雷峰网·2025-11-24 10:57Core Viewpoint - The fierce competition in the food delivery and instant retail sectors has led to significant financial losses for major players like Alibaba and JD.com, raising questions about the sustainability of their business models and strategies [2][5][6]. Group 1: Financial Performance and Losses - JD.com's new business segment reported a loss of 157 billion yuan in Q3, with daily losses in the food delivery sector reaching approximately 1.5 to 1.6 billion yuan [6][8]. - Alibaba's flash purchase segment is expected to incur losses of 350 to 400 billion yuan in Q3, contributing to an overall loss of around 450 billion yuan for the quarter [8][9]. - Analysts predict that Alibaba's overall EBITA will decline by 80% year-on-year, with significant losses in its instant retail segment [9][10]. Group 2: Market Dynamics and Competition - The competition has intensified, with Alibaba's GMV growth lagging behind that of Pinduoduo and Douyin, indicating a lack of synergy in its e-commerce operations [4][6]. - The market share for JD.com's instant retail has dropped from 11% to 8% within a quarter, highlighting the challenges it faces in maintaining its position [7][8]. - The food delivery market has seen a shift in dynamics, with Alibaba's aggressive subsidy strategy narrowing the market share gap with Meituan, although concerns remain about the sustainability of this approach [11][21]. Group 3: Strategic Implications - Alibaba's long-term goal is to generate an additional 1 trillion yuan in annual transactions through instant retail, but the effectiveness of its subsidy strategy remains uncertain as user engagement metrics show signs of slowing [15][23]. - The competition is expected to continue, with both Alibaba and Meituan focusing on high-value customers as the key battleground for profitability [22][24]. - Analysts suggest that the future of the food delivery war will depend on the ability of these companies to optimize their cost structures and improve operational efficiencies [19][26].