今年以来，美团加大探索零售新业态， 推动零售战略转型升级。其Q3财报显示，今年新业务板块，食杂零售业务强劲增长。 今年6月，美团宣布将全面拓展即时零售，包括闪购业务将继续拓展品类，小象超市逐步拓展到所有一二线城市等。截至目前，小象超市的服务网络已覆盖 北京、上海、广州、深圳、武汉、南京、西安等全国30余地。 12月15日，美团团好货业务发布内部邮件，称食杂零售管理团队经研究讨论，决定暂停团好货业务，聚焦探索零售新业态。 公开资料显示，团好货是美团自主孵化的 B2C 电商业务，2020 年 8 月以小程序的形式推出，2020 年12月提升至"美团APP"一级入口，后更名为美团电商。 团好货内部邮件显示，该业务作为美团快递电商业务探索者，积累了商品零售相关经验，但近年来随着食杂零售行业创新发展，快递电商难以承接即时零售 用户的需求，"我们将顺应趋势，主动求变。"此外，对此次调整涉及到人员，内部将进行沟通，详细说明后续的方案。 ▲12月15日，美团内部邮件显示将暂停"团好货"（美团电商）业务 ...

（文章来源：北京商报） 北京商报讯（记者魏蔚）12月15日，美团团好货业务发布内部邮件，称食杂零售管理团队经研究讨论， 决定暂停团好货业务，聚焦探索零售新业态。公开资料显示，团好货是美团自主孵化的 B2C 电商业 务，2020 年 8 月以小程序的形式推出，2020 年12月提升至"美团App"一级入口，后更名为美团电商。 团好货内部邮件显示，该业务作为美团快递电商业务探索者，积累了商品零售相关经验，但近年来随着 食杂零售行业创新发展，快递电商难以承接即时零售用户的需求，"我们将顺应趋势，主动求变。"此 外，对此次调整涉及到人员，内部将进行沟通，详细说明后续的方案。 2025年以来，美团加大探索零售新业态， 推动零售战略转型升级。6月，美团宣布将全面拓展即时零 售，包括闪购业务将继续拓展品类，小象超市逐步拓展到所有一二线城市等。截至目前，小象超市的服 务网络已覆盖北京、上海、广州、深圳、武汉、南京、西安等全国30余地。 ...

北京商报讯(记者魏蔚)12月15日，美团团好货业务发布内部邮件，称食杂零售管理团队经研究讨论，决 定暂停团好货业务，聚焦探索零售新业态。公开资料显示，团好货是美团自主孵化的B2C电商业务， 2020年8月以小程序的形式推出，2020年12月提升至"美团App"一级入口，后更名为美团电商。 2025年以来，美团加大探索零售新业态，推动零售战略转型升级。6月，美团宣布将全面拓展即时零 售，包括闪购业务将继续拓展品类，小象超市逐步拓展到所有一二线城市等。截至目前，小象超市的服 务网络已覆盖北京、上海、广州、深圳、武汉、南京、西安等全国30余地。 团好货内部邮件显示，该业务作为美团快递电商业务探索者，积累了商品零售相关经验，但近年来随着 食杂零售行业创新发展，快递电商难以承接即时零售用户的需求，"我们将顺应趋势，主动求变。"此 外，对此次调整涉及到人员，内部将进行沟通，详细说明后续的方案。 ...

今年6月，美团宣布将全面拓展即时零售，包括闪购业务将继续拓展品类，小象超市逐步拓展到所有一 二线城市等。截至目前，小象超市的服务网络已覆盖北京、上海、广州、深圳、武汉、南京、西安等全 国30余地。（界面） 团好货内部邮件显示，该业务作为美团快递电商业务探索者，积累了商品零售相关经验，但近年来随着 食杂零售行业创新发展，快递电商难以承接即时零售用户的需求，"我们将顺应趋势，主动求变。"此 外，对此次调整涉及到人员，内部将进行沟通，详细说明后续的方案。 今年以来，美团加大探索零售新业态， 推动零售战略转型升级。其Q3财报显示，今年新业务板块，食 杂零售业务强劲增长。 【#美团宣布暂停团好货#，此前曾多年尝试用外卖导流电商】12月15日，美团团好货业务发布内部邮 件，称食杂零售管理团队经研究讨论，决定暂停团好货业务，聚焦探索零售新业态。公开资料显示，团 好货是美团自主孵化的 B2C 电商业务，2020 年 8 月以小程序的形式推出，2020 年12月提升至"美团 APP"一级入口，后更名为美团电商。 ...

来源：市场资讯 （来源：华夏基金财富家） 发生了什么？当前如何应对？今天聊一聊。 先说向好的一方面： AI业绩不错，关注"外卖大战"何时停止。 港股科技的基本面整体是没啥问题的。以恒生科技为例，它的涨跌基本是以阿里巴巴、腾讯、美团等等 大型科技公司高度相关，这几个要是涨，指数基本不会太差，这几个要是不涨，指数可能就会横住或者 下跌。 （数据来源：Wind，EPFR，华泰证券，2016.09-2025.11，过往数据不代表未来，不作为指数推荐） （数据来源：Wind，2025.01.01-2025.12.05，过往数据不代表未来，不作为指数推荐） 但是近期有一个点需要我们关注，就是日本央行加息。如果日本央行12月19日加息，可能导致借日元投 资港股的资金回流日本，加剧流动性压力。换句话说，不排除近期有国际资金从港股离开，使得指数承 压。此外，现在的11月、12月正好赶上欧美圣诞假期，那边的资金流入港股也可能进一步放缓。 关于资金的另一个消息是美联储降息。今天凌晨，美联储已经宣布降息25个基点。但本次降息预期在至 少此前2周内就已达成普遍共识，所以无论是美股还是港股，反应都比较一般。因此，综合上述的多空 数据来看 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5][37]. Core Insights - The report analyzes the recent financial performance of major players in the food delivery sector, including Meituan, JD Group, Alibaba, and Bawang Chaji, highlighting the impact of the ongoing delivery battle on their operations and profitability [1][2][3]. - It emphasizes that the low-frequency, low-ticket order subsidies are the primary reason for the significant losses in the instant retail business, which includes food delivery [2][19]. - The report suggests that the platforms are likely to return to a more rational subsidy strategy, focusing on high-ticket orders to improve unit economics [2][19]. Summary by Sections Meituan - In Q3 2025, Meituan reported revenues of 954.9 billion yuan, a year-on-year increase of 2.0%, but faced an adjusted net loss of 160.1 billion yuan, shifting from profit to loss [1][6]. - The core local business revenue was 674.5 billion yuan, down 2.8%, with an operating loss of 140.7 billion yuan [8][10]. - The food delivery segment is expected to see a 15% increase in order volume, but a 13% decline in revenue due to a decrease in average order value (AOV) and lower monetization rates [8][10]. JD Group and Alibaba - JD Group's Q3 2025 new business losses reached 157 billion yuan, while Alibaba's instant retail business incurred losses of approximately 361 billion yuan, with a per-order loss of about 5.3 yuan [2][17]. - Both companies are experiencing significant pressure on their overall performance due to the losses in their instant retail segments [2][19]. Bawang Chaji - Bawang Chaji reported a revenue of 32.08 billion yuan in Q3 2025, a decrease of 9.4%, with an adjusted net profit of 5.03 billion yuan, down 22.2% [3][21]. - The company has chosen a cautious approach to the delivery battle, avoiding price wars to maintain brand integrity and product strategy [3][32]. - The report notes that Bawang Chaji's same-store GMV declined by 27.9% in the Greater China region, reflecting the competitive pressures in the market [21][32]. Recommendations - The report recommends focusing on leading restaurant brands that are likely to benefit from increased subsidy efforts and are in a strong operational season, such as Guoquan, Haidilao, Yum China, and Xiaocaiyuan [3][37]. - It also highlights the potential of tea brands like Guming and Mixue Group, which are actively expanding their product offerings and private traffic strategies [3][37].

Core Insights - Meituan's 3Q25 performance slightly missed expectations, with management anticipating a narrowing of core local commerce (CLC) operating losses in 4Q25 [3][4] Financial Performance - 3Q25 revenue reached RMB 95.5 billion, a 2% year-over-year increase but 2% below market consensus [3] - CLC revenue declined by 2.8% year-over-year to RMB 67.4 billion, while new initiatives revenue rose by 16% year-over-year to RMB 28 billion [3] - CLC operating loss widened to RMB 14.1 billion, compared to a consensus loss of RMB 13 billion, with an operating margin of -21% [3][4] - Adjusted net loss was RMB 16 billion, slightly larger than the expected RMB 14 billion loss [3] Market Dynamics - Competitive intensity in food delivery has decreased since Singles' Day, allowing Meituan to recover market share in order value while maintaining a leading gross transaction value (GTV) share [4] - The company expects the food delivery segment to incur notable operating losses in 4Q25, depending on competition levels in December [4] New Initiatives and Growth - Management indicated that the operating loss for Instashopping may slightly widen in 4Q25 due to increased investments in user experience during promotional campaigns [5] - The launch of Branded Flagship InstaMart in October has shown potential, with hundreds of partner brands achieving over 300% year-over-year sales growth during Singles' Day [5]

Core Viewpoint - Morgan Stanley predicts that Alibaba's comprehensive profitability will reach an inflection point in Q3 2025 and significantly recover in Q4, driven by a substantial reduction in losses from the food delivery business and accelerated growth in cloud services due to strong AI demand [1][2][3] Business Performance - The food delivery business is expected to see a 40% quarter-on-quarter reduction in losses, projected to narrow to approximately 21 billion yuan by Q4 2025 [1][3][4] - The cloud business is anticipated to grow by 37% year-on-year in Q4 2025, benefiting from robust AI demand [1][3][7] Strategic Shift - Alibaba's strategic focus is shifting from a user-scale-driven growth model to a more efficient, profitability-driven approach, indicating a fundamental transformation in its growth strategy [2][5][6] Financial Adjustments - Morgan Stanley has adjusted its revenue forecasts for Alibaba, lowering the projections for FY26 and FY27 by 1% and 2% respectively, due to high base effects impacting customer management revenue (CMR) growth [8] - Despite these adjustments, the firm maintains a positive outlook on Alibaba's stock, reiterating a "buy" rating and setting new target prices of $230 for US shares and HK$225 for Hong Kong shares [3][8] Market Dynamics - The flash purchase business is showing a clear path to profitability, with unit economic losses halving compared to July/August, driven by improved product mix and reduced delivery costs [4][6] - The cloud business is experiencing strong demand that exceeds supply capabilities, leading to potential increases in capital expenditures beyond the planned 380 billion yuan over three years [6][7]

11月25日晚间的财报电话会上，阿里巴巴集团首席财务官徐宏表示，三季度是闪购业务投入高点，随着 整体效率的显著改善和规模稳定，预计闪购业务的整体投入会在下个季度显著收缩。当然，阿里也会根 据整个市场的竞争状态，动态调整投资策略。 （文章来源：第一财经） ...

Core Viewpoint - East Asia Securities has lowered Alibaba's target price from HKD 178 to HKD 196, a decrease of 10%, and downgraded the investment rating from "Buy" to "Hold" [1] Financial Performance - Alibaba is expected to announce its Q2 fiscal results in mid-October, with overall revenue growth anticipated to slow to 4% year-on-year [1] - Cloud business revenue is projected to accelerate growth to over 30%, representing a potential highlight for the company [1] - Revenue from China's e-commerce business is expected to increase by 12% year-on-year, primarily driven by contributions from the flash purchase business [1] Investment Outlook - The forecasted price-to-earnings ratio for Alibaba over the next 12 months is 21.1 times, which is higher than the average since its listing in Hong Kong (19.2 times) by approximately 0.2 standard deviations [1] - Despite this, Alibaba's valuation remains significantly discounted compared to AI cloud companies listed in Europe and the US [1] - As domestic AI applications become more widespread, there is potential for upward adjustments in the valuation of Alibaba's cloud business, supporting a recovery in the company's overall valuation [1] - The target price-to-earnings ratio for the fiscal year 2027 is set at 21.8 times, with an adjusted earnings per share forecast of RMB 8.4 [1]