作为消费者首选的即时零售平台，"美团闪购"继续引领行业的快速增长和服务升级。在第三季度，新用 户增速和核心用户交易频次进一步提升。随着公司供给的不断丰富，消费多品类的用户占比稳步提升， 巩固了公司"万物到家"的用户心智。"美团闪电仓"等新供给模式快速扩张，将高确定性的生活方式延伸 到了中国更广泛的地区。公司还和酒饮、服饰等品类的头部品牌达成合作，这彰显出头部品牌对即时零 售价值的认同，以及对美团的信任。在10月，公司正式推出了"品牌官旗闪电仓"，为零售品牌提供全套 即时零售基础设施，包括仓储、配送和数字化系统。公司发挥在用户流量、生态系统和数字化能力等方 面的优势，赋能品牌实现用户增长、提高销量，并深化与年轻消费者的连接。今年"七夕节"，受节日礼 赠和庆祝需求的驱动，"美团闪购"的订单量和交易金额创下歷史新高。礼品偏好更加多元化，从鲜花扩 展到更丰富的品类。这推动多个高客单价品类在公司平台上实现了显著的销量增长，包括3C电子、美 妆护肤和珠宝首饰等。公司也持续致力于即时零售的服务升级。继推出行业首个全流程服务保障计划 后，公司于近期推出白酒全链路保真体系，并发起行业首个优质果切品牌联盟。作为行业内值得信赖的 ...

作为消费者首选的即时零售平台，"美团闪购"继续引领行业的快速增长和服务升级。在第三季度，新用 户增速和核心用户交易频次进一步提升。随着公司供给的不断丰富，消费多品类的用户占比稳步提升， 巩固了公司"万物到家"的用户心智。"美团闪电仓"等新供给模式快速扩张，将高确定性的生活方式延伸 到了中国更广泛的地区。公司还和酒饮、服饰等品类的头部品牌达成合作，这彰显出头部品牌对即时零 售价值的认同，以及对美团的信任。在10月，公司正式推出了"品牌官旗闪电仓"，为零售品牌提供全套 即时零售基础设施，包括仓储、配送和数字化系统。公司发挥在用户流量、生态系统和数字化能力等方 面的优势，赋能品牌实现用户增长、提高销量，并深化与年轻消费者的连接。今年"七夕节"，受节日礼 赠和庆祝需求的驱动，"美团闪购"的订单量和交易金额创下歷史新高。礼品偏好更加多元化，从鲜花扩 展到更丰富的品类。这推动多个高客单价品类在公司平台上实现了显著的销量增长，包括3C电子、美 妆护肤和珠宝首饰等。公司也持续致力于即时零售的服务升级。继推出行业首个全流程服务保障计划 后，公司于近期推出白酒全链路保真体系，并发起行业首个优质果切品牌联盟。作为行业内值得信赖的 ...

Core Viewpoint - Meituan is set to re-enter the offline retail market with its hard discount supermarket project "Happy Monkey," aligning with its long-term strategy in grocery retail [2][22]. Group 1: Project Launch and Background - The "Happy Monkey" supermarkets will officially open by the end of August, with initial locations in Beijing and Hangzhou, and plans for nationwide expansion [2][4]. - This marks Meituan's return to physical stores after shutting down its previous fresh food chain, Xiaoxiang, five years ago [2][12]. - The project has been in preparation since March, with recruitment for various managerial positions in major cities [2][4]. Group 2: Market Positioning and Strategy - "Happy Monkey" aims to compete in the hard discount retail sector, targeting high cost-performance products through optimized supply chains and reduced operational costs [8][14]. - The supermarket will focus on self-operated products, which are crucial for maintaining competitive pricing and quality [15][17]. - The hard discount retail market in China is rapidly growing, with a market size of approximately 1.79 trillion yuan, accounting for 3.8% of total social retail sales in 2023 [11][12]. Group 3: Competitive Landscape - Competitors like Aoleqi and Hema NB have successfully established themselves in the hard discount space, with Aoleqi reporting over 500 low-priced products and significant sales on opening days [9][11]. - Meituan's strategy includes leveraging its existing logistics and supply chain capabilities to enhance its offline retail presence [13][20]. Group 4: Synergy with Existing Operations - The launch of "Happy Monkey" is expected to create synergies with Meituan's existing instant retail operations, enhancing local supply and demand connections [19][22]. - Meituan's instant retail business has a peak daily order volume of 150 million, supported by a vast network of local merchants and delivery personnel [20][22]. - The integration of "Happy Monkey" with Meituan's other retail initiatives aims to provide a comprehensive local retail solution, addressing diverse consumer needs [21][22].

Core Viewpoint - Meituan has decided to accelerate the expansion of its Xiaoxiang Supermarket to all first- and second-tier cities, one year earlier than industry expectations, following a strategic adjustment in its community group buying business, Meituan Youxuan [1][6]. Group 1: Business Adjustment - On June 23, Meituan announced a comprehensive adjustment to its Meituan Youxuan business, pausing services in multiple provinces while retaining operations in select cities such as Huizhou, Dongguan, and Hangzhou [1][3]. - The internal email from Meituan indicated that there would be no layoffs, and the personnel from Youxuan would be reassigned to the "Fast Buy" system and Xiaoxiang Supermarket [3][4]. - Prior to the adjustment, Meituan Youxuan had a team of approximately 10,000 employees, down from a peak of over 20,000 [3][4]. Group 2: Financial Performance - The strategic shift aims to reduce losses, with Meituan Youxuan's quarterly operating loss decreasing to just over 1 billion yuan [3][4]. - Investors have shown support for the decision, emphasizing the importance of focusing on profitable business segments [4][6]. Group 3: Xiaoxiang Supermarket Expansion - Xiaoxiang Supermarket is set to cover all first- and second-tier cities, with nearly 1,000 front warehouses currently in operation [6][7]. - As of June 24, Xiaoxiang Supermarket has expanded to 21 cities, with plans to cover all coastal cities and high-quality new first-tier cities like Chongqing and Chengdu [6][7]. - The average daily order volume per warehouse is stable at around 3,000 orders, with larger warehouses reaching up to 6,000 orders [6][7]. Group 4: Product Strategy - Xiaoxiang Supermarket aims to enhance consumer engagement by diversifying product offerings, particularly increasing the proportion of seafood and frozen products due to their higher repurchase rates [7][8]. - The projected sales of agricultural products for Xiaoxiang Supermarket this year are expected to exceed 20 billion yuan [7][8]. Group 5: Market Positioning - Meituan's focus on Xiaoxiang Supermarket and Meituan Flash Purchase aligns with its core business strengths, providing a competitive edge in the ongoing food delivery market [6][7]. - Investors are willing to tolerate some losses during the expansion phase, as long as there is a clear growth trajectory for Xiaoxiang Supermarket [7][8].