外卖行业愈加热闹了。 近期，即时零售商朴朴超市低调上线了外卖业务"朴朴厨房"。没有大肆宣传，没有多地铺开，仅在朴朴超市大本营福州的部分附近区域试点开放。 时代财经从接近朴朴超市的相关人士处获悉，目前朴朴厨房仅在很小范围内做测试。 当下，西贝与罗永浩的"骂战"让预制菜陷入争议，"幽灵厨房"的存在也给外卖行业蒙上一层阴影。当餐饮行业经历"至暗时刻"，即时零售巨头盯上了年轻 人的饭盒。 朴朴厨房低调试水 当消费者将朴朴超市定位至"福州市红星商务大厦"后，朴朴厨房业务随即出现在首页宣传页，并在顶部设置了"朴朴厨房（外卖）"的一级入口。 福州市红星商务大厦，也就是朴朴总部所在的办公大楼。有朴朴员工透露，朴朴厨房店面其实就在大楼隔壁。 根据外卖频道页面显示，目前朴朴厨房推出的餐饮品类包括中式快餐、西式快餐、咖啡、奶茶等上百种餐饮商品。几乎都是年轻人日常外卖的高频选 择。"可以解决我的吃饭问题了""以后朴朴厨房就是我的午饭""挺好的一顿工作餐"，餐品评论区不乏类似的评论。 从定价来看，朴朴厨房走的是亲民路线，一份中式米饭套餐大多在13-20元以内，如果是单点主食则可低至个位数，如皮蛋瘦肉粥券后3.9元、虾仁炒饭8.8 元。 ...

Core Viewpoint - The company emphasizes its innovative business model and commitment to fair pricing, which has allowed it to become a leading player in various retail sectors, including electronics and home appliances [4][5]. Group 1: Business Model and Growth - The company started with a transparent pricing model in 2004, which replaced traditional opaque pricing in the electronics market [4]. - By 2009, the company expanded into the home appliance sector, despite initial resistance from investors, and by 2016, it became the largest home appliance retailer in China [5][6]. - The company has successfully entered multiple categories, including fresh food and fashion, establishing itself as a leader in these markets [5][6]. Group 2: Industry Challenges and Innovations - The company identified significant pain points in the food delivery and hotel industries, where high commission rates negatively impact service quality and profitability for small businesses [6][7]. - The introduction of the "Seven Fresh Kitchen" model has led to a 30% increase in sales for local restaurants within a 5-kilometer radius, demonstrating that the company's model can coexist with and support existing businesses [7][8]. - The company has hired 280,000 delivery riders and is committed to providing full social insurance, setting a new standard in the food delivery industry [9]. Group 3: Brand and Consumer Engagement - The company aims to build trust and enhance consumer experience through high-quality products and services, similar to the approach taken by renowned brands like Moutai [9][11]. - The company values direct communication with consumers, as evidenced by its ongoing user meetups, which facilitate feedback and engagement [10].

Core Insights - JD.com is actively expanding into the food delivery and hotel industries, aiming to innovate rather than engage in price wars that could harm service quality and profit margins [1][5][6] Group 1: Food Delivery Business - JD.com launched its "Seven Fresh Kitchen" food delivery service, achieving over 1,500 daily orders within two months of operation [3] - The company plans to invest over 10 billion yuan to establish 10,000 self-operated "Seven Fresh Kitchen" outlets across the country, focusing on fresh, made-to-order meals [3] - JD.com claims that its entry into the food delivery market has not negatively impacted local restaurants; instead, it has increased their order volumes by 30% in the surrounding areas [3][4] Group 2: Hotel Industry Strategy - The hotel industry is facing challenges due to oversupply and declining key performance indicators such as average daily rate and occupancy rate [5] - JD.com aims to provide supply chain services to optimize costs for hotels, addressing the industry's supply chain complexities [5][6] - A strategic partnership has been established between JD.com and Jinjiang Hotels to enhance dining experiences and explore new business models combining AI with food and lodging [5][6]

Core Insights - Liu Qiangdong is actively promoting JD's new business segments, particularly in the hotel and alcohol sectors, emphasizing a non-price war approach to maintain service quality and profit margins [2][11][13] - The recent wine tasting event attracted significant attention and led to a surge in hotel bookings and user engagement on JD's platform, indicating strong market interest [5][6][13] - JD's strategic focus on integrating its supply chain with new business ventures, including the hotel and food delivery sectors, aims to create a comprehensive service ecosystem [13][16] Group 1: Business Strategy - Liu Qiangdong outlined JD's new business strategy, which includes the launch of a new hotel development plan and innovative models for food delivery [2][11] - The company aims to avoid price wars in the hotel industry, ensuring that service quality and profit margins are preserved [11][13] - JD's approach includes a "zero commission" policy for hotels, which is expected to attract hotel partners and enhance collaboration [13][16] Group 2: Market Response - Following the wine tasting event, JD reported a 600% increase in hotel search volume in Beijing and sold 100 hotel rooms within 30 minutes [5][6] - The event not only boosted sales for partner hotels but also increased user traffic to JD's platform, with over a million users engaging in the event within 24 hours [5][6] - The company plans to hold monthly wine tasting events to further enhance its brand presence and industry influence [14] Group 3: Competitive Landscape - JD's new business segments are positioned to compete with established players in the market, such as Meituan, by leveraging its supply chain capabilities and offering unique value propositions [13][16] - The company is focusing on building a differentiated competitive edge through strategic partnerships and enhanced user experiences [16][17] - Despite the potential, JD faces challenges in brand recognition and resource coverage in the hotel sector, which may hinder its immediate impact on the market [16][17]

这是京东时隔近20年重启"用户见面会"，现场邀请用户免费体验茅台酒专业品鉴、五星级酒店专享定制晚宴。 9月16日，京东集团创始人、董事局主席刘强东现身"京东品酒会"直播间，重启"用户见面会"，现场烹制宿迁名菜"黄狗猪头肉"。他说自己第一次直播很 紧张，称"像贾国龙先生第一次炒菜一样紧张，像罗永浩第一次说脱口秀一样紧张。" 谈到"反内卷"。刘强东表示，现在国家强调"反内卷"，加大整治"内卷式"竞争力度是非常对的。 "内卷有两种形式，一种是向低端'卷'，这是国家大力反对的，一种是向上'卷'，'卷'质量好、'卷'价格公道、'卷'东西安全。"刘强东说，"所以我也特别期 待，通过我们在外卖、酒旅上的创新，真正解决从业者、消费者还有平台三方利益分配的问题"。 提到做菜方面，刘强东表示只要回家，基本上天天都会给家人做饭。 另据极目新闻，记者现场看到，刘强东很快地进入状态，他首先从四大菜系讲起，他特别强调，今天要做的四大名菜，与四大菜系并不是一个概念。他所 讲的名菜是"家乡味"的代表，这些菜之所以有名，从来不是因为食材有多珍贵，而是因为它们承载着独一无二的记忆，承载的是家乡的味道，成长的时 光。 "黄狗猪头肉是宿迁的名菜，但 ...

Core Viewpoint - The article discusses the transformative impact of new delivery models in the restaurant industry, highlighting how companies like Meituan and JD.com are reshaping consumer habits and the market landscape [1][18]. Group 1: New Restaurant Models - Meituan's "Raccoon Canteen" operates as a "no-dine-in delivery store," utilizing big data to identify optimal locations for opening stores, thus reducing rental costs [3][4]. - JD.com's "Seven Fresh Kitchen" directly engages in food preparation, sharing operational responsibilities and profits with partners, and aims to establish 10,000 locations in three years [6][7]. Group 2: Impact on the Restaurant Industry - The restaurant industry employs over 30 million people, including 20 million in restaurants and 10 million delivery workers, indicating a significant workforce affected by these changes [9]. - The shift towards delivery as a primary dining option is driven by changing consumer habits among younger generations, leading to a decline in dine-in experiences [10][11]. Group 3: Economic and Social Implications - Major platforms are expected to capture a larger share of restaurant profits, benefiting leading restaurant brands while potentially pushing smaller establishments out of the market [11]. - The reliance on delivery services will likely increase, leading to a decrease in home cooking among urban residents and a further decline in dine-in restaurant visits [12]. - Rental prices for restaurant spaces are projected to decrease as new models favor lower-cost properties, impacting traditional commercial real estate investments [13]. - The new delivery models may exacerbate urban-rural divides, with larger cities becoming more attractive due to enhanced convenience and lower costs, while smaller cities may struggle with population decline [14]. Group 4: Recommendations for Stakeholders - Stakeholders in the restaurant industry should adapt to the evolving landscape by enhancing food quality and considering exit strategies if positioned in the lower tiers of the market [16]. - Real estate investors in smaller cities should assess their assets in light of urban migration trends and consider divesting before potential declines in property value [16]. - Investors looking to capitalize on urban growth should focus on rental opportunities in core city areas, as demand for housing is expected to rise [16].

Summary of Conference Call Records Industry or Company Involved - Focus on various industries including **internet**, **photovoltaics**, **defense and military**, **non-ferrous metals**, **machinery equipment**, and **social services**. Core Points and Arguments 1. **High-Quality Development Initiatives**: China is promoting high-quality development across industries through market and legal means, particularly focusing on the internet and photovoltaic sectors to avoid excessive administrative intervention. Policies are being gradually implemented, significantly impacting companies near the breakeven point [1][3][4]. 2. **Internet Industry Competition**: Major players like Meituan, Taobao, and JD.com are actively supporting small businesses and expanding their services. Meituan announced a plan to support 100,000 small stores by the end of 2025, while Taobao's food orders doubled in July. However, the competition remains fierce with ongoing subsidy wars [1][3]. 3. **Photovoltaic Industry Adjustments**: The photovoltaic sector is responding to the government's call to control capacity expansion and phase out outdated production. Recent initiatives have led to improvements in silicon material prices, indicating a shift towards high-quality foreign trade development [1][3][4]. 4. **Global Tariff Negotiations**: The first round of U.S. tariffs has ended, with the U.S. signing preliminary trade agreements with several countries. However, the quality of these agreements is crucial, and ongoing negotiations indicate continued uncertainty in global tariff issues [1][5][6]. 5. **Market Performance**: Domestic indices showed recovery, with the Shanghai Composite Index rising approximately 2%. The average daily trading volume decreased by 6.2% week-on-week, but trading was active towards the end of the week [2][9][11]. 6. **Sector Performance**: Among 31 Shenwan industries, defense, non-ferrous metals, and machinery equipment saw gains exceeding 5%. Conversely, sectors like social services, retail, computing, and pharmaceuticals experienced pullbacks [2][10]. Other Important but Possibly Overlooked Content 1. **Impact of High Tariffs**: The U.S. maintains high tariffs on many countries, which is expected to suppress import demand and help reduce the trade deficit significantly by 2025 [8]. 2. **Market Sentiment**: The overall market sentiment has improved, with the valuation of the Wan De Quan A index reaching 20.7 times, indicating a recovery in market confidence, although future policy changes and external factors remain a concern [11].

Core Insights - The article discusses the transformation of the food delivery industry as it moves away from subsidy wars and "zero-yuan purchases," with JD.com launching "Seven Fresh Kitchen" and Meituan promoting "Raccoon Canteen" as new business models [1][22] - Both companies aim to reshape the food delivery landscape by focusing on supply-side innovations rather than price competition, with JD.com planning to establish 10,000 Seven Fresh Kitchens and Meituan targeting 1,200 Raccoon Canteens over the next three years [1][22] Group 1: Business Models - Seven Fresh Kitchen operates as a self-service kitchen model, emphasizing fresh cooking and affordable prices, with an average order exceeding 1,000 per day in its first week of operation [5][12] - Raccoon Canteen functions as a food delivery hub, renting out kitchen space to various food brands, allowing customers to order from multiple vendors in one transaction [6][12] - Both models aim to enhance food safety and quality, with Seven Fresh Kitchen focusing on supply chain management and Raccoon Canteen emphasizing infrastructure support for food vendors [13][24] Group 2: Market Dynamics - The food delivery market has seen intense competition, with major players like JD.com, Meituan, and Alibaba engaging in aggressive subsidy strategies, leading to unsustainable practices and significant financial losses [18][20] - The article highlights the negative impact of these subsidy wars on smaller restaurants, which struggle to compete with larger brands benefiting from the platforms' algorithms [19][29] - Regulatory scrutiny has increased, prompting platforms to shift from price wars to value-driven competition, which is reflected in the emergence of Seven Fresh Kitchen and Raccoon Canteen [21][22] Group 3: Industry Perspectives - Some restaurant owners view the new models positively, believing they will improve food safety perceptions and attract more customers to the food delivery sector [25][26] - Conversely, others express concerns that these new models may crowd out smaller businesses, although the platforms assert they will not harm existing partners [28][29] - The overarching goal of both Seven Fresh Kitchen and Raccoon Canteen is to combat "ghost kitchens" and enhance the overall safety and quality of food delivery services [29]

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD, have collectively announced an end to the "zero yuan purchase" and other forms of vicious competition, signaling a shift towards healthy competition focused on brand value [1][2]. Group 1: Market Reaction - Following the announcement, the stock prices of Meituan, Alibaba, and JD rose, with increases exceeding 3%, indicating market confidence in the cessation of price wars and a return to brand value competition [2]. - The intervention by the State Administration for Market Regulation on July 18, which called for an end to vicious price wars, has played a significant role in this shift [2]. Group 2: Industry Dynamics - The ongoing price wars have been characterized as a "no-win game," leading to a cycle of "subsidy-burning-monopoly-backlash" that has harmed the industry, including reduced merchant profits, compromised rider rights, and degraded consumer experience [3]. - The rise in daily food delivery orders from 100 million to 220 million has primarily benefited large chain brands, while small merchants have been pushed out due to their inability to compete with subsidies [3]. Group 3: Shift in Competition Strategy - The collective pivot of these platforms marks a new phase in the Chinese internet sector, transitioning from "capital-driven" competition to "rule co-construction" [4]. - The focus on brand value signifies a correction in business logic, reconstruction of industry ecology, and a redefinition of corporate competitiveness [4]. Group 4: Innovations and Improvements - The new competition landscape emphasizes quality over quantity, with initiatives like Meituan's "Raccoon Canteen" and JD's "Seven Fresh Kitchen" focusing on quality control and transparency in food preparation [4]. - Technological advancements are being prioritized, such as Meituan's smart helmets for riders and JD's logistics collaboration to enhance delivery efficiency [4]. Group 5: Ecosystem Reconstruction - The platforms are moving towards a win-win ecosystem, with commitments to not force merchants into subsidies and to protect their pricing autonomy, aligning with regulatory expectations for fair competition [5]. - This strategic shift reflects a broader awakening to long-termism in the industry, moving from "traffic thinking" to "brand thinking," where the focus is on creating value for consumers and empowering merchants [5][6].

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD.com, have collectively announced an end to "zero-yuan purchase" and other forms of vicious competition, signaling a shift towards healthy competition focused on brand value [1][3][5]. Group 1: Market Reaction - Following the announcement, the stock prices of Meituan, Alibaba, and JD.com rose significantly, with increases exceeding 3% [2]. - The capital market's positive response indicates a strong endorsement of the shift away from price wars towards brand value competition [3][5]. Group 2: Impact of Price Wars - The price wars have been detrimental to the industry, leading to a "three losses" scenario where no party benefits [3][4]. - The vicious cycle of subsidies and price cuts has harmed merchants' profits, riders' rights, and consumer experiences, resulting in a distorted ecosystem [4]. - The surge in daily food delivery orders from 100 million to 220 million has primarily benefited large chain brands, while small merchants have been pushed out [4]. Group 3: Transition to Brand Value Competition - The collective shift by the three platforms marks a new phase in the Chinese internet sector, moving from "capital-driven" to "rule co-construction" [5][6]. - Emphasizing brand value signifies a correction in business logic, reconstruction of industry ecology, and re-establishment of corporate competitiveness [5]. - The new competition will prioritize quality over scale, with initiatives like Meituan's "Raccoon Canteen" and JD.com's "Seven Fresh Kitchen" focusing on quality control and customer experience [5]. Group 4: Technological and Ecological Advancements - The evolution towards efficiency involves leveraging technology, such as Meituan's smart helmets and JD.com's logistics collaboration, to enhance delivery speed and service quality [5][6]. - The platforms are also restructuring their ecosystems to promote mutual benefits, including providing social security for riders and ensuring merchants' pricing autonomy [6]. - This strategic upgrade reflects a shift from "traffic thinking" to "brand thinking," focusing on long-term value creation and social contributions [6][7].