Xi Niu Cai Jing·2025-07-16 12:19Core Viewpoint - The recent competition among major platforms like Meituan, Taobao Flash Sale, and JD Delivery has intensified, leading to significant promotional activities and a surge in order volumes, but also exposing issues related to order cancellations and merchant pressures [1][5][7]. Group 1: Promotional Activities - Meituan has issued "0 yuan purchase" coupons, allowing consumers to redeem drinks from various brands [1]. - Taobao Flash Sale has provided large red envelopes and discounts such as "18.8 off 18.8" to attract customers [1]. - JD Delivery has subsidized 100,000 portions of crayfish at a price of 16.18 yuan each, available from 6 PM to 2 AM [1]. Group 2: Order Volume and User Engagement - Meituan reported over 150 million daily orders on July 12, with specific segments like "Pin Hao Fan" and "Shen Qiang Shou" contributing significantly [1]. - Taobao Flash Sale and Ele.me announced a new daily order record of over 80 million, with active users exceeding 200 million and a week-on-week net increase of 15% [3]. - The order punctuality rate for Taobao Flash Sale remains stable at 96% [3]. Group 3: Merchant and Consumer Issues - Consumers have raised concerns about Meituan's "0 yuan purchase" program, citing forced cancellations of orders without consent [5]. - Similar complaints have emerged for Taobao Flash Sale, where merchants have reported being unable to fulfill orders due to the pressure from large discounts [7]. Group 4: Market Outlook and Financial Implications - Goldman Sachs predicts that the competition in the food delivery market will continue into the second half of the year, with a projected 30% year-on-year growth in order volume [7]. - The total investment by Alibaba, JD, and Meituan in the food delivery sector reached 25 billion yuan (approximately 3 billion USD) in June alone [7]. - Future losses are anticipated for Alibaba and JD's food delivery businesses, estimated at 41 billion yuan and 26 billion yuan respectively, while Meituan's EBIT is expected to decline by 25 billion yuan [7].