外卖大战还会继续吗？至少不会是价格战了

Core Viewpoint - The takeaway from the recent market results indicates that the price war in the food delivery industry has not created sustainable value and is unsustainable in the long run [2][4] Group 1: Market Competition - Meituan's CEO Wang Xing emphasized that while the price war is meaningless, competition itself is essential for the industry [2] - Meituan's response to the low-level price competition involved increasing restaurant subsidies, resulting in an operating loss of 14.1 billion RMB and an adjusted net loss of 16 billion RMB in Q3 [4][6] - Despite the losses, Meituan's performance was better than expected, indicating a relatively favorable "battle damage ratio" compared to industry peers [4] Group 2: Long-term Value Creation - Wang Xing stated that Meituan will focus on doing the right things to serve consumers, merchants, and delivery personnel, with confidence in creating genuine long-term value [7][8] - The long-term value strategy is not solely reliant on food delivery but aims to build a diversified growth ecosystem centered around instant retail [8][9] Group 3: Ecosystem Development - Meituan aims to serve consumers, merchants, and delivery personnel, which forms the core of its platform ecosystem [10][12] - The company has implemented a multi-layered welfare system for delivery personnel, including health insurance and housing support, to ensure their rights and benefits [10][12] - For small and medium-sized merchants, Meituan focuses on reducing costs and increasing efficiency through optimized subsidy rules and AI tools [14] Group 4: Operational Precision - The food delivery industry is characterized by thin margins, requiring precise operations to avoid losses [16][18] - Meituan's operational strategy includes user-segmented subsidies and efficiency improvements for merchants, which have helped maintain operational efficiency despite price competition [18][19] - The company believes that the current irrational competition is temporary and that platforms with deep industry knowledge and operational efficiency will lead the market [19]