Sou Hu Cai Jing·2025-12-05 10:52Core Viewpoint - The ongoing food delivery war has primarily benefited consumers, with significant financial losses reported by major players like Alibaba and Meituan [2][5][11]. Financial Impact - Meituan reported an operating loss of 19.8 billion yuan, marking its largest loss since going public [6]. - Alibaba's operating profit plummeted from 35.2 billion yuan to 5.4 billion yuan, a decrease of 85% [6]. - Over the past six months, Alibaba, Meituan, and JD.com collectively burned over 100 billion yuan in subsidies [6][11]. Strategic Approaches - Meituan adopted a defensive strategy, while Alibaba and JD.com viewed food delivery as a strategic initiative rather than a standalone profit-making business [5][6]. - Alibaba plans to reduce its investment in flash sales while increasing investment in AI infrastructure, indicating a shift in strategy [8]. Market Dynamics - The competition has led to a significant increase in sales expenses due to delivery subsidies, which may not yield long-term benefits [11][12]. - Consumers are increasingly price-sensitive, leading to a "compare prices" mentality, which could undermine the effectiveness of subsidies [13]. Future Considerations - The long-term impact of the food delivery war remains uncertain, with potential competition from Douyin and Pinduoduo, which are rapidly gaining market share [14][16]. - The ultimate winner in the instant retail space is still unknown, as the current focus has primarily been on consumer benefits rather than sustainable business models [16].