外卖“三国杀”后，电商终究阿里“坐庄”？

Group 1 - Alibaba achieved significant victories in both performance data and stock price during the summer of 2025, indicating a strong recovery [1] - The recent e-commerce battle involving Alibaba, JD.com, and Meituan is reshaping the market landscape, hinting at potential long-term changes in the e-commerce sector [2][3] - The stock market reaction to the earnings reports of Alibaba, Meituan, and JD.com shows that Alibaba's stock surged nearly 13% on the first day after its earnings announcement, while Meituan's stock dropped nearly 13% [4] Group 2 - In the second quarter, Alibaba's adjusted profit was 38.8 billion yuan, a decline of less than 14% year-on-year, indicating that its investments in the food delivery sector did not severely impact its profitability [18] - In contrast, Meituan's operating profit plummeted by 97% to only 200 million yuan, while JD.com reported a loss of 860 million yuan, highlighting the severe financial impact of the delivery battle on these companies [17] - The market's perception of the three companies is evident: Alibaba is seen as having a strong position due to its size and financial resources, while Meituan and JD.com face significant challenges [9][10][13] Group 3 - The food delivery battle has led to a substantial increase in daily active users (DAU) for all three companies, with Alibaba experiencing a 17% year-on-year increase in DAU by July [29][30] - Alibaba's Taobao Flash has achieved a significant increase in order volume, reaching an average of 75 million daily orders in the third quarter, nearly matching Meituan's expected 90 million [34] - The competitive landscape has shifted, with Alibaba's market share in food delivery approaching parity with Meituan, indicating a successful strategy in scaling operations [36][88] Group 4 - Alibaba's management anticipates that the integration of its various business units will create a comprehensive consumption platform, aiming for a seamless user experience across different services [89][90] - The company plans to enhance its operational efficiency and reduce average losses per order by optimizing its delivery structure and increasing the average order value [85][86] - The long-term goal for Alibaba is to establish a unified platform that encompasses all aspects of consumer needs, including food delivery, traditional e-commerce, and other services [92]