summary by Sections Promotional Strategies - The promotional period for Double Eleven has been extended, with platforms like Taobao and JD increasing their event durations compared to 2024 [9][10]. - Discount strategies have evolved, with platforms moving from cross-store discounts to simpler direct discounts, aiming to enhance user experience and reduce return rates [12][13]. Flash Sales and AI Integration - Flash sales have been introduced for the first time in Double Eleven, with both Taobao and JD leveraging local retail partnerships to improve delivery efficiency [3][19]. - AI tools are being heavily invested in by platforms, with various applications aimed at enhancing user experience and operational efficiency for merchants [4][20]. User Engagement and Membership Benefits - Membership programs like Taobao's 88VIP and JD's PLUS have seen increased benefits, with significant discounts and exclusive offers aimed at retaining core users [14][15]. - The number of active users on both Taobao and JD has shown notable growth, attributed to the introduction of flash sales and enhanced promotional activities [20][26]. Merchant Support and Policy Changes - Platforms are lowering entry barriers for merchants, with initiatives to simplify the onboarding process and reduce operational costs [31][32]. - There has been a contraction in commission-free policies compared to previous years, indicating a shift towards a more balanced approach to profitability and merchant support [33].

Investment Rating - The report suggests a positive outlook for the e-commerce industry, particularly focusing on the upcoming Double 11 shopping festival and the integration of AI tools and flash sales [3]. Core Insights - In September 2025, the online retail sales of physical goods reached 1.06 trillion yuan, showing a year-on-year growth of 7.3%, which is faster than the growth rate of social retail sales [2][10]. - The report highlights the significance of AI implementation and flash sales as new features that could have a long-term impact on consumer behavior and merchant operations [3][12]. - Cross-border e-commerce exports for the first three quarters of 2025 amounted to 1.6 trillion yuan, with a year-on-year increase of 6.6%, indicating a growing segment within the industry [2]. Summary by Sections E-commerce Performance - The online retail sales of physical goods for the first nine months of 2025 totaled 9.15 trillion yuan, with a year-on-year growth of 6.5%, driven by food (+15.1%), clothing (+2.8%), and daily necessities (+5.7%) [2][10]. Double 11 Highlights - The report identifies key features for the Double 11 event, including the full implementation of AI across platforms, flash sales, and cross-border e-commerce initiatives [3][12]. - Major platforms like Alibaba, JD.com, Pinduoduo, Douyin, and Kuaishou are expected to leverage AI tools to enhance user experience and operational efficiency [9][12]. Competitive Landscape - The competition among platforms is expected to remain intense, with a focus on capturing user and merchant mindshare in the AI and flash sales domains [3]. - The report recommends monitoring Alibaba's AI penetration and profitability improvements, Pinduoduo's overseas business model changes, and Kuaishou's market share growth [3].