Core Insights - Meituan's instant retail orders have surpassed 150 million, marking a significant milestone in its growth trajectory, driven primarily by genuine consumer demand rather than heavy subsidies [1][10] - The company's strategic restraint in its promotional activities has led to a natural increase in order volume, indicating a shift towards sustainable growth [2][4] Group 1: Order Growth and Structure - On July 5, Meituan's daily orders exceeded 120 million for the first time, with over 100 million stemming from daily dining needs, and by July 12, this number reached 150 million [1][10] - The average order value for Meituan's food delivery remains stable at around 30 yuan, significantly higher than the industry average of 13-14 yuan, indicating a strong focus on core dining experiences rather than low-cost promotional items [3][4] - The composition of orders shows that low-priced items like milk tea and coffee account for less than 17% of total orders, emphasizing the importance of high-frequency dining orders in Meituan's business model [3][4] Group 2: Competitive Advantage and Market Dynamics - Meituan's growth is rooted in a robust user retention model and platform network effects, which have allowed it to achieve high order volumes without relying on price incentives [4][5] - The company is strengthening its supply chain and local network, which are critical for maintaining service quality and user experience, especially as the industry moves away from subsidy-driven growth [6][7] - As subsidies decline, the focus will shift to user experience and local supply capabilities, which are essential for sustaining growth in the competitive landscape [8][9] Group 3: Operational Efficiency and User Experience - Meituan's operational model effectively balances supply and demand, ensuring timely deliveries and high user satisfaction, with a near 99% on-time delivery rate reported [10][12] - The integration of various services, such as grocery and pharmacy deliveries, enhances user engagement and builds trust in the platform's reliability [11][12] - The company's cost control measures, including leveraging a shared delivery network, allow for competitive pricing while maintaining service quality, benefiting consumers and merchants alike [12][13]