Core Viewpoint - The article discusses the challenges and failures associated with the co-CEO model in the Chinese internet industry, highlighting the case of Himalaya and other companies that have adopted this structure, ultimately questioning its effectiveness in a fast-paced and competitive environment [1][2][3]. Group 1: Co-CEO Model Challenges - The co-CEO model can lead to inefficiencies, decision-making delays, and internal conflicts due to shared responsibilities and differing strategic visions [1][2][3]. - Companies like Himalaya, Bitmain, and Kuaishou have experienced significant struggles under co-CEO leadership, often resulting in strategic misalignment and operational chaos [3][5][6]. - The co-CEO structure may initially provide stability during transitions, but it often fails to deliver long-term success in the rapidly evolving tech landscape [1][2][3]. Group 2: Case Studies - Himalaya, despite having a strong market position with approximately 300 million MAU and 60% of mobile audio listening time in China, faced four failed IPO attempts and struggled with monetization [2][3]. - Bitmain's co-CEO model led to internal strife and a decline in market position, with the company failing to adapt to competitive pressures and ultimately stalling its IPO process [5][6][8]. - Kuaishou's dual leadership initially thrived but later faced challenges as the need for decisive action increased, leading to a restructuring of its management [22][25]. Group 3: Conditions for Success - Successful co-CEO arrangements are rare and typically require clear division of responsibilities, mutual respect, and a higher authority to make final decisions [17][29][30]. - In stable industries or during transitional phases, co-CEO structures may provide temporary benefits, but they are less effective in the dynamic and competitive environment of the internet sector [28][30][31]. - The article suggests that co-CEO models may work better in companies with distinct, independent business lines or where one leader has ultimate decision-making authority [29][32].

Summary of Conference Call Notes Industry Overview - The conference call discusses the performance of major e-commerce platforms during the 2025 618 shopping festival, focusing on Alibaba (Taobao/Tmall), JD.com, Douyin, Pinduoduo, and Kuaishou [1][3][8]. Key Points and Arguments E-commerce Strategies - **Alibaba (Taobao/Tmall)**: Utilized 88VIP large consumption coupons instead of traditional discounts to reduce return rates and enhance GMV quality [1][3]. - **JD.com**: Implemented a multi-theme, multi-session operational strategy, including special sales for 3C home appliances [3][4]. - **Pinduoduo**: Continued to emphasize low-price strategies, offering discounts such as 30 off 200 [3][4]. - **Douyin and Kuaishou**: Focused on direct discounts and live-streaming promotions to drive sales [3][4]. Growth Metrics - Payment growth rates during the pre-sale period were as follows: - Taobao/Tmall: 9.2% - JD.com: 9% - Douyin: 18.2% - Pinduoduo: 12.8% - Kuaishou: 11.1% [4]. - Package collection volume increased by 18.3%, and delivery volume rose by 23%, indicating pressure on average transaction value [4]. Category Performance - **Home Appliances**: - Taobao/Tmall accounted for 45% of transaction volume, followed by JD.com (23%) and Pinduoduo (17%) [5]. - Kuaishou showed the highest growth rate at 37.3% [5]. - **Fashion**: - Taobao/Tmall held a 50.4% share, with Douyin at 29% and Pinduoduo at 13% [5]. - Kuaishou's growth rate was 13.2% [5]. - **Beauty**: - Taobao/Tmall had a 45% share, Douyin 31%, and JD.com 10.8% [6]. - **Mother and Baby Products**: - Taobao/Tmall dominated with a 50% share, while Douyin and Kuaishou showed growth rates close to 20% [6]. Instant Retail - Instant retail emerged as a highlight, with significant promotions from Meituan, Alibaba, and JD.com [7]. - Meituan's liquor sales surged 70 times year-on-year in the first 12 hours, and 3C product orders doubled [7]. Market Performance - Overall, Alibaba and JD.com met expectations during the 618 shopping festival, while Douyin and Pinduoduo showed signs of slowing growth [8][9]. JD.com's Investment in Travel - JD.com increased investments in the travel market, adding a new travel section in its app and addressing issues with OTA bundled sales [10]. - Price strategies included significant discounts for new users, with hotel prices undercutting competitors by 20% to 25% [10][11]. Alibaba's Investment in Delivery - Alibaba's food delivery business showed high ROI, leveraging Ele.me's local services to enhance app activity [12]. - Increased subsidies during the 618 period aimed to boost user engagement and reduce advertising costs [12]. Future Outlook - **Alibaba**: Valuation appears safe with potential growth of 18% to 20% expected, but monitoring of customer management revenue growth is necessary [13]. - **JD.com**: Valuation is low, but significant investments in various sectors may pressure profits. Caution is advised regarding subsidy adjustments impacting core business [14].

Group 1: Mobile Internet Usage - As of the end of Q1, the effective daily usage time per mobile internet user is 268.0 minutes, a year-on-year decrease of 3.9%, with usage frequency at 63.4 times, down 5.1%, indicating a decline in user engagement [2] Group 2: Food Delivery Industry - The food delivery market is experiencing intensified competition with new entrants like JD's delivery service and Meituan's rapid expansion, potentially leading to a new round of industry reshuffling [6] - Ele.me and Meituan dominate the food delivery market share, while Luckin Coffee's app active user base grew by 5.2% year-on-year, leveraging high-frequency consumption scenarios and membership systems to enhance user stickiness [6] Group 3: E-commerce Industry - In Q1 2025, the e-commerce sector's traffic peak nearly matched last November, with effective daily usage time reaching 23.8 minutes and usage frequency at 7.5 times, showing a steady online consumption trend [7] - JD's app led the industry with a year-on-year traffic growth of 3.4%, while other platforms like Taobao and Pinduoduo saw slight reductions in active user numbers, indicating an evolving competitive landscape [7] Group 4: Travel and Transportation Industry - Gaode Map and Baidu Map hold leading positions in the navigation market, with traffic peaks for railway ticketing and travel apps closely linked to the Spring Festival travel season [10] Group 5: Automotive Services Industry - The automotive services sector saw continuous year-on-year traffic growth in Q1, with February reaching 374 million devices, and Autohome's app maintaining an average of over 67 million active devices [14] - Autohome is enhancing content production through AIGC and improving dealer operational efficiency while promoting the "old-for-new" policy through online and offline integration [14] Group 6: Artificial Intelligence Industry - The AI sector is experiencing explosive growth, with monthly independent device numbers increasing by 46.5% year-on-year, transitioning from concept validation to large-scale application [16] - In March, language model apps like DeepSeek and Doubao reached traffic of 105.51 million and 74.09 million devices, respectively, while intelligent companion and image processing apps also saw significant user engagement [16] Group 7: User Growth Trends - In March 2025, the top three apps with over 100 million monthly active users (MAU) in terms of compound growth are Personal Income Tax, WiFi Master Key, and Xianyu [21] - Among the Z generation, the most favored apps are Boss Zhipin, Honor of Kings, and Peace Elite, while the maternal and infant group prefers Meitu Xiuxiu, Xiaohongshu, and Xianyu [21]

User Changes - In Q1 2025, the average number of monthly independent devices in China's mobile internet increased by 2.6% year-on-year, indicating a stabilization in market demand and a shift towards intensified competition in a saturated market [1][5] - User stickiness continues to decline, with the effective daily usage time per device at 268.0 minutes, down 3.9% year-on-year, and usage frequency at 63.4 times, down 5.1% year-on-year, reflecting a fierce competition for existing users' attention [1][11] Industry Changes - E-commerce sector saw peak traffic of 1.216 billion in Q1, driven by upgraded gifting features in social consumption, with platforms like Taobao and JD introducing new services [2] - The food delivery market is experiencing intense competition with JD's entry and Meituan's expansion, leading to a multi-player competitive landscape [2][26] - The social network sector is expanding, with Xiaohongshu benefiting from internationalization and a surge of users from TikTok [2][67] - The AI sector is leading growth with a 46.5% year-on-year increase in monthly active devices, driven by practical applications in various verticals [2][44] APP Changes - In March 2025, the top three apps with over 100 million monthly active users (MAU) in terms of compound growth were Personal Income Tax, WiFi Master Key, and Xianyu [3][84] - The top three apps favored by Generation Z users were Boss Zhipin, Honor of Kings, and Peace Elite, indicating a trend in user preferences [3][86] Mobile Internet Traffic Trends - Q1 2025 saw a slight increase in mobile internet traffic, with the industry entering a phase of deepened competition in a saturated market [4][5] User Engagement Metrics - The effective daily usage time and frequency of mobile internet users have both declined, indicating a fragmentation of user attention and a heated competition for existing users [11][18] - Entertainment content continues to attract user attention, with short videos accounting for 29.1% of usage time, while communication and information aggregation saw a decline [14] Smart Screen Trends - By Q1 2025, the scale of smart screen terminals reached 339 million, with daily average operating time increasing year-on-year [21] E-commerce Overview - The e-commerce sector's user scale and stickiness are steadily improving, with peak traffic in Q1 approaching last November's levels [32] - JD's app led the industry with a 3.4% year-on-year growth in traffic, while other platforms like Taobao and Pinduoduo experienced slight user scale contractions [35] AI Industry Overview - The AI industry is experiencing explosive growth, with a 46.5% year-on-year increase in monthly active devices, focusing on practical applications in various fields [44][49] Social Network Overview - The social network sector's user scale continues to expand, with Q1 traffic peaking at over 900 million [65] - Weibo and Xiaohongshu lead the industry, with Xiaohongshu experiencing significant growth due to international user influx [67] Video Service Overview - The video service sector saw stable growth in Q1, with significant contributions from aggregated video and game live streaming [71][75]

Core Viewpoint - The article emphasizes the importance of good supply in driving consumer demand, highlighting that a strong supply chain can lead to a successful retail ecosystem, particularly in the context of China's evolving e-commerce landscape [2][3][4]. Group 1: Market Dynamics - The year 2025 is anticipated to be transformative for China's economy, with significant technological innovations emerging [2]. - The competition among e-commerce giants is intensifying, with traditional players entering new markets like food delivery, while Pinduoduo remains focused on supply-side improvements [2][4]. - Pinduoduo's approach contrasts with its competitors, as it prioritizes supply upgrades over entering the food delivery market [2][4]. Group 2: Supply-Side Revolution - Pinduoduo has launched a "100 billion support" initiative to enhance the quality of its e-commerce ecosystem, aiming to stimulate both supply and demand [6][11]. - The company is focusing on a digital supply chain to improve efficiency and reduce costs for merchants, thereby fostering a supply-side revolution [8][11]. - The emphasis is on creating high-quality products that meet consumer needs rather than relying solely on marketing tactics [3][5]. Group 3: Consumer-Centric Approach - Pinduoduo's strategy is centered around consumer needs, advocating for a supply-side upgrade that aligns with changing consumer preferences [12][13]. - The company aims to establish a "supply-demand equality," where consumer insights drive product offerings, enhancing overall market efficiency [12][13]. - The platform's focus on good supply is seen as a way to ensure that there will always be users, as quality products will naturally attract demand [3][12]. Group 4: Economic Impact - The initiative is expected to help merchants save costs and improve their operational efficiency, ultimately benefiting consumers through better pricing and product quality [10][11]. - Pinduoduo's efforts to connect producers with consumers aim to address disparities in agricultural product pricing, ensuring fairer market conditions [12][13]. - The company's model promotes a win-win scenario for consumers, merchants, and the platform itself, fostering a sustainable retail ecosystem [13].

36氪周一发了一条视频，《从年赚百万到清仓求生，一件衣服背后的工厂寒冬》。内容说的是服装行业死于内卷，今年基本没有生意，赚钱几乎不可能， 从微观视角看中国的工厂、供应链的阶段和问题。视频里面的工厂、商铺老板一直在提的都是可以牺牲利润，能卖就卖，但一定要有确定性回款的诉求， 因为能在现状下生存下去就很不错了。 非常契合我们前段时间做的一期直播，如何把资本主义倒过来，用产品机制解决销售确定性的问题。 2014年阿里巴巴和京东上市时，市场普遍认为电商格局已定，但后来的发展证明零售市场实际上是一个"万米长跑"而非"千米赛跑 "。传统电商未能满足 多元化的消费需求，特别是低价和下沉市场的巨大潜力。 当拼多多、抖音、微信等电商新势力以满足不同需求为切入点，直接导致了中国零售市场多元化格局的演变。本期主题是讨论电商新势力，尤其是拼多多 崛起。 几位参与讨论的嘉宾分别是：对拼多多有非常深刻研究的姚凯飞、曾经在阿里工作多年的戴某DEMO和科技自媒体阑夕。 讨论要点包括： 关键要点包括： 当电商生态从"打着望远镜也找不到对手 "走向"各自为战 "，差异化竞争成为常态。电商领域的竞争本质是供需匹配，消费者根据不同需求在不同平台间 ...

Core Insights - The article discusses the evolving landscape of mobile internet usage, highlighting a shift towards "stock competition and incremental innovation" as the industry matures [9][10]. User Behavior and Trends - As of January 2025, the average number of apps used per user is 28.7, with a total usage time of 171.4 hours and 2487.9 interactions per month, indicating a slight increase in app usage but a rare decline in interaction frequency [12][14]. - The growth in active users is shifting from traditional sectors like e-commerce and finance to emerging fields such as AIGC (Artificial Intelligence Generated Content), smart home technology, and vehicle services, with AIGC seeing a remarkable 244.7% year-on-year growth [15][14]. Industry Competition Dynamics - By February 2025, nearly half of the mobile internet sectors are dominated by the top three players, capturing over 80% of the traffic, reflecting a highly concentrated competitive environment [18][20]. - The competition is intensifying, particularly in the AI sector, where new and existing players are rapidly vying for user attention, exemplified by the significant user growth of platforms like DeepSeek [3][18]. Strategic Implications for Platforms - Platforms are increasingly adopting refined operational strategies to retain users and prevent traffic loss, particularly in competitive sectors like e-commerce, where platforms like Taobao, Pinduoduo, and JD.com are in constant user battle [22][23]. - The article emphasizes the importance of tracking user migration patterns and behaviors to optimize user retention strategies and enhance market competitiveness [20][29]. Emerging Opportunities - The rise of short-form content and AI-driven applications is creating new engagement opportunities, with platforms like Douyin and JD.com seeing significant user overlap and growth in their respective app ecosystems [33][41]. - The integration of AI models into various sectors, including automotive, is driving innovation and user engagement, with notable increases in active vehicle numbers among leading manufacturers [51][47].

各位童鞋搭嘎猴啊，上周 "多终端流量报告"看的怎么样？有童鞋在后台留言："上周六郊游 下大雪冻成狗，这周六郊游30°狂飙晒成狗，还能不能让人好好玩耍了……"淡定淡 定，往好的方面想，大雪弥补了冬天的遗憾、30°提前了夏天的热情，多好，毕竟，不知不 觉间，2025年马上要过去三分之一了O(∩_∩)O 言归正传，今天就给大家分享一下APP流量洞察报告。Qu e s tMobi l e数据显示，截止到 2025年1月，全网用户月人均APP使用数量、使用时长、使用次数分别为28.7个、171.4小 时、2487.9次，其中，数量、时长同比均微增，但是次数同比出现了罕见的下降，这背后意 味着存量争夺更加激烈，尤其是在人工智能出现突破的情况下，"用户需求一站式满足度"正 在抢夺更多用户时间，降低了打开次数！ 这些变化，带来"APP服务效率"的微妙分化：电商、金融、办公等场景的流量增长，逐步转 向了AIGC、智能家居、用车服务等领域。2025年1月，月活跃用户增长榜单中，AIGC、智 能家居、用车服务等领域同比分别增长了244.7%、16.7%、20.8%；相比之下，两年前的 2023年1月，月活跃用户增长较快的领域分别为 ...

在拼多多APP分期购买指定商品 享至高满减196元 优惠 快来和小龙一起惊喜多多、福利多多~ 活动详情 活动时间 2024年9月20日至2024年12月31日 活动对象 拼多多分期福利 优惠来袭 用62开头龙卡信用卡银联单标卡 卡号62开头的中国建设银行龙卡信用卡银联单标卡（商务卡、专项分期卡除外）持卡人，以下 称"持卡人"。 活动内容 活动期间，持卡人在拼多多APP购买指定商品并在支付时选择已绑定多多钱包的卡号 62开 的 中国建设银行龙卡信用卡银联单标卡 （商务卡、专项分期卡除外，以下简称"龙卡信用卡"） 行分期支付，即有机会享满3000元减96元或满5000元减196元的优惠。 活动期内，同一持卡人每自然月仅可享受一次满减优惠，且两个满减档位不可叠加使用。 9- 月每日满减名额不少于234个，11月每日满减名额不少于240个，12月每日满减名额不少于155个 每日满减名额于当日0点整发放， 当日满减名额用完，当日活动即止 。 * 如持卡人提前终止分期，中国建设银行有权从其信用卡账户中扣回已享受的满减优惠。 3. 具体参与活动的商品、分期期数、分期利率及满减金额以拼多多APP商品页面显示为准。持卡人每期 ...