Di Yi Cai Jing·2025-08-01 03:39Core Viewpoint - The recent competition among food delivery platforms, characterized by significant subsidies, is being curtailed as companies like Meituan and Alibaba's Taobao aim to regulate promotional activities and combat unfair competition [1][3][8]. Group 1: Market Response - Following discussions, marketing efforts across platforms have been reduced, although variations of large subsidies, such as zero-yuan purchases and one-cent purchases, continue [1][8]. - As of the report, Meituan and Alibaba's stocks rose over 2%, while JD.com saw an increase of over 1% [2]. Group 2: Regulatory Actions - On August 1, Meituan and Taobao, in conjunction with Ele.me, announced their commitment to resist unfair competition and regulate promotional activities due to heightened societal concern [3]. - Meituan described the recent subsidy wars as "disorderly competition," while Taobao and Ele.me referred to it as "malicious competition" [3]. Group 3: Compliance and Standards - Meituan outlined five key areas to promote a healthy and sustainable development of the food service industry, including adherence to various laws and regulations, transparency in subsidy information, and ensuring fair treatment of merchants [4][5][6][7]. - The platforms aim to create a win-win ecosystem for consumers, merchants, delivery riders, and platform companies, emphasizing that irrational competition harms all parties involved [7][8]. Group 4: Merchant Perspectives - Merchants have expressed concerns that the subsidy wars create a "false prosperity," with many feeling pressured to participate in subsidy activities to maintain order volume, leading to unsustainable business practices [9][11]. - A representative from a chain restaurant noted that the drastic price reductions due to subsidies could alter consumer behavior, making it difficult to return to normal pricing once subsidies are reduced [11]. Group 5: Long-term Implications - Analysts suggest that while subsidies effectively drive traffic, the challenge lies in retaining users post-subsidy, indicating a shift from a "capital war" to an "efficiency war" in the competitive landscape [11]. - The long-term success of platforms will depend on balancing user demand for low prices, ensuring rider rights, and achieving sustainable profitability for merchants, rather than relying solely on price wars [11].