21世纪经济报道·2025-08-30 10:19Core Viewpoint - The intense competition among major food delivery platforms (JD.com, Meituan, and Alibaba) has led to significant profit declines, with a total estimated loss exceeding 20 billion yuan in the second quarter of 2025 due to aggressive subsidies and marketing strategies [1][3]. Group 1: Financial Performance - JD.com reported a net profit decline of 50.8% in Q2 2025, with a profit of 6.2 billion yuan [3][5]. - Meituan's adjusted net profit fell by 89% to 1.49 billion yuan, resulting in a loss of approximately 12.1 billion yuan compared to the previous year [3][9]. - Alibaba's net profit decreased by 18% to 33.51 billion yuan, but the impact from its food delivery business was less pronounced due to the late launch of significant subsidies [3][5]. Group 2: User Engagement and Marketing Expenses - Despite profit declines, all three platforms achieved record high monthly active users, with JD.com seeing over 40% growth in active users and shopping frequency [3][4]. - Meituan's monthly active users surpassed 500 million, with annual transaction frequency reaching a historical high [3][4]. - Marketing expenses surged significantly, with JD.com spending 27 billion yuan (up 127.6%), Meituan 22.5 billion yuan (up 51.8%), and Alibaba's sales and marketing expenses increasing by 21.3% [3][4]. Group 3: Strategic Responses - JD.com emphasized healthy growth in its food delivery business, achieving strategic goals through effective collaboration with its retail operations [5][6]. - Meituan's CEO highlighted the company's commitment to maintaining its market position through cash subsidies and innovative models to support merchants [5][6]. - Alibaba focused on investing in instant retail, achieving significant user engagement and order volume growth, particularly through its Taobao Flash Sale initiative [5][6]. Group 4: Market Reactions - Following the financial reports, JD.com and Meituan's stock prices fell, while Alibaba's stock rose by 12.9% due to its less impacted food delivery business and strong growth in AI-related products [6][7].