3 6 Ke·2025-12-26 00:24Core Insights - The ongoing food delivery war has disrupted the operational rhythm of restaurants, leading to a significant decline in both efficiency and profit margins for dining establishments [1] - Major platforms like JD and Meituan have engaged in aggressive subsidies to stimulate order growth, resulting in a market share shift in the food delivery industry [1] - Despite increased order volumes, many restaurants are experiencing a situation of "growth without profit," as the cost of delivery has surged due to the competitive landscape [1][10] Group 1: Financial Performance of Major Companies - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, a 2% year-on-year increase, but recorded a net loss of 18.6 billion yuan, marking its largest quarterly loss since its IPO in 2018 [2] - Alibaba's latest quarterly report indicated a surge in sales expenses by 34 billion yuan due to delivery subsidies, leading to a 52% year-on-year decline in net profit attributable to ordinary shareholders [2] - Luckin Coffee achieved a revenue increase of 50.2% year-on-year to 15.287 billion yuan in Q3 2025, but faced a 211% rise in delivery costs, resulting in a 2% decline in net profit [4] Group 2: Impact on Small and Medium-sized Restaurants - Small and medium-sized restaurants have lower bargaining power in the face of aggressive platform subsidies, leading to a significant drop in profits despite increased order volumes [4][5] - Fixed costs such as rent and labor remain unchanged, while prolonged delivery subsidies have led to a 20% decrease in average order value, creating a dilemma for restaurants between maintaining prices and attracting customers [4][5] - The financial strain on small businesses may hinder their ability to invest in new product development and service upgrades, potentially leading to a vicious cycle of declining profitability [5] Group 3: Industry Trends and Regulatory Responses - Research indicates that the food delivery war has resulted in a 7% average increase in total orders for merchants, but a 4% decrease in actual revenue [10] - The overall revenue of the restaurant industry in China for the first half of 2025 was approximately 2.75 trillion yuan, with a year-on-year growth rate of only 4.3%, reflecting a significant slowdown [10] - Industry associations have called for the regulation of irrational subsidies and the establishment of a healthier competitive environment, emphasizing the need for platforms to stop coercing merchants into price-cutting practices [11][15]