Workflow
谁在流血,谁在偷笑?三大巨头财报揭示即时零售残酷“三国杀”硝烟正浓丨鱼眼·观察
Sou Hu Cai Jing·2025-09-02 05:45

Core Insights - The competitive landscape of instant retail is intensifying, with Meituan, JD.com, and Alibaba engaged in a fierce battle, leading to significant market restructuring [1][2]. Financial Performance - Meituan reported revenue of 91.84 billion yuan, a year-on-year increase of 11.7%, but its operating profit plummeted by 98% to 226 million yuan, with adjusted net profit down 89% to 1.493 billion yuan, far below market expectations [2][4]. - JD.com achieved revenue of 356.7 billion yuan, reflecting a strong year-on-year growth of 22.4%, but its net profit fell by 49% to 7.4 billion yuan [2][5]. - Alibaba's revenue reached 247.6 billion yuan, a 2% year-on-year increase, with net profit of 33.5 billion yuan, down 12% but within expected ranges, leading to a 12.9% surge in its stock price [2][5]. Competitive Strategies - Meituan's aggressive entry into the instant retail sector with the launch of "Meituan Flash Purchase" in April 2023 has intensified competition [4]. - JD.com responded by enhancing its delivery services and committing to full social security payments for delivery personnel, while also accepting significant losses to gain market share [5][7]. - Alibaba initiated a 50 billion yuan subsidy plan to boost its "Taobao Flash Purchase" service, leveraging its vast user base to increase order volumes [5][7]. Market Dynamics - The competition has shifted from price wars to a focus on supply chain efficiency and user experience, with companies needing to integrate local supply chains and improve delivery responsiveness [8]. - The instant retail sector is characterized by low profit margins, with major players struggling to achieve profitability despite significant market shares [8]. - The market is transitioning from growth to a focus on capturing existing market share, as the natural growth of the food delivery sector stabilizes [8]. Future Outlook - Meituan's CEO emphasized the need for rational competition to create value, reflecting on the challenges faced in the current competitive environment [8]. - The ongoing battle will likely require companies to establish a competitive edge through efficiency and user experience rather than relying solely on subsidies [8].