Core Viewpoint - The recent "takeout war" among major platforms like Meituan, Taobao Flash Sale, and JD has intensified, with aggressive promotions and discounts attracting significant consumer attention and engagement [1][2]. Group 1: Promotions and Offers - Taobao Flash Sale launched a promotion of "18.8 off 18.8" while Meituan responded with a "0 yuan milk tea" offer, and JD announced a nightly deal of 10,000 portions of small lobsters at a fixed price of 16.18 yuan [1][11]. - Taobao Flash Sale reported over 800 million daily orders and more than 130 million non-food orders, with daily active users exceeding 200 million [2]. Group 2: Impact on Delivery Riders - The surge in orders has significantly benefited delivery riders, with reports of some earning over 1,000 yuan in a single day due to high platform subsidies and increased order volumes [15]. - A delivery rider noted that on July 5, the platform's subsidies increased delivery fees, allowing them to earn up to 1,700 yuan in one day, which is substantially higher than their usual earnings [15]. Group 3: Consumer Engagement - The promotions have led to a spike in consumer engagement, with "free milk tea" trending on social media and users expressing excitement over the deals [1][11]. - The overwhelming demand even caused temporary service disruptions on the Meituan app due to record-high order volumes [15].

7月5日，阿里、美团两大平台分别放出了大量且大额的外卖红包券，新一轮"外卖大战"上演，也被网友称为"薅羊毛日"。 有的用户表示收到了"满25减21""满16减16"等多张优惠券。这些优惠券使得部分饮品和食品的外卖价格接近"0元购"。随着优惠券的持续发放，不断有消费 者涌入美团和淘宝闪购下单，导致美团一度出现宕机，甚至冲上微博热搜榜。 对此，美团外卖官方表示，7月5日下午6点前后，因用户下单量突破历史峰值，触发了服务器限流保护，美团App小范围地区用户出现了短时服务异常，现 已全面恢复，大家可以正常下单。期间部分受影响用户的优惠券，可延续至次日继续使用。 此外，针对部分受系统影响短暂出现接单异常的商家，美团将进行回溯，确保商家评分及后续排名等不受影响。 美团内网公布的信息显示，当晚20时45分，美团即时零售日订单突破1亿单，截至22时54分，美团即时零售当日订单破1.2亿单。 据报道，美团此次大规模补贴或源于阿里的补贴计划。7月2日，淘宝闪购宣布启动规模500亿元的补贴计划，补贴方式涉及红包雨、免单卡、商品直降等， 为期12个月。 有消息透露，7月5日是淘宝闪购的"冲单日"，其目标是峰值订单超过美团，预计达到9 ...

Core Viewpoint - The summer season has seen unprecedented promotional activities from food delivery platforms, leading to record-high order volumes and significant market competition driven by aggressive subsidies [1][2]. Group 1: Promotional Activities and Market Impact - Major platforms like Meituan and Taobao Flash Sale launched substantial discounts, resulting in Meituan achieving a record of 1.2 billion orders in a single day and Taobao Flash Sale surpassing 80 million orders [1]. - The promotional activities have led to a surge in consumer demand, with some restaurants reporting that they sold half a year's inventory in a single day [1]. - The ongoing subsidy war, initiated by JD.com with a commitment of over 10 billion yuan, has prompted other platforms to follow suit, increasing the competitive pressure in the market [1]. Group 2: Concerns and Long-term Implications - Industry experts express concerns that while the subsidies boost short-term order volumes, they may not be sustainable in the long run, potentially leading to a significant drop in orders once subsidies are removed [2]. - The intense competition characterized by "involution" may distort pricing mechanisms and lead to a decline in service quality, as platforms rely heavily on low prices to attract users [2]. Group 3: Regulatory Response and Future Directions - Regulatory authorities have intervened to address the negative impacts of the subsidy war, urging platforms to adhere to social responsibilities and maintain fair competition [3]. - The emphasis is on transitioning from a focus on "traffic dividends" to "quality dividends," encouraging businesses to innovate in products and services rather than relying solely on capital-driven strategies [3]. - Platforms are advised to adopt differentiated business strategies to avoid price wars and ensure long-term sustainability in the market [3].

Core Viewpoint - The recent intense competition in the food delivery market, particularly among tea beverage brands, has led to unprecedented order volumes and promotional activities, but the actual revenue for merchants may not reflect this surge due to high discounting and operational challenges [1][5][9]. Group 1: Market Dynamics - A significant promotional event occurred on July 5, with platforms like Taobao and Meituan offering substantial discounts, leading to a spike in tea beverage orders across the country [1][5]. - Taobao's subsidy plan, amounting to 500 billion yuan, resulted in a 170% increase in orders for restaurant chains and a 140% increase for small businesses on the first day [5][8]. - Meituan reported over 1.2 billion daily orders, with restaurant orders exceeding 1 billion, surpassing previous records [8]. Group 2: Merchant Experience - Many merchants reported overwhelming order volumes, with some stores selling out their entire stock in a single day, indicating a significant increase in demand [3][11]. - Despite the high order volumes, many merchants expressed concerns about profitability, with some reporting losses on individual orders due to the high level of discounts [9][12]. - Merchants noted that the actual revenue from these high volumes was often lower than expected, with some stating they earned only about 35% of the total order value after accounting for discounts and platform fees [12][19]. Group 3: Operational Challenges - The surge in orders has led to extreme pressure on staff, with reports of employees working non-stop and facing difficulties in maintaining service quality [16][19]. - Quality control issues have arisen, with frequent mistakes in order preparation and delivery, negatively impacting customer satisfaction [19]. - The rapid increase in order volume has also strained logistics, leading to delays and mishandling of products, further affecting brand reputation [19][20]. Group 4: Long-term Implications - The ongoing subsidy wars may lead to a market consolidation, with major brands potentially capturing up to 80% of market share, leaving smaller players at a disadvantage [20]. - There is a risk that consumer expectations regarding pricing will shift, making it difficult for brands to revert to standard pricing once subsidies are reduced [20]. - The unpredictability of platform subsidies creates challenges for businesses in planning and managing their operations effectively [20].

Core Viewpoint - The recent massive subsidy war between Alibaba's Taobao and Meituan has led to a significant increase in order volumes, with Meituan experiencing server overload due to unprecedented demand [2][4]. Group 1: Market Dynamics - On July 5, Meituan's daily orders exceeded 1.2 billion, with over 1 billion being food orders, indicating a surge in user engagement due to the subsidy campaigns [2]. - Taobao's flash purchase platform initiated a subsidy plan worth 500 billion yuan, resulting in a 170% and 140% increase in orders for restaurant chains and small businesses, respectively [2][4]. - The competition is expected to extend into the instant retail sector, benefiting third-party delivery platforms amid oversaturation of orders [4][6]. Group 2: Impact on Specific Sectors - The coffee and tea beverage sector is anticipated to benefit significantly from the ongoing subsidy war, with brands like Luckin Coffee and others expected to see strong same-store sales growth [4]. - The tea beverage industry, particularly brands such as Cha Bai Dao and Gu Ming, has already seen stock prices rise significantly, with some stocks increasing by over 15% [4]. Group 3: Financial Implications - Goldman Sachs predicts that the current price war will reshape the industry landscape, with total investments by the major players reaching 250 billion yuan in a single quarter [6]. - The competition is expected to last longer than previous price wars, with a potential peak in investment by September 2025, followed by a possible turning point in the second half of 2025 [6]. Group 4: Company Strategies - Meituan's CEO has indicated a commitment to increasing subsidy investments despite the potential for reduced profit margins in the core local business segment [5]. - All major players are vying for a position as a "daily application" in consumers' lives, leveraging high-frequency delivery services to cross-sell other services [6].

Core Viewpoint - The intense competition between Alibaba and Meituan in the food delivery sector has escalated into a significant subsidy war, driven by Alibaba's large-scale subsidy plan aimed at increasing order volume and market share [1][2]. Group 1: Background of the Battle - The subsidy war was triggered by Alibaba's announcement on July 2 of a 50 billion yuan subsidy plan to attract consumers and merchants through substantial discounts and commission reductions [1]. - Alibaba set July 5 as "Order Surge Day," aiming for peak order volumes between 90 million and 100 million within 2-3 months to match Meituan's order levels [1]. Group 2: Strategies Employed - Alibaba issued a series of high-value, no-threshold discount coupons such as "25 off 21" to draw in consumers [1]. - In response, Meituan quickly launched its own set of attractive coupons, including "25 off 20" and "16 off 16," with some offers allowing for "zero-cost purchases" to maintain its market leadership [1]. Group 3: Battle Outcomes - The influx of users taking advantage of the discounts led to Meituan's app experiencing server overload, resulting in temporary service disruptions and coupon issues [2]. - As of July 5, Meituan reported over 120 million orders for the day, with more than 100 million being food delivery orders, indicating a significant increase in order volume due to the competition [2]. Group 4: Nature and Impact of the Battle - The price war fundamentally aims to capture high-frequency traffic and convert food delivery users into customers for higher-margin businesses like e-commerce and travel [3]. - While platforms may face short-term losses, there is potential for achieving moderate profitability or breakeven in the long run as competition stabilizes [3]. - Consumers benefit from lower prices, but the ongoing price competition will increase resource and profit pressures among platforms, potentially shifting future competition from "subsidy battles" to "ecosystem collaboration" [3].

Core Insights - The ongoing food delivery subsidy war is approaching a critical point, with expectations that it will shift back to competition based on supply and delivery capabilities [1] Industry Changes - The food delivery industry has seen a significant increase in daily order volume, reaching a peak of 140 million orders per day, primarily driven by subsidies in the beverage sector, particularly tea drinks, which accounted for 50% of orders at peak times [2][4] - Meituan maintains a stable market share in the food delivery sector, with its Gross Merchandise Volume (GMV) holding steady at around 70%, supported by a peak order volume of 90 million and a customer price that is 2-3 times higher than competitors [2][10] Future Outlook - The current subsidy-driven growth in beverage orders is expected to decline after the 618 shopping festival, leading platforms to refocus on essential daily needs and requiring improvements in supply richness, delivery efficiency, and cost management [3][16] - Analysts predict that after the subsidy phase ends, the retention of the additional 40 million daily orders generated will need to be evaluated over a longer period [9][20] Competitive Landscape - The competitive landscape remains relatively stable, with Meituan, Taobao, and JD.com holding market shares of approximately 70%, 20%, and 10% respectively, despite new entrants and aggressive subsidy strategies [10][11] - Meituan's strategy has been to focus on essential meal delivery rather than heavily subsidizing beverages, which has allowed it to maintain a healthier order structure and profitability [12][14] Operational Capabilities - The food delivery business requires high operational capabilities, including supply organization and delivery scheduling, to meet diverse consumer needs across different times and scenarios [18] - As the subsidy war subsides, platforms will need to build foundational delivery capabilities to sustain their business models and consumer engagement [22]

Core Viewpoint - The recent regulatory talks involving major food delivery platforms like JD, Meituan, and Ele.me highlight the urgent need for compliance and consumer rights protection in the face of fierce competition and unsustainable pricing strategies [1][11]. Group 1: Industry Competition - The food delivery market has seen aggressive subsidy wars, with JD committing over 10 billion yuan in subsidies, Meituan planning to invest 100 billion yuan over three years, and Ele.me launching its own subsidy campaign [3][5]. - This intense competition has led to significant price reductions, with items being sold at astonishingly low prices, raising concerns about the sustainability of such pricing strategies and the potential for market monopolization [5][7]. - The platforms are accused of using algorithms to enforce "choose one" practices, limiting merchants' ability to operate on multiple platforms, which raises concerns about fair competition and consumer rights [5][12]. Group 2: Consumer and Merchant Rights - Reports indicate that some merchants on JD's platform have engaged in fraudulent practices, such as falsifying business licenses, which poses a serious risk to food safety [7][12]. - Consumers have reported discrepancies in food quality and quantity, particularly when using subsidies, leading to dissatisfaction and concerns over the integrity of the service [7][13]. - Merchants are also feeling the pressure, as they often have to share the burden of subsidies, leading to negative profit margins in some cases [8][13]. Group 3: Regulatory Response - The regulatory bodies have emphasized the need for platforms to adhere to laws such as the E-commerce Law and the Anti-Unfair Competition Law, aiming to establish clear responsibilities and prevent monopolistic practices [12][19]. - The talks aim to ensure that platforms improve their complaint mechanisms and provide better protections for consumers, merchants, and delivery personnel [13][16]. - The regulatory push is expected to reshape the competitive landscape, moving from price wars to a focus on service quality and compliance [17][20]. Group 4: Future Industry Direction - The regulatory discussions mark a pivotal moment for the food delivery industry, steering it towards sustainable development and compliance rather than unchecked growth [20][22]. - The industry is expected to adopt new technologies for better oversight, such as blockchain for tracking food safety and algorithm monitoring to prevent price discrimination [19][20]. - Long-term goals include establishing service standards for delivery platforms to balance market innovation with social responsibility, ensuring a fair ecosystem for all stakeholders [20][22].

Core Viewpoint - The Chinese government is taking regulatory action against major food delivery platforms like JD, Meituan, and Ele.me due to intensified competition and concerns over unfair practices in the industry [1][3]. Regulatory Actions - The State Administration for Market Regulation, along with other government departments, has urged platforms to comply with laws such as the E-commerce Law and the Anti-Unfair Competition Law, emphasizing the need for fair competition and consumer protection [1][3]. - The recent discussions were prompted by JD's entry into the food delivery market and aggressive subsidy strategies from various platforms, leading to a competitive environment that raises concerns about market order [1][2]. Market Competition - The food delivery market is experiencing a "subsidy war," with platforms offering significant discounts to attract consumers, resulting in a surge in order volumes for certain food categories, particularly during holidays [2][3]. - Some restaurant owners report that while order volumes have increased, the profitability from these subsidized orders is low, leading to operational challenges [2]. Impact on Delivery Riders - The increase in order volumes has put pressure on delivery riders, leading to longer working hours and safety concerns, with reports of accidents and emotional distress among riders due to the high demand [3]. - Some riders are taking on multiple platform jobs to manage the workload, indicating a shift in the labor dynamics within the industry [2][3]. Future Outlook - Analysts predict that the regulatory discussions may lead to a reduction in the intensity of competition among food delivery platforms, potentially resulting in adjustments to subsidy strategies [4][5]. - There is a belief that while competition should be encouraged to stimulate consumption, it must be balanced with regulatory oversight to prevent market chaos and protect consumer rights [5].

Core Viewpoint - The article discusses the competitive strategies of Ele.me in the ongoing food delivery war, emphasizing that Ele.me is strategically choosing when and how to engage in aggressive promotions rather than simply following competitors' actions [3][4][11]. Group 1: Ele.me's Strategy - Ele.me has started issuing large coupons, making products cheaper than supermarket prices, indicating a shift to a more aggressive marketing strategy [7][14]. - The company previously refrained from aggressive competition while rivals were heavily engaged in price wars, allowing Ele.me to benefit from the situation without incurring costs [11][13]. - The current strategy aims to force competitors to incur losses by increasing their promotional efforts, thereby shifting the focus back to pricing [14][15]. Group 2: Market Dynamics - The competitive landscape has changed, with Ele.me seizing the opportunity to act now that competitors are showing signs of fatigue in their promotional efforts [14][15]. - The article highlights that the logic of competition has shifted from profit margins to relative losses, where Ele.me is willing to incur losses if it can cause greater losses for its competitors [15]. - Ele.me's historical resilience in past market battles is noted, suggesting that the company is not intimidated by the prospect of increased competition [15]. Group 3: Consumer Impact - The article emphasizes that consumers should focus on protecting their wallets by taking advantage of the ongoing competition and choosing the cheapest options available [17]. - It encourages consumers to support the competition among delivery services, as this will ultimately benefit them through better deals and promotions [17].