9月19日上午8点，iPhone 17系列正式开售。郑州一位消费者从淘宝闪购下单星宇橙色新机，到签收只 用了11分钟。什么概念？比他自己换衣服、出门、挤进商场还要快！ 在北京，也有人体验了一把飞速收货。早在预售期，这位消费者就通过美团闪购订了一台白色iPhone 17。现货开售后，才等了十来分钟，骑手就已经送货上门，还享受了500元国补优惠。 以"11分钟送达iPhone"为标志，即时零售市场迎来全面爆发：今年以来，外卖市场日订单从1亿直奔2 亿，峰值接近3亿，月活用户突破5.51亿，同比增长6%。行业增速嗖嗖的，跑得比外卖员的小电驴还 猛。 服务质量也在持续提升。美团新增"现制现炒"信息展示栏，方便消费者选择；淘宝、美团均上线了全新 的会员体系，让用户消费有更多权益回报。 从更宏观的视角看，即时零售的快速渗透，正在促使品牌重新思考渠道策略，一批便利店、商超、3C 专卖店加速拥抱即时零售。"11分钟送达iPhone"可能很快不再是新闻，而是常态。 然而，在享受极致效率的同时，我们也需关注即时零售的"双刃剑"效应。各大平台重金押注的这场硬 仗，短短几个月就烧掉了数百亿元。资本加持下，供应链效率飞起，社会运转加速 ...

近日，澳大利亚维多利亚州现任州长贾辛塔·艾伦议员阁下率团访华。作为行程中的重要一站，贾辛塔· 艾伦议员阁下于9月17日探访了上海新经济企业叮咚买菜的总部及前置仓，同时见证了叮咚买菜"澳洲维 多利亚州美食节"活动的启动。 叮咚买菜创始人兼CEO梁昌霖对贾辛塔·艾伦议员阁下的到访表示热烈欢迎，介绍了公司在农产品食品 研发与制造领域的专业能力，并强调了对澳洲维多利亚州优质商品及供应链开发的高度重视。 "澳大利亚维多利亚州有着得天独厚的农业条件、纯净天然的食材以及世界级的食品安全标准。这些优 势与叮咚买菜致力于为用户提供高品质食品和美好生活的承诺高度契合。"梁昌霖说。 贾辛塔·艾伦议员阁下在访问中，对叮咚买菜的创新模式及其在维州商品开发方面的专业性给予充分肯 定，认为叮咚买菜是维多利亚州美食在中国市场的理想展示平台。 "叮咚买菜把维多利亚州高质量的食品、饮品带进中国市场，中国的消费者通过手机就可以第一时间品 尝到来自维州的最好的产品，同时维多利亚洲的农民、食品生产商也都能从中受益。我为双方紧密的合 作关系感到非常骄傲。"贾辛塔·艾伦议员阁下现场说到。 叮咚买菜澳洲项目负责人胡佳瑱也在交流现场介绍道："目前我们已经将2 ...

在即时零售蓬勃发展的当下，闪电仓凭借 "半小时 - 1 小时送达" 的高效履约模式，成为不少创业者的新 选择。但开一家综合类闪电仓究竟需要多少投资？具体的成本构成是怎样的？对此，刘老实日前调研了 一些头部综合类闪电仓头部品牌，根据他们的实际情况，整理出开一家综合类闪电仓的一般成本结构， 为准备加盟的创业者提供清晰参考。 首先是核心加盟费与保证金，这是初期固定支出。 开闪电仓的首笔固定成本，集中在品牌授权与合作保障类费用，不同模式下金额存在差异，但整体区间 相对明确。 加盟费多为一次性缴纳，常见金额在 3.98 万 - 6.98 万元之间。部分品牌按 "终身授权" 收取，无需后续 年费；也有品牌分年度收取 "品牌使用费"，年费通常 1.2 万 - 1.5 万元，需按年持续支出。 保证金是合作的风险保障费用，一般为 1 万 - 3 万元。多数品牌明确 "合作终止且无履约问题可退还"， 少数未提及退还条件，创业者需提前确认。此外，部分品牌会要求缴纳 "开仓服务费" 或 "上门费"，单 次费用 1 万 - 4 万元，主要用于开业筹备、督导上门等初期支持。 其次，第一批货品采购，这也是开一家闪电仓最大头的流动资金投入。 ...

ab Global Research 15 September 2025 China Internet Sector Quick commerce monthly: Signs of stabilization Our monthly tracker on China's quick commerce sector (including food delivery and InstaShopping) leverages the app traffic statistics from QuestMobile and attempts to identify sector growth trends, competitive dynamics, and the activities of riders and merchants (activeness and overlap). Please see the full report for details. Sector volume: YoY gowth momentum steady into Sep We present the below key tr ...

外卖行业愈加热闹了。 近期，即时零售商朴朴超市低调上线了外卖业务"朴朴厨房"。没有大肆宣传，没有多地铺开，仅在朴朴超市大本营福州的部分附近区域试点开放。 时代财经从接近朴朴超市的相关人士处获悉，目前朴朴厨房仅在很小范围内做测试。 当下，西贝与罗永浩的"骂战"让预制菜陷入争议，"幽灵厨房"的存在也给外卖行业蒙上一层阴影。当餐饮行业经历"至暗时刻"，即时零售巨头盯上了年轻 人的饭盒。 朴朴厨房低调试水 当消费者将朴朴超市定位至"福州市红星商务大厦"后，朴朴厨房业务随即出现在首页宣传页，并在顶部设置了"朴朴厨房（外卖）"的一级入口。 福州市红星商务大厦，也就是朴朴总部所在的办公大楼。有朴朴员工透露，朴朴厨房店面其实就在大楼隔壁。 根据外卖频道页面显示，目前朴朴厨房推出的餐饮品类包括中式快餐、西式快餐、咖啡、奶茶等上百种餐饮商品。几乎都是年轻人日常外卖的高频选 择。"可以解决我的吃饭问题了""以后朴朴厨房就是我的午饭""挺好的一顿工作餐"，餐品评论区不乏类似的评论。 从定价来看，朴朴厨房走的是亲民路线，一份中式米饭套餐大多在13-20元以内，如果是单点主食则可低至个位数，如皮蛋瘦肉粥券后3.9元、虾仁炒饭8.8 元。 ...

Core Insights - JD Qixian is launching a series of high-cost performance private label daily necessities themed around travel, including disposable compressed towels, portable alcohol wipes, and toilet seat covers, to meet consumer demand for convenience and hygiene during the upcoming National Day holiday [1][3] Product Development and Strategy - JD Qixian has established the 17th of each month as "Qixian Brand Day" to regularly offer high-quality private label products and exclusive benefits to consumers [3] - The company has developed over 50 private label products in categories such as paper cleaning, clothing care, and kitchen supplies, reinforcing its commitment to providing "good quality at low prices" [3][5] - The production of these products involves strict control over raw materials and manufacturing processes, with partnerships with industry-standard-setting factories and the use of advanced sterilization techniques [3][5] Consumer Engagement and Market Performance - In August, over one-third of users who purchased JD Qixian's private label products opted for daily necessities, with paper cleaning products seeing a significant sales increase of 257% since January and a 30% rise in user numbers [5] - New food products introduced during the brand day include various health-oriented items, such as fermented milk with Madagascar vanilla and 100% non-concentrated pomegranate juice, reflecting the company's focus on clean ingredients and consumer health [5][7] Marketing and Promotion - On September 17, the brand day featured offline tasting events in multiple stores in Beijing and Tianjin, enhancing consumer engagement and experience [7] - The brand day initiative aims to deepen the connection between JD Qixian and consumers, promoting the idea of "good, fast, and cheap" products and services [9]

Core Insights - The "delivery battle" in Shanghai is intensifying as various companies, from international brands to local supermarkets, compete in the "half-hour delivery" segment, focusing on the "last mile" of urban consumption [1] - With the decline of traffic bonuses and subsidies, industry players are shifting from user acquisition to enhancing internal capabilities, leading to a new phase of competition driven by efficiency and experience [1][8] Industry Dynamics - JD.com is systematically expanding its local life services in Shanghai, leveraging its partnership with Dada Group to create a comprehensive instant service system covering various consumer needs [2][3] - Dada Group has reported continuous profitability for six consecutive quarters, showcasing its ability to differentiate itself in a competitive market [2] - The collaboration between major platforms and local businesses has resulted in a diverse ecosystem, with companies like Dingdong Maicai and Hema innovating to meet consumer demands [3] Model Innovation - International brands are exploring new consumer scenarios through instant retail, with companies like Tmall and Nike integrating their physical stores with delivery platforms to enhance customer experience [4][5] - Philips has successfully integrated its products with festive gifting scenarios, achieving significant sales growth during special occasions [6] Market Growth - The instant retail sector in Shanghai is thriving due to the collaboration of various stakeholders, including international brands, retail giants, and small businesses, contributing to a vibrant industry ecosystem [7] - The Ministry of Commerce's report predicts that the instant retail market will exceed 2 trillion yuan by 2030, indicating robust growth potential [8]

Core Viewpoint - The company reported a significant decline in adjusted net profit and gross margin due to intense competition in the instant retail sector, while new business revenues continue to grow but are impacted by overseas expansion losses [1][2][3] Financial Performance - In Q2 2025, the company achieved revenue of 91.84 billion yuan, a year-over-year increase of 11.7% and a quarter-over-quarter increase of 6.1% [1] - The gross margin was 33.1%, down from 41.2% in the same period last year [2] - Adjusted net profit was 1.49 billion yuan, representing a year-over-year decrease of 89.0% [1][2] - The adjusted profit margin was 1.6%, down 14.9 percentage points year-over-year and 11 percentage points quarter-over-quarter [1][2] Business Segments - Core local business revenue reached 65.35 billion yuan, up 7.7% year-over-year, with delivery revenue at 23.66 billion yuan (up 2.8% year-over-year) and commission revenue at 24.95 billion yuan (up 12.9% year-over-year) [1] - New business revenue was 26.49 billion yuan, a year-over-year increase of 22.8%, but incurred a loss of 1.88 billion yuan due to overseas expansion [1][3] Competitive Landscape - Intense competition in instant retail is squeezing the company's profits, with significant increases in delivery subsidies, rider costs, and user subsidies [2] - The company’s operating profit is under pressure due to the competitive landscape, which is influenced by competitors' strategies [2] Growth Prospects - The company is expanding its new business segments, with strong growth in instant retail and plans for further expansion in both domestic and international markets [3] - The company has established over 50,000 flash warehouses nationwide and is exploring new delivery models [3] Investment Outlook - Revenue forecasts for 2025-2027 have been adjusted to 374 billion, 427.7 billion, and 489.5 billion yuan respectively, with a projected net profit of -10.2 billion, 15.8 billion, and 38.5 billion yuan [3] - The target market capitalization for 2025 is set at 712.9 billion yuan, with a target price of 127.93 HKD [3]

Core Insights - The article highlights the challenges faced by the food delivery industry, particularly the struggle between maintaining customer flow and achieving profitability, leading to a "loss-making for visibility" dilemma for many businesses [1] - It emphasizes the need for a fundamental shift in the competitive logic of the industry from "price competition" to "quality and service competition" to escape the cycle of low prices, low quality, and low profits [1][2] Industry Challenges - A restaurant in Yichang, Hubei, received 4,158 orders in June, generating over 160,000 yuan in revenue, but incurred losses exceeding 10,000 yuan after costs [1] - Consumers may enjoy low prices in the short term, but could face risks such as declining service quality and increased food safety concerns in the long run [1] - Delivery riders are experiencing increased workloads and safety risks due to a surge in orders, despite a rise in average daily income [1] Proposed Solutions - The article suggests that the industry must focus on creating value through quality and service rather than relying on subsidies [2] - Platforms should shift their focus from "subsidy competition" to technological innovation and service quality optimization [1] - Examples include Meituan using AI-driven solutions to enhance operational efficiency for restaurants and JD.com providing social insurance and professional training for delivery riders [1] Future Outlook - A transition towards a high-quality development model is necessary for the food delivery industry and the broader instant retail sector, promoting a sustainable and healthy future [2]

暑期"三国杀"之后，阿里、美团、京东都在近期公布了最新财报，由于外卖补贴费用激增导致的增收不 增利，成为了三家财报的共同特征。来到九月，伴随大量青少年重回校园和暑期消费换挡，外卖业务单 量也在从峰值回归，另一方面，在最新财报发布会上，美团、阿里都表达了对外卖补贴的克制，京东则 在7月推出自营品牌"七鲜小厨"后就再没有进行过进攻性的表态，9月9日市场监管总局也表示，要杜绝 不正当竞争，抵制恶性补贴，推动行业规范有序发展。 那么，外卖行业本轮大战是否已经结束？回过头来，京东为什么要发起这轮外卖大战，阿里为何在后半 场突然加力，美团又是如何奋力守住自家领土的？打来打去，各家争夺的到底又是什么？ 尔要战，便战 "尔要战，便战"，是2017年美团深入滴滴腹地掀起打车战时程维的回应。风水轮流转，2025年京东发起 新的外卖抢位赛时，却成了美团的映照。无论是打车还是外卖，具有网络效应的行业市场份额都会受 到"721定律"的影响，无论是第一第二位置的调换，还是有企业从10%的水下冲杀出来抢夺第二的位 置，都意味着巨大的市场空间轮换，所以只要一方开战，其他各方就一定要迎战。 只不过外卖市场已经很大程度上是存量市场，虽然借助低价 ...