MEITUAN(HK:03690) Feng Huang Wang Cai Jing·2025-08-01 23:58Core Viewpoint - The increasing competition and subsidy wars among food delivery platforms are significantly impacting small restaurants, leading to closures and financial struggles for many operators in the industry [1][2][18]. Industry Summary - The restaurant industry is facing severe challenges due to the escalating subsidy wars among food delivery platforms, which have drawn regulatory attention [1][2]. - Small restaurants, particularly those relying on dine-in services, are experiencing a decline in customer traffic and revenue, with weekend sales dropping from 18,000-25,000 to around 8,000 [2][6]. - The reliance on online traffic has increased, making it difficult for traditional dine-in establishments to compete, as they struggle to adapt to the new market dynamics [2][10]. Company Summary - A specific barbecue restaurant, which had previously ranked first in local dining reviews, is now facing closure due to the inability to sustain operations amid the competitive landscape [1][12]. - The restaurant's revenue from dine-in services has plummeted, with significant drops in daily sales impacting its ability to cover fixed costs such as rent and utilities [6][7]. - The owner expressed frustration over the reliance on external platforms for sales, noting that the quality of food suffers in delivery, which further diminishes dine-in customer numbers [4][8].