Core Viewpoint - The three major telecommunications service providers in China, namely China Mobile, China Telecom, and China Unicom, have reported their performance for the first half of 2025, revealing a cumulative domestic telecom business revenue of 905.5 billion yuan, which represents a year-on-year growth of 1%. This growth rate is lower than the GDP growth rate of 5.3% during the same period and marks the lowest revenue growth in six years, particularly with China Mobile experiencing a year-on-year revenue decline, indicating significant growth pressure on the industry [1][1][1]. Industry Overview - The overall telecom industry is facing growth pressure, with traditional mobile data traffic revenue continuing to decline and the growth of strategic emerging businesses slowing down, failing to form a sufficient scale to support the industry [1][1][1]. - The industry is experiencing a dilemma of "increment without revenue," highlighting structural issues within the sector [1][1][1]. Competitive Landscape - The traditional business, exemplified by number portability, reflects intensified competition within the industry, commonly referred to as "involution" [1][1][1]. - As overall revenue growth faces significant challenges, the development of emerging businesses and the effectiveness of industry transformation have become focal points for major companies [1][1][1].

Core Viewpoint - The ongoing food delivery war has led to a chaotic environment for restaurant businesses, where they are forced to participate in promotional activities that often result in losses rather than profits [1][3][11]. Group 1: Industry Dynamics - The food delivery market has seen a surge in orders, with daily totals increasing from 100 million to approximately 250 million, but this does not reflect genuine demand growth as it often cannibalizes dine-in customers [12]. - Many restaurants are experiencing a paradox of increased order volume without corresponding revenue growth, leading to a situation described as "increment without income" [11][12]. - The competition among platforms has resulted in significant subsidies, with some orders being fulfilled at prices as low as 0.8 yuan or even free, which undermines the pricing structure of the industry [10][11][13]. Group 2: Restaurant Challenges - Restaurants are caught in a system where they must pay various fees, including delivery subsidies, platform commissions, and promotional costs, which significantly erodes their profit margins [6][8]. - The introduction of "push fees" for visibility on platforms has become a necessary expense, with costs averaging 4 to 5 yuan per order to achieve a single sale, further squeezing profitability [7][8]. - The reliance on low-cost orders has led to a decline in the perceived value of food services, with customers becoming accustomed to low prices and viewing reasonable pricing as expensive [13][15]. Group 3: Call for Change - Industry leaders are advocating for platforms to disclose their ranking algorithms and scoring systems to create a fairer competitive environment that prioritizes quality over price [9][14]. - There is a strong desire among restaurant operators for platforms to take responsibility for promotional costs rather than shifting the burden onto the restaurants [13][18]. - The current dynamics are seen as unsustainable, with calls for a return to rational pricing and a collaborative relationship between platforms and restaurants, rather than a zero-sum competition [15][18].