财联社·2025-11-29 14:45Core Viewpoint - The intense competition in the food delivery sector has significantly impacted the profits of major platforms like Meituan, Alibaba, and JD.com, leading to a shift towards refined operations in the ongoing battle for market share [1][2][5]. Financial Performance - In Q3, Meituan's core local business segment reported a loss of 14.1 billion yuan, down from a profit of 14.6 billion yuan in the same period last year, with a profit margin decline from 21% to -20.9% [2]. - Alibaba's e-commerce group adjusted EBITA was 10.497 billion yuan, a decrease of 33.83 billion yuan year-on-year [2]. - JD.com reported a loss of 15.736 billion yuan in new business operations, an increase in losses by 15.121 billion yuan compared to the previous year [2]. Market Dynamics - The three major platforms collectively saw a reduction of over 77 billion yuan in operating profits from food delivery and related businesses compared to last year [3]. - Meituan's shift from profit to loss in its core local business is attributed to declining gross margins and increased spending on user incentives and advertising to maintain market position amid fierce competition [3]. - Both Meituan and Alibaba's management emphasized that the price war is unsustainable and does not create real value for the industry [3][4]. Strategic Shifts - The food delivery battle is expected to evolve into a long-term engagement, with intensified competition between Alibaba and Meituan, impacting JD.com, Douyin, and Pinduoduo significantly [5]. - Meituan is focusing on enhancing cooperation with brand merchants and expanding its "brand officer flag lightning warehouse" for 24-hour delivery services [6]. - JD.com is witnessing an increasing conversion rate of new users from food delivery to other services, with nearly 50% of early food delivery users transitioning to other business areas [6]. Future Outlook - The future competition among food delivery platforms will shift towards refined operations, focusing on unit economic efficiency and multi-business collaboration [7]. - Instant retail is set to become the main battleground, with platforms like Meituan and Alibaba enhancing their operational efficiencies and expanding their service offerings [7]. - A recent report from JPMorgan highlights that platforms may shift subsidies towards higher-ticket lunch and late-night orders, which could improve profitability per order [7].