预计短期内市场竞争仍将持续，将对财务业绩产生负面影响。 8月27日，美团发布2025年第二季度及半年业绩报告。 二季度，美团实现营收918亿元(人民币，下同)，同比增长11.7%，经调整净利润为14.9亿元，同比下滑 89%，比去年同期少赚了121亿元。 在今年一季度的业绩电话会上，美团管理层提到"将不惜代价赢得这场竞争"，二季度美团的利润下滑、 营销费用激增，都显示了美团对打赢这场仗的决心和代价。 在8月27日晚间的二季度业绩电话会上，美团管理层再次回应了对外卖大战的看法，陈少晖表示，美团 有计划地增加投入，以捍卫市场领先地位，同时强化长期竞争力。美团核心本地商业业务的韧性已在多 个周期中得到验证，每一项挑战最终都会强化美团的竞争地位，提升美团的执行力。 王兴也再次谈到对竞争的看法，他表示，首先明确，美团坚决反对内卷；另外，美团不是第一次面对这 种激烈的竞争，在过去多年的发展中，美团在竞争中不断巩固领先地位。无论过去还是现在，美团始终 专注于做正确的事，即保证优质供给、稳定履约、合理价格，为用户创造良好的体验。 "没有什么花哨的，回归本质，确保快速可靠地履约、确保经济实惠的价格。"王兴说，美团将长期专注 于 ...

秦朔朋友圈 . 秦朔朋友圈是由中国著名媒体人、财经观察家秦朔牵头创立的一个新媒体与专业服务品牌，包括微信公 众号、微博、视频节目、音频节目等。内容聚焦于经济、金融和商业领域，关注重点为全球和中国财经 商业热点、企业家精神、创新与发明创造、商业文明探索等。 以下文章来源于秦朔朋友圈 ，作者梁云风 作者： 梁云风 来源： 秦朔朋友圈 ------------------------------- 从巴西战场开始的 "内卷"警报 近日，德国《经济周刊》（ WirtschaftsWoche）聚焦中国社会难以摆脱的"内卷式"竞争，指出这 场看似充满活力的竞争，正在慢慢吞噬中国发展的耐力与方向。该报道以中国汽车行业为例，指出 中国汽车企业虽然卷赢了世界，但是却无可避免全行业深陷"价格战"，导致"劣币驱逐良币"的现象 频现。 现在，在国内卷完之后，中国企业出海更是出现了 "内卷外化"，专卷自己人的现象。 最近， 滴滴出行旗下的外卖平台 "99Food"因 搞 商户 "二选一"被美团起诉，指其在巴西通过 给 商户 巨额预付金（超 10 亿元人民币 ） ，与商户签订针对美团 Keeta的"二选一"排他协议， 阻 止美团进入巴西 ...

作为两家同为新进入者的中国企业，滴滴99Food与美团Keeta并未像意料之中一样，联手对抗市占率超 80%的本土巨头iFood。反而是老乡之间前拔弩张，陷入激烈内卷。 据悉，Keeta已起诉滴滴99Food，指其已接触超过100家餐饮连锁，以单个商户数百万元预付款的巨额成 本（共计金额超过10亿元），签订针对美团Keeta的排他性合约，甚至高价购买"Keeta"搜索关键词；美 团两度提诉反击，圣保罗法院已对滴滴购买"Keeta"关键词截流行为签发禁令。 9Food则起诉Keeta商标侵权，指控Keeta在品牌标识的颜色、图形和字体上模仿99Food，还称Keeta的ee 从后视镜里看，是99。 文 | 快刀财经 郑栾 在中国外卖大战之际，鲜有人注意到，巴西外卖市场也上演了一场"中国德比"。 这场耗资超10亿元的"阻击战"，不仅让美团Keeta上线受阻，更让本土巨头iFood坐收渔利。万万没想 到，中国企业就算出海了也要"内卷"到底。 01 巴西"内卷"：滴滴的狙击三板斧与美团的反击 曾经在中国外卖市场出现过的"强制二选一"，在18000公里外的巴西重现。讽刺的是，这次"巴西版二选 一"的主角，竟然也是两家中 ...

Core Viewpoint - The article highlights the phenomenon of "involution" in China's competitive landscape, particularly in the automotive and food delivery sectors, where companies engage in destructive price wars and self-sabotage rather than focusing on innovation and collaboration [1][20][39]. Group 1: Involution in the Automotive Industry - The German publication points out that despite Chinese automotive companies winning globally, they are trapped in a price war that leads to "bad money driving out good" [1]. - The article suggests that this competitive behavior is detrimental to the long-term sustainability and direction of the industry [1]. Group 2: Involution Externalization in Food Delivery - Chinese companies are now exporting their "involution" practices abroad, as seen in the case of Didi's food delivery platform, 99Food, which is engaged in exclusionary tactics against fellow Chinese company Meituan in Brazil [2][20]. - The competitive strategies employed by 99Food, such as the "choose one" policy for merchants, mirror past domestic practices and highlight a troubling trend of self-inflicted harm among Chinese firms [8][9]. Group 3: Legal and Competitive Actions - 99Food has been accused of unfair competition by Meituan, which claims that 99Food's actions in Brazil, including significant prepayments to merchants, are designed to stifle competition [3][10]. - The Brazilian legal system is involved, with Meituan filing lawsuits against 99Food for its aggressive tactics, including keyword advertising that misleads potential customers [12][14]. Group 4: Historical Context and Lessons - The article draws parallels to past failures of Chinese motorcycle companies in Southeast Asia, which engaged in price wars that ultimately led to their market share being overtaken by Japanese brands [21][22]. - It warns that the current food delivery sector may be repeating these mistakes, risking the overall reputation of Chinese brands in international markets [21][26]. Group 5: Call for Change in Competitive Strategy - The article advocates for a shift from "involution" to "co-creation," urging Chinese companies to focus on innovation and collaboration rather than destructive competition [30][40]. - It emphasizes the need for companies to adopt a mindset of creating new markets and demands, rather than merely competing for existing shares [31][32]. Group 6: Implications for Brand Image - The ongoing internal competition among Chinese firms could damage the overall image of Chinese brands, leading to stricter scrutiny and a less favorable business environment abroad [27][28]. - The article stresses that to succeed internationally, Chinese companies must demonstrate innovation and cooperation rather than engage in low-quality, price-driven competition [29][40].

▲资料图 图据视觉中国 色彩之争： 红星新闻记者在巴西圣保罗法院官网上看到，当地时间8月18日上午，中国网约车巨头滴滴出行旗下的 海外外卖平台"99Food"，在该法院正式起诉刚刚入驻巴西的中国外卖巨头美团旗下海外平台Keeta，指 控对方商标侵权及不正当竞争。 在起诉书中，红星新闻记者看到，99Food指控Keeta使用与99Food相似的配色、图案和字体，"Keeta企 图通过'搭便车'方式窃取99Food的成功成果"，故请求法院下令Keeta更换标识。 对此，接近美团的知情人士向红星新闻记者确认，美团方面注意到了这起诉讼。针对这起诉讼，该知情 人表示："其实在这起诉讼之前，双方还有过两起诉讼，不过这两起都是Keeta起诉99Food方面，目前一 起官司法院已经对99Food签发了禁令，另一起还未判决。"这位知情人士还认为，99Food提起指控"不过 是为了对冲前两起官司引发的舆情的做法。 "99黄"杠上"美团黄" 红星新闻记者看到，在这份长达47页的诉状中，99Food的指控主要集中在认为Keeta标识侵权方面。其 中提到，99Food方面认为，Keeta使用的品牌颜色、图形和字体与99Food高度相似 ...

Core Viewpoint - The competition between Chinese companies Didi's 99Food and Meituan's Keeta in the Brazilian food delivery market exemplifies a case of "internal competition externalized," where companies focus on undermining each other rather than addressing the dominant local player, iFood [2][12][16]. Group 1: Competitive Strategies - Didi has invested 1.1 billion RMB to implement a "choose one" strategy, offering high subsidies to local merchants to prevent them from collaborating with Meituan while allowing partnerships with iFood [1][4][8]. - Didi has engaged in various aggressive tactics, including purchasing keywords to confuse search results and filing lawsuits against Meituan for trademark infringement [3][10]. - The "choose one" clause designed by Didi explicitly prohibits merchants from working with Meituan but does not restrict partnerships with iFood, indicating a targeted exclusion strategy [7][8]. Group 2: Market Dynamics - iFood has responded to the entry of Chinese competitors by announcing a significant investment plan of 17 billion BRL (approximately 22 billion RMB) to strengthen its market position [15]. - The Brazilian food delivery market is valued at approximately 12 billion USD, with Didi previously holding a maximum market share of 5% [12]. - The competitive actions of Didi and Meituan have inadvertently benefited iFood, allowing it to stabilize its market position amidst the influx of Chinese companies [15][16]. Group 3: Implications of Internal Competition - The aggressive competition between Didi and Meituan reflects a broader issue of Chinese companies adopting a zero-sum mentality, focusing on eliminating competitors rather than creating value for consumers [16][18]. - This approach risks damaging the reputation of Chinese brands in international markets and may lead to regulatory scrutiny, as seen with iFood's past penalties for similar practices [13][17]. - The article emphasizes the need for Chinese companies to shift from destructive competition to value creation and collaboration in overseas markets to achieve sustainable growth [18][19].

Core Viewpoint - The competition between Chinese companies Meituan and Didi in the Brazilian food delivery market is intensifying, with both companies engaging in lawsuits and aggressive market strategies to establish their presence [1][2][5]. Group 1: Legal Disputes - Didi's food delivery platform "99Food" has filed a lawsuit against Meituan's overseas brand "Keeta" for trademark infringement and unfair competition, claiming that Keeta's branding is too similar to 99Food's [2][5]. - Meituan has also initiated legal action against Didi's 99Food, alleging that it has engaged in "exclusive" agreements that hinder competition [5][6]. - The Brazilian court has ordered 99Food to cease its practices of confusing search results related to the "Keeta" brand on Google, with potential fines for non-compliance [9][10]. Group 2: Market Strategies - Didi's 99Food has reportedly signed "exclusive" agreements with over 100 restaurant chains, offering substantial cash incentives to prevent them from partnering with Meituan/Keeta, while allowing cooperation with local giant iFood [6][8]. - iFood holds a dominant market share of over 80% in Brazil's food delivery sector, making it a significant competitor for both Meituan and Didi [11][13]. - iFood has announced a major investment plan of 17 billion reais (approximately 22 billion RMB) by 2026 to strengthen its market position against international competitors like Keeta and 99Food [13][14]. Group 3: Industry Insights - The global online food delivery industry is characterized by low profit margins, with major platforms expected to achieve net profit margins between 1.5% and 3.3% in 2024 [16]. - The competitive landscape in Brazil suggests that foreign companies must either eliminate potential rivals or collaborate to effectively compete against established players like iFood [11][16]. - The ongoing legal battles and aggressive market tactics reflect a broader trend of "internal competition" among Chinese companies expanding overseas, which may hinder their long-term growth prospects [16].

随着美团在巴西业务的进一步展开，美团和滴滴或在更多方面产生摩擦。 官宣进入巴西市场仅3个月，美团和滴滴已经因为"二选一""侵权"等问题多次在法院展开交锋。 当地时间8月18日，有消息称出行公司滴滴的巴西子公司99Food在巴西圣保罗一家法院起诉美团旗下的Keeta，指控其侵犯 商标权和不正当竞争。 频繁的法律诉讼，意味着刚进入巴西市场的两个平台之间的竞争激烈程度不输国内的外卖大战。 法院多次交锋 本次99Food的指控主要在于"抄袭"。99Food表示Keeta使用与99Food平台类似的颜色、图形和字体来推动其在巴西市场的商 业运营，并表示大量的视觉相似性会导致消费者产生不必要的混淆，请求法院下令让Keeta更改其标志。 Keeta则表示，这些标识和颜色与美团关联已超过14年，而与Keeta关联已超过3年。 99Food的指控被认为是反击。8月14日，Keeta向当地法院提起诉讼，称99Food在当地通过巨额现金预付激励，与商户签 订"二选一"排他协议，禁止商户与美团/Keeta展开任何形式合作。Keeta表示，这些条款的特定设计旨在阻止Keeta进入巴西 市场，从而限制竞争并减少创新。 同一天，巴西酒吧和 ...

Key Points - The article discusses significant events in the global market, focusing on companies expanding their operations and facing challenges in various regions [2][3]. Group 1: Major Events - TikTok Shop's launch in Japan has faced obstacles, with sellers expressing concerns about the platform's viability in a market that values traditional retail practices [5]. - SHEIN's sales in the UK reached £2.05 billion (approximately $2.77 billion) in 2024, marking a 32.3% increase from the previous year, with pre-tax profits rising from £2.44 million to £3.83 million [6]. - Temu has become the fastest-growing retail brand in Australia, attracting 1.35 million new users in the 2024/2025 fiscal year, with advertising spending doubling in recent months [7][8]. - AliExpress has launched an "overseas hosting" service in Mexico, allowing local merchants to stock products and benefit from various incentives [10][13]. Group 2: Company Developments - Manus is facing scrutiny from U.S. authorities regarding its funding round led by Benchmark, which may lead to the venture capital firm exiting its investment [15][17]. - SHEIN's beauty brand SHEGLAM is set to enter Germany's largest drugstore chain, DM, with plans to launch in up to 1,500 stores [18][20]. - JD.com has completed the acquisition of Hong Kong's Jia Bao supermarket chain, with the transaction reportedly valued at HK$4 billion [21][23]. - Didi's food delivery platform 99Food has launched in Brazil, implementing a strategy to reduce delivery costs and attract customers [24][26]. Group 3: Market Trends - Xiaomi is increasing its investment in the African market, appointing several executives to strengthen its presence [27][29][30]. - Uniqlo's sister brand GU will close its first store in China, although the company states it is not exiting the market [38][39][43]. - Intersport is considering shifting production to China to increase its procurement of private label products [35][37]. - Amazon is testing a low-cost platform in Australia to compete with Temu and SHEIN, reflecting the growing price sensitivity among consumers [44][46]. Group 4: Investment News - Grab plans to invest tens of millions of dollars in autonomous driving company WeRide, aiming to integrate its technology into Grab's fleet management [52]. - Ninja Van is negotiating a new funding round of approximately $80 million, but its valuation has been halved [54]. - Carlyle Group is set to acquire the UK online retailer Very Group, which has been experiencing declining sales [56][58]. - Dubai fintech company Alaan has raised $48 million in a Series A funding round, marking one of the largest A-round financings in the region [59][60].

Company Developments - Alibaba International Station launched an "overseas spot" model, allowing merchants to stock goods in overseas warehouses, significantly shortening decision-making cycles and covering 28 countries in Europe and the US [2] - Yushu Technology's founder Wang Xingxing revealed that overseas business accounts for about 50% of the company's annual performance, with global robot industry shipments expected to double annually in the coming years [2] - Xiaomi appointed several executives for the African market, with plans to increase investment in 16 African countries, including Egypt and Nigeria [2] Market Expansion - Didi's 99Food launched in Brazil, covering São Paulo and surrounding cities, with a strategy of "zero commission + low fees" to challenge local competitor iFood [3] - AliExpress introduced "overseas custody" service in Mexico, allowing local merchants to stock goods and gain promotional benefits [3] Technology and Innovation - ZhuiMi established a new division for TVs and projectors, integrating AI algorithms and design resources, with new products expected to debut in September [4] - Zhiyuan Robotics launched the Genie Envisioner platform, integrating future frame prediction, strategy learning, and simulation evaluation for robotic control [4] - Yuewen Group reported a 68.5% year-on-year increase in revenue, with AI translation significantly boosting overseas reading platform WebNovel's income [4] Sales and Performance - BYD's sales in Mexico exceeded 80,000 units, with over 80 showrooms established [6] - Leap Motor exported 24,980 units in the first seven months of 2025 [6] Investment and Financing - WeRide received a multi-million dollar investment from Grab to accelerate the deployment of Robotaxi in Southeast Asia [7] - Recycled plastic company Ruimo Environmental completed a financing round to expand technology and market reach, focusing on high-quality recycled plastics for demanding markets [7] - New Sound Semiconductor raised 288 million yuan in B+ round financing to enhance R&D and overseas business expansion [7] Policy and Market Trends - AI companies are increasingly seeking IPOs in Hong Kong, with 213 applications submitted, including around 50 from AI firms, reflecting strong market interest [8] - The global robotics industry is experiencing significant growth, with companies exploring international expansion strategies [8]