MEITUAN(HK:03690) Hu Xiu·2025-10-17 23:36Core Viewpoint - The Chinese government is implementing stricter regulations on food safety in the online food delivery industry, focusing on eliminating "ghost kitchens" and ensuring transparency in operations [1][4][6]. Regulatory Changes - The State Administration for Market Regulation has released a draft regulation aimed at clarifying food safety responsibilities among platforms, merchants, and delivery services, with a feedback deadline of November 16 [1][4]. - The draft mandates that online store names must match those of physical locations, and "no dine-in" services must be clearly labeled [1][4][5]. - It emphasizes the need for platforms to conduct thorough vetting of merchants to prevent the operation of "ghost kitchens" [4][5]. Industry Shift - Major food delivery platforms are shifting focus from aggressive price competition to enhancing food safety, service quality, and operational efficiency [2][3][8]. - Companies like JD.com are positioning themselves as "quality delivery" services, allowing only high-rated restaurants to join their platforms [2][7]. - Meituan and Ele.me are investing in initiatives like "bright kitchens" to improve transparency and consumer trust [2][8]. Technology and Transparency - The draft regulation highlights the role of "Internet + Bright Kitchen" initiatives, requiring platforms to ensure that merchants implement these practices [5][6]. - Platforms must provide technical support for real-time monitoring of food preparation processes, enhancing consumer confidence and regulatory oversight [5][6][7]. Future Outlook - The industry consensus is moving towards value competition centered on food safety and service quality, moving away from reliance on subsidies and low prices [3][8]. - The future winners in the food delivery market will be those who can build stable and efficient supply chains [9].