Core Insights - The takeaway from the interview with Meituan's CEO Wang Pu Zhong is that the food delivery industry is transitioning from a "subsidy era" to a new phase, where the focus will shift from price wars to understanding future directions [1][9] - The competition among major players like JD, Meituan, and Alibaba is not merely about subsidies but about securing control over future opportunities in the industry [2] Group 1: Strategic Importance of Subsidies - The first strategic advantage is the payment gateway, as high-frequency usage of food delivery services helps in establishing user payment habits, with Meituan covering over 60% of users and Ele.me having nearly half of its transactions through Alipay [3][4] - The second advantage lies in data assets, where the real-time and granular data generated by food delivery platforms can be utilized for inventory prediction, dynamic pricing, and even health consumption models [5][6] - The third advantage is the last-mile delivery infrastructure, which is crucial for building a robust logistics network that can be monetized in the future [8][9] Group 2: System Capabilities and Business Model - Meituan's system capabilities extend beyond simple algorithmic scheduling; it aims to create a collaborative platform ecosystem that does not rely on traffic monopolization or high commissions [10][11] - The platform operates with a low commission rate of around 8%, significantly lower than competitors, indicating a model based on service fees rather than traffic taxes [12][16] - The business model is characterized by a "low exploitation, high collaboration" approach, which enhances resilience during economic fluctuations [16][18] Group 3: Future Economic Model - The food delivery industry in China is developing a new economic model termed "human + algorithm," which optimizes delivery efficiency without relying solely on automation [18][24] - This model is adaptable and sustainable, avoiding the pitfalls of forced automation that can lead to social costs, such as job losses [22][25] - The ongoing competition, despite low profit margins, indicates a shift towards shared costs and collaborative efforts among platforms, moving away from a zero-sum game [26][27] Group 4: External Influences and Industry Evolution - Regulatory policies and technological advancements are reshaping competition rules, with a focus on creating decentralized infrastructures that bypass traditional platform monopolies [30][31] - The industry is witnessing a trend towards shared resources and operational efficiency rather than resource control, as seen in initiatives like Meituan's "Lightning Warehouse" [28][29]