Wind万得·2025-07-12 22:16Core Viewpoint - The article discusses the ongoing competition among major food delivery platforms in China, highlighting aggressive subsidy strategies and promotional campaigns aimed at increasing user engagement and market share. Group 1: Promotional Strategies - Meituan and Taobao Flash Sale are actively distributing various discount coupons to attract consumers, with prices for many beverages dropping below 10 yuan after coupon application [2][3] - Taobao Flash Sale has launched a "Super Saturday" campaign, offering consumers a total of 188 yuan in delivery consumption red envelopes over the next 100 days, aiming to create a new promotional holiday [3] - Meituan is employing strategies like "0 yuan for milk tea" and "25 yuan off 20 yuan" to stimulate order volume significantly [5][6] Group 2: Market Dynamics - The food delivery market in China has surpassed 1 trillion yuan, with over 5.92 million users expected by the end of 2024, indicating a strong growth trajectory [11] - The competition is intensifying with the entry of JD.com into the market, leading to a "three-legged" competitive landscape alongside Meituan and Ele.me [11] - The current market is characterized by a "dual oligopoly" structure, with Meituan and Ele.me holding the majority of market share [11] Group 3: Financial Implications - High investment levels in subsidies are expected to lead to significant losses for the major platforms, with projections indicating losses of 410 billion yuan for Alibaba, 260 billion yuan for JD.com, and a reduction of 250 billion yuan in EBIT for Meituan over the next 12 months [15] - The recent surge in daily order volume for Taobao Flash Sale increased from over 10 million orders on May 2 to over 80 million orders by July 5, showcasing the effectiveness of subsidy strategies [5][8] Group 4: Consumer Behavior and Market Trends - The current subsidy war is primarily targeting low-priced items, particularly in the beverage and fast food categories, which are expected to benefit from increased consumer spending [16] - The platforms are focusing on enhancing operational efficiency and brand influence while competing for user and market share [7]