格隆汇2月25日｜中金发表研报指，去年滴滴旗下99Food及美团Keeta先后进军巴西外卖市场，打破当地 企业iFood独大的局面，引发市场关注，预期两个品牌将采取差异化竞争策略，所掀起的价格战将推动 巴西外卖渗透率提升，目前估算巴西外卖市场规模有望从2024年的187亿美元，提升至2028年的333亿美 元，渗透率则由18.7%升至28.5%。 中金指出，99Food依托出行运力协同、低佣金与补贴、商户快速绑定实现渗透，而Keeta则凭借精细化 营运能力，复制在中国内地、中国香港及中东市场的营运经验。中金认为，平台的可持续盈利能力仍有 待观察，但相信中国互联网企业通过精细化营运经验，有望在当地市场抢占可观份额，维持美团"跑赢 行业"评级，目标价为125港元。 ...

Brazilian delivery service iFood is seeking to acquire an employee-benefits business and has eyed several firms including Ticket https://t.co/8cl3dly0aG ...

Core Insights - The article highlights the intense competition in the food delivery sector, indicating that there are no clear winners in the ongoing battle, particularly in Q3 2025, where major players like Alibaba, Meituan, and JD.com are facing significant challenges and losses [3][5][8]. Summary by Sections Food Delivery Battle - Alibaba's aggressive strategy led to a profit drop of approximately 30 billion yuan, gaining market share but lacking evidence of successful e-commerce synergy [3][8]. - Meituan experienced a decline in market share and reported an operating loss of 14.1 billion yuan, marking its first loss since Q4 2022 [3][5]. - JD.com has reduced its investment in food delivery, focusing on user experience optimization instead [3]. Financial Performance - Meituan's core local business saw a significant shift, with operating profit dropping from 14.6 billion yuan to a loss of 14.1 billion yuan due to increased user incentives and marketing expenses [7]. - Meituan's sales costs rose by 23.7%, and marketing expenses surged by 90.9%, indicating a heavy reliance on subsidies to maintain market share [7]. - Alibaba's total profit dropped by 30 billion yuan in Q3, with a substantial portion of its planned 50 billion yuan subsidy nearly exhausted [8]. Market Dynamics - The competition has led to a significant change in market dynamics, with Alibaba and Meituan nearly equal in market share, while JD.com has lost about 8% [8]. - Both platforms are now focusing on high-value orders, with Meituan holding over 70% market share for orders above 30 yuan [8]. - The article notes that the intense competition has led to a temporary decrease in subsidy levels, allowing Meituan to regain some market share [8]. New Business Ventures - Meituan's new business segment reported a 15.9% revenue increase to 28 billion yuan, despite a 24.5% rise in operating losses [15]. - The company is expanding its offline retail efforts, with new stores like Xiaoxiang Supermarket and the discount store Happy Monkey [15]. - Meituan's overseas expansion continues, with Keeta achieving profitability in Hong Kong and launching operations in Brazil [16][18]. Future Outlook - Meituan's management expresses confidence in maintaining efficiency and market share despite ongoing losses [5][13]. - The company is preparing for a winter campaign to boost various metrics, including new store openings and promotional activities [12]. - The article concludes that while the core local business faces challenges, Meituan is committed to exploring new opportunities and maintaining its operational rhythm [18].

Core Insights - Didi is leveraging its strong domestic cash flow to support high-growth overseas businesses, particularly in Brazil's food delivery market and future technology developments like Robotaxi [1] Domestic Business - The competitive landscape in Didi's domestic market has stabilized, with no signs of a renewed price war following a temporary increase in subsidies by competitors during the National Day holiday [2] - Didi aims for a domestic GTV profit margin of 3.7% by 2025, with an expected expansion of approximately 50 basis points in 2026, driven by increased electric vehicle penetration and refined consumer incentives rather than driver exploitation [2] International Business - Didi is strategically investing in Brazil's food delivery market, which is seen as a critical opportunity, leveraging its asymmetric advantages over local competitors like iFood [3][4] - The Latin American ride-hailing market, particularly in Brazil and Mexico, has matured, with some quarters achieving a 2% GTV profit margin, indicating self-sustainability [3] Robotaxi Development - Didi is transitioning from research to commercialization in the autonomous driving sector, with plans to expand its Robotaxi fleet to over 1,000 vehicles next year [3] - A new generation of Robotaxi vehicles, developed in collaboration with GAC, is set to be mass-produced and launched next month [3] Market Potential - The total addressable market (TAM) for Brazil's food delivery sector is projected to reach $20 billion by 2024 [4] - Didi's extensive motorcycle fleet provides a competitive edge over local giants, supported by a strong track record of high ROI investments in ride-hailing and fintech [4] - Didi plans to expand into more lower-tier cities in Brazil, exceeding management's initial expectations [4] Shareholder Commitment - Didi has committed to a $2 billion share buyback program, effective until March 2027, with $23.2 million worth of shares repurchased between August 25 and November 21 [3]

Core Insights - Didi's Q3 2025 financial report shows a total gross transaction value (GTV) of 115.82 billion yuan, a year-on-year increase of 14.8%, marking five consecutive quarters of GTV exceeding 100 billion yuan [2] - The total order volume reached 4.69 billion, up 13.8% year-on-year, with daily orders surpassing 50 million for the first time [2] - Net profit for the quarter was 1.46 billion yuan, reflecting a 57% year-on-year growth [2] Domestic Business Performance - Didi's domestic ride-hailing business GTV was 86.02 billion yuan, a 10.1% increase year-on-year, with order volume at 3.52 billion, up 10.7% [2] - The domestic business continues to show stable growth amidst a recovering market [10] International Business Growth - Didi's international business GTV surged 31% year-on-year to 29.8 billion yuan, with order volume increasing 24.3% to 1.16 billion [2] - The international segment has achieved healthy and sustainable growth, with adjusted EBITDA turning profitable in the first three quarters [2] - Didi's food delivery service, 99Food, has been relaunched in over 30 cities in Brazil, with plans to expand to 100 cities by mid-2026 [8] Strategic International Expansion - Didi's internationalization began in 2015, focusing on strategic investments in regional ride-hailing platforms to understand local markets [5] - The company has made significant moves in Latin America, including acquiring Brazil's largest ride-hailing company, 99, and entering multiple countries in the region [5] - Didi emphasizes a strategy of "cooperation and win-win" and "localization" in its international operations, aiming to develop alongside local markets [9] Future Growth Potential - The overseas market for ride-hailing and food delivery is still in a rapid growth phase, with significant room for penetration compared to developed markets [9] - Didi's promotion of electric vehicle fleets in Mexico positions it as a leader in sustainable transportation in Latin America [9] - The company is expected to transition from a focus on scale to profitability as its international business matures and diversifies into financial technology and other services [10]

Core Insights - Didi is re-entering the Brazilian food delivery market with its "99 Food" brand, planning to invest 2 billion reais by June 2026, which is double its initial plan [2] - The Brazilian food delivery market is experiencing rapid growth, with a market size of 139 billion reais in 2023 and an annual growth rate of 15% to 20% from 2019 to 2023 [6] - iFood dominates the market with an 80% market share, making it challenging for new entrants like Didi and Uber to gain traction [4][5] Company Strategies - Didi aims to leverage its experience from Mexico, where it has successfully integrated ride-hailing and food delivery services, to establish a foothold in Brazil [8] - The company has a significant user base in Brazil, with over 55 million users and 1.5 million registered drivers, which can be utilized for food delivery [8] - Didi's strategy includes reusing existing transportation capacity to reduce delivery costs and improve response times [8] Market Dynamics - The Brazilian food delivery market is characterized by a high concentration of power with iFood, leading to complaints from riders about low wages and long hours, creating an opportunity for new players [6][11] - iFood is responding to competition by investing 17 billion reais and integrating with Uber to enhance its service offerings [7] - The competitive landscape is shifting as Didi and Meituan introduce different operational models, making the market less monotonous [10][11] Consumer Behavior - Consumers in Brazil show a strong preference for iFood due to its extensive restaurant partnerships and established brand loyalty, making it difficult for new entrants to attract users [4][10] - Local consumers express a willingness to try new platforms if they offer unique services or better value propositions, indicating potential for market disruption [10] Regulatory Environment - The Brazilian government has introduced regulations requiring platforms to provide benefits to delivery workers, increasing operational costs for companies like Uber [5] - The evolving regulatory landscape may impact the expansion strategies of new entrants like Didi, as they navigate different local laws and labor standards [9][11]

Core Insights - The 30th United Nations Climate Change Conference (COP30) is taking place in Brazil, highlighting the reliance on transportation apps like Uber and 99 for mobility in unfamiliar environments [1] - Didi has announced a significant investment of 2 billion Brazilian Reais in the food delivery sector by June 2026, doubling its initial plan, as it aims to compete in Brazil's growing market [2] Group 1: Market Dynamics - The Brazilian food delivery market is dominated by iFood, which holds an 80% market share, making it challenging for new entrants like Uber and Didi to gain traction [4] - iFood's success is attributed to its extensive partnerships with restaurants, exclusive agreements that limit competition, and its established brand recognition among consumers [4] - The Brazilian food delivery market is experiencing rapid growth, with a market size of 139 billion Reais in 2023 and an annual growth rate of 15% to 20% from 2019 to 2023, indicating potential opportunities for new players [6] Group 2: Competitive Landscape - Didi's previous attempts to enter the Brazilian market were unsuccessful due to iFood's dominance and regulatory challenges, leading to the suspension of its food delivery service in 2023 [5] - iFood is responding to competitive pressures by investing 17 billion Reais by March 2026 and exploring partnerships with Uber to enhance its service offerings [7] - Didi's strategy for re-entering the market is informed by its experience in Mexico, where it successfully integrated ride-hailing and food delivery services, and it aims to leverage its existing user base and delivery network in Brazil [8] Group 3: Challenges and Opportunities - Despite Didi's improved capabilities, the entrenched position of iFood presents significant challenges, as consumer loyalty and restaurant partnerships are difficult to disrupt [9] - Local consumers express a strong preference for iFood's comprehensive offerings, indicating that new entrants must provide unique value propositions to attract and retain users [10] - The evolving competitive landscape in Brazil's food delivery market is prompting stakeholders, including restaurants and riders, to reassess their positions and seek better profit-sharing arrangements [11]

Core Insights - The entry of Chinese companies like Meituan's Keeta and Didi's 99Food into Brazil's food delivery market has intensified competition, prompting local players to increase investments and adopt aggressive strategies [1][9][13] - iFood, the dominant local player, holds an 80% market share but faces challenges such as high commission rates and customer service issues, creating opportunities for new entrants [4][7][8] Group 1: Market Dynamics - Meituan's Keeta launched operations in Brazil on October 30, starting in Santos and São Vicente, with over 700 restaurant brands registered [1] - Didi's 99Food resumed services in Rio de Janeiro on October 14, indicating a resurgence of competition in the market [1] - iFood has increased its annual investment from 13.6 billion Brazilian Reais to 17 billion, a 25% increase, to fend off competition [13] Group 2: Competitive Landscape - iFood has established a strong market presence since its inception in 2011, leveraging a flywheel effect that attracts users and merchants [2][4] - The company has faced antitrust challenges but managed to secure a dominant position, forcing competitors like Uber Eats and 99Food to exit the market [4][8] - Rappi has also introduced a "three years zero commission" policy to retain customers and merchants [1][13] Group 3: Market Potential - Brazil's food delivery market is projected to reach $20.086 billion in 2023, with a penetration rate exceeding 20% [7] - The country has a large population of 210 million and a high digital adoption rate, with 86.2% of the population expected to be internet users by early 2025 [6][7] - The local payment system Pix is gaining traction, expected to account for 40% of online payments by 2026 [6] Group 4: Strategies of New Entrants - Both Meituan and Didi are employing aggressive strategies, including zero commission policies and high rider compensation, to capture market share [9][10] - Legal disputes between Keeta and 99Food highlight the competitive tensions, with Keeta winning a court ruling against 99Food's exclusivity clauses [11][12] - The competition is evolving into a battle of capital, technology, and localized operations, with both new and existing players seeking to address market gaps [18]

Core Viewpoint - Rappi has formally joined the lawsuit against 99Food, accusing it of imposing exclusivity clauses in contracts with restaurants, which restricts competition in Brazil's food delivery market [1][25]. Group 1: Market Dynamics - The Brazilian food delivery market is currently dominated by iFood, which holds over 80% market share, effectively creating a monopoly [10][15]. - The market size of Brazil's food delivery sector is approximately $12 billion, with an expected annual growth rate of 20%, potentially making it the fourth largest food delivery market globally [8]. - Didi's 99Food has been accused of signing exclusivity agreements with restaurants, limiting their ability to partner with competitors like Meituan's Keeta, which has not yet launched in Brazil [2][6][29]. Group 2: Competitive Landscape - Didi's strategy involves categorizing competitors into tiers, with iFood being the most dominant, followed by Rappi, and then Meituan's Keeta, which is still in the pilot phase [3][4][5]. - Rappi's market share is currently in the single digits, making it less impactful in negotiations with restaurants compared to iFood [27]. - Didi's renewed focus on 99Food indicates a strategic shift, as the company aims to capitalize on the regulatory environment that limits iFood's monopolistic practices [18][21]. Group 3: Regulatory Environment - Brazil's antitrust agency, CADE, has imposed certain restrictions on iFood regarding exclusivity agreements, but these do not completely eliminate such practices [20]. - The legal actions taken by Rappi and Keeta against 99Food highlight the ongoing competitive tensions and regulatory challenges in the Brazilian market [19][29]. - Didi's approach to exclusivity agreements reflects a broader trend of leveraging financial investments to secure market position, similar to strategies employed by Meituan in other regions [23][28].

Core Insights - Didi's subsidiary 99 announced a significant investment of 2 billion Brazilian Reais (approximately 2.6 billion RMB) in its food delivery platform 99Food in Brazil, aiming for full implementation by June 2026, following the company's re-entry into the Brazilian market in April [1] - Meituan is also entering the Brazilian food delivery market with its service Keeta, planning to invest 1 billion USD (approximately 7.1 billion RMB) over the next five years [1] - The competition between Didi and Meituan in Brazil's food delivery market has intensified, with both companies engaging in legal disputes over competitive practices [2][3] Company Strategies - Didi's 99Food has relaunched its services in Brazil, starting in the city of Goiânia, and has expanded to São Paulo, signing over 20,000 restaurants [4][6] - Meituan's Keeta is in the trial phase and is expected to officially launch in October or November, with ongoing preparations to establish a logistics network and customer service centers [2][7] - Both companies are leveraging their respective strengths from the Chinese market to attract users and optimize operations in Brazil [6][7] Market Dynamics - The Brazilian food delivery market is highly concentrated, with iFood holding approximately 87% market share, while Didi and Meituan are attempting to capture a portion of this market [4][5] - iFood has established a strong competitive position through exclusive agreements with over 500,000 merchants and plans to invest 17 billion Brazilian Reais by 2026 to enhance its platform [5] - The Brazilian food delivery market is projected to grow from 1.29 billion USD in 2024 to 4.53 billion USD by 2033, with a compound annual growth rate of 15% [6]