Core Viewpoint - Meituan's community group buying business, Meituan Youxuan, has been suspended and is undergoing a strategic transformation, reflecting a broader industry trend of declining interest in community group buying as companies shift focus to new opportunities [1][5][10]. Business Suspension and Adjustment - Meituan confirmed the suspension of Meituan Youxuan's operations, with affected regions including Fujian, Hubei, Sichuan, Jiangsu, and Beijing, and stated that the service will be paused due to business adjustments [1][5]. - The announcement was unexpected for users and "group leaders," with reports of service cessation without prior explanation [2][5]. - Internally, Meituan plans to focus on leveraging its supply chain and logistics network, exploring new retail models, and ensuring no layoffs for existing employees [5][6]. Industry Trends and Shifts - The adjustment in Meituan's strategy is seen as a move towards reducing intermediary roles and shifting to a B2C e-commerce model, with a potential decrease in self-pickup options [6][10]. - The community group buying sector has faced significant challenges, with many platforms, including Meituan, experiencing continuous losses and a shift in focus towards instant retail and overseas markets [7][11]. - The community group buying model has been under pressure due to increased competition and a shrinking user base, particularly among older demographics [10]. Financial Performance - Meituan's new business segment, which includes Meituan Youxuan, reported substantial losses, with Q1 2021 losses reaching 80.4 billion yuan, a year-on-year increase of 489.9% [9]. - Despite some efficiency improvements in 2023, the losses and loss rates remain significant, attributed to slower-than-expected growth and intense market competition [10]. Future Outlook - Meituan plans to adjust its strategy for community group buying in 2024, focusing on reducing operational losses and improving the business model, while shifting away from an emphasis on market share [10]. - The industry expert suggests that instant retail may prove to be a more sustainable and profitable model compared to community group buying, as evidenced by the growth of platforms like Meituan Shanguo [11].

6月23日，美团宣布将全面拓展即时零售，推动零售新业态提质升级。这是继即时零售品牌"美团闪 购"发布和小象超市多地开城后，美团大幅加码即时零售的又一动作。 据了解，2020年至今，即时零售成为更匹配当下流通基础设施和居民消费需求的零售形态。而近年来， 美团持续聚焦"零售+科技"战略，先后培育了美团闪购、小象超市、美团优选等多种业务模式。 美团优选将进一步利用已建设的供应链及仓配网络，集中资源聚焦优势区域，继续探索"次日达+自 提"模式和社区零售新业态；同时，深耕生鲜食杂供应链。 值得一提的是，在海外即时零售市场，美团也在加快布局。继Keeta外卖业务之后，自6月开始，小象超 市海外版Keemart也开启了出海征程，已在沙特首都利雅得两个区域测试上线，后续将向其他地区扩 展。 其中，美团闪购把消费者购物体验从"等快递"变成"30分钟送达"。数据显示，截至目前，美团闪购携手 零售商品牌商在全国已建设了超3万家闪电仓。在服务上，还与美的、海尔等家电品牌合作，建设了"家 电半日送装"的体系。 刚刚过去的618，近百万实体店在美团闪购上收获了超1亿名顾客，手机成交额翻倍，智能设备增长超6 倍，白酒增长超10倍。 此外， ...

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].

点击注册小程序 查看完整报告 从品类角度看，在2025年"618"大促期间综合电商平台热门品类中，家用电器、美容护肤、洗护清洁销售 额占比分别为12.9%/5.0%/2.7%。 阿里巴巴：品牌表现良好，用户粘性持续提升 商品方面，2025年"618"大促期间，453个品牌在天猫"618"成交破亿元（截至6月18日24点），同比去年增 长24%，其中苹果、美的、海尔、小米等成交突破10亿，天猫平台上品牌表现突出；同时国补拉动作用显 著，家电家装、3C数码等行业整体成交同比双位数增长，参加国补的品类成交总额较2024年"双十一"增长 116%。消费者方面，2025年天猫"618"来访用户及活跃度均有提升，全周期购买用户实现双位数增长，其 中高净值88VIP会员突破5000万，品牌会员数同比增长15%。 京东集团：多业态拉动用户增长，外卖日单量突破2500万单 2025年"618"大促期间（2025年5月30日20:00至6月18日23:59），京东整体下单用户数同比增长超过 100%，京东零售线上业务、线下业态及京东外卖整体单量超过22亿单。分品类来看，京东平台3C、家电 品类规模、增速均为行业第一，服饰美妆、日 ...

6月23日，美团宣布，将全面拓展即时零售，推动零售新业态提质升级。 美团表示，近年来其先后探索培育了美团闪购、小象超市、美团优选等多种业务模式，利用数字技术建设生鲜 食杂"源头直采"、冷链物流、仓储配送和即时零售仓等新供应链体系，服务本地居民的便利生活。 目前，美团闪购联合近百万家实体门店，把消费者购物体验从"等快递"变成"30分钟送达"，为本地商品零售带 来了新的增长空间。美团透露，其已经携手零售商品牌商在全国建设了超3万家闪电仓，持续深化供给侧变 革，创造优质体验。在服务上打造了"安心闪购"服务保障体系，还与美的、海尔等家电品牌合作，依托线下门 店建设了"家电半日送装"的服务体系，持续创新突破。 美团透露，今年"6·18"，近百万实体店在闪购上迎来了超过1亿名顾客。手机成交额翻倍，智能设备增长超6 倍，白酒增长超10倍。 责编：李丹 校对：陶谦 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 此外，借助社区零售服务站点和新供应链体系，产地生鲜和日用 ...

Core Insights - Meituan announced a comprehensive expansion of its instant retail business to enhance the quality and upgrade the retail new format [2][3] - The company has developed various instant retail formats, including Meituan Flash Purchase, Little Elephant Supermarket, and Meituan Preferred, to cater to consumer needs [2] Group 1: Business Expansion - Meituan Flash Purchase collaborates with nearly one million physical stores to offer a "30-minute delivery" service and has built over 30,000 flash warehouses nationwide [2] - During the recent 618 shopping festival, over 100 million users placed orders through Meituan Flash Purchase [2] - Little Elephant Supermarket has established nearly 1,000 front warehouses in 20 cities, aiming for a sales target of over 20 billion yuan in agricultural products this year [2] Group 2: Strategic Developments - Meituan Flash Purchase will continue to expand its product categories and optimize the shopping experience for 1 billion consumers [3] - Little Elephant Supermarket plans to expand its coverage to all first and second-tier cities and will source directly from 200 high-quality agricultural regions [3] - Meituan Preferred will focus on supply chain and distribution network improvements, exploring "next-day delivery + self-pickup" models [3] Group 3: International Expansion - Meituan is actively exploring overseas markets to participate in high-level global retail competition [3] - The overseas version of Little Elephant Supermarket, Keemart, has begun testing in two areas of Riyadh, Saudi Arabia, with plans for further expansion [3]

► 美团订单增长与格局稳固，行业迈向服务竞争时代 事件：据雷峰网 6月 17日独家报道，自 6 月中旬开始，美 团外卖日均支付订单始终维持在9000 万量级以上。从单日 GMV 和餐食外卖市场单量等角度看，美团外卖市占率稳居 70%左右，尽管京东外卖与饿了么（淘宝）通过激进补贴 策略推动订单增长，但美团领先地位依然稳固，市场格局 保持"7:2:1"的稳定态势。 竞争格局：美团壁垒深厚。剔除茶饮订单后，美团在餐食 外卖的订单量与 GMV 市占率均超 70%。核心壁垒体现在， 一方面，美团具有履约服务优势，据高见观潮，其履约准 时率达 99.5%。另一方面，美团商家生态深度高，2024 年 美团活跃商户数 1450 万家，远超饿了么 400 万家与京东 45 万家，正餐品类 SKU 丰富度形成碾压优势。此外，京 分析师 证券研究报告|投资策略周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 拼多多试水即时零售，行业竞争格局再添变量 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 拼多多试水即时零售，行业竞争格局再添变量 事件：据晚 ...

跨境出海丨市场观察 本周看点： -中国企业出海欧洲：避险策略和选址方法显著更迭； -外国剁手党们，催着中国电商集体出海； 行业环境 1.外国剁手党们，催着中国电商集体出海 关键词 ： 电商出海,性价比,供应链,海外仓,本地化运营 概要 ： 中国电商通过高效供应链和性价比优势加速全球化，2024年跨境电商总额达2.63万亿 元。Temu、TikTok Shop、SHEIN等平台各具特色，分别以低价、内容电商和平台化转型吸引 海外用户。但出海面临数据合规、库存及本地化运营挑战。未来，"中国速度"与"本地化运 营"的结合将成为制胜关键，推动全球贸易进入2.0时代。 2.跨境电商行业：社群经济赋能女性跨境出海可持续发展白皮书 关键词 ： 跨境电商,用户复购率,产品质量,服务质量,订单纠纷率 概要 ： 跨境电商行业业绩提升的核心在于提高用户复购率，而非单纯依赖新用户的开发，因 开发新用户的成本远高于维护老客户。影响用户复购的关键因素是产品和服务质量，包括低订 单纠纷率、低退货率及高及时响应率等，这些均能增强用户信任与满意度。因此，企业需通过 完善平台机制和提升内部运营团队能力，来优化产品和服务质量，以保持长期竞争力。此 ...

Group 1: JD Group's Business Model and Strategy - JD Group aims to create a business model distinct from Meituan, focusing on high-quality and safe food for consumers [1][9] - The emphasis is on leveraging the fresh supply chain behind food delivery to generate profits, rather than relying solely on meal orders [9] - The core challenge lies in balancing cost efficiency through technology with the need to enhance rider welfare, testing the company's commitment to social responsibility and commercial efficiency [1] Group 2: Competition Landscape - Future competition will focus on JD's ability to implement a "30-minute delivery" capability for fresh supply chains in the restaurant delivery sector [1] - Meituan faces the challenge of balancing merchant ecosystem health with profitability pressures while countering JD's combination of quality and low prices [1] Group 3: Performance Metrics - JD's "618" sales event saw a user count increase of over 100% year-on-year, with total orders exceeding 2.2 billion [5] - The performance in categories like 3C and home appliances remains strong, with significant growth in high-margin categories such as fashion and beauty [5] Group 4: Technological Innovations - JD's focus on supply chain efficiency aims to redefine the delivery ecosystem in the competitive instant retail market [9]

饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯 罪，并向公安机关主动报案。 作者： 钱玉娟 封图：图虫创意 6月20日，经济观察报记者向饿了么官方求证获悉，饿了么物流负责人韩鎏已被警方传唤。 饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯罪，并向公安机关主动报案。近日，警 方已传唤相关人员配合调查。饿了么秉持诚信廉洁文化，对触碰红线行为绝不姑息，坚决依法依规 处理。 阿里与美团、京东在即时零售赛道上拼杀，与后两者不同的是，要做好即时零售，阿里的淘宝闪购 业务需要饿了么补齐运力，大部分订单配送正是由蜂鸟骑手来完成。 == 氢燃料电池汽车深陷 政策依赖症" 公开信息显示，韩鎏出生于1988年，自2019年加入阿里巴巴，先后担任饿了么资深副总裁、即时 零售业务负责人、蜂鸟即配总裁等职务。 在蜂鸟期间，韩鎏推进了物流超算平台的建设，还搭建起蓝骑士的发展和保障体系。2024年3月， 韩鎏被升任为饿了么CEO。 不过，在CEO任上未满一年，韩鎏便交出管理棒。2025年2月，饿了么董事长、原CTO吴泽明以全 员信形式宣布组织调整，吴泽明兼任饿了么CEO一职，韩鎏继续担任物流负责人，分管即时物流 中心，并继续向吴 ...