3 6 Ke·2025-11-07 00:33Core Insights - DoorDash has been compared to Meituan, with both companies starting in similar ways but facing different market dynamics and competition levels [1][21] - Despite lower market share and performance metrics compared to Meituan, DoorDash's stock price has surged significantly, indicating a different investor perception and market environment [1][21] - The contrasting business models of DoorDash and Meituan are largely influenced by their respective market conditions and consumer behaviors [21][42] Group 1: Market Position and Performance - In Q1 2024, Meituan's total order volume was approximately seven times that of DoorDash, with monthly active users around eleven times higher [1] - DoorDash's annual gross transaction value (GTV) is less than half of Meituan's, highlighting a significant gap in scale [1] - DoorDash's market capitalization once reached 1.5 times that of Meituan, despite its lower operational metrics [1] Group 2: Competitive Landscape - The North American market is characterized by "dislocated monopoly," while the domestic market experiences homogeneous competition [2][21] - DoorDash has successfully targeted suburban markets, where demand for delivery services is higher due to fewer local dining options [9][12] - The average order value in suburban areas is 30% higher than in urban centers, contributing to DoorDash's growth in these regions [11] Group 3: Business Model and Strategy - DoorDash employs a unique workforce strategy, utilizing part-time workers primarily composed of stay-at-home parents, which has led to a large delivery team [3][12] - The average delivery time for DoorDash is 42 minutes, which is longer than competitors, yet it continues to capture a significant market share [7][12] - The introduction of DashPass membership has generated 12% of DoorDash's revenue, showcasing its ability to monetize its platform effectively [16] Group 4: Cost Structure and Profitability - DoorDash's average profit per $10 order is $3.2, indicating a high-margin business model [18] - In contrast, Meituan reported a loss of approximately 0.3 yuan per order due to high delivery costs [34] - The delivery cost structure in the U.S. allows consumers to bear a significant portion of the delivery fees, unlike in China where consumers are less willing to pay for delivery [38][39] Group 5: Regulatory and Social Factors - The independent contractor model in the U.S. allows DoorDash to minimize labor costs, while Meituan's model involves more employee responsibilities and benefits [24][33] - The cultural preference for flexible work in the U.S. supports DoorDash's operational model, contrasting with the more rigid employment structures in China [30][41] - Regulatory environments in both countries shape the operational strategies of DoorDash and Meituan, influencing their respective market performances [24][41]