Hua Er Jie Jian Wen·2025-08-26 02:32Core Insights - The competitive landscape of the food delivery industry is intensifying, with Meituan's market share being eroded by Ele.me and the entry of Alibaba's Taobao Flash Sale [1][10] - The overall market is experiencing rapid growth driven by high subsidies, with total order volume growth accelerating from 7% in Q1 to 39% in August [1][10] - Meituan's exclusive merchant advantage is showing signs of weakening, as evidenced by a decline in daily active users (DAU) for its exclusive partners [3][5] Market Share Dynamics - Ele.me's market share has surged from approximately 11% in Q1 to 28% currently, while Meituan's share has dropped from 85% to 65% [1][10] - JD's market share decreased from 13% in Q2 to 7% [1][10] User Engagement Trends - The overlap of merchants across platforms is increasing, indicating that more merchants are operating on multiple platforms, which challenges Meituan's previously established competitive barriers [5][7] - JD has shown the most significant growth in weekly DAU, increasing by 31%, compared to Alibaba's 16% and Meituan's 7% [7][9] Strategic Adjustments - Ele.me is gaining momentum in order volume and merchant recruitment, leveraging its cash reserves to offer competitive discounts [10][12] - JD is prioritizing investment return rates and optimizing promotional efficiency in response to competitive pressures [12] Future Outlook - UBS expresses a more favorable view on Alibaba in the short term, citing a 15% discount from its peak stock price and significant long-term value [13] - Meituan is expected to maintain its leadership position due to its strong execution capabilities, but faces high market expectations and premium valuations [13] - As the summer peak season concludes, delivery subsidies are anticipated to decrease, with competition shifting towards service differentiation and operational efficiency [13]