Core Insights - The article highlights significant changes in the consumer market in 2025, emphasizing the emergence of new consumption patterns and the evolution of various sectors within the industry [2]. Instant Retail - Instant retail is recognized as the "explosion year" in 2025, expanding beyond food delivery to encompass a wide range of products [3]. - Major players like JD.com and Alibaba have entered the market, leading to intense competition and a subsidy war among platforms [4]. - The industry is shifting towards a more sustainable model, focusing on long-term ecological coexistence rather than short-term gains [4]. Emotional Consumption - Emotional consumption has become a key trend, driven by the desire for psychological comfort and social recognition among consumers [5]. - The market for emotional consumption in China reached 2.3 trillion yuan in 2024, with projections to exceed 4.5 trillion yuan by 2029 [5]. - Various segments, including healing products and immersive experiences, are gaining popularity, reflecting a shift in consumer preferences [6]. Reverse Tourism - There is a notable increase in tourism orders in county-level areas, with local entrepreneurs capitalizing on unique cultural experiences [7]. - The focus has shifted from traditional sightseeing to immersive local experiences, appealing to younger demographics [7]. Consumption Downward - Lower-tier cities are experiencing a surge in consumer activity, with significant growth in orders during events like Double 11 [8]. - Brands are increasingly targeting these markets, with local players gaining traction through culturally resonant products [8]. Hard Discounts - The hard discount retail sector is expanding, challenging the perception that low prices equate to low quality [11]. - Major internet companies are driving this trend, with new store formats and streamlined supply chains enhancing efficiency [11]. Light Health - Health-conscious products are becoming popular among younger consumers, with a focus on convenience and effectiveness [13]. - The market is evolving to include innovative health products that cater to the busy lifestyles of young professionals [14]. Circular Economy - The circular economy is gaining traction, with a shift in consumer attitudes towards second-hand goods and sustainability [16]. - Platforms like Xianyu and Zhuanzhuan are adapting their strategies to enhance trust and user experience in the second-hand market [17]. Pet Economy - The pet economy is experiencing rapid growth, with a market size exceeding 811.4 billion yuan and a 25.4% annual growth rate [18]. - There is a diversification of products and services catering to pet owners, reflecting a shift towards more personalized and premium offerings [18]. Value Export - Chinese brands are increasingly focusing on global markets, leveraging cultural resonance and operational efficiency to build brand loyalty [19]. - The strategy of value export is reshaping perceptions of "Made in China" and driving foreign trade growth [19]. Prepared Dishes - The prepared dishes industry is moving towards standardization and innovation, addressing consumer trust issues through transparency [20]. - Technological advancements in preservation and quality control are enhancing product offerings in this sector [20].

Core Insights - Hema achieved a significant milestone in 2025 by surpassing a GMV of 75 billion yuan and turning its adjusted EBITA positive for the first time, ending a seven-year loss streak and becoming the first self-operated instant retail platform to achieve scalable profitability [1][13][17] - The company's transformation from "trial and error" to "strategic focus" is evident in its dual business model of "Hema Fresh" and "Super Box" combined with a multi-layered retail network [1][2] Business Model and Strategy - Hema's dual business strategy allows for comprehensive coverage of "all customer groups + all scenarios," with Hema Fresh targeting the mid-to-high-end market and Super Box focusing on community discount retail [3][8] - The company opened 72 new stores in 2025, bringing the total to over 420 across more than 50 cities, with membership exceeding 40 million [1][3] Operational Efficiency - The reintroduction of the front warehouse business is integrated into a "1 store + N warehouses" ecosystem, enhancing delivery efficiency with 89% of orders delivered within 30 minutes [4][5] - Hema's operational costs have decreased by 18%, and inventory turnover days have been reduced to 28 days, laying a solid foundation for profitability [4][13] Product Innovation - Hema's self-owned brand accounted for 35% of sales in 2025, with the "Hema MAX" brand achieving a gross margin exceeding 40%, driving profit growth [8][9] - The company has successfully launched products tailored to consumer needs, such as "30-minute ready-to-cook meals" and "low-calorie light meals," which have seen high sales and repeat purchase rates [9][10] Market Position and Growth Potential - Hema's market value has doubled from 40 billion yuan in 2024 to 80 billion yuan in 2025, with a PE ratio of 35 times, indicating strong market recognition [14][18] - The company plans to open nearly 100 new Hema Fresh stores in 2026, expanding into over 50 new cities, and aims to invest 2 billion yuan in developing retail AI models [17][18]

Core Insights - Hema has reported a revenue growth of over 40% year-on-year for the fiscal year 2025, marking a significant achievement in its first year of implementing the "dual-wheel drive" strategy [2][5] - The company achieved adjusted EBITA profitability for the first time in fiscal year 2025, with monthly profitability throughout the year [2][5] - Hema's GMV reached 75 billion yuan in the fiscal year 2025, indicating strong market performance [2] Business Strategy - Hema is focusing on two core business models: Hema Fresh and Super Hema NB, aiming to leverage their complementary advantages [2][5] - In 2025, Hema Fresh expanded into 40 new cities, while Super Hema NB opened over 200 new stores, reflecting a strategic push for growth [5][7] - The expansion into non-first-tier cities is a response to structural changes in the Chinese economy, with emerging cities becoming increasingly important for growth [5][7] Product Development - Hema emphasizes product strength as its core competitive advantage, developing a range of proprietary brands and innovative products [8][9] - The company is actively exploring new consumer trends, particularly in the health sector, by launching health-focused products and collaborating with established brands [9][10] - Hema has established a robust supply chain network, including eight supply chain centers and over 300 direct sourcing bases, enhancing its ability to deliver fresh products efficiently [9][10]

Investment Rating - The report recommends investment in Alibaba, Meituan, Pinduoduo, and JD.com, indicating a positive outlook for these companies in the e-commerce sector [4]. Core Insights - Online consumption continues to grow steadily, with a total retail sales of 45.6 trillion yuan in the first 11 months of 2025, reflecting a year-on-year increase of 4.0%. The online retail sales reached 14.5 trillion yuan, up 9.1% year-on-year, with physical goods online retail sales growing by 5.7% to 11.8 trillion yuan, resulting in a penetration rate increase of 0.42 percentage points to 25.9% [1][12]. - The impact of the "old-for-new" policy from the previous year is starting to show, leading to a high base effect that is affecting growth rates. The express delivery business volume reached 180.74 billion pieces, a year-on-year increase of 14.9%, but this growth is slowing compared to the previous half of the year [1][12]. - The competition in the instant retail sector has peaked, with platforms shifting their strategies towards differentiation to improve user experience (UE). The report notes that the industry is entering a new phase of competition, focusing on quality and efficiency rather than just price competition [3][47]. Summary by Sections 1. Online Consumption and Retail Performance - Online consumption remains robust, with significant growth in penetration rates. The high base effect from last year's policies is now impacting growth rates, leading to a slowdown in the growth of express delivery and online retail sales [1][12]. - Major platforms are adjusting their strategies in response to the high base effect, with JD.com experiencing a notable decrease in GMV growth rates in Q3 [1][17]. 2. AI Investment and Development - The AI sector is witnessing intensified competition, with major internet companies launching numerous updates and iterations of AI models. The focus is shifting from broad capabilities to specialized strengths, enhancing user experience and application in consumer-facing products [3][34]. - Alibaba's cloud business is accelerating, with AI-related product revenues achieving triple-digit year-on-year growth for nine consecutive quarters, indicating a successful transition from technology investment to value realization [3][34]. 3. Instant Retail Sector Dynamics - The instant retail sector has seen a peak in competition, with platforms initially investing heavily to capture market share. However, as the market stabilizes, strategies are shifting towards differentiation and quality improvement [3][47]. - The report highlights that platforms like Meituan and Taobao are focusing on enhancing user experience and profitability, moving away from aggressive subsidy strategies [3][47]. 4. Performance of Major E-commerce Platforms - Alibaba's core business revenue growth remains strong, while Meituan's local business is under pressure. JD.com and Pinduoduo are expected to see profit recovery in the upcoming quarters, driven by strategic investments and operational efficiencies [3][4]. - The report notes that the profitability of platforms is becoming increasingly differentiated, with expectations for Alibaba and Meituan to see profit recovery soon [4].

Group 1 - The core viewpoint emphasizes the need to stimulate consumer vitality in Chengdu by exploring new growth points in cultural tourism and sports, while enhancing traditional consumption and expanding new consumption [1][2] - Chengdu's economic work meeting highlighted the importance of continuously expanding effective demand and exploring new spaces for domestic demand growth as a key task for 2026 [1] - The city plans to implement a special action to boost consumption, including initiatives like trade-in programs for consumer goods and enhancing service quality in sectors such as dining and housekeeping [1][2] Group 2 - The Chengdu Retail Association is focused on driving innovation in commercial products, new business formats, and consumer scenarios, with plans to launch a new list of consumer scenarios by 2026 [2] - The "Rongqi Rongpin Going Global" initiative has shown positive results, with Chengdu's foreign trade reaching 775 billion yuan, accounting for 82.9% of the province's total foreign trade value [2] - The city aims to strengthen its overseas service platforms and expand into markets along the Belt and Road, while providing tailored support for foreign trade enterprises [2]

中国商报（记者 蒋永霞）"周末到公园玩，用无人机外卖叫了寿司，体验好棒，真的是躺在草坪上就能原地吃午饭。"北京消费者王女士在社交平台分享的 这段经历，不仅引来众多点赞，也刷新了她对即时履约的认知。这一幕，正是2025年中国即时零售行业转型变革的生动缩影。 2025年，随着京东、淘宝等电商巨头高调入局，外卖市场一度陷入"百亿补贴"混战；随后监管重拳及时出手，推动行业迅速踩下"内卷"刹车，一场从"拼价 格"到"拼体验"的理性竞争新纪元已然开启。 巨头入局引爆"补贴大战" 2025年，京东、淘宝等电商巨头强势入局，彻底搅动外卖格局。京东正式上线外卖业务，主打"品质堂食+百亿补贴"；阿里巴巴将"小时达"升级为"淘宝闪 购"，很快实现全国覆盖；美团则加速防御，市场由此形成"三足鼎立"的激烈竞争态势。 为争夺有限的用户心智与商户资源，各平台纷纷祭出高额补贴策略："0元购""满减神券""免配送费"等营销手段层出不穷。消费者短期内享受到了低价红 利，外卖订单量激增。 阿里巴巴2026财年第二季度财报显示，其即时零售业务收入同比增长60%，单位经济效益（UE）自9月以来显著改善，用户留存率提升，平均订单价格提 高，业务规模持续 ...

Group 1 - The global economy in 2025 is characterized by a mix of challenges and opportunities, with a complex interplay of growth and risks [2] - For China, 2025 marks the end of the "14th Five-Year Plan" and the beginning of the "15th Five-Year Plan," highlighting significant economic developments and strategic planning [3] Group 2 - The meeting between Chinese President Xi Jinping and U.S. President Trump in Busan aims to stabilize U.S.-China relations and enhance cooperation in trade and energy [9] - The "15th Five-Year Plan" proposal emphasizes building a modern industrial system and strengthening the foundation of the real economy, focusing on four key tasks [10] - The implementation of the Private Economy Promotion Law marks a significant legal recognition of the private sector, aiming to support sustainable and high-quality development [11] Group 3 - The Shanghai Composite Index surpassing 4000 points is seen as a significant indicator of market confidence and the effectiveness of policy reforms [12] - The global success of the animated film "Nezha 2" reflects the growing influence of Chinese cultural products and the strength of domestic intellectual property [13] - Intense competition in the instant retail sector among major players like JD, Meituan, and Alibaba is expected to drive the market size to approximately 971.4 billion yuan in 2025 [14] Group 4 - The full closure of Hainan Free Trade Port represents a major step in China's commitment to high-level opening-up and innovative policy frameworks [15] - The AI competition is leading to significant changes in supply chains and energy demands, with a notable increase in corporate debt related to AI investments [16] - The U.S. Federal Reserve's interest rate cuts have resulted in a significant depreciation of the dollar, with the offshore yuan appreciating against it [17] Group 5 - Precious metals like gold and silver have reached historic highs, driven by investor demand for safe-haven assets amid economic uncertainties [18] - The overall economic landscape in 2025 reflects a shift in China's development strategy towards high-quality growth, emphasizing technological independence and green energy [24] - The global perception of China is evolving, with the country transitioning from an industrial exporter to a creator of cultural symbols and values [23]

Core Viewpoint - The trend of socialized employment is expanding, driven by macroeconomic fluctuations, labor shortages, and rising costs, particularly in manufacturing and retail sectors, which are the most receptive to this model [1][2][6]. Group 1: Concept and Environment - Socialized employment refers to various forms of employment outside standard labor relations, including outsourcing, labor dispatch, hourly pay, platform-based flexible employment, and shared employment [1][3]. - The macroeconomic environment is characterized by a decline in the working-age population, leading to dual pressures of labor shortages and rising costs for enterprises [1][16]. - The retail sector utilizes a mix of outsourcing, hourly pay, and platform-based flexible employment to adapt to sales fluctuations and market demands, with high employee turnover being a core pain point [1][29]. Group 2: Trends and Policy - The scale of socialized employment continues to grow, with supportive policies expected to improve further [2][9]. - Socialized employment is becoming a standard for enterprises, with human resource service providers upgrading towards specialization and digitalization [2][9]. - The relationship between individuals and organizations is shifting from dependency to symbiosis, requiring a more diverse skill set from individuals [2]. Group 3: Macro Environment - The digital economy is projected to reach 63.2 trillion yuan by 2024, accounting for 46.8% of GDP, driving high-quality economic development and transforming the employment market [6]. - National policies have been introduced to encourage the development of socialized employment, pushing enterprises to balance efficiency and risk management [9]. Group 4: Industry Penetration - As of 2024, over 240 million flexible employment individuals exist in China, with socialized employment penetrating various industries deeply and qualitatively [19]. - Business outsourcing has a penetration rate exceeding 50%, while labor dispatch accounts for 20%-30%, and platform-based employment is below 20%, indicating a diverse employment landscape [19]. Group 5: Micro Environment - External competition and internal management demands are driving enterprises to adopt socialized employment strategies, allowing for agile organizational structures and flexible cost control [23]. - Socialized employment effectively balances the need for cost efficiency in enterprises with the personal development needs of workers [26]. Group 6: Sector-Specific Characteristics - In the retail sector, socialized employment is characterized by high employee turnover, with rates exceeding 30% for frontline positions, leading to management challenges [37]. - Manufacturing enterprises prefer socialized employment for its flexibility in adjusting workforce size in response to production capacity fluctuations, with outsourcing becoming more common [44][49]. Group 7: Emerging Job Demands - The rise of AI and instant retail is creating new job roles in digital operations and intelligent supply chains, necessitating a workforce skilled in both traditional and emerging technologies [40][54]. - Socialized employment in manufacturing is increasingly requiring cross-disciplinary and composite talents to adapt to technological advancements [54].

行业分析师指出，即时零售已从"数字生活补充"升级为"数字生活基础设施"，2026年万亿规模下，行业竞争将聚焦供应链、运力、技术与场景适配能力的综 合较量。捷风快送等运力服务商践行的"聚合赋能+下沉渗透"模式，精准契合行业发展趋势，有望在差异化竞争中持续突围。随着技术创新与生态完善，即 时零售将进一步激活本地消费潜力，成为实体经济数字化转型的关键路径。 AI技术全面渗透，推动行业全链路升级。2026年，AI将从辅助应用转向核心驱动，重塑即时零售供给、履约与服务环节。供给端，AI选品系统结合区域消 费特征实现精准备货，降低库存损耗；履约端，动态路径优化算法结合无人配送技术规模化应用，有效降低末端成本，核心区域"10分钟达"将逐步落地。丰 e足食近期已启动"AI+无人化"战略，计划2026年一季度在北京、上海等核心城市试点无人配送车补货模式，解决"最后5公里"效率难题。运力协同方面，捷 风快送通过与麦芽田、青云聚信达成深度战略合作，打通多平台订单渠道，借助智能调度系统提升履约稳定性，为商家提供全品类定制化配送服务。 政策护航与规范治理同步推进。近期，商务部、财政部已在50城开展消费新业态试点，明确提出激发即时零售活 ...

Core Insights - The rapid growth of online retail in China, with a 9.8% increase in the first three quarters, is driven by digital consumption, green consumption, and the rise of instant e-commerce [1] - Morgan Stanley projects that by 2030, the instant consumption market in China will exceed 5 trillion RMB, with instant retail accounting for approximately 2.5 trillion RMB [1] - The transformation in consumer demand is shifting from seasonal to immediate, creating a new era of consumption characterized by "instant purchase and enjoyment" [1] Group 1 - The online service consumption grew by 20.2%, while instant e-commerce sales increased by 24.3% [1] - Taobao Flash Purchase has launched over 300,000 stores in the past year and has more than 18,000 SKUs in its flash warehouses, with daily active riders exceeding 2 million and peak daily orders reaching 120 million [2] - The platform aims to leverage AI technology to enhance fulfillment speed and accuracy by matching millions of riders, stores, and products [2] Group 2 - Taobao Flash Purchase introduced the industry's first AI assistant to provide real-time support for riders, with over 60 million proactive services daily and 78% of riders finding it useful [2] - The "City Rider Orange Plan" was launched to upgrade rider support and incentives, including free uniform updates and the establishment of "Rider Day" to show appreciation [2][3] - The initiative also includes insurance subsidies for riders, covering at least 50% of costs for those willing to pay for pension and medical insurance, with full subsidies for team leaders and honorary riders [3] Group 3 - The "Five Ones" service upgrade addresses key daily needs of riders, including smart charging stations, emergency medical supplies, high-quality bedding in rider apartments, meal options, and enhanced access to facilities [3] - The plan aims to improve the overall experience and welfare of riders, ensuring their health and operational efficiency [3]