Group 1 - JD.com has launched the "Eat, Drink, Play, and Enjoy Surprise Day" as part of its 11.11 shopping festival, offering various benefits to consumers [1][3] - The event features auctions starting at 1 yuan for premium products such as Russian king crabs, truffles, and limited edition Moutai liquor, with total auction values exceeding 20,000 yuan [1][3] - The campaign includes exclusive discounts and promotions, such as 50% off coupons from celebrity Liu Yuning and various IP collaborations for limited-time offers [1][5] Group 2 - The event emphasizes gourmet food, showcasing unique items like wild black truffles from Yunnan and deep-sea caught Russian king crabs, enhancing the culinary experience for consumers [3][5] - JD.com is leveraging its supply chain advantages to provide fresh and affordable products across multiple categories, including dairy, alcohol, and fresh produce, with significant discounts [5] - The campaign also features exclusive products and limited-time offers, such as the 53-degree Moutai liquor available for 2,129 yuan and fresh milk from Mengniu at 49.9 yuan, ensuring quality assurance for consumers [5]

Group 1: E-commerce Sales Growth - The "618" shopping festival is projected to reach a total e-commerce sales of 855.6 billion yuan in 2025, marking a year-on-year growth of 15.2% [2] - The duration of this year's "618" event has been extended from May 13 to June 18, compared to last year's May 20 to June 18, which may amplify this year's growth [2] - In May 2025, the total retail sales of consumer goods in China reached 41,326 billion yuan, with a year-on-year growth of 6.4%, driven by the "618" promotions and trade-in subsidies [2] Group 2: Dairy Industry Performance - Yili has increasingly focused on the "618" event, reporting a 12.3% year-on-year growth in user purchases on major e-commerce platforms during this period [5] - Yili's infant nutrition products saw a growth of over 33%, while its adult nutrition products topped the e-commerce sales charts [5] - Despite the growth, Yili's revenue in 2024 was 115.78 billion yuan, down 8.2% year-on-year, with liquid milk revenue declining by 3.1% [9][10] Group 3: Market Trends and Challenges - The overall demand in the dairy industry is contracting, with a 2.7% year-on-year decline in total sales across all channels in 2024 [10] - The infant formula market is shifting towards high-end products, with the ultra-high-end segment growing by 13.3% in early 2025, while other segments are experiencing declines [15] - Major brands like Danone and FrieslandCampina reported significant growth in their high-end infant formula products in 2024, indicating a trend towards premiumization in the market [16] Group 4: Pricing Strategies - Discounts in the infant formula market are limited, with brands like Feihe offering minimal promotions, contrasting sharply with aggressive discounting strategies seen in other sectors [13][14] - The fresh milk market is also experiencing limited discounts, with ongoing price wars among brands, but demand remains stable due to supply chain constraints [19][20]