Sou Hu Cai Jing·2025-09-16 10:40Core Insights - The fierce competition in the food delivery market among major players like Meituan, Alibaba, and JD has led to significant losses for all involved, with Meituan's profit down by 11.5 billion RMB, JD's by 14.7 billion RMB, and Alibaba's by 10.3 billion RMB compared to the previous year [1][3][4] Group 1: Market Dynamics - The ongoing "hundred billion subsidy war" has resulted in each platform incurring substantial losses, despite the apparent benefits to consumers [1][3] - The average delivery service fee per order has drastically decreased to 3.2 RMB by Q2 2025, exacerbating the financial strain on these companies [4][10] Group 2: Revenue Structure - Meituan's revenue model relies on commissions, advertising fees, and delivery service fees, with the latter consistently falling short of covering delivery costs from 2021 to 2023 [4][5] - Despite the price wars, Meituan has managed to increase the average commission per order, indicating a rise in the prices of goods sold through its platform [7][9] Group 3: Competitive Landscape - The competition has evolved into a battle for "instant retail," where Meituan's expansion into categories like electronics and household appliances directly challenges Alibaba and JD's traditional markets [9][10] - The entry of JD and Alibaba into the food delivery space is primarily aimed at retaining their core user base and adapting to the changing retail landscape [10][11] Group 4: Future Implications - The outcome of this competition will not only determine the leaders in food delivery but also shape the future of retail over the next decade [17] - The shift towards online ordering and rapid delivery could disrupt traditional retail formats, leaving behind those who fail to adapt [13][15]