中国零售及电商周讯（2025年8月22日-8月28日）

Helen ChinHead William KongManager Brigitte Ng HKUST LI & FUNGSUPPLY CHAIN INSTITUTELSK Business BldgThe Hong Kong University ofScience & TechnologyClear Water Bay KowloonHong KongE:ustlfsci@ust.hk I. Sector Review.........................................................................................................2 Meituan’s adjusted net profit for 2Q25 plummets nearly 90%...................................2Alibaba restructures business organization into four major groups...........................2PDD’s adjusted net profit reaches 32.71 billion yuan in 2Q25..................................2Meituan Instashopping: Sports shoes and apparel sales up over 200% yoy sincesummer.................................................................................................................3 Freshippo NB achieves 8 billion yuan of revenue in 1H25 as store count nears 300.4Walmart China’s sales up 30% yoy to US$5.8 billion in 2Q25..................................4 Apparel....................................................................................................................4 Li-Ning’s revenue up by 3.3% yoy and net profit down by 11% yoy in 1H25..............4ANTA Sports’ revenue reaches 38.5 billion yuan in 1H25........................................4 Food & Beverage.....................................................................................................5 HEYTEA’s 4,000+ stores join Taobao Flash Sale....................................................5Tims China’s revenue down 4.9% yoy in 2Q25........................................................5Mixue Group achieves 14.87 billion yuan of revenue in 1H25 as global store countexceeds 53,000.....................................................................................................5 References (in Chinese)............................................................................................6 I.Sector Review Internet & E-commerce Meituan’s adjusted net profit for 2Q25 plummets nearly 90% On 27 August, Meituan (美团) released its financial results for the secondquarter of 2025. During this period, Meituan's revenue increased 11.7% yoy to91.8billion yuan. However, operating profit and net profit saw significantdeclines: operating profit was 226 million yuan, down 98% yoy; adjusted netprofit was 1.49 billion yuan, down 89% yoy. Analysts said that the drop in Alibaba restructures business organization into four major groups Alibaba (阿里巴巴) recently restructured its business organization into fourmajor groups: the Alibaba China E-commerce Group, the Alibaba InternationalDigital Commerce Group (largely e-commerce), the Cloud Intelligence Group(Alibaba Cloud阿里云), and a catch-all for ‘AllOther Businesses’. The Chinesee-commerce group now includes Taobao (淘宝), Tmall (天猫), Xianyu (闲鱼),travel platform Fliggy (飞猪旅行) and local life services such as food deliveryplatform Ele.me (饿了么), Taobao’s instant retail service Taobao Flash Sale (淘 PDD’s adjusted net profit reaches 32.71 billion yuanin2Q25 On 25 August, PDD (拼多多) released its unaudited financial results for thesecond quarter of 2025. PDD’s revenuewas 103.98 billion yuan in the secondquarter, up 7% from 97.06 billion yuan in the same period of 2024; adjusted netprofit was 32.71 billion yuan, down 5% from 34.43 billion yuan in the same Meituan Instashopping: Sports shoes and apparel sales up over 200% yoy This summer sawover 50,000 new brand stores join Meituan Instashopping (美团闪购), with sports and outdoor and apparel brands launching a lot of newproducts. These include official direct operations from brands like ANTA (安踏),Beneunder (蕉下), and 361°, as well as sports retailers like Topsports (滔搏) Kuaishou E-commerce pilots next-day and day-after delivery services Kuaishou E-commerce (快手电商) has recently launchednext-day and day-after delivery services to enhance the shopping experience. The platform rolledout these services on 27 August for products from the first batch of merchants.With this development, all major e-commerce platforms now offer next-day and Tmall Beauty’s number of ‘super new products’ grow 170% yoy in 1H25 On 28 August, at the Tmall Beauty Awards, Tmall (天猫) released itsperformance data for the first half of 2025. During the first six months of theyear, more than 200 leading FMCG merchants on Tmall achieved double-digitgrowth in recognized revenue; over 500 ten-million-yuan-level new brands saw40% year-on-year transaction growth; and over 1,000 million-yuan-level new Supermarkets & Hypermarkets Freshippo NB achieves 8 billion yuanofrevenue in 1H25 as storecount On 27 August, market sources indicated that Freshippo NB (盒马NB ) achievedeight billion yuan in revenue during the first half of this year,representingdouble-digit growth compared to the same period last year. The total number of Previously, Freshippo NB launched its private label brand‘Chaohesuan’(超盒算), with hundreds of products including rice, vegetarian food, tissues, freshmilk, a