Core Insights - The report analyzes user behavior changes, market dynamics, and industry trends in the context of subsidy competition among Meituan, Alibaba, and JD.com in the food delivery and instant retail sectors [1][2]. Policy Insights - JD.com entered the food delivery market in early 2025, triggering a fierce subsidy war with initiatives like zero-cost purchases and discount coupons, significantly boosting short-term consumer spending. However, as regulatory policies emerged, the subsidy boom began to wane [2][6]. Market Insights - Subsidies became the primary tool for platforms to acquire and engage users, leading to increased order frequency, category exploration, and platform-switching intentions. As subsidies diminish, competition is expected to shift from price wars to value-based competition [3][5]. User Insights - Active users exhibit high price sensitivity and low platform loyalty, frequently switching platforms and stacking discounts. With reduced subsidies, users are raising their expectations regarding price, service, and product quality. There is a strong demand for rapid delivery, healthy meals, and innovative product categories, with users willing to pay for these services [4][5][20]. Future Trends - The industry is transitioning from a "subsidy-driven" model to a "value-driven" approach, necessitating platforms to build sustainable competitive advantages through service innovation, product quality, and refined operations. User demographics and consumption habits are evolving, pushing the industry into a new phase of high-quality development [5][6]. User Demographics - The majority of users are concentrated in first-tier and new first-tier cities (nearly 60%), with 40.85% from second-tier and lower cities, indicating widespread penetration of food delivery services across various city levels [7]. - 74.5% of users are office workers, with over 80% having a disposable income of over 5,000 yuan per month [9]. - Users aged 26-40 make up 64.10% of the respondents, with the 31-35 age group being the largest segment at 27.72% [10]. Consumption Behavior - Food delivery and instant retail have become integral to daily life, with nearly 70% of users placing orders three or more times a week. The primary motivations for ordering include convenience and time constraints [16][18]. - 82.47% of users express strong reliance on food delivery platforms, confirming their essential role in daily life [20]. Impact of Subsidy War - During the subsidy war, user penetration rates for platforms like Meituan (81.10%), JD.com (69.76%), and Taobao (66.46%) exceeded 60%, with users averaging 3.86 platforms [22]. - The subsidy war increased users' willingness to try new platforms, with 55.37% trying JD.com for the first time during this period [24]. Post-Subsidy War Dynamics - After the subsidy war, user retention rates began to show differentiation, with 67.61% of users planning to retain Meituan, while 47.24% and 45.66% expressed intentions to keep using JD.com and Ele.me, respectively [26]. - 52.61% of users have no plans to uninstall any platforms, indicating that food delivery services have become deeply integrated into daily life [28]. User Sensitivity to Subsidies - Over 90% of users are aware of the subsidy activities, with 63.31% actively seeking information about promotions [32]. - 93.62% of users reported increased order frequency due to subsidies, while 90.20% switched platforms because of promotional offers [36][38]. Competitive Differentiation - Users perceive different platforms as having distinct competitive advantages: Taobao leads in price perception (35.55%), while JD.com excels in delivery speed (32.70%) [46][47]. - 45.02% of users consider subsidies the primary factor in platform selection, indicating high price sensitivity alongside a focus on service quality [52]. Innovation and Service Preferences - Post-subsidy, users prioritize improvements in product quality (58.45%) and delivery speed (47.39%) [55]. - There is a notable willingness to pay for customized healthy meals (44.87%) and rapid delivery services (51.50%) [57][58]. Strategic Recommendations - Platforms should focus on user needs by enhancing product quality and delivery reliability, developing differentiated services, optimizing pricing structures, and leveraging technology for better user insights [61][64].

Core Viewpoint - Major food delivery platforms including Meituan, JD.com, Ele.me, and Taobao have collectively committed to resisting disorderly and malicious competition, particularly in response to the recent "subsidy war" [1][5][8]. Group 1: Company Statements - Ele.me and Taobao issued a joint statement emphasizing the need to plan subsidies reasonably based on consumer and merchant needs, while also ensuring merchants' rights to know, choose, and set prices [5][8]. - Meituan stated that it will strictly adhere to various laws and regulations, ensuring that subsidy activities do not involve selling goods and services at prices significantly below cost [5][8]. - JD.com declared its commitment to resisting malicious competition and will not engage in practices like "0 yuan purchases" that distort market dynamics [5][8]. Group 2: Market Reactions - Following the announcements, stock prices for Meituan, JD.com, and Alibaba saw significant increases in the Hong Kong market [1]. - The market capitalization of JD.com is reported at HKD 361 billion, with a trading volume of 8.2073 million shares on August 1 [3]. Group 3: Industry Context - The recent subsidy wars have placed many merchants in a difficult position, with reports indicating that while high subsidies initially boost order volumes, they lead to a decline in average order value once subsidies are withdrawn [5][6]. - Industry associations have called for an end to "involutionary" price wars and urged platforms to stop interfering with merchants' pricing rights, advocating for a focus on food safety and support for small businesses [7][8]. Group 4: Future Implications - The upcoming "first cup of milk tea in autumn" promotion period is anticipated to be a critical time for observing how platforms implement their marketing strategies in light of the recent commitments [9].

2025.08. 01 本文字数：2079，阅读时长大约4分钟 作者 | 第一财经 陆涵之 被称为"疯狂星期六"的外卖补贴大战要"刹车"了。 过去一个月，消费者已经习惯了在周五关注外卖平台预告，周六迎接新一轮红包雨。但在这个周五，美 团、淘宝联合饿了么、京东接连发声，表示将规范补贴行为，抵制不正当竞争。 截至记者发稿，美团、阿里巴巴港股涨超2%，京东涨超1%。 平台接连发声，但细节稍有差别 8月1日，美团、淘宝联合饿了么、京东先后发文，称外卖平台补贴引发社会高度关注，将抵制不正当 竞争。 有意思的是，美团将过去一个月的外卖大战描述为"无序竞争"，淘宝饿了么和京东则称其为"恶性竞 争"。 商家称大战是虚假繁荣 外卖大战始于7月5日，美团外卖在周六给出大额补贴。连续两个周末，"0元购""20-18"等大额优惠券 让消费者将周末的外卖大战称为"疯狂星期六"。商家、骑手爆单了，消费者薅到了羊毛，平台的订单量 也创下新高。 疯狂的外卖大战一方面激发了用户的下单热情，另一方面也出现了乱象：免费奶茶因为无人取最终被扔 掉，部分商家抱怨被平台裹挟。随着大战的继续，有餐饮协会提出倡议，呼吁理性竞争。 连锁餐饮品牌嘉和一品总经理 ...

Group 1 - The A-share market has shown a strong upward trend, with the Shanghai Composite Index stabilizing above 3500 points as of July 18, leading to significant redemptions in bond funds as investors shift focus to equity investments for higher returns [1] - Over 1540 A-share companies have disclosed their semi-annual performance forecasts, with approximately 43.77% indicating positive expectations, reflecting a mixed performance among listed companies [1] Group 2 - 52 trust companies have reported their unaudited financial data for the first half of 2025, with Yingda Trust leading in profit at 1.79 billion yuan, while four companies reported losses [2] - AI applications are transitioning from technical exploration to practical implementation, with companies focusing on overcoming technical and data barriers to enhance integration with industry needs [2] Group 3 - The National Security Department has issued a warning about potential "backdoors" in chips and smart devices produced abroad, which could allow remote access to sensitive data [3] Group 4 - Multiple regions have issued warnings about illegal fundraising risks associated with virtual currencies, highlighting common tactics used in new types of online scams [4] Group 5 - The Wahaha Group's property dispute case is set for a hearing on August 1, following the death of its founder 17 months ago [5] Group 6 - JD.com and Meituan are intensifying competition in the embodied intelligence sector, with JD.com making significant investments in multiple companies [5] Group 7 - The home furnishing company Liangjiaju has announced its closure due to long-term losses attributed to the real estate sector, with reports of the founder's death [6] Group 8 - Louis Vuitton has reported a data breach affecting approximately 420,000 customers in Hong Kong, prompting an investigation by the local privacy authority [7] Group 9 - Over ten regional restaurant associations have called for an end to irrational competition among food delivery platforms, urging a shift towards sustainable development [8] Group 10 - A fire incident occurred at Dongyue Silicon Material's facility, causing damage but no injuries, with an assessment of the financial impact ongoing [10] Group 11 - Jinzhikeji has announced a temporary suspension of its stock due to a planned change in control [11] Group 12 - The U.S. stock market showed mixed results, with the S&P 500 and Dow Jones experiencing slight declines while the Nasdaq saw a minor increase [12] Group 13 - Reports indicate that Trump is advocating for higher tariffs on the EU, which may influence consumer inflation expectations in the U.S. [13] Group 14 - Federal Reserve Governor Waller supports a rate cut in July, while the yield on 2-year U.S. Treasury bonds has seen a slight decline [14] Group 15 - Gold prices increased by 0.22%, while oil prices experienced volatility, initially rising before losing gains [15]

Core Viewpoint - The Chinese government is intensifying regulation of the food delivery industry, particularly targeting platforms like Meituan, Ele.me, and JD.com, to curb excessive subsidies and promote fair competition [1][21][28]. Group 1: Regulatory Actions - On July 18, the State Administration for Market Regulation held talks with major food delivery platforms, emphasizing compliance with laws such as the E-commerce Law and the Anti-Unfair Competition Law [1]. - This meeting followed a previous joint discussion on May 13, indicating a strong commitment from regulators to maintain order in the food delivery market [1]. Group 2: Ongoing Subsidy Practices - Despite regulatory warnings, platforms like Meituan and Ele.me continued aggressive subsidy campaigns, including "0 yuan purchase" and extreme discounts [2][12]. - On July 19, users reported significant discounts on these platforms, with some transactions resulting in consumers paying only a fraction of the actual cost, raising concerns about sustainability [12][18]. Group 3: Market Dynamics and Competition - The competition intensified after JD.com entered the food delivery market in March 2025, leading to a series of aggressive subsidy initiatives from Meituan and Ele.me [17]. - The ongoing price war has resulted in a "three losses" scenario: merchants sacrificing long-term viability, consumers receiving lower quality, and delivery personnel facing increased physical strain [22][26]. Group 4: Impact on Merchants and Delivery Personnel - A survey indicated that 83% of restaurants involved in subsidy activities experienced profit declines, with 45% reporting losses [23]. - Delivery personnel are under significant pressure, with increased workloads leading to health issues and safety risks, as evidenced by a 37% rise in traffic accidents among riders [26]. Group 5: Consumer Experience and Quality Concerns - Consumers are facing issues such as delayed deliveries and reduced service quality, with complaints rising by 47% in July [24][26]. - The low-price strategies have led to a perception of lower quality, as many consumers are unaware of the hidden costs associated with these discounts [28]. Group 6: Long-term Industry Implications - The current subsidy-driven model is creating systemic risks within the industry, with many businesses unable to sustain operations under the pressure of continuous discounts [25][27]. - The ongoing price wars are damaging the industry's innovation potential, as businesses focus on survival rather than quality improvement [27][30]. Group 7: Recommendations for Future Development - To address the challenges, a collaborative approach involving regulators, platforms, merchants, and consumers is necessary to create a sustainable ecosystem [28][30]. - Platforms should shift from aggressive discounting to enhancing service quality and operational efficiency, while merchants need to strengthen their bargaining power against unreasonable subsidy demands [29][30].

Group 1 - The core point of the article is the ongoing fierce competition among major food delivery platforms, particularly highlighted by JD's "Super Takeout Day" on July 18, which involved significant subsidies and promotional activities to attract consumers [2][4][54] - JD launched over 10 billion yuan in subsidies during the "Super Takeout Day," offering limited-time deals such as 16.18 yuan for small crayfish, while other platforms like Meituan and Taobao Flash Sale also provided substantial discounts [7][60] - The competition has led to a dramatic increase in order volumes, with some tea and coffee brands seeing their order share rise from 10%-15% to 25%-50% on major platforms [14][60] Group 2 - The subsidy war has resulted in a significant boost for delivery riders, with some reporting daily earnings exceeding 800 yuan due to the surge in orders, which have increased by 2-3 times compared to normal [9][50] - However, the intense competition has created disparities among merchants, with chain stores benefiting from increased online orders while smaller, offline-focused businesses struggle to maintain profitability [40][41] - The article notes that the ongoing subsidy battle has led to a collective rise in stock prices for upstream supply chain companies, with some experiencing multiple consecutive days of stock price increases [11][36] Group 3 - The article discusses the potential unsustainability of the subsidy war, as platforms are burning through substantial amounts of cash, with a reported total expenditure of 250 billion yuan in July alone [54][57] - Despite the short-term gains in order volume, there are concerns about the long-term viability of such aggressive promotional strategies, as they may not be sustainable for the platforms involved [57][59] - The article concludes with a note on the evolving consumer behavior, as many users who previously rarely ordered takeout are now doing so more frequently due to the attractive subsidies [61][62]

Core Viewpoint - The current battle in instant retail, particularly in food delivery, is characterized by a significant increase in subsidies from major platforms, leading to record-high order volumes. However, the underlying reality suggests that the competition is not merely about subsidy scale but rather about the foundational infrastructure capabilities that determine the ultimate victor [3][6][15]. Group 1: Key Factors for Success - The decisive factors in the current food delivery war are fulfillment and supply capabilities, which have become the strongest leverage points [7]. - Recent order data shows that JD's food delivery surpassed 25 million orders last month, while Meituan's peak order volume increased from 90 million to 150 million within a short period, indicating a significant growth potential despite the high subsidy environment [8][9][10]. - Meituan's return on investment (ROI) from subsidies appears to be the highest among the three major platforms, suggesting that its operational efficiency is superior [10][11]. Group 2: Misconceptions in the Market - The misconception that food delivery is primarily a volume-driven business is challenged by the reality that fulfillment and supply capabilities are critical to success. The dynamics of local, non-standardized transactions in food delivery differ significantly from traditional retail [16][19]. - The historical pattern of subsidy wars in various sectors indicates that attracting users through subsidies often leads to low conversion rates and customer lifetime value (LTV), as these users are typically price-sensitive rather than genuinely interested in the service [27][28]. Group 3: The Dangers of Continuous Subsidy Wars - The ongoing subsidy wars are unsustainable and could lead to market distortions, undermining the health of the instant delivery ecosystem. The focus should shift from mere data competition to fostering a healthy development of the entire market [24][28][29]. - The two primary motivations for e-commerce platforms engaging in food delivery are to leverage high-frequency dining demand to drive low-frequency retail demand and to build a comprehensive instant delivery system. However, relying on strong subsidies is not a viable strategy for achieving these goals [25][26].

Core Viewpoint - The current battle in instant retail, particularly in food delivery, is characterized by a significant increase in subsidies and order volumes, but the real competition lies in the underlying infrastructure capabilities rather than just the scale of subsidies [2][4][24]. Group 1: Order Data and System Capabilities - Order data serves as a battle report, while system capabilities represent the true front line of competition [3]. - The latest order statistics show that JD's food delivery surpassed 25 million orders, while Taobao Flash Sale and Ele.me exceeded 80 million orders, and Meituan reached a peak of 150 million orders [7][8][12]. - Meituan's growth potential appears greater despite its larger base, as it has achieved significant order volume increases with lower subsidy levels compared to competitors [12][18]. Group 2: Key Differentiators - The primary differentiator among the three platforms is their fulfillment and supply capabilities, with Meituan leading in this area [11][12]. - JD's late entry has resulted in a longer construction period for its infrastructure, raising questions about its capital capacity [11]. - Taobao Flash Sale, while integrating resources from Ele.me, still faces limitations due to its smaller scale compared to Meituan [12]. Group 3: Misconceptions and Market Dynamics - The misconception that food delivery is a flow business is challenged by the reality that demand for food is constant and cannot be artificially created like retail products [17][24]. - The strategy of using subsidies to drive traffic and create social recognition is flawed in the context of food delivery, where supply and fulfillment must align with consumer demand [17][24]. - Historical patterns indicate that subsidy-driven customer acquisition often attracts price-sensitive users rather than genuine demand, leading to low conversion rates and customer lifetime value [23][24]. Group 4: Future Considerations - The ongoing subsidy wars are unsustainable and should not continue, as they distort market signals and can lead to supply imbalances and degraded user experiences [21][24]. - The focus should shift from mere order volume competition to enhancing the overall ecosystem of instant retail, emphasizing fulfillment capabilities and user experience [24][25].

Core Viewpoint - The CEO of Meituan's core local business segment, Wang Puzhong, expressed confidence in Meituan's ability to compete against Alibaba's aggressive 500 billion subsidy strategy, stating that Meituan can match Alibaba's efforts with significantly fewer resources [1][2]. Group 1: Competitive Landscape - Alibaba's 500 billion subsidy is seen as an irrational competition aimed at intimidating Meituan, with the expectation that Meituan cannot keep up financially [2]. - Meituan achieved a record order volume of 1.5 billion on a single day, but Wang Puzhong clarified that the actual expenditure was much lower than the 800 million speculated by Alibaba insiders [3]. - Wang Puzhong noted that Alibaba's cumulative losses from its food delivery service Ele.me exceed 150 billion, suggesting that Alibaba's new investment is akin to a gambler trying to recover losses [4]. Group 2: Market Dynamics - The decision for Alibaba to intensify its competition appears to have been influenced by the entry of JD.com into the food delivery market, which reportedly secured 25 million orders in just 75 days [6]. - Wang Puzhong emphasized that the number of orders does not equate to valuable Gross Transaction Value (GTV), highlighting that many orders consist of low-value items, such as bulk purchases of bottled water [6]. - The overall market for instant retail has seen a significant increase, with daily orders rising from 100 million at the beginning of the year to 250 million recently, although Wang Puzhong believes that most of this growth is speculative [7].

Core Viewpoint - The ongoing "delivery war" among major platforms like Meituan, Alibaba, and JD has led to a surge in order volumes, but this has not translated into significant profit growth for merchants, raising concerns about the sustainability of such aggressive subsidy strategies [1][12][15]. Group 1: Order Volume Surge - Meituan reported a daily order volume exceeding 150 million, while Alibaba's Taobao and Ele.me announced a record of over 80 million daily orders [3][4]. - Many merchants experienced a doubling of order volumes, with some stores reporting over a thousand orders in a single day, leading to chaotic scenes in stores [2][3]. - The influx of orders has resulted in operational challenges for merchants, with some unable to fulfill orders in a timely manner, leading to increased customer complaints and dissatisfaction [5][6]. Group 2: Rider Income Growth - Riders' daily order volume increased by 33%, and their income surged by 111%, with some riders earning over 400 yuan in additional subsidies during peak activity days [4][12]. - The number of active riders has also seen significant growth, with a 120% increase in crowd-sourced riders since the launch of Taobao's flash purchase service [4]. Group 3: Profitability Concerns - Despite the surge in order volumes, many merchants reported that their profit margins remained thin, with some experiencing a 10% increase in negative reviews due to delays in order fulfillment [5][6][7]. - Merchants are facing increased operational pressures, with staffing levels needing to double to manage the order influx, yet still struggling to meet demand [6][7]. Group 4: Industry Impact and Future Outlook - The aggressive subsidy strategies are seen as a threat to traditional dining establishments, as they divert customers from dine-in to delivery services, potentially harming the overall restaurant ecosystem [7][8]. - Experts suggest that the current subsidy-driven growth is unsustainable and may lead to a "three losses" scenario where platforms, merchants, and consumers all suffer in the long run [9][10]. - There are calls for platforms to reduce commission fees and for regulatory bodies to intervene to ensure fair competition and a balanced market environment [10][18].