Di Yi Cai Jing·2026-01-09 12:56Core Viewpoint - The takeaway from the news is that the food delivery industry is expected to shift towards efficiency competition by 2026, moving away from the current focus on subsidies and price wars [2]. Group 1: Industry Competition and Regulation - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform service industry due to issues like excessive subsidies and price competition, which have negatively impacted the real economy [2]. - The ongoing regulatory scrutiny indicates that irrational competition within the industry has persisted, prompting major players like Alibaba and Meituan to signal a potential reduction in their investment in food delivery services [4]. - The emphasis on high customer order values is emerging as a key competitive factor, with Meituan capturing over 66% of orders exceeding 15 yuan and 70% of those over 30 yuan [4]. Group 2: Company Responses and Strategies - Major platforms such as Meituan, Taobao Flash, and JD have expressed their commitment to cooperating with regulatory investigations and promoting fair competition within the industry [3]. - The focus is shifting from low prices to high customer order values, as evidenced by Taobao Flash's significant increase in high-value orders in recent months [4]. - Companies are recognizing that excessive subsidies have led to waste and reduced quality, with merchants preferring sustainable business practices over temporary price cuts [6][7]. Group 3: Financial Performance and Market Dynamics - Meituan reported a 2.8% year-on-year decline in revenue for its core local business in Q3 2025, resulting in an operating loss of 14.1 billion yuan, attributed to intensified market competition [7]. - Alibaba's Q3 2025 financial report showed a 60% year-on-year increase in revenue from its instant retail business, but a significant drop in adjusted EBITA by 78% due to investments in user experience and technology [8]. - JD's Q3 2025 report indicated steady growth in food delivery GMV and order volume, with improved operational efficiency leading to reduced overall investment [8].