12月8日，小红书官宣旗下本地生活会员产品「小红卡」试运营暂停。这张上线仅三个月的付费会员卡，曾被寄予厚望，被视作小红书打通"种草-交易"闭 环、深入本地生活腹地的关键一子。 小红卡的猝然暂停，不仅是一次产品试错的终结，更像是互联网新巨头们在本地生活战场上困境的又一次集中体现。 尽管坐拥超过3亿的月活用户和强大的"种草"心智，但在美团和抖音两大巨头用补贴、地推和算法构筑的铜墙铁壁面前，小红书的优雅与精致，似乎始终 无法转化为到店团购业务所需的"狼性"与规模。 1 一张会员卡的"夭折"，一个战略的理性"休眠" "小红卡准备不足，未能满足用户对本地生活丰富性和便捷性的核心需求。"小红书团队在公告中如此解释「小红卡」的暂停。这份官方辞令的背后，是小 红书在本地生活领域长达数年探索后，再次遭遇的现实引力。 「小红卡」于2025年9月高调上线，年费168元，主打"精选吃喝玩乐一卡通"。 其次是用户心智，小红书用户的心智是"发现"和"分享"，而非"省钱"和"囤券"。她们打开小红书是为了获取灵感，是被一篇篇图文精美的探店笔记"种 草"。而美团、抖音的团购心智则是目的明确的消费决策，用户打开App就是为了寻找折扣、对比价格。 ...

【导读】小红书宣布，"小红卡"暂停试运营 2025 XIAOHONGSHU 2026 9 124 ( XIAOHONGKA ) 致小红卡伙伴们 亲爱的小红卡伙伴们: 小红卡业务在今年9月马路生活节上线试运营以来, 受到了大家的大力支持。感谢您陪着我们这个"小探 索"一起成长。 我们一直在倾听着大家的声音。一方面不少伙伴对我 们说,通过小红卡发现了很多宝藏小店,解锁了不一 样的生活方式;另一方面我们也认识到,我们的准备 不够充分,还没能满足大家对本地生活丰富性与便捷 性的需求。 12月8日，小红卡团队在小红书上发布公告称，"小红卡"将于2026年1月1日起暂停试运营。 "小红卡"于今年9月"马路生活节"期间上线试运营，其定位是"精选吃喝玩乐一卡通"，年费为168元，初期在上 海、杭州、广州三地推出，用户持卡可享受"精选门店推荐""全店通用折扣""专属活动"等权益，例如，持有该 卡可在全国范围内的精选门店买单时享受九折优惠。 近年来，小红书多次试水本地生活业务。小红书交易产品负责人、本地产品负责人莱昂曾表示，小红书 以"Inspire Lives 分享和发现世界的精彩"为使命，因此做本地生活是必然选择。"小红卡" ...

Core Viewpoint - Meituan-W (03690) is recognized as a leading local business platform in China, with solid long-term barriers and a focus on exploring new business increments, leading to an "overweight" rating by Caitong Securities [1] Group 1: Business Overview - Meituan operates in key sectors including food delivery, flash purchase, and in-store travel services, while actively developing new businesses such as Xiaoxiang Supermarket and Kuailu, as well as expanding into overseas markets [2] - The macroeconomic environment is identified as the largest beta factor, with the service industry expected to grow faster than retail goods, enhancing the platform's growth potential and resilience [2] Group 2: International Expansion - The overseas expansion of the food delivery business has shown positive progress in regions like Hong Kong and Saudi Arabia, with Keeta's Hong Kong operations becoming profitable in October this year and significant quarter-on-quarter growth in user engagement metrics expected by Q3 2025 [3] - The internationalization strategy, although initiated later, is anticipated to significantly broaden the Total Addressable Market (TAM) for the company, creating structural flexibility for future profit growth [3] Group 3: Financial Projections - Caitong Securities forecasts Meituan's revenue to reach 366.2 billion, 417.4 billion, and 468.9 billion yuan for the years 2025, 2026, and 2027 respectively [1]

Core Viewpoint - Meituan-W (03690) is recognized as a leading local business platform in China, with solid long-term barriers despite short-term competitive disturbances, focusing on exploring new business increments [1] Group 1: Business Overview - Meituan operates in key sectors including food delivery, instant retail, and in-store travel services, while actively developing new businesses such as Xiaoxiang Supermarket and Kuailu [1] - The macroeconomic environment serves as the largest beta factor, with the service industry showing higher growth rates compared to retail goods, indicating greater growth potential and resilience for the platform [1] - The increasing online penetration rate supports the stability of the food delivery segment, while the rapid penetration of in-store and instant retail services contributes to high growth [1] Group 2: International Expansion - The food delivery business is accelerating its expansion into overseas markets, achieving positive progress in regions such as Hong Kong and Saudi Arabia, with Keeta's Hong Kong operations already profitable as of October this year [2] - The quarterly user engagement (UE) metrics for Q3 2025 show significant growth, and the company plans to continue expanding into the Middle East and Latin America [2] - Although Meituan's internationalization strategy started later, its long-term strategic perspective is expected to significantly broaden the company's Total Addressable Market (TAM) and create structural flexibility for future profit growth [2]

该机构预计公司2025-2027年营业收入分别可达3662亿、4087亿及4466亿元(前值分别为3640亿、4004亿 及4444亿元)，增速分别为+8%/+12%/+9%；经调整净利润分别为-178亿元、161亿元、462亿元(前 值-121亿元、331亿元、522亿元)，增速分别为N/A/N/A/+186%；该机构长期看好美团的经营、组织和 业务壁垒，看好其"极致执行"的组织在零售领域的长期探索，维持"买入"评级。 金吾财讯 | 华安证券发研报指，美团-W(03690)2025Q3总营收为955亿元，同比增长2.0%。盈利能力方 面，受外卖行业竞争持续加剧及海外扩张投入影响，公司录得经营亏损198亿元，去年同期为经营溢利 137亿元；经调整EBITDA为负148亿元；经调整净亏损160亿元(去年同期为盈利128亿元)。分部收入方 面，25Q3核心本地商业收入674亿元，同比减少2.8%，经营亏损为141亿元。新业务收入280亿元，同比 增长15.9%，经营亏损为13亿元。 金吾财讯 | 华安证券发研报指，美团-W(03690)2025Q3总营收为955亿元，同比增长2.0%。盈利能力方 面，受外卖行业竞 ...

Group 1 - Xiaohongshu continues to enhance its local life services, with numerous service providers offering support for merchants, including traffic support and one-stop operational services [1][3] - The platform has implemented a "0 yuan entry" policy for new merchants, significantly lowering the barriers to entry and encouraging participation in local life services [3][7] - Xiaohongshu's local life business is showing stable progress, with a reported 37% year-on-year increase in search trends and a 39% increase in note publishing volume since 2025 [7][12] Group 2 - The platform has developed a complete commercial loop in local life services, transitioning from content-driven engagement to direct consumer transactions [8][12] - Xiaohongshu has introduced the "Xiaohong Card," allowing users to enjoy discounts at selected stores, enhancing user engagement and loyalty [10][12] - The company has obtained a payment license, enabling it to facilitate transactions within its ecosystem, further solidifying its business model [12] Group 3 - The competition in the local life sector is intensifying, with major players like Meituan, Douyin, and Gaode actively expanding their market presence [13][20] - Douyin has rapidly captured 30% of the local life market share within two years, leveraging its large user base and effective promotional strategies [20][21] - Xiaohongshu faces challenges in merchant coverage and user adoption of group buying, but its content ecosystem and ability to attract high-value users remain significant advantages [21]

【#阿里出售海外子公司股权进账60亿#】12月4日，阿里巴巴在2026财务年度中期报告中披露，2025年5 月，公司订立买卖协议，出售Trendyol GO（为Trendyol全资拥有的子公司，于土耳其经营本地生活服务 业务）85%的股权。出售事项的现金对价约7亿美元（人民币50亿元），已于截至2025年9月30日止六个 月期间完成。 及：已收现金对价，Trendyol GO净资产账面值及 对Trendyol GO 15%保留股权的公允价值。 今年5月,优步公司（Uber）宣布将以约7亿美元的 现金收购土耳其食品配送平台Trendyol GO 85%的 股份。Trendyol GO成立于2010年,由土耳其电商 平台Trendyol运营,后者大股东为阿里巴巴。 公告披露，该出售事项产生的收益约人民币60亿元，计入截至2025年9月30日止六个月未经审计简明合 并利润表的利息收入和投资净收益，主要虑及：已收现金对价，Trendyol GO净资产账面值及对Trendyol GO 15%保留股权的公允价值。 今年5月，优步公司（Uber）宣布将以约7亿美元的现金收购土耳其食品配送平台Trendyol GO 85%的 ...

Core Insights - The domestic local life service market is entering a nuanced phase with intensified competition among platforms focusing on users, merchants, and instant delivery [1][5] - The third quarter serves as a critical window to observe the resilience and strategic determination of Meituan's core business [1][5] Group 1: Competition and Resource Allocation - The third quarter is typically an active period for local life services, with fierce competition for user attention and spending, particularly impacting Meituan's traditional strength in food delivery [2][6] - To maintain user engagement and spending, platforms are increasing resource investments, including consumer discounts and support for quality merchants, which directly affect short-term financial performance and long-term user loyalty [2][6] - The challenge for Meituan's management is to find a sustainable balance between market share, user experience, and financial health amid this competitive landscape [2][6] Group 2: Ecosystem Interconnectivity and Strategic Considerations - The competition in food delivery is interconnected with Meituan's broader local life service ecosystem, where high-frequency delivery transactions are crucial for attracting and retaining core users [3][7] - The intense competition prompts a reevaluation of resource allocation across the ecosystem, affecting the pace of investment in innovative businesses or long-term projects [3][7] - The ongoing competitive environment tests the unique value of Meituan's established instant delivery network, which is essential not only for food delivery but also for expanding into broader markets like instant retail [3][7] Group 3: Market Environment and Strategic Focus - The third quarter's market conditions act as a pressure test for Meituan's system resilience, emphasizing the importance of maintaining a solid foundation for core business amid ongoing competitive investments [4][8] - The essence of the local life service competition lies in deepening existing markets while exploring new scenarios, suggesting that the answer for Meituan may not solely be about "competition" but also about "integration" [4][8] - The next phase of this endurance race remains to be observed, highlighting the need for continuous improvement in operational efficiency and collaboration across business lines [4][8]

Core Viewpoints - Q3 losses have materialized, and post-Double 11, industry subsidies have somewhat receded, indicating that the worst period for the company may have passed, although the focus on core users and high average order value (AOV) may prolong the duration of losses, necessitating ongoing attention to competitive dynamics [1] - The Q3 instant delivery business losses were largely in line with expectations, with future subsidies shifting towards higher AOV orders, potentially leading to sustained losses. The topline saw a significant increase in order volume driven by subsidies, with Q3 takeaway and flash purchase daily order volume growing by 21% year-on-year to approximately 93 million orders. However, competition negatively impacted AOV, resulting in a year-on-year decline in takeaway revenue of about 12% [1] - Q3 losses for takeaway and flash purchase combined were approximately 19 billion (with a loss of 2.5 yuan per takeaway order and 0.8 yuan per flash purchase order), compared to Alibaba's losses of approximately 360-380 billion during the same period, indicating a loss ratio of about 1:2 [1] Business Segment Performance - The in-store and travel segment's topline growth has slowed, with losses better than market pessimism. Q3 GMV for in-store travel grew by 18% and revenue by 11%, primarily affected by macroeconomic consumption weakness and the impact of the takeaway battle on advertising budgets for certain beverage categories. Operating profit margin (OPM) was approximately 28%, with operating profit down 11% year-on-year to 4.9 billion, which was better than the anticipated decline of 30%-40% [2] - For Q4, topline growth is expected to remain relatively weak, with ongoing factors from Q3 continuing to affect performance, alongside the need to dynamically monitor competition from Douyin and Alibaba. Q4 GMV is projected to grow by 14% and revenue by 11%, with OPM expected to be in the range of 25%-30% [2] New Business Developments - The new business segment saw a significant reduction in losses in Q3, performing better than expected, maintaining an annual loss forecast of 10 billion, with expectations for reduced losses in 2026. Q3 losses were 1.3 billion (compared to Bloomberg's consensus estimate of 2.3 billion), with Q4 losses expected to be 4 billion, primarily due to new openings in three Gulf countries and a pilot in Brazil [2] Earnings Forecast and Investment Recommendations - Considering short-term competitive impacts, the company has revised down its earnings per share forecasts for 2025-2027 to -3.21/-4.20/-0.11 yuan (previously -1.56/2.62/6.44 yuan). Using a segmented valuation approach, the company's reasonable valuation is calculated at 8.291 billion HKD, with a target price of 135.66 HKD, maintaining a "buy" rating [2]

Core Insights - Meituan is a leading local commerce platform in China, focusing on food delivery, flash purchase, and in-store travel services, while actively exploring new business opportunities and expanding into overseas markets [1][2] - The macroeconomic environment is a significant beta factor, with the service industry showing higher growth rates compared to retail, indicating greater growth potential and resilience for the platform [1] Financial Performance - In Q3 2025, core local commerce revenue was 67.4 billion yuan, a year-on-year decrease of 2.8%, primarily due to increased subsidies leading to a significant decline in delivery service revenue [2] - The operating loss for core local commerce in Q3 2025 was 14.1 billion yuan, with expectations of continued losses in Q4 2025, although the loss margin is anticipated to narrow sequentially [2] Competitive Landscape - Meituan's core advantage lies in its long-term business barriers rather than short-term subsidy investments, with significant operational efficiency in its food delivery business [2] - As industry competition becomes more rational, Meituan is expected to enter a profit recovery phase following a reduction in subsidies [2] International Expansion - The company is accelerating its overseas market expansion, achieving positive progress in regions like Hong Kong and Saudi Arabia, with Keeta's Hong Kong operations becoming profitable in October 2025 [2] - The international strategy, although initiated later, is expected to significantly broaden the company's Total Addressable Market (TAM) and create structural flexibility for future profit growth [2] Investment Outlook - Revenue projections for 2025-2027 are estimated at 366.2 billion, 417.4 billion, and 468.9 billion yuan, respectively, with adjusted net profits of -17.4 billion, 17.1 billion, and 40.3 billion yuan [2] - Meituan is positioned as a leading player in local commerce with solid long-term barriers, and despite short-term competitive disturbances, the long-term value remains unchanged, leading to an "overweight" rating [2]