美股IPO·2025-08-26 03:30Core Viewpoint - The competitive landscape in the food delivery industry is shifting, with Meituan's market share being eroded by Ele.me, while JD.com is prioritizing return on investment over aggressive subsidies [2][4][18]. Group 1: Market Share Dynamics - Meituan's market share has decreased from 85% before competition to 65% currently, while Ele.me's share has surged from approximately 11% to 28% [2][4]. - JD.com's market share has dropped from 13% in the second quarter to 7% [2][4]. - The overall market is experiencing rapid growth, with total order volume growth accelerating from 7% in Q1 to 39% in August [2][10]. Group 2: Competitive Strategies - Ele.me is gaining momentum in order volume and merchant recruitment, leveraging its cash position to offer competitive discounts [14][15]. - JD.com is focusing on optimizing promotional efficiency and prioritizing investment returns in response to competitive pressures [17]. - Meituan's unique merchant advantage is showing signs of weakening as more merchants operate on multiple platforms [7][10]. Group 3: User Engagement and Growth - JD.com has seen the most significant year-on-year growth in weekly active users at 31%, compared to Alibaba's 16% and Meituan's 7% [11][13]. - The increase in user engagement may be partly due to consumers comparing prices across different apps, raising questions about the conversion to effective GMV [13]. Group 4: Future Outlook - UBS expresses a more favorable outlook for Alibaba in the short term, citing a 15% discount from its peak price and significant long-term value [18]. - JD.com is viewed as having a low valuation with a projected P/E ratio of 7 times by 2025, but the market is awaiting stable profit signals [18]. - Meituan is expected to maintain its long-term leadership due to its competitive moat and execution capabilities, but there is caution regarding its high market expectations and premium valuations [18][19].