Group 1 - BlackRock, the world's largest asset management company, increased its long position in Meituan-W from 5.98% to 6%, reaching the disclosure threshold set by the Hong Kong Stock Exchange [1] - This marks the second increase in BlackRock's holdings in Meituan within the last three months, with the previous increase occurring at the end of November 2025, where the holding ratio rose from 5.63% to 5.98% [1] - The current holding is just 4 percentage points away from the threshold for a mandatory disclosure in the Hong Kong stock market [1]

本文源自：金融界AI电报 据香港交易所披露，贝莱德（BlackRock）对美团 - W的多头持仓比例于2026年1月28日从5.98%增至 6.0%。 ...

Core Insights - Aixin Yuanzhi, a Chinese edge AI chip unicorn, is set to launch its global IPO on February 10, 2024, on the Hong Kong Stock Exchange, offering approximately 105 million H-shares [1][3] - The company specializes in AI inference system chips (SoC) for edge computing and terminal devices, positioning itself as a key player in the "edge brain" sector of the physical AI wave [1][4] Company Overview - Founded in 2019, Aixin Yuanzhi ranks among the top five global suppliers of visual edge AI inference chips, with an estimated shipment of 9.12 million chips in 2024, capturing a market share of approximately 6.8% [3][11] - In the mid-to-high-end visual edge AI inference chip segment, the company holds a leading market share of 24.1% [3][11] - Major shareholders include Meituan's Beijing Kuxun Technology, Tencent, Lenovo Star, and the founder of Haowei Group, Yu Renrong [3] Technology and Product Development - Aixin Yuanzhi's core computing unit, the Aixin Tongyuan hybrid precision NPU, is designed to support mainstream visual and multimodal model architectures, achieving higher energy efficiency compared to general-purpose GPUs [6][7] - The company has developed five generations of SoCs, with cumulative deliveries exceeding 165 million units by September 30, 2025, indicating a successful transition from concept validation to mass production [9][11] - The product matrix includes various SoCs for visual perception, smart vehicles, and edge AI inference applications, with commercialized products like the AX520 series and M55H already in the market [8][16] Market Trends and Future Outlook - The AI industry is shifting focus from cloud-based AI to physical AI, emphasizing real-time performance, reliability, and environmental adaptability [4][17] - Aixin Yuanzhi's technology and production experience position it well to meet the growing demand for efficient and stable edge computing solutions, particularly in smart automotive applications [16][17] - The company is exploring edge computing solutions and adapting large models for deployment at the edge, further enhancing its competitive edge in the market [16]

近日，有餐饮商家入驻美团外卖平台时，发现必须上传门店"一镜到底"视频，画面须连续、无剪辑，完 整展示门店门头、经营环境、后厨实况及资质等情况。 这是美团外卖率先推出的"一镜到底"门店真实性核验功能，目前已在金华、银川、青岛、哈尔滨、贵阳 等8个城市试点上线，主要面向新入驻商家，同时也是日常抽查的重要举措。该功能今年内将逐步推广 至全国，进一步提升门店真实性核验效果，未按照规定上传视频、视频造假将受到平台相应处置。 2025年12月4日，外卖平台推荐性国家标准《外卖平台服务管理基本要求》发布。针对"幽灵外卖"问 题，标准提出了平台内商户入驻条件，商户应提供带有门店定位的"一镜到底"视频，平台应根据视频核 验定位信息与商户证照的一致性。 证照和地址不符，就容易出现"虚假门店""无证经营"等食品安全隐患。对此，美团外卖自主研发并率先 试点"一镜到底"门店真实性核验功能，将证照地址一致纳入智能风险管控体系，推动食品安全风险的主 动发现和精准治理。 治理食品安全问题的关键并非有没有堂食，而是商家能否规范经营，愿不愿意公开透明地展示食安信 息。商户上传从门头到后厨的"一镜到底"视频，实现了经营场景的可视化、可追溯审查。 ...

为满足用户节前变美的需求，美团医美近期上线了"美美过新年"活动，并提供3000元医美券包和变美日历，用户可参考日历节点，在合适的 时间点选择适合自己的项目。 此外，春节假期期间，美团平台上将有至少3成医美机构全程开门营业，较去年高约5个百分点，为需要肌肤急救、或希望利用假期恢复状态 的用户提供便利。届时，平台将为这些门店上线"春节不打烊"标签，便于用户寻找营业机构。 临近春节，很多人都想"美美过新年"，医美市场迎来一波小高峰，春节前做医美成为不少人的选择。 "以往大家春节前会烫头发、做美甲美睫，这是'传统三件套'，现在生活水平更高了，很多人还会做轻医美，比如光电抗衰和注射类项目，组 成新的'春节变美四件套'。"一家医美机构的咨询顾问表示，她最近每天要接待十来拨客人，忙得连喝水的时间都没有。 "平时经常熬夜，整个人都很憔悴。这次想在春节前做医美，让皮肤状态好一点，漂漂亮亮回家。"一位最近预约了医美项目的用户表示。 美团医美的数据显示，上周用户访问量比去年同期增长超15%，周环比增长率也接近10%，显示出近期医美市场的热度。 "节前大家的需求主要集中在抗衰、除皱、肌肤状态急救这三大类上，并且依据恢复周期的长短，呈 ...

Core Insights - The medical beauty market is experiencing a surge in demand as consumers prepare for the upcoming Spring Festival, with many opting for aesthetic treatments to enhance their appearance [1][2]. Group 1: Market Trends - There is a notable shift in consumer behavior, with traditional beauty treatments being supplemented by light medical beauty procedures, forming a new "Spring Festival beauty package" [1]. - Meituan's data indicates a more than 15% year-on-year increase in user visits to medical beauty services, with a nearly 10% week-on-week growth, reflecting heightened market activity [1]. - The demand is primarily focused on anti-aging, wrinkle removal, and skin emergency treatments, with varying popularity based on recovery times [1]. Group 2: Treatment Popularity - Treatments like Thermage and Ultherapy peaked in early January but have seen a gradual decline, while hyaluronic acid, Botox, and photorejuvenation have been on the rise recently [1]. - Meituan has launched a "Beautiful New Year" campaign, offering a 3000 yuan medical beauty voucher package and a beauty calendar to help users choose suitable treatments [1]. Group 3: Operational Insights - During the Spring Festival, at least 30% of medical beauty institutions on the Meituan platform will remain open, an increase of about 5 percentage points from the previous year, providing convenience for users seeking treatments [2]. - Meituan is promoting the "Safe Beauty" initiative to ensure compliance and safety in the industry, aiming to have over 12 million verified treatments by the end of 2025, covering 2500 institutions across 140 cities [3].

Core Insights - Guizhou Moutai Sauce-flavored Liquor Marketing Co., Ltd. has announced an upgraded partnership with Meituan Flash Purchase, expanding the number of official stores to nearly 3,000 [2] - The collaboration aims to enhance user experience by focusing on "genuine products and exceptional service," with plans to establish capabilities for source tracing, official authentication, and one-on-one urgent delivery by 2026 [2] Summary by Categories Partnership Expansion - The number of official stores on Meituan Flash Purchase has rapidly increased from over 1,000 to nearly 3,000, covering 245 cities nationwide [2] Future Plans - By 2026, the partnership will focus on building capabilities for source tracing, official authentication, and urgent delivery services to enhance the purchasing experience for consumers [2]

Core Viewpoint - Meituan has launched a "one-shot" video verification feature for new restaurant merchants on its food delivery platform to enhance the authenticity of store operations and combat "ghost restaurants" [1] Group 1: Implementation of the "One-Shot" Video Feature - The "one-shot" video must be continuous and unedited, showcasing the store's exterior, operating environment, kitchen conditions, and qualifications [1] - This feature is currently being piloted in eight cities, including Jinhua, Yinchuan, Qingdao, Harbin, and Guiyang, and will be gradually rolled out nationwide within the year [1] - Non-compliance with the video upload requirements or submission of false videos will result in corresponding actions from the platform [1] Group 2: Regulatory Context - The national standard for food delivery platform recommendations, titled "Basic Requirements for Service Management of Food Delivery Platforms," was released on December 4, 2025 [1] - The standard addresses the issue of "ghost restaurants" by stipulating that merchants must provide a "one-shot" video with store location, and platforms must verify the consistency of location information with merchant licenses [1]

Core Insights - Meituan Waimai has launched a "one-shot" store authenticity verification feature, requiring restaurant merchants to upload unedited videos showcasing their storefront, operating environment, kitchen conditions, and qualifications when joining the platform [1] - This feature is currently being piloted in eight cities and will be expanded nationwide within the year [1] - The initiative aims to enhance the verification of store authenticity and will incorporate consistent license addresses into an intelligent risk management system [1] Group 1 - The requirement for merchants to upload "one-shot" videos is intended to improve the effectiveness of store authenticity verification [1] - Merchants failing to comply with the video upload requirement or submitting fraudulent videos will face corresponding penalties from the platform [1] - The National Market Supervision Administration has implemented basic requirements for food delivery platform services, addressing the issue of "ghost restaurants" by mandating that merchants provide location-tagged "one-shot" videos [1] Group 2 - The platform's pilot practices in cities like Jinhua and Yinchuan revealed that most discrepancies between video documentation and store information were due to offline license updates not being synchronized with the platform [1] - Over 80% of merchants rectified issues promptly after receiving notifications, with others undergoing special governance [1] - As of December 2025, 400,000 merchants have adopted the "Mingchu Liangzao" feature, with more than half of them consistently broadcasting [1]

Core Viewpoint - The collaboration between Guizhou Moutai Sauce Wine Marketing Co., Ltd. and Meituan Flash Purchase aims to enhance the distribution and accessibility of authentic Moutai Sauce Wine through a significant increase in certified stores and a focus on consumer experience [1] Group 1: Partnership and Expansion - Guizhou Moutai has upgraded its partnership with Meituan Flash Purchase, expanding the number of official certified stores from over 1,000 to nearly 3,000, covering 245 cities nationwide [1] - The collaboration is part of a strategy to build an instant retail network and drive channel transformation for Moutai Sauce Wine [1] Group 2: Consumer Engagement and Promotions - The partnership will focus on core values of "genuine products and exceptional service," with plans to implement source tracing, official authentication, and one-on-one urgent delivery services by 2026 [1] - A joint subsidy activity will be launched during the traditional peak season for purchasing liquor, particularly around the Spring Festival [1]