智通财经网·2025-12-03 09:31Core Viewpoint - 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] Group 1: Financial Performance - Meituan's revenue grew by 2% year-on-year to 95.5 billion yuan in Q3, but it recorded an adjusted net loss of 16 billion yuan due to increased subsidies in the local dining sector [1] - Meituan maintained a low loss ratio of 1:2.5 to 1:2.8 compared to Alibaba's instant retail losses, indicating a more efficient operational model [2] - Meituan's new business revenue increased by 15.9% to 28 billion yuan, with operating losses narrowing to 1.3 billion yuan, improving the operating loss rate by 2.5 percentage points to 4.6% [5][6] Group 2: Market Position and Strategy - Meituan holds over two-thirds of the market share for orders above 15 yuan and over 70% for orders above 30 yuan, indicating strong customer loyalty and resilience against subsidies [3] - Alibaba's strategy of focusing on low-priced orders has led to inefficiencies, with its instant retail segment expected to incur losses between 36 billion to 40 billion yuan in Q3, significantly higher than Meituan's losses [2] - The shift in the industry towards high-quality development is marked by Alibaba's decision to reduce investments in its instant retail segment, reflecting a strategic retreat in response to unsustainable competition [4] Group 3: Industry Trends and Future Outlook - The regulatory environment is tightening, pushing the industry from price wars to service-oriented competition, which is expected to favor companies like Meituan that have established long-term competitive barriers [5] - Meituan's international expansion is progressing, with its Keeta business entering new markets in the Middle East and achieving profitability in Hong Kong, enhancing the narrative of its replicable business model abroad [6] - The extreme competition phase may be concluding, but the food delivery industry remains a challenging environment with thin profit margins, emphasizing the importance of long-term strategies and operational efficiency [7]