Core Insights - The delivery speed issues of food delivery platforms have become a trending topic, with users increasingly sensitive to service capabilities following the reduction of subsidy wars [2][3] - The competition among food delivery platforms is shifting from price wars to service quality, with a focus on improving delivery efficiency and user satisfaction [2][5] Delivery Performance Challenges - Complaints about slow delivery have surged, with over 90 posts on social media platforms in the past week highlighting issues such as delivery times exceeding one hour and lack of available riders [2] - Despite a significant increase in the number of delivery riders, the distribution of riders may vary by region and time, complicating the ability to meet demand during peak hours [4] Rider and Operational Insights - As of late July, the number of riders on platforms like Ele.me has increased significantly, with a 181% rise in active riders and a 236% increase in crowd-sourced riders [3] - The focus on enhancing delivery capabilities is evident, with companies like JD.com reporting 25 million daily orders and over 150,000 full-time riders [3] System and Coordination Issues - Delivery efficiency is affected by various systemic issues, such as discrepancies in estimated delivery times between merchants and riders, which can delay food preparation and delivery [4] - The integration of new riders and merchants into the system raises the bar for operational maturity, necessitating improvements in platform logistics [4] Competitive Landscape - The industry is witnessing a push towards a "15-minute delivery" model, with platforms like Meituan promoting this as a competitive advantage, although actual delivery times may vary significantly [5] - The competition is now centered around three main areas: user engagement, merchant partnerships, and rider resources, with a focus on maximizing existing user value rather than merely acquiring new users [5]

Core Insights - The delivery speed issues in the food delivery industry have become a significant concern for consumers, especially after the decline of subsidy wars, leading to increased sensitivity towards service capabilities [2][3] - The competition among food delivery platforms is shifting from price wars to service quality, with a focus on improving delivery efficiency and customer satisfaction [2][5] Delivery Performance - The number of delivery riders has significantly increased this summer, with Ele.me reporting a 181% growth in active riders and a 236% increase in crowd-sourced riders by the end of July [3] - Despite the increase in rider numbers, challenges remain in maintaining delivery efficiency, particularly during peak hours, due to varying rider density and system coordination issues [4] Service Quality Challenges - The decline in subsidies may exacerbate delivery speed issues, as platforms may struggle to maintain resource allocation and delivery efficiency without financial incentives [3] - Systemic issues, such as discrepancies in estimated delivery times between merchants and riders, as well as inefficient navigation routes, contribute to delays and require optimization [4] Competitive Landscape - The competition is evolving towards a "15-minute delivery" model, with platforms like Meituan attempting to attract users with rapid delivery promises, although actual performance may not always meet expectations [5] - The focus of competition is now on three main areas: user engagement, merchant partnerships, and rider resources, with an emphasis on maximizing existing user value and enhancing service offerings [6]

Core Viewpoint - The article discusses the increasing consumer sensitivity to delivery times and service quality in the food delivery industry, particularly as the "subsidy war" cools down, leading to a focus on service competition among platforms [2][3]. Group 1: Delivery Challenges - There has been a significant increase in the number of delivery riders, with Ele.me reporting a 181% growth in active riders and a 236% increase in crowd-sourced riders as of July [3]. - Despite the increase in rider numbers, the distribution of riders may vary by region and time, complicating the ability to meet delivery demands during peak hours [4]. - The delivery efficiency is also affected by system issues, such as discrepancies between estimated delivery times seen by merchants and those displayed on rider apps, which can delay food preparation and delivery [4]. Group 2: Competitive Landscape - The competition among food delivery platforms is shifting from acquiring new users to maximizing the value of existing users, focusing on user loyalty and market share [6]. - Platforms are now competing to achieve faster delivery times, with Meituan introducing a "15-minute delivery" initiative, although there are reports of delays in actual delivery times [5][6]. - The competition is also extending to local service providers, moving beyond saturated online merchants to include a broader range of offline businesses [6]. Group 3: Future Outlook - The future of the food delivery industry will likely see an increased emphasis on delivery speed and fulfillment capabilities as platforms strive to enhance their service offerings [5][6]. - The ability to maintain and improve delivery systems and rider incentives will be crucial for platforms as they navigate the post-subsidy landscape [3][4].

Core Viewpoint - The article discusses the current state of JD's food delivery business, highlighting its significant losses and strategic shift towards a more sustainable growth model amidst fierce competition in the delivery sector [4][5][6]. Summary by Sections Financial Performance - In Q2, JD reported a new business loss of 14.7 billion, exceeding investor expectations, with net profit down 51% year-on-year [4][5]. - Total revenue grew by 22.4% to 356.7 billion, with the new business segment, including food delivery, seeing a revenue increase of 198.8% to 13.852 billion [8][13]. - The core retail business remains the strongest performer, with a revenue increase of 20.6% and an operating profit margin of 4.5%, marking the highest record for JD during major promotional periods [5][13]. Strategic Shifts - JD is adopting a more pragmatic approach in the food delivery sector, focusing on building a solid foundation rather than competing aggressively for market share [4][7]. - The company aims to enhance user, merchant, and delivery personnel experiences while prioritizing quality over quantity in its service offerings [5][10]. Market Position and Competition - The competitive landscape has shifted, with JD becoming a quieter player in the "delivery war," as rivals like Taobao and Meituan ramp up their efforts [7][11]. - JD's strategy includes avoiding direct competition with rivals during peak promotional periods, instead opting to support quality merchants through subsidies [7][8]. User Engagement and Growth - JD's active user base saw a significant increase, with daily active users up 35% and monthly active users up 17% year-on-year [8][9]. - The company is working on enhancing cross-selling capabilities between its food delivery and core retail businesses, although the effectiveness of this strategy remains uncertain [10][11]. Future Outlook - JD's management emphasizes a focus on sustainable business models rather than engaging in excessive competition, aiming for long-term growth through operational improvements and user experience enhancements [11][12]. - The company acknowledges the role of government subsidies in its recent performance but does not intend to rely on them as a long-term strategy [12][13].

Core Insights - The article discusses the unprecedented success of the "Autumn Milk" promotion initiated by Meituan, which saw Taobao Flash Sales surpass Meituan in order volume for the first time during this event [4][5][6] - The promotion period lasted from August 7 to August 10, coinciding with several marketing events, leading to a significant increase in order volume and competition in the food delivery sector [4][6][7] Summary by Sections - **Promotion Overview** - The "Autumn Milk" promotion set a new record with over 100 million orders on Taobao Flash Sales, marking a significant milestone in the food delivery industry [5][6] - The event was strategically timed with traditional seasonal promotions and aimed to test peak order volumes and enhance team capabilities [6][7] - **Market Dynamics** - The competition between Taobao Flash Sales and Meituan has intensified, with market share shifting from a long-standing 70:30 split between Meituan and Ele.me to a more competitive 50:40:10 ratio with the entry of JD.com into the food delivery space [7] - The promotional strategies included extensive marketing efforts, such as live streaming, offline advertising, and significant subsidies, leading to a longer promotional cycle of 10 days [7][9] - **Brand Performance** - Leading tea brands experienced exponential growth during the "Autumn Milk" promotion, with some reporting over 1000% year-on-year growth in GMV [11] - Brands like Yihe Tang prepared extensively for the event, resulting in a substantial increase in order volume and customer engagement [9][10] - **Operational Changes** - The promotion led to increased operational costs for brands due to extended hours and higher staffing needs, although overall profit margins decreased, total profits increased [11] - Taobao Flash Sales focused primarily on food categories during the promotion, with only 10% of subsidies allocated to non-food items, indicating a strategic focus on maximizing efficiency in food delivery [13] - **Future Strategies** - Taobao Flash Sales aims to enhance its non-food supply chain by increasing the density of convenience stores and flash warehouses, particularly in underserved markets [15][16] - The platform is also exploring innovative fulfillment strategies for various product categories, including self-pickup options for larger items to reduce shipping costs [16][19] - **Market Expansion** - The article highlights the significant growth in lower-tier markets, with brands like Yihe Tang expanding their presence and achieving impressive order growth in these regions [19] - The competitive landscape is likened to the early days of Pinduoduo challenging Taobao, with new players leveraging subsidies to capture market share and reshape supply chains [19]

Core Viewpoint - The ongoing competition between major food delivery platforms, particularly Meituan and Alibaba's Taobao Flash Sale, has intensified, leading to unprecedented order volumes and operational challenges for tea beverage brands and their supply chains [5][6][8]. Group 1: Competition Dynamics - On August 7, 2025, over 260 million orders were placed across Taobao Flash Sale and Meituan, more than double the previous year's figures, marking a historical high [5][6]. - The three-day promotional event at the start of autumn saw over 600 million total orders, with more than half attributed to tea and coffee beverages [6][8]. - The competition has led to a clear offensive and defensive strategy between the two platforms, with Taobao focusing on aggressive growth through subsidies while Meituan aims for efficiency and targeted user engagement [8][9]. Group 2: Operational Challenges - Many tea beverage brands faced significant operational strain, with reports of staff exhaustion and supply shortages during peak order times [5][31]. - The rapid increase in order volume has tested the supply chain efficiency, with brands struggling to maintain adequate stock levels and manage labor effectively [31][32]. - Brands have had to adapt their operational strategies, including adjusting order processing methods to cope with sudden spikes in demand [32][35]. Group 3: Financial Implications - The financial dynamics of the promotional battles have shifted, with brands increasingly reliant on platform subsidies to maintain order volumes, leading to concerns about long-term profitability [10][19]. - Major brands like Mixue and Luckin Coffee have reported significant sales increases, while smaller brands struggle to keep up with the competition and maintain profitability [26][27]. - The cost-sharing model for subsidies often places a financial burden on both platforms and brands, complicating the profitability landscape [24][25]. Group 4: Consumer Behavior - Consumer habits are shifting as promotional activities become more frequent, leading to a potential desensitization to discounts and a challenge for brands to maintain pricing power [28][29]. - The reliance on promotional events has altered consumer expectations, making it difficult for brands to revert to standard pricing without losing market share [28][29]. - The overall market for tea beverages is expanding, but the sustainability of this growth amidst aggressive discounting strategies remains uncertain [27][28].

Core Viewpoint - The "Autumn Milk" promotion, initiated by Meituan, has set a new record in the takeaway industry, with Taobao Flash Sale surpassing Meituan in order volume for the first time during this event [5][6][7]. Group 1: Promotion Overview - The "Autumn Milk" promotion took place from August 7 to 10, coinciding with traditional seasonal changes and various marketing events [5]. - On the first day, Taobao Flash Sale achieved over 120 million orders, surpassing Meituan's order volume during the subsequent weekend [6]. - Both platforms did not set specific order targets, focusing instead on testing peak order volumes and enhancing team capabilities [7]. Group 2: Market Dynamics - The promotional period was extended to 10 days, leading to increased preparation time for brands, with many top brands starting their preparations 1-2 months in advance [8]. - Market share among takeaway platforms has shifted, with Meituan and Taobao now at a ratio of 5:4, compared to the previous 7:3 split [8]. Group 3: Brand Performance - Leading tea brands experienced significant growth during the "Autumn Milk" promotion, with some brands reporting over 1000% year-on-year growth in GMV [12]. - Brands like Yihe Tang prepared extensively for the event, resulting in a tenfold increase in traffic and visibility compared to previous promotions [11][12]. Group 4: Supply Chain and Strategy - Taobao Flash Sale is focusing on enhancing supply chain efficiency, particularly in non-food categories, while also increasing the density of convenience stores and flash warehouses [14][15]. - The strategy includes targeting underdeveloped markets, with significant growth in order volume and new user acquisition in rural areas [20]. Group 5: Competitive Landscape - The competition between Taobao Flash Sale and Meituan is likened to the early days of Pinduoduo challenging Taobao, with both players leveraging subsidies to capture market share [20].

7月18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民共和国电子商务法》《中华人民共和国反不正 当竞争法》《中华人民共和国食品安全法》等法律法规规定，严格落实主体责任，进一步规范促销行为，理性参与竞争，共同构建消费者、商家、外卖骑手 和平台企业等多方共赢的良好生态，促进餐饮服务行业规范健康持续发展。 网站截图 此前，京东、美团、淘宝三家平台企业曾就近期"外卖大战"分别作出回应。 7月17日，京东表示，此次外卖"0元购""满18减18"等外卖恶性补贴是严重内卷的表现，属于恶性竞争，京东完全没有参与。 7月16日，美团核心本地商业CEO王莆中公开回应称："我们不想卷，我觉得这样没意义。" 而7月7日，淘宝闪购则表示，接下来会在12个月直补消费者及商家500亿元，有效带动消费内需，为商家创造生意增量，并充分做大市场容量，破除"内 卷"式竞争。 | < 爆红包 | | 80 | | | 0. 搜索 | 特价 首页 秒送 外卖 新品 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | -- ...

Core Viewpoint - The Hong Kong stock market is experiencing fluctuations, with major technology companies set to announce their Q2 2025 earnings starting August 13, focusing on AI's contribution to profit growth and the impact of the food delivery competition on profits [1][3]. Group 1: Earnings Forecasts - Tencent Holdings is expected to report Q2 revenue of 179.02 billion, a year-on-year increase of 11.11%, with an estimated EPS of 5.46, up 9.35% [2]. - JD.com is projected to have Q2 revenue of 335.46 billion, a 15.12% year-on-year growth, but a significant drop in EPS by 57.51% to 3.48 [2]. - Xiaomi is anticipated to report Q2 revenue of 115.21 billion, a 29.62% increase, with EPS expected to rise by 80.15% to 0.36 [2]. - Bilibili and Kuaishou are also expected to show positive growth in revenue and EPS, with Bilibili's revenue forecast at 7.33 billion, up 19.60%, and Kuaishou at 34.43 billion, up 11.15% [2]. Group 2: AI-Driven Profit Growth - AI is expected to significantly contribute to profit growth, particularly in performance advertising and cloud services, with major cloud providers in China seeing an increase in AI revenue share from 19%-27% in Q1 2025, up by 6.4-12.8 percentage points [3][4]. - The capital expenditure on AI by major tech companies is projected to increase, with U.S. tech giants announcing a 34% rise in capital spending to 311 billion in 2025 compared to 247 billion in 2024 [4]. Group 3: Impact of Food Delivery Competition - The competition in the food delivery sector has led to significant investments, with major companies spending billions, which is expected to affect their Q2 earnings [6]. - Market sentiment regarding the negative impact of food delivery competition may already be reflected in the valuations and stock prices of these companies [7]. Group 4: Market Valuation and Growth Potential - The current valuation of the Hong Kong technology sector is relatively low compared to historical levels, with a PE ratio of 21.96, indicating potential for valuation uplift [7]. - The expected revenue growth for the Hong Kong technology index in 2025 is projected at 15.32%, with net profit growth at 21.85% [8].

Group 1 - The core viewpoint is that major Chinese internet companies are expected to continue facing losses in the second and third quarters of the year, marking the first negative growth in financial reports in several years, primarily due to the ongoing food delivery battle and increasing uncertainties in overseas business [1][2] Group 2 - The losses are attributed to the ongoing competition in the food delivery sector, which, despite being officially halted, continues to exert pressure on major internet companies as they vie for users and traffic [2] - The intensity of investment in subsidies remains high, with estimates suggesting that losses could exceed 10 billion yuan each quarter, as the competition for subsidies has not yet peaked [2] - While consumers may benefit from the food delivery battle, small and medium-sized businesses have not fully reaped the rewards, indicating a disparity in the market dynamics [2]