Core Viewpoint - The article discusses the ongoing competition among food delivery platforms, highlighting that large subsidies and promotional offers have not diminished despite regulatory scrutiny. The competition has shifted from a short-term battle to a more cyclical and normalized state, particularly affecting the tea beverage industry [1][2][3]. Group 1: Market Dynamics - The market has seen a transition from intense competition to a more regularized form, with tea beverages becoming a key tool for platforms to increase order volume [4][5]. - The expectation of a "win-win-win" scenario for platforms, merchants, and consumers has not been realized, leading to questions about the role of tea brands in this competitive landscape [6][7]. - The current phase of the competition is characterized by direct confrontations among platforms, with a focus on increasing order volumes and reducing the effectiveness of competitors' promotions [13][14]. Group 2: Merchant Perspective - Merchants face a lack of transparency regarding the costs associated with promotional orders, as platform subsidies are often tied to merchant discounts [9][10]. - The burden of promotional costs is shared between merchants and platforms, with merchants typically bearing a significant portion of the costs [11][12]. - The influx of low-priced orders has led to a decline in normal sales, with many merchants reporting that a large percentage of their orders are now promotional [22][23]. Group 3: Financial Implications - The tea beverage industry has seen significant order growth due to platform subsidies, with leading brands benefiting the most due to their strong supply chain capabilities [27][28][29]. - However, the financial burden on brands is increasing, as they often have to share a larger portion of the promotional costs over time [38][39]. - The average price of tea beverages has decreased from 15-20 yuan to 10-15 yuan, leading to a decline in industry profit margins from 21.4% in 2023 to 14.7% in 2024 [46]. Group 4: Competitive Landscape - The competitive environment is becoming increasingly challenging, with a high rate of store openings and closures indicating a struggle for profitability among tea brands [49]. - The reliance on platforms for order volume is raising operational costs and may lead to a decline in efficiency for offline operations [50][51]. - The article suggests that the ongoing price competition may lead to a market correction in the future, but brands that prioritize sales may continue to offer additional subsidies [57][58].