Core Viewpoint - The recent focus on delivery platform subsidies has prompted Meituan and other companies to commit to establishing a fair and orderly industry environment, promoting mutual benefits and sustainable development in the food service sector [2][8]. Group 1: Meituan's Initiatives - Meituan has outlined five measures to regulate promotional activities, including strict adherence to relevant laws such as the Anti-Monopoly Law and the Anti-Unfair Competition Law [2]. - The company will ensure transparency by publicly disclosing subsidy information to merchants and consumers without exaggerating the total subsidy amount [2]. - Meituan will not force or indirectly compel merchants to participate in subsidy activities, thereby safeguarding their pricing autonomy [2]. - The company commits to non-discriminatory practices for merchants and consumers, ensuring fairness in promotional activities and protecting the interests of small merchants [2]. - Meituan aims to create a win-win ecosystem involving consumers, merchants, delivery riders, and platform enterprises, focusing on quality and service rather than just price competition [2]. Group 2: Other Platforms' Commitments - Taobao and Ele.me have pledged to enhance service quality and promote healthy competition by planning subsidies based on consumer and merchant needs, while respecting merchants' rights [5]. - They will actively resist malicious competition and irrational promotional activities, ensuring that merchants' earnings and market operations are respected [5][8]. - JD's delivery service has also committed to standardizing subsidy behaviors and resisting "0 yuan purchase" promotions, focusing on quality and service differentiation [8]. - All platforms emphasize the importance of improving service quality and consumer experience while promoting responsible consumption and reducing food waste [8][9]. Group 3: Regulatory Context - The State Administration for Market Regulation has urged Meituan, Ele.me, and JD to comply with laws such as the Electronic Commerce Law and the Anti-Unfair Competition Law, emphasizing the need for rational competition and a healthy industry ecosystem [11].

进入盛夏，外卖大战烽火又起。 7月12日周六，继月初的补贴大战后，美团和淘宝再次祭出18元起跳的大额红包，并附赠各种零零碎碎 的免单券、兑换券、抽奖券。补贴带来的后果非常明显，各平台外卖订单数量不断刷新纪录，从淘宝宣 布闪购订单数超过8000万，到美团即时零售日订单突破1.5亿，只用了一周的时间。 7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《电子商 务法》《反不正当竞争法》《食品安全法》等法律法规，进一步规范促销行为，理性参与竞争，共同构 建消费者、商家、外卖骑手和平台企业等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。 这是继2025年5月份五部门约谈外卖平台后，三巨头再次被约谈。 为什么外卖大战的烽火，一直从3月份持续到7月份，而且到目前为止未有停止下来的趋势？最为可能的 原因是，外卖这一业态的逻辑发生了变化，它不只是一个行业，而是成为撬动其它领域入口，而即时零 售则是各大平台今后着力的主战场。 今年2月，京东凭借"全年免佣金+骑手五险一金"的组合拳高调入场，而京东创始人刘强东更是给京东外 卖下达了利润率不超过5%的命令。尽管后来业界证明外卖行业5%的利润 ...

Core Viewpoint - The article highlights the continuous revenue growth and rising rankings of five Chinese internet giants—JD.com, Alibaba, Tencent, Pinduoduo, and Meituan—in the competitive landscape of the Fortune Global 500 list, indicating the ongoing penetration of the internet and e-commerce in China's vast market [1][2]. Group 1: JD.com - JD.com ranked 44th in the Fortune Global 500, rising three places and becoming the highest-ranked private company in China [4]. - The company officially entered the food delivery market in March, challenging Meituan's monopoly, which presents new opportunities for merchants, riders, consumers, and competitors like Alibaba [5][6]. - JD.com aims to leverage its existing instant delivery network, mature app, and technology to enhance user engagement and drive consumption across various product categories [7][9]. - The company has signed labor contracts with full-time riders, ensuring social security benefits, and has over 150,000 full-time riders as of June 2025 [9]. - JD.com’s core advantage lies in its supply chain capabilities, which have been optimized for efficiency and cost reduction, allowing it to outperform competitors like Gome and Suning [10][15]. Group 2: Alibaba - Alibaba rose seven places to rank 63rd in the Fortune Global 500 [18]. - The company is integrating its services by unifying Taobao's "hourly delivery," Ele.me's local retail, and Hema's instant delivery into a single platform called "Taobao Flash Purchase," enhancing its operational efficiency [17]. Group 3: Meituan - Meituan reported a revenue of 337.6 billion yuan for the year, ranking 327th on the Fortune list, with its core local business growing by 20.9% to 250.2 billion yuan [19]. - The company has built a robust instant delivery network with nearly 4 million riders, maintaining high net profits despite competitive pressures [20]. - Meituan faces challenges in quality control due to the diverse range of products and merchants involved in instant retail, which can affect consumer trust [20]. Group 4: Competitive Landscape - JD.com employs a supply chain model that emphasizes control over procurement, warehousing, and logistics, while Alibaba and Meituan utilize a platform model that connects supply and demand through digital technology [21][22]. - The article notes that both models have distinct operational logics, with the supply chain model focusing on strict quality control and the platform model allowing for rapid expansion of product categories [22][23]. - All three companies are navigating a new competitive environment, leveraging their unique strengths to explore new markets: JD.com extends its supply chain capabilities into instant retail and food delivery; Alibaba maximizes its platform effects and capital strength; and Meituan seeks higher profit margins through its extensive rider network [23].

以下文章来源于表外表里 ，作者洞见数据研究院 表外表里 . 洞见数据研究院 作者杨晓庆 谭鸠云 张玲 编辑 曹宾玲 陈梓洁 严贝贝 蒋凡重回权力中心的一把火，烧疼了美团。 在外卖大战火拼 250 亿后，美团核心业务操盘手王莆中首次接受访谈，公开喊话蒋凡"停战"——冲单很容易，这样"卷"没有意义，最终只剩下泡沫。 对手 "先发夺人"，加上随之而来的约谈，淘宝闪购即时零售"抢夺战"，眼看着被按住。 但不计代价的疯狂补贴被叫停了，不意味着外卖大战熄火。 现在打开外卖 APP ，仍能薅到"满 25 减 18 " 大额 优惠券、免费兑换券等羊毛，许多骑手不约而同对媒体透露，周末 "单子没见少"。 地铁上、电梯里、各大 APP 首页的广告攻势甚至愈演愈烈，宣告着淘宝闪购承诺的 未来 100 天每周 "超级星期六"大促，仍如约到来。 看起来， 蒋凡似乎铁了心要 "再造一个美团"。 但拆解 外卖大战的动机、打法会发现，醉翁之意不在酒 —— 阿里或许不是真的眼馋外卖，而是外线防御，盘活资产；美团则诱敌深入，强势反击 。 是否超越美团，不是阿里的核心战略诉求 如今 商场电子专卖店， 正 高频上演着 这样一幕 ： 身着 黄 衣 的 ...

Core Viewpoint - The official authorized store of Moutai has begun to enter the Meituan Flash Purchase platform, indicating a shift in the brand's approach to e-commerce and instant retail channels [1] Group 1: Company Strategy - Moutai's official store is launching in bulk on Meituan Flash Purchase, reflecting a proactive attitude towards instant retail [1] - Historically, Moutai and other premium liquor brands have been cautious in their e-commerce strategies, preferring to maintain stronger control over their distribution channels [1] Group 2: Industry Trends - The entry of Moutai into instant retail platforms suggests a broader trend among premium liquor brands to explore new sales channels [1] - The move may signal a change in the industry's approach to e-commerce, as brands like Moutai begin to embrace more diverse distribution methods [1]

Core Insights - The competition among instant retail and food delivery platforms, represented by Meituan, Taobao Flash Purchase, and JD, has intensified since 2025 due to large-scale subsidy strategies aimed at boosting consumer spending [1][7][27] - Research indicates that Taobao Flash Purchase coupons significantly stimulate additional spending on the Ele.me platform, with every 1 yuan of effective subsidy generating approximately 1.65 yuan in extra consumption [1][13][14] - The study highlights a notable spillover effect, where each 1 yuan of effective subsidy leads to an additional 6.76 yuan in overall consumer spending through Alipay, with 3.11 yuan attributed to e-commerce purchases [1][20] Group 1: Market Dynamics - Instant retail has seen rapid growth, with online retail sales reaching 74,295 billion yuan in the first half of the year, a year-on-year increase of 8.5% [5][6] - The Ministry of Commerce and other departments have initiated plans to promote online and offline integration in instant retail, emphasizing its role in expanding consumption and creating jobs [6][7] - The competitive landscape has led to daily peak subsidies exceeding 2 billion yuan, significantly increasing order volumes from 100 million to 250 million [7][27] Group 2: Consumer Behavior - The study found that the average additional spending per consumer who used the coupons was 24.55 yuan per week, indicating a strong consumer response to the subsidies [14][18] - The effectiveness of the coupons varies by category, with retail orders showing a higher multiplier effect compared to food orders [14][16] - The research also indicates that the use of flash purchase coupons does not cannibalize dine-in sales, as there is no statistical evidence of a negative impact on traditional restaurant revenues [21][22] Group 3: Merchant Impact - Participating merchants experienced an average weekly revenue increase of 1,744.69 yuan, representing a growth rate of approximately 101.5% [21][22] - The positive impact of the flash purchase coupons is more pronounced for small and medium-sized merchants, highlighting the platform's role in empowering these businesses [23][24] - The study suggests that the integration of online and offline sales through flash purchase initiatives has led to increased visibility and sales for smaller merchants [24][25] Group 4: Regulatory Considerations - Regulatory bodies are advised to monitor potential unfair competition practices among platforms, ensuring that merchants are not coerced into participating in subsidy programs [28][29] - The industry is encouraged to self-regulate to prevent issues such as food waste and ensure fair competition [29][30] - Platforms are urged to leverage their capabilities to foster new service-oriented e-commerce scenarios, enhancing consumer experiences and market sustainability [30][31]

Core Viewpoint - The article discusses the competitive landscape of instant retail in China, focusing on the emergence and growth of "flash warehouses" created by Meituan, which are essential for the supply chain in instant retail and are being leveraged by competitors like Alibaba's Taobao Flash Sale to capture market share [2][4][5]. Summary by Sections Flash Warehouse Concept - Flash warehouses are a new store format developed by Meituan's instant retail team, typically located in non-retail spaces and offering a wide range of products for local residents [3][4]. - As of October 2024, Meituan plans to expand its flash warehouses from 30,000 to 100,000 [4]. Competitive Dynamics - In recent weeks, Taobao Flash Sale has reported daily order volumes exceeding 90 million, while Meituan's daily orders are around 120 million, indicating a stable gap of 30 million orders between the two platforms [4][5]. - Meituan's flash sale business is projected to achieve a transaction volume of approximately 400 billion yuan in 2024, with over a million merchants onboard, including 30,000 flash warehouses [5][6]. Merchant Strategies - Many flash warehouse merchants initially relied on incentives and subsidies from Meituan to grow their businesses, leading to deep partnerships [5][6]. - Taobao Flash Sale has introduced attractive subsidies for new merchants, which has led to a significant increase in order volumes for participating stores [8][9]. Market Trends - The competition among flash warehouses has intensified, with merchants lowering prices to attract customers, sometimes even below offline retail prices [10]. - Merchants express concerns that aggressive subsidies and competition may lead to unhealthy consumer habits and increased losses [11]. Supply Chain and Operational Efficiency - Meituan has developed a data system called "Qian Niu Hua" to optimize supply chain management and enhance operational efficiency across its flash warehouses [13][14]. - Taobao Flash Sale is leveraging Alibaba's existing supply chain resources to enhance its product offerings and improve delivery capabilities [15][16]. Future Outlook - The article suggests that the infrastructure and consumer habits cultivated by Meituan may benefit competitors like Alibaba and JD.com, as they enter the instant retail space [18][19]. - The competitive landscape is evolving, with both Meituan and Taobao Flash Sale aiming to capture a larger share of the instant retail market through strategic partnerships and operational improvements [17][20].

Core Viewpoint - The article discusses JD's acquisition of Dada and its implications for the local life service sector, suggesting that JD aims to replicate Meituan's success by integrating Dada into its ecosystem and enhancing its instant retail strategy [2][25]. Group 1: Acquisition and Integration - Dada has been rebranded as the Local Life Service Group under JD, indicating a strategic upgrade in JD's instant retail approach and the end of the "Dada era" [2][5]. - JD completed the acquisition of Dada for a valuation of $520 million, with the share price dropping significantly from its IPO price of $16 to $2, reflecting market concerns over Dada's financial integrity [7][12]. - Dada's internal financial discrepancies led to a significant drop in stock price, with a reported revenue inflation of approximately 568 million yuan and operational cost inflation of about 576 million yuan [8][17]. Group 2: Historical Context and Development - Dada's journey includes its founding in 2014, merging with JD's O2O subsidiary in 2016, going public in 2020, and finally being privatized in 2025 [10][4]. - JD's shareholding in Dada increased over time, reaching 63.2% after acquiring shares from Walmart, which aligns with JD's broader strategy to enhance its instant retail capabilities [17][18]. Group 3: Strategic Focus and Future Plans - JD's strategy is shifting from direct competition in the food delivery market to focusing on supply chain integration and operational efficiency across various sectors, including food delivery, travel, and home services [25][22]. - The appointment of "Old K" Guo Qing, a former Meituan executive, is seen as a strategic move to bolster JD's capabilities in the local life service sector [20][21]. - JD's new self-operated brand "Seven Fresh Kitchen" aims to provide a unique dining experience, indicating a shift towards a more integrated supply chain model [23][24].

监管约谈虽为外卖大战按下"减速键"，但行业竞争远未结束。连日来，淘宝闪购、京东等平台动作频频 ——淘宝闪购再发战报宣告连续两周末日订单量超9000万单；京东宣布开设"七鲜小厨"自营外卖店。从 行业趋势看，围绕即时零售的长期竞争格局未改：当前头部平台合计高峰日订单量级已突破2.5亿单， 直逼传统电商快递业务规模，成为零售市场的重要增长极。但繁荣背后，平台与商家的利益矛盾、竞争 焦点过度集中餐饮领域等问题仍存，为行业高质量发展提供了转型方向。 外卖平台与商家的关系，本质是"流量赋能"与"服务供给"的协同共生，但价格战的持续升级打破了这一 平衡。 然而，平台亦在这场博弈中面临压力。为维持市场份额，平台持续烧钱补贴，据统计，近3个月，仅京 东、阿里两家平台在外卖市场便投入了800亿元补贴，相当于全国上半年出海投资总额的20%。高盛预 测，基准情形下，阿里外卖业务未来12个月预计亏损410亿元，京东亏损260亿元，美团的EBIT利润将 下滑250亿元。并且，由于平台依靠低价策略吸引用户，用户对优惠敏感，忠诚度较低，一旦补贴退 潮，如何稳定客群亦成为平台运营重心。 更值得注意的是，这场围绕餐饮外卖的激烈厮杀，还掩盖了即时 ...

Core Viewpoint - Pupu Supermarket is successfully disrupting the instant retail industry by focusing on regional deep cultivation and efficiency, achieving significant profitability without nationwide expansion, and is preparing for a Hong Kong IPO in 2025 [1][3]. Group 1: IPO and Financial Performance - Pupu Supermarket plans to submit its IPO application to the Hong Kong Stock Exchange by 2025, showcasing its profitable "front warehouse + regional deep cultivation" model [3]. - In 2024, Pupu is projected to achieve an annual revenue of approximately 30 billion yuan with a gross margin of 22.5% and a fulfillment cost rate controlled under 17.5% [3]. - The company’s revenue is heavily concentrated in the Fujian and Guangdong regions, with 90% of income derived from these areas, which poses challenges for profitability in new cities [3]. Group 2: Market Expansion Strategy - Pupu's strategy for 2025 involves consolidating its existing markets while cautiously expanding into new areas, including extending services to county towns [4]. - The company has opened new warehouses in cities like Fuzhou and Quanzhou, with the first day of orders in Quanzhou exceeding 16,000 [4]. - Pupu operates large front warehouses of 800-1000 square meters with 6,000-8,000 SKUs, requiring an average of 3,500 orders per warehouse to break even [4]. Group 3: Product Strategy - Pupu focuses on quality-price ratio, leveraging private labels and supply chain optimization to create competitive barriers [5]. - The company plans to launch multiple subsidized products in its app in 2025, with discounts of up to 40% on various items [5]. - Private label sales are expected to exceed 5 billion yuan in 2024, accounting for 15%-20% of total sales, with plans to expand the SKU count to 750 by 2025 [5]. Group 4: Supply Chain and Operations - Pupu's large warehouse model reduces fulfillment costs, with a delivery radius of 1.5 kilometers and fulfillment cost rates decreasing from 22% in 2021 to 15% in 2024 [6]. - The company has achieved significant efficiency in its regional supply chain, with a reduction in waste rates and improved sorting efficiency [6]. - Local sourcing accounts for 80% of fresh produce in Fujian, leading to a 15% lower procurement cost compared to competitors [5][6]. Group 5: Competitive Response - Pupu adopts a defensive and penetrating strategy against competitors like Meituan and JD.com, focusing on regional user engagement and reducing reliance on third-party platforms [9]. - The company leverages local supply chain advantages and unique regional products to differentiate itself in the market [9]. - Pupu aims to optimize warehouse efficiency and regional delivery networks to counteract competitive pressures from larger players [9]. Group 6: Strategic Outlook - Pupu's core strategy revolves around regional dominance and deep supply chain integration, balancing opportunities and challenges [10]. - The short-term goal is to achieve breakeven in Quanzhou within six months while expanding into surrounding county towns [10]. - If Pupu maintains healthy profitability in individual cities, it could become a benchmark for efficiency competition in the instant retail sector [11].