中国零售及电商周讯（2025年10月31日-11月13日）

Helen ChinE:helenchin@ust.hk William KongE:williamkong@ust.hk Brigitte Ng HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business BuildingThe Hong Kong University of I. Sector Review.........................................................................................................2Internet & E-commerce...........................................................................................2JD.com opens 15 offline self-operated big stores for Double 11 sales......................2Kuaishou Ecommerce sees 20% yoy growth in ‘livelihood products’ GMV................2Bilibili’s Double 11: GMV for consumer goodspriced over 1,000 yuan up by 63% yoy.............................................................................................................................2JD.com reports revenue of 299.1 billion yuan in 3Q25.............................................3Meituan Instashopping: Official brand flagship store sales up 300% during Double 11.............................................................................................................................3Retail Logistics........................................................................................................3JD.com to build the world’s first fully unmanned deliverystation by next April...........3Supermarkets & Hypermarkets...............................................................................4Pangdonglai’s sales exceed 20 billion yuan in 2025................................................4Yonghui Superstores closes325 Stores with revenue down by 22.21% yoy in 1-3Q25.....................................................................................................................4Cosmetics...............................................................................................................4L’Oréal China establishes strategic partnership with Alibaba Cloud..........................4Home Appliances & Consumer Electronics............................................................5Suning.com: Retail Cloud sales increase by 48% during Double 11.........................5Food & Beverage.....................................................................................................5Yum China reports 9% yoy growth in operating profit for 1-3Q25; KFC Coffeereaches 1,800 locations.........................................................................................5II. Market Overview....................................................................................................6National online retail sales up by 14.2% yoy to 1.7 trillion yuan during Double 11event.....................................................................................................................6References (in Chinese)............................................................................................7 I.Sector Review Internet & E-commerce JD.com opens 15 offline self-operated big stores for Double 11 sales JD.com (京东) accelerated the opening of its offline self-operated big stores tokick off the Double 11 event. From 8 to 11 November, 15 new offline storesopened simultaneously in cities such as Xiamen, Jinan, Qingdao, Shantou,Luoyang, and Shanghai. These stores offer a range of self-operated products Kuaishou Ecommerce sees 20% yoy growth in ‘livelihood products’ GMV According to the 2025Kuaishou Ecommerce Rural Revitalization Plan:Livelihood Products Data Report, from January to September 2025, the GMV oflivelihood products on Kuaishou Ecommerce increased by over 20% yoy, withthe number of sold products also seeing a growth of over 20%. During the Bilibili’s Double 11: GMV for consumer goods priced over 1,000 yuan up During this year’s Double 11 event, thenumber of clients placing promotionalads on Bilibili (哔哩哔哩) increased by 109% yoy, and the GMV for consumergoods priced over 1,000 yuan rose by 63%. During the promotion, the averagenew customer acquisition rate across all industries reached 55%, withnew JD.com reports revenue of 299.1 billion yuan in 3Q25 JD.com (京东) recently released its financial results for the third quarter of2025. In the third quarter, JD.com’s revenue reached 299.1 billion yuan, a year-on-year increase of 14.9%, surpassing expectations. During this period,JD.com’s core retail business continued to strengthen its market position, withrevenue in the daily necessities category growing by 18.8% yoy, approximately Meituan Instashopping: Official brand flagship store sales up 300% during Meituan Instashopping (美团闪购) recentlyreleased its first day results for theDouble 11 shopping festival: On 31 October, nearly 800 brands, includingApple, Moutai, and Friso, saw their sales grow by over 100% yoy. The officialflagship stores of brands like Purcotton, Laifen (徕芬), Beneunder (蕉下),Logitech, and Maogeping (毛戈平) experienced sales increases of over 10x Retail Logistics JD.com to build the world’s first fully unmanned delivery station by next On 7 November, during the openingceremony of