线上线下价格依旧失衡！外卖平台高额补贴疑“假性”退场，监管穿透力亟待提升

Core Viewpoint - The major food delivery platforms in China, including Meituan, Ele.me, and JD, have announced a cessation of "involutionary" competition and high subsidies to maintain a healthy industry ecosystem, although some platforms continue to offer significant discounts [1][4]. Group 1: Impact of Subsidies on the Industry - Despite the announcement to stop high subsidies, some platforms are still providing extreme discounts, such as "19 off 18," leading to prices as low as 2-3 yuan for drinks and 8 yuan for meals, which is damaging the long-term health of the food delivery and restaurant industry [2][4]. - The high fixed costs and low demand elasticity in the restaurant industry mean that excessive subsidies force merchants into a dilemma: not participating leads to loss of traffic, while participation compresses margins to critical levels, often resulting in compromised food quality [2][4]. Group 2: Price Discrepancies - There remains a significant imbalance between online and offline prices, with meals priced at over 20 yuan in-store being available for 7-8 yuan online, and drinks priced at over 10 yuan available for 4-5 yuan [4][5]. Group 3: Cost Burden on Merchants - Merchants are bearing a disproportionate share of the subsidy costs, with examples showing that for a drink priced at 21 yuan, the merchant receives only 4.8 yuan after covering delivery fees and platform subsidies, indicating that merchants often subsidize more than the platforms [7][8]. - Smaller merchants face challenges in negotiating with platforms, often resulting in them shouldering more costs compared to larger chain brands [8]. Group 4: Regulatory Concerns - The ongoing subsidy wars have led to consumer misconceptions about pricing, with many believing that ultra-low prices are normal, which is unsustainable for merchants and could lead to a decline in quality or business closures [10]. - Regulatory measures are needed to address the opaque nature of subsidy costs and the algorithms used by platforms, including establishing a subsidy tracing mechanism and enforcing algorithm transparency [9][11].