Core Insights - Meituan's preferential service has suddenly suspended operations in certain regions, indicating a strategic shift rather than a complete shutdown [1][2][4] - The company aims to leverage its existing supply chain and logistics network to explore new retail models, particularly focusing on instant retail and community retail [4][5] Group 1: Service Suspension - Meituan's preferential service was unexpectedly halted on June 23, with a notice indicating a "partial business adjustment" [1] - The service suspension affected multiple regions, leading to confusion among users and suppliers [2] - Meituan representatives clarified that the service is not entirely closed but is part of a strategic transformation [2][4] Group 2: Strategic Shift - The company plans to expand its instant retail operations and enhance its small elephant supermarket initiative, aiming for a strategic upgrade of Meituan's preferential service [4] - Meituan will utilize its established supply chain and distribution network to explore a "next-day delivery + self-pickup" model, focusing on fresh food and grocery supply chains [4] - The shift towards instant retail is seen as a response to the competitive landscape, where companies like JD, Taobao, and others are also entering the instant retail space [4][5] Group 3: Industry Context - The community group buying sector has faced significant challenges, with many companies either shutting down or pivoting their business models [5] - Meituan's preferential service is adjusting its pricing strategy to improve profitability while reducing subsidies and focusing on core competencies [5] - Competitors like Duoduo Maicai are also adapting by introducing instant delivery options, indicating a broader trend in the industry towards more efficient delivery models [5]

实际上，美团优选转型或有先兆。6月23日上午，美团发布消息称，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，为美团用户提供更具质价比的商品。 6月23日，#美团反内卷优选转型##美团优选关闭#等话题冲上微博热搜。 消息称，多地网友在社交媒体上晒出美团优选页面弹出的业务调整通知消息，消息称"由于局部业务调整，您所在的区域自6月23日起将暂停接单"。根据 社交媒体上流传的通知，美团优选业务调整，近期会退出部分亏损地区，广东、福建、浙江等地保持正常运营。 此后，美团回应称，美团优选在转型升级，并进行局部业务调整，不存在部门解散的情况。 "即时零售比拼激烈，美团需要集中资源。"网经社电子商务研究中心生活服务电商分析师陈礼腾对证券时报·e公司记者表示，美团优选近期战略调整呈现 业务聚焦与效率提升并举的特点。通过退出非核心亏损区域，集中资源深耕广东、浙江等优势市场，其"次日达+自提"模式得以在供应链及仓配网络支撑 下实现更精准运营。这样既保留核心业务竞争力，又避免盲目扩张带来的持续失血，符合社区团购行业回归盈利本质的整体趋势。 ...

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].

Group 1 - JD announced a daily order volume exceeding 25 million during the "618" shopping festival, while Alibaba reported over 60 million daily orders for Taobao Flash Purchase in less than two months [1][5] - Retail orders have increased by 179% year-on-year, with an on-time delivery rate of 96% [1] - Meituan's 2023 annual report indicated an average daily order volume of approximately 53 million for its food delivery service [5] Group 2 - The competitive landscape of China's food delivery market is stabilizing, with Meituan and Ele.me holding a combined market share of 98% by 2024, where Meituan leads with 65% and Ele.me follows with 33% [8] - JD officially entered the food delivery market in early 2025, launching initiatives to recruit quality dining merchants and offering substantial subsidies [8] - The battle for market share has intensified among Alibaba, Meituan, and JD, with Alibaba integrating Ele.me and Fliggy into its China e-commerce business group [5][8] Group 3 - The upgraded Taobao Flash Purchase integrates offerings from Ele.me, Hema, and existing retail supplies, providing a unified entry point within the Taobao app [9] - As of May 5, Ele.me reported over 10 million daily orders from Taobao Flash Purchase just six days after its launch [9] - The competition has shifted from traditional food delivery to encompass a broader range of instant retail services, including fresh produce and daily necessities, with a projected market size exceeding 1 trillion yuan by 2025 [9]

Core Viewpoint - The 2025 "618" shopping festival saw significant growth in sales across various e-commerce platforms, with a notable increase in consumer engagement and brand performance, driven by promotional activities and government subsidies [3][4][5][6][8]. Group 1: Overall Sales Performance - Comprehensive e-commerce platforms achieved a total sales volume of 855.6 billion yuan during the 2025 "618" event, marking a year-on-year growth of 15.2% compared to the previous year [3]. - Instant retail sales reached 29.6 billion yuan, reflecting an 18.7% increase year-on-year, while community group buying sales declined by 9.1% to 12.6 billion yuan [3]. Group 2: Brand Performance and Consumer Engagement - During the 2025 "618" event, 453 brands on Tmall achieved sales exceeding 100 million yuan, a 24% increase from the previous year, with brands like Apple, Midea, Haier, and Xiaomi surpassing 1 billion yuan in sales [4]. - Tmall's user engagement improved, with a double-digit growth in active users and the number of high-net-worth 88VIP members exceeding 50 million, representing a 15% year-on-year increase [4]. Group 3: Competitive Landscape - JD Group reported over 100% growth in overall order numbers during the 2025 "618" event, with more than 2.2 billion orders placed across its online and offline businesses [5]. - JD's fresh food delivery service surpassed 25 million daily orders, covering 350 cities, while its new store format, Seven Fresh Food Mall, became the first in China to implement 100% live kitchen streaming [5]. Group 4: Promotional Strategies and Market Response - Pinduoduo leveraged multiple promotional strategies, including "billion-dollar support" and "super double subsidies," resulting in significant sales growth across various categories during the 2025 "618" event [6][7]. - The platform's government-subsidized products saw a 177% increase in sales compared to previous periods, indicating a strong market response to subsidy initiatives [7]. Group 5: Instant Retail and Consumer Experience - Instant retail gained traction during the 2025 "618" event, with major players like Meituan, Alibaba, and JD incorporating instant retail into their promotional strategies, leading to over 100 million orders on Meituan [8]. - The simplification of promotional rules and the introduction of large, no-threshold coupons improved consumer experience, contributing to the overall positive performance of the e-commerce sector [8].

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 ...