Sou Hu Cai Jing·2025-12-01 21:06Core Viewpoint - The competition among major players in the food delivery sector, namely Alibaba, JD.com, and Meituan, has escalated into a significant financial loss battle, with each company unwilling to back down despite substantial quarterly losses exceeding 10 billion yuan [1][5]. Financial Performance - Meituan reported a revenue of 95.5 billion yuan, with a mere 2% year-on-year growth, while its core food delivery business incurred a loss of 14.1 billion yuan [2]. - In contrast, Alibaba's food delivery losses are projected to exceed 36 billion yuan, significantly higher than Meituan's, with a revenue of 23 billion yuan [5]. - JD.com also faced challenges, with its new business segment, including food delivery, suffering a loss of 15.7 billion yuan [5]. Strategic Positioning - The three companies have different motivations for their losses: JD.com treats its food delivery venture as an experimental side project, while Alibaba initially hesitated but later decided to compete aggressively [7][9]. - For Meituan, food delivery is a core business essential for maintaining its ecosystem, justifying its willingness to incur substantial losses [9]. User Engagement and Market Dynamics - Despite high losses, Meituan has managed to retain a significant share of high-value customers, with over 66.7% of orders exceeding 15 yuan and over 70% for orders above 30 yuan [13]. - Meituan's user habits and operational efficiencies have strengthened its market position, with a 20% year-on-year increase in daily active users and over 800 million transaction users in the past year [15][18]. Operational Efficiency - Meituan's losses are comparatively lower than its competitors due to its established operational strengths, including optimized delivery routes and tight partnerships with merchants [16]. - The company's long-term operational strategies have created a more sustainable market barrier compared to short-term subsidy wars [18]. Market Outlook - With the subsidy war coming to a halt, the market is anticipating a rebound, particularly for Meituan, which has seen its stock price drop by 32%, indicating potential for recovery [21].