餐饮行业的空气里，弥漫着2025年特有的焦灼。当消费者沉浸在外卖平台补贴带来的低价狂欢时，平台 与商家间的成本转嫁矛盾正在凸显。不少餐饮商家透露，尽管门店同时入驻美团、饿了么、京东三大平 台，但外卖业务每月亏损幅度高达45%，部分茶饮店单笔订单利润不足0.2元仍被迫参战。这并非个 例，而是席卷行业的外卖平台补贴大战下，众多餐饮品牌被迫卷入后的真实写照。这场看似带来短暂繁 荣的"及时雨"，对餐饮人而言，究竟是续命甘霖，还是饮鸩止渴？未来的路，又该如何在平台的夹缝中 走出独立与韧性？ 补贴下的虚荣幻象与残酷现实 不可否认，当"0元奶茶""25-24元券"的横幅挂满平台首页，消费者的热情确实被瞬间点燃。订单量的短 期飙升，让不少在成本高涨与激烈竞争中头疼不已的餐饮人，获得了宝贵的现金流周转窗口。外卖平台 用真金白银砸出来的流量，短期内刺激了餐饮消费的总盘，这杯"蜜糖"的滋味最初是甜的。然而，紧随 其后的是难以忽视的苦涩。 以北京某连锁餐饮为例，一份46.9元的订单，扣除11.55元补贴、7.2%佣金和配送费后，商家最终到手 仅27.83元；这场没有硝烟的价格战，直接导致了客单价的持续失血，当知名品牌的利润空间都节节 ...

Core Insights - The ride-hailing industry is experiencing a significant clash between capital and market dynamics, showcasing two contrasting scenarios: a surge in IPO activities among second-tier platforms and challenges related to market saturation and profitability [1][3]. Group 1: IPO Activities and Market Dynamics - Several second-tier ride-hailing platforms are racing towards IPOs, with Cao Cao Mobility updating its prospectus on April 30 and securing approval from the China Securities Regulatory Commission for overseas listing [1]. - Xindao Mobility, a subsidiary of SAIC Group, announced on May 9 that it completed a C-round financing of 1.3 billion yuan, marking the largest single financing in the ride-hailing sector in nearly three years, and has initiated plans for a Hong Kong IPO [1]. - The contrasting activities indicate a vibrant market potential despite underlying challenges [1]. Group 2: Profitability Challenges - Many platforms are facing difficulties due to market saturation and profitability issues, exemplified by the failed IPO of Shengwei Times, attributed to continuous losses and regulatory penalties [1][3]. - GAC Group's Ruqi Mobility has seen its market value plummet from 8 billion HKD at listing to 2.3 billion HKD, highlighting the financial struggles within the sector [1]. Group 3: Market Competition and Structure - Didi dominates the Chinese ride-hailing market with over 70% market share, while second-tier platforms are fragmented into various factions [1]. - The competitive landscape is evolving as platforms like Dida and Ruqi go public, and others like Cao Cao Mobility and Xindao Mobility pursue IPOs [1]. Group 4: Revenue Models and Risks - Dida is the only profitable platform, benefiting from a differentiated ride-sharing model, while others are trapped in a "traffic trap," relying heavily on third-party platforms for orders [3]. - Cao Cao Mobility's reliance on third-party platforms is evident, with 85% of its orders coming from these sources, leading to a significant imbalance in its revenue model [3]. - The commission paid by Cao Cao Mobility to aggregation platforms surged from 322 million yuan in 2022 to 1.046 billion yuan in 2024, indicating a more than twofold increase in just three years [5]. Group 5: Future Growth Strategies - To escape dependence on aggregation platforms, second-tier ride-hailing companies are exploring new growth avenues, such as Cao Cao Mobility's customized vehicle model and Ruqi Mobility's collaboration with Pony.ai for Robotaxi services [3][5]. - However, these new initiatives face substantial challenges, including high competition and the need for technology, data, policy, and capital [5].