Sou Hu Cai Jing·2026-01-28 11:24Core Viewpoint - Tencent has officially exited investments in JD.com and Meituan, signaling a strategic shift away from the competitive food delivery market to focus on artificial intelligence [3][4] Group 1: Strategic Shift - Tencent's CEO, Ma Huateng, announced the company's decision to withdraw from investments in JD.com and Meituan during the 2025 annual employee meeting [3] - This decision is interpreted as a strategic contraction in the fiercely competitive food delivery and community group buying sectors, with Tencent redirecting its focus towards core areas in artificial intelligence [3][4] Group 2: Competitive Landscape - The food delivery market has seen intense competition, with JD.com initiating a significant price war, followed by Meituan's quick response and Alibaba's entry through the integration of Ele.me into its Taobao Flash Purchase segment [3] - The combined investment of JD.com, Meituan, and Alibaba in this sector reached 80 billion yuan, with a notable increase of approximately 10 billion yuan in the third quarter compared to the second quarter [3] Group 3: Financial Impact - The high costs of competition have severely impacted financial performance, with JD.com reporting a 56% year-on-year decline in adjusted net profit to 5.8 billion yuan in Q3 2025 [4] - Meituan recorded a net loss of 16 billion yuan, marking its largest loss since going public, while Alibaba's net profit fell by 52% to 21 billion yuan, with a 72% decline when excluding GAAP adjustments [4] Group 4: Future Strategies - Despite Tencent's exit, competition in the food delivery and instant retail sectors remains fierce, with Alibaba demonstrating a commitment to increasing market share and investment in its Taobao Flash Purchase strategy [4][5] - Alibaba aims to enhance its user base and engagement by focusing on high-ticket users and expanding into non-food retail categories [5]