Zheng Quan Shi Bao·2025-08-29 19:08Core Viewpoint - The fierce subsidy war among major platforms like JD.com, Meituan, and Alibaba in the second quarter has led to significant profit declines, revealing the adverse effects of irrational competition despite prior warnings from regulatory authorities [1] Performance Decline - JD.com reported a revenue of 356.7 billion yuan in Q2 2025, a year-on-year increase of 22.4%, but its net profit fell by 50.8% to 6.2 billion yuan, with an operating profit margin dropping to -0.2% from 3.6% in Q2 2024, attributed to increased strategic investments in new businesses like food delivery [2] - Meituan's revenue grew by 11.7% to 91.8 billion yuan in Q2 2025, but its adjusted net profit plummeted by 89% to 1.49 billion yuan, with operating profit down 75.6% to 3.7 billion yuan and a significant decline in operating profit margin by 19.4 percentage points to 5.7% due to intense competition [2] - Alibaba's revenue for Q2 2025 was 247.65 billion yuan, a 2% year-on-year increase, with a non-GAAP net profit of 33.51 billion yuan, down 18% from 40.69 billion yuan in Q2 2024, with limited impact from its food delivery initiatives due to the timing of its subsidy launch [3] Rising Costs - JD.com's marketing expenses surged by 127.6% to 27 billion yuan in Q2 2025, accounting for 7.6% of revenue, up from 4.1% in Q2 2024, primarily due to increased spending on new business promotions [4] - Meituan's sales and marketing expenses rose by 51.8% to 22.5 billion yuan, with the expense ratio increasing by 6.5 percentage points to 24.5%, driven by business development and competitive adjustments in food delivery and real-time retail [4] - Alibaba's sales and marketing expenses also increased, with an 8 percentage point rise in expense ratio, reflecting investments in enhancing user experience and acquisition for its new initiatives [4] Stock Price Decline - The stock prices of the three platforms have been adversely affected, with JD.com down approximately 25%, Meituan down about 34%, and Alibaba down around 8% since April, while the Hang Seng Tech Index has risen over 5% in the same period [6] - Market analysts predict intensified competition in Q3, with Meituan announcing a peak daily order volume exceeding 150 million, but expect a 6% year-on-year decline in instant delivery revenue due to subsidies and strategic adjustments, with losses potentially exceeding 15 billion yuan [6]