Summary of the Conference Call Industry Overview - The takeaway from the conference call indicates a cooling trend in the food delivery market, with a notable decline in order volumes across platforms, particularly for Ele.me, which saw a daily order volume drop of approximately 20% by the end of August, reverting to levels seen at the end of June [1][2]. Key Points on Ele.me - **Order Volume Fluctuations**: In August 2025, Ele.me's order volume peaked with a growth of about 10% compared to July, but by September, it experienced a significant decline of nearly 30% compared to August, returning to levels seen in late June or early July [2]. - **Delivery Strategy Adjustments**: Ele.me is shifting its delivery strategy to focus on high-value orders, offering incentives such as bonuses for orders over 20 yuan to attract riders [1][5]. - **Operational Changes**: A major restructuring of Ele.me's delivery capacity has occurred, moving away from the "优加" model to new models including "专送", "UB", "蜂跑", and "众包". This aims to optimize resource allocation and improve delivery efficiency [1][6]. - **Cost Comparison with Meituan**: The average delivery cost for Meituan is approximately 4 yuan, while Ele.me's is around 5 yuan. There are regional price variations, with higher costs in the northwest and northeast regions compared to lower costs in southern and central China [1][9]. - **Rider Efficiency Improvement**: Post-pandemic, Ele.me's rider efficiency has improved to around 45, narrowing the gap with Meituan, which stands at 46-47. Previously, Meituan's efficiency was significantly higher [1][11]. Key Points on Meituan - **Performance Comparison**: Meituan has maintained a more stable order volume due to its focus on meal deliveries, which are less affected by seasonal changes compared to Ele.me's reliance on afternoon tea and milk tea orders [1][3]. - **Rider Management Strategy**: Meituan is adopting aspects of Ele.me's UB model, allowing merchants to manage some riders to reduce platform labor costs and enhance operational stability [4][19]. Additional Insights - **Rider Count Changes**: Ele.me's rider count remained stable in August but saw a reduction of about 20% in September due to decreased order volumes, translating to a loss of approximately 9,000 riders [4][13]. - **Market Dynamics**: Certain cities, particularly major urban centers and some tier-three and tier-four cities, have shown significant order growth, with some areas experiencing increases of 400-500% [12]. - **Delivery Model Differences**: The delivery models between Ele.me and Meituan differ, with Ele.me's UB model requiring more direct management of riders compared to Meituan's previous model, which was more platform-managed [19]. - **Winter Logistics Preparation**: Ele.me anticipates an increase in logistics demand during the winter holiday season and is adjusting its structure accordingly to meet this expected surge [22]. This summary encapsulates the critical insights from the conference call, highlighting the competitive landscape between Ele.me and Meituan, their operational strategies, and market dynamics.