Zheng Quan Shi Bao·2025-07-06 03:21Core Insights - The Chinese food delivery industry experienced a historic surge in orders, with Meituan surpassing 120 million orders in a single day, driven by a subsidy war between Meituan and Alibaba [1][2] - The competition is characterized by significant promotional activities, including large discount coupons, which have stimulated consumer demand and led to temporary service disruptions on Meituan's platform [1][2] - Goldman Sachs predicts that the ongoing price war will reshape the industry landscape, with substantial investments expected to continue until at least September 2025, ultimately benefiting the market in the long term [3] Company Developments - Meituan reported over 100 million food delivery orders on July 5, accounting for more than 80% of total orders, indicating a strong market presence [1] - Alibaba's Taobao Shanguo launched a 500 billion yuan subsidy plan aimed at boosting consumer and merchant engagement, resulting in significant order volume increases for restaurants and small businesses [2] - JD.com has also seen growth in its food delivery service, with daily orders exceeding 25 million since its launch, covering 350 cities and over 1.5 million restaurants [2] Market Trends - The competition among Meituan, Alibaba, and JD.com is expected to evolve, with potential scenarios ranging from Meituan maintaining its leadership to a duopoly or fragmented market [2][3] - The current price war aims to capture user traffic through frequent delivery services, which may enhance profitability in e-commerce and travel sectors in the medium term [3] - Goldman Sachs estimates that the food delivery market could reach 2.4 trillion yuan and the instant retail market could reach 1.5 trillion yuan by 2030, driven by improved supply chains and new business models [3]