外卖战场：什么变了，什么没变

Core Viewpoint - The article discusses the prolonged profit recovery period for food delivery platforms after incurring losses exceeding 100 billion yuan, highlighting the competitive landscape changes and strategic adjustments by major players like Meituan and Taobao Flash Buy [1][4]. Group 1: Market Dynamics - Meituan and Taobao Flash Buy currently hold a market share ratio of 55:45 in order volume, with their overall GMV market share at 6:4 [2]. - Meituan aims to maintain a 70% market share among high-value customers, focusing on orders above 15 yuan and 30 yuan, where it holds over two-thirds and 70% market shares respectively [3]. - The competitive landscape has shifted significantly, with Meituan losing 15% to 20% of its market share over the past two quarters, now retaining around 55% [13]. Group 2: Financial Performance - In Q3, the losses for Taobao Flash Buy, Meituan, and JD's food delivery services exceeded 100 billion yuan, with Taobao Flash Buy alone accounting for over 500 billion yuan in losses [4][5]. - Meituan reported an adjusted EBITA loss of 148 billion yuan in Q3, a significant increase from the previous year, while its food delivery business alone incurred losses of approximately 180 to 190 billion yuan [5][6]. - Taobao Flash Buy's average unit economics (UE) loss is projected to be around 4 yuan in Q4, while Meituan's UE loss is estimated between 1.6 to 2 yuan [8][9]. Group 3: Strategic Adjustments - Taobao Flash Buy has unified its branding and is focusing on stabilizing market share while optimizing losses, indicating a long-term investment strategy [3]. - Meituan has paused its B2C e-commerce business to concentrate on its food delivery and retail strategies, including a partnership with celebrity Jay Chou to enhance its delivery service image [3][11]. - Both platforms are expected to enter a phase of gradual loss reduction, with projections indicating that the recovery of profitability may take until 2027 [19][20]. Group 4: Operational Efficiency - The delivery capabilities of both platforms have improved, with Taobao Flash Buy's logistics costs decreasing by 0.5 yuan compared to pre-competition levels, narrowing the gap with Meituan [22]. - Meituan's average order value (AOV) is currently 1.5 times that of its competitors, which is crucial for maintaining a competitive edge in subsidy efficiency [22]. - The operational strategies of both companies are evolving, with Meituan focusing on high-quality orders and Taobao Flash Buy adjusting its key performance indicators (KPIs) to balance growth and operational efficiency [15][16].