告别大水漫灌，外卖补贴转入持久战。 文 丨 邱豪 管艺雯 制图 丨 黄帧昕 编辑 丨 王姗姗 黄俊杰 据我们了解，淘宝闪购近期明确了外卖将进入持久战。 8 月 8 日立秋后，淘宝闪购订单量首次超过美团。更显著的影响可能是，巨额补贴让淘宝吸引 到了很多用户注意力，7 月以来淘宝在日均活跃用户数（DAU）上拉开了和拼多多的差距。 补贴不会、也不可能以当前的力度持续。按阿里内部说法，大力补贴叫 "上山"，而现在该准备 "下山" 了。 7 月淘宝闪购花在商家端、消费者端、骑手端的补贴共计超过 100 亿元。阿里决策层正在讨论 补贴退坡的节奏，将重点运营高价值用户、调整补贴品类、补贴金额。 据我们了解，9 月 10 日阿里巴巴的公司周年庆将是一个重要节点，会确定更多业务节奏和战 略，继续从 "大消费平台" 这一顶层战略出发，在基础能力上追赶和狙击美团。 1 I I 4 京 3 东 2 +33% +45% +46% +27% 1 2025 2024 2025 2024 2025 2024 2024 2025 注释: DAU 为当月日均活跃用户数 资料来源:QuestMobile 晚点 LatePost 制图 外卖大战以来 ...

在刚刚过去的这个周末，全民玩上了"查账游戏"。 某网友发现的"美团退款好像没到账"宛如一锤惊石，炸响了整个互联网。有人不相信"大公司会看上你的几块钱"，有人转身查账发现自己的钱也没到，两 方越吵越凶，让美团退款变成了一道"薛定谔难题"。 是哪个大怨种大周末不出门、不逛街，一个劲儿地苦翻自己的古早美团订单退款进度，并在微信、支付宝、月付、云支付、网上银行APP之间来回切换， 终于体验到会计做账的艰辛，手指快要搓出火就为得知"退款的钱到底有没有到账"。 直到"疯狂星期天"的晚上11点57分，美团官方才紧急回应称，是系统信息展示延迟和支付渠道异常导致消费者误解，并承诺优化退款流程。 曾经以为"理所应当"的退款，咋到账这么难？ 美团退款，怎么就成了一场"罗生门" 本来还沉浸在外卖商战红包雨里的打工人，盘算着周末要点哪家奶茶哄哄自己，结果一上网，怎么"塌房"好像塌到自家来了？ 8月23日起，大批网友对美团及其旗下的大众点评（下文统称"美团"）退款提出质疑。起初只是个别网友的零星困惑，认为过往订单疑似存在退款没到账 的情况，并晒出退款进度与账户流水截图，提醒大家"都查查账"。 围观牛马抱着吃瓜的心态进来，怀揣着一沓下落不 ...

Economic Indicators - The U.S. July PCE price index year-on-year was reported at 2.6%, higher than the expected 2.5% and revised up from the previous value of 2.3% [7] - The U.S. Q2 actual GDP annualized quarter-on-quarter revised value was 3.1%, exceeding the market expectation of 2.6% [4][7] - The U.S. July durable goods orders month-on-month preliminary value showed a decline of 3.4%, following a significant drop of 9.4% in June [3][9] Company Earnings - Nvidia is set to release its latest earnings report, with a focus on its Q3 guidance, which may exclude direct revenue from the Chinese market due to U.S. export restrictions [14] - Alibaba's Q1 FY2026 earnings report is anticipated to reflect the impact of its 500 billion yuan subsidy plan, with total revenue expected to reach 249 billion yuan, a 2% year-on-year increase, but adjusted EBITA expected to decline by 15% [18] - Meituan's Q2 earnings report is expected to show revenue growth between 924.04 billion yuan and 956.70 billion yuan, but net profit is projected to decline significantly due to intense competition in the food delivery sector [19] Industry Developments - UBS predicts that the U.S. GDP growth rate will slow from 2.0% in Q2 to 0.9% in Q4, citing factors such as demand depletion before tariff increases and the exhaustion of excess savings [8] - The manufacturing PMI in China for August dropped to 49.3%, indicating a slowdown in manufacturing market demand [10] - Lixun Precision has submitted an application for H-share listing in Hong Kong, with projected revenues of 214 billion yuan, 231.9 billion yuan, and 268.8 billion yuan for 2022 to 2024 [21][22]

文 | 镜相工作室 刘纾含 美食街上，只剩外卖骑手 7月末，宝龙后街一家蹄花店的老板陈莉关掉了她的店铺。在这之前，店铺转让的告示已经在玻璃上贴 了三个月，有人打电话来询问房租，听说一年高达23万，对方什么也没说就挂了电话。 店虽然关了，但租约还没到期。为了收回房租成本，她进了一批拖鞋在店里卖，吆喝着邀请街上的路人 进店试穿。普通拖鞋10元一双，洞洞鞋15元，陈莉从中午12点卖到晚上10点半，收入300多元，大概只 有一天房租的一半，但也好过前一阵卖蹄花的日子。 那时，陈莉每天要保证至少3000元的营业额，才能打平店里4名员工、房租水电和食材的成本。但是， 在激烈的外卖大战下，堂食客人越来越少，客单价越来越低，连不亏都成了一种奢望。 陈莉店铺所在的宝龙后街位于宿迁市主城区市中心，是当地人流量最大、商业气息最浓的步行街。宝龙 后街的南街以服装店、精品店为主，北街是大大小小的餐饮店，炒米粉、米线、拌饭这类快餐占大头， 陈莉的蹄花店是为数不多客单价超过40元的门店。 编辑 | 赵磊 从"盼着继续补贴"到"被逼着内卷"，过去几个月，宿迁这座苏北小城的餐饮生态，在号称"史上最大"的 外卖补贴战中，经历了被催熟的速生与速朽 ...

Group 1 - Li Xiang expressed deep gratitude to Wang Xing from Meituan, calling him the biggest benefactor in his entrepreneurial journey, especially during a critical financing period in 2019 when Meituan invested $300 million in Li Auto [4][5] - Meituan's stock price was struggling at the time of investment, but the decision to invest was pivotal for Li Auto's success [4][5] Group 2 - Meitu's revenue for the first half of 2025 reached 1.8 billion yuan, a year-on-year increase of 12.3%, with net profit rising 30.8% to nearly 400 million yuan, driven by AI-powered subscription services [8] - The company's stock price has surged nearly fivefold over the past year, indicating a strong recovery and market interest [8] Group 3 - JD.com has provided social insurance for over 150,000 full-time delivery riders since March 1, 2023, with an average monthly contribution of about 2,000 yuan per rider [9][10] - The company emphasizes the importance of formal labor contracts and benefits for riders, urging the industry to follow suit [9][10] Group 4 - ByteDance denied rumors of launching its own smartphone, focusing instead on providing AI capabilities to various hardware manufacturers [10][11] - The company previously acquired some patents from Smartisan Technology but has shifted its focus to educational hardware [11][12] Group 5 - Xiaomi reported a total revenue of 116 billion yuan for Q2 2025, a 30.5% year-on-year increase, with net profit rising 134.2% to 11.9 billion yuan [13] - The company plans to enter the European electric vehicle market by 2027, while also committing to not engage in price wars in its home appliance sector [13] Group 6 - Huawei's new Pura 80 series will feature a "Star Flash" car key function, enhancing vehicle access and security [16] - The technology aims to improve user experience by allowing smartphones to unlock vehicles with greater precision and speed [16] Group 7 - Anker Innovations is considering an IPO in Hong Kong, aiming to raise approximately $500 million, with plans already in motion [19][20] - The company's stock has risen over 50% this year, reflecting strong market performance [19][20] Group 8 - The mobile smart terminal ecosystem alliance, including OPPO, vivo, Xiaomi, Honor, and Lenovo, launched a privacy permission system to enhance data protection and user experience [21] - This initiative marks a significant step towards standardized privacy protection in the Android ecosystem [21] Group 9 - New Oriental Education's CEO was rumored to be under investigation, causing a significant drop in stock prices, which was later denied by the company [22] - The stock had previously reached a two-year high before the rumors surfaced, highlighting the volatility in the education sector [22] Group 10 - Apple’s official account on Xiaohongshu gained 170,000 followers within 24 hours of its launch, indicating strong engagement with the platform [24][25] - The penetration rate of iOS devices among Xiaohongshu users is nearly 50%, showcasing the platform's significance in the digital ecosystem [24][25]

Core Viewpoint - The competitive landscape of the food delivery market in China has significantly shifted, with Taobao Shanguo surpassing Meituan in daily order volume for the first time, indicating a major change in market dynamics that has not been seen in a decade [2][4][11]. Group 1: Market Dynamics - Taobao Shanguo achieved over 100 million daily orders from August 7 to 9, surpassing Meituan's market share for the first time [2][4]. - Meituan's previous dominance, with a market share of 70% in instant retail, is being challenged by new entrants like JD and Taobao Shanguo, which have rapidly gained market traction [4][10]. - The market share dynamics are shifting towards a more competitive landscape, with predictions of a near-equal split between Meituan and Taobao Shanguo [11]. Group 2: Competitive Strategies - Taobao Shanguo employed a concentrated strategy by merging resources from various Alibaba businesses and investing over 10 billion yuan in subsidies to boost orders [6][12]. - The growth trajectory of Taobao Shanguo has been rapid, increasing from 10 million orders in early May to over 80 million by July [7][8]. - Taobao Shanguo's strategy includes aggressive subsidies and a focus on high-frequency consumer categories, such as tea drinks, which have shown significant growth [8][9]. Group 3: Consumer Behavior and Market Trends - The shift in consumer behavior is evident as users are increasingly switching between platforms based on promotions and offers, indicating a lack of strong brand loyalty [7][10]. - The competition is not just about food delivery but also about expanding into non-food categories, which could provide higher margins and lower fulfillment costs [18][19]. - The potential for growth in non-food instant retail is significant, as it can cover various life scenarios beyond just food consumption [18][19]. Group 4: Future Outlook - The ongoing competition suggests a transition from a "hard business" model to a "good business" model, focusing on profitability and efficiency in the food delivery sector [19]. - The future of the market may depend on which platform can scale its instant retail operations more effectively, with Taobao Shanguo having a natural advantage due to its e-commerce background [18][19].

Core Viewpoint - JD.com has surpassed 150,000 full-time delivery riders, providing comprehensive social insurance and benefits, indicating a strong commitment to employee welfare and potential competitive advantage in the delivery industry [3]. Group 1: Company Developments - JD.com has reported that it has over 150,000 full-time delivery riders, with the company covering all costs associated with social insurance, averaging about 2,000 yuan per rider per month [3]. - In addition to social insurance, full-time riders enjoy various employee benefits such as statutory holidays, annual leave, gifts for family, health check-ups, paid sick leave, and a love fund [3]. - High-performing riders have opportunities for career advancement, including promotions to deputy station master and station master positions [3].

Core Viewpoint - Kuaishou is entering the food delivery market by launching an independent "takeout" section on its app, aiming to differentiate itself through a "Meituan supply chain + self-owned merchants" light asset model amid intense competition in the food delivery sector [2][3]. Company Strategy - Kuaishou's new takeout service relies on Meituan's merchant vouchers, requiring users to complete orders through Meituan's mini-program, with delivery handled by Meituan or third-party services [5][10]. - The company has previously explored local lifestyle services, partnering with various platforms and establishing a dedicated local lifestyle division in 2022 [6][8]. - Kuaishou's strategy includes a dual approach of leveraging Meituan's supply chain while also incorporating its own local merchants, with approximately 90% of products sourced from Meituan [10]. Market Context - The food delivery market is highly competitive, with major players like Meituan, Alibaba, and JD.com already established [2][9]. - Kuaishou's entry into this market comes as its core business faces growth challenges, particularly in live streaming and e-commerce, where GMV growth has significantly slowed [12][16]. Financial Performance - In 2024, Kuaishou reported revenue of 1268.98 billion yuan, an 11.83% year-on-year increase, with a net profit of 153.35 billion yuan, up 139.76% [13]. - The company's e-commerce GMV reached 1.39 trillion yuan in 2024, with growth rates dropping from 78% in 2021 to 17% in 2024, highlighting a stark contrast with Douyin's performance [16][17]. User Engagement - Kuaishou's daily active users reached 408 million by Q1 2025, with over 62% from new tier cities, providing a potential consumer base for its food delivery services [10]. - The number of users paying for local delivery services increased by over three times in Q2 2024, indicating a shift in user behavior towards food delivery [11]. Competitive Landscape - Kuaishou's cautious approach in the food delivery sector is influenced by the challenges faced by Douyin, which has struggled to establish a successful delivery model despite its initial efforts [9][20]. - The company aims to explore new growth avenues through its food delivery initiative, potentially alleviating pressures from declining growth in its core businesses [18].

Core Viewpoint - Meituan's "Qingshan Plan" has made significant progress in promoting green development and environmental protection over the past eight years, with a focus on reducing waste and enhancing recycling efforts [1][2]. Group 1: Progress and Achievements - As of July 2025, over 2.6 million merchants have established "Merchant Qingshan Profiles," and more than 520 million Meituan takeaway users have utilized the "no utensils" feature, resulting in over 10 billion related orders [1]. - The "Qingshan Plan" was initiated in August 2017, aligning with the 20th anniversary of the "Green Mountains and Clear Waters are Invaluable Assets" concept, aiming to drive the green development of the industry [1]. - The plan has implemented a "no utensils" feature in Meituan's takeaway service and established a system to support merchants that effectively reduce food waste by providing small portion meals [1]. Group 2: Recycling Initiatives - The "Qingshan Plan" launched the "Box Fusion" initiative for large-scale recycling of plastic takeaway boxes, utilizing big data to optimize collection site selection and support infrastructure for collection and recycling [1]. - As of now, the large-scale recycling project has been implemented in 24 cities across 20 provinces, successfully recycling 37,000 tons of takeaway boxes [1]. Group 3: Technological Innovation and Future Plans - The "Qingshan Plan" encourages technological innovation in environmental research through the "Qingshan Science and Technology Award," which has awarded 39 young scientists with 1 million yuan each [2]. - The initiative aims to establish a socialized recycling and high-value utilization system for takeaway boxes, with plans to address the challenges of recycling beverage cups and enhance recycling efficiency through technological advancements [2].

Core Insights - Meituan's Qingshan Plan has made significant progress in promoting green development and environmental protection over the past eight years, with over 260 million merchants participating and more than 5.2 billion users utilizing the "no utensils" feature [1][2][3] - The plan aims to achieve its "2030 goals" by enhancing green packaging, improving plastic recycling and reuse, and fostering a green consumption ecosystem involving merchants and consumers [1][6] Group 1: Achievements and Initiatives - As of July 2025, the Qingshan Plan has facilitated the recovery of over 37,000 tons of plastic takeout boxes across 24 cities in 20 provinces [1][2] - The "no utensils" feature has resulted in over 100 billion orders, with 5.2 billion users adopting this eco-friendly option [2][3] - The "Box Fusion" initiative aims to tackle the challenges of takeout box recycling through data-driven optimization and collaboration with partners [2][3] Group 2: Future Goals and Strategies - The Qingshan Plan's 2030 goals include driving low-carbon transformation across Meituan's businesses, engaging 4 million merchants, and encouraging 700 million users to adopt low-carbon consumption practices [6][7] - A "Green Packaging and Recycling Fund" will be established to enhance packaging design and recycling levels, targeting a 50% usage rate of green packaging among merchants [6][7] - The plan will continue to support biodiversity protection and zero waste initiatives through partnerships with over 1 million public welfare merchants [6][7] Group 3: Technological and Collaborative Efforts - The Qingshan Plan promotes technological innovation by establishing the "Qingshan Science and Technology Award" to encourage young researchers in environmental science [5][6] - Collaborative projects, such as the high-value application of recycled polypropylene from takeout boxes, have led to the creation of sportswear, showcasing the potential of recycling [5][6] - The initiative has also engaged consumers through campaigns like "Good Cup New Life," which incentivizes participation in recycling efforts [3][5]