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Source: Dongge's E-commerce Analysis Author: Jinshan Qianwen can now directly order takeout. On January 15, the Qianwen App announced full integration with Alibaba ecosystem services such as Taobao, Alipay, Taobao Flash Sales, Fliggy, and Amap, becoming the first globally to offer AI-powered shopping features like ordering takeout, shopping, and booking flights, with open testing for all users. By entering "Help me order a cup of milk tea" in the interface, users receive smart recommendations, selection, ordering, and payment—all without leaving the app, completing everything in one application. Qianwen acts as a capable AI assistant...

Source: Dongge's E-commerce Analysis Author: Li Chengdong, Jin Shan Last Friday, Pinduoduo held its annual shareholders' meeting, releasing multiple signals. First, Pinduoduo implemented a co-chairman system, appointing Zhao Jiazhen as co-chairman, who will serve as co-chairman and co-CEO alongside Chen Lei. The personnel changes are due to Pinduoduo officially entering an era of dual-core domestic and overseas growth, especially with Temu overseas becoming a second growth curve at an astonishing speed. "Over the past few years, Temu has reached a considerable scale at a pace that even surprised us," said Zhao Jiazhen, co-chairman of Pinduoduo...

Source: Dongge's E-commerce Analysis Author: Jinshan On the same day, Meituan shut down two businesses. Recently, Meituan's Tuangou Haohuo business issued an internal email stating that after research and discussion, the grocery retail management team decided to suspend the Tuangou Haohuo business to focus on exploring new retail models. At the same time, Meituan Youxuan, which was still operating in key regions like Guangdong and Zhejiang, also announced its shutdown, marking the complete exit of Meituan Youxuan from the market. Both JD.com and Alibaba are using food delivery to drive traffic—why hasn't Meituan's high-frequency traffic been directed to e-commerce and community group buying? What will Meituan do next after this retreat? A bold start, but both businesses ended in failure...

Source: Brother Dong's Notes Author: Li Chengdong Brother Dong's Notes Issue 210: I often hear friends around me say that young people nowadays have fewer and fewer opportunities. What does Brother Dong think? Traditional opportunities have decreased, but new opportunities have increased. The number of opportunities depends on the size of the total market. If we only focus on the market of 1.4 billion people, incremental opportunities are indeed fewer. But if we embrace the global market of 8 billion people, there are plenty of incremental opportunities. Every generation of Chinese has its own opportunities! Beyond all consensus areas lies a blue ocean. Coincidentally, two groups of friends from Dolphin Society came to Beijing this weekend, and we arranged to have tea and dinner together...

Dongge's Notes Issue 209: Why go global? Because the globalization of Chinese enterprises and capital is an inevitable trend, with vast 'blue ocean' opportunities. Are kings and nobles born to be so? Too many Chinese want to be bosses. This is a good thing. Of course, it will also intensify involution. The way out is to go global and target larger markets. How to succeed? The key lies in deep localization and shared benefits, being realistic, flexible, and understanding 'spending money to avoid disaster' and 'sharing profits with everyone.' What does it mean for individuals? This is a fast track to unconventional career development, accumulating highly competitive global experience...

Source: Dongge Notes Author: Li Chengdong The 121st Dongge Dinner (Beijing Edition), this dinner returns to the essence—facing the real challenges and survival paths of corporate globalization. Topics ranged from the severe domestic tax audits and the extreme competition in e-commerce platforms to the vast markets of Southeast Asia, Latin America, and Africa. In-depth discussions were held on how AI empowers traditional industries, the overt and covert rules of brand globalization, and the top-level strategies of resource operations. There was no armchair theorizing here, only practical reviews of past pitfalls, sober judgments on trends, and the most candid consensus among entrepreneurs seeking a way out...

Source: Dongge's E-commerce Analysis Author: Jinshan In 2025, China's food delivery market witnessed a subsidy war of nearly 100 billion yuan. JD.com entered the market with high-profile strategies, Alibaba doubled down with heavy investments, and Meituan vowed to defend its turf. The three giants engaged in an unprecedented fierce battle in the instant retail sector. However, as quarterly earnings reports were disclosed one after another, the massive losses revealed the industry's overall value erosion and unsustainable business logic. What remains after this silent war? Q3 signals a truce In February of this year, JD.com made a high-profile entry into the food delivery business with strategies like zero commissions and full social insurance coverage for delivery riders...

Source: Dolphin Society Member Service Author: Dolphin Society The first session of the Dolphin Society China Enterprise Globalization 50 Forum [Global Perspective] leads everyone to break cognitive boundaries, step out of the industry to gain a broader vision, and explore new strategies for traffic, branding, and globalization. This session's special speaker: Wang Meng —Former Head of Financial Informatization at a $100 billion fast-fashion brand company / Former Director of Internet Industry Solutions at Accenture With over 23 years of professional experience in corporate internal and external management, he was fully responsible for the planning and construction of the core financial system of a leading cross-border e-commerce enterprise...

Source: Dolphin Society Member Service Author: Dolphin Society The first session of the Dolphin Society's "50 Chinese Enterprises Globalization Forum" [Global Perspective] leads everyone to break cognitive boundaries, gain a broader vision beyond the industry, and harvest new strategies for traffic, branding, and globalization. This session's special guest speaker: Li Chengdong — Founder of Dolphin Society, angel investor in new consumption, and e-commerce strategy analyst. Formerly worked at Tencent E-commerce President's Office and JD.com Group Strategy Department. With over a decade of focus on the e-commerce industry, he is a well-known opinion leader in e-commerce and internet fields, founder of Dongge Investment, and founder of Dolphin Society. November 29th...

Source: Dongge's E-commerce Analysis Author: Jinshan Among the three major food delivery giants, Meituan's financial report has finally been released. This food delivery battle has pushed Meituan into losses, making it undoubtedly the most affected company among the three. After the Hong Kong stock market closed on November 28, Meituan released its earnings announcement. In Q3 2025, Meituan's total revenue was 95.5 billion yuan, a slight year-on-year increase of 2%; its profit during the period turned from a profit of 12.9 billion yuan in the same period last year to a loss of 18.6 billion yuan. Due to the need for subsidies to maintain market share, expected revenues were not collected, and Meituan's actual take rate is declining...

Source: Dong Ge's Notes Author: Li Chengdong - The following content has been desensitized and contains no sensitive information. The 120th Dong Ge Dinner Gathering (Hangzhou Station) mainly focused on globalization and brand expansion overseas. Topics included: Risks and opportunities in Southeast Asia, the trillion-dollar e-commerce market opportunity in Russia, resource dividends and chain opportunities in Africa, the quiet rise of the domestic elderly economy, investment and entrepreneurship, etc. Expanding into Southeast Asia: Opportunities and dangers coexist. The Southeast Asian market has huge potential but also comes with multiple risks such as security, policies, and culture. Entrepreneurs need strong localization capabilities and risk awareness...

Source: Dongge's E-commerce Analysis Author: Jinshan July to September is the most intense period for the food delivery battle. Q3 earnings reports are also a key focus. On November 25th before the U.S. market opened, Alibaba released its earnings announcement. The report shows that in Q2 of fiscal year 2026 (Q3 of calendar year 2025), Alibaba's revenue was 247.8 billion yuan, a year-on-year increase of 5%; excluding the revenue from disposed businesses of RT-Mart and Intime, the year-on-year growth was as high as 15%. Net profit was 20.61 billion yuan, a year-on-year decline of 53%...

Source: Dongge's E-commerce Analysis Author: Li Chengdong Vipshop recently released a slightly better-than-expected Q3 earnings report, with almost all core metrics returning to positive growth. In the third quarter of 2025, Vipshop's net revenue reached 21.4 billion yuan (RMB, same below), a year-on-year increase of 3.4%; Non-GAAP net profit was 1.5 billion yuan, up 14.6% year-on-year. The number of active users was 40.1 million, a 1.3% increase year-on-year; GMV was 43.1 billion yuan, up 7.5% year-on-year. Earnings per share (EPS) reached $2.98...