MEITUAN(HK:03690) 经济观察报·2025-11-29 04:12Core Viewpoint - The company emphasizes its commitment to protecting rider rights and supporting small merchants, aiming for long-term healthy industry development while opposing unsustainable price competition in the food delivery sector [2][3]. Group 1: Market Competition and Strategy - The company firmly opposes the "involution" of low-quality, low-price competition in the food delivery market, asserting that such price wars have not created value and are unsustainable [2][3]. - The company plans to increase investments in rider rights protection and support for small merchants as a pathway to maintain industry health [3]. - The company is confident in defending its market position in instant retail and creating genuine long-term value [2][3]. Group 2: Financial Performance and Market Position - In October and November, industry subsidy levels decreased compared to the summer peak, particularly after the "Double 11" shopping festival, prompting the company to adjust its strategies accordingly [4]. - The company has seen a steady recovery in its market share for food delivery orders, leading in the mid-to-high price order segment, with over 66% of orders exceeding 15 yuan and over 70% of orders exceeding 30 yuan [4]. - The company's average transaction value in food delivery remains significantly higher than that of competitors, with core user retention rates remaining high, indicating strong consumer loyalty and frequency of use [5]. Group 3: Long-term Outlook and Industry Trends - The company anticipates ongoing changes in the competitive environment, with a shift from capital-driven growth to efficiency and innovation-driven development in the food delivery sector [7]. - The company believes that the irrational competition in the food delivery industry will transition to a more rational and mature phase, where platforms with strong operational efficiency and industry experience will lead [7]. - The long-term growth potential of food delivery is clear, with a target of achieving one billion daily orders, and the company is confident in maintaining its operational efficiency advantage [7].