Core Insights - The latest financial reports from the "big three" food delivery platforms reveal significant investments in the ongoing delivery battle, with an estimated total expenditure of around 100 billion yuan [1][2] - Different platforms have varying attitudes towards the competition; Meituan criticizes the price war as "malicious competition," while Alibaba and JD.com express more positive sentiments about their investments [1][2] - The competition has led to improvements in service quality and increased benefits for delivery personnel, indicating a positive shift in the industry despite the high costs involved [2][3] Investment and Financial Analysis - The estimated investment of approximately 100 billion yuan over six months is notable even in the context of China's internet sector, which is accustomed to subsidy wars [1][2] - The financial implications of this investment extend beyond the platforms themselves, benefiting other businesses, delivery personnel, and consumers [2] Regulatory Environment - Regulatory bodies have played a crucial role in maintaining a fair competitive environment, employing a more flexible approach compared to past subsidy wars, which is seen as a positive development for the industry [2] Long-term Perspective - Evaluating the strategic investments of the platforms based solely on short-term financial data is premature; a longer-term view is necessary to assess the outcomes of these investments [3] - The entrepreneurial spirit of taking calculated risks is emphasized as essential for innovation and growth within the industry [3]

| 大限宣 | | 查公司 查老板 直关系 西风险 东方甄选(北京)科技有限公司 | 0 天殿 下 | 部 应用 · | 商务合作 企业级产品· | | --- | --- | --- | --- | --- | --- | | | 191 Hotel Barry Little | | | | | | 基本信息 126 | 法律诉讼 12 | 经营风险 | 经营信息 358 | 公司发展 | 历史信息 10 0 知识产权 2 | | 2 2025-11-27 | 高级管理人员备案(重 事、监事、经理等) | 胡晓哲 (监事) 幸继(财务负责人) 孙东旭(执行董事,经理) 【退出】 | | 胡滕哲(监事) 李巍(财务负责人) 前我共"(经理,查事) 【折进】 | | | 3 2025-11-27 | 负责人变更(法定代表 人、负责人、自席代 表、合伙事务执行人等 查询) | 孙东旭 | | 前敏进 | | 图源：天眼查APP 这一变动并非毫无征兆。早在11月6日，俞敏洪便在个人社交平台公开确认，孙东旭因"个人原因"主动提出离职。他特别强调，两人之间"没有任何龃龉和 隔阂"，沟通顺畅、关系如常。此番表态，既是对外 ...

进入12月，上海的外卖骑手李明（化名）明显感觉单量变"凉"了。午高峰时期，曾经被来自不同平台的 骑手挤得水泄不通的奶茶店门口，如今恢复了秩序。他的收入从夏季巅峰时月入1.5万元左右，回落到 眼下1.2万元左右，"补贴少了，每天要比最火的时候少跑近二十单"。 几乎同一时间，一家连锁茶饮品牌的创始人李察（化名）看着刚刚出炉的11月账本，松了一口气。他再 也不用面对那些让自己"白忙活"的订单——今年8月，外卖平台一度将一杯14元的饮品压价至1.9元售 卖，订单如潮水般涌来，过量的订单让他焦头烂额。 这一冷一热的切身体验，精准勾勒出2025年下半年那场席卷中国本地生活市场的百亿元级补贴大战从狂 热顶点迅速退潮的轨迹。 近日，随着美团、阿里、京东三季度财报密集发布，一场持续半年、消耗超700亿元的搏杀，背后的代 价被摊在阳光下：平台利润骤降，商家困于"增量不增利"。阿里高管直接表态，将在下个季度"显著收 缩"相关投入。美团CEO（首席执行官）王兴在财报电话会上更是直言，这种竞争"无法创造真实价 值"。 从街头骑手、品牌商家到平台巨头，所有参与方在这个冬天都感受到了深刻的转折。这场似乎没有赢家 的消耗战逐渐偃旗息鼓，但一 ...

短短几个月，烧掉的资金比想象中更多，热闹的表象下，其实不少商家和平台都陷入了进退两难的处 境。 而让人没想到的是，因为这场烧钱大比拼，让一旁观战的拼多多以4238亿的现金，打败阿里，成了当前 中国互联网企业"现金王" 巨头押注新赛道 这次的烧钱大战，起因很直接：电商老业务吃不准了。淘宝和京东这些老牌平台，这几年用户增长基本 见顶，甚至偶尔下滑。可新玩家没闲着，抖音、拼多多仍是一路高歌猛进。 眼看老路堵死，各家必须找出路，所以纷纷盯上"即时零售"——也就是现在点个外卖，不只是点饭，超 市、药店甚至花店，都能立刻送到，饭菜杂货通通抢着做。 如此庞大的市场，谁也舍不得放手。 大家好，我是乔叔，这期咱们一起聊聊即时零售烧钱大战，看几家互联网巨头砸下七百多亿，最后到底 谁赢谁亏，谁才是这场转型中的真正赢家。 今年夏天，很多人发现点外卖时优惠券比菜还多，奶茶外卖价格低得像不要钱一样。看似外卖平台各家 撒红包，大家薅得热火朝天，但背后其实是几个互联网巨头拼命砸钱抢市场。 所有人逐渐明白，这么补下去根本吃不消。三大平台"烧"了七百多个亿，只有没下场的大公司像拼多 多、腾讯追着数钱，各大巨头不砸广告不补贴的，都成了真正的赢家， ...

Group 1: Q4 Performance Expectations - The company is expected to report Q4 revenue between 866.14 billion to 963.14 billion RMB, reflecting a year-on-year change of -2.1% to 8.8% [1][11] - The anticipated net profit for Q4 is projected to be between -168.06 billion to -87.41 billion RMB, indicating a year-on-year change of -370.1% to -240.5% [1][11] - Adjusted net profit for Q4 is forecasted to be between -161.00 billion to -52.34 billion RMB, with a year-on-year change of -263.5% to -153.1% [1][11] Group 2: Analyst Insights - Analysts from Kaiyuan Securities believe that the company is increasing investments to consolidate market share, with expectations of slow profit margin recovery due to intense industry competition in 2025 [4][14] - The company’s third-quarter performance was below expectations, with core business performance being unsatisfactory, although losses in new businesses were better than anticipated [4][14] - Long-term prospects for the company are seen positively, particularly in flash purchase and fresh retail businesses, with potential contributions from overseas markets [4][14] Group 3: Business Segment Performance - In the instant delivery segment, the company is increasing subsidies for users, riders, and merchants to maintain market share amid heightened competition [5][14] - The dine-in segment is experiencing slow profit margin recovery due to macroeconomic factors and order structure, with the company responding by expanding categories and adjusting order structures [6][15] - New business revenue grew by 15.9% year-on-year, with a reduction in operating loss rate by 2.5 percentage points, primarily due to improved efficiency in Hong Kong and the Middle East markets [7][16] Group 4: Recent Financial Results - The company reported third-quarter revenue of 95.5 billion RMB, a 2% year-on-year increase, slightly below expectations due to intensified competition in the delivery market [8][14] - Adjusted net loss for the third quarter reached 160 billion RMB, a significant decline from a profit of 12.8 billion RMB in the same period last year [8][14] - The core local commerce (CLC) revenue was 67.4 billion RMB, down 3% year-on-year, resulting in an operating loss of 14.1 billion RMB [8][14]

Core Viewpoint - Meituan's Q3 2025 financial report reflects the intense competition in the food delivery industry, with significant sales expenses impacting profitability, yet the company demonstrates resilience and maintains market leadership despite losses [1][2][5]. Financial Performance - In Q3 2025, Meituan achieved revenue of 955 billion RMB, a year-on-year increase of 2%, but reported an adjusted net loss of 160 billion RMB, primarily due to a core local business loss of 141 billion RMB [2][3]. - The overall adjusted net loss of 160 billion RMB indicates substantial investment in maintaining market share, with a focus on operational efficiency despite high competition [5][6]. Market Dynamics - The food delivery industry is characterized by "high frequency, low margin" operations, with Meituan's average profit per order around 1 RMB, resulting in a net profit margin of only 3%-4% [4][5]. - Meituan's market share remains strong, with a GTV ratio of approximately 6:4 compared to major competitors, and it holds over two-thirds of the market share in high-value orders [5][6]. Strategic Initiatives - Meituan is advancing its "Flash Purchase" strategy, which has evolved into a significant supply chain model, enhancing efficiency and addressing consumer needs for rapid delivery [8][10]. - The company has successfully launched its international delivery brand, Keeta, in Hong Kong, achieving profitability within 29 months, and is expanding operations in several countries [11]. Ecosystem and Social Responsibility - Meituan emphasizes an "ecosystem win-win" approach, providing benefits to riders, merchants, and consumers, including insurance coverage and support for merchants' growth [12][13]. - The company is investing in R&D, with a 31% increase in spending, focusing on AI and drone delivery technologies to enhance operational efficiency [13][14]. Future Outlook - The competitive landscape is expected to stabilize, with reduced subsidy intensity, indicating a potential improvement in Meituan's financial performance moving forward [7][17]. - The focus for investors is shifting from short-term profit fluctuations to the long-term competitive advantages and profitability potential of Meituan [17].

天眼查显示，近日，东方甄选（北京）科技有限公司发生重要工商变更，孙东旭卸任法定代表人、经理、执行董事职务，由俞敏洪接任。 | 变更记录 10 0 @ | | | | 【 数据纠错 变更项目 - 变更时间 - 可导出 2天眼查 | | --- | --- | --- | --- | --- | | 序号 变更日期 | | 变更项目 | 要更前 | 变更后 12 | | | | 经营范围变更(含业务 | 技术推广:医护人员防护用品生产 (类医疗器械):企业形象策 | 一般项目;技术服务、技术开发、技术咨询、技术交流、技术转让、 一般项目:技术服务、技术开发、技术咨询、技术交流、技术转让. 技术推广;医护人员防护用品生产(l类医疗器械);企业形象策 | | | 2025-11-27 | | 划;广告制作;广告设计、代理:会议及展览服务;食用农产品批 | 划;广告制作;广告设计、代理;会议及展览服务;食用农产品批 | | | | 范围变更) | | 发;食用农产品零售;礼品花卉销售;畜牧渔业饲料销售;日用品销 发;食用农产品零售;礼品花卉销售;畜牧渔业饲料销售;日用品销 | | | | | | 雪:日用品批发:化妆品 ...

点开商品页面，后厨、门头、环境现场图片一目了然；查看商家详情，后厨实况照片实时更新；进入明 厨亮灶，后厨画面实时直播，每个备餐环节清晰可见…… 随着"拼团点外卖"在年轻群体中愈加流行，顾客在美团拼好饭点餐时，发现越来越多的商家向顾客主动 开放了自家厨房。自今年7月拼好饭推出"百万亮厨"计划以来，已有超过41万商家升级明厨亮灶。 商家表示，不再通过复杂的营销方式和成本投入去找客户，而是主动开放透明，更简单有效赢得顾客信 任。有商家测算，改造厨房、设置线上直播、完善工作流程，整体成本不过千元，但带来用户好评和复 购翻倍增长。 与传统外卖模式不同，拼好饭通过标准套餐、聚集订单、集中配送，帮助商家打造"人气"餐品，获得更 稳定集中的单量，商家可以集中力量打造"爆款"，通过规模效应提高效率、降低成本。 相比传统外卖，因为更具性价比，拼好饭等平价外卖也常常被猜疑是否"偷工减料"。"拼好饭到手价是 固定的，在利润可控的情况下，实现薄利多销""完全没必要，顾客都吃得出来是不是真材实料""无论是 拼好饭，还是外卖、堂食，都从同一口锅里盛出来"……在社交平台上，很多拼好饭商家"现身说法"， 以实际经历回应网友猜疑。 为此，今年7 ...

Core Viewpoint - Meituan's recent promotional video for delivery riders has faced backlash for misrepresenting the realities of the job, leading to its removal from circulation [2][4][8] Group 1: Promotional Video Criticism - The promotional video featured a former graphic designer who transitioned to being a delivery rider, portraying an idealized version of the job where riders can enjoy scenic views while working [4][6] - The narrative suggested that after three months of work, a rider could afford a camera worth 15,000 yuan, which sparked skepticism among viewers regarding the feasibility of this claim [6][7] - Actual earnings for delivery riders are significantly lower, with most riders earning between 3 to 8 yuan per order, making it unrealistic to save enough for such a purchase in three months [7][8] Group 2: Financial Performance - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, a year-on-year increase of 2%, but faced a core local business operating loss of 14.1 billion yuan due to intensified competition [10][11] - The company increased its investment in subsidies to the restaurant industry, which contributed to the operating loss despite a solid revenue base in its core local business segment [10][11] - The adjusted net loss for the quarter was 16 billion yuan, with the new business segment achieving a revenue of 28 billion yuan, reflecting a year-on-year growth of 15.9% [10][11] Group 3: User Engagement and New Initiatives - Meituan's daily active users (DAU) grew by over 20% year-on-year, and the monthly transaction user count for food delivery reached a historical high [10][11] - The company is expanding its instant retail services and has launched new initiatives like the "brand official flag lightning warehouse" to enhance user engagement [11][12] - Meituan has also implemented a comprehensive welfare system for riders, including pension insurance and various support programs, to improve their working conditions [11][12]

文 | 有点Marks 我们相信,当前外卖领域的非理性竞争将不可避免地过渡到更理性、更成熟的阶段。最终，拥有更深产 业洞察、经过验证的卓越运营能力以及持续高质量增长能力的平台将成为行业领导者。 ——王兴 今年的这场外卖三国杀，打到现在，便宜了谁？ 刘强东、王兴、蒋凡先后都露出了相同的意思："这仗，不能再这么打了""接下来投入要收缩"。在最新 财报电话会上，美团CEO王兴的话最直接："半年来的市场结果已经充分证明：外卖价格战没有为行业 创造价值，不可持续。" 这话的背景是三份惨淡的财报——最新的季度报表里，美团亏损160亿，阿里利润暴跌76%，京东净利 润腰斩。有机构测算，仅仅一个季度，三大平台就在这场外卖大战中烧掉了超过770亿元——比京东或 美团一年的净利润都高！ 三国的故事，大家都知道——魏蜀吴争来争去，最后便宜的却是司马家，魏蜀吴都很快湮灭。 四输收尾 如果商业竞争是一场牌局，2025年的外卖大战就是那种所有人都知道底牌已烂、却不得不跟注到底的绝 望游戏。 最先挑起战火的京东，奇袭入场。 好消息是，靠着外卖，用户在增多。许冉在电话会中透露，年度活跃用户数于10月突破7亿里程碑。 坏消息是利润受损。三季度 ...