3 6 Ke·2025-07-24 09:20Core Viewpoint - The intense competition in the food delivery market has attracted regulatory scrutiny, with major platforms like Meituan, JD, and Ele.me being warned against "selling below cost" as they engage in aggressive subsidy wars to capture market share [1][2][9] Group 1: Unsustainable Consumption Battle - The food delivery war is primarily driven by subsidies, which have led to a situation where high delivery order volumes do not translate into profits for merchants, creating a "loss-leader" scenario [1][2] - Merchants face overwhelming demand, with some reporting order volumes exceeding their operational capacity, leading to significant pressure on resources and costs [1][2] - The reliance on external platforms for delivery has resulted in a dual standard for food quality, where in-store dining uses fresh ingredients while delivery orders may use cheaper, pre-prepared options [2][11] Group 2: Market Dynamics and Future Directions - The competition has shifted focus from sheer order volume to the quality and sustainability of growth, with industry leaders recognizing the pitfalls of irrational competition [9][10] - Meituan has established a significant market share advantage, with a ratio of approximately 7:2:1 against Ele.me and JD in the food delivery sector [12] - JD is contemplating the future role of its food delivery service, considering whether to separate it from its main platform to enhance quality perception [15][17] Group 3: Supply Chain and Quality Wars - As the subsidy wars cool down, a new focus on quality and supply chain management is emerging, with JD emphasizing self-operated models and direct sourcing to ensure quality control [20][22] - Meituan's strategy revolves around platform aggregation, enhancing food safety and delivery efficiency through better management of delivery personnel [22][25] - The competition is not just about food delivery but also about positioning in the broader local service and retail market, with "instant retail" seen as a key growth driver [22][26]