MEITUAN(HK:03690) 东京烘焙职业人·2025-07-15 05:12Core Viewpoint - The article discusses the ongoing "burning money war" in the food delivery industry, particularly focusing on the implications of the "0 yuan purchase" strategy employed by major platforms like Alibaba and Meituan, which is leading to unsustainable business practices and consumer behavior changes [2][3][5][9]. Group 1: Industry Dynamics - Major platforms such as Alibaba, Meituan, and JD are heavily investing in subsidies, with cumulative expenditures nearing 100 billion yuan this year, comparable to national consumption subsidies [7]. - The "0 yuan purchase" strategy is a direct and aggressive growth tactic that boosts order volume and user acquisition in the short term, but it risks long-term customer loyalty and retention [9][10]. - The intense competition among platforms leads to a vicious cycle of increasing customer acquisition costs and declining profit margins for all involved [10]. Group 2: Impact on Consumers - Consumers are currently the biggest beneficiaries of the subsidy-driven price wars, enjoying significant discounts and promotions, which distorts their purchasing habits and reduces sensitivity to normal pricing [19]. - The prevalence of "0 yuan purchase" has created a culture of expectation for discounts, which could harm the overall pricing structure of the market in the long run [19]. Group 3: Challenges for Merchants - Merchants face significant operational challenges due to the influx of orders driven by "0 yuan purchase," leading to overwhelmed staff and increased pressure without corresponding financial benefits [14][15]. - Participation in subsidy programs often requires merchants to absorb costs, as they must align with the platforms' pricing strategies, which can lead to a dependency on discounts and reduced profit margins [15][18]. - The long-term reliance on low prices can negatively affect brand positioning and overall business sustainability for merchants [17][18].