3 6 Ke·2025-12-29 13:11Core Insights - The food delivery industry has been significantly reshaped by a fierce competition initiated by JD.com, leading to a substantial financial outlay of nearly 100 billion yuan and a reconfiguration of market dynamics [1][2] - The future of the food delivery sector hinges on long-term ecological restructuring rather than short-term traffic battles, with each platform focusing on redefining relationships among platforms, merchants, delivery personnel, and consumers [1] Group 1: Differentiated Strategies - JD.com adopted a high-profile entry strategy into the food delivery market, leveraging a "0 commission" model to attract over 2 million merchants and implementing a 10 billion yuan subsidy plan [3] - Alibaba transitioned from a passive response to an active restructuring, rebranding Ele.me to Taobao Flash Purchase and integrating its logistics and supply chain to enhance its competitive edge [4][5] - Meituan, as the industry leader, focused on defensive strategies, increasing marketing expenditures by 90.9% to retain core users while enhancing its delivery network efficiency [6] Group 2: Gains and Losses - JD.com achieved rapid growth in food delivery orders, reaching 25 million daily orders within 90 days, but faced significant losses, with new business losses expanding to 15.736 billion yuan in Q3 [8][9] - Alibaba's integration of instant retail and e-commerce led to a 60% year-on-year revenue increase in instant retail, but it also incurred substantial marketing costs, resulting in an 85% drop in operating profit [9][10] - Meituan maintained its market leadership with a 50% market share and high customer retention rates, but reported a record net loss of 16 billion yuan in Q3 due to increased marketing expenses [11] Group 3: 2026 Outlook - The intense competition is expected to cool down, with platforms likely to shift from aggressive subsidy strategies to value-based competition, focusing on user experience and operational efficiency [12][13] - The instant retail market is projected to exceed 1 trillion yuan in 2026, indicating that competition will persist as platforms seek to secure their positions [12] - Analysts predict that Meituan may achieve breakeven by mid-2026, while Alibaba's food delivery business may continue to face challenges until late 2026 [13]