将投中网设为"星标⭐"，第一时间收获最新推送 "如今能留在牌桌上，已经极其难得。" 作者丨 黎曼 编辑丨 王庆武 来源丨 投中网 2026年2月5日，美团发布公告，宣布以约7.17亿美元（约50亿元）收购叮咚买菜全部已发行股份，被市场誉为"年度本地生活领域最重磅整合"。 这笔交易将重塑行业格局：为始于2017年的生鲜电商创业潮画上句号，也拉开了美团、阿里、京东在即时零售领域"新三国杀"的序幕。 对于在2018至2021年间曾密集完成10轮融资、募资超10亿美元的叮咚买菜而言，这既是"上岸"，也是告别。 交易背后 谈判始于2025年12月中旬。叮咚买菜创始人梁昌霖在一次内部会议上向管理层透露，他认为"国内的生鲜前置仓业务已经不再适合创业公司，大公司入 场会做得更好"。 那时，梁昌霖已对公司的未来有了清晰判断。 这笔交易的核心是资产与团队的收购。公告条款规定，卖方可在交割前提取不超过2.8亿美元的现金，但需保证公司交割时净现金不低于1.5亿美元。对 价略高于叮咚买菜6.94亿美元的市值。 对美团来说，这一价格的实际支付成本可能远低于账面数字；对叮咚股东来说，这是一个兼顾了即时变现与交易成功的安排。 交易的主角从京 ...

据经济观察报-经济观察网 此次收购使美团获得即时零售领域的关键基础设施，行业竞争维度将从流量 争夺转向实体网络与供应链的效率比拼。战略纵深方面，美团此次收购的战略目标是获取叮咚买菜在中 国大陆地区运营的实体网络。根据公告数据，截至2025年9月30日，叮咚买菜在全国运营超过1000个前 置仓，月度购买用户超过700万。这种高密度仓储网络构成了即时零售末端配送的基础设施。 ...

Core Viewpoint - The unexpected disappearance of CEO Li Weiping poses new uncertainties for the transformation of Gao Xin Retail, which is currently seeking to shift towards community retail amidst ongoing losses in the traditional supermarket sector [2][3]. Company Situation - Gao Xin Retail's board announced that they could not contact CEO Li Weiping, who had only been with the company for about two months since joining on December 1, 2025 [2]. - Li Weiping's previous experience at Hema, where he held several key positions, was expected to contribute positively to Gao Xin Retail's strategic planning and business development [3]. - The company reported a revenue of 30.502 billion yuan for the first half of the 2025 fiscal year, a decrease of 12.1% year-on-year, and a net loss of 123 million yuan, compared to a profit of 206 million yuan in the same period the previous year [3]. Transformation Strategy - Gao Xin Retail is undergoing a significant transformation, focusing on community retail as part of a broader industry trend initiated by competitors like Yonghui Supermarket and Wumart [5]. - The company aims to create a retail model that balances experience and efficiency within a three-kilometer radius, planning to eliminate inefficient stores and transition to community life centers [5]. - The introduction of "front warehouses" as a key development area marks a shift in strategy, allowing for rapid delivery of fresh and fast-moving consumer goods [5]. Operational Impact - Despite Li Weiping's disappearance, Gao Xin Retail stated that its operations remain normal and that the chairman, Hua Yuneng, is overseeing management to ensure stability [4]. - New retail expert Bao Yuezhong believes that the impact of Li Weiping's absence will be minimal, as the company is a leading player in the supermarket sector [4][7]. - The recent opening of a new Dailunfa Supermarket in Dongying, which features a modern retail approach, has received positive market feedback, indicating that the transformation efforts are still progressing [6][7].

Investment Rating - The report gives a "Buy" rating for the company with a target price of HKD 18.1, representing a potential upside of 64% from the current price of HKD 10.98 [1]. Core Insights - The report emphasizes that the "takeaway war" has ignited a new journey in instant retail, termed "everything to home," highlighting the significant growth potential in the instant retail sector [4][21]. - The company is identified as the largest third-party instant delivery service platform in China, benefiting from the synergy of its independent third-party status and the broader ecosystem of SF Express [8][9]. - Financial performance shows a continuous improvement in profitability, with gross margins increasing from -23.3% in 2018 to 6.8% in 2024, and adjusted net profit margins improving from -36.4% to 0.93% over the same period [8][9]. Summary by Sections Instant Retail Market - Instant retail is characterized by online ordering and offline fulfillment, aiming to meet local immediate demands, with a projected market size of RMB 781 billion in 2024, growing at 20.15% year-on-year [4][38]. - The competition among major players like Meituan, Taobao, and JD has intensified, with significant subsidies driving daily order volumes to record highs [13][14][15]. - The report outlines three main service models in instant retail: front warehouses, comprehensive instant retail platforms, and store-warehouse integrated self-operated models [23][26][30]. Company Overview - The company is positioned as the leading third-party instant delivery service provider, leveraging the SF Express brand reputation and service capabilities to create a synergistic effect [8][9]. - The internal and external growth mechanisms, termed "dual flywheel," are driving significant revenue growth, with a forecasted increase in net profit from RMB 132 million in 2024 to RMB 707 million by 2027 [9][5]. Financial Projections - Revenue is expected to grow from RMB 15.746 billion in 2024 to RMB 32.731 billion by 2027, with a compound annual growth rate (CAGR) of 27.1% [5]. - The adjusted net profit is projected to reach RMB 8.1 billion by 2027, with a corresponding adjusted price-to-earnings (PE) ratio decreasing from 25 in 2025 to 11 in 2027 [9][5].

Core Insights - The recent launch of the capital's modern logistics backbone network in Pinggu District, Beijing, includes the activation of the Capital No. 1 Node Warehouse (Zhaogongkou) and the Capital No. 1 Central Warehouse (Heizhuanghu) [1] - The project aims to establish a smart collaborative distribution system across Beijing, with plans to build 50 front warehouses by 2026 and a total of approximately 100 warehouses in the city [1] - The Beijing-Ping Logistics Hub Railway South Yard, which was also inaugurated, is a key component of the Beijing-Ping "H" railway expansion project, designed to handle an annual loading capacity of 5 million tons [2] Group 1 - The Capital No. 1 Node Warehouse (Zhaogongkou) is strategically located at the transportation hub between the South Third and Fourth Ring Roads, serving a 5-kilometer radius [1] - The warehouse employs an innovative "night-time intensive transportation + in-warehouse consolidated distribution" model to ensure overnight delivery of fresh and essential goods [1] - The Capital No. 1 Central Warehouse (Heizhuanghu) spans over 1,000 square meters and will work in coordination with multiple future warehouses to support efficient urban distribution networks [1] Group 2 - The Beijing-Ping Logistics Hub is recognized as a core carrier for Beijing's goal to become a "logistics highland" and has been included in the national logistics hub construction list [2] - The green collection and distribution system utilizes "railway dedicated lines + new energy heavy trucks" to enhance carbon reduction and cost efficiency in the logistics process [2] - Once the full Beijing-Ping "H" railway expansion is completed, the hub's public and rail transport capacity will increase to 40 million tons annually [2]

编辑|李子 2025年以来，截至3月31日大润发2025财年收官，全国9家大润发门店陆续闭店，其中包含8家大卖场、1 家中型超市。 曾经收银台排起长队、生鲜区被大爷大妈争相抢购的热闹场景，如今换成部分老旧门店空荡荡的货架 和"清仓甩卖"的海报。 网上不乏"大润发不行了"的声音，但事实真的如此吗？ 它从不是躺平摆烂，而是主动"割肉瘦身"，清掉拖累业绩的"拖油瓶"，转头就靠新玩法实现利润翻盘。 若只看到闭店的冷清，你或许就错看了这家拥有28年历史的老商超。 回溯过往，大润发曾是妥妥的"线下零售天花板"。 1998年，大润发中国大陆首家门店落地上海。 2010年，它以404亿元销售额首次超越家乐福，登顶中国超市销量榜首。 2011年与欧尚合并组建高鑫零售上市后，市场占有率再超沃尔玛，成为中国最大的现代化超市集团。 巅峰时期，大润发门店覆盖29个省份，说它"承包了中国人的菜篮子"，一点不夸张。 可风光总有尽头，消费市场的变化，来得比想象中更快。 彼时沃尔玛、家乐福正砸重金抢占一线城市核心铺位，大润发却反其道而行之，专挑二三线城市的老居 民区、老街坊周边开店。 不搞花哨宣传，仅凭"品类全、价格实"的接地气打法，稳稳站稳 ...

Core Insights - The construction of the modern logistics backbone network in Beijing has made significant progress, with the official launch of the Capital No. 1 Node Warehouse and the Capital No. 1 Central Warehouse, marking the transition to the operational phase of the logistics network [1][2] Group 1: Project Overview - The Capital No. 1 Node Warehouse (Zhaogongkou Warehouse) and the Capital No. 1 Central Warehouse (Heizhuanghu Warehouse) are now operational, serving as key components of the logistics network [1][2] - The project aims to establish 50 front warehouses in urban areas by 2026, with a total of approximately 100 front warehouses planned to create a smart collaborative delivery system covering the entire city [2] Group 2: Operational Details - The Zhaogongkou Warehouse utilizes an innovative "night-time intensive transportation + in-warehouse combined distribution" model to ensure timely delivery of fresh and essential goods [2] - The railway southern area of the Beijing-Ping Logistics Hub has also commenced operations, designed to handle an annual unloading capacity of 5 million tons, focusing on the "public-to-rail" transportation of bulk goods [2] Group 3: Strategic Initiatives - The unveiling of the "Northern Imported Fruits (Beijing) Distribution and Trading Center" and the "Jingping International Bulk Commodity Digital Supply Chain Distribution Center" aims to enhance supply chain integration and service trade functions [3] - These initiatives are expected to facilitate the flow of high-quality agricultural products and materials, promoting consumption upgrades and industrial synergy, thereby contributing to rural revitalization and urban-rural integration [3] Group 4: Future Prospects - The Beijing-Ping Logistics Hub is a core component of Beijing's strategy to establish a "capital logistics highland" and has been included in the national logistics hub construction list [3] - With the full completion of the Beijing-Ping "H" railway expansion project, the hub's public-rail transport capacity is projected to increase to 40 million tons annually, supporting a resilient and intelligent logistics network [3]

Core Insights - The construction of the modern logistics backbone network in Beijing has made significant progress with the official launch of the Capital No. 1 Node Warehouse (Zhaogongkou Warehouse) and the Capital No. 1 Central Warehouse (Heizhuanghu Warehouse) [2] - The project marks the transition to the operational phase of the logistics network, which is part of Beijing's 14th Five-Year Plan to establish a modern logistics system [2] Group 1 - The Capital No. 1 Node Warehouse is strategically located in the transportation hub area between the South Third Ring and South Fourth Ring, serving a 5-kilometer radius and utilizing an innovative "night-time intensive transportation + in-warehouse combined distribution" model [3] - The Central Warehouse, exceeding 1,000 square meters, will collaborate with multiple future warehouses to support an efficient urban delivery network [3] - By 2026, the plan includes the establishment of 50 front warehouses in the urban area, with a total of approximately 100 warehouses planned to create a smart collaborative delivery system covering the entire city [3] Group 2 - The railway southern area of the Beijing-Ping logistics hub has also been put into operation, designed to handle an annual unloading capacity of 5 million tons, focusing on the "public-to-rail" transportation of bulk materials [4] - The establishment of the "Northern Imported Fruits (Beijing) Distribution and Trading Center" and the "Beijing Ping International Bulk Commodity Digital Supply Chain Distribution Center" aims to enhance supply chain integration and trade services [4] - The Beijing-Ping logistics hub is a key component in building Beijing as a "logistics highland" and has been included in the national logistics hub construction list, with future capacity expected to reach 40 million tons annually upon completion of the railway expansion project [4]

Group 1 - The hard discount supermarket format has gained significant attention in the second half of this year, with major internet companies launching new stores and expanding their presence [3][5] - Companies like Hema, JD, and Meituan have opened multiple hard discount stores, indicating a shift towards more price-sensitive consumer behavior [3][5] - The core competitiveness of hard discount formats lies in efficiency rather than just low prices, utilizing standardized models to reduce costs and improve turnover [5][7] Group 2 - Hema's X membership store has exited the market due to unclear positioning and high operational costs, highlighting the challenges faced by membership-based retail formats [9][10] - Despite Hema's exit, other local players are still attempting to establish membership stores, but they face strong competition and challenges in attracting price-sensitive customers [12][13] Group 3 - The retail sector has seen a wave of leadership changes among major players like Aldi, Sam's Club, and Yonghui, indicating a need for new strategies to adapt to market conditions [14][15] - These leadership changes are aimed at enhancing local procurement and supply chain management to support expansion while maintaining cost efficiency [15][17] Group 4 - The "prepaid card redemption" issue at Meitohai in Shanxi has raised concerns about cash flow and operational stability, as customers rush to redeem their prepaid cards amid fears of financial instability [18][21] - The situation has been exacerbated by recent store adjustments and closures, leading to a loss of consumer confidence and further financial strain [21][22] Group 5 - The trend of online players moving into offline retail is gaining momentum, with companies like Xiaoxiang Supermarket and Pupu planning to open physical stores to complement their online operations [23][24] - This shift is driven by rising costs associated with pure online fulfillment and the need to enhance consumer trust through physical retail experiences [25][28] Group 6 - The supermarket sector is undergoing a transformation as companies adopt the "learn from Pao Donglai" strategy, focusing on improving store layouts and customer experience [30][32] - However, many traditional supermarkets are still struggling with profitability despite initial positive performance post-renovation, indicating deeper systemic issues [32][33] Group 7 - Major online retailers like JD and Hema are retracting from partnerships with traditional supermarkets to refocus on self-operated models, aiming to streamline operations and improve efficiency [34][35] - This strategic shift reflects a broader trend of integrating online and offline capabilities to enhance customer experience and operational effectiveness [37][38] Group 8 - Regional retailers are emerging as new players in the market, focusing on local consumer needs and adapting their offerings accordingly, which may provide a competitive edge [39][41] - These regional players face challenges related to cost management and operational execution, particularly as they expand into new markets [41][42] Group 9 - The snack industry is experiencing a shift towards low-cost, high-density store formats, with companies like Mingming and Wancheng rapidly expanding their presence [42][44] - Traditional brands are facing pressure as they struggle to maintain market share amid aggressive pricing strategies from new entrants [44][45] Group 10 - The recent subsidy wars in instant retail have led to significant increases in order volumes, but also heightened financial pressures due to intensified price competition [47][51] - The long-term implications of these subsidy strategies remain uncertain, as companies navigate the balance between growth and profitability [51][52]

Group 1 - The core viewpoint of the notification is to enhance urban commercial quality through the "Urban Commercial Quality Improvement Action Plan," focusing on high-quality development of pedestrian streets and commercial circles [1][2] - The plan aims to create national demonstration pedestrian streets and commercial circles that serve as carriers for consumption upgrades, urban image, and international openness [1] - It emphasizes the integration of online and offline development, encouraging collaboration between retail and e-commerce companies to enhance delivery efficiency and service quality [1][2] Group 2 - The notification outlines the establishment of a comprehensive emergency supply system to ensure the stability of urban commercial operations, including the enhancement of supply chain resilience [2] - It highlights the importance of leveraging emerging technologies such as AI, IoT, and cloud computing to optimize urban commercial space utilization and improve operational efficiency [2] - The plan includes the development of smart commercial models that incorporate intelligent guidance, precise marketing, and immersive shopping experiences [2]