高盛：中国互联网-电子商务中 “日常应用” 之战 -即时配送食品的市场规模、交叉销售及最终格局

EQUITY RESEARCH | July 3, 2025 | 2:10AM HKT Navigating China Internet The 'everyday app' battle in eCommerce: food/instant delivery TAM, cross-sell & eventual landscape The intensity of competition between eCommerce players and local services leader Meituan in food delivery/instant shopping has elevated to a new level. Unlike previous investments by eCommerce players that were scaled back within a few quarters, we believe the duration of investments this time will extend for longer— given all of the compani ...