中国零售及电商周讯（2025年5月16日-5月29日）

Helen ChinHead William KongManager Brigitte Ng HKUST LI & FUNGSUPPLY CHAIN INSTITUTE LSK Business BldgThe Hong Kong University of I. Sector Review..............................................................................................................2Internet & E-commerce................................................................................................2Meituan’s 1Q25 revenue up by 18% yoy to 86.6 billion yuan.....................................2Douyin E-commerce: Over 6.5 billion units of intangible cultural heritage productssold on platform in past year.......................................................................................2Kuaishou 1Q24 revenue up by 10.9% yoy..................................................................3Tmall Launches New ESG Initiative ‘Tmall Green Living’...........................................3Meituan begins 618 promotion on 28 May with Meituan Instashopping participating Sam’s Club accelerates expansion in China with plans to add 8-10 new storesannually......................................................................................................................4Yonghui to open first ‘Pangdonglai-based’ national flagship store..............................5 Apparel..........................................................................................................................5 UNIQLO joins Pangdonglai for the first time...............................................................5 ChaPanda opens first global handcrafted store in Chengdu.......................................6 100EC publishesChina’s Private Domain E-commerce Market Data Report 2024....6NBS: Total retail sales of consumer goods up by 5.1% yoy in April 2025...................6 References (in Chinese).................................................................................................7 I.Sector Review Internet & E-commerce Meituan’s 1Q25 revenue up by 18% yoy to 86.6 billion yuan Meituan (美团) recently released its financial results for the first quarter of 2025.During this period, the company’s revenue increased by 18% yoy to 86.6 billionyuan; adjusted net profit was10.9 billion yuan, a year-on-year increase of46.2%. The company’s core local commerce segment generated 64.3 billionyuan in revenue, increasing by 18% yoy, of which delivery service revenue was25.7 billion yuan, commissions were 24.1 billion yuan, online marketing service Douyin E-commerce: Over 6.5 billion units of intangible cultural heritage On 26 May, Douyin (抖音) released its 2025 Intangible Cultural Heritage DataReport. The report showsthat in the past year, the number of intangible culturalheritage livestreaming creators on Douyin increased by 13.76% yoy, with anaverage of 65,000 intangible cultural heritage livestreams daily and cumulativelivestreaming duration increased by 21.45% yoy. Over the past year, more than6.5 billion units of intangible cultural heritage products were sold on the Kuaishou 1Q24 revenue up by 10.9% yoy On 27 May, Kuaishou (快手) released its financial results for the first quarter of2025. During this period,Kuaishou’s total revenue increased by 10.9% yoy to32.608 billion yuan. Operating profit was 4.259 billion yuan, increasing by 6.6%yoy. By businesssegments, online marketing services, livestreaming, and otherservices (including e-commerce) generated revenue of 18 billion yuan, 9.8billion yuan, and 4.8 billion yuan respectively, representing year-on-year growth Tmall Launches New ESG Initiative‘Tmall Green Living’ On 28 May, Tmall (天猫) launched a new ESG initiative called ‘Tmall GreenLiving’. In the first phase, it has jointly launched the ‘Ancient and Famous TreesProtection Plan’ in partnership with the China GreenFoundation and Ant Forest(蚂蚁森林). Brands participating in this project span various consumption Meituan begins 618 promotion on 28 May with Meituan Instashopping During Meituan’s (美团) earnings call on 26 May, CFO Chen Shaohuiannounced that Meituan Delivery (美团外卖) and Meituan Instashopping (美团闪购) will jointly launch 618 promotional activities with numerous restaurant andretail brands. Meituan Instashopping’s participation in the 618campaign as anindependent brand involves multiple strategic considerations. Based on first-quarter data, Meituan Instashopping has shown strong growth across variouscategories, including beverages and snacks, consumer electronics, home Tmall 618: National subsidy categories see 283% year-over-year growth in As of 26 May, in the first phase of Tmall’s (天猫) 618 promotion, the totaltransaction volume for categories covered by nationalsubsidies, includinghome appliances and furnishings, and mobile phones and digital products,increased by 283% compared to last year’s Double 11. This drove double-digityear-over-year growth in overall transactions for home appliances, home JD.com partners with Xiaohongshu via direct link ads Leading up to JD.com’s (京东) 618 event, the platform has partnered withXiaohong