MEITUAN(HK:03690) Sou Hu Cai Jing·2025-07-14 13:46Core Viewpoint - The recent subsidy war among food delivery platforms like Meituan and Ele.me has sparked a frenzy of consumer spending, but it raises questions about the sustainability of such practices and their impact on market dynamics [1][3]. Group 1: Consumer Behavior - Consumers are actively participating in the subsidy-driven promotions, with offers like "18 off 18" and "0 yuan milk tea" leading to a surge in orders, creating a perception that not participating means losing out [1][3]. - A survey indicates that 46% of users believe that subsidies only provide temporary satisfaction, while 22% feel their attachment to products is based on these discounts [4]. Group 2: Market Dynamics - The aggressive subsidy strategies may lead to a fixed expectation of low prices among consumers, diminishing their sensitivity to discounts and potentially harming brand value [3][4]. - Concerns are rising that such promotional tactics could result in "involution" within the industry, leading to reduced profit margins and market stagnation [4]. Group 3: Industry Sustainability - The industry is urged to shift from a price competition model to one focused on quality to ensure sustainable growth, including better worker protections and innovative service expansions [4]. - The need for a balanced value proposition among platforms, merchants, delivery personnel, and consumers is emphasized as essential for long-term sustainability [4].