6月17日，京东集团董事局主席刘强东在北京的一场分享会上，对包括观察者网在内的媒体证实，京东 将进军酒店旅游业，供应链做到一脉相承，并强调有信心成功。 刘强东表示，酒店背后也是庞大的成本很高的供应链，前端是消费者。"我们进入工业，就把整个工业 品，叫非生产性主料，原来的行业平均毛利是60%，京东工业只需要20%就可以做，也就能够把我们客 户成本降三分之二。" 刘强东说，"我想我们能够成功的。如果你不能够给行业创造价值，别人（平均毛利）60%，你也 60%，你其实没有创造价值，这种商业模式终究会输。" 他表示，"整个京东集团只做供应链这一件事情，一脉相承，这是我们的逻辑"。 在便利店成功之后，京东第二步是做餐饮、做外卖，然后第三步是做酒旅。 "其实都为了背后的供应链去做铺垫的，"刘强东表示，京东做餐饮不会让餐饮店去选边站，也没有任何 平台有能力让商家2选1，那么"比拼还是看谁的价格低，谁的服务好，谁的品质好。" 刘强东说，京东定义的体验包括三方面，即产品，价格和服务。"所以我们所有的商业模式，都是争取 产品比你更好、价格比你更便宜，然后服务比你更好。""这是整个京东电商 21 年以来，大家能在京东 买东西，就因 ...

Group 1 - The core viewpoint of the article highlights the emergence of a new growth narrative in China's economy driven by the rapid development of AI technology and the resilient recovery of the private sector [1][2] - Goldman Sachs has introduced a "Chinese Prominent 10" portfolio, comprising ten major private listed companies in China, which has sparked discussions about the revaluation of Chinese assets [1][2] - The total market capitalization of the "Chinese Prominent 10" reached approximately 11.46 trillion yuan as of June 17, 2025, indicating significant market presence [4][6] Group 2 - The portfolio includes companies from various sectors such as technology, consumer goods, automotive, and pharmaceuticals, reflecting the direction of China's economic transformation and upgrading [3] - Key players in the technology sector include Tencent, Alibaba, Xiaomi, and NetEase, while the consumer sector features Meituan, Midea, and Anta [3][6] - The report indicates that the compound annual growth rate of earnings for this portfolio is expected to reach 13% over the next two years, with an attractive current price-to-earnings ratio of 16 times [2][8] Group 3 - Since the end of 2020, private enterprises in China have faced significant market challenges, with a cumulative market value loss of nearly 4 trillion USD, but they are gradually regaining market vitality [3][10] - The report emphasizes that the "Chinese Prominent 10" has the potential to enhance market concentration and change investor perceptions of Chinese assets, similar to the "Seven Sisters" in the US market [7][13] - The policy environment for private enterprises has improved, with increased support from the government, which is expected to reduce policy risk premiums and boost market confidence [10][11] Group 4 - The report predicts that China's GDP growth rate will reach around 5.5% in 2025, driven by technological advancements, particularly in AI, which could contribute an additional 2.5% annual growth to earnings per share for listed companies [11][12] - Private enterprises are increasingly expanding into overseas markets, with significant growth in imports and exports, indicating their role as pioneers in China's "going global" strategy [12] - The concentration of market capitalization among leading private enterprises is expected to strengthen, with China's market showing significant potential for increased concentration compared to the US [13][14]

Core Viewpoint - The article discusses the challenges posed by "involutionary" competition in the platform economy, particularly in the food delivery sector, highlighting the need for regulatory intervention to promote healthy competition and sustainable development [2][3][4]. Group 1: Current State of Competition - The rapid expansion of the platform economy has led to practices such as "choose one from two" and price wars, resulting in resource waste and unhealthy competition [2]. - Since April 2025, a new round of subsidy and price wars has emerged in the food delivery sector, affecting over 10 million delivery riders and involving millions of restaurants, making it a priority for regulatory action against "involution" [2][3]. Group 2: Impact on Industry Stakeholders - The reliance on high subsidies among platform companies has created a competitive environment that negatively impacts merchants, consumers, and delivery riders, leading to economic fluctuations and resource waste [4][5]. - Large brand merchants can absorb short-term low margins to gain market share, while small merchants face a dilemma of either matching subsidies or risking loss of visibility on platforms, potentially leading to closures [5][6]. Group 3: Long-term Sustainability Challenges - The current competition has led to irrational and homogeneous expansion in supply, particularly in the beverage sector, with a 37.5% increase in new openings in May 2025 compared to April [6]. - Continuous high subsidies are altering consumer price perceptions, leading to a cycle of low-price and low-quality offerings, which could harm the overall market and consumer trust [7][8]. Group 4: Recommendations for Healthy Development - Regulatory bodies are encouraged to implement measures to halt unfair competition driven by high subsidies, including penalties for platforms engaging in such practices [8][9]. - Strengthening the regulatory environment to combat false advertising and other market-distorting behaviors is essential for maintaining fair competition [9]. - Encouraging platforms to focus on innovation and global expansion rather than low-quality competition is vital for the long-term stability of the industry [9].

医药领域查办了系列重大专案，纠治行业竞争乱象，报告里披露了一个数据：推动涉案药品降价 62%。此外，依法查处威海水务、海南昆仑港华燃气、新疆岩棉等公用事业、建材领域垄断案件， 从 严从快查处机动车检测领域系列垄断协议案，对 46家检测机构依法作 出处理，有效降低群众生活成本 和经营主体负担。 21世纪经济报道记者 王俊 北京报道 每年年中，市场监管总局的中国反垄断执法年度报告定会如约而至。给刚刚发布的《中国反垄断执法年 度报告（2024）》（以下简称"报告"）划重点，一个是回旋镖：2021年高举高打的阿里、美团反垄断执 法案件披露了最新进展。阿里已完成整改；按时间来推算，美团的整改理应进入尾声，报告称在深入评 估；另一个是接下来的工作重点，报告评估了重点行业和区域市场竞争状况，其中提到了文娱票务服务 市场、半导体材料、云服务、新能源汽车充换电行业等，研判了这几个领域目前行业竞争情况，潜在的 风险以及政策建议。 一、美团能如约完成整改吗？ 先来看报告的整体数据：2024年，市场监管总局（国家反垄断局）加大重点领域反垄断监管执法力度， 全年办结垄断协议、滥用市场支配地位案件11件，对1件拒绝、阻碍调查案件作出行政 ...

Core Viewpoint - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in core local business and new business revenues [1] Group 1: Overall Performance - Q1 2025 revenue reached 86.6 billion yuan, representing a year-over-year increase of 18% but a quarter-over-quarter decrease of 2% [1] - Operating profit for Q1 2025 was 10.6 billion yuan, up 103% year-over-year and 58% quarter-over-quarter [1] - Net profit for Q1 2025 was 10.1 billion yuan, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [1] - Non-GAAP EBITDA for Q1 2025 was 12.3 billion yuan, a 52% year-over-year increase and a 7% quarter-over-quarter increase [1] - Non-GAAP net profit attributable to shareholders was 10.9 billion yuan, up 46% year-over-year and 11% quarter-over-quarter [1] Group 2: Core Local Business - Core local business revenue grew 18% year-over-year to 64.3 billion yuan, driven by increased transaction volume and reduced subsidy deductions [2] - Operating profit for core local business increased 39% year-over-year to 13.5 billion yuan, surpassing Bloomberg's consensus estimate of 12.2 billion yuan [2] - The company anticipates a slowdown in revenue growth for Q2 2025 due to intensified industry competition [2] Group 3: Business Segments - **Food Delivery Business**: Q1 2025 food delivery orders increased by 9.3% year-over-year, with over 480 brands launching more than 3,000 high-quality satellite stores [2] - **Meituan Flash Purchase**: Q1 2025 saw strong growth in flash purchase business, with over 500 million cumulative transaction users and daily order volume exceeding 18 million [3] - **In-store Travel Business**: Q1 2025 in-store travel revenue grew 20% year-over-year, with active merchants increasing by over 25% [3] Group 4: New Business and International Expansion - New business revenue grew 19% year-over-year to 22.2 billion yuan, with operating losses narrowing to 2.3 billion yuan [4] - Keeta has become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia and Brazil, with a commitment to invest 1 billion USD over five years [4] Group 5: Profit Forecast and Valuation - Long-term outlook remains positive for the company's core competencies in instant delivery and international expansion, despite increased competition [5] - Revenue forecasts for 2025-2027 are projected at 387.3 billion, 447.7 billion, and 510.6 billion yuan respectively, with Non-GAAP net profit estimates of 40.9 billion, 54.7 billion, and 67.6 billion yuan [5] - The target market capitalization for 2025 is set at 830.2 billion yuan, with a target price of 136 yuan per share [5]

Core Viewpoint - Meituan officially announced its participation in the 618 shopping festival, launching a comprehensive promotional campaign covering "food delivery + shopping," aiming to leverage its strengths in instant retail, including immediacy, full-scenario offerings, and high subsidies [1][11]. Policy Benefits - Meituan is distributing a 618 yuan coupon package to all users, applicable across various categories such as beverages, electronics, and beauty products, significantly lowering the consumption threshold and stimulating consumer enthusiasm [2]. - The company is enhancing its tiered subsidy strategy for members, offering higher value coupons to premium members, which strengthens user loyalty and encourages frequent usage of the platform [2]. Promotional Strategies - Flash sales feature attractive promotions like "additional 200 yuan off on national subsidies" and "limited-time 1499 yuan Flying Moutai," emphasizing a low-price, instant consumption experience [5]. - Meituan combines traditional e-commerce promotions with instant delivery, promoting a "no waiting" experience with a commitment to deliver within 30 minutes, thus enhancing consumer convenience [6]. Competitive Landscape - Meituan faces intense competition from rivals like JD and Taobao, which have made significant inroads into the market with aggressive strategies, including zero commission rates and substantial subsidies [7][9]. - The company aims to counter this competition by leveraging the 618 shopping festival as a turning point to assert its dominance in the instant retail sector [7][11]. Market Position and Challenges - Meituan's competitive edge lies in its extensive network of 6.8 million delivery riders and over 500 million users, which facilitates rapid delivery and fosters consumer habits [10]. - However, challenges include potential rider attrition to competitors offering better incentives, which could impact delivery capabilities and service quality [10]. Strategic Intentions - Meituan's late entry into the 618 festival is a tactical decision to avoid direct competition with major players during the pre-sale period, focusing instead on capturing consumer demand during peak shopping days [11]. - The company is redefining "high-frequency necessities" by expanding its product offerings beyond food delivery to include a wide range of consumer goods, thereby enhancing its competitive position [14]. Future Outlook - The competition in instant retail is evolving from simple subsidies to a multi-faceted battle involving logistics, data, and ecosystem integration [14]. - Long-term success may depend on Meituan's ability to leverage AI for precise delivery predictions and strengthen its merchant ecosystem to attract high-quality vendors [16][18].

Core Insights - Meituan's Q1 financial results exceeded market expectations, with revenue of 865.57 billion RMB, a year-on-year increase of 18.1%, and adjusted net profit of 109.5 billion RMB, up 46.2% [1] - The core local business operating profit margin rose to 21%, despite CEO Wang Xing's warning of a significant year-on-year decline in Q2 core local business profits [1][2] - The competitive landscape in China's food delivery market has intensified, with rivals like JD and Ele.me implementing aggressive promotional policies [1][2] Financial Performance - The core local business generated revenue of 643.25 billion RMB, a 17.8% increase, contributing 74.3% of total revenue, with operating profit reaching 135 billion RMB, up 39.1% [2] - Revenue from delivery, commission, and advertising within the core local business was 257.2 billion RMB, 240.5 billion RMB, and 118.62 billion RMB, reflecting growth rates of 22.1%, 20.1%, and 15.1% respectively [2] - Meituan plans to pay social insurance for full-time and stable part-time delivery riders, with an expected average of 3.36 million riders nationwide by 2024 [2] New Business Growth - New business revenue grew by 19.2% to 222 billion RMB, with operating losses narrowing by 17.5% to 23 billion RMB, improving the operating loss margin by 4.6 percentage points to 10.2% [3] - The improvement in new business performance is attributed to growth in grocery retail and progress in overseas operations [3] International Expansion - Meituan announced a $1 billion investment in Brazil over the next five years, marking its entry into the South American market [4] - CEO Wang Xing expressed confidence in becoming a leading player in overseas markets [4]

以下文章来源于妙投APP ，作者Eastland 妙投APP . 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 2025年3月24日，美团( 3690.HK )发布2024年Q4及全年业绩。报告显示，2024年营收3376亿、同比增长22%；净利润358亿、同比增长158.4%。 殊不知，美团核心业务"配送服务"是送一单赔一单。2024年H1配送116亿单，每单赔0.34元（ 全年数据需待年报 ）。 从单单赔到年赚数百亿，玄机何在？ 收入矩阵 美团营收按性质分为四类：配送服务、技术服务费（ 佣金 ）、在线营销（ 广告 ）、其他服务及销售。 2022年二季度开始，美团将旗下业务划分为"核心本地商业"和"新业务"两大分部： 核心本地商业包括餐饮外卖、美团闪购、到店服务、酒旅及旅游业务。主要收入来自：配送、佣金、广告、其他。 新业务包括美团优选、小象超市、B2B餐饮供应链（ 快驴 ）、网约车、共享单车、充电宝、餐厅管理系统等。主要收入来自：佣金、广告、其他。 1）一图看懂营收结构 按分部划分 2022年，核心本地商业收入1607.6亿、占比73.1%；新业务营收592亿、占比26. ...