晚点LatePost·2025-07-16 11:52Core Viewpoint - The article discusses the intense competition in the food delivery market in China, highlighting the significant financial investments made by major players like Alibaba and JD.com, and the resulting impact on Meituan's operations and strategies [4][10][40]. Group 1: Market Competition - The competition has escalated from a subsidy war to what is described as the largest subsidy battle in Chinese internet history, with JD.com and Alibaba announcing a combined investment of 80 billion [4][10]. - Meituan's daily order volume reached historical highs, with reports of 1.2 billion and 1.5 billion orders in recent weeks [4][11]. - The CEO of Meituan, Wang Puzhong, emphasizes that the food delivery industry is characterized by thin margins and that the current competition is irrational and harmful to the industry [7][10]. Group 2: Company Strategy - Wang Puzhong notes that Meituan is forced to respond to aggressive competition, stating that not retaliating would label the company as a loser [10][34]. - The company has managed to achieve high order volumes with lower resource expenditure compared to competitors [11][12]. - Meituan's strategy includes leveraging its system capabilities to maintain order volume while ensuring a balance between cost and user experience [50][67]. Group 3: Industry Insights - The article highlights that the current surge in order volume is largely driven by a bubble, with many orders being of low value and unsustainable [14][30]. - Wang Puzhong argues that the competition is creating a distorted pricing environment, which is not sustainable in the long run [30][42]. - The CEO expresses concern that the ongoing subsidy wars are damaging the established pricing perceptions in the restaurant industry, which may not recover once subsidies cease [42][46]. Group 4: Financial Performance - Meituan's operational profit margin is reported to be around 3%, which is considered one of the most successful in the global context of food delivery [51][66]. - The company aims to maintain a balance between scale and profitability, focusing on increasing the average revenue per user (ARPU) rather than merely expanding the user base [46][66]. - Wang Puzhong emphasizes that the food delivery business is inherently challenging to profit from, with many competitors failing to achieve profitability [51][72].