Core Insights - The article discusses the intense competition in China's food delivery market, particularly focusing on the strategies employed by major players like Meituan, JD.com, and Ele.me to attract users and riders through substantial subsidies and improved benefits [1][8]. Group 1: Market Dynamics - Ele.me has launched significant subsidies, including 10 yuan and above red envelopes, to stimulate consumer spending on low-priced items like 3 yuan milk tea and 6 yuan coffee [1] - Since February 2025, JD.com has disrupted the market with over 10 million orders, challenging Meituan's dominance, which has led to aggressive countermeasures from Meituan [1][5] - Meituan plans to invest 100 billion yuan in subsidies over the next three years to enhance rider benefits and maintain its market leadership [5] Group 2: Rider Benefits and Recruitment - JD.com is actively recruiting 100,000 full-time riders, offering full social insurance and a guaranteed minimum salary of 5,000 yuan per month, with average monthly earnings reaching 7,000 yuan [2] - Meituan is set to provide social insurance for full-time and stable part-time riders starting in Q2 2025, aiming to improve income stability and rider motivation [2] - Ele.me has introduced initiatives like the "Rider AI Assistant" to optimize delivery routes and reduce pressure on riders, alongside various incentive mechanisms for performance [4] Group 3: Competitive Strategies - Ele.me is implementing various promotions, such as discounts and first-order reductions, to attract new users and counter the competitive pressure from JD.com and Meituan [7] - JD.com's strategy of zero commission for merchants has made it an attractive platform, allowing merchants to earn more compared to other platforms [5] - The competitive landscape is reshaping, with Meituan holding a 65% market share, Ele.me at 33%, and JD.com rapidly gaining ground [8]

Core Viewpoint - The competition in the Chinese food delivery market is intensifying, with major players like Ele.me, JD.com, and Meituan ramping up their efforts through substantial subsidies and support for delivery personnel [1][3][4]. Group 1: Competitive Landscape - Ele.me has launched a subsidy program exceeding 10 billion yuan to attract users [1]. - JD.com has initiated a series of measures including zero commission for new merchants, social insurance for full-time delivery riders, and a 10 billion yuan subsidy program [3]. - Meituan plans to invest 100 billion yuan over the next three years to subsidize consumers and support merchants [4]. Group 2: Market Potential - The online food delivery user base in China is projected to reach 545 million by 2024, accounting for about 50% of internet users [6]. - The market size of China's online food delivery industry is expected to grow to 1.6357 trillion yuan in 2024, with a year-on-year increase of 7.2% [6]. - By 2027, the market size is anticipated to expand further to 1.9567 trillion yuan, indicating significant growth potential in the sector [6]. Group 3: Industry Dynamics - The competition among major players is expected to enhance the overall market vitality and stimulate growth in the restaurant sector [6]. - While short-term subsidies can drive order volume, long-term success will depend on factors such as delivery efficiency, merchant supply, and user retention [7]. - The competitive landscape is likely to stabilize over time, leading to a healthier market ecosystem and the potential for long-term value realization for platforms [7].

2025年初春，京东以雷霆之势杀入外卖市场，发展速度之快令整个行业为之震动。 之前抖音外卖花了五个月仅做到日单10万，而京东外卖仅仅2个多月就做到了单日超500万单，又过去一周后，京东外卖的日订单量已突破1000万单。 而随着刘强东亲自下场送外卖、与外卖骑手吃火锅、喝酒、吹牛，瞬间引爆网络，京东外卖的日单量想必还在飞速增长。 按此推算，京东外卖的日订单量突破2000万指日可待，甚至未来几个月突破3000万单也并非遥不可及。 从美团最初反击情况来看，显然是低估了京东的威胁，或许美团认为京东外卖又会是下一个抖音外卖，激不起多少风浪。 此前美团方面曾回应："京东不是第一家想做外卖的公司，也可能不是最后一家"。 但等美团近期加大力度回击时，京东外卖却已成气候，确实是低估了。 特别是刘强东亲自送外卖造势的行为，更为京东外卖带来了不可忽视的单量，此后一段时间仍会受益。 京东打美团正激烈，美团自然很受伤，毕竟外卖本身就是个存量市场，新玩家进场自然会瓜分原本的市场格局，美团的日单量必将下滑。 但京东打美团最受伤的其实并非美团，而是饿了么。 因为作为行业老二的饿了么在经营十多年后，当前日单量仅维持在2000万左右，而京东在短短 ...

Core Viewpoint - The ongoing subsidy war between JD.com and Meituan in the food delivery market may leave Ele.me as a potential loser, as it appears to be less active in this competitive landscape [1][11]. Group 1: Consumer Insights - Consumers have noted that Ele.me has lost its price advantage compared to JD.com and Meituan, leading to decreased usage of the platform [2][5]. - A consumer highlighted that while Ele.me was previously chosen for its lower prices, recent membership reforms by Meituan have diminished Ele.me's competitive edge [4][5]. - The perception among consumers is that Ele.me's lack of aggressive promotional activities has resulted in a decline in its attractiveness [5][10]. Group 2: Rider Perspectives - Riders have expressed dissatisfaction with Ele.me's compensation structure, stating that the pay per delivery is lower than that of competitors like Meituan [6][7]. - Some riders have switched to JD.com due to better pay and more favorable working conditions, indicating a potential talent drain from Ele.me [6][8]. - Despite the competitive pressure, some riders reported that Ele.me's order volume has remained stable, although they suspect that the number of riders leaving the platform may exceed the decline in order volume [8]. Group 3: Merchant Feedback - Merchants have reported a decline in order volume on Ele.me, attributing it to both historical issues and the recent competitive actions of JD.com and Meituan [10][11]. - A merchant with lower sales on Ele.me noted that the platform's order volume has not significantly increased even before the competition intensified, indicating ongoing challenges [10]. - Merchants have suggested that Ele.me's lack of promotional activities has contributed to its declining order volume, especially in the face of aggressive discounts from competitors [10][11]. Group 4: Strategic Responses - In response to the competitive landscape, Ele.me has initiated measures such as optimizing its subsidy policies for riders and offering free red envelopes to consumers [11][13]. - The company appears to be adopting a wait-and-see approach, potentially waiting for the subsidy war between JD.com and Meituan to subside before making more aggressive moves [13][14]. - Despite current challenges, Ele.me still maintains a significant daily order volume, suggesting that it is not yet in a critical position [14].

紧急声明。 4月27日早间，美团官方微信公众号"小团有话说"发布《"双开App被封号""外卖柜排他""买到缩水餐"？关于三类网络不 实信息的声明》（简称"声明"）。 声明称，在澄清"去其他平台跑单会被美团永久封号"的谣言后，社交平台上依旧出现了骑手App显示"永久停止接单原因 为：存在使用双开或京东软件的行为"的谣言图片。经核实，该图片源自平台封禁违规抢单外挂的正常提示页，但IP地址 在广东的个别网民，对图片进行恶意P图后，极少数网民在微信群内进行传播。目前公司已针对谣言传播情况进行证据 固定，将通过法律手段维护自身权益。对于恶意发布上述不实图片，持续散播谣言的虚假摆拍账号、幕后推手，公司也 会加大固证和打击力度。 声明还指出，社交平台上，出现水军账号发帖称，"有骑手指出，若扫码放入外卖柜内，平台会获取跑单骑手的账号信 息，对多平台跑单骑手的账号进行封禁"等不实信息。美团第一时间联系相关部门同事，对发生此类现象的区域进行线 下核实发现，美团外卖柜设施的使用情况一切正常，产品端的存和取，均有"非美团骑手/订单"的设置，线下还设有"所 有平台均可微信扫码正常使用，为避免丢失，请存放入柜"的提示牌。现场看到有8—9 ...

过去一个月，美团和京东股价表现弱于基准指数，主要原因是投资者担忧京东激进进入中国外卖市场，以及美团可能采取的应 对措施。 摩根大通认为，京东的入局不会显著改变当前市场结构(美团 / 饿了么分别占据 75%/25% 的市场份额)。预计京东在 2025/26 年 将获得约 5% 的市场份额，2025 年底订单量 / 市场份额将提升至 10%，2026 年订单量 / 市场份额将回落。 摩根大通指出，尽管京东的入局对两家公司的短期盈利前景都带来潜在下行风险，但美团的短期盈利可能比京东更具韧性，因 为美团并未采取价格补贴策略。估值方面，美团的相对上行空间更大，其可持续的两位数盈利前景使其成为中国互联网一线标 的，通常交易估值为 15-20 倍远期市盈率。维持对两家公司的 "增持" 评级，但短期更看好美团。 报告主要内容如下： 一、市场结构观点 尽管京东在两个月内迅速抢占了中国外卖市场 5% 的份额，但我们认为其深度补贴的增长策略不可持续，原因如下： 外卖业务的较大亏损对京东集团利润造成压力; 难以通过交叉销售活动完全抵消外卖业务的亏损。 我们认为，新进入者通过深度补贴策略在中国移动（600941）互联网外卖市场获取显著 ...

经济观察报 记者 陈月芹 4月21日，京东发布《致全体外卖骑手兄弟们的公开信》，主要提出3点举措：一是扩招骑手，未来三个 月内招募骑手规模从原定的5万名增加至10万名；二是所有因"二选一"被其他平台封杀的骑手，京东将 给予足够单量，确保收入不降；三是优先为骑手对象安排工作，比如全职快递员、全职保洁。此前，京 东已祭出"五险一金全覆盖+单均配送费高出美团30%"的福利组合拳吸引骑手迁移。 一名京东骑手解释，京东要求全职骑手需统一着装并配备标准化装备，众包骑手则没有装备要求，但如 果想加入骑士小队，也得买到服装，"短袖和头盔很紧缺，买不到，也借不到，有装备的都自己跑"。 按照10万名新增骑手计算，仅头盔、工服两项便需至少20万套基础装备，叠加现有骑手换装需求，短期 装备需求量暴增。 京东官方数据显示，自3月1日京东外卖正式上线以来，不到2个月，京东外卖日单量突破1000万单，覆 盖166个城市。 （京东秒送app上的骑手装备购买页面） App客服解释："由于当前装备销售火爆，小达正在积极补充上架，麻烦您耐心等待。" "闲鱼"App上出现了溢价销售京东骑手装备的商家，原价21.5元的短袖Polo衫在闲鱼上的售价在3 ...

Core Viewpoint - JD.com has issued a public letter to support delivery riders amid competitive pressure from rival platforms that enforce "choose one" policies, restricting riders from accepting orders from JD.com [2][3] Group 1: Support Measures for Delivery Riders - JD.com guarantees sufficient order volume for riders who have been banned by rival platforms to ensure their income remains stable [2][3] - The company plans to increase full-time rider recruitment from 50,000 to 100,000 over the next three months [2][3] - JD.com offers priority job placement for the partners of riders, aiming to enhance household income through dual-income opportunities [2][3] - The company will not enforce "choose one" policies on part-time riders, encouraging them to maximize their income by accepting orders from multiple platforms [2][3] Group 2: Market Context and Competition - The food delivery market in China has seen significant growth, with market penetration rising from 4.2% in 2015 to 14% in 2020, indicating substantial potential [5] - Meituan and Ele.me dominate the Chinese food delivery market, holding market shares of 68.2% and 25.4% respectively as of mid-2020 [6] - JD.com's entry into the market disrupts the existing competitive landscape, leveraging its logistics capabilities and attractive policies to challenge Meituan and Ele.me [8] - JD.com's founder has set a profit cap of 5% for the food delivery segment, criticizing high commission rates that average around 25%, which can exceed 30% when including advertising fees [8]

京东与美团的外卖大战又生波折！ 4月12日，美团核心本地商业CEO王莆中在社交媒体发文，发表对京东外卖业务的看法。 王莆中称，京东不是第一家想做外卖的公司，也可能不是最后一家。阿里、滴滴、字节不是都做过，滴滴目前在海外也还在做呢。言 外之意是并不看好的京东在外卖市场的布局。 据了解，自今年2月京东外卖上线以来，京东在外卖领域动作频频，推出了包括"0佣金招募品质堂食餐厅"和"首个为外卖骑手缴纳五 险一金的平台"，外卖骑手五险一金的所有成本全部由京东承担等多个举措，这几大核心举措对外卖市场格局产生了巨大震动。 京东集团新闻发言人齐珊珊随后发布朋友圈，回应美团王莆中对于京东外卖的评价。齐珊珊表示："又上了一课，踏实做事，努 力创造社会价值。" 截图显示，京东集团创始人刘强东回应称，不要和人打口仗，不能产生社会价值。刘强东还表示："你要是有空就赶紧去加入'小 哥应急小组'，看看有没有外卖或者快递兄弟在大风中遇到困难的！或者去参与出口受阻企业的采购小组工作，尽快给他们提供 帮助。" 3月20日，京东发布的信息显示，目前已与超10000名全职骑手签署正式劳动合同，正逐步落实五险一金的缴纳工作。外卖全职骑手 缴纳五险一金的 ...