作者：长桥社区@ 戴某DEMO 海豚君经授权发布。 继上篇《 十问十答：刘强东送外卖！京东葫芦里到底卖的什么药？ 》之后，本篇重点通过外卖市场的乱斗复盘、美团和京东的优劣势来深入分析京东这场迟到 的外卖大战。 先上核心判断： 在一个已经发展了 10 多年，增速即将进入个位数区间的存量业务中， 想要占住足够业务盈亏平衡的市场份额「30%的饿了么并未实现盈利」，需要具备许多必 要条件： 1. 数倍于展业红利期的投入； 2. 精准锐利的通过资源投入和得当的运营协作占据业务链条上的「关键竞争资源」； 3. 维持交付链、履约条上各个角色的稳态，将这种局部的竞争优势维持一段时间； 最终才有可能形成差异化的心智和供给，并建立同业效率差； 第一点，在投入这个数字我没具体核算，但饿了么当年在用户心智还未完全确立行业还能相对高速增长的竞争窗口期，真金白银投入了 30 亿补贴，并未对份额 有太大影响。 第二点，是需要创始人级别的一号位owner，对业务十分理解，并能找到差异化竞争的路径，长时间持续的投入； 因为在战略、路径、方法、节奏上都没有什么犯错的空间，空降的职业经理人很难胜任这个角色， 且可能出于 向上 管理的需要，还会增加 ...

证券研究报告 2025年04月27日 行业报告 | 行业专题研究 分析师 陈金海 SAC执业证书编号：S1110521060001 联系人 李宁 请务必阅读正文之后的信息披露和免责申明 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 交通运输 摘要 交运平台高增长，进入利润兑现期 ⚫ 估值相对低位，发掘成长公司 作者： ⚫ 经营杠杆，利润进入兑现期 随着竞争格局稳定，销售、管理、研发费用维持稳定，毛利润增长有望带动营业利润更大 幅度增长。2024年满帮集团、美团、顺丰同城的营业利润成倍增长，未来或持续较快增长。 ⚫ 渗透率上升，毛利持续增长 网约车、网络货运、即时配送的渗透率上升，带动满帮集团、美团、顺丰同城等公司2024 年营收和毛利润30%左右增长。满帮集团的变现率上升，2024年毛利润增速42%。 风险提示：公路运价下跌风险，市场竞争加剧风险，监管要求降低佣金率风险 请务必阅读正文之后的信息披露和免责申明 2 1.1 聚焦交运高成长板块 高成长公司带来高回报机会。新兴的网约车、数字货运、即时配送等平台头部公司，业务 量和收入增速20%左右，营业利润成倍增长。随着新能源汽车普及、智能驾驶 ...

Group 1: Gree Electric - Dong Mingzhu re-elected as chairman, Zhang Wei appointed as president, indicating a stable management transition and preparation for future leadership development [1] - The new board includes professionals like former vice president Shu Lizhi and chief engineer Zhong Chengbao, enhancing the company's governance [1] Group 2: JD and Meituan - JD accuses competitors of enforcing a "choose one" policy, impacting delivery riders' ability to accept orders from JD [2] - JD offers to waive delivery fees for orders delayed by over 20 minutes, highlighting the competitive pressure in the instant delivery market [2] Group 3: E-commerce Refund Policy - Major platforms like Taobao and Douyin announce the cancellation of the "refund only" policy, reflecting a shift towards empowering merchants [3] - The adjustment aims to balance the interests of consumers and businesses amid regulatory encouragement for improved business environments [3] Group 4: Xiaohongshu's Employee Policy Changes - Xiaohongshu cancels the "big and small week" work schedule and competitive agreements, promoting a trust-based relationship with employees [4] - The changes align with broader industry trends against "involution" and excessive work hours [4] Group 5: Tesla's Optimus Recruitment - Tesla's Optimus team initiates large-scale recruitment, focusing on R&D positions primarily in California [5] - The company aims to ramp up production of Optimus robots, with plans for significant output by the end of the year [6] Group 6: Midea's Humanoid Robot - Midea announces its humanoid robot will start operations in May, marking a significant step in the domestic humanoid robot industry [7] - The robot is expected to serve as a commercial guide in stores later this year [7] Group 7: Hisense's Q1 Performance - Hisense reports Q1 revenue of 13.375 billion yuan, a 5.31% increase, and a net profit of 554 million yuan, up 18.61% [8] - The introduction of new technologies and AI integration in TVs contributes to the growth [8] Group 8: Ecovacs' Recovery - Ecovacs reports a 6.7% increase in revenue to 16.542 billion yuan for 2024, with a net profit growth of 31.69% [9] - The company benefits from government incentives and new product launches in the cleaning appliance sector [9] Group 9: Vanward's Export Growth - Vanward Electric reports a 20.29% revenue increase to 7.342 billion yuan in 2024, with a 41.43% rise in export revenue [10] - The company focuses on smart and energy-efficient products while expanding its global market presence [10] Group 10: OPPO's Management Change - OPPO's China president Liu Bo steps down for a learning program, with senior vice president Duan Yaohui taking over [11][12] - The leadership change comes amid competitive pressures from Huawei and Apple, necessitating a proactive market strategy [12] Group 11: Domestic Smartphone Market Surge - Domestic smartphone shipments in February reach 19.662 million units, a 37.9% year-on-year increase, driven by government subsidies [13] - Local brands see a 43.8% increase in shipments, with many manufacturers lowering prices to capitalize on subsidy benefits [13] Group 12: Gaming Industry and Traditional Culture - Game companies like Youzu Network report revenue growth driven by themes from Chinese classical culture [14] - The integration of traditional cultural elements into games is gaining global popularity, enhancing market performance [14] Group 13: 360's AI Tool Launch - 360's Nano AI launches the "MCP Universal Toolbox," integrating over 110 tools for various applications [15] - The MCP protocol is expected to enhance AI capabilities, benefiting platforms with rich data and business experience [15] Group 14: Investment Trends - The biopharmaceutical sector sees a decrease in financing events, while the semiconductor and AI sectors maintain stable activity levels [16] - Notable financing includes a significant round for Shenzhen Zean Biopharmaceuticals and Nanjing Renxin Technology [16]

Core Viewpoint - The signing of the "2025 Annual Ele.me (Shanghai) Delivery Algorithm and Labor Rules Agreement" marks a significant step towards improving the working conditions and compensation for delivery riders, addressing their concerns about pay, working hours, and algorithm transparency [1][2][4]. Group 1: Agreement Highlights - The agreement ensures that the comprehensive hourly wage for delivery riders will not be less than 25 yuan under normal working conditions [2][4]. - It aims to gradually eliminate penalties for exceeding delivery time, thereby reducing the anxiety of delivery riders regarding time constraints [1][2]. - New features will be introduced, such as a "self-selected rest reminder" function, allowing riders to choose their preferred rest periods [1]. Group 2: Algorithm Transparency and Optimization - The agreement emphasizes the need for transparency in the calculation of delivery fees, with plans to establish a public section on the platform to explain the algorithm's principles and optimization processes [3]. - The platform will optimize the pricing algorithm to increase the weight of challenging deliveries, such as those involving heavy or oversized items, and improve the automatic subsidy feature for adverse weather conditions [2][4]. Group 3: Safety and Labor Protection - The agreement includes provisions to enhance safety by increasing the importance of dynamic factors like traffic control and weather warnings in the dispatch algorithm [4]. - It sets limits on working hours, ensuring that delivery riders do not work more than 11 hours a day and mandating breaks after four consecutive hours of work [4]. Group 4: Community Engagement and Support - The conference involved various stakeholders, including merchants, consumers, and community representatives, to discuss issues related to delivery time estimation and path management [6]. - A new service called "Tap to Open" has been introduced, allowing riders to quickly gain access to buildings, addressing the common issue of delivery access [6]. Group 5: Government and Platform Collaboration - The Shanghai government is actively promoting the protection of new employment forms, encouraging collaboration among government, platforms, and labor unions to enhance algorithm governance and worker rights [7].

4月26日是世界知识产权日。为充分发挥典型案例的示范引导作用，不断提升知识产权司法保护水平， 日前，省高院发布了8件知识产权司法保护典型案例，其中涉及UU跑腿、牧原等知名企业及品牌。 本次发布的8件案例，涵盖著作权、商标、不正当竞争、技术合同等知识产权类型，涉及生物医药、网 络游戏、即时配送等行业领域，展现了知识产权严保护的基本立场，同时兼顾公共利益和激励创新，突 出反映了河南法院全面加强知识产权司法保护的工作成效，对于提升全省知识产权审判质效、提高公众 尊重保护知识产权意识具有很强的示范意义。 其中一件案例中，郑州某信息技术公司（"UU跑腿"商标权利人）起诉西安某家政服务公司及其关联公 司、实际控制人胡某某长期使用"悠悠跑腿""忧忧跑腿"等近似标识开展同城跑腿业务，构成不正当竞 争。2020年，法院生效判决已责令被告停止侵权并赔偿3万元，但其在此后并未停止侵权行为，通过注 册多家关联公司在网络平台持续实施侵权行为。郑州某信息技术公司再次起诉，要求相关公司及胡某某 停止侵权，并承担相应的侵权责任，一审判决被告赔偿原告20万元。省高院二审认为，被告主观恶意明 显、侵权情节严重，改判赔偿150万元，显著提高赔偿力 ...

《中国民航报》、中国民航网 记者钱擘 报道：4月17日上午，一架从芜湖东汇无人机配送服务基地起飞 的无人机，仅用时2分钟，就将大米等生活物资配送到正在长江航道上行驶的"苏顺158"货船上。这标志 着安徽省芜湖市率先实现了由无人机为长江上航行的船舶提供不停航物资配送服务。 当天上午10点，"苏顺158"货船经安徽芜湖驶往江苏方向，当船舶驶抵东汇港务配送区域，已经装好物 资的无人机从配送服务基地起飞，以每秒15米的速度飞抵船舶上空，将物资配送到在航道正常行驶的货 船上。 "这位船主昨天下单了大米等生活物资，我们采购后，在船舶今天上午经过东汇港务配送区域时，通过 无人机完成物资配送。"安徽东汇储运股份有限公司负责人告诉记者。 无人机为长江航道上航行中的船舶开展配送（芜湖通航中心供图） 去年9月，安徽省首个"无人机水上物资配送项目"在芜湖东汇港务码头正式运营。依托东汇码头配送基 地，无人机可以向码头周边水上区域船户开展生活物资、船用配件、日常快递等配送服务，实现了物 资"从天而降"的分钟级配送。不过此前，无人机配送主要是服务于在周边锚地停泊的船只；随着此次创 新，现在该基地的无人机，可以进一步实现为在长江航道上正常行 ...

点击上图 ▲立即预约 四部门公布首批车网互动规模化试点 4月2日，发改委等四部门发布关于公布首批车网互动规模化应用试点的通知。根据文件，经专家评审，列入首批车网互动规模化应用试点范围的 包括上海、常州、合肥等9个城市以及 " 北京市基于新型储能的V2G车网互动协同调控试点项目 " 等30个项目。 车网互动技术允许电动汽车与电网之间进行双向能量传输和信息交互，简单来说就是让电动汽车成为 " 共享充电宝 " 。其意义在于，电动汽车 不仅可以从电网获取电能来充电，还能在必要时将车载电池中的电能反向输送回电网，起到调节电网负荷、提供辅助服务等作用，形成 " 削峰填 谷 " 的良性循环。（财联社） ｜点评｜ 车网互动规模化听起来对车主和电网都有好处，但大规模铺开后，或许相当鸡肋。火力发电厂能够根据用电峰谷时期调节发电量，对 于 " 削峰填谷 " 的需求较弱。电动车向电网输送的这点电量只能偶尔应急，然而国内的电网系统已十分完善，停电可能一年都难遇一次，需要 车网互动的情况可能并不多。对于车主来说，白天用电高峰期他们也需要用车，后期输电补贴取消后，按照市场化报价给车主电费，能获取的 收益可能聊胜于无，车主向电网输电的动力将 ...

图片来源： Pexels 在 OpenAI 于一月推出 Operator 之前，其人工智能可以通过网络为人们规划旅行、编写报告和在线购物。 OpenAI 邀请 DoorDash 成为这款新产品的官方"发布合作伙伴"。 DoorDash 同意了——但它有一个问题。据知情人士称，在去年秋天两家公司的一次会议 上，一位 DoorDash 高管要求 OpenAI 经理们"将其推向逻辑极限"。 如果只有 AI 机器人而不是人访问 DoorDash 网站，那对 DoorDash 的业务来说并不太好，这位高管说道。 冲击消费端应用生态 OpenAI 、 Anthropic 和谷歌在最近几个月推出了被称为 AI 代理的人工智能，这些代理可以通过接管人们的网页浏览器，来自动化消费端的任务。 可以代 表人们申请工作、寻找网络内的医生，并购买食物或其他商品和服务。 对于广泛的网站所有者来说，影响正变得显而易见： 如果软件变得足够好，人们可能会完全跳过使用这些公司的应用程序，使人工智能公司成为强大的中 介。 例如， DoorDash 的网站上投放了餐厅广告——这是该公司一个虽小但不断增长的收入来源。但一位曾参与 Operator 项 ...

Financial Data and Key Metrics Changes - In Q4 2024, total revenue was RMB1 billion, with a gross margin increase to 10%, a 1.4 percentage point year-on-year rise [5][21] - For the full year 2024, total revenue remained steady at RMB4.5 billion, with a gross margin increase of 2.3 percentage points and a non-GAAP net profit surge of 82% compared to the previous year [6][21] - Average gross profit per order rose by 21% year-on-year, reflecting operational efficiency improvements [6] Business Line Data and Key Metrics Changes - The company achieved a gross profit of RMB102.9 million in Q4 2024, with a full-year gross profit of RMB499.6 million, representing a year-on-year increase of 24.3% [22] - Non-GAAP income from operations for the full year 2024 soared to RMB134.3 million from RMB10.6 million in 2023 [23] Market Data and Key Metrics Changes - By the end of 2024, FlashX's services spanned 295 cities in China, supported by a network of 2.8 million registered riders and 100 million users [9] - The total number of orders fulfilled in 2024 reached 277 million, marking an increase from 2023 [9] Company Strategy and Development Direction - FlashX remains committed to its on-demand dedicated courier model, focusing on operational efficiency and service quality to maintain its market leadership [10][25] - The company plans to enhance its business operations by optimizing processes, leveraging big data analytics, and implementing a category-driven strategy to address unique delivery challenges [30][31] Management's Comments on Operating Environment and Future Outlook - Management noted that recent government initiatives have strengthened consumer confidence, leading to increased demand for on-demand delivery services [29] - The outlook for 2025 is positive, with expectations of sustained growth driven by macroeconomic recovery and the rise of new e-commerce formats [35] Other Important Information - FlashX has established 11 riders' homes across 10 cities, providing services such as rest and vehicle maintenance to support rider welfare [42] - The company has partnered with merchants to create over 3,600 rider energy stations, enhancing support for riders during their busy hours [43] Q&A Session Summary Question: What is the outlook on industry demand for 2025? - Management expects demand growth to remain resilient, supported by macroeconomic recovery and the deepening of e-commerce penetration [35] Question: What is the assessment of the competitive landscape of the industry this year? - The competitive dynamic will persist, but leading companies focusing on quality and customer experience will maintain a distinct advantage [40] Question: What is the company's stance on assisting riders with their social insurance? - FlashX is committed to safeguarding riders' rights and welfare, actively fostering a strong sense of professional pride among its workforce [42]

作者 | 五环外事务所 来源 | 五环外 （ID：wuhuanoutside） 以下文章来源于五环外 ，作者五环外事务所 五环外 . 关注下沉市场，区域经济，产业故事 回归一年。 春节临近，北上广深的不少年轻人又要开始返乡——那个存在于很多人回忆里的县城老 家。 过去一年，"县城婆罗门""县城无法支撑高消费"等等言论，甚嚣尘上。社交平台上"县 城文学"和"县城写真"也曾风靡一时，在过曝的胶片和复古的调色下，记录的是迷茫的 面容和躁动的灵魂，是对当下生活的不满，和永远试图探寻外界的期待。 这是老旧记忆里刻板的县城，曾经这些年轻人斗志昂扬地走出县城，但在拥挤的地铁 上，在合租的出租房里，在每个加班的夜晚，他们也通过互联网逐渐觉察出了家乡的变 化。 勇敢的人总是先发现机会。中国有1812个县城，而那里有7.48亿常住人口，占据了全 国市场38%的消费比重。在过去几年间，在互联网技术不断下沉的过程中，第一批回乡 创业的年轻人已经受益颇多。 我们和他们聊了聊，发现过去一年，其中不少人并不后悔自己当初的决定，也找到了新 的的生活。 县城的多样化活法： "婆罗门"体制外的新天地 张伟给人留下的第一印象便是脸上的热情笑容，但 ...