Mei Ri Jing Ji Xin Wen·2025-12-03 13:28Core Insights - The article highlights the rapid decline in the aggressive subsidy war among major food delivery platforms in China, with a significant reduction in order volumes and income for delivery riders and merchants [1][2][6] - The intense competition has led to a combined expenditure of over 700 billion yuan by Meituan, Alibaba, and JD.com in the second and third quarters of the year, resulting in substantial losses for these companies [2][3][4] Expenditure Analysis - In the second quarter, the spending by the three platforms exceeded 300 billion yuan, with total expenditures in the second and third quarters estimated at around 750 billion yuan [2] - Meituan's sales and marketing expenses surged by 90.9% year-on-year to 343 billion yuan, primarily due to increased promotional and user incentive costs [2][4] - JD.com's marketing expenses doubled from 100 billion yuan to 211 billion yuan, with approximately 111 billion yuan allocated to the food delivery sector [3] - Alibaba's sales and marketing expenses increased by over 340 billion yuan, with at least half directed towards its "Taobao Flash Purchase" initiative [3] Strategic Approaches - Meituan's investment is characterized as defensive, aimed at maintaining market share and network effects, with expectations of continued significant losses in the fourth quarter [4][5] - Alibaba's strategy is seen as a breakthrough approach, leveraging its vast user base to penetrate the instant retail market, with a forecasted reduction in spending [4][5] - JD.com focuses on strategic positioning and efficiency, emphasizing a rational approach to spending while optimizing its economic model [4][5] Market Dynamics - The market landscape has shifted, with Meituan holding a 47.1% share of the instant transaction market, followed by Alibaba at 42.3% and JD.com at 8.4% as of the third quarter of 2025 [6] - The average order value has increased, with non-tea drink orders now accounting for 75% of total orders on Alibaba's platform [6][7] - Despite the reduction in subsidies, promotional activities and discounts continue, indicating that competition remains active [9][10] Future Outlook - The future core battleground for food delivery is expected to shift towards non-food instant retail and in-store services, with competition likely to intensify as new players enter the market [11] - The article suggests that while the subsidy war may be cooling, the competition will evolve from price wars to a focus on operational efficiency and customer experience [11]