Core Insights - JD.com has launched a "Dish Partner" recruitment program with a cash investment of 1 billion yuan to find partners for 1,000 signature dishes, offering a guaranteed minimum share of 1 million yuan per dish and unlimited sales sharing [1][3] - The company plans to invest 10 billion yuan to build a new supply chain, aiming to establish 10,000 "Seven Fresh Kitchens" across the country within three years, helping quality restaurants achieve scale and incremental growth [1][3] Group 1 - The first "Seven Fresh Kitchen" has opened in Beijing, operating on a takeout and self-pickup model without dine-in services, offering dishes priced between 20 to 40 yuan, with subsidized prices around 15 to 20 yuan [3][5] - Partners in the program only need to provide dish recipes and participate in development, while the "Seven Fresh Kitchen" platform handles cooking and quality control [3][6] - The kitchen utilizes cooking robots for food preparation, with each robot having four cooking zones, and is supported by JD.com's investment in the technology company behind these robots [5][6] Group 2 - The business model of "Seven Fresh Kitchen" is designed to collaborate with quality restaurants rather than compete with them, aiming to reclaim market share from lower-quality delivery services [6][7] - JD.com has also launched "Seven Fresh Food MALL" in Harbin, which operates as a third-party merchant food court, differing from the self-operated model of "Seven Fresh Kitchen" [7]

Core Viewpoint - JD.com has launched a "Dish Partner" recruitment plan with a cash investment of 1 billion yuan to find partners for 1,000 signature dishes, offering a guaranteed minimum share of 1 million yuan per dish and unlimited sales sharing potential [2][4]. Group 1: Business Model and Strategy - JD.com plans to invest 10 billion yuan to build a new supply chain, aiming to establish 10,000 "Qixian Xiaochu" locations across the country within three years, helping quality restaurants achieve scale and incremental growth [2][4]. - The "Qixian Xiaochu" model allows partners to provide dish recipes and participate in development, while the platform handles cooking and quality control, selling through takeout and self-pickup [4][5]. - The first "Qixian Xiaochu" opened in Beijing on July 22, 2023, offering dishes priced between 20-40 yuan, with subsidized prices around 15-20 yuan [4][5]. Group 2: Technology and Innovation - The "Qixian Xiaochu" features cooking robots from Meishanshi, with each robot having four cooking zones, operated by chefs during peak hours for dish preparation and plating [4][5]. - JD.com has invested in Oulu Technology, the parent company of Meishanshi, in both 2023 and 2024, indicating a commitment to integrating technology into its food service operations [4]. Group 3: Market Positioning - The business leader of "Qixian Xiaochu" emphasized that the model is not about renting out brands but rather collaborating with quality restaurants to reclaim market share from "ghost kitchens" and "black delivery" services [5]. - JD.com aims to provide high-quality and affordable food through supply chain innovation, enhancing sales for quality restaurants [5]. - The company maintains a strict standard for partnering restaurants, requiring them to meet specific criteria to ensure quality in its delivery service [5].

Group 1 - JD.com announced an investment of 1 billion yuan to launch a "Dish Partner" recruitment plan aimed at national catering brands and individual chefs, with the self-operated brand "Seven Fresh Kitchen" serving as the production platform for freshly cooked meals [2] - The first Seven Fresh Kitchen store has opened in Dongcheng District, Beijing, and has already sold over 1,000 orders on the JD.com takeaway platform [2] - JD.com founder Liu Qiangdong indicated that the new delivery model would differ significantly from Meituan's, and the unveiling of Seven Fresh Kitchen marks this innovation [2][3] Group 2 - Seven Fresh Kitchen aims to recruit partners for 1,000 signature dishes, allowing chefs to provide recipes for the platform to prepare and serve [2][4] - The kitchen emphasizes a fresh supply chain, sourcing ingredients directly from suppliers and preparing meals in a transparent kitchen environment [3] - Several well-known restaurant brands have already signed up as initial partners, although specific collaboration plans have yet to be finalized [4][5] Group 3 - The menu at Seven Fresh Kitchen includes a variety of dishes priced between 10 to 40 yuan, with promotional coupons available [6] - JD.com plans to invest over 10 billion yuan over the next three years to establish more than 10,000 Seven Fresh Kitchen locations nationwide, with partners not required to invest in store setup or labor costs [6] - The competitive landscape may shift as Seven Fresh Kitchen operates alongside other third-party merchants on the JD.com platform, leading to potential market challenges [6]

他还提到，"今天是（七鲜小厨）正式营业第一天，目前已经爆单了，我们现场和外卖订单都非常多， 也有用户说味道非常好，价格很实惠，我们看到这样的评价也很开心、很欣慰。" 刘斌还透露，七鲜小厨不排除入驻其他平台的可能性。"我们是非常开放的，只要消费者有需求，或者 说其他平台也愿意，我们可能一起合作，为广大的消费者提供优质又便宜的餐饮。我们不抢餐厅的生 意，更不涉及跟其他外卖平台之间有什么竞争。我们对餐饮品牌开放合伙人的模式，对消费端也不会设 限在单一平台上经营。"（闫妍） 责任编辑：何俊熹 新浪科技讯 7月22日晚间消息，京东集团正式宣布启动"万店计划"，宣布将在未来三年内投入超百亿元 资金，在全国范围内建设1万家自营外卖门店"七鲜小厨"。 对此，七鲜小厨业务负责人刘斌表示，"七鲜小厨的定位核心是品质餐饮制作平台，我们认为这可能是 餐饮外卖市场15年以来最大的供应链模式创新。" 他进一步解释，我们的初衷是希望通过供应链的创新，帮助消费者吃到有品质、又便宜的食品，帮助品 质餐厅获得更多的销量。"我们现在的餐饮行业，包括外卖行业存在非常多的痛点，传统的餐饮模式很 难实现在全国范围内的连锁经营，从京东角度来讲，我们有可能 ...

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Core Viewpoint - The ongoing "subsidy war" among food delivery platforms has led to significant backlash from industry associations and small businesses, highlighting the detrimental effects on small merchants and calling for a return to fair competition practices [4][30][32] Group 1: Industry Response - Multiple industry associations, including the China Cuisine Association and the China Chain Store and Franchise Association, have urged platforms to stop extreme subsidy practices that disrupt market order and harm small businesses [4][5][7] - The associations demand that platforms establish fair competition mechanisms, including defining subsidy boundaries and optimizing cost-sharing between platforms and merchants [5][7] - Local associations, such as the restaurant industry chamber in Zunyi, have echoed these calls, pointing out that extreme subsidies lead to unsustainable business practices and market chaos [9][10] Group 2: Impact on Small Businesses - Small businesses are disproportionately affected by the subsidy war, facing significant profit declines and operational challenges [11][14] - Reports indicate that participation in subsidy programs can lead to profit drops of 20%-30%, with many small merchants unable to sustain operations under current conditions [11][13] - The financial burden of subsidies often falls heavily on small businesses, which lack the negotiating power to secure better terms compared to larger chains [16][19] Group 3: Strategies for Survival - Small merchants are encouraged to adopt tiered pricing strategies to avoid the pitfalls of extreme subsidies, ensuring that they maintain a reasonable profit margin [24] - Building private customer bases through loyalty programs and community engagement can help reduce reliance on delivery platform traffic [25] - Merchants should leverage regulatory changes and industry advocacy to push for fairer practices and support from platforms [26] Group 4: Future Outlook - The subsidy war has raised critical questions about the sustainability of current business practices in the food delivery industry, with calls for a shift towards a more balanced ecosystem that benefits all stakeholders [30][32] - As the market evolves, the focus may shift from aggressive pricing to value-based competition, emphasizing quality and customer loyalty [31][32]

Summary of Conference Call Records Industry Overview - The conference call focuses on the local lifestyle industry, specifically the restaurant sector, and the performance of major food delivery platforms including Meituan, Ele.me, and JD.com during Q2 2025. Key Points and Arguments Company Performance - **Meituan's Restaurant Business Growth**: In Q2 2025, Meituan's overall restaurant business saw significant growth, with takeout business increasing by over 25% year-on-year, and in May and June, month-on-month growth reached 31% [2][4]. - **Ele.me's Growth**: Ele.me experienced a remarkable year-on-year growth rate of 60%-70%, significantly impacting Meituan's market share [7][17]. - **JD.com's Order Volume**: JD.com saw a decline in order volume, dropping from 15 million-25 million orders to a downward trend due to increased subsidy requirements from merchants [15]. Competitive Landscape - **Order Distribution**: The order distribution among Meituan, Ele.me, and JD.com is approximately 4,500:1,000:remaining, indicating Meituan's dominant position but a declining market share [7][16]. - **Subsidy Strategies**: Both Meituan and Ele.me have increased subsidies to merchants, with Meituan offering vouchers worth 18.8 yuan, while JD.com has shifted the burden of subsidies onto merchants, leading to a decrease in orders [4][14]. Delivery and Logistics - **Ele.me's Delivery Model**: Ele.me's integrated delivery model allows for better profit calculation and stable delivery capacity, especially during adverse weather or peak times, outperforming Meituan and JD.com in logistics [10][8]. - **Meituan's Delivery Challenges**: Meituan faces issues with order acceptance rates, particularly in Chengdu, where the acceptance rate dropped to around 60% due to delivery capacity problems [8][12]. Market Trends - **Consumer Behavior**: There is a notable shift in dining habits, with a decrease in large table gatherings and an increase in smaller groups, likely influenced by policies such as alcohol bans [23]. - **Seasonal Impact**: Seasonal factors, such as the sales of beverages and seasonal dishes, have contributed to an increase in average spending per order [22]. Strategic Adjustments - **Future Investments**: Meituan plans to increase its investment in the dine-in business due to rising online customer acquisition needs, with a high return on investment (ROI) observed [21]. - **Partnerships and Collaborations**: Meituan has adjusted its collaboration strategy with platforms like Douyin, moving away from exclusivity, which may open new opportunities [19][20]. Additional Important Insights - **User Retention**: Ele.me's high user repurchase rate is a significant advantage, supported by its comprehensive delivery model [8]. - **Market Share Dynamics**: Ele.me's strong performance in Chengdu has notably affected Meituan's market share, particularly in key districts [17]. - **Promotional Strategies**: The competitive landscape is heavily influenced by promotional strategies, with platforms vying for market share through aggressive subsidies and marketing efforts [11][14].

Group 1: Human-Robot Industry - The humanoid robot industry is experiencing rapid growth, with companies like UBTECH entering small-scale delivery phases [2] - The global market size is expected to exceed 500 billion yuan by 2025, with China projected to account for a significant share [2] - Seven core companies, including Jintian Co. and Far East Co., are highlighted for their advantages in hardware, software, and application scenarios, indicating strong investment potential [2] Group 2: Cryptocurrency Market - The U.S. House of Representatives passed the Stablecoin Regulation Act and the broader Cryptocurrency Market Structure Act, leading to a surge in the cryptocurrency market [2] - Ethereum surpassed $3,600 per coin, with nearly 160,000 liquidations totaling $587 million in the past 24 hours [2] - Citic Futures suggests that stablecoins may boost demand for dollar assets, but warns of potential financial stability risks [2] Group 3: U.S. Federal Reserve - Federal Reserve Governor Waller indicated a preference for a 25 basis point rate cut in July, citing economic slowdown and employment market risks [2] - San Francisco Fed President Daly also supports timely rate cuts, although there are internal disagreements on economic assessments and policy timing [2] Group 4: Trade Policies and Global Reactions - Trump's potential tariff imposition on Japan and trade agreements with India have drawn global attention, with Brazil's President Lula rejecting U.S. tariff pressures [3] - Japan's exports are declining due to U.S. tariffs, complicating negotiations on automotive and agricultural tariffs [3] Group 5: A-share Market Performance - Companies like Zhongwei and Hangzhou Bank reported profit increases, while others like Qianyuan Power and Xiamen Tungsten saw declines in net profit [3] - The performance variations among companies reflect broader industry trends and market dynamics [3] Group 6: Food Delivery Market Competition - A subsidy war has erupted between Taobao Flash and Meituan, with Meituan adopting a defensive stance [3] - Taobao Flash aims to increase market share, with order volumes approaching those of Meituan, indicating potential shifts in market dynamics [3] Group 7: Oil Price Volatility - International crude oil prices are experiencing fluctuations due to OPEC's demand forecast revisions and U.S. tariff measures, while Middle Eastern tensions provide upward support [3] - OPEC+ is increasing production, and Asian crude oil imports are rising, suggesting a complex supply-demand landscape [3] Group 8: Wahaha Family Dispute - A lawsuit involving Wahaha's chairman has led to a decline in sales and market confidence, raising concerns about the company's control and future succession [4][5] Group 9: RDA Stablecoin Concept - The emergence of the RDA stablecoin concept has gained traction, with Shanghai Wumart becoming a leader in this area [5] - RDA aims to address trust issues in tokenization but currently faces challenges in fundamental performance and market size [5] Group 10: Divorce Settlement Impact - A divorce settlement involving the controlling shareholder of Zongheng Co. will result in a transfer of shares worth 537 million yuan, although the shareholder remains in control [5] - Zongheng Co. anticipates revenue growth in the first half of 2025 but is still operating at a loss [5]

Core Viewpoint - The recent initiative by a local restaurant association highlights the negative impact of extreme subsidies and unfair competition in the food delivery market, particularly from platforms like Meituan and Taobao Shanguo, which have led to a chaotic market order and severe imbalance in the industry [1][2][3] Group 1: Impact on Restaurants - Many restaurants are forced to bear the costs of platform subsidies, leading to situations where they receive negative amounts after fees are deducted from orders [1] - The vicious cycle of "no flow without participation, but losses if participating" is causing significant distress for many dining establishments, particularly those reliant on dine-in customers [2][3] - Experts suggest that excessive subsidies do not lead to overall prosperity in the restaurant industry, but rather disrupt normal market order and negatively affect both delivery and dine-in services [3] Group 2: Market Dynamics and Competition - The platforms' aggressive competition is driven by a "winner-takes-all" effect, reminiscent of past internet industry battles, but the current situation in the restaurant sector may not yield the same benefits [2][3] - Regulatory intervention is deemed necessary to restore order and rational development in the industry, as the current state of extreme low pricing is harmful [3][4] Group 3: Customer Implications - Customers may initially benefit from low prices, but this could lead to a decline in quality and safety of food options as restaurants exit the market due to unsustainable practices [4] - The long-term consequences of chaotic competition could result in market shrinkage and a collapse of trust in the industry, ultimately harming consumers [4] Group 4: Call for Healthy Competition - A healthy and high-quality development of the industry requires a focus on mutual benefits rather than short-term gains, advocating for more positive competition and collaboration with the real economy [5]

Core Insights - The article highlights the competitive landscape of the food delivery industry, focusing on how companies like Meituan's "Pin Hao Fan" are innovating to capture incremental market growth while ensuring quality and cost efficiency [1][2] - It emphasizes the significant sales growth experienced by merchants on the "Pin Hao Fan" platform, with 90% of merchants reporting a sales increase of over 30% [2] Group 1: Market Dynamics - Meituan announced that its instant retail daily order volume exceeded 150 million, with "Pin Hao Fan" alone surpassing 35 million daily orders [1] - Major international fast-food brands, such as KFC, are actively collaborating with platforms like Meituan to innovate and optimize their supply chains in the Chinese market [1] Group 2: Merchant Benefits - The "Pin Hao Fan" model allows brands to share labor and rental costs, leading to reduced ingredient procurement costs through bulk purchasing [1] - Merchants report that the platform has significantly boosted their revenue, with some small businesses seeing a monthly increase of 5,000 yuan, allowing them to hire additional staff [1] Group 3: Quality Assurance - "Pin Hao Fan" has established food safety standards, conducts regular inspections, and provides training to merchants to ensure compliance and enhance food safety [2] - The platform's commitment to transparency and quality is seen as essential for maintaining reputation and safety, fostering a positive cycle of optimization among merchants [2]