Di Yi Cai Jing Zi Xun·2025-12-27 11:20Core Insights - The recent food delivery war, characterized by over 10 billion yuan in subsidies from major platforms like Meituan, Taobao, and JD, has significantly impacted the industry, leading to increased order volumes but decreased profitability for many merchants [2][3][4] - The competition has altered consumer habits, with a notable shift towards delivery over dine-in, and has resulted in a waste of resources due to excessive promotions [6][9] Group 1: Impact on Merchants - Many merchants, like Yu Li, experienced a surge in sales during the subsidy war, with revenues exceeding 200,000 yuan in July compared to 50,000 yuan in July 2024, but faced doubled costs leading to negligible profits [3][4] - The average order value dropped from over 30 yuan to around 15 yuan during the subsidy period, affecting overall profitability [3][4] - Merchants like Huang Lin noted that low-priced subsidized items did not retain customers, and profits were higher when not participating in such promotions [4] Group 2: Impact on Delivery Riders - Delivery riders, such as Zhou Pengfei, reported increased earnings during the subsidy war, with daily incomes rising by 5,000 yuan and peak earnings exceeding 900 yuan on high-demand days [5] - The number of delivery riders has nearly doubled in some areas, indicating a significant increase in workforce due to the heightened demand [7] Group 3: Financial Performance of Platforms - Meituan reported a 2.8% year-on-year decline in revenue for its core local business in Q3, resulting in an operating loss of 14.1 billion yuan [7] - Alibaba's instant retail business saw a 60% year-on-year revenue increase, but adjusted EBITA fell by 78% to 907.3 million yuan due to investments in user experience and technology [7] Group 4: Industry Trends and Future Outlook - The food delivery industry is expected to enter a new phase as subsidies decrease and regulatory scrutiny increases, with a focus on sustainable operations and improved merchant profitability [10][11] - Platforms are shifting from aggressive market capture strategies to refined operations, aiming to balance user experience with commercial sustainability [10] - Regulatory bodies are emphasizing the protection of small merchants and the establishment of a more rational competitive environment [9][10]