3 6 Ke·2025-09-11 03:21Core Viewpoint - The competition among major food delivery platforms in China, namely JD.com, Alibaba, and Meituan, is shifting from aggressive price wars to a more stable and strategic approach, as regulatory bodies have intervened to curb unfair competition and excessive subsidies [1][2]. Group 1: JD.com - JD.com initiated the food delivery war by investing heavily, with an initial outlay of 10 billion yuan, but has since shifted focus to supply chain management and niche markets [4][5]. - In Q2, JD.com reported a significant drop in free cash flow, down 55% year-on-year to 22 billion yuan, yet it continues to invest aggressively in expansion projects, including a plan to open 10,000 self-operated stores over the next three years [6][7]. - The strategic goal of JD.com in entering the food delivery market was to alleviate pressure from competitors like Meituan and Alibaba, and it has successfully carved out a niche despite the overall profit decline [9][10]. Group 2: Alibaba - Alibaba's strategy in the food delivery battle has evolved, focusing on integrating Ele.me into its Taobao Flash Buy service rather than prioritizing Ele.me as a standalone entity [11][12]. - The company has seen significant growth in its AI-related products and cloud services, with Q2 revenue from Alibaba Cloud increasing by 26% to 33.398 billion yuan, indicating a successful diversification strategy [15]. - Alibaba aims to leverage food delivery as a high-frequency traffic entry point to boost its overall e-commerce ecosystem, rather than solely focusing on the food delivery business itself [14][12]. Group 3: Meituan - Meituan, while facing scrutiny over its competitive edge, prioritizes revenue growth over profit, emphasizing its market position amid ongoing competition [19][20]. - The company has seen a surge in new users, with approximately 20 million trying its 30-minute delivery service, indicating a successful expansion beyond food delivery [23]. - Meituan is adopting a more cautious approach by improving internal operations and rider experiences, such as eliminating late penalties for riders, showcasing a strategic focus on long-term sustainability [24]. Group 4: Industry Dynamics - The competition among these giants is characterized by a "boundary-less" approach, where they compete not just in specific categories but for overall consumer attention and spending [25]. - The ongoing food delivery war has led to significant strategic advancements for all players, with JD.com enhancing its supply chain, Alibaba gaining new traffic sources, and Meituan expanding its service offerings [28][29]. - The industry is witnessing a shift towards higher consumer engagement and habitual usage of instant retail services, indicating a potential for long-term growth despite short-term losses [29][30].