Zheng Quan Shi Bao Wang·2025-08-29 12:18Core Insights - The intense subsidy war among major food delivery platforms, including JD.com, Meituan, and Alibaba, has led to significant profit declines, revealing the adverse effects of irrational competition in the market [1][2]. Group 1: Financial Performance - JD.com reported a revenue of RMB 356.7 billion for Q2 2025, a 22.4% increase from Q2 2024, but its net profit fell by 50.8% to RMB 6.2 billion [3]. - Meituan's revenue grew by 11.7% to RMB 91.8 billion in Q2 2025, but its adjusted net profit plummeted by 89% to RMB 1.49 billion [4][5]. - Alibaba's revenue for Q2 2025 was RMB 247.65 billion, a 2% year-on-year increase, with a non-GAAP net profit of RMB 33.51 billion, down 18% from the previous year [6]. Group 2: Marketing and Sales Expenses - JD.com increased its marketing expenses by 127.6% to RMB 27 billion, accounting for 7.6% of its revenue in Q2 2025 [8][9]. - Meituan's sales and marketing expenses rose by 51.8% to RMB 22.5 billion, representing 24.5% of its revenue [10]. - Alibaba's sales and marketing expenses as a percentage of revenue increased from 13.3% to 21.3%, driven by investments in its new services [11]. Group 3: Strategic Outcomes - JD.com claims to have achieved its initial strategic goals in the food delivery sector, with growth in order volume and merchant numbers [12]. - Meituan noted that its marketing activities accelerated new user conversions and increased user engagement through its membership program [13]. - Alibaba's new service, Taobao Flash Sale, contributed to a 25% year-on-year increase in monthly active users of the Taobao app [14]. Group 4: Market Reactions - Following the disappointing financial results, stock prices for JD.com, Meituan, and Alibaba fell significantly, with Meituan experiencing a 12.55% drop on August 28 [14]. - Since April, JD.com shares have declined by approximately 25%, Meituan by 34%, and Alibaba by 8%, contrasting with a 5% increase in the Hang Seng Tech Index [15].