5 August 2025 | 7:52PM HKT China Restaurants Assessing the delivery subsidy impact on FMD players' 2025/26E earnings Since our analysis in June, competition among food delivery platforms has further intensified, with the Top2 players Meituan and Ele.me also making more aggressive investment, including subsidies, alongside JD; and the GS Internet team expects the duration of investment this time on 'everyday apps' to extend for longer than the few quarters for previous investments by eCommerce players. On th ...