外卖大战成底色试金石，美团-W以低战损交出韧性答卷

Core Insights - The third quarter witnessed unprecedented competition in the food delivery and instant retail sectors, with major players Meituan, Alibaba, and JD.com collectively spending nearly 80 billion yuan, reaching a record high of approximately 44.4 billion yuan in a single quarter [1] - Meituan's revenue grew by 2% year-on-year to 95.5 billion yuan, but it recorded an adjusted net loss of 16 billion yuan due to increased subsidies in the restaurant sector [1] - Despite the losses, Meituan demonstrated resilience and maintained a significant market share, indicating the effectiveness of its competitive barriers in the local lifestyle sector [1][2] Financial Performance - Meituan's adjusted net loss in Q3 was 16 billion yuan, while its local business revenue was 67.447 billion yuan, significantly higher than Alibaba's instant retail revenue of 22.9 billion yuan [2] - Meituan's loss ratio was maintained at 1:2.5 to 1:2.8 compared to Alibaba, meaning for every 1 yuan lost by Meituan, Alibaba's instant retail business lost 2.5 to 2.8 yuan [2] - Meituan's daily active users (DAU) grew over 20% year-on-year, with transaction users surpassing 800 million, indicating strong user engagement [3] Market Dynamics - Alibaba signaled a strategic retreat by planning to significantly reduce investments in its instant retail segment, reflecting inefficiencies in its subsidy model [4] - The shift from a "price war" to a "service war" is expected to benefit companies like Meituan that have established long-term competitive barriers [5] - Regulatory policies aimed at curbing "low-price subsidies" are pushing the industry towards a focus on service quality and efficiency [5] Business Expansion - Meituan's new business segment saw a revenue increase of 15.9% to 28 billion yuan, with operating losses narrowing to 1.3 billion yuan [6] - The international expansion of Meituan's Keeta brand has shown promising results, with successful entries into Qatar, Kuwait, and the UAE, and a pilot operation launched in Brazil [6] Conclusion - The intense competition has tested Meituan's defensive capabilities, with a low loss ratio reflecting its operational resilience and long-term competitive advantages [7] - Alibaba's strategic shift acknowledges Meituan's strength as a market leader, indicating a transition to a new competitive landscape focused on service rather than price [7]