关注微信公众号：满满神卷 每日更新外卖券：美团、京东、饿了么、淘宝闪购等无门槛领取 平台提供的推广工具为商家获客提供了多种选择。以点金推广为例，这种付费推广方式可以将店铺位置 置顶到5、10、15、20、25等排名位，按顾客访问点击计费。与自然流量相比，这类工具能够快速提升 曝光量，为新品推广或活动引流提供即时支持。搜索推广则是另一种精准触达方式，通过将商家主营菜 品与用户搜索偏好进行匹配，直接呈现于搜索结果页面，高效提升门店客流。 优惠券推广不应局限于价格竞争，更应构建非价格壁垒。头部平台正在打造"优惠券+"生态体系，例如 将优惠券与社交裂变绑定——5人成团可解锁隐藏的"免配送费券"，使获客成本降低40%。另一种创新 策略是结合校园卡消费数据，向GPA3.5+学生发放双倍券包，形成学业荣誉感与实惠的绑定。这些策略 将优惠从交易工具转化为身份认同载体，学生弃用竞品不仅因价差，更因情感归属缺失。 在当今高度数字化的消费环境中，优惠券早已超越了简单的打折工具，演变为连接品牌与消费者的重要 桥梁。对于餐饮商家而言，掌握优惠券推广的艺术，意味着能够在激烈的外卖市场竞争中脱颖而出。那 么，优惠券推广究竟隐藏着怎样的奥秘 ...

Core Viewpoint - The company is expected to report an adjusted net loss of 13.2 billion yuan in Q4 2025, with a revenue growth of 4% year-on-year to 91.9 billion yuan, resulting in an adjusted net loss margin of 14% [1] Group 1: Q4 2025 Performance Expectations - The company anticipates a core local business operating loss of 11.5 billion yuan, with an operating profit margin (OPM) of -17.8%, aligning with previous expectations [1] - In the food delivery segment, competition intensity has decreased during the off-season, with expected order volume growth slowing to 13% year-on-year; despite a reduction in average user expenditure loss compared to Q3 2025, it is still projected to exceed 2 yuan [1] - The flash purchase segment is expected to see a strong year-on-year order volume growth of 30%, with average losses per order less than 1 yuan, resulting in an OPM of -19.5% [1] - The in-store travel and accommodation segment is projected to maintain stable growth in gross transaction value (GTV) and revenue, but OPM is expected to decline to 25.6% due to competition from Douyin [1] Group 2: Competitive Landscape and Future Outlook - Entering 2026, competition uncertainty remains, particularly in the food delivery sector, where focus is shifting towards high-ticket markets and non-food retail; the company aims to strengthen consumer recognition of its user experience advantages [2] - Regulatory interventions against unfair competition are expected to curb irrational competitive behaviors in the industry, with a need to monitor the pace and specifics of these regulations [2] - Competitors are enhancing their agent capabilities and integrating into various life scenarios, with AI potentially becoming a variable affecting competition [2] - In the in-store travel and accommodation sector, competition is currently more rational compared to 2023, but attention is needed on Douyin's potential expansion into more verticals and Alibaba's increased investment in the in-store domain [2] Group 3: Profit Forecast and Valuation - The company maintains its adjusted net profit forecast for 2025 at -16.8 billion yuan, while lowering the 2026 forecast from 19.6 billion yuan to -9.7 billion yuan, and reducing the 2027 forecast by 34% to 29.9 billion yuan [2] - The company is rated to outperform the industry, with a target price of 125 HKD, corresponding to a 23x adjusted P/E for 2027E and a 28% upside potential; the current price corresponds to an 18x adjusted P/E for 2027E [2]

近年来，外卖行业迅速崛起，然而随着外卖订单量的急剧增长，也涌现了一些新的问题。来自社会科学 界的市政协委员、北京恒都律师事务所管理委员会主任高警兵今年提交了《关于加强网络订餐外卖食品 安全监管的提案》。他建议，积极运用大数据、物联网等技术提升监管效能，如对问题多发的商户进行 精准识别和重点监控。 "幽灵外卖""隐形餐馆"等情况存在 高警兵说，近年来，外卖行业出现了一些无堂食外卖店。这类外卖店一方面提供了便捷、低价的餐饮服 务，另一方面由于隐蔽性和监管困难，带来不少食品安全风险。 今年部分平台的外卖大战爆发"内卷式"竞争，不少商家裹入其中，堂食和外卖比例出现畸形变化，线下 利润被线上不断排挤，因此出现大批店铺放弃堂食业务只提供外卖服务。据不完全统计，今年已有至少 20个省份针对外卖行业发起专项整治，监管范围包括打击幽灵外卖，反不正当竞争，严查食品安全等。 "食品安全溯源体系不完善"也引发了他的关注。他说，面对快速发展的外卖行业，商家存在无证、假证 或套用证件经营的情况，频频出现多家外卖店共用一张美食城营业执照的"幽灵外卖"现象，使得责任主 体难以追溯。一些外卖店铺特别是那些隐匿在居民楼或偏僻区域、只做外卖的"隐 ...

（来源：团结报） 转自：团结报 经过3轮"打磨"，专家们结合各自领域经验，围绕"关于在我市推广鳗草保育的建议""关于打造秦皇岛节 气文化IP的建议"等重点建言提出"联动生态环境局、海洋渔业局细化主要建议""深挖秦皇岛特色文化补 充相关措施"等务实举措，力争题分析更精准、数据支撑更扎实、对策建议更可行。 九三学社秦皇岛市委会有关负责人表示，通过执笔人与专家一对多、面对面交流，提升了提案的"含金 量"，同时也锤炼了社员撰写提案的能力。将对修改后的提案素材进行综合评审，择优选择10至15件呈 报市政协全会，力求以小切口撬动大问题，实现脑里有想法，落实有办法。 "这份关于解决海钓产业规范发展基础性问题的建议，缺乏数据支撑，请执笔人收集相关数据，并增加 事例说明，建议修改后提交""关于加强外卖行业食品安全监管的建议，河北省日前已出台相关措施，建 议不报"……为进一步提升提案质量，确保优质建言精准对接全市发展需求，日前，九三学社河北省秦 皇岛市委会开展集体提案统稿，围绕前期征集的集体提案开展集中会诊、深度打磨，为2026年召开的秦 皇岛市两会储备高质量意见建议。 九三学社秦皇岛市委会始终将集体提案作为参政议政工作的重要抓 ...

秦皇岛市市场监督管理局将持续以高标准、严要求推进网络餐饮食品安全监管，携手平台、商家与公 众，共同织牢网络餐饮食品安全"防护网"，切实守护人民群众"舌尖上的安全"。（来源：河北省秦皇岛 市市场监管局） 线上线下融合发力，强化执法检查。全市各级市场监管部门结合网络餐饮行业特点，统筹推进线上线下 一体化监管，重点排查证照公示不完整、原料贮存不规范、餐具消毒不到位、配送过程不合规等突出问 题。全市累计开展线上监测2739家次，线下检查5842家次；其中发现食品安全问题207个，责令改正74 家，立案查处1件，督促整改信息公示不实问题30个，下线不符合条件的外卖经营者102家。同时在入网 餐饮服务经营者中积极推进"互联网+明厨亮灶"建设，引导商户通过视频监控联网方式，实时公开食品 加工制作关键过程，鼓励平台为商户实施该举措提供支持，进一步提升经营透明度。 构建社会共治格局，凝聚监管合力。网络餐饮涉及面广、社会关注度高，秦皇岛市市场监督管理局借鉴 先进地区管理经验，积极推动形成多方协同治理机制。一方面利用外卖骑手日常配送优势，摸排商户经 营动态，为精准监管提供线索。全市共聘请135名外卖骑手担任"社会监督员"，依托"外 ...

Group 1 - The Chinese real estate market is entering a new phase of "stabilization" as the government prioritizes market stability as an economic baseline, focusing on structural recovery rather than a broad market rebound [1][4] - The macroeconomic focus is shifting from investment-driven growth to consumption-driven growth, with policy benefits directed towards sectors like elderly care, AI efficiency, and real demand [1][6] - The rise of independent brand websites indicates that Chinese companies are striving to reduce reliance on platforms, marking a significant shift in the e-commerce landscape [1][22] Group 2 - The demand for rare metals is increasing due to the rapid development of technology sectors such as new energy vehicles and AI, while supply is constrained by declining ore grades and limited new mining projects [10] - The Chinese duty-free market is becoming increasingly significant, bolstered by policies like the Hainan closure, which enhances the market position of large enterprises and promotes industry upgrades [8] - The competitive landscape in the food delivery industry is evolving towards a duopoly, with Meituan and Alibaba dominating the market, while other players like JD maintain a niche presence [20]

Group 1 - The core viewpoint of the news is that the provincial trade union will continue to deepen the "100,000 frontline workers' recuperation" program in 2025, with the number of participants expected to exceed 200,000 again after surpassing this figure in 2024 [1][2] - The provincial trade union has implemented management measures to standardize the recuperation activities, addressing previous challenges such as defining participants, content management, and unifying standards [1] - The recuperation activities have increasingly included new employment forms such as truck drivers, ride-hailing drivers, couriers, and delivery workers, expanding beyond traditional industrial workers and technical backbones [1] Group 2 - The recuperation program integrates ideological education with practical training, creating a "walking classroom" that combines recuperation routes with party education and national conditions observation [2] - The program is designed to align with major strategic initiatives, such as green low-carbon development and marine economy, effectively transforming recuperation sites into "empowerment stations" [2] - The activities incorporate skill enhancement elements, including technical observation, craftsman salons, and micro-classrooms, allowing workers to achieve "skill charging" during their recuperation [2]

Core Viewpoint - Zhengzhou's new initiative "Zhengqi Pioneer Snap" encourages delivery riders to report "ghost restaurants," which are businesses operating without a physical location or that have closed down, by taking photos and submitting them for investigation [1][4]. Group 1: Initiative Details - The "Zhengqi Pioneer Snap" program was launched by the Zhengzhou Market Supervision Administration to combat the issue of "ghost restaurants" [1]. - Delivery riders are incentivized to report these businesses, receiving a reward of 50 yuan for verified reports [10]. - As of now, over 8,000 delivery riders in Zhengzhou have registered for the program, acting as food safety supervisors [14]. Group 2: Public Response - The initiative has received widespread support on social media, with many users praising the program and suggesting it should be implemented nationwide [2][5]. - Some restaurant industry workers have expressed their support for the initiative, emphasizing the importance of healthy development in the food service sector [7][8]. - There are also concerns regarding the protection of delivery riders' personal privacy while they participate in this reporting system [10].

Core Insights - The article discusses the intense competition in the food delivery market, particularly focusing on the significant subsidies offered by platforms like Taobao Flash Sale and Meituan, and the impact on merchants [3][4][5] Group 1: Market Dynamics - In the summer of 2025, Taobao Flash Sale announced a subsidy plan of up to 50 billion yuan, leading to daily order volumes exceeding 80 million, while Meituan reached a historical peak of 120 million orders [3] - The competition extends beyond platforms to the merchants, who bear a substantial portion of the costs associated with these subsidies [3][4] Group 2: Merchant Burden - Merchants reportedly cover over 60% of the total value of consumer coupons, with examples showing that for a 14 yuan coupon, merchants bear 9 yuan while the platform only subsidizes 5 yuan [3][4] - A specific case illustrates that for a 34.23 yuan order, the consumer pays only 10.23 yuan, with the merchant absorbing significant costs including delivery fees and promotional subsidies [3][4] Group 3: Merchant Participation - Many merchants feel compelled to participate in these subsidy programs despite high costs due to the risk of losing visibility and order volume if they do not [4][5] - The "traffic kidnapping" effect forces merchants into a dilemma where participation can lead to increased orders but at the cost of lower profit margins [4] Group 4: Market Inequality - Larger chain brands benefit from better terms and can absorb subsidy costs more effectively, while small merchants struggle with high costs and lack of negotiation power [5][6] - The disparity in resource allocation raises questions about the fairness of competition in the platform economy [6] Group 5: Merchant Strategies - Merchants are exploring strategies to balance exposure and profitability, such as optimizing menu structures and enhancing operational efficiency [7] - Some brands are focusing on product optimization and improving customer experience to reduce reliance on platform traffic [7] Group 6: Future Outlook - Regulatory bodies are beginning to address the issues of excessive subsidies, urging platforms to adopt more rational promotional practices [8] - The sustainability of high subsidy models is in question, as platforms may need to shift towards more efficient operations and focus on service quality rather than just subsidies [8]

Core Viewpoint - The article highlights the issue of "ghost restaurants" in the food delivery industry, where establishments operate without proper licenses and hygiene standards, misleading consumers through false representations [1][3][5]. Group 1: Regulatory Actions - The State Council's Food Safety Office has issued a notice to strictly combat illegal activities related to "ghost restaurants" [1]. - Zhengzhou's Market Supervision Administration has launched the "Zheng Ride Pioneer Snap" platform to encourage food delivery riders to report violations, utilizing big data to address the issue [1][9]. - Since the launch of the reporting platform, over 8,000 riders have registered, and 41 riders have been rewarded for providing valid leads [9]. Group 2: Conditions of Ghost Restaurants - Many of these establishments do not register on food delivery platforms and lack food operation licenses, operating as "private domain delivery" [3][5]. - The kitchens of these ghost restaurants are often found in unsanitary conditions, with discrepancies between the images presented online and the actual state of the premises [3][5][7]. - Some restaurants falsely claim to offer freshly cooked meals, while in reality, they use microwaves to heat pre-packaged food [7]. Group 3: Consumer Impact - The prevalence of ghost restaurants disrupts market order and directly harms consumer rights, leading to concerns about food safety [3][5]. - As of December 2024, the number of online food delivery users in China is projected to reach 592 million, highlighting the urgency to address consumer anxiety regarding food safety [7].