Sou Hu Cai Jing·2025-08-29 09:48Core Viewpoint - The ongoing subsidy war in the food delivery sector, driven by platforms like Taobao, Meituan, and JD, is not beneficial for the long-term health of the industry, as stated by Gu Ming's founder Wang Yunan and Meituan's CEO Wang Xing [3][4]. Group 1: Impact of Subsidies - Gu Ming's founder indicated that long-term reliance on delivery subsidies is detrimental to franchise operations and the overall industry [3]. - The "zero purchase" campaign launched in July had an impact of approximately 4 to 5 yuan per order for Gu Ming, with lower-priced brands benefiting more from this initiative [3]. - The competitive landscape for food delivery intensified from the second quarter of the year, with the first quarter remaining unaffected [3]. Group 2: Company Performance - Gu Ming reported that the overall impact of the subsidy activities on its first half performance was limited, and the intensity of subsidies has decreased since August [3]. - Meituan's revenue for the second quarter of 2025 grew by 11.7% to 91.8 billion yuan, with an operating profit of 226 million yuan and an adjusted net profit of 1.493 billion yuan [4]. Group 3: Strategic Outlook - Meituan's CEO reaffirmed the company's long-term profit assumption of "1 yuan per order, with a profit margin of about 3%" despite increased strategic investments in the third quarter that may pressure short-term financial metrics [4]. - The CEO emphasized that Meituan will continue to invest to meet consumer demands and maintain its market leadership, believing that competition will eventually return to rationality [4].