作者 | 王小娟 编辑 | 黄昱 本来已经常规化的"618"购物节，今年似乎因为几家互联网公司加码外卖市场，而有了新的故事。 而在此之前，京东先发布了一份强势的季度财报。财报数据显示，京东第一季度收入3011亿元，同比增 加15.8%，增速创三年来最高。归属于普通股股东的净利润为109亿元，同比增长52.7%。 当前，外卖的大力投入在财报中已明显体现。 入局外卖之后，包括外卖业务在内的新业务经营费用从上年同期的15.1亿元同比增长65.3%至24.9亿 元，这使得新业务在一季度的亏损额扩大至13.27亿元，新业务的经营利润率为-23.1%。 不过，其他各项业务的增长不仅平衡掉了这方面的投入，还实现了整体的增长。具体而言，日用百货收 入同比增长14.9%，3P业务同比增长15.71%，包括达达、京东产发、京喜、海外业务在内的新业务同比 增长18.1%。 京东进入外卖市场，也是想通过这一高频业务，来带动整体APP的活跃。当前，效果已经有所体现。京 东方面表示，一季度京东用户增长表现强劲，增速超过20%，实现了连续6个季度同比双位数增长。 具体而言，今年京东618，京东物流将原有的基础物流仓配服务升级为211仓配、 ...

Group 1 - JD.com announced an increase in consumer subsidies for the upcoming "618" shopping festival, offering over 1000 yuan per person per day and discounts up to 2000 yuan on selected products [1] - JD's food delivery service has seen a record daily order volume exceeding 20 million within 75 days of its launch, and it will also participate in the "618" promotions with significant subsidies [1] - JD's Q1 2025 financial results showed a revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, and a net profit of 10.9 billion yuan, marking a significant growth in active user numbers [2] Group 2 - Douyin e-commerce has also increased its subsidy efforts for the "618" festival, offering discounts of 15% and up to 2280 yuan in consumer coupons [3] - Tmall has simplified its promotional strategy for "618," offering a basic discount of 15% and a maximum discount of 50%, with pre-sale activities starting earlier than previous years [3] - The travel platform Fliggy has reported record numbers of participating merchants and products for its "618" event, with marketing investments and capabilities significantly upgraded [3] Group 3 - Tmall's "618" event commenced with a strong performance, reporting over 10% growth in GMV during the first hour, with popular domestic brands selling out quickly [4] - The first day of pre-sale on Tmall featured nearly 500 popular products, with domestic brands accounting for over 40% of the offerings [4] - Notable sales included nearly 250,000 units of a collagen product and over 100,000 units of a dual-action essence from popular domestic skincare brands [4]

Core Insights - The competition between Amazon and Flipkart has intensified, marked by price wars and membership benefits, leading to a surge in consumer spending during mid-year sales events [1][8] - A "shopping list" has emerged among sellers, highlighting five product categories favored by dual membership users, indicating shifting consumer preferences and new growth opportunities for cross-border sellers [1] Product Categories - The top category is smart home devices, with sales peaking earlier this year compared to previous years, particularly in the European and American markets, where dual members are significant buyers [3] - Wearable devices rank second, with increased purchasing intent among younger users during promotions, driven by attractive pricing and health-related applications promoted by Flipkart [3] - Pet supplies have seen explosive growth, especially innovative products focused on "smart feeding" and "pet companionship," reflecting a shift in consumer lifestyle post-pandemic [4] - Kitchen appliances are also trending, with lightweight and easy-to-use products like air fryers and portable blenders becoming popular among dual members, supported by promotional discounts [4] - Outdoor and camping gear is experiencing a resurgence as warmer weather encourages outdoor activities, with significant sales increases for tents and portable cooking equipment [4] User Behavior and Seller Strategies - Dual membership users are characterized by high activity and loyalty, leading to strong purchasing intent and engagement, which can be a double-edged sword for sellers [5] - Sellers must focus on product quality and customer service to leverage positive word-of-mouth while being cautious of potential negative feedback that could impact rankings [5] - The importance of account management and compliance is emphasized, as many small sellers operate multiple accounts to expand reach, which increases the risk of being flagged for violations [5][6] - Tools like "Cross-Border Guardian" are becoming essential for larger sellers to manage accounts effectively and prevent association risks [6] Market Dynamics - The competition among e-commerce platforms extends beyond pricing to operational capabilities, with success hinging on accurately capturing consumer trends and preferences [8] - The ongoing battle between platforms is expected to intensify, with dual membership users continuing to shape market dynamics [8] - Cross-border sellers are encouraged to understand user preferences and ensure stable service experiences to capitalize on emerging opportunities [8]

21世纪经济报道记者贺泓源、实习生谭伊亭 报道 腾讯音乐丝滑步入变现周期。 2025年5月13日晚，该公司披露业绩。财报显示，在一季度，腾讯音乐营收73.56 亿元，同比增长8.7% ；调整后净利润22.26 亿元，同比增长22.8%。 业绩增长背后是，腾讯音乐付费会员业务高速增长。 在一季度，腾讯音乐在线音乐收入同比增长15.9%至58亿元。其中，订阅收入同比增长16.6%至42.2 亿 元。在线付费用户数同比增长8.3%至1.229 亿 ，单个付费用户月均收入（ARPPU） 环比提升0.3元至 11.4元。该项业务主要推力来自， SVIP（超级会员）的增长和更审慎的促销活动。广告、艺人周边及 线下演出也带动了非订阅收入的增长。 但代价也是明显的。 一季度，腾讯音乐在线音乐服务月活同比下滑4.0%至5.55亿。 需要注意的是，更重视付费用户，已经成为腾讯系企业的共同策略。2024年，腾讯旗下阅文平台整体平 均月活为1.67亿 ，同比下滑19%。其中，付费用户数为910万，同比增长4.6%。这主要由于通过核心付 费阅读产品分发更多内容，导致免费阅读渠道月活用户减少。 回到腾讯音乐，在资本市场重视利润的当下，该 ...

来了，618终于来了。虽然前段时间就有很多内部爆料，今年的618会提前到5月13日，不过时间提前是一回事，活动力度有多大就是另一 回事了，在活动详情出来之前，价格永远都是未知数。 但是在小雷看来大家这次真的可以放心，毕竟从年初开始，电商平台的各种促销活动就几乎没有停止过，京东一度喊出每个月都 有"618"的口号，并在每个月的18号举办"月黑风高"活动。淘宝的满减更是几乎7*24小时在线，同时还在618活动前夕发布了首个PC桌面 端版本的淘宝（不知道有没有额外优惠补贴），可以说做足了准备。 平时的小优小惠已经是拉满了，那么618如果没有更大力度的促销，肯定是说不过去的，叠加近期各种促内消费的政策和国补支持，今年 的618力度有可能会是空前的。 好了，废话不多说，直接来看看淘宝、京东等电商平台今天更新的618活动规则，小雷的读者们可以提前做好准备了。 淘宝：力度够大，今年终于重视"简单"了 最近几年开始，每一次618和双十一的活动预热里，其实都少不了"无套路""直接优惠"等一系列宣传，毕竟很多人真的被前几年的各种优 惠计算方式搞怕了。小雷印象最深刻的一次618，真的是拿着计算器和Excel表格来计算如何获得最优价 ...

证券研究报告 行业深度 商贸零售&社会服务 高性价比国产大模型应用落地加速，探索 AI+消费投资机会 AI+消费专题报告 2025 年 05 月 13 日 评级 同步大市 维持 | 重点股票 | 2024A | | 2025E | | 2026E | | 评级 | | --- | --- | --- | --- | --- | --- | --- | --- | | | EPS（元） PE（倍） EPS（元） PE（倍）EPS（元） PE（倍） | | | | | | | | 小商品城 | 0.56 | 28.81 | 0.72 | 22.35 | 0.92 | 17.63 | 增持 | | 学大教育 | 1.47 | 36.54 | 2.07 | 25.97 | 2.66 | 20.27 | 增持 | 执业证书编号:S0530522020001 zhangxiyue@hnchasing.com 相关报告 1 商贸零售行业事件点评：离境退税政策优化升 级，释放入境消费新动能 2025-04-14 此报告 考 请务必阅读正文之后的免责条款部分 资料来源： iFinD ，财信证券 行业涨跌幅比较 % 1M 3M ...

Core Viewpoint - JD Group's Q1 2025 financial results exceeded expectations, with significant growth in revenue and profit, marking the highest year-on-year growth rate in nearly three years [2][3]. Revenue and Profit Growth - In Q1 2025, JD Group reported revenue of 301.1 billion RMB, a year-on-year increase of 15.8%, surpassing market expectations of 289.44 billion RMB [2][3]. - Net profit attributable to ordinary shareholders was 10.9 billion RMB, up 52.7% year-on-year, while non-GAAP net profit was 12.8 billion RMB, an increase of 43.4% [2][3]. Business Segments Performance - JD Retail remains the main growth driver, with revenue of 263.845 billion RMB, a year-on-year increase of 16.3% [5]. - JD Logistics generated approximately 47 billion RMB in revenue, up 11.5% year-on-year, with adjusted net profit of 750 million RMB, reflecting a 13.4% increase [5]. - New business revenue, including the newly launched food delivery service, reached 5.753 billion RMB, a significant year-on-year growth of 18.1% [5][8]. New Business and Food Delivery Service - JD's food delivery service, launched in early 2025, has quickly gained traction, with daily orders expected to exceed 20 million soon [2][7]. - The food delivery segment reported a loss of 1.327 billion RMB in Q1 2025, widening from a loss of 670 million RMB in the same period last year, indicating challenges in profitability despite revenue growth [8][10]. Employee Growth and Human Resource Expenditure - As of March 31, 2025, JD's ecosystem employed approximately 700,000 individuals, with total human resource expenditure reaching 128.8 billion RMB [5][6]. - The workforce increased by about 30,000 in Q1 2025, reflecting ongoing expansion efforts [6]. Market Dynamics and Competitive Strategy - JD's entry into the food delivery market is seen as a significant move against existing competitors like Meituan and Ele.me, with strategies including zero commission for merchants and enhanced benefits for delivery personnel [7][10]. - The company aims to leverage its existing logistics and operational capabilities to create synergies across its business segments, enhancing overall efficiency and customer engagement [11][12].

2025年5月13日，21世纪经济报道记者走访北京市场发现，鲜奶市场价格战进一步加剧。具体来看，在 物美超市，伊利金典高端鲜牛奶19.5一盒780ml，买一赠二；君乐宝悦鲜活19.9一盒1.25l，买一赠一； 蒙牛每日鲜语沙漠有机鲜牛奶24.9一瓶720ml，买一赠一。 在线上亦是类似态势。 21世纪经济报道记者贺泓源、实习生谭伊亭 报道 鲜奶市场价格战继续加剧。 在伊利抖音旗舰店，14瓶金典235ml金典鲜牛奶折后价仅为69.9元；同样在抖音渠道，10瓶光明优倍3.6 鲜奶（280ml）再额外送5个咖啡液价格仅为66.8元；8瓶君乐宝悦鲜活（260ml）售价仅为49.9元。 加剧的价格战背后是，各家均陷入销售压力。 在2024年，伊利液体乳收入750.03亿元，同比下滑12.32%。在2025年一季度，该公司液体乳收入196.40 亿元，同比下滑3.06%。 2024年，蒙牛液态奶收入730.7亿元，同比下滑10.6%。 2024年，主打鲜奶的光明乳业液态奶收入 141.7亿元，同比下滑9.5%。在2025年一季度，该公司液态奶 收入32.92亿元，同比下滑6.32%。2024年，同样主打鲜奶的三元股份液态 ...

公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。恒生科技指数ETF（513180）兼具硬科技与新消费属性，在外围扰动下具备韧性：1）硬科 技：恒生科技代表了中国AI核心资产，成分股深度聚焦AI产业链的上中下游，其中阿里、腾讯、小 米、美团、中芯国际、联想等有望成为中国科技股"七巨头"；2）新消费：恒生科技超一半权重在电商 零售、汽车、家电、消电、旅游等可选消费板块，包含"蔚小理"、小米、联想等硬件厂商，携程、同程 等OTA平台，以及海尔、美的等家电龙头。（场外联接A/C：013402/013403） （文章来源：每日经济新闻） 5月9日早盘，恒生科技指数低开低走，盘中一度跌超1.5%，成分股中，仅联想集团等少数公司上涨， 中芯国际、理想汽车、快手、地平线机器人等领跌，其中华虹跌超11%，中芯国际一度跌超6%。近期 热度较高的恒生科技指数ETF（513180）跟随指数震荡下行。据悉，恒生科技指数当前估值 （PETTM）仍仅有21.73倍，处于指数发布以来17.99%的分位数，即当前估值低于历史以来82%以上的 时间，具备一定估值性价比。 国联民生 ...

近日，沈阳辽美中等职业学校"组团退60件演出服"的事件引发舆论热议。 这一案例引发行业广泛关注，撕开了"七天无理由退货"规则在实际操作中的争议一角——当消费者权益保护 与商业诚信发生碰撞，当"无理由"遭遇"有规则"，我们该如何重新理解电商退货制度的深层逻辑? 过去，"七天无理由退货"被部分消费者误解为"随意退""任性退"，甚至滋生出"试穿式消费""薅羊毛"等不良 现象。比如服装行业常出现的"吊牌未拆但衣物已穿过季"，电子产品"激活试用后恶意退款"，这些行为不仅 损害商家利益，更透支了社会诚信体系。 2025年5月1日实施的《售后服务 无理由退货服务规范》直击痛点：退货范围更明确，定制品、鲜活商品等 四类"绝对不适用"商品划出红线;退货条件更严格，"商品完好"从模糊表述细化为外观、功能、配件的完整 无缺，拆封后易贬值商品的退货需经消费者确认;审核流程更规范，告别"申请即退款"的粗放模式，为理性 消费与正当维权筑牢制度框架。 新规的本质，是对"权利与义务对等"原则的回归。一方面，消费者仍享有7天冷静期的合法权益，必要的拆 封检查、合理的试穿试用仍受保护;另一方面，"无理由"绝非"无边界"，任何消费行为都需建立在尊 ...