“外卖大战该结束了”，强监管信号释放，美团、阿里、京东股价应声大涨

Core Viewpoint - The ongoing subsidy war among food delivery platforms is detrimental not only to restaurant owners but also to the livelihoods of ordinary people, with calls for a shift towards healthy competition based on innovation and service optimization rather than capital-intensive price wars [1][6] Industry Overview - The food delivery market has seen intense competition since February 2025, initiated by JD's entry with significant subsidies, leading to a costly battle among platforms like Meituan, Taobao Shanguo, and JD [2][3] - The financial reports reveal substantial losses for major players, with Alibaba's adjusted EBITA dropping by 46% year-on-year, JD's new business losses reaching 466 billion yuan, and Meituan forecasting a loss of 233 to 243 billion yuan for 2025 [4] Impact on Supply Chain - The price war has pressured restaurants, with 39% of surveyed merchants switching to cheaper suppliers and 30% negotiating harder with suppliers, indicating a ripple effect on the supply chain [5] Regulatory Actions - The Chinese government is intensifying regulatory measures against "involutionary" competition, with recent actions including discussions with major platforms to address issues stemming from unhealthy competition [1][6] Future Competition Landscape - The industry is expected to transition from a subsidy-driven model to one focused on efficiency, service quality, and technological innovation, with platforms needing to reassess their profit models and prioritize sustainable growth [7][8] - The competition will shift from price-based strategies to factors like delivery speed, service quality, and customer experience, marking a new phase in the industry [8][9]