财富FORTUNE·2025-09-01 13:06Core Insights - The article discusses the unprecedented competition in China's food delivery market among Meituan, Alibaba (Ele.me), and JD.com, leading to a significant reshaping of the market landscape and varying financial impacts on the companies involved [2][3]. Market Dynamics - The market share has shifted from "741" (Meituan 74%, Ele.me 13%, others 7%) to "631" (Meituan 65%, Ele.me 28%, JD.com 7%) [2]. - The overlapping user base among the three companies reached 388 million, a year-on-year increase of 22.8%, indicating a trend towards multi-platform usage [2]. Financial Performance - Meituan's Q2 2025 revenue was approximately 91.84 billion yuan, a year-on-year increase of 11.7%, but its adjusted net profit fell by 89% to about 1.493 billion yuan, with a significant drop in operating profit margin from 25.1% to 5.7% [2]. - Alibaba reported Q2 revenue of 247.6 billion yuan, a 2% year-on-year increase, but its Non-GAAP net profit decreased by 18% due to substantial investments in the food delivery sector [3]. - JD.com experienced a nearly halved net profit despite exceeding 350 billion yuan in total revenue for Q2, with a 35% increase in cross-selling from new users acquired through food delivery [4]. Strategic Moves - Alibaba's launch of "Taobao Flash Purchase" has rapidly increased its user base and order volume, with monthly active users surpassing 300 million and peak daily orders reaching 12 million [3]. - Meituan announced a support plan for small and medium-sized merchants, indicating an increase in operational costs and continued pressure on short-term performance [2]. Investment and Future Outlook - Alibaba's capital expenditure on cloud computing and AI reached 38.6 billion yuan in Q2, a 220% year-on-year increase, with significant returns seen in cloud revenue growth [5]. - The competition is expected to evolve towards service differentiation and operational efficiency, with all three companies committing to avoid malicious competition and regulate promotional behaviors [6]. Market Reactions - Following Alibaba's earnings report, its stock surged by 13%, while JD.com and Meituan saw declines of approximately 10% and 32% respectively, indicating investor confidence in Alibaba's strategic direction [5].