华尔街见闻获悉，为降低中小商家线上经营门槛，抖音生活服务近日推出"货款充保证金"政策，符合条 件的新开单门店商家，可使用销售货款直接充值店铺保证金，减轻开店初期的资金周转压力。目前，该 政策覆盖日用商超、生鲜果蔬、酒店宾馆、游玩项目等150余个类目。商家保证金充值达标后，可随时 提取货款，保障资金正常周转。 ...

智通财经6月5日电，香港交易所信息显示，摩根大通在美团-W的持股比例于05月30日从4.60%升至 5.32%，平均股价为137.7158港元。 ...

Group 1 - The "Su Super" league in Jiangsu is significantly boosting the local consumption market [1] - Recent data from Meituan shows that the search volume for the "Su Super League" keyword has surged over 16 times compared to the previous week [1] - The cities of Suzhou, Wuxi, Changzhou, Nanjing, and Yancheng have the highest search interest in Jiangsu province [1]

Group 1 - The core point of the news is that Beijing Fuhao Enterprise Management Partnership is acquiring a 23% stake in Yiming Pharmaceutical from its controlling shareholder, Gao Fan, at a price of 15.1 yuan per share, totaling 662 million yuan [1] - After the completion of this equity change, the controlling shareholder will shift from Gao Fan to Beijing Fuhao, and the actual controller will change from Gao Fan to Yao Jinbo [1] - Yiming Pharmaceutical primarily engages in the research, production, and sales of chemical drugs and traditional Chinese medicine, focusing on products for chronic diseases such as diabetes and cardiovascular diseases [1] Group 2 - In terms of financial performance, Yiming Pharmaceutical reported a total revenue of 652 million yuan for the year 2024, a decrease of 2.27% year-on-year, while net profit attributed to shareholders was 46 million yuan, showing a significant increase of 198.50% [2] - Despite the impressive net profit growth, the company's revenue has declined for the second consecutive year, with a revenue of 667 million yuan in 2023, down 22.14% year-on-year, indicating significant competitive pressure in the market [2] Group 3 - Yao Jinbo, the new actual controller, is the founder of 58 Group, which has completed various capital operations and has a diverse business portfolio covering real estate, automotive, recruitment, finance, and local services [4] - Yao Jinbo's companies under his control have an annual revenue exceeding 1.5 billion yuan, indicating a strong financial background and potential for strategic growth [4] - Yiming Pharmaceutical's stock price increased by 10.20% today, reaching 13.40 yuan per share, reflecting positive market sentiment following the announcement [5]

我国电子商务法规定，电子商务经营者应当依法办理登记，但个人利用自己的技能从事依法无须取得许 可的便民劳务活动和零星小额交易活动的除外。这一规定为个体服务者提供了一定的便利，但也带来了 新的挑战。一旦发生劳动纠纷，相关的侵权责任认定与权益保护难以得到高效解决，监管溯源、维权取 证难度增加，进一步加剧了行业发展的不确定性。 作为一种新消费业态，上门经济顺应了社会和市场发展趋势，契合了消费者和从业者的需求。对此，要 秉持开放包容的态度，为其发展创造良好的环境；更要筑牢监管防线，保障其健康有序发展。 近年来，随着市场需求变化和消费理念更新，以上门代厨、上门收纳整理、上门喂养宠物为代表的新型 服务模式日趋走俏。这些服务大多依托专门的生活服务类平台和各类社交媒体平台进行推广，消费者只 需轻点手机下单预约，便能足不出户享受"点对点"服务，节省了时间和精力，满足了多元化、个性化需 求。与此同时，这一新消费业态还拓展了灵活就业渠道，提供了更多就业机会。 但是，新业态也存在相关行业标准与市场规范相对欠缺、服务质量参差不齐等问题。部分从业人员未经 过严格审核和专业培训，专业技能及服务水平未得到有效认定。一些个体服务者未进行注册登记 ...

万豪美团合作，对酒旅业释放出什么新信号？ 作者|古甘 编辑|杨舟 美团的会员体系升级不到半年，就被超级品牌盯上了。 5月28日，万豪宣布与美团推出联合会员，整合双方在住宿、餐饮、本地生活等领域的资源，打造涵盖酒店空间到本地生活等多元场景的全方位体验。 对于这次合作，万豪强调顺应年轻客群和新兴市场，共同探索酒店与本地生活的消费场景融合。美团则希望可以把传统单一的"住酒店"升级成覆盖餐饮、 玩乐、度假等全链路旅游场景。 一个看重年轻人，一个瞄准新场景。这场看起来简单的"互联互通"合作，或许正在撬动本地生活平台和高星酒店之间的角色边界。 过去，老牌OTA的分发模式较为垂直，本质和电商平台没有太大区别。房间被标准化成商品，平台凭借价格、位置等信息撮合交易，用户停留时间短、粘 性低。 而现在，这种分发模式正在变化。综合性OTA平台不再只是供需对接器，更成为用户在决策"住什么"之外，获取到更多周边信息的连接器，尤其是 在"lifestyle式酒店"盛行的当下，未来的酒店，也不再只是预订平台上的"房源信息"，而是用户在本地吃喝玩乐路径中的多功能空间。 这场合作，是把"住"拆解，接入"吃喝玩乐"的过程。 对整个酒旅行业而言， ...

Overall Performance - The company achieved revenue of 86.6 billion yuan in FY2025 Q1, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1% [1] - Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2% [1] - The adjusted net profit margin was 12.6%, up by 2.4 percentage points year-on-year [1] Core Local Business - Revenue from core local business reached 64.3 billion yuan, growing 17.8% year-on-year, with operating profit of 13.5 billion yuan, a 39.1% increase [1] - The food delivery segment maintained healthy growth, with increased user engagement and order frequency [2] - The instant retail business, Meituan Flash Purchase, showed strong growth, with the number of flash warehouses and order proportion continuously rising [1][2] New Business Developments - New business revenue was 22.2 billion yuan, with a year-on-year growth of 19.2%, and operating losses narrowed by 17.5% to 2.3 billion yuan [1] - Meituan's new initiatives in the education sector, such as "Anxin Study," have expanded the product categories and service range, with over 20,000 educational institutions connected [2] - The company is focusing on enhancing operational efficiency in Meituan Youxuan, with expectations of reduced losses due to supply chain transformation and improved unit economics [3] Market Expansion and Competition - The company is expanding its overseas market presence, with Keeta launching in nine major cities in Saudi Arabia and plans to enter Brazil [3] - The competitive landscape is intensifying, with JD and Ele.me increasing subsidy investments, and Alibaba upgrading its instant retail business [3] - Despite short-term performance fluctuations due to competitive pressures, the long-term growth trajectory remains positive, driven by a comprehensive local service ecosystem [3] Financial Projections - The company forecasts overall revenue of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [3] - The company maintains a "buy" rating based on its robust local service network and growth potential in instant retail and overseas markets [3]

Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [8]. Core Views - In FY2025Q1, Meituan achieved revenue of 86.6 billion yuan, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1%. Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2%. Both revenue and profit exceeded expectations [2][6]. - Looking ahead, while short-term subsidy competition may disrupt profitability, Meituan's strategic determination and organizational resilience are expected to build its core competitiveness. The company is well-positioned to leverage its comprehensive local service ecosystem, driven by a three-sided transaction network of users, merchants, and fulfillment, alongside its dual engines of instant retail and in-store travel services for growth. International expansion and AI empowerment are anticipated to unlock long-term potential [2][6]. Summary by Sections Overall Performance - Meituan's core local business generated revenue of 64.3 billion yuan in FY2025Q1, a year-on-year increase of 17.8%, with operating profit of 13.5 billion yuan, up 39.1%. New business revenue reached 22.2 billion yuan, growing 19.2%, with operating losses narrowing by 17.5% to 2.3 billion yuan [8]. Instant Retail Business - The food delivery segment showed steady growth, with daily order volume increasing compared to the previous quarter. The instant retail brand, Meituan Flash Purchase, launched in April, has over 30,000 flash warehouses and more than 500 million total transaction users. Flash purchase orders increased by 50% year-on-year, with significant growth in low-frequency non-instant categories [8]. In-store Travel Business - The in-store travel segment has substantial growth potential, with a 25% year-on-year increase in active merchants. New initiatives like "Anxin Study" have been introduced, connecting over 20,000 educational institutions nationwide. The company continues to invest in ecosystem development to enhance user engagement and consumption frequency across various categories [8]. New Business and International Expansion - Meituan's new business, Meituan Preferred, is improving operational efficiency, with expectations of narrowing losses. The overseas business, Keeta, has launched in nine major cities in Saudi Arabia and is expanding into Brazil, focusing on food delivery to build a high-frequency traffic network [8]. Investment Recommendations and Profit Forecast - The report anticipates that in Q2, competition from JD and Ele.me will intensify, leading to a slowdown in core local business revenue growth and a decline in operating profit margins. However, the report maintains a positive long-term outlook for Meituan's comprehensive local service ecosystem and projects overall revenues of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027, respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [2][8].

在笔者视角中，美团有三张底牌，进行这场"不惜一切代价"的外卖竞争。 1、外卖其实很挣钱 第一张底牌，美团的外卖业务本身已经从亏损转向盈利，利润率非常不错。 美团公布最新一季报，业绩超预期。总营收达到866亿元人民币，同比增长18.1%，净利润100.6亿元，同比大增87%。核心业务的经营利润率大幅提升，从 去年同期的7.1%，上涨至12.2%。然而市场却一片惊慌，只因为王兴在电话会上的强硬表态：美团将"不惜一切代价"赢得竞争。以至于无法给出二季度和剩 余全年的准确业绩指引。 | | 未經審核 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | | 2025年3月31日 | | 2024年3月31日 | | | | | | 佔收入 | | 佔收入 | | | | 金額 | 自分比 | 金額 | 直分比 | 同比變動 | | | (人民幣千元,百分比除外) | | | | | | 收入 | 86.557.126 | 100.0% | 73.275.884 | 100.0% | 18.1% | | 部營溢利 | 10, ...

5月28日，第一财经·新一线城市研究所发布了《2025新一线城市魅力排行榜》，郑州排在15个新一线城市第九位，较上一年前进了一个位次，已连续八年位 居前十。 每一年的《新一线城市魅力排行榜》，都是一次对全国337个地级及以上城市的"重新发现"，标注中国城市最新发展动向。 根据新一线城市评估标准的五大维度，可以将郑州细细打量。 维度一：商业资源集聚度 商业资源集聚度由大品牌青睐指数、商业核心指数和商业配套成熟度构成，主要评估城市的商业实力。 中国之中，商都郑州，一个"商"字贯穿郑州数千年的城市发展史。3600多年前，商王朝在此建邦，繁盛的手工业、频繁的商品交换播种下深入骨髓的商业基 因，氤氲着郑州浓郁的商业气质。时至今日，郑州商业袭古盈新、繁荣发展。 □河南日报客户端记者王延辉 大国有大城。新一线城市的竞逐格局折射出中国区域经济发展的深层脉动。 城市人活跃度主要衡量城市人在消费、休闲和夜间三方面的活力表现。 首店首发经济拉动消费热潮。在郑州，香奈儿、路易威登、爱马仕、迪奥、卡地亚、古驰等头部重奢品牌聚集，山姆会员店、胖东来郑州首店、京东MALL 河南首店等加快推进建设。据赢商大数据不完全统计，2024年，郑州新 ...