对于相关言论所带来的舆论风波，百果园相关负责人表示，该短视频有意截取了董事长发言最具争议的 部分制造对立，"完整的内容有前因后果，并非文中断章取义"。 然而，这一事件折射出的当下消费零售公司与用户之间的认知冲突，却具有这个时代特有的标本意义。 市值大幅缩水 事实上，百果园对于如今严峻的价格压力，并非毫无感知。在如今这个追求性价比的市场环境下，百果 园遭受着极大的经营压力，也曾经努力进行过调整。 2023年1月，头顶"中国水果连锁零售第一股"光环的百果园在港交所成功上市。不过，从近几年的财报 数据可以看出，产业作为一门，想要在水果零售这个长链条、高损耗、高成本的微利生意中赚到钱，并 不是一件容易的事。 对于好水果的价格，大家吵成了一片。 "百果园这么多年来都走在一个教育消费者成熟的路上，我们不会去迎合消费者，我们想告知消费者， 最后是消费者自己的选择。"日前，一段关于百果园创始人、董事长余惠勇回应水果太贵问题的视频， 在社交媒体上广泛流传。 "我认为商业就两种，第一个利用消费者的无知，第二个教育消费者成熟，像百果园这么多年来都走在 一个教育消费者成熟的路上。我们不会去迎合消费者，他并不清楚的，所谓的便宜之类的， ...

Core Viewpoint - The recent "takeaway war" has intensified due to marketing strategies like "the first cup of milk tea in autumn," highlighting the tea and coffee sectors as primary battlegrounds for delivery subsidies [1][8] Group 1: Nature of Competition - Price competition is a common market strategy, but attention should be paid to whether platforms force merchants to participate in subsidies and if these subsidies favor leading brands over smaller businesses [3][5] - The essence of the "takeaway subsidy war" is competitive behavior, driven by optimistic economic expectations, which should be protected [4][20] - "Involutionary" competition is characterized by low-price, low-quality dynamics, necessitating a focus on the underlying causes and key players involved [5][6] Group 2: Market Dynamics - "Involutionary" competition often arises from external forces, such as government subsidies in the new energy vehicle sector, which distort normal market competition [7] - The current competition landscape is shifting towards instant retail, appealing to the consumption habits of younger generations [9][10] - Platforms are willing to invest heavily in subsidies as an effective customer acquisition strategy, reallocating funds from traditional advertising to user subsidies [10][17] Group 3: Impact on Merchants - The surge in orders due to subsidies can overwhelm merchants' production capacities, leading to potential quality degradation or operational challenges [12][14] - Smaller merchants, particularly niche shops and family-run businesses, face significant challenges in participating in subsidy programs, which may threaten their survival [15][16] - The competitive advantage of smaller merchants may diminish as larger brands benefit more from subsidy programs, even when subsidies are applied uniformly [14][16] Group 4: Regulatory Considerations - Regulatory focus should be on whether platform subsidies harm market competition or consumer interests, with a need for nuanced, case-by-case analysis rather than blanket restrictions [16][21] - Encouraging platforms to support small merchants through favorable policies can help maintain a diverse market and effective competition [16][21][22] - The current economic climate suggests that regulatory measures should not stifle competitive behavior, as active competition reflects market vitality [20][21]

Core Insights - Instant retail is a new consumption model that has expanded from food and beverage to include clothing, footwear, and consumer electronics [1] - The growth of instant retail is driven by increased consumer demand for convenience and quick delivery [7][9] Group 1: Growth Metrics - In Shenzhen, the order volume for instant retail increased by 1500 units from March to July 2025, compared to only 20% of the current order volume in the same period of 2024 [6] - A flash purchase platform reported that mobile phone transaction volume increased by over 300% since June 2025, while smartwatches, tablets, and laptops saw over 200% growth [8] - Sales of badminton equipment increased by 50% year-on-year in the first seven months of 2025 due to the rapid development of instant retail [14] Group 2: Operational Challenges - Instant retail requires businesses to enhance their operational capabilities and efficiency to meet consumer demands [9] - Staff in packing areas must complete picking and packing within 15 minutes to ensure timely delivery [12] - The extended sales hours due to instant retail have led to online sales even during store closing hours, resulting in a backlog of orders to process each morning [14] Group 3: Market Trends - The expansion of instant retail into new categories has sparked enthusiasm among businesses to invest and develop in this area [9][16] - Consumers are increasingly using instant retail for everyday necessities and emergency items, indicating a shift in purchasing behavior [7]

近日，由对外经济贸易大学数字经济与法律创新研究中心、中国人民大学数字经济研究中心联合主办 的"消费升级背景下即时零售的创新、竞争与治理"研讨会在中国人民大学顺利召开。本次会议结合《反 不正当竞争法》修订和"内卷式竞争"的政策背景，汇聚经济学、法学、公共管理等领域专家学者，探讨 即时零售行业的创新、竞争与治理。 本报讯(记者李春莲) 本次研讨会在即时零售的创新、竞争与治理方面进行了深入研讨。首先，即时零售作为技术迭代与市场 需求共振催生的创新业态，其发展不仅突破了传统零售的时空限制，更通过服务半径拓展、算法优化等 实现了行业效率升级，展现出强劲的创新活力与增长潜力；其次，针对行业热议的"内卷式竞争"，需要 反对简单化、标签化解读，强调需回归法律与经济学本质。既要警惕"被迫参与补贴""商品质量下 降""成本转嫁"等具体问题，也要区分正当价格竞争与破坏性竞争的边界，避免将正常市场创新纳入"内 卷"范畴；最后，在治理路径上依托现有法律框架精准规制"低于成本倾销""强制商家压价"等具体行 为，而非对价格竞争进行"一刀切"限制；通过优化补贴方向、平衡多方关系、强化事前风险评估等举 措，推动平台、商家、消费者、骑手实现利益 ...

Core Insights - The major players in the food delivery market are investing heavily in subsidies to attract consumers, with over 100 billion yuan spent to enhance user engagement and address long-standing traffic issues in e-commerce [2][3] - The ultimate goal of these subsidies is to cultivate user habits that lead to increased consumption and advertising revenue, particularly targeting the burgeoning instant retail market, which is projected to be worth trillions [3][4] Group 1: Market Dynamics - The competition among major companies is not merely about gaining market share in food delivery but is part of a broader strategy to secure user attention and spending power [2][3] - E-commerce platforms like Taobao and JD.com struggle with user engagement compared to social media platforms, which have significantly higher daily user interaction times [2] - Instant retail is emerging as a transformative force in consumer behavior, with a growing demand for immediate delivery of products, reshaping the retail landscape [3] Group 2: Financial Implications - The strategy of burning cash to attract users is aimed at achieving scale effects, where increased user numbers lead to better merchant participation and enhanced consumer experience [4] - This cycle can create a positive feedback loop, resulting in a significant "Matthew Effect" where a few dominant players emerge in the market, while others are pushed out [4] - The financial implications for consumers remain minimal, as they continue to benefit from low prices and promotions regardless of which companies survive the competition [4]

Core Viewpoint - The article discusses the intense competition in the food delivery market in China, particularly focusing on the ongoing battle between Meituan, JD.com, and Alibaba, which is reshaping market dynamics and consumer behavior [6][10][19]. Group 1: Market Dynamics - The food delivery market is experiencing a significant shift, with Meituan's market share declining from 70% to a potential 50% due to aggressive competition from JD.com and Alibaba [8][10]. - The overall daily order volume for food delivery and instant retail has increased from 100 million to 250 million orders from January to early August [10]. - The competitive landscape is evolving, with estimates suggesting a new market share distribution of 5:3:2 among Meituan, JD.com, and Alibaba [8]. Group 2: Company Strategies - Meituan is perceived to be in a "passive combat" state, focusing on maintaining its market share while facing pressure from competitors [14][22]. - JD.com is taking a more aggressive approach, viewing the food delivery sector as a long-term investment and not planning to withdraw from the competition [16]. - Alibaba sees the food delivery battle as a strategy to enhance its e-commerce ecosystem, using it to drive traffic to its main platforms [18]. Group 3: Consumer Behavior - The competition has led to changes in consumer habits, particularly among younger users who are increasingly accustomed to online ordering [20][21]. - Restaurant owners express concerns about sustaining growth without platform subsidies, indicating a reliance on these incentives for maintaining order volumes [20][22]. - The article highlights the potential long-term impact on consumer loyalty and behavior, suggesting that the habits formed during this competitive period may be difficult to reverse [21][22].

Investment Rating - The report maintains a "Positive" investment rating for the industry [13] Core Insights - The report highlights the rapid growth of instant retail as a new growth point in the e-commerce sector, driven by the maturity of social fulfillment facilities and changing consumer habits towards convenience [4][7] - Instant retail is expected to achieve a market scale of 780 billion yuan by 2024, with a CAGR of 34% from 2021 to 2024, outpacing traditional retail and e-commerce growth [31] Summary by Sections Review of Instant Retail's History - The current explosion in instant retail is attributed to the maturity of fulfillment infrastructure and the shift in consumer behavior towards convenience, particularly in smaller household sizes and reduced stockpiling needs [8][35] - Platforms like Dingdong Maicai and Meituan have optimized their supply chains and warehousing efficiency, leading to improved profitability [8][39] Growth Potential - Instant retail has significant growth potential, with high-frequency and immediate product attributes allowing for strong category extension, particularly in fresh produce and daily necessities [9][49] - The report anticipates that the penetration of instant retail will expand from high-frequency items to lower-frequency categories like electronics and personal care products [9][49] Efficiency and Profitability - The report emphasizes that operational efficiency will be crucial for platforms to enhance profitability, with two main paths identified: expanding product offerings and optimizing cost structures through lower rental and operational costs [10][70] - The average profit margin for franchise models like Meituan's flash warehouse is projected to reach 5-10% [10] Investment Recommendations - The report suggests three investment directions: platforms with supply and efficiency advantages such as Alibaba and Meituan, leading players in local delivery like SF Express, and brands with strong supply and distribution capabilities like Miniso [11]

Group 1 - The core viewpoint of the report emphasizes that the outcome of competition in the instant retail sector depends on infrastructure in the short term, technological advantages in the medium term, and ecosystem integration in the long term [1] - Instant retail is characterized by an efficient delivery network, with orders placed online and delivered within approximately 30 minutes, primarily covering a radius of 3 kilometers [1] - The business model of instant retail includes self-operated and platform models, and it is more aligned with the online transformation of offline businesses rather than replacing the e-commerce industry [1] Group 2 - Major companies are intensifying their competitive strategies, with Meituan planning to establish its instant retail brand by 2025, leveraging its high-frequency delivery business to drive low-frequency product traffic [2] - Alibaba is upgrading its "hourly delivery" service to Taobao Flash Purchase, indicating a deep activation of existing ecosystem resources and innovative restructuring of its model [2] - JD.com is privatizing Dada and integrating it into its operations, launching JD Seconds to enhance its e-commerce business [2]

Group 1 - The core viewpoint of the report emphasizes that the outcome of competition in the instant retail sector is influenced by infrastructure in the short term, technological advantages in the medium term, and ecosystem integration in the long term [1] - Instant retail is characterized by an efficient delivery network, with online orders delivered within approximately 30 minutes, primarily covering a radius of 3 kilometers [1] - The business model of instant retail includes self-operated and platform models, and it is more aligned with the online transformation of offline businesses rather than replacing the e-commerce sector [1] Group 2 - Major companies are intensifying their competition in the instant retail space, with Meituan planning to establish a standalone instant retail brand by 2025, leveraging its high-frequency delivery business [2] - Alibaba is upgrading its "hourly delivery" service to Taobao Flash Purchase, indicating a deep activation of existing ecosystem resources and innovative restructuring of its model [2] - JD.com is privatizing Dada and integrating it into its operations, launching JD Seconds to capitalize on its impact on the core e-commerce business [2]

Group 1 - Meituan officially launched in Saudi Arabia in September last year, marking its second international expansion [1] - Within a year, Meituan has established a presence in Saudi Arabia and is expanding into other Middle Eastern markets [1][5] - Keeta, a service under Meituan, has entered a new phase of expansion in Saudi Arabia, adding 11 new cities and partnering with nearly 7,500 merchants [3] Group 2 - Keeta's service now covers 20 cities in Saudi Arabia, with over 18,000 additional riders deployed, creating flexible job opportunities [3] - Keeta has achieved approximately 10% market share in Saudi Arabia within five months of entering the market, ranking third [3] - The overall food delivery market in Saudi Arabia is expected to grow by about 23% in GMV in 2024, driven by Keeta's entry [3] Group 3 - Meituan is also testing its supply chain capabilities in Saudi Arabia with the launch of its self-operated retail business, Keemart [4] - The company has a three-year plan to cover the six Gulf Cooperation Council (GCC) countries, including Saudi Arabia, UAE, Qatar, Kuwait, Oman, and Bahrain [6] - Keeta has initiated recruitment for teams and merchants in UAE, Qatar, and Kuwait, with plans to launch services in Kuwait by late 2025 or early 2026 [6] Group 4 - The GCC region, despite a population of less than 60 million, has high GDP per capita and strong consumer purchasing power, making it a digitally advanced market [6][7] - The infrastructure in Gulf cities provides advantages for instant delivery services, with high acceptance rates among local residents [7] - The online food delivery market in the GCC is projected to reach $30 billion by 2028, with an annual growth rate of 15% [8] Group 5 - Meituan's international expansion is not limited to the Middle East; it has also entered Hong Kong, achieving a 44% market share within a year [10] - The company plans to invest $1 billion in Brazil over the next five years as it prepares to enter the Latin American market [10] - Meituan faces challenges in scaling and efficiency as it navigates complex and open markets across Asia, Africa, and Latin America [10]