6月23日，美团宣布将全面拓展即时零售，推动零售新业态提质升级。这是继即时零售品牌"美团闪 购"发布和小象超市多地开城后，美团大幅加码即时零售的又一动作。 据了解，2020年至今，即时零售成为更匹配当下流通基础设施和居民消费需求的零售形态。而近年来， 美团持续聚焦"零售+科技"战略，先后培育了美团闪购、小象超市、美团优选等多种业务模式。 美团优选将进一步利用已建设的供应链及仓配网络，集中资源聚焦优势区域，继续探索"次日达+自 提"模式和社区零售新业态；同时，深耕生鲜食杂供应链。 值得一提的是，在海外即时零售市场，美团也在加快布局。继Keeta外卖业务之后，自6月开始，小象超 市海外版Keemart也开启了出海征程，已在沙特首都利雅得两个区域测试上线，后续将向其他地区扩 展。 其中，美团闪购把消费者购物体验从"等快递"变成"30分钟送达"。数据显示，截至目前，美团闪购携手 零售商品牌商在全国已建设了超3万家闪电仓。在服务上，还与美的、海尔等家电品牌合作，建设了"家 电半日送装"的体系。 刚刚过去的618，近百万实体店在美团闪购上收获了超1亿名顾客，手机成交额翻倍，智能设备增长超6 倍，白酒增长超10倍。 此外， ...

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].

Group 1 - JD announced a daily order volume exceeding 25 million during the "618" shopping festival, while Alibaba reported over 60 million daily orders for Taobao Flash Purchase in less than two months [1][5] - Retail orders have increased by 179% year-on-year, with an on-time delivery rate of 96% [1] - Meituan's 2023 annual report indicated an average daily order volume of approximately 53 million for its food delivery service [5] Group 2 - The competitive landscape of China's food delivery market is stabilizing, with Meituan and Ele.me holding a combined market share of 98% by 2024, where Meituan leads with 65% and Ele.me follows with 33% [8] - JD officially entered the food delivery market in early 2025, launching initiatives to recruit quality dining merchants and offering substantial subsidies [8] - The battle for market share has intensified among Alibaba, Meituan, and JD, with Alibaba integrating Ele.me and Fliggy into its China e-commerce business group [5][8] Group 3 - The upgraded Taobao Flash Purchase integrates offerings from Ele.me, Hema, and existing retail supplies, providing a unified entry point within the Taobao app [9] - As of May 5, Ele.me reported over 10 million daily orders from Taobao Flash Purchase just six days after its launch [9] - The competition has shifted from traditional food delivery to encompass a broader range of instant retail services, including fresh produce and daily necessities, with a projected market size exceeding 1 trillion yuan by 2025 [9]

Core Viewpoint - The 2025 "618" shopping festival saw significant growth in sales across various e-commerce platforms, with a notable increase in consumer engagement and brand performance, driven by promotional activities and government subsidies [3][4][5][6][8]. Group 1: Overall Sales Performance - Comprehensive e-commerce platforms achieved a total sales volume of 855.6 billion yuan during the 2025 "618" event, marking a year-on-year growth of 15.2% compared to the previous year [3]. - Instant retail sales reached 29.6 billion yuan, reflecting an 18.7% increase year-on-year, while community group buying sales declined by 9.1% to 12.6 billion yuan [3]. Group 2: Brand Performance and Consumer Engagement - During the 2025 "618" event, 453 brands on Tmall achieved sales exceeding 100 million yuan, a 24% increase from the previous year, with brands like Apple, Midea, Haier, and Xiaomi surpassing 1 billion yuan in sales [4]. - Tmall's user engagement improved, with a double-digit growth in active users and the number of high-net-worth 88VIP members exceeding 50 million, representing a 15% year-on-year increase [4]. Group 3: Competitive Landscape - JD Group reported over 100% growth in overall order numbers during the 2025 "618" event, with more than 2.2 billion orders placed across its online and offline businesses [5]. - JD's fresh food delivery service surpassed 25 million daily orders, covering 350 cities, while its new store format, Seven Fresh Food Mall, became the first in China to implement 100% live kitchen streaming [5]. Group 4: Promotional Strategies and Market Response - Pinduoduo leveraged multiple promotional strategies, including "billion-dollar support" and "super double subsidies," resulting in significant sales growth across various categories during the 2025 "618" event [6][7]. - The platform's government-subsidized products saw a 177% increase in sales compared to previous periods, indicating a strong market response to subsidy initiatives [7]. Group 5: Instant Retail and Consumer Experience - Instant retail gained traction during the 2025 "618" event, with major players like Meituan, Alibaba, and JD incorporating instant retail into their promotional strategies, leading to over 100 million orders on Meituan [8]. - The simplification of promotional rules and the introduction of large, no-threshold coupons improved consumer experience, contributing to the overall positive performance of the e-commerce sector [8].

6月23日，美团宣布，将全面拓展即时零售，推动零售新业态提质升级。 美团表示，近年来其先后探索培育了美团闪购、小象超市、美团优选等多种业务模式，利用数字技术建设生鲜 食杂"源头直采"、冷链物流、仓储配送和即时零售仓等新供应链体系，服务本地居民的便利生活。 目前，美团闪购联合近百万家实体门店，把消费者购物体验从"等快递"变成"30分钟送达"，为本地商品零售带 来了新的增长空间。美团透露，其已经携手零售商品牌商在全国建设了超3万家闪电仓，持续深化供给侧变 革，创造优质体验。在服务上打造了"安心闪购"服务保障体系，还与美的、海尔等家电品牌合作，依托线下门 店建设了"家电半日送装"的服务体系，持续创新突破。 美团透露，今年"6·18"，近百万实体店在闪购上迎来了超过1亿名顾客。手机成交额翻倍，智能设备增长超6 倍，白酒增长超10倍。 责编：李丹 校对：陶谦 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及个人不得转载。我社保留追 究相关 行 为主体 法律责任的权利。 转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes END 此外，借助社区零售服务站点和新供应链体系，产地生鲜和日用 ...

Core Insights - Meituan announced a comprehensive expansion of its instant retail business to enhance the quality and upgrade the retail new format [2][3] - The company has developed various instant retail formats, including Meituan Flash Purchase, Little Elephant Supermarket, and Meituan Preferred, to cater to consumer needs [2] Group 1: Business Expansion - Meituan Flash Purchase collaborates with nearly one million physical stores to offer a "30-minute delivery" service and has built over 30,000 flash warehouses nationwide [2] - During the recent 618 shopping festival, over 100 million users placed orders through Meituan Flash Purchase [2] - Little Elephant Supermarket has established nearly 1,000 front warehouses in 20 cities, aiming for a sales target of over 20 billion yuan in agricultural products this year [2] Group 2: Strategic Developments - Meituan Flash Purchase will continue to expand its product categories and optimize the shopping experience for 1 billion consumers [3] - Little Elephant Supermarket plans to expand its coverage to all first and second-tier cities and will source directly from 200 high-quality agricultural regions [3] - Meituan Preferred will focus on supply chain and distribution network improvements, exploring "next-day delivery + self-pickup" models [3] Group 3: International Expansion - Meituan is actively exploring overseas markets to participate in high-level global retail competition [3] - The overseas version of Little Elephant Supermarket, Keemart, has begun testing in two areas of Riyadh, Saudi Arabia, with plans for further expansion [3]

► 美团订单增长与格局稳固，行业迈向服务竞争时代 事件：据雷峰网 6月 17日独家报道，自 6 月中旬开始，美 团外卖日均支付订单始终维持在9000 万量级以上。从单日 GMV 和餐食外卖市场单量等角度看，美团外卖市占率稳居 70%左右，尽管京东外卖与饿了么（淘宝）通过激进补贴 策略推动订单增长，但美团领先地位依然稳固，市场格局 保持"7:2:1"的稳定态势。 竞争格局：美团壁垒深厚。剔除茶饮订单后，美团在餐食 外卖的订单量与 GMV 市占率均超 70%。核心壁垒体现在， 一方面，美团具有履约服务优势，据高见观潮，其履约准 时率达 99.5%。另一方面，美团商家生态深度高，2024 年 美团活跃商户数 1450 万家，远超饿了么 400 万家与京东 45 万家，正餐品类 SKU 丰富度形成碾压优势。此外，京 分析师 证券研究报告|投资策略周报 [Table_Date] 2025 年 06 月 22 日 [Table_Title] 拼多多试水即时零售，行业竞争格局再添变量 [Table_Title2] 海外周报 [Table_Summary] 核心结论: ► 拼多多试水即时零售，行业竞争格局再添变量 事件：据晚 ...

Core Viewpoint - Chinese companies are increasingly expanding overseas, particularly in Europe and Latin America, driven by strategic adjustments in risk management and localization efforts, while the cross-border e-commerce sector is experiencing significant growth and transformation [1][5]. Industry Environment - Chinese e-commerce is accelerating globalization, with a projected cross-border e-commerce total of 2.63 trillion yuan by 2024, leveraging efficient supply chains and cost advantages. Platforms like Temu, TikTok Shop, and SHEIN are attracting overseas users through low prices and localized operations, despite challenges in data compliance and inventory management [2]. - The key to improving performance in the cross-border e-commerce sector lies in enhancing user repurchase rates rather than solely acquiring new customers. Factors such as product and service quality, low order dispute rates, and high responsiveness are crucial for building user trust and satisfaction [3]. - The domestic animation industry is evolving from relying on hit products to a more diversified and systematic development approach, utilizing streaming platforms and social media for global outreach [4]. - Chinese enterprises are accelerating their presence in the Latin American market, with investments in digital infrastructure and services, particularly in Brazil, which serves as a key economic hub [5]. - Chinese companies are adapting their European expansion strategies, shifting from cost-driven to strategic survival approaches, with a focus on risk diversification and operational efficiency [6]. Key Developments - Chinese payment institutions are rapidly expanding overseas, with companies like移卡 and PingPong obtaining licenses in the U.S. and Malaysia, respectively, to enhance their global strategies [9]. - The success rate for Chinese companies going abroad is below 20%, making country selection critical. Markets like ASEAN and Africa are gaining attention due to their young populations and growth potential [10]. - The Chinese home appliance industry is witnessing a trend towards globalization and premiumization, with major players like Midea and Haier focusing on brand positioning to increase market share [11]. - Various overseas expansion models are being analyzed, emphasizing the importance of adapting strategies based on local conditions and regulatory environments [12]. - Meituan's 小象超市 is entering the Saudi market with an instant retail model, aiming to replicate its success in other regions [14]. - Insta360 is set to raise 464 million yuan through an IPO, with a significant portion of its revenue coming from overseas markets [15]. - GAC Group is collaborating with Alibaba Cloud to address challenges in overseas expansion, focusing on infrastructure and service ecosystems [19]. - Baidu's autonomous driving service is expanding internationally, with a focus on adapting to diverse global markets [20][21]. - The Chinese menswear brand Li Lang has opened its first overseas store in Malaysia, targeting the Southeast Asian market [22].

Group 1: JD Group's Business Model and Strategy - JD Group aims to create a business model distinct from Meituan, focusing on high-quality and safe food for consumers [1][9] - The emphasis is on leveraging the fresh supply chain behind food delivery to generate profits, rather than relying solely on meal orders [9] - The core challenge lies in balancing cost efficiency through technology with the need to enhance rider welfare, testing the company's commitment to social responsibility and commercial efficiency [1] Group 2: Competition Landscape - Future competition will focus on JD's ability to implement a "30-minute delivery" capability for fresh supply chains in the restaurant delivery sector [1] - Meituan faces the challenge of balancing merchant ecosystem health with profitability pressures while countering JD's combination of quality and low prices [1] Group 3: Performance Metrics - JD's "618" sales event saw a user count increase of over 100% year-on-year, with total orders exceeding 2.2 billion [5] - The performance in categories like 3C and home appliances remains strong, with significant growth in high-margin categories such as fashion and beauty [5] Group 4: Technological Innovations - JD's focus on supply chain efficiency aims to redefine the delivery ecosystem in the competitive instant retail market [9]

饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯 罪，并向公安机关主动报案。 作者： 钱玉娟 封图：图虫创意 6月20日，经济观察报记者向饿了么官方求证获悉，饿了么物流负责人韩鎏已被警方传唤。 饿了么方面回应，经内部调查发现物流主管韩鎏涉嫌职务犯罪，并向公安机关主动报案。近日，警 方已传唤相关人员配合调查。饿了么秉持诚信廉洁文化，对触碰红线行为绝不姑息，坚决依法依规 处理。 阿里与美团、京东在即时零售赛道上拼杀，与后两者不同的是，要做好即时零售，阿里的淘宝闪购 业务需要饿了么补齐运力，大部分订单配送正是由蜂鸟骑手来完成。 == 氢燃料电池汽车深陷 政策依赖症" 公开信息显示，韩鎏出生于1988年，自2019年加入阿里巴巴，先后担任饿了么资深副总裁、即时 零售业务负责人、蜂鸟即配总裁等职务。 在蜂鸟期间，韩鎏推进了物流超算平台的建设，还搭建起蓝骑士的发展和保障体系。2024年3月， 韩鎏被升任为饿了么CEO。 不过，在CEO任上未满一年，韩鎏便交出管理棒。2025年2月，饿了么董事长、原CTO吴泽明以全 员信形式宣布组织调整，吴泽明兼任饿了么CEO一职，韩鎏继续担任物流负责人，分管即时物流 中心，并继续向吴 ...