3 6 Ke·2025-09-09 23:44Core Viewpoint - The intense competition among Meituan, Alibaba, and JD.com in the instant retail sector has led to significant market changes and financial impacts, with a total subsidy investment exceeding 30 billion yuan, resulting in a shift from Meituan's 74% market share to a more balanced distribution of 65% for Meituan, 28% for Alibaba, and 7% for JD.com [1][10]. Industry Overview - The instant retail market in China is projected to exceed 1 trillion yuan by 2025, with the total market size reaching 650 billion yuan in 2023, reflecting a growth of 9.46 times over five years and accounting for 4.2% of total online sales [1][2]. Competitive Landscape - Meituan's core advantage lies in its robust offline operations and mature delivery network, boasting the largest monthly average of 3.36 million couriers, leading to a 40% increase in order volume in 2023 [3][6]. - Alibaba's strategy focuses on ecosystem synergy, integrating various services to drive traffic to its platforms, with its Taobao Flash Sale achieving a peak of 120 million daily orders within four months [4][7]. - JD.com differentiates itself by emphasizing "quality delivery," leveraging its strong supply chain to enhance delivery efficiency, despite facing significant losses in the competitive landscape [5][8]. Financial Impact - The competitive subsidy war has drastically affected the financial performance of the three companies, with Meituan's adjusted net profit dropping 89% to 1.49 billion yuan, JD.com's net profit declining 50.8% to 6.2 billion yuan, and Alibaba's non-GAAP net profit falling 18% to 33.51 billion yuan [5][10]. Strategic Differentiation - Meituan's strategy involves expanding from food delivery to a broader instant retail model, aiming for a significant market share in e-commerce [6][10]. - Alibaba's restructuring of its instant retail operations aims to streamline processes and enhance merchant experiences, facilitating a more integrated service offering [7][10]. - JD.com's recent integration of its delivery services into "JD Seconds" aims to optimize resource allocation and improve operational efficiency [8][10]. Future Trends - The competition in instant retail is expected to shift from subsidy wars to technology innovation and service upgrades, with increased investment in big data, AI, and IoT [9][10]. - The market will likely expand to include a wider variety of products, including high-end and customized goods, while also focusing on sustainable practices in response to consumer demand for environmentally friendly options [9][10]. Market Leadership Outlook - Based on current competitive dynamics, Alibaba is positioned as the most likely winner due to its ecosystem synergy and financial strength, followed by Meituan, which retains a strong market position despite short-term profit pressures, while JD.com appears to be in a weaker competitive stance [11][12].