新浪财经·2025-08-30 06:34Core Viewpoint - The fierce competition among Alibaba, JD, and Meituan in the food delivery market has led to significant financial losses for all three companies, with no clear winner emerging from this costly battle [2][5][24]. Financial Performance - JD's revenue for Q2 2025 reached 356.7 billion RMB, a year-on-year increase of 22.4%, but its net profit plummeted by 50.8% to 6.2 billion RMB [6][9]. - Meituan reported Q2 revenue of 91.84 billion RMB, up 11.7% year-on-year, but its adjusted net profit fell by 89% to 1.49 billion RMB [9][11]. - Alibaba's total revenue for Q2 2025 was 247.65 billion RMB, a mere 2% increase year-on-year, with a core operating profit decline of 3% [13][24]. Marketing Expenditure - JD's marketing expenses surged to 27 billion RMB in Q2, a staggering increase of 127.6% year-on-year [4][20]. - Meituan's marketing costs rose to 22.5 billion RMB, reflecting a 51.8% increase compared to the previous year [4][20]. - Alibaba's marketing expenditure reached 53.18 billion RMB, up 62.6% year-on-year, indicating a total marketing spend exceeding 100 billion RMB across the three companies for the quarter [4][21]. Strategic Insights - The competition is characterized by high cash burn rates, with the three companies collectively spending over 43 billion RMB more on marketing compared to the previous year [4][21]. - JD's new business segment, which includes food delivery, saw revenue increase from 4.6 billion RMB to 13.9 billion RMB, but operating losses ballooned from 700 million RMB to 14.8 billion RMB [15][17]. - Meituan's core local business operating profit dropped from 15.2 billion RMB to 3.7 billion RMB, a decline of 75.6% year-on-year [11][17]. Market Position and Future Outlook - Despite the financial strain, all three companies reported increases in user engagement and order volumes, indicating some success in capturing market share [24][25]. - The competition is expected to continue, with industry leaders emphasizing the need for sustainable practices rather than excessive cash burn [25][26]. - Analysts suggest that the future of this competition will hinge on the ability to convert short-term subsidies into long-term customer loyalty and ecosystem stability [26].