Core Viewpoint - The rise of instant retail is becoming a significant trend in the retail industry, with major e-commerce platforms like JD.com and Alibaba's Taobao actively participating in this space during the 618 shopping festival, while Pinduoduo has yet to announce its entry [2][3][4]. Group 1: Instant Retail as a New Trend - Instant retail is recognized as the next major trend in retail development, emerging as a response to the saturation of traditional e-commerce and increasing customer acquisition costs [2]. - The scale of instant retail in China reached 650 billion yuan in 2023, with a year-on-year growth rate of 29%, and is expected to exceed 2 trillion yuan by 2030 [2]. - The shift towards instant retail is seen as a way to redefine retail boundaries and leverage local supply capabilities [2]. Group 2: Pinduoduo's Strategic Positioning - Pinduoduo has initiated a "100 billion support" program for merchants, indicating a strategic shift and awareness of the importance of instant retail [4]. - The current stage of instant retail development is reminiscent of Pinduoduo's early days in e-commerce, suggesting potential alignment with its growth strategy [4]. - Despite the potential, Pinduoduo has not yet officially entered the instant retail market, possibly due to challenges in establishing a delivery team [6][8]. Group 3: Market Dynamics and Opportunities - The potential for instant retail in lower-tier markets is significant, with government initiatives promoting the development of modern rural service industries [5]. - The user base for instant logistics in China is projected to reach 799 million by 2024, with a growth rate of 9.1%, and is expected to surpass 1 billion by 2030 [5]. - The trend of instant retail mirrors the earlier e-commerce penetration into lower-tier markets, suggesting a similar opportunity for Pinduoduo [6]. Group 4: Economic Context and Entrepreneurial Leadership - The recovery of the real economy is a key theme in China's economic landscape, with consumer spending playing a foundational role in GDP growth [15]. - The return of influential entrepreneurs like Liu Qiangdong is seen as a boost to consumer confidence and market dynamics [21]. - The need for strong leadership from entrepreneurs like Huang Zheng of Pinduoduo is emphasized, particularly in navigating the current economic challenges [22][23].

Financial Summary - Meituan's total revenue for Q1 FY25 was RMB 866 million, showing a year-over-year growth of 18.1% [1] - Gross profits reached RMB 324 million, with a gross profit margin (GPM) of 37.4% [1] - Operating profits were RMB 106 million, with an operating profit margin (OPM) of 12.2% [1] - Adjusted net profits for Q1 FY25 were RMB 97 million, reflecting a net profit margin (NPM) of 11.4% [1] Business Segments - Local commerce revenue was RMB 634 million, with a year-over-year growth of 17.8% [1] - Delivery service revenue was RMB 251 million, showing a year-over-year increase of 22.1% [1] - Commission revenue was RMB 241 million, with a year-over-year growth of 20.1% [1] - Marketing service revenue was RMB 119 million, reflecting a year-over-year increase of 15.1% [1] Strategic Initiatives - The company plans to invest RMB 100 billion over the next three years to enhance supply chain upgrades, merchant digital transformation, and stimulate consumer demand [2] - Meituan has launched "Meituan Flash Purchase" and "Meituan Little Elephant" brands for 30-minute delivery of daily necessities, collaborating with millions of retailers and brands [2] - The company is focusing on improving its membership system across various services, allowing users to accumulate points for benefits [5] Competitive Landscape - The management noted that high-intensity subsidies in the industry have stimulated demand for certain categories, particularly beverages, while maintaining stable growth in other food categories [6] - Meituan's established delivery network and system stability have helped it maintain order volume despite competitive pressures, enhancing user loyalty [8] - The company recognizes that some competitors' subsidy strategies may lead to unsustainable practices and lower service quality [7]

Core Viewpoint - Despite short-term fluctuations in financial performance, many investors remain optimistic about Meituan's long-term prospects [1][5]. Financial Performance Summary - In Q1, Meituan reported revenue of 86.6 billion yuan, reflecting a year-on-year growth of 18.1% [2][4]. - Core local commerce revenue grew by 17.8% to 64.3 billion yuan, accounting for 74.25% of total revenue [4]. - Innovative businesses, including Xiaoxiang Supermarket and overseas operations, saw a 19.2% increase in revenue to 22.2 billion yuan [4]. - New business losses narrowed by 17.5% to 2.3 billion yuan, with an improved loss rate of 10.2% [4]. - Overall net profit surged by 87.3% year-on-year to 10.059 billion yuan, influenced by fair value changes in financial investments [4]. Market Competition and Strategy - Meituan's management anticipates short-term volatility due to intensified competition, particularly from JD's food delivery services [2][7]. - CEO Wang Xing emphasized that low-quality, low-price competition is unsustainable and that Meituan will take necessary measures to maintain market share [7][8]. - The company is strategically increasing targeted subsidies in response to competitive pressures, despite not broadly ramping up subsidies [8][9]. International Expansion - Meituan's overseas business is progressing steadily, with significant investments planned in Brazil, amounting to 1 billion USD over five years [8][9]. - The company has achieved good progress in Saudi Arabia, covering all cities with populations over one million and plans to expand further [9][10]. - Management asserts that Meituan is on a path to becoming a global company, but is not rushing the process [9][10].

美团入局，或许是今年618的一大变量。 过去几年略显沉寂的 " 618 " ，终于有了新看点 。 2025 年 5 月 27 日，美团正式宣布参与今年的 618 活动。美团来了，这个原本属于电商大促的节日也热闹了起来。 走过近20年， 618 早已成为平台、商家与消费者们的"习惯"。只是，更长的大促周期、变幻莫测的补贴机制、烦了又烦的预售，无不在考验大众 的耐心与积极性。社交媒体上，不乏"谁还在乎 618 "" 618 开始了吗"的疑惑迷茫与审美疲劳，这个行至中场的节日，从未像今天一般需要新活 力。 从平台视角看，过去几年，新玩家们入局 618 的新鲜点在于，货架电商与内容电商的相互渗透。如今，万物"半小时达"的美团入局，则在另一种 维度上创造了 一个属于即时零售的 "新 场景 "——它不止 可能 重构 618 ，也 将 全方位重构着 消费者的日常购物习惯 。 美团的即时零售模式，是 品牌 供给与外卖配送网络的结合，也注定了它 "更快"。有媒体对此形容道，"消费者现在可以像订一碗面条一样，轻松 地在线订购一部 iPhone ，并在半小时内送货上门。如果一切都能这么快，何必等上几天呢？" "用外卖买一切"的逻辑 ...

Group 1 - The 618 shopping festival has expanded from traditional e-commerce to instant retail, with Meituan's flash purchase participating as an independent brand for the first time in 2025 [1] - Meituan's CFO revealed that the 618 event will officially start on May 28, 2025, indicating a higher level of importance placed on this year's participation compared to previous years [1][2] - Meituan's flash purchase business showed strong growth in Q1 2025, with non-food instant delivery order volume increasing by over 60% [1] Group 2 - As of Q1 2025, Meituan's flash purchase has reached over 500 million cumulative transaction users, with 90% of users being from the post-90s generation [2] - The daily order volume for Meituan's non-food instant retail has surpassed 18 million, while Taobao's flash purchase and Ele.me reported over 40 million daily orders, with non-tea drinks accounting for 75% of the orders [2] - JD's CEO announced that the daily order volume for JD's food delivery is nearing 20 million, highlighting the significant impact of food delivery on the platform [3] Group 3 - Meituan's core local business revenue grew by 18% to 643 billion RMB in Q1 2025, with operating profit increasing by 39.1% year-on-year [3] - Meituan's CEO acknowledged the intensified competition in the food delivery market, predicting short-term fluctuations in performance but emphasizing the long-term growth potential of local life services [3][4] - The competition in the industry is seen as a driver for development, but the CEO warned against unsustainable low-quality competition, stressing the need for platforms to balance the interests of consumers, merchants, and delivery personnel for sustainable growth [4]

Core Viewpoint - The CEO of Meituan, Wang Xing, stated that the Chinese food delivery industry has entered a new development stage, emphasizing that competition should return to the essence of business rather than relying on aggressive subsidies [2][3][4] Group 1: Industry Competition - Wang Xing welcomed new players in the food delivery and instant retail markets, believing that competition will drive industry development, but warned that the current "involution" competition based on high subsidies is unsustainable in the long term [3][4] - Meituan's recent performance showed a strong growth in beverage orders, particularly for price-sensitive items like milk tea and coffee, despite increased competition leading to issues for other platforms [3][4] - The company plans to increase investments while adhering to fair competition principles, despite anticipating fluctuations in financial performance due to ongoing high subsidy levels from competitors [4] Group 2: Financial Performance - Meituan reported a total revenue of 86.6 billion yuan for Q1 2025, a year-on-year increase of 18.1%, with profits reaching 10.1 billion yuan, up 87.3% from the same period in 2024 [2] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46.2% increase compared to 7.5 billion yuan in Q4 2024 [2] Group 3: International Expansion - Meituan's delivery service, Keeta, has successfully entered the Brazilian market with a commitment to invest 1 billion USD over the next five years, while also expanding its operations in Saudi Arabia [5] - Keeta has become a leading food delivery service in Hong Kong and has covered all major cities in Saudi Arabia, indicating strong growth potential in international markets [5] Group 4: AI Development - The company is increasing investments in AI and recruiting top talent to enhance its capabilities, with recent upgrades to its large model allowing for flexible switching between thinking and non-thinking modes [6] - Approximately 52% of new code generated weekly is now produced by AI, with a goal of having 100% of engineers using AI coding tools [6] Group 5: Rider Welfare Initiatives - Meituan has launched a pilot pension insurance program for riders in Nantong and Quanzhou, covering all riders in these cities, and previously implemented a pilot for occupational injury insurance [7] - The pension insurance plan is tailored to the flexible nature of riders' work, offering subsidies for eligible riders and aiming to expand the program to more cities this year [7]

2025.05. 26 本文字数：1060，阅读时长大约2分钟 作者 | 第一财 经 陆涵之 5月26日，美团(股票代码:3690.HK)发布2025年第一季度业绩报告，公司季度营收达866亿元，同比 增长18%。 美团表示，在2025年第一季度，美团闪购非食品品类的订单增长超过60%，同时美团成功引入了苏 泊尔、美的等知名品牌。 此外，陈少晖还在会上预告了美团今年的618大促安排，他表示："为了更好满足消费者在即时零售 平台购物的需求，美团外卖和美团闪购将联合众多餐饮品牌及零售品牌开启618促销活动，向消费者 提供更优惠的商品和外卖。"据第一财经了解，美团618将于5月28日正式开始。 微信编辑 | 小羊 此外，美团还观察到消费者在其他平台上的体验并不理想，有时会出现系统宕机和送货延迟等问题， 退款率较高。 美团后续计划协助中小商家获得更多客户并不断提升收入，同时帮助品牌餐厅进行更多创新以及优化 当前的商业模式，例如品牌卫星店就是一种非常好的模式。基于种种因素，美团对保持在行业中长期 的领导者地位充满信心。 5月12日，美团宣布在未来几个月内将旗下外卖服务Keeta引入巴西，并计划5年内在巴西投入10亿 美 ...

Core Insights - The CEO of Meituan, Wang Xing, emphasized that market competition fosters industry development, particularly in the instant retail sector represented by flash sales, but cautioned that low-quality, low-price "involution" competition is unsustainable in the long run [1] - Wang acknowledged recent aggressive competition in the food delivery sector, driven by subsidies from new platforms, but expressed confidence that Meituan can prevail, having successfully navigated similar challenges in the past [1] - The company aims to innovate and enhance the quality of the industry, advocating for a shift away from aggressive subsidy-driven competition towards a more mature and rational market focused on quality and service [1] Financial Performance - Meituan reported a robust quarterly revenue of 86.6 billion yuan, marking an 18% year-on-year growth [1] - The company invested 5.8 billion yuan in research and development during the quarter, with both annual transaction users and active merchants reaching new highs [1]

Core Insights - Meituan reported strong growth in Q1 2025, with total revenue reaching 86.6 billion RMB, a year-on-year increase of 18.1%, and operating profit rising by 102.8% [1][16] - CEO Wang Xing emphasized the company's commitment to winning competition, particularly against JD's subsidy initiatives, and acknowledged the potential for irrational competition in the industry [2][22] - The company plans to invest 100 billion RMB over the next three years to support merchant growth and improve supply quality [35][36] Financial Performance - Total revenue for Q1 2025 was 86.6 billion RMB, with a gross profit margin improvement due to enhanced operational leverage [16] - Adjusted net profit reached 10.9 billion RMB, with cash and cash equivalents totaling 180.4 billion RMB as of March 31, 2025 [16] - The core local business segment generated 64.3 billion RMB in revenue, with a year-on-year growth of 17.8% [19] Business Strategy - Meituan is focusing on enhancing its core local business and expanding its instant retail segment, with significant growth in the flash purchase service [18][30] - The company has introduced a new brand for its instant retail service, targeting younger consumers and aiming for a seamless shopping experience [10][32] - Meituan is actively promoting new supply formats and supporting small and medium-sized merchants through various initiatives [7][36] Market Competition - The company is facing increased competition from JD's aggressive subsidy strategy, but remains confident in its market position and operational capabilities [22][24] - Meituan's strategy includes maintaining a diverse supply chain and enhancing service quality to attract and retain customers [23][25] - The company anticipates fluctuations in short-term financial results due to competitive pressures but is focused on long-term growth potential [26][27] AI Development - Meituan is advancing its AI capabilities, with plans to launch a business decision assistant in June and a significant portion of its code being generated by AI [4][46] - The company is investing in AI talent and infrastructure to enhance its operational efficiency and product offerings [4][46] Social Responsibility - Meituan has implemented a rider pension insurance pilot program and has provided 1.5 billion RMB in insurance coverage for nearly 7 million riders [3][38] - The company is committed to improving the working conditions and benefits for its riders, including cash subsidies and educational support [9][39]

每经记者｜陈婷 赵雯琪 每经实习编辑｜余婷婷 淘宝闪购"攻势"正猛。 5月26日，淘宝闪购联合饿了么官方宣布，日订单数已超4000万单。数据显示，淘宝闪购非茶饮订单占比达75%，非餐品类订单增长远超预期，订单准 时率达97%。 同日，美团在最新发布的2025年一季报中提及，截至3月底，美团闪购累计交易用户数超5亿，以90后的年轻消费者为主。当前，美团非餐饮品类即时 零售日单量已突破1800万单。 淘宝闪购自5月2日全量上线，联动饿了么的供给和履约能力，形成了阿里即时零售一张大网。此前，《每日经济新闻》记者获悉，截至5月5日20时28 分，淘宝闪购当日订单已突破1000万单。 与此同时，京东外卖也在"极速前进"之中。此前京东披露的官方数据显示，京东外卖上线75天后，日订单量在5月14日突破了2000万单。值得一提的 是，京东一季报显示，包含达达、外卖业务、京喜等在内的新业务成为了京东一季度增长最快的分部业务，同比增长达18.1%。 从各方数据来看，这场最早由"外卖大战"引发的"三国杀"，正式升级为即时零售"三国杀"，非餐品类已经成为了争夺战的新焦点。 "中国外卖行业已经进入新的发展阶段"，5月26日晚，在美团财 ...