Sou Hu Cai Jing·2025-11-30 21:06Group 1: Subsidy War Among Giants - The three major platforms, Meituan, Alibaba, and JD, collectively spent nearly 800 billion yuan on food delivery subsidies in the second and third quarters of 2025, with a single quarter's expenditure reaching 444 billion yuan, a 48% increase quarter-on-quarter [3] - The subsidy war has led to a significant decline in profits for all three companies, with Meituan's CEO indicating that the food delivery business will continue to face substantial losses in the fourth quarter [4] - Alibaba's 500 billion yuan subsidy plan has been extended over three years, indicating a long-term strategy despite a reduction in fourth-quarter spending [4] Group 2: Company-Specific Strategies and Financial Impact - Alibaba views food delivery as a traffic entry point rather than a profit tool, using subsidies to convert food delivery users into consumers of higher-margin businesses, resulting in a peak daily order of 1.2 billion after four months of its flash purchase service [5] - Meituan's marketing expenses surged from 180 billion yuan to 343 billion yuan, leading to a record quarterly loss of 160 billion yuan, with its profit margin plummeting from 25.1% to 5.7% [6][7] - JD has adopted a more restrained approach, focusing on supply chain optimization and improving unit economics, resulting in a decrease in market share but an increase in user engagement [8] Group 3: Impact on Merchants and Riders - Merchants are suffering from a "false prosperity," with total order volume increasing by 7% but actual revenue declining by 4% during the subsidy war [9] - Delivery riders face increased work intensity and risks, with income pressures expected to rise once subsidies decrease, leading to potential income drops due to oversupply in the labor market [9] Group 4: Industry Implications and Regulatory Response - The prolonged subsidy war has led to market saturation and inefficiencies, with a 10% decline in soft drink production indicating a distortion in the supply chain [10] - Regulatory bodies have intervened, urging platforms to cease low-price competition and focus on service optimization, highlighting the need for a shift from a scale-driven approach to sustainable business models [10]