阿里大消息。 阿里巴巴集团CEO吴泳铭6月23日发布全员邮件宣布，即日起，饿了么、飞猪加入阿里中国电商事业 群。范禹继续担任饿了么董事长兼CEO，向蒋凡汇报。南天继续担任飞猪CEO，向蒋凡汇报。饿了么、 飞猪继续保持公司化管理模式，业务决策执行上与中国电商事业群集中目标、统一作战。 淘宝闪购显著提升了平台用户活跃度。在刚刚过去的天猫618购物节，用户规模和活跃度创下新高，平 台购买用户数实现双位数增长，618全周期天猫剔除退款后的GMV同比增长10%。随着淘宝闪购零售品 类订单显著增长，今年的天猫618购物节，品牌纷纷加码即时零售，3C数码、服饰、运动户外等行业多 个品牌成交创历史新高。 分析人士称，阿里在大消费领域具备深厚优势，包括10亿年度活跃消费者、30万家天猫品牌货盘、成熟 的电商服务体系等。此次战略调整后，阿里加大力度整合集团资源，升级走向大消费平台，也有望为淘 宝闪购带来更为强劲的增长。 校对：陶谦 END 潜望系列深度报道丨股事会专栏丨投资小红书丨e公司调查丨时报会客厅丨十大明星私募访谈 吴泳铭在全员邮件中说："这是我们从电商平台走向大消费平台的战略升级。未来，我们将更多从用户 角度出发优化整合 ...

一、京东 ：618 周年庆销售表现稳健，超出预期 ，评级"买入" 京东第 22 届 618 购物节再创销售纪录，业绩超出我们预期（对比高盛预测，京东零售 2025 年第二季度营收同比增长 13%/GMV 同比增长 13%）。 关键亮点包括： 1）京东 618 表现强劲，交易用户同比增长 100%，远高于行业水平。京东宣布总订单量达 22 亿单，日均约 1150 万单（含京东零售线上 + 线下订 单，以及峰值达 2500 万单的外卖订单），外卖与京东零售商品的交叉销售表现良好。 2）京东创始人兼董事长描绘了公司在国内零售及六大新业务的长期战略蓝图，包括外卖、物流、国际化，以及进军旅游住宿预订行业，并推出长 达 3 年的零佣金策略，但我们预计京东在旅游本地服务领域将采取长期渐进的策略。 12 个月目标价为 48 美元 / 187 港元。 二、中国在线旅游平台 ——OTA 切断库存后，京东以低佣金率加速自建供应链 继上周传出京东正从其他 OTA 积极挖角、强化业务开发团队的消息后，京东于 6 月 18 日发布公告，宣布拓展旅游住宿预订业务的其他举措，包 括： （1）为加入 "京东酒店 + 会员" 计划的酒店提供长达 ...

Group 1 - Southbound funds net bought Hong Kong stocks worth 1.427 billion HKD on June 19, with notable purchases including Xiaomi Group-W (495 million HKD), China Construction Bank (370 million HKD), ZhongAn Online (278 million HKD), and United Energy Group (104 million HKD) [1] - Southbound funds have continuously net sold Tencent Holdings for 15 days, totaling 17.35164 billion HKD, while net buying China Construction Bank for 7 consecutive days, amounting to 4.31973 billion HKD [3] Group 2 - Xiaomi Group-W reported a record-breaking sales figure of over 35.5 billion RMB during the 618 shopping festival, marking a new high for the company [4] - ZhongAn Online benefits from the recent passing of the Stablecoin Ordinance in Hong Kong, which will take effect on August 1, 2023 [4] - United Energy Group's outlook is influenced by historical patterns indicating that Middle Eastern conflicts may have diminishing long-term effects on global oil prices [4] - Citigroup raised its target price for the Hang Seng Index, maintaining a positive outlook on Hong Kong stocks due to clearer tariff developments and anticipated earnings growth in the coming year [4] Group 3 - Pop Mart has been actively restocking its popular Labubu series ahead of the 618 shopping festival, leading to a decrease in secondary market prices for these products [5] - Alibaba's Taobao Tmall Group reported strong performance during the 618 shopping festival, with 453 brands achieving over 100 million RMB in sales, and a significant increase in user participation [5] - The prescription drug sector has shown strong performance since the beginning of the year, with a consensus forecast for EPS in 2025 being revised up by approximately 2% [5]

5月30日晚间，霸王茶姬（NASDAQ:CHA）发布2025年一季报，这也是其上市后的首份财报。财报显示，截至一季度末，霸王茶姬全球门店数达到6681 家，季度总 GMV 达82.3亿元，同比增长38%。本季度实现总净收入33.9亿元，同比增长35.4%；实现净利润6.77亿元，同比增长13.8%。在本次财报中，霸 王茶姬首次披露了其海外市场的季度总 GMV 和各地区的门店分布情况。根据财报，本季度霸王茶姬海外市场总 GMV 达到1.78亿元，同比增长85.3%。截至 一季度末，霸王茶姬共有169家海外门店，其中157家分布在马来西亚、10家分布在新加坡，2家位于泰国。（证券时报） 快手财报：海外业务首次盈利，AI 收入超过1.5亿 访问36氪出海网站 letschuhai.com ，获取更多全球商业相关资讯。 头条大事 活动｜直接对话印尼政府代表，500亿美元医疗市场如何入局？ 为助力中国企业更好地把握印尼市场机遇，36氪出海将携手印尼市场拓展与创新服务平台 Lestari 推出系列主题活动。首场活动于6月4日下午2:00在线上举 办，将聚焦印尼500亿美元医疗市场，邀请印尼投资协调部、卫生部官员代表解读医 ...

Core Insights - The 2025 "JD 618 Surprise Open Day" is being held for the first time at JD MALL, marking a shift in the company's promotional strategy [1][3] - JD MALL aims to revitalize previously underutilized spaces, attracting a diverse consumer base beyond its target demographic [3][4] - The shopping center features over 200 brands and 200,000 products, offering a one-stop shopping experience with immersive thematic areas [5][6] JD MALL Overview - JD MALL is a large-scale immersive commercial entity under JD Group, with over 20 locations nationwide [3] - The South Third Ring Road location in Beijing has been revitalized after years of inactivity, attracting over 140,000 consumers during its trial operation [4] - The shopping center includes various categories such as home appliances, digital products, and dining, enhancing the shopping experience [5] 618 Shopping Festival Highlights - The 2025 JD 618 event will officially start at the end of May, with early promotional activities already underway [9][10] - This year's festival emphasizes simplicity in promotions, offering substantial daily subsidies to consumers [10][11] - The event will also feature offline expansions, with multiple new stores opening in major cities [12][13] Consumer Engagement Strategies - JD is transforming the 618 event from a shopping festival to a lifestyle and entertainment festival, incorporating various entertainment elements [14][19] - The festival will include targeted promotions for specific consumer segments, enhancing user engagement through celebrity collaborations [19][20] - The focus has shifted from merely increasing transaction volume to improving user experience and long-term value [19][21] Economic Context - The current economic environment has prompted a focus on stimulating consumer spending through various subsidies and promotional strategies [18][21] - JD's approach reflects a broader industry trend towards sustainable growth and ecosystem collaboration rather than price wars [20][21] - The integration of national and platform-level subsidies aims to create a healthier consumption environment, benefiting both consumers and merchants [18][21]

E-commerce and New Retail - Taobao Tmall and Xiaohongshu signed a strategic cooperation agreement to create the "Red Cat Plan," aiming to enhance the integration from "grass planting" to purchase, boosting merchant business growth [1] - The collaboration allows for the opening of effect advertising links, enabling content on Xiaohongshu to directly redirect to Taobao Tmall for participating brands [1] - This partnership enhances Taobao Tmall's user engagement and conversion rates while allowing Xiaohongshu to achieve a closed loop from content to transaction [1] Logistics and Supply Chain - During the 2025 May Day holiday, the national express delivery business volume exceeded 4.8 billion packages, marking a year-on-year growth of over 20%, setting a historical record for the same period [4] - Zhejiang Daniao Logistics increased its registered capital from approximately 98.39 million to about 498 million, a growth of approximately 407%, enhancing its market competitiveness [6] - The JD Logistics (Xuchang) Supply Chain Industrial Base, in collaboration with Pang Donglai, is expected to achieve an annual output value of about 2.5 billion, contributing 50 million in taxes [7] Life Services - The online operation of "Mivillage Mixed Rice" saw nearly a 100% increase in orders on Ele.me since the full launch of Taobao Flash Purchase, indicating strong synergy between the two platforms [8] - The partnership between Taobao Flash Purchase and Ele.me enhances Taobao's competitiveness in the instant retail sector, responding to competition from Meituan and JD [8] Innovation and Investment - "Qianjue Robotics" completed several million yuan in financing, with funds allocated for R&D, product iteration, and accelerating mass production delivery [12] - The company focuses on multi-modal tactile perception and operation technology for robots, indicating strong innovation potential in the robotics field [12]

在电商行业进入存量竞争的新阶段，平台间的角逐愈发白热化，竞争态势持续升级。作为上半年电商领域的焦点战役，今年的 "618" 购物节再度点燃各 大平台之间的战火，其激烈程度远超以往。 5月8日，抖音商城公布618大促的报名规则、核心玩法及平台保障措施。根据公开信息，本次大促自5月13日0时正式启幕，将持续至6月18日24 时，划 分为抢跑期、蓄力期、爆发期三个阶段。抖音电商更是大手笔投入亿级现金补贴与千亿级流量资源，全力助推大促热度。 有行业人士分析称，随着各平台特色化战略的深入推进，今年618或将成为检验新零售模式成效的重要试金石。内容与货架的深度融合、用户体验的持 续优化、平台间的差异化竞争，将成为未来电商发展的主要方向。 电商大促周期可谓越来越长。华泰证券此前在一份研报中披露的一组数据显示，淘天/京东/拼多多/抖音/快手/小红书2024年整体"618"活动时长分别为33 天/21天/33天/26天/42天/43天，对比2023年分别为26天/29天/33天/25天/32天/26天。 大促周期的持续拉长，实则是电商平台战略转向的缩影。星图数据显示，2024年618期间全网销售额首次同比下跌7%，折射出大促I ...

Group 1: E-commerce Promotions - Douyin E-commerce announced a "618" merchant incentive policy, investing billions in cash subsidies and trillions in traffic resources to boost merchant sales during the event from May 13 to June 18 [1] - Tmall simplified its "618" promotion rules, offering a single official discount method with a base discount starting at 15% and a maximum discount of 50%, enhancing user shopping experience [2] - Kuaishou E-commerce launched its "618" shopping festival, providing 20 billion in subsidies and trillions in traffic support to help merchants grow their sales during the event [3] Group 2: Marketing Strategies - JD.com introduced the "JD Eating, Drinking, and Entertainment Season" from May 8 to June 1, featuring a large IP amusement park and significant discounts across all categories, leveraging emotional resonance in marketing [4] Group 3: Technology and Innovation - Apollo and Shenzhou Car Rental announced a deep collaboration to launch the world's first autonomous vehicle rental service, aiming to provide accessible smart travel services and enhance the integration of technology and tourism [5]