Di Yi Cai Jing·2025-08-27 09:45Core Viewpoint - The recent food delivery war has significantly impacted the financial performance of major platforms like Meituan and JD, leading to a decline in net profits due to irrational competition and increased marketing expenditures [2][3][6]. Financial Performance - Meituan reported a revenue of 91.84 billion yuan for Q2, a year-on-year increase of 11.7%, but adjusted net profit fell by 89% to 1.49 billion yuan [2]. - JD's net profit for Q2 was 6.2 billion yuan, down 50.8% year-on-year, with a significant operating loss of 900 million yuan compared to a profit of 10.5 billion yuan in the same period last year [6]. Competition Dynamics - Meituan described the competition as "irrational," with its core local business revenue growing by 7.7% to 65.3 billion yuan, but operating profit plummeting from 15.2 billion yuan to 3.7 billion yuan, resulting in a profit margin drop from 25.1% to 5.7% [3]. - Both Meituan and JD have increased their marketing expenditures significantly, with Meituan's rising by 51.8% to 22.5 billion yuan and JD's by 127.6% to 27 billion yuan, primarily due to aggressive competition strategies [3][6]. User Engagement and Market Position - Meituan's app monthly active users surpassed 500 million, with user transaction frequency reaching a historical high [4]. - The company expanded its instant delivery business and established over 50,000 lightning warehouses nationwide, enhancing its market position despite fierce competition [3]. Strategic Adjustments - Meituan is focusing on user retention through marketing activities and membership programs, while also adjusting its business strategies in response to the competitive landscape [4][5]. - JD is investing in new business strategies, including a self-operated delivery brand "Qixian Xiaochu," aiming to open 10,000 stores in three years [8]. Industry Trends - The food delivery war has reached a turning point, with platforms like Meituan and JD acknowledging the unsustainable nature of current competition practices [7][8]. - Analysts suggest that the competition among major platforms is evolving, with each adopting differentiated strategies to enhance their market positions [9].