三家外卖平台，合计烧了约1000亿，嘴上都没有停下来的意思。 最新业绩会上，阿里官宣淘宝闪购已成为日活用户过亿的频道，并立下未来三年"成交破万亿"的flag；京东也放话要尽早让"外卖业务可以自己独立生 存"。 这不免让市场担忧：外卖从前期的补贴战、单量战，到未来的生态战、体系战，无一不是"血战"，真打下来，赛道还剩多少价值？ 但其实，拆解各玩家的先天禀赋与最新打法，会发现这场无止境的消耗，也并非你死我活。 美团同样不甘示弱，随着行业补贴回落，餐饮外卖订单市占率稳步回升，财报显示其拿下了超过2/3的15元以上外卖订单，以及超70%的30元以上外卖订 单，且还在加码对高净值用户的投入。 "三边消耗"的订单争夺，何以停不下来？ 运力是外卖大战的第一道比拼。三季度，美团销售成本较去年同期增加了135亿元，其中不少是用于骑手激励。 骑手补贴到底多烧钱？仅以7月12日"冲单日"为例，骑手单笔配送补贴为6-15元①，取中间值10元，而行业日订单量达到2.5亿峰值，可知当天三大平台光 配送补贴就撒了25亿。 但这笔钱不得不花。外卖大战前，众包骑手就是许多城市主要运力，占比高达6-7成；到了今年9月，同时跑美团和饿了么的众包骑 ...

Core Viewpoint - JD Group reported a net profit of 6.178 billion yuan for Q2 2025, a 50.8% decrease year-on-year, primarily due to losses from its new food delivery business [2][4]. Financial Performance - JD's Q2 2025 operating loss was 859 million yuan, compared to an operating profit of 10.501 billion yuan in Q2 2024 [4]. - Total revenue for Q2 2025 was 356.66 billion yuan, a 22.4% increase year-on-year, while operating costs rose by 22.2% to 300.02 billion yuan [4][6]. - Marketing expenses surged to 27.013 billion yuan, nearly a 129% increase year-on-year [4][6]. Business Segments - The food delivery segment generated 13.852 billion yuan in revenue but had an operating profit margin of -106.7% [7]. - The strategic investment in new businesses, including food delivery, has led to significant short-term losses, impacting overall profitability [4][7]. Market Reaction - JD's stock price fell over 4% during trading on August 15, dropping below 120 HKD, reflecting investor concerns over the impact of the food delivery business on profits [3][9]. - Analysts predict that losses in the food delivery segment may continue to expand in Q3 2025, further affecting JD's overall financial performance [9][12]. Cash Flow and Share Buyback - JD repurchased approximately 80.7 million Class A ordinary shares for about 1.5 billion USD in the first half of 2025, with a remaining buyback amount of 3.5 billion USD as of August 14 [8]. - Free cash flow decreased significantly from 49.555 billion yuan in Q2 2024 to 22.018 billion yuan in Q2 2025, indicating potential future funding needs [10][11]. Competitive Landscape - The CEO of JD noted intensified competition in the food delivery market since July, which has disrupted pricing structures and created unsustainable business practices [7]. - Other companies in the sector, such as Meituan and Alibaba, are expected to face similar challenges, although their prior investments may mitigate the impact compared to JD [12].