外卖三国杀：补贴已退潮，战事能否休矣？

Core Insights - The food delivery battle is entering a more complex phase where companies are reluctant to continue but feel unable to stop [1][3] - Major players like Meituan, Alibaba, and JD have reported significant impacts on their financials due to investments in food delivery services [2] Group 1: Company Strategies - Meituan's CEO Wang Xing firmly opposes price wars in food delivery, stating they do not create value for the industry [2] - Alibaba's e-commerce CEO Jiang Fan highlighted improvements in unit economic efficiency (UE) for instant retail, indicating a significant reduction in short-term losses and a notable decrease in investment for flash purchase services in the next quarter [2][4] - JD has quietly reduced its investment in food delivery services in the third quarter [2] Group 2: Market Dynamics - The food delivery market is experiencing a "tide retreat," with companies signaling a shift in strategy [4] - Consumers have noticed a decrease in subsidies since November, affecting their purchasing habits [4][6] - The competitive landscape has changed, with Meituan holding a 47.1% market share in instant transactions, Alibaba at 42.3%, and JD at 8.4% as of Q3 2025 [6] Group 3: Operational Changes - Merchants are feeling the impact of reduced subsidies, with some reporting a 20% decline in order volume and revenue [5][6] - JD was the first to reduce subsidies, with a significant drop in its market share from 30% to below 2% in certain categories [6] - Alibaba's flash purchase subsidies have also decreased, although they remain more robust compared to Meituan [6] Group 4: Future Outlook - The next phase of competition will focus on efficiency rather than capital-driven growth, with companies adjusting their strategies based on competitive dynamics [7][9] - Meituan plans to maintain necessary investments to retain its leading position while avoiding price wars [9] - The emphasis on high-value orders is increasing, with Meituan reporting that over 70% of orders exceed 30 yuan [11]