点。七鲜小厨自面市以来，凭借"新鲜现炒、食材透明、后厨直播"三大核心举措，迅速赢得市场认可。 其10-20元的亲民定价，为消费者提供了更高品质、更具性价比的选择，通过良性的市场竞争，有效推 动了品质外卖对"幽灵外卖"供给的健康替代。 12月29日，京东旗下品质餐饮品牌七鲜小厨正式宣布，启动面向全国的经营合伙人招募计划，首批开放 京津冀、长三角、珠三角三大核心区域。目前，七鲜小厨哈尔滨首店已开业，深圳、广州、上海、天津 等多地新店将于2026年1月集中亮相，并计划在同年完成国内所有一二线城市的布局。以高标准食安体 系为支撑、以"民生厨房"为使命的七鲜小厨，正稳步走向更广阔的市场，致力于服务全国更多用户。 长期以来，餐饮外卖市场存在大量低质低价的"幽灵外卖"，导致劣币驱逐良币，食品安全成为核心痛 基于在北京市场已验证的成功模式，为回应全国消费者的期待，七鲜小厨正式启动全国经营合伙人招 募。首批招募将聚焦于京津冀、长三角、珠三角三大核心区域，覆盖北京、天津、上海、苏州、杭州、 广州、深圳、佛山、东莞、珠海、中山等重点城市。在该合作模式下，七鲜小厨将提供成熟的供应链体 系、智能厨房设备及统一的食安与运营管理标准；合伙 ...

Summary of Key Points from Conference Call Industry Overview - **Industry Focus**: The conference call primarily discusses the retail and food delivery sectors in China, highlighting key players such as JD.com, Meituan, and Douyin (TikTok). - **Market Growth**: The food delivery market is projected to reach a GMV of approximately 1.17 to 1.18 trillion yuan in 2025, with a year-on-year growth of 3-4% and an expected increase in order volume by 13-14% to around 256 billion orders [1][6]. Company-Specific Insights JD.com - **Acquisition Strategy**: JD.com plans to acquire Dingdong Maicai to leverage its existing infrastructure and operational experience to expand into the offline retail market, addressing its funding and traffic limitations [1][4]. - **Synergy Potential**: The acquisition aims to create synergies between online and offline operations, enhancing overall business efficiency [1][5]. Meituan - **Business Exit**: Meituan's "Meituan Youxuan" will cease operations by December 2025 due to limited profitability and intense competition, particularly from the ongoing food delivery price wars [3]. - **"Happy Monkey" Project**: The "Happy Monkey" initiative focuses on discount products, currently operating 66 stores with daily sales of 300,000 to 500,000 yuan, but requires more private label products to adapt to a deflationary environment [9][10]. Douyin - **Market Performance**: Douyin is expected to achieve a GMV of 8.4 trillion yuan in the dine-in market for 2025, reflecting a 48% year-on-year growth, although the online penetration rate remains low [7]. - **New App Launch**: Douyin plans to launch a dedicated local life app in 2026, integrating video advantages and AI-driven recommendations to enhance user experience and conversion rates [8]. Xiaoxiang Supermarket - **Sales Performance**: Xiaoxiang Supermarket reported an average daily sales of 1.5 to 1.6 million yuan in its first week of operation, with plans to expand its SKU offerings to 10,000 categories [11][12]. - **Market Strategy**: The supermarket aims to attract customers through high cost-performance products and self-owned brands, targeting first and second-tier cities [12]. Financial Performance and Projections - **Sales Growth**: The company's supermarket business is projected to grow from 30 billion yuan in 2024 to over 45 billion yuan in 2025, driven by competitive pricing and a diverse range of private label products [2][13]. - **Profitability**: The online supermarket business has been profitable since the second half of 2023, with an average profit margin of 2.6% to 3% [15]. Competitive Landscape - **Comparison with Competitors**: The company has a competitive edge over Alibaba's Hema and RT-Mart due to better pricing strategies and a robust supply chain management system [13]. - **Operational Efficiency**: Meituan's food delivery service has reduced its loss per order significantly, aiming for breakeven by Q2 2026, while maintaining a competitive advantage through its dual service model [16][17]. Additional Insights - **Discount Strategies**: The current subsidy rate for food delivery is around 6.5% to 6.8%, with a peak order volume of 82 million in September, which has since declined [18]. - **Category Performance**: In November, the distribution of food delivery orders by category shows a significant share for Chinese fast food (24.8%) and Western fast food (17%) [19]. This summary encapsulates the key points discussed in the conference call, providing insights into the current state and future outlook of the retail and food delivery industries in China.

Group 1 - The core point of the article highlights the recent promotional activity by Qixian Kitchen, which led to a surge in orders, causing delays in delivery times [2] - Qixian Kitchen launched a New Year themed marketing campaign from December 25 to 27, offering a complimentary chocolate gift box valued at approximately 18 yuan with any order placed through JD's food delivery service [2] - The campaign prepared a total of 40,000 chocolate gift boxes, distributing about 13,000 boxes daily over the three-day period, with a limit of one box per person each day [2] Group 2 - Qixian Kitchen was introduced in July as a differentiated quality dining platform by JD during the competitive food delivery market, utilizing a "dish partner + self-operated store" heavy asset operation model [3] - The brand emphasizes "freshly stir-fried" dishes with daily cold chain delivery, and features a 24-hour kitchen live-streaming function for transparency, allowing consumers to watch the cooking process in real-time [3] - As of October, Qixian Kitchen has opened 30 stores in Beijing, achieving coverage in major urban areas within the Fifth Ring Road, and has also expanded to platforms like Meituan and Taobao Flash Purchase [3]

Group 1 - JD's quality dining platform, Qixian Xiaochu, opened 30 stores in Beijing within 4 months, achieving coverage in major urban areas within the Fifth Ring Road [1] - Qixian Xiaochu launched a promotional campaign from December 25 to 27, offering a chocolate gift box valued at approximately 18 yuan for orders placed through JD's food delivery service [1] - The platform emphasizes "freshly stir-fried" meals using high-quality pre-processed ingredients, ensuring that every meal is served hot and fresh [1] Group 2 - Qixian Xiaochu publicly discloses its ingredient suppliers, using top industry brands such as Jinlongyu non-GMO soybean oil and Northeast first-class rice from October [2] - The integration of JD's supply chain capabilities allows Qixian Xiaochu to control the entire process from raw material procurement to cold chain delivery, significantly reducing operational costs [2] - Qixian Xiaochu is changing the competitive logic in the food delivery market by focusing on supply chain integration and quality control, moving the industry from price competition to quality competition [2]

Core Viewpoint - Meituan's "Pin Hao Fan" is exploring new supply models to enhance its offerings in the food delivery sector, focusing on collaboration with various restaurants to optimize supply chains and menu standards [3][4]. Group 1: Supply Model Innovation - "Pin Hao Fan" aims to partner with different cuisine types and interested merchants, providing them with location guidance, menu lists, and supply chain support to ensure alignment with Meituan's delivery needs [3]. - The team is currently developing new dishes and will create corresponding selection lists and process standards for various cuisines [4]. - The competition in the food delivery sector is intensifying, with supply-side innovation becoming a critical factor influencing user perception and long-term competitiveness [4][5]. Group 2: Performance and Market Position - "Pin Hao Fan" has proven its value during peak competition, becoming a significant driver of order volume, with daily orders exceeding 35 million [5]. - Despite initial losses, the rapid growth in order volume has justified continued investment in "Pin Hao Fan," which has become a crucial part of Meituan's strategy [5]. - The brand's perception among younger consumers is mixed, with a focus on improving supply quality to enhance its market position [5][6]. Group 3: Strategic Initiatives - The "Wan Jia Brand" initiative launched in July aims to support 10,000 well-known restaurant brands with traffic allocation and customized services, with over 5,000 brands currently participating [6]. - Collaborations with international fast-food giants for C2M (Consumer to Manufacturer) strategies are underway, allowing for tailored product offerings based on consumer insights [6]. - Meituan's strategy includes deeper engagement with small and medium-sized businesses to ensure a more reliable and standardized supply [6]. Group 4: Long-term Outlook - Meituan's management emphasizes a shift from capital-driven growth to efficiency and innovation-driven models, indicating that supply-side innovation and service upgrades are essential for sustainable growth in the restaurant service industry [7].

转自：北京日报客户端 作为北京的美食地标，簋街1472米的街巷里，聚集着130余家餐饮商户，日均活跃外卖骑手超475人次， 日均订单3000单、高峰期突破5000单，构成了"商家—骑手—平台"紧密联动的微观生态，也成了外卖行 业矛盾的集中缩影。 "总有12345的派件和派出所的报警，商家怨骑手催单太急，骑手怪平台算法太严，平台说要保效率、保 用户体验。"北新桥街道办事处副主任龙凤这样描述这一矛盾，"三方都有难处，却似隔着一道信息壁 垒。" 今年4月起，东城区人社局携手北新桥街道，开始"破题"。 5月9日，街道组织首场"骑商协商会"。龙凤特意筛选3名敢说会说的资深骑手，搭配胡大、花家怡园、 手打柠檬茶等不同类型商户代表，确保各方声音都能被听见。 副局长骑上电动车体验一线送餐 打破僵局的第一步，是到一线找问题根源。 今年4月份一开始，东城区人社局副局长付楠楠就牵头设计了一整套立体式调研方案。极端天气平台给 不给补贴？平均等餐多久？会不会被要求集中取餐？……这份涵盖送餐过程、权益保障、优化服务链条 等多个板块的问卷，最终回收了119份有效样本。 今年6月，付楠楠戴上头盔、跨上电动车，跟着老骑手穿梭在街巷里。后厨里厨 ...

以风险动态监测实现"行为穿透"。针对预付费企业闭店跑路问题，探索建立职业闭店风险"事前预警、 事中联动、事后打击"全链条防控机制，结合对投诉举报、企业注销等信息的分析，建立"企业闭店风 险"监测模型。通过登管衔接提升风险防控能力，目前，北京市市场监管局已运用该模型对教育培训、 健美健身、美容美发等3个重点行业开展监测，办成打击"职业闭店人"全国首案。 以风险线索流转实现"环节穿透"。以风险防控为核心，探索建立风险动态监测、科学评估、精准预警、 及时处置的全流程闭环管理机制，打通各环节信息壁垒，促进各业务平台形成统一完整的风险信息数据 链，对广告、网络交易、餐饮外卖平台监测中发现的每年约2.5万条涉嫌违法违规线索，实现全流程线 上闭环管理。 新京报讯据市场监管总局消息，今年以来，为加快推进市场监管数字化转型、以数字化牵引市场监管机 制创新与能力提升，市场监管总局加大力度指导北京市市场监管局初步建成内部贯穿上下、联通左右的 穿透式监管平台和工作机制，取得良好成效。 以构建数字标签实现"主体穿透"。建设经营主体数字标签管理机制，对全市经营主体进行特征化标识， 构建全息画像、动态感知、智能研判的经营主体数字标签，将标 ...

Core Viewpoint - The recent management change at Dongfang Zhenxuan (Beijing) Technology Co., Ltd. has raised attention, with Yu Minhong taking over key positions from Sun Dongxu, who has left the company but remains in leadership roles at the parent company [1][4]. Group 1: Management Changes - Sun Dongxu has resigned as the legal representative, manager, and executive director of Dongfang Zhenxuan, with Yu Minhong assuming these roles [1]. - Despite the changes at Dongfang Zhenxuan, Sun Dongxu continues to hold positions at the parent company, Dongfang Youxuan (Beijing) Technology Co., Ltd. [1]. Group 2: Business Scope Expansion - The company has expanded its business scope to include restaurant management, takeaway delivery services, and catering services [3].

Group 1: Real Estate Industry - The China Securities Regulatory Commission (CSRC) has initiated a pilot program for commercial real estate REITs, indicating significant development potential for this sector. The market for public REITs in China is estimated to exceed 10 trillion yuan, with the current market size at 219.9 billion yuan, of which commercial real estate accounts for 130.9 billion yuan [12][27]. - The planned commercial real estate REITs will create a multi-tiered market for asset securitization, which will help to broaden financing channels for enterprises, optimize capital structures, and facilitate strategic transformations from developers to asset managers [12][27]. - The commercial real estate REITs are seen as a key practice for constructing a new development model in the real estate sector, focusing on quality and sustainability rather than mere quantity [12][27]. Group 2: Internet and Media Industry - Core consumer brands in the internet and media sector, such as gaming companies and lifestyle brands, are currently trading at a PE ratio below 20x for 2026, indicating a high margin of safety for investors. The structural consumption trend among young users in China remains a significant growth driver [11][12]. - The gaming sector is experiencing a demographic shift, with Generation Z users making up 65% of the market, and there is untapped potential in female-oriented gaming content. Companies like Giant Network are expected to benefit from this trend [11][12]. - The music industry is also highlighted as a growth area, with stable demand for subscription services among young users, and companies are expected to enhance their bargaining power in the face of a fragmented rights market [15]. Group 3: Energy Sector - Guangzhou Development (600098.SH) is positioned as a comprehensive energy service provider, with a diversified business model covering electricity, energy logistics, gas, and renewable energy. The company reported a net profit of 2.159 billion yuan for the first nine months of 2025, a year-on-year increase of 36.1% [14][19]. - The company has a strong dividend history, with a payout ratio consistently above 50% over the past three years, and plans to increase dividends further in 2025 [14][19]. - The energy sector is expected to benefit from stable pricing in coal and gas power generation, with ongoing projects set to enhance profitability [19][20].

Core Insights - The company reported a revenue increase of 2.0% year-on-year for Q3 2025, reaching RMB 955 billion, despite facing significant losses in its core local business segment due to intensified competition in the food delivery industry [1] - The company continues to enhance operational efficiency and consumer experience, focusing on service quality and market adaptability, which has led to record high daily active users and monthly transaction users in the food delivery sector [2] - The new business segment, including "Meituan Flash Purchase," is experiencing rapid growth, with increased user acquisition and transaction frequency, while expanding its supply capabilities and partnerships with leading brands [3] - The grocery retail business, including "Little Elephant Supermarket" and "Fast Donkey," is showing strong growth, and the company is exploring offline models to enhance supply chain capabilities [4] Financial Performance - For Q3 2025, the company's adjusted EBITDA and adjusted net profit both declined to negative RMB 148 billion and negative RMB 160 billion, respectively [1] - The core local business segment reported an operating loss of RMB 141 billion, while the new business segment's operating loss widened to RMB 13 billion [1] - As of September 30, 2025, the company held cash and cash equivalents of RMB 992 billion and short-term investments of RMB 421 billion [1] Business Strategy - The company is accelerating supply-side innovation and improving service quality to maintain its competitive edge in the food delivery market [2] - New supply models such as "Pin Hao Fan," "Shen Qiang Shou," and "Brand Satellite Stores" are being implemented to enhance collaboration with quality merchants and expand high-quality product coverage [2] - The launch of "Brand Officer Flag Flash Warehouse" aims to provide comprehensive instant retail infrastructure for retail brands, enhancing user growth and sales [3] Market Expansion - The company is expanding its global footprint with Keeta, which is seeing steady growth in markets like Hong Kong, Saudi Arabia, Qatar, Kuwait, UAE, and Brazil [4] - The company is focusing on improving consumer and delivery experiences in various regions through its product, technology, and operational advantages [4]