<section data-mpa-md-root="t" data-mpa-md-template="1"><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memfzo29jo4" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">æ©æ ¹å¤§éï¼J.P. Morganï¼äº2025å¹´8æ15æ¥åå¸çå ³äºä¸å½äºèç½è¡ä¸2025年第äºå£åº¦ï¼2Q25ï¼è´¢æ¥å£çæ¥åï¼ä¸»è¦å 容æ»ç»å¦ä¸ï¼</span></span></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memfzo2az2r" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æ ¸å¿ä¸»é¢ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ä¸å½äºèç½å ¬å¸2Q25è´¢æ¥å£é¦å¨å顾å对å³å°åå¸è´¢æ¥å ¬å¸ï¼ç¹å«æ¯é¿éå·´å·´åç¾å¢ï¼çå¯ç¤ºã</span></span></span></span></section><ol style="list-style-type: decimal;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="ordered-list" data-mpa-md-action-id="memfzo2b1mf6" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å·²åå¸è´¢æ¥å ¬å¸çè¡ä»·è¡¨ç°ååï¼</span></span></strong></span></span></section></li></ol><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸æ¶¨ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è ¾è®¯é³ä¹ (TME)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è´¢æ¥åå¸åè³æ¥åæ¥ï¼8æ15æ¥ï¼ï¼è¡ä»·å¹³åä¸æ¶¨ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">12%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¾®å (WB)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è´¢æ¥åå¸åè³æ¥åæ¥ï¼è¡ä»·å¹³åä¸æ¶¨ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">11%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä¸è·ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç½æ (NTES)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è´¢æ¥åå¸åè³æ¥åæ¥ï¼è¡ä»·ä¸è· </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">4%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">äº¬ä¸ (JD.com)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è´¢æ¥åå¸åè³æ¥åæ¥ï¼è¡ä»·ä¸è· </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå åæï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæå¸ï¼Alex Yaoï¼è®¤ä¸ºè¿ç§è¡ä»·åå主è¦å½å äº </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å ¬å¸èªèº«ç¹è´¨ï¼Company Alphaï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼èéè¡ä¸æ´ä½è¶å¿ã</span></span></span></span></section><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memfzo2l17f5" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">2. äº¬ä¸ (JD.com) è´¢æ¥çå ³é®å¯ç¤ºï¼</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç«äºæ ¼å±ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> 京ä¸çä¸ç»©è¡¨æï¼å°½ç®¡è¿ææå ³äºç«äºè¶äºçæ§çå ¬åï¼ä½ç«äºå¯¹æï¼ç¹å«æ¯æ¼å¤å¤ï¼çä»·æ ¼è¡¥è´´ä»ç¶æ¿è¿ï¼ä¸æ¥ææ´å¼ºçè´¢å¡çµæ´»æ§ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ä»·æ ¼æé¢æµï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åºäºæ¤ï¼åæå¸è®¤ä¸ºäº¬ä¸ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¾å¯è½å¨2025年第ä¸å£åº¦ï¼3Q25ï¼çå æ¤åä»·æ ¼è¡¥è´´</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">çå©é¢æï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ©æ ¹å¤§éå½å对京ä¸2025年第åå£åº¦ï¼4Q25ï¼çè°æ´åæ¯è¡æ¶çï¼Adj EPSï¼é¢æµæ¯å½åï¼Bloombergï¼å¸åºå ±è¯é«åº </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">122%</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ãåæå¸è®¤ä¸ºå ¶é¢æµåå¨ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¿ä¸æ¥ä¸è°çé£é©ï¼upside riskï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ã</span></span></span></span></section></li></ul><section data-mpa-md-key="text" style="font-size: 15px;margin-bottom: 16px;color: #333333;margin-left: 8px;margin-right:8px;margin-top: 16px;letter-spacing: 1px;" data-mpa-md-action-id="memfzo2q1zpu" data-mpa-md-template="1"><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">3. 对å³å°åå¸è´¢æ¥å ¬å¸çåç»æ§åæï¼</span></span></strong></span></span></section><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿éå·´å·´ (Alibaba)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">æèµçç¥ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æ ¹æ®æ¬å°åªä½æ¥éï¼æåæ·å®ç¨æ·æ´»è·åº¦ãç¨æ·åä¸åº¦åå家线ä¸äº¤æé¢çå¢é¿ï¼ï¼åæå¸è®¤ä¸ºé¿éå·´å·´ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¾å¯è½ä¼æç»æèµå¤åï¼food deliveryï¼ä¸å¡</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å¹¶å¨æªæ¥å å¹´æ¢ç´¢å³æ¶é¶å®ï¼quick commerceï¼çæºä¼ã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºæ ¼å±å½±åï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> è¿æå³çå¤åå¸åºç份é¢ç»æ </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¨æªæ¥å å¹´ä¸å¤ªå¯è½æ¢å¤å°2024å¹´çç¶æ</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf="">ï¼å³ç¾å¢ä¸»å¯¼çæ ¼å±ï¼ã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç¾å¢ (Meituan)ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">é¿æææï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> åæå¸è®¤ä¸ºç¾å¢å¨é¿æé¢ä¸´æ¯å ¶ä»å ¬å¸æ´å¤§çææã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åå ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"></span></span></span></section></li></ul><ul style="list-style-type: circle;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">å¸åºä»½é¢ååï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¸åºç»æçåå对ç¾å¢ææææï¼å 为è¿å»è¡ä¸ç»å¤§é¨åï¼å³ä½¿ä¸æ¯100%ï¼çå©æ¶¦ç±ç¾å¢å æ®ã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">è¡ä¸å©æ¶¦æ± è缩ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> æç»çè¡ä¸æèµï¼å¦é¿éå ç å¤åï¼å¯è½æ¹åæ¶è´¹è è¡ä¸ºï¼éä½è¡ä¸å¹³å订åä»·å¼ï¼AOVï¼åæ»äº¤æé¢ï¼GMVï¼ï¼è¿å¯¹æ´ä¸ªè¡ä¸çå©æ¶¦æ± æ¯è´é¢çã</span></span></span></span></section></li><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">åéæå»é£é©ï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> å¦æè¡ä¸å©æ¶¦æ± è缩 </span></span></span></span><span data-slate-node="text"><span data-slate-leaf="true"><em><span data-slate-string="true"><span leaf="">åæ¶</span></span></em></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç¾å¢çå¸åºä»½é¢ä¸éï¼å ¶è¡ä»·å°é¢ä¸´ååã</span></span></span></span></section></li></ul><ul style="list-style-type: disc;padding-left: 1.2em;color: rgb(37, 37, 37);margin-left: 8px;margin-right: 8px;width: fit-content;" class="list-paddingleft-1"><li><section style="margin-bottom: 8px;font-size: 15px;color:#333333;letter-spacing: 1px;" data-mpa-md-content="t" data-mpa-md-key="bullet-list" data-mpa-md-action-id="$id" data-mpa-md-template="1"><span data-marker=""></span><span data-slate-node="text"><span data-slate-leaf="true"><strong><span data-slate-string="true"><span leaf="">ç»è®ºï¼</span></span></strong></span></span><span data-slate-node="text"><span data-slate-leaf="true"><span data-slate-string="true"><span leaf=""> ç¾å¢è¢«è§ä¸º </span></span></span></span><span 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