3 6 Ke·2025-12-01 12:09Core Insights - The intense competition in the food delivery sector has led to significant financial losses for major players, with Meituan reporting its largest loss since its IPO in 2018 [2][5][33]. Summary by Company Alibaba - Alibaba's operating profit plummeted 85% year-on-year to 5.4 billion yuan, while net profit fell 53% to 20.6 billion yuan, marking a 51% decline quarter-on-quarter [2][8]. - The decline in profits is attributed to increased investments in instant retail and user experience, with sales and marketing expenses soaring from 32.7 billion yuan in Q2 to 66.5 billion yuan in Q3, a 105% year-on-year increase [11][10]. - Instant retail revenue grew significantly, with Q3 revenue reaching 22.9 billion yuan, a 55% increase from Q2, reflecting the success of the "Taobao Flash Purchase" initiative [13][14]. JD.com - JD.com reported an operating loss of 1.05 billion yuan in Q3, a stark contrast to a profit of 12 billion yuan in the same period last year [2][17]. - The company has adopted a more restrained approach to spending, with marketing expenses at 21.1 billion yuan, a decrease from 27 billion yuan in Q2, although this still represents a 111% year-on-year increase [19][22]. - JD's new business segment, which includes food delivery, generated 15.6 billion yuan in revenue, reflecting a 214% year-on-year increase [22][25]. Meituan - Meituan's operating loss reached 19.8 billion yuan in Q3, with net losses of 18.6 billion yuan, marking a significant downturn from previous profits [2][33]. - The company's core local business, which includes food delivery and instant retail, saw a dramatic decline in operating profit, dropping from a profit of 3.7 billion yuan in Q2 to a loss of 14.1 billion yuan in Q3 [34]. - Despite the losses, Meituan's management indicated that the competitive landscape is beginning to stabilize, with a rebound in market share for higher-value orders [36].