Group 1: Impact of Takeout Subsidies on Retail Sales - The takeout market has rapidly expanded, with online takeout accounting for nearly 25% of total dining consumption, while dining revenue constitutes about 11.2% of total retail sales, leading to takeout's contribution of approximately 2.8% to retail sales[3][4] - In July 2023, Meituan's daily orders exceeded 1.5 billion, marking an increase of 86.6% year-on-year, indicating a significant surge in takeout demand[6][7] - The current round of takeout subsidies is expected to drive a 48.6% year-on-year growth in takeout dining revenue, contributing approximately 1.3 percentage points to overall retail sales growth in July[6][7] Group 2: Historical Context and Future Considerations - Historical data shows that during the 2015 takeout subsidy war, dining revenue growth reached 11.7%, a 2 percentage point increase from the previous year, highlighting the potential for similar outcomes in the current scenario[4][6] - The ongoing "takeout war" has raised concerns about sustainability, with calls for an end to "involution-style" subsidies, which may impact future market dynamics[7] - The report warns that restaurant income tends to revert to a mean over time, suggesting that the current demand surge may not be sustainable in the long run[7][8]