清晨的早餐咖啡，午间便当，下班后的零食酒饮——便利店已与现代都市生活深度绑定。 便利店正经历着从规模扩张到价值再造的深度调整。 在消费市场快速迭代下，便利店业态也成为零售业耀眼的增长极。 据国家统计局消息，1-11月份，社会消费品零售总额456067亿元，增长4.0%。按零售业态分，1-11月份，限额以上零售业单位中便利店、超 市、百货店、专业店、品牌专卖店零售额同比分别增长6.0%、4.7%、0.7%、3.4%、0.1%。 可以看出，便利店业态依然是涨幅最高的，以6%的同比增速领跑所有零售业态。 但数据增长的背后，压力同样显现。即时零售闪电仓、零食折扣店等新业态加速分流便利店客群，行业同质化竞争日趋白热化。在这关键时期，品牌连锁 便利店又该如何进化？ 01 连锁品牌加速拓店，新玩家、多业态分流 从市场发展角度看，我国连锁便利店的规模还在不断增长。根据中国连锁经营协会此前对43家便利店委员企业摸底调查后发布的数据显示，便利店企业发 展趋势总体向好。首先，销售同比增长企业依然占比过半，达到67.4%。同时，门店数持续增加，2025上半年，净增门店4093个，其中千家门店以上规模 的企业净增3651个，占净增门店 ...

作者丨赵天舒 整理丨新经销 在美团体系中，闪电仓是承接即时零售需求的一条核心基础设施。美团闪购便利店闪电仓闪电帮帮运营团队牵头搭建了B端采购平台"闪电帮帮"，该团队负 责人长期与品牌方、经销商、服务商和仓店紧密协同，对一线供给问题有着非常直接的体感。 在本次"即时零售供给高峰论坛"上，并未泛泛而谈风口、机会，而是聚焦在一个更务实的问题：品牌要真正把闪电仓渠道做稳、做大，必须补上"四堂必修 课"。 为帮助更多读者深入理解这一领域的最新动向，特此整理美团闪购便利店闪电仓闪电帮帮运营负责人在论坛上的分享内容，呈现给大家。 从"30分钟送达"到"场景化供给" 在多数人的理解中，即时零售首先意味着"30分钟送达"、"就近发货"。但以美团闪电仓为代表的新业态，正在把竞争焦点从"更快"推向"更准"。 美团闪电仓是一种围绕线上需求重构的前置仓形态：仓即是店、店即是仓，选址、货盘、运营都以线上订单效率为核心。规划中，到2027年，闪电仓门店数 目标约10万家，对应2000亿元左右的交易规模，已成为快消品牌无法回避的增量渠道。 从消费侧看，闪电仓触达的主要以18～35岁人群为主，00后、95后、90后占比高。这一代消费者高度线上 ...

Core Viewpoint - Meituan's CEO Wang Xing emphasized that the ongoing price war in the food delivery industry is unsustainable and does not create value, asserting that the current irrational competition is temporary [3]. Group 1: Financial Performance - Meituan reported a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [3]. - The retention of core users remains high, with increasing consumer frequency and loyalty [3]. Group 2: Business Development - The Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after launch, ahead of the initial three-year target [5]. - Meituan expects losses from new business segments to not exceed those of 2025 [5]. - The company is focusing on instant retail, leveraging its platform for high conversion rates and incremental sales, with plans to enhance user education during major marketing events [5]. Group 3: Operational Strategy - Meituan aims to maintain its advantages in supply chain, user reach, and fulfillment, with a focus on achieving reasonable and sustainable profit margins in the medium to long term [6]. - The company is enhancing its AI capabilities, with ongoing improvements to its internal language model [6].

Core Insights - Meituan's CEO Wang Xing emphasized that the recent price war in the food delivery sector is unsustainable and does not create value for the industry, asserting that the current irrational competition is temporary [1] - Meituan has seen a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [1] - The company reported that its core user retention remains high, with increasing user consumption frequency and stickiness [1] Overseas Business Development - Meituan's Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after its launch, ahead of the previously set three-year target [3] - The company views Keeta and grocery retail as significant growth opportunities, with expectations that losses in the new business segment will not exceed those projected for 2025 [3] Instant Retail Business - Meituan claims a clear advantage in instant retail, providing high conversion rates and incremental sales for merchants [4] - The company has solidified its market share among core user groups and plans to continue investing in supply-side operations to enhance user experience [4] - Meituan aims to educate users about the additional value it offers during major marketing events like Double 11, while maintaining confidence in its supply chain and fulfillment capabilities for sustainable profitability [4] AI Business Development - In the third quarter, Meituan continued to iterate on its core dimensions and further trained its internal large language model, enhancing its AI capabilities [4]

Core Insights - Meituan's CEO Wang Xing emphasized that over two-thirds of orders paid over 15 yuan and more than 70% of orders over 30 yuan are captured by the company, indicating a strong market position in the mid-to-high price segment [1] - Wang reiterated the company's stance against the unsustainable price war in the food delivery industry, asserting that it does not create value and is a form of low-quality competition [1] - The company reported a steady recovery in market share for its food delivery orders, with high retention rates among core users and increasing consumption frequency [1] Business Developments - Meituan's overseas business, particularly the Keeta operations in Hong Kong, achieved profitability in October, reaching this milestone ahead of the previously set three-year target [3] - The company sees significant growth opportunities in the Keeta and grocery retail sectors, with expectations that losses in new business segments will not exceed those projected for 2025 [4] - Meituan is focusing on its instant retail business, leveraging its platform for high conversion rates and incremental sales, while planning to enhance user education during major marketing events [4] Operational Strategy - The company is committed to investing in supply-side operations for instant retail to ensure a superior user experience, with a goal of maintaining advantages in supply chain, user reach, and fulfillment [4] - Meituan's lightning warehouse model offers 24/7 operational services, enabling diverse high-quality products to be delivered within half an hour [4] - In the AI sector, Meituan has made significant advancements in its internal language model, enhancing its capabilities in the third quarter [4]

Core Insights - The company reported a revenue increase of 2.0% year-on-year for Q3 2025, reaching RMB 955 billion, despite facing significant losses in its core local business segment due to intensified competition in the food delivery industry [1] - The company continues to enhance operational efficiency and consumer experience, focusing on service quality and market adaptability, which has led to record high daily active users and monthly transaction users in the food delivery sector [2] - The new business segment, including "Meituan Flash Purchase," is experiencing rapid growth, with increased user acquisition and transaction frequency, while expanding its supply capabilities and partnerships with leading brands [3] - The grocery retail business, including "Little Elephant Supermarket" and "Fast Donkey," is showing strong growth, and the company is exploring offline models to enhance supply chain capabilities [4] Financial Performance - For Q3 2025, the company's adjusted EBITDA and adjusted net profit both declined to negative RMB 148 billion and negative RMB 160 billion, respectively [1] - The core local business segment reported an operating loss of RMB 141 billion, while the new business segment's operating loss widened to RMB 13 billion [1] - As of September 30, 2025, the company held cash and cash equivalents of RMB 992 billion and short-term investments of RMB 421 billion [1] Business Strategy - The company is accelerating supply-side innovation and improving service quality to maintain its competitive edge in the food delivery market [2] - New supply models such as "Pin Hao Fan," "Shen Qiang Shou," and "Brand Satellite Stores" are being implemented to enhance collaboration with quality merchants and expand high-quality product coverage [2] - The launch of "Brand Officer Flag Flash Warehouse" aims to provide comprehensive instant retail infrastructure for retail brands, enhancing user growth and sales [3] Market Expansion - The company is expanding its global footprint with Keeta, which is seeing steady growth in markets like Hong Kong, Saudi Arabia, Qatar, Kuwait, UAE, and Brazil [4] - The company is focusing on improving consumer and delivery experiences in various regions through its product, technology, and operational advantages [4]

Core Insights - The company reported a revenue increase of 2.0% year-on-year for Q3 2025, reaching RMB 955 billion, despite facing intensified competition in the food delivery sector [1] - The core local commerce segment experienced a significant decline, resulting in an operating loss of RMB 141 billion, while the new business segment's losses expanded to RMB 13 billion [1] - Adjusted EBITDA and adjusted net profit for the quarter were negative, at RMB -148 billion and RMB -160 billion respectively [1] - As of September 30, 2025, the company held cash and cash equivalents of RMB 992 billion and short-term investments of RMB 421 billion [1] Local Commerce Segment - The company maintained industry-leading operational efficiency and consumer experience, focusing on service quality and market adaptability [2] - Innovations in supply-side offerings, such as "拼好饭" and "神抢手," enhanced partnerships with quality merchants, expanding high-quality product coverage [2] - Daily active users and monthly transaction users for food delivery reached record highs, with a stable growth in core user base and increased frequency of consumption [2] Instant Retail Segment - "美团闪购" continued to lead rapid growth and service upgrades, with increased new user growth and transaction frequency among core users [3] - The expansion of new supply models like "美团闪电仓" extended reliable lifestyle services across broader regions in China [3] - The launch of "品牌官旗闪电仓" provided comprehensive instant retail infrastructure for brands, enhancing user growth and sales [3] New Business Segment - The new business division showed robust performance with strong growth in grocery retail operations like "小象超市" and "快驴," improving operational efficiency [4] - The company is exploring offline models to enhance supply chain capabilities and expand coverage [4] - Keeta is accelerating global expansion, with steady growth in Hong Kong and Saudi Arabia, and recent entries into Kuwait and UAE markets [4]

而这份成绩单更深层的意义在于，阿里与美团这两大本地生活核心玩家，正在达成一种"心照不宣的默 契"：停止价格战，转向精细化运营。这种默契并非垄断合谋，而是市场成熟后的理性选择。当用户增 长见顶、补贴边际效益递减，继续烧钱只会拖累整体生态。如今，双方战略重心已从"攻城略地"转 向"精耕细作"——优化配送路径、提升商户服务、深化会员体系，这些举措虽不性感，却是可持续增长 的基石。 对中概股整体而言，这标志着一个关键拐点：从"流量估值"回归"盈利估值"。过去，市场给予中概互联 网公司高估值，主要基于其用户规模与GMV增速；如今，投资者更关注自由现金流、ROIC（投入资本 回报率）和单位经济效益。这种估值逻辑的转变，正是中概股长期健康发展的前提。随着本地生活赛道 率先实现理性化，其他如电商、内容平台等领域亦有望跟进，中概科技股正重回价值投资轨道。 公司管理层在电话会上明确表示，下一阶段将不再以开店数量或订单增速为核心目标，而是聚焦于履约 效率、商家生态健康度与单位经济模型的可持续性。这场财报未以"增长"为关键词，反而以"理 性"和"效率"定调，罕见地主动为一场高烈度的本地生活竞赛踩下刹车。 阿里财报次日，沉寂近一年的美 ...

Core Insights - Meituan's flash purchase platform achieved record highs in transaction volume, number of orders, and per capita spending during the Double 11 shopping festival, with nearly 400 product categories seeing over 100% year-on-year growth [3][4] - The platform's "安心闪购" service covers the entire shopping process and all product categories, enhancing consumer confidence and convenience [5] Group 1: Sales Performance - From October 31 to November 11, Meituan's flash purchase platform saw significant increases in transaction volume, order numbers, and per capita spending, with high-priced items growing faster and driving a nearly 30% increase in per capita spending [3][4] - Over 800 brands, including Apple, Huawei, and Moutai, experienced over 100% year-on-year sales growth, with some brands' flagship stores seeing nearly 400% growth compared to the previous Double 11 [3][4] Group 2: Consumer Trends - The younger generation, particularly those born after 1995 and 2000, became the main consumers during this year's Double 11, favoring immediate purchases over traditional shopping methods [3] - A clear trend emerged towards "full category, new category, high price" in consumer shopping behavior, with traditional and new product categories experiencing explosive sales growth [3][4] Group 3: Membership and Brand Support - Meituan's black diamond members exhibited nearly double the per capita spending compared to regular members, with their numbers doubling before Double 11, indicating a preference for higher-value purchases [4] - The company invested significantly in brand support during Double 11, exploring new models to simplify brands' entry into instant retail [4][5] Group 4: Shopping Assurance and Services - Meituan's "安心闪购" shopping assurance system has been established to cover the entire shopping process, enhancing consumer trust [5] - The platform collaborated with major brands to offer free return shipping for clothing and personalized services for gift scenarios, aiming to create a unique shopping experience [5]

Core Insights - The competition in the instant retail sector is intensifying as major players like JD.com and Meituan are establishing physical stores in close proximity to each other, targeting community commerce as a key battleground [1][3][6] - The focus on community retail is driven by the need to meet high-frequency, essential consumer demands, with both companies leveraging their existing traffic to stimulate local markets [1][4][7] Group 1: Market Dynamics - JD.com is set to open its first discount supermarket in Beijing's Mentougou district, strategically located near Meituan's "Happy Monkey" supermarket, highlighting the competitive landscape [2][3] - The shift towards hard discount models is gaining traction, with companies like Yonghui and Meituan introducing private label products to attract consumers [4][8] - The community retail strategy is characterized by a focus on essential goods and quick delivery, with both JD.com and Meituan aiming to capture local consumer needs [6][7] Group 2: Strategic Positioning - The new JD.com discount supermarket will occupy a space of 47,000 square meters, indicating a significant investment in the community retail sector [2] - Meituan's "Happy Monkey" supermarket, which opened earlier, emphasizes fresh produce and baked goods, showcasing a similar business model [3] - Both companies are avoiding saturated urban core areas and instead targeting suburban markets where operational costs are lower and consumer demand is high [11][12] Group 3: Consumer Behavior - The community-focused retail approach is designed to cater to the needs of densely populated residential areas, with both companies aiming to provide better services to local residents [6][7] - The trend towards discount retailing is a response to changing consumer preferences for value and quality, prompting retailers to streamline operations and reduce costs [8][10] - The collaboration between e-commerce giants and local shopping centers is expected to enhance the shopping experience and drive foot traffic [9][10]