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Of the three companies involved in the war, the United States released a quarterly financial report at the latest, but gave the most expected “deficit” results.

In the first quarter of 2026, the Mission achieved income of $91 billion, an increase of 5.6 per cent over the same period, which is largely in line with expectations. The bright spot is that the business losses have narrowed significantly, from $16.1 billion in the last quarter to $6.5 billion, of which the most important core local business, from $10 billion in the last quarter to $2 billion, significantly better than the investment bank's forecast of $4-4.5 billion.

The performance was boosted by the fact that, following the opening of the Hong Kong stock on 2 June, the maximum increase in the United States dollar was over 9 per cent, with HK$85.25 reported as of the time of issue.

It is a matter of concern that the United States of America has also updated two key income profiles in the quarterly financial statements:

- On the one hand, a separate “commodity sales income” is derived mainly from groceries (predominantly small elephant supermarkets, fast donkeys) and other self-employed retail operations, such as pharmaceuticals and alcohol. According to the financial report, this change is intended to reflect the strategic importance of retailing. This part of the revenue, which would have been “other services and sales”, would have made it easier to track the growth of the elephant supermarkets;

- On the other hand, the original “commission income” and “on-line marketing service income” are combined and presented in terms of “business service income”. This has resulted in a much more intuitive measurement of take rate and the willingness of commercials to advertise, a further blurring of the respective situations of shop and business, and a much more visible double-line competition.

Changes in the presentation of the Mission ' s income (from the first quarter of 2026)

Changes in the financial profile often reflect the most real strategic intentions of a company. In this regard, the Mission has made several adjustments in the past few years, including the cancellation of the GTV in the 2022 Quarterly, which disclosed out-of-house food and catering, and the partial concealment of the changes in the consumption performance caused by the epidemic; and the same year in the Quarterly, where it subdivided the revenues of the three components, namely, catering and catering, the Liquor Brigade and the new business, into two parts of the core local business and the new business, with the border between the delivery and the shop becoming blurred. Beginning in 2023, the United States also stopped disclosing annual active vendors, users and annual trades.

In retrospect, changes in the macro-environment, the impact of competitors, have reshaped and modified the aroma over and over again.

An American group told 36 kryptonites that, in the early days of the war on take-out in 2025, a number of middle- and senior-level managers had repeatedly stated to him that “you will put down all the projects in your hands and compete for full service”. Since around the fourth quarter of 2025, the direction within the United States has become clearer, namely, to move away from the market-wide share of orders, to invest more resources in the quest for high-value users, and to promote long-term competitiveness, with the resumption of projects that had previously stopped and served to optimize user and commercial experience.

At least in terms of historical performance, in the midst of the most intense and dangerous competition, the United States has had to re-examine its strengths and weaknesses, make clear what it wants, what it wants, and go back to the path of doing the right thing. The investor Tsui Xin once pointed out why the United States won a thousand wars: “It was a time when there was widespread misrepresentation of data in the industry, but Wang Xing’s competitors told me it would not happen. In addition to being really nice to the user, the group has found the essence of the business of `high-quality, efficient, high-tech, low-cost, low-māori'.”

Today, the Mission has shown a similar meaning in competing for a shop. Referring to the competition with the tremors at the post-financial conference, the CFO Chen Xiaoxiang argued that the essence of the business going to the shop was not traffic-driven, that “competition produced some noise”, and that the company's profit margin would remain stable in the short term and would have room for a long-term recovery.

We'll see you in the summer.

The positive aspects of the out-sale of UE (unit economic benefits) are the market ' s collective questions to the United States, Ali and Kyoto.

At present, the Mission is more efficient in terms of losses. During the first quarter, the core of the Mission lost $2 billion, or only half of the expected loss. Wang Xing stated that in recent months, while the United States Mission has consolidated its market position and widened the gap with the UE of its rivals, “if the competition returns to rationality, the Q2 UE will significantly increase over Q1, but the UE upgrade in the second half of the year will still depend on the evolution of the competitive environment”.

On the loss path, the Mission relies on improved order structures and the advantages of operating capacity. According to the source, while at the peak of the subsidy, the United States and its competitors were close to flatting the order, the United States Mission's share of GTV was always maintained at more than 60 per cent.

At the supplementary conference, the management of the Mission mentioned that the catering out-of-service business had achieved a small profit in April and May, and that the overall positive change in the second quarter would depend on June performance. It is worth noting that, while entering June at important points, such as the 618 World Cup, competition in the immediate retail market, including take-out sales, and the level of subsidies will change compared to April-May, at the moment the level of intensity will probably no longer be as high as it was last summer.

In March, Ali presented a profit road map for immediate retailing — maintaining the goal of breaking trillions of dollars in the total retail trade in the 2028 fiscal year, and it is expected that the retail trade block in the 2029 fiscal year will achieve overall profitability. Once the industry as a whole enters the profit recovery phase, the Mission ' s operational efficiency advantage is to be expected. However, the stability of the situation in the upcoming second quarter will depend on the acceptance of the current market share pattern by the United States and Ali.

For the Mission, achieving a sustainable, high-quality 100 million single orders per day remains its long-term goal.

When the orientation and thinking of the out-sale business is clear, the competition that the United States is facing in the business of the shop appears to be more difficult. During the first quarter, the GTV of the United States Mission to the Liquor Brigade increased by 10 per cent + the same year, with a median and high-digit increase of 20 per cent +. However, competition to buy a shop was increasing with the launch of the App in March of the shivering. Morgan Stanley, in his research, stated that “the downside risk of going to the Liquor Brigades is present”.

In this new position in the province, the tremors have once again created two main instruments of traffic and subsidies. On the one hand, the shivering App is now making a major effort to make Applause in the twilight province, where almost all commodities are placed at the most visible "go to buy" on the twig page, with only one more click to have the option of "go to buy" and at prices lower than those directly purchased.

Upon entering the App, each commodity will mark " Platform Subsidy x dollars" on the front page. For example, for a "fish you're together" package, the dollar price is $25.9 and the price for the province is $23.4. However, brands and merchants tend to distinguish in detail between the contents of the package, for example, by offering more of the main course options in the group’s package, or by making more of the more valuable “crawling of shrimp crab seeds” on the group platform in a two-packed set.

The price of the province is compared with that of the United States.

The merchants will not abandon the mature channel of the aroma, but they cannot ignore the tremors. According to QuestMobile data, as at 10 May 2026, there were close to 16 million active users of Qianxi Day.

Similar to take-out sales, the United States gave up, to some extent, strong “price war” orders and invested resources in high-quality growth and profits, while firmly investing in expansion and market penetration. Retailing services, low-line markets are considered by the United States Mission as a position to create incremental amounts.

In the case of retailing of services, for example, Wang Zheng said in June 2025: “We see online, with the exception of the door shop where the goods are sold, most of the others are the door shop of retailing of services, which is a huge layout. This sector of the market, which includes fitness, hairdressing, massages, medical beauty, etc., has a low degree of online upscaling, a much lower product and a much higher information barrier to trade than food. Today, the Mission is increasing the digitization of retail services, including through the creation of digital files for non-target “skillers”.

In the shop-buying market, there is no doubt that the shivering is an “aggressive party”, but it is not a complete “defensive party” but more like an attack on the incremental market in a way that it believes. Chen Shao-hye said the group will focus on two things this year: Strengthening competitive advantages in core goods and creating better digital infrastructure for business in the face of a depressed industry. Management has also shown confidence in going-to-shop profitability, stating that stability can be maintained in the short term and will pick up in the long term.

The Elephant Supermarket is on the table, and the corps are coming to a new-generation retail company.

The movement of the Elephant supermarket became more transparent when the American press changed the way income was presented. As a representative of self-retailing, an absolute head player in front of the warehouse, its own presence within the United States has risen in a straight line.

In terms of performance, despite the impact of the suspension of the “corporate preferences”, revenues from the new operations of the United States Corps reached $27 billion during the quarter, an increase of 21 per cent over the same period, with a narrow loss of up to $2.1 billion. In terms of the most recently disassembled sub-incomes, the new business generated an increase of 40.7 per cent over the same year in the sale of commodities, and the elephant supermarket contributed the most significant increase - – The pre-market warehouse for elephants now covers 55+ cities, with a significant increase in the share of their own branded products.

An American group told 36 kryptonites that, regardless of the number of warehouses and strategic positioning, “the big target” is the current orientation of the Elephant Supermarket, which is considered to be the first growing business in the United States.

Wang Xing gave full and complete recognition to the performance of the Elephant Supermarket at the post-financial conference, stating that the business had achieved a very strong GTV growth in 2025, significantly surpassing the entire industry, and had recently accelerated its expansion, with its own brand (PB goods) accounting for a growing share of sales.

He also addressed the understanding of retailing that “the future growth of instant retailing will be driven by a variety of models, requiring both a three-P (third-party) model and a one-P (platform-owned) model like supermarkets”. Over the long term, the Elephant Supermarket business “has a clear line of profit”, with the objective of maintaining a low-digit profit margin.

At this point in time of change, we have re-engineered the mercantile retail system, which is distributed mainly to the C-end retail trade in two places — the core local business, the “show-show-show-show-show”, “happy monkeys” and so on, and the “tink-show-sale” will be integrated by the groceries after the acquisition has been finalized.

Among them, the United States is focusing on the 3-P model, building on the original integration line of small shops, and is working on the expansion of a more brand-like “brand flag flashhouse”, while the United States-owned squirrels are easy to buy, and the United States-owned squirts are swirling. According to our understanding, the number of crooked horse deliveries is about to exceed 2,600, and the profit of the best-performing direct-account shop in Beijing is estimated at 10-20 million a month; squirrels have been able to provide cumulative coverage of 79+ cities since they opened their first shop in 2022, with the target for the opening of a warehouse this year being several times the previous year.

Fiscal data show that “commodity sales revenue” from core local businesses increased by 96.0 per cent over the same year, an indicator that reflects a rapid increase in the facilities of American-owned medicine, deviant horse delivery and squirrels, but the size of its income of $2,983 million is still far from the size of the new business block of $17,989.89 million and cannot yet be taken on a large scale.

Today, real-time retail competition among large companies has shifted from catering out-of-service to non-food retail. Ali reiterated the goal of instant retailing, for which the Mission was preparing for the strategic upgrading of the Elephant Supermarket and the purchase of tinkled vegetables.

In the good blueprint for instant retailing, the boundaries between retail and Internet companies are melting. On 3 February 2026, the retail company Wal-Mart's share price exceeded $125.47/equity, with a market value of over trillions of dollars (at the time its market value had fallen to $913.5 billion) before it, most of the trillion-dollar club companies were science and technology companies.

The dynamic growth of online operations and positive attempts at AI applications have been the main driving force behind the sharp rise in Wal-Mart stock prices. According to the investment management firm Logan Capital Management, “Walmar management is very far-sighted and not only has Wal-Mart been positioned as a retailer, but it has been redefined as a technology company”. The Chinese market is clearly more advanced in this regard, almost as a “teacher” of Wal-Mart's growth in recent years.

Today, the traditional retail giants, the Internet technology giants, are generating greater convergence in the retail sector. The new generation of retail business needs to be more accessible, with both technical and technological attributes, a “retail + technology” positioning that the United States has been emphasizing. At least for the time being, it is one of the closest to future retail companies.