智通财经APP获悉，摩根士丹利发布研报称，阿里巴巴-W(09988)高德地图业务的革新，或是集团重新 推出到店服务的第一步。大摩认为，即时配送领域的竞争有可能延伸至到店服务，据Quest Mobile的数 据，经过此次人工智能升级后，高德地图仍是中国最大的导航地图应用，每日活跃用户(DAU)近2亿。 大摩认为，这可能是阿里巴巴重新布局到店服务的第一步，未来或推出更多相关服务。 ...

摩根士丹利发布研报称，阿里巴巴-W(09988)高德地图业务的革新，或是集团重新推出到店服务的第一 步。大摩认为，即时配送领域的竞争有可能延伸至到店服务，据Quest Mobile的数据，经过此次人工智 能升级后，高德地图仍是中国最大的导航地图应用，每日活跃用户(DAU)近2亿。大摩认为，这可能是 阿里巴巴重新布局到店服务的第一步，未来或推出更多相关服务。 ...

Core Viewpoint - The conference focused on the competitive landscape of the local life service market under the digital economy, discussing issues such as platform subsidy games, data governance, and merchant rights protection, aiming to explore legal pathways for the normative development of the platform economy [1][3]. Group 1: Conference Overview - The conference was hosted by the China University of Political Science and Law, gathering experts from academia, practice, and industry to discuss the new competitive dynamics in the local life service market [1]. - The opening remarks highlighted the importance of the local life service market for livelihood security and economic vitality, emphasizing the dual nature of technological innovation and potential exclusionary risks [3]. Group 2: Key Discussions - Professor Shi Jianzhong pointed out that the local life market relies on digital technology to compress consumption time and space, warning that subsidy competition is essentially a game of exclusive data access [8]. - Zhang Qiong emphasized that the legality of subsidy practices should focus on whether platforms abuse their relative advantages to force merchants to bear costs, potentially violating the Anti-Unfair Competition Law [8]. - Li Qing suggested that the government should implement a mechanism linking consumer vouchers with platform concessions to mitigate the profit squeeze on small merchants [8]. Group 3: Legal and Regulatory Insights - Professor Yuan Xiaoshuang noted that while in-store and home delivery services are complementary, subsidies can distort consumer decision-making, advocating for the protection of merchants' pricing autonomy under the E-commerce Law [13]. - Professor Li Yongjian highlighted that evaluation and search data are critical inputs in the takeaway market, warning that preferential treatment of self-operated businesses by platforms could violate the Anti-Monopoly Law [13]. - Professor Jiao Haitao pointed out that platforms forcing merchants to participate in promotions and setting minimum discounts could trigger violations of the Anti-Unfair Competition Law and Pricing Law [13]. Group 4: Regulatory Framework and Policy Recommendations - Professor Yang Dong proposed a three-dimensional regulatory framework focusing on "platform-data-algorithm," suggesting dual-track review standards for efficiency defenses and market blocking [18]. - Professor Wang Yong emphasized that while subsidies promote instant retail development, practices like "lowest price across the network" should undergo dynamic efficiency testing [18]. - Professor Chen Bing stressed the need to prevent algorithmic discrimination and regulate data blocking through key facility theory [18]. Group 5: Conclusion and Future Directions - Professor Fan Xiaobo concluded the conference by thanking participants and highlighting that the discussions deepened theoretical understanding of platform competition issues, providing important references for policy-making and law enforcement [22].

Core Viewpoint - Meituan's revenue for 2024 is projected at 337.6 billion RMB, with a year-on-year growth of 22%, and a net profit of 35.8 billion RMB, reflecting a significant increase of 158.4% [1]. Revenue Structure - Meituan's revenue is categorized into four types: delivery services, technology service fees (commissions), online marketing (advertising), and other services and sales [3]. - In 2022, the core local business generated 1,607.6 billion RMB, accounting for 73.1% of total revenue, while new businesses contributed 592 billion RMB, or 26.9% [6]. - By 2024, the core local business revenue is expected to reach 2,502.5 billion RMB, maintaining a stable proportion of around 74% [6][9]. Delivery Service Analysis - The delivery service segment has been operating at a loss, with each delivery costing 0.34 RMB more than the revenue generated in the first half of 2024 [1][14]. - In 2023, the delivery service revenue was 821.9 billion RMB, with associated costs of 907.4 billion RMB, resulting in a gross loss of 85.5 billion RMB [15]. - The average loss per delivery has decreased from 0.97 RMB in 2021 to 0.34 RMB in the first half of 2024, indicating improved efficiency [17]. Business Segmentation - The core local business primarily consists of food delivery and in-store/travel services, with food delivery accounting for approximately 70% of the revenue [11]. - The commission revenue from food delivery is estimated to be around 500 billion RMB, with a commission rate of less than 5% [26]. Profitability and Growth Strategies - Meituan's core local business achieved an operating profit of 38.7 billion RMB in 2023, with a profit margin of 18.7%, and is expected to rise to 52.4 billion RMB in 2024, with a margin of 20.9% [29]. - The company aims to offset delivery losses through increased commission and advertising revenues, which combined reached approximately 900 billion RMB in 2023 [28]. New Business Development - New business segments, including Meituan Youxuan and other services, are experiencing growth, with revenue increasing while operating losses are narrowing from 88% in 2021 to 31% in 2023 [34][37]. - The strategy for new businesses focuses on balancing revenue growth with improving profitability, indicating a cautious approach to expansion [33].