每经北京8月27日电（记者赵雯琪）美团今日发布2025年第二季度及半年业绩报告。在财报发布后的电 话会上，美团管理层表示，目前其他平台的补贴水平仍保持历史高位，美团将加大投入应对竞争，同时 加大对行业生态的投入。美团将在保持外卖规模优势的基础上增加补贴，以此确保价格竞争力和稳定的 履约体验，预计"核心本地商业"业务三季度会出现较大规模的亏损。美团会根据竞争态势和策略动态调 整投入规模。美团管理层还认为，当行业补贴逐步回归理性水平，外卖也会回归合理的利润水平。 据美团今日发布的第二季度业绩报告，美团"核心本地商业"分部二季度收入为653亿元，同比增长 7.7%。美团在财报中表示，受二季度开始的竞争影响，"核心本地商业"经营溢利在二季度同比下降 75.6%至37亿元，经营利润率同比下降19.4个百分点至5.7%。 ...

Core Viewpoint - The article discusses the intense competition in the food delivery market in China, particularly focusing on the aggressive subsidy strategies employed by major players like Meituan, Alibaba, and JD.com, and the implications of these strategies on market dynamics and consumer behavior [4][10][12]. Summary by Sections Market Dynamics - The food delivery market in China is experiencing a significant increase in order volume, with a record of 200 million orders on July 5, driven by substantial subsidies from major companies [4][10]. - Meituan, Alibaba, and JD.com are collectively burning through approximately 20 billion RMB monthly in subsidies, despite the average daily order volume being less than 100 million [4][10]. Company Strategies - Alibaba's delayed entry into the subsidy war is attributed to internal organizational adjustments and the need to consolidate its resources before launching a competitive response [6][7]. - The timeline of Alibaba's strategic moves includes integrating its food delivery service Ele.me into its e-commerce division and announcing a 50 billion RMB subsidy plan [8][10]. Competitive Landscape - The competition is characterized by a focus on resource allocation and execution rather than ethical considerations, with companies prioritizing market share over profitability [12][20]. - Meituan's strategic response to the competition includes a focus on maintaining high operational efficiency, which is seen as a critical factor in its market leadership [22]. Financial Implications - The intense competition has led to stock price declines for all major players, with JD.com down 20%, Meituan down 10.3%, and Alibaba down 16% since the onset of the subsidy war [16][18]. - The article highlights the fragile profitability model of the food delivery business, which relies heavily on subsidies to attract customers and maintain market share [21][22]. Future Outlook - The article suggests that the food delivery market may face a reckoning as companies struggle to balance aggressive growth strategies with sustainable profitability [19][22]. - The potential for new entrants like Pinduoduo and Douyin to disrupt the market is acknowledged, indicating that the competitive landscape may continue to evolve rapidly [22].

Core Viewpoint - Alibaba's Taobao Flash Purchase has launched a 500 billion yuan subsidy plan to stimulate consumer spending and support merchants in the instant retail market [2][3] Group 1: Subsidy Strategy - Taobao Flash Purchase will implement a "direct subsidy" plan over the next 12 months, with a total subsidy scale of 500 billion yuan [2] - The platform aims to enhance consumer engagement by offering large red envelopes, free order cards, and official subsidized products [2] - Merchants will receive various subsidies, including store, product, and delivery subsidies, to ensure profit margins and promote business growth [2] Group 2: Market Performance - Taobao Flash Purchase has achieved a daily order volume exceeding 60 million, with a punctuality rate of 96% [3] - Retail orders have seen a year-on-year growth of 179%, with some brands experiencing over 10 times growth in order volume [3] - The initial day of the subsidy saw 589 retail brands doubling their daily order volume compared to the launch date [3] Group 3: Competitive Landscape - The instant retail market is characterized by intense competition, with platforms like Meituan, Ele.me, and JD.com also engaging in aggressive subsidy strategies [2][6] - Meituan's daily order volume exceeds 90 million, while JD.com has surpassed 25 million [6] - The competition has led to increased pressure on merchants, who are compelled to participate in subsidy schemes [5] Group 4: Long-term Implications - The effectiveness of Taobao Flash Purchase's subsidy strategy will be evaluated based on merchant retention rates, user repurchase rates, and market share changes [3][7] - The strategy is seen as a defensive measure against low-price competition, aiming to reduce operational costs for merchants [6] - Future success will depend on converting subsidy advantages into enhanced digital operational capabilities for merchants [7]

Core Insights - The ongoing competition in the food delivery market has led all platforms to prioritize subsidies for beverages like milk tea and coffee, driven by increased consumer demand as summer approaches [1] - Kudi Coffee has seen significant growth in store performance following JD's coupon issuance, with sales on Ele.me skyrocketing nearly tenfold within 24 hours of Taobao Flash Sale's full launch [3] - Kudi Coffee has extended its current store subsidy policy until December 31, 2028, demonstrating its commitment to long-term market cultivation and providing reassurance to its franchisees [3][4] Company Strategy - Kudi Coffee's decision to enhance its subsidy policy is supported by several advantages, including high repurchase rates for coffee, a focus on quality through a self-built supply chain, and a competitive pricing strategy that enhances consumer perception of value [4] - The company operates over 10,000 stores, ensuring nationwide coverage from first to fifth-tier markets, allowing for rapid scaling once partnerships with platforms are established [4] - Kudi Coffee's consistent pricing strategy of 9.9 yuan without hidden fees, combined with platform subsidies, results in lower final prices for consumers, increasing brand recognition and loyalty [4] Market Impact - The enhanced subsidy policy not only benefits consumers but also creates favorable conditions for franchisees, solidifying Kudi Coffee's position in the coffee market [5] - With the ongoing implementation of subsidy policies and market expansion, Kudi Coffee is expected to maintain its competitive edge and contribute to the broader recognition of domestic coffee brands [5]