Core Viewpoint - The recent "new national standard" for food delivery platforms aims to end the ongoing "multi-loss" competition characterized by excessive subsidies, which has negatively impacted small businesses, platforms, and consumers alike [1][2][10]. Group 1: New National Standard Implementation - The "new national standard" issued by the State Administration for Market Regulation prohibits platforms from forcing merchants to purchase services or participate in promotional activities at their expense [2][11]. - The standard mandates that costs for promotional activities should be borne by the platforms themselves, ensuring transparency and protecting merchants' rights [2][5]. Group 2: Impact of Subsidy Wars - The ongoing subsidy wars have led to a situation where both platforms and small merchants experience declining profit margins, with average profits dropping by 8.9% [6][9]. - Despite an increase in order volume by 7%, the actual revenue for merchants has decreased by approximately 4% since July, indicating a trend of "increment without income" [6][9]. - The competition has resulted in a "siphoning effect," where consumers are drawn to subsidized merchants, leaving others at a disadvantage [10][11]. Group 3: Financial Performance of Platforms - Major platforms like Meituan and Alibaba reported significant losses due to increased marketing expenditures, with Meituan's operating profit loss reaching 19.8 billion yuan and Alibaba's profit declining by 85% [9][11]. - The CEO of Meituan described the price war as unsustainable and detrimental to the industry, highlighting the need for a shift away from low-quality competition [9][10]. Group 4: Regulatory Response - Regulatory bodies have intensified efforts to address the chaotic state of the food delivery market, emphasizing the need for fair competition and adherence to legal standards [11][12]. - New guidelines aim to prevent platforms from abusing their market position through excessive subsidies, which could distort market pricing [11][12].

Core Viewpoint - The implementation of the new national standard for food delivery platforms aims to end the detrimental "multi-loss" competition characterized by excessive subsidies, which has negatively impacted small businesses, platforms, and consumers alike [2][3][9]. Group 1: New National Standard - The new standard, issued by the State Administration for Market Regulation, mandates that delivery platforms cannot force merchants to participate in promotional activities or bear associated costs, ensuring transparency in fees [3][10]. - Delivery platforms have committed to adhering to the new standard, with companies like JD.com and Meituan emphasizing the importance of fair competition and protecting the rights of consumers, merchants, and delivery personnel [5][10]. Group 2: Impact on Merchants - Many merchants have reported that despite increased order volumes due to subsidies, their actual revenue has decreased, leading to a situation where they experience "growth without profit" [6][9]. - A study from Fudan University revealed that while the number of orders increased by 7% since July, the average revenue per order dropped by 4%, resulting in an overall profit decline of 8.9% for merchants [6][9]. Group 3: Platform Financial Performance - Major delivery platforms have reported significant losses due to the ongoing price wars, with Meituan's marketing expenses rising by 90.9% and operating losses reaching 19.8 billion yuan [8][9]. - Alibaba's sales and marketing expenses doubled, leading to an 85% drop in operating profit, while JD.com also faced substantial losses attributed to increased promotional spending [8][9]. Group 4: Market Dynamics and Consumer Impact - The price wars have created a "siphoning effect," where consumers are drawn to subsidized merchants, adversely affecting those who do not participate in the subsidy wars [9][10]. - Experts warn that the ongoing competition is leading to a decline in product quality, as businesses are forced to cut costs to survive, ultimately harming consumer interests [9][10]. Group 5: Regulatory Measures - Regulatory bodies are accelerating measures to address the chaos in the food delivery market, including guidelines to prevent platforms from abusing their market position through excessive subsidies [10][11]. - Recommendations include ensuring that small merchants retain pricing power and that platforms do not impose undue financial burdens on them [10][11].