价值创造式竞争

Search documents
美团经营利润下跌98%,电商巨头扎堆外卖,内卷还是价值创造?
3 6 Ke· 2025-08-28 07:02
Core Viewpoint - The ongoing subsidy war among major e-commerce platforms since February 2025 is characterized as either "involutionary competition" or "value-creating competition," with significant implications for the food delivery ecosystem [2][3][4]. Group 1: Financial Performance of Meituan - Meituan reported Q2 2025 revenue of 91.84 billion RMB, a year-on-year increase of 11.7%, but operating profit plummeted by 98% to 226 million RMB, with operating profit margin dropping from 13.7% to 0.2% [2]. - Core local business revenue reached 65.35 billion RMB, up 7.7%, but operating profit margin fell from 25.1% to 5.7% due to increased user incentives and promotional spending in a competitive environment [2]. Group 2: Market Dynamics and Competition - The food delivery market has shifted from a duopoly between Meituan and Ele.me, holding 65% and 33% market shares respectively, to a triopoly with the entry of JD.com, which captured nearly 30% of daily orders through aggressive subsidies [6][7]. - The competition has led to a significant increase in daily order volume, with Meituan surpassing 1.2 billion orders, setting a global record [7]. Group 3: Nature of Competition - The subsidy war is seen as a potential "involutionary competition," where platforms engage in low-quality competition that does not enhance user value, or as "value-creating competition," which could expand the market by attracting new consumers and fostering innovation [6][8]. - The competition has resulted in both market space contraction due to profit compression and potential expansion through new consumer engagement and product experimentation [8][9]. Group 4: Strategic Responses and Innovations - Platforms are innovating their business models, with JD.com introducing a self-operated central kitchen model and Meituan launching a cross-store delivery service, aiming to enhance food safety and service quality [19][20][26]. - The platforms are also increasing investments in technology and AI to improve operational efficiency and consumer experience [21]. Group 5: Regulatory and Social Considerations - In response to government scrutiny, platforms have committed to regulating promotional activities and ensuring fair competition, with a focus on creating a win-win ecosystem for consumers, merchants, and delivery personnel [22][26]. - The subsidy strategies have led to a notable increase in merchant revenues, with some reporting a 15% profit increase due to participation in promotional activities [17][18]. Group 6: Future Outlook - The food delivery ecosystem is expected to evolve into a "shared ecology" with multiple platforms coexisting, driven by differentiated strategies and consumer preferences [27]. - The long-term implications of the subsidy war may lead to improved consumer experiences and enhanced welfare for delivery personnel as platforms seek to establish sustainable competitive advantages [25][26].