Sou Hu Cai Jing·2025-08-01 05:55Core Viewpoint - Major food delivery platforms, including Meituan, Ele.me, and JD.com, have publicly committed to resisting malicious competition and promoting fair promotional practices to establish a healthy industry order and mutual benefits among all parties involved [1][10]. Group 1: Company Commitments - Meituan has pledged to adhere strictly to various laws and regulations, including the Anti-Monopoly Law and the Electronic Commerce Law, ensuring that subsidy activities do not distort market prices or lead to waste [3][4]. - Meituan will transparently disclose subsidy information to merchants and consumers, avoiding exaggerated claims about total subsidies [3]. - The company will not force or indirectly compel merchants to participate in subsidy activities, thereby protecting their pricing autonomy [4]. - Meituan aims to ensure fairness in promotional activities, adhering to a non-discriminatory principle to protect the interests of small and medium-sized merchants [5]. - Ele.me has committed to enhancing service quality and promoting healthy competition based on consumer and merchant needs [6]. - JD.com has also expressed its commitment to standardizing subsidy behaviors and improving service quality to foster a healthy ecosystem in the food delivery industry [8]. Group 2: Market Reactions and Regulatory Context - Following the announcements, Meituan's stock price rose nearly 3%, while Alibaba and JD.com saw increases of over 3% and 1%, respectively [10]. - On July 18, the State Administration for Market Regulation held discussions with Meituan, Ele.me, and JD.com, urging them to comply with relevant laws and to rationally participate in competition [10]. - The competitive landscape has intensified since early this year, with significant investments from major players like JD.com and Alibaba into the food delivery and instant retail markets [11]. Group 3: Industry Challenges - The aggressive subsidy strategies have led to a surge in consumer orders, but they have also distorted the market price system and severely compressed merchant profit margins [15]. - Despite some companies experiencing positive stock performance, the overall stock prices of Alibaba, JD.com, and Meituan have remained weak due to the ongoing subsidy wars [15]. - The phenomenon of "involution" in the industry has prompted calls for the regulation of low-price subsidies to mitigate excessive competition [15][16].