MEITUAN(HK:03690) 第一财经·2025-08-18 16:23Core Viewpoint - The article discusses the increasing consumer sensitivity to delivery times and service quality in the food delivery industry, particularly as the "subsidy war" cools down, leading to a focus on service competition among platforms [2][3]. Group 1: Delivery Challenges - There has been a significant increase in the number of delivery riders, with Ele.me reporting a 181% growth in active riders and a 236% increase in crowd-sourced riders as of July [3]. - Despite the increase in rider numbers, the distribution of riders may vary by region and time, complicating the ability to meet delivery demands during peak hours [4]. - The delivery efficiency is also affected by system issues, such as discrepancies between estimated delivery times seen by merchants and those displayed on rider apps, which can delay food preparation and delivery [4]. Group 2: Competitive Landscape - The competition among food delivery platforms is shifting from acquiring new users to maximizing the value of existing users, focusing on user loyalty and market share [6]. - Platforms are now competing to achieve faster delivery times, with Meituan introducing a "15-minute delivery" initiative, although there are reports of delays in actual delivery times [5][6]. - The competition is also extending to local service providers, moving beyond saturated online merchants to include a broader range of offline businesses [6]. Group 3: Future Outlook - The future of the food delivery industry will likely see an increased emphasis on delivery speed and fulfillment capabilities as platforms strive to enhance their service offerings [5][6]. - The ability to maintain and improve delivery systems and rider incentives will be crucial for platforms as they navigate the post-subsidy landscape [3][4].