深度｜平台外卖大战，“战况”几何？财报透露了这些信息量

Core Viewpoint - The intense subsidy war among major food delivery platforms, including JD.com, Meituan, and Alibaba, has led to significant profit declines in the second quarter of 2025, revealing the adverse effects of irrational competition in the market [2][4]. Group 1: Financial Performance - JD.com reported a revenue of RMB 356.7 billion for Q2 2025, a 22.4% increase from Q2 2024, but its net profit fell by 50.8% to RMB 6.2 billion [6][7]. - Meituan's revenue grew by 11.7% to RMB 91.8 billion in Q2 2025, yet its adjusted net profit plummeted by 89% to RMB 1.49 billion [9][10]. - Alibaba's revenue for Q2 2025 was RMB 247.65 billion, a 2% year-on-year increase, with a non-GAAP net profit of RMB 33.51 billion, down 18% from the previous year [12][13]. Group 2: Marketing and Sales Expenses - JD.com increased its marketing expenses by 127.6% to RMB 27 billion, accounting for 7.6% of its revenue in Q2 2025 [15]. - Meituan's sales and marketing expenses rose by 51.8% to RMB 22.5 billion, representing 24.5% of its revenue [17]. - Alibaba's sales and marketing expenses as a percentage of revenue increased from 13.3% to 21.3%, driven by investments in user acquisition and experience [18]. Group 3: Market Reactions - Following the disappointing financial results, stock prices for JD.com, Meituan, and Alibaba fell significantly on August 28, 2025, with Meituan dropping by 12.55%, JD.com by over 5%, and Alibaba by over 4% [3][22][23]. - The overall market sentiment was negative, contrasting with the Hang Seng Tech Index, which had risen over 5% since April [26]. Group 4: Strategic Responses - JD.com claimed to have achieved its initial strategic goals in the food delivery sector, focusing on order growth and effective collaboration with existing businesses [19]. - Meituan noted that its marketing activities accelerated new user conversions and increased user engagement through membership programs [20]. - Alibaba highlighted that its new service, Taobao Flash Sale, contributed to a 25% year-on-year increase in monthly active users for the Taobao app [21].