Huan Qiu Wang·2025-07-21 11:31Core Viewpoint - The recent discussions by the Market Supervision Administration with major platforms like Ele.me, Meituan, and JD.com signal a regulatory intervention aimed at curbing aggressive promotional behaviors in the food delivery sector, promoting a healthier ecosystem for consumers, merchants, delivery riders, and platform companies [1] Group 1: Market Dynamics - The food delivery war has intensified, with platforms offering significant discounts and promotions, leading to a surge in order volumes [2][4] - During the first weekend of July, Taobao Flash Sale recorded over 80 million daily orders, while Meituan surpassed 120 million, indicating a total daily order volume of around 200 million [2] - The order volume spike has benefited large chain restaurants, with brands like Nayuki's Tea and Tim's Coffee experiencing substantial increases in delivery orders [4] Group 2: Merchant Challenges - The influx of orders has created operational challenges for many merchants, particularly small and medium-sized businesses, leading to staff shortages and increased pressure to fulfill orders [8][9] - Merchants are facing a "losing balance" situation, where the costs associated with promotional discounts are shared between platforms and merchants, often leading to unsustainable pricing models [9][11] - The competitive environment has intensified price wars, resulting in declining average transaction values for well-known brands [9][10] Group 3: Capital Market Response - The capital markets reacted positively to the benefits brought by the food delivery war, with stocks in the new tea beverage sector seeing collective gains following the promotional weekends [8] - Notable stock movements included a 2.17% increase for Gu Ming and a 0.74% rise for Mixue Group, reflecting investor optimism in the sector [8] Group 4: Strategic Shifts for Merchants - Merchants are beginning to explore alternative strategies to reduce dependency on platforms, such as building private domains and utilizing third-party delivery services [15][19] - Successful examples include Luckin Coffee, which has effectively developed its private domain strategy, reducing reliance on external platforms and enhancing customer loyalty [19][20] - The emergence of third-party delivery platforms like SF Express has provided merchants with flexible and cost-effective delivery solutions, allowing them to regain some control over pricing and operations [19][22]