这些数据充分展示了我国汽车产业所具有的较强国际竞争力。这样的竞争力，不仅体现于市场规模优 势，更反映出在核心技术、产业链协同和品牌影响力方面的突破，标志着我国正从以量取胜的汽车大国 向以技术标准和品牌引领的汽车强国加速迈进。 据工信部9月10日消息，六部门将联合开展为期3个月的汽车行业网络乱象专项整治行动，集中整治非法 牟利、夸大和虚假宣传、恶意诋毁攻击等网络乱象。专项行动明确，对于汽车行业网络水军、"黑公 关""黑嘴"及"饭圈"粉丝等行为，要深挖网络乱象背后的相关方，依法打击惩治。 众所周知，作为支柱产业，汽车的产业链具有链条长、关联度高、技术密集和全球化布局等特点，涵盖 研发、制造、销售和后市场等多个环节，涉及钢铁、机械、电子化工等众多行业，能带动一国就业，促 进技术创新和出口增长，并推动相关产业链协同发展。 最新数据显示，今年1至8月份，我国汽车产销量分别完成2105.1万辆和2112.8万辆，同比分别增长 12.7%和12.6%。其中，新能源汽车产销量分别完成962.5万辆和962万辆，同比分别增长37.3%和 36.7%，新能源汽车新车销量达到汽车新车总销量的45.5%。 在出口方面，1至8月份，汽 ...

这种非理性竞争将让企业陷入不良循环，该领域内的相关企业不得不压缩必要的生产成本、 降低产品质量，从而换取价格优势。一方面，这种情况会挤压产业链上下游利润空间，不仅 影响企业再生产与研发投入，更会影响整个行业发展后劲。另一方面，非理性竞争最终会因 为质量问题等损害消费者利益，导致市场对相关商品的信任感下降。从宏观层面看，这种持 续的非理性的价格竞争可能会使相关行业的落后产能挤出先进产能，抑制行业的创新活力， 扭曲资源配置效率，导致市场淘汰机制失灵。 近日，工信部部长李乐成在国新办新闻发布会上回答行业治理问题时表示，"企业产业的培育 可谓千辛万苦，而非理性竞争毁掉一个企业、毁掉一个产业，可能一夜之间，我们绝不能容 忍这种事情发生。" 所谓非理性竞争，主要是指向近几年我国一些领域出现的"内卷式"竞争现象。历史表明，市 场是配置资源最有效率的形式，竞争是市场经济运行的重要机制。通过市场竞争优化资源配 置，实现优胜劣汰，能够倒逼企业不断创新，最终提高经济运行效率，促进经济发展与技术 进步。 价格竞争是市场中最常见的竞争方式。在一些相对低附加值的领域，部分企业为追求市场占 有率会采取价格战方式赢得竞争优势；而在高附加值领 ...

Group 1 - The Ministry of Industry and Information Technology emphasizes that irrational competition can destroy enterprises and industries overnight, which is intolerable [1] - Irrational competition, particularly "involution-style" competition, has emerged in various sectors in China, leading to disordered competition as the economy transitions to innovation-driven development [1][2] - Price competition is prevalent in low-value-added sectors, while high-value-added sectors rely on technological differentiation and brand building for competitive advantage [1] Group 2 - Non-rational competition leads to a vicious cycle where companies cut production costs and lower product quality to gain price advantages, squeezing profit margins across the industry [2] - This situation not only affects the sustainability of enterprises but also damages consumer trust and distorts resource allocation efficiency, ultimately hindering innovation [2][3] - The transition from high-speed to high-quality development in China necessitates a focus on technological innovation to enhance manufacturing competitiveness and create a modern industrial system with global competitiveness [2][3] Group 3 - Innovation is crucial for economic circulation, driving productivity and creating new industries, which in turn increases household wealth and government revenue for public services [3] - However, widespread irrational competition undermines this cycle by leading to low profits in manufacturing, making it difficult to attract investment for innovation [3] - Addressing irrational competition is essential for the fate of industries and the ability to achieve a new development pattern and establish a self-circulating economy [3]

Core Insights - The competition in the food delivery market has intensified, with major players like Meituan, Alibaba, and JD.com all reporting significant financial impacts due to aggressive spending and subsidies [1][8][14] - Despite increased revenues, the profitability of these companies has declined sharply, indicating a focus on market share over immediate financial returns [2][4][9] Group 1: Financial Performance - In Q2 2025, Alibaba, JD.com, and Meituan reported total revenues of 247.7 billion yuan, 356.7 billion yuan, and 91.8 billion yuan respectively, with JD.com experiencing the fastest growth at 22.4% year-over-year [2] - Meituan's core local commerce segment generated 65.3 billion yuan, accounting for 70% of total revenue, but delivery service revenue growth was below 3% due to increased subsidies [4] - JD.com reported a significant operating loss of 900 million yuan, while Meituan's operating profit plummeted by 98% to just 20 million yuan [8][9] Group 2: Competitive Strategies - The competition has led to substantial subsidies being offered to consumers and merchants, with JD.com launching a 10 billion yuan subsidy program and Alibaba's Taobao Flash Sale initiating a 50 billion yuan subsidy plan [8][11] - Alibaba's revenue from its instant retail business, which includes Taobao Flash Sale and Ele.me, reached 14.9 billion yuan, growing by 12% year-over-year [7] - The aggressive subsidy strategies have resulted in a "non-rational competition" environment, where companies are willing to sacrifice profits for market share [8][14] Group 3: Market Dynamics - The food delivery market is evolving, with companies not only competing for delivery orders but also expanding into broader instant retail sectors [11][12] - Alibaba's CEO highlighted that the integration of instant retail services has increased user engagement, with active users on mobile Taobao growing by 20% [11] - The ongoing competition is expected to continue, with companies like Meituan and Alibaba vying for dominance in both food delivery and instant retail markets [14]

Report Summary 1. Investment Rating - No investment rating for the industry is provided in the report. 2. Core View - On August 28, the overall capital market showed a complex trend with the stock market strongly rebounding, the bond market under pressure and weakening, the convertible bond market's main indexes rising collectively but most individual convertible bonds falling, and the yields of U.S. Treasury bonds at different maturities diverging while the 10 - year Treasury bond yields of major European economies generally declining [1]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News** - The "Opinions of the CPC Central Committee and the State Council on Promoting High - quality Development of Cities" was released, aiming to establish a sustainable urban construction and operation investment and financing system by 2030 and basically build a modern people - centered city by 2035 [3]. - In July 2025, the total issuance of local government bonds was 1.2135 trillion yuan, and the balance of local government debt at the end of July was 52.7627 trillion yuan [4]. - The State Administration for Market Regulation promoted the return of market competition to a benign and orderly track [5]. - From January to July 2025, the total social logistics volume exceeded 200 trillion yuan, with a year - on - year increase of 5.2% [6]. - **International News** - The annualized quarterly - on - quarterly growth rate of the U.S. real GDP in the second quarter was revised up to 3.3%, mainly driven by business investment [7]. - **Commodities** - On August 28, international crude oil futures prices turned up, and international natural gas prices continued to rise [8]. 3.2 Capital Market - **Open Market Operations** - On August 28, the central bank conducted 416.1 billion yuan of 7 - day reverse repurchase operations, with a net capital injection of 163.1 billion yuan [9]. - **Funding Rates** - On August 28, the capital market was generally balanced and loose. DR001 decreased by 0.11bp to 1.313%, and DR007 increased by 2.72bp to 1.540% [10]. 3.3 Bond Market Dynamics - **Interest - rate Bonds** - On August 28, the bond market was under pressure and weakened. The yield of the 10 - year Treasury bond active bond 250011 rose by 2.50bp to 1.7900%, and the yield of the 10 - year CDB bond active bond 250215 rose by 3.35bp to 1.8875% [13]. - Information on bond tenders is provided, including the issuance scale, winning bid yield, and other data of multiple bonds [15]. - **Credit Bonds** - One industrial bond's trading price deviated by more than 10%, with "H1 Bidi 03" rising by more than 104% [15]. - Multiple companies, including Qingdao Beer Group, Weihai Thermal Power Group, and HeSteel Group, cancelled bond issuances due to market fluctuations [16]. - Huaxia Bank's operating income in the first half of the year was 45.522 billion yuan, a year - on - year decrease of 5.86%, and its net profit was 11.47 billion yuan, a year - on - year decrease of 7.95% [16]. - **Convertible Bonds** - On August 28, the three major A - share stock indexes rose collectively, and the main indexes of the convertible bond market also rose. The convertible bond market's trading volume was 122.512 billion yuan, an increase of 3.217 billion yuan from the previous trading day [17]. - Jinchengxin's convertible bond issuance obtained the CSRC's registration approval [18]. - **Overseas Bond Markets** - On August 28, the yields of U.S. Treasury bonds at different maturities diverged, with the 2 - year yield rising by 2bp to 3.62% and the 10 - year yield falling by 2bp to 4.22% [20]. - The 10 - year Treasury bond yields of major European economies generally declined, except for Germany's which rose by 1bp to 2.70% [23]. - Information on the daily price changes of Chinese - funded US dollar bonds is provided, including the price changes of bonds of multiple companies [25].

Group 1 - The core viewpoint of the article is that Meituan's stock price fell over 10% following disappointing Q2 earnings, reaching a new low since September of the previous year [1] - Meituan's Q2 revenue was reported at 91.84 billion yuan, reflecting a year-on-year growth of 11.7% [1] - The adjusted net profit for Meituan in Q2 was 1.49 billion yuan, which represents a significant year-on-year decline of 89%, falling short of prior expectations [1] Group 2 - The article highlights that the irrational competition starting in Q2 has severely impacted Meituan's operating profit, which is projected to decrease from 15.2 billion yuan in Q2 2024 to 3.7 billion yuan in Q2 2025 [1] - The operating profit margin for Meituan has also dropped from 25.1% year-on-year to 5.7% [1] - Other competitors in the food delivery sector, such as Alibaba and JD.com, also experienced stock price declines, with Alibaba down over 3.7% and JD.com down over 3.5% [1]

Core Insights - Meituan's latest quarterly results confirm market concerns about its profitability, with a shocking 87% year-on-year drop in non-IFRS operating profit to 1.84 billion RMB, significantly below Wall Street expectations [1] - Despite a 12% year-on-year revenue growth to 91.84 billion RMB, this figure also failed to meet market forecasts [1] - Management has warned of potential "significant losses" in its core local commerce (CLC) segment for Q3, contrasting sharply with a profit of 14.6 billion RMB in the same period last year [1][3] Financial Performance - The CLC segment's operating profit fell 76% year-on-year, 70% lower than market expectations, indicating severe profitability erosion [3] - Meituan's actual investment in delivery and flash purchase services exceeded previous forecasts by 10 billion RMB, suggesting more intense competition than anticipated [1][3] - The unit economics (UE) for Meituan's delivery business turned negative in Q2, recording -0.12 RMB, down from 1.9 RMB a year ago [4] Competitive Landscape - Meituan maintains a 70% market share in core food-related orders, but faces increasing pressure from Alibaba, which has grown its market share from 30% to over 40% [2][5] - The intense price war began with Alibaba's announcement of a 50 billion RMB subsidy plan, prompting Meituan to respond with its own subsidies [6] - The competition has negatively impacted Meituan's other business areas, with a slowdown in revenue growth for dine-in services from 20% to 15% [6] Future Outlook - Management's guidance indicates a challenging Q3, with expectations of a shift from profit to loss in the CLC segment [1][3] - New business losses narrowed by 43% year-on-year to 1.9 billion RMB, better than market expectations, but anticipated to widen to 2.3-2.4 billion RMB in Q3 due to restructuring costs and international expansion [6]

Core Viewpoint - Meituan's Q2 2025 financial report shows a revenue of 91.84 billion RMB, a year-on-year increase of 11.7%, but a significant net profit decline of 89% attributed to irrational competition starting in the quarter [1][2][3] Financial Performance - Revenue for Q2 2025 reached 91.84 billion RMB, up from 82.25 billion RMB in Q2 2024, marking an 11.7% increase [2] - Adjusted net profit for Q2 2025 was 1.49 billion RMB, down 89% from the previous year [2][3] - Operating profit for the core local commerce segment fell from 15.2 billion RMB in Q2 2024 to 3.7 billion RMB in Q2 2025, a decline of 75.6% [3] Competitive Landscape - The decline in operating profit and profit margin in the core local commerce segment is attributed to intense competition, particularly in the food delivery sector [3] - Meituan's sales and marketing expenses surged by 51.5% year-on-year, increasing by 7.7 billion RMB to counter the fierce competition in food delivery and instant retail [3] Management Insights - CEO Wang Xing indicated that the company maintains a long-term profit assumption of 1 RMB per order and a profit margin of about 3%, despite expected short-term financial pressures due to increased strategic investments [7] - The company plans to eliminate overtime penalties for delivery riders by the end of 2025, addressing concerns raised by the gig economy workforce [7] Market Reaction - Following the financial report, Meituan's ADR fell nearly 13% in after-hours trading, reflecting market concerns over the competitive landscape and profit decline [3]

Core Viewpoint - The intense competition in the food delivery sector has significantly impacted the financial performance of major players like Meituan and JD.com, leading to a decline in net profits despite revenue growth [2][3]. Financial Performance - Meituan reported a revenue of 918.4 billion yuan for Q2, a year-on-year increase of 11.7%, but its adjusted net profit fell by 89% to 14.9 billion yuan [2]. - Meituan's core local commerce segment saw a revenue increase of 7.7% to 653 billion yuan, but operating profit dropped from 152 billion yuan in Q2 2024 to 37 billion yuan in Q2 2025, with an operating margin decrease from 25.1% to 5.7% [3]. - JD.com reported a net profit of 62 billion yuan for Q2, down 50.8% year-on-year, with a significant operating loss of 9 billion yuan compared to a profit of 105 billion yuan in the same period last year [6][7]. Competitive Landscape - The food delivery war, characterized as "irrational competition," began in April with JD.com's "100 billion subsidy" announcement and peaked in July with aggressive marketing strategies from Meituan and others [8]. - Meituan's CEO described the competition as "disorderly," while JD.com's CEO noted that excessive competition has disrupted the pricing system and is unsustainable [8][9]. Strategic Adjustments - Meituan is focusing on enhancing user engagement and expanding its market presence, with over 5 million monthly active users and a peak of 1.5 billion daily orders in July for its instant retail service [5]. - JD.com is investing heavily in new business strategies, leading to increased marketing expenses, which rose by 127.6% to 270 billion yuan in Q2 2025 [7]. - Both companies are adapting their strategies post-competition, with Meituan launching initiatives to boost in-store traffic and JD.com introducing a new self-operated delivery brand [9][10]. Market Trends - The competition among major platforms is evolving, with each adopting differentiated strategies: Taobao (Ele.me), Meituan, and JD.com are focusing on their unique strengths to capture market share [10].

Core Insights - Meituan reported a revenue of 918.4 billion yuan for Q2, marking an 11.7% year-on-year increase [1] - Adjusted net profit for Q2 was 14.9 billion yuan, reflecting a significant decline of 89% compared to the previous year [1] Revenue Breakdown - The core local commerce segment generated revenue of 653 billion yuan in Q2, up 7.7% year-on-year [1] - Operating profit for this segment fell by 75.6% to 37 billion yuan, with an operating margin decrease of 19.4 percentage points to 5.7% [1] Expenses and Competition - Sales and marketing expenses rose by 51.8% from 148 billion yuan in Q2 2024 to 225 billion yuan in Q2 2025, accounting for 24.5% of revenue, an increase of 6.5 percentage points [1] - The increase in expenses is attributed to intensified competition in the food delivery and instant retail sectors, prompting adjustments in business strategies [1] Half-Year Performance - For the first half of the year, Meituan's revenue reached 1,784 billion yuan, a 14.7% year-on-year growth [1] - Adjusted net profit for the first half was 124.4 billion yuan, down 41% compared to the same period last year [1]