Core Viewpoint - The ongoing competition between JD.com and Meituan in the food delivery market is intensifying, with JD.com leveraging marketing strategies to target Meituan's weaknesses, particularly regarding rider treatment and commission rates [3][10][14]. Group 1: JD.com's Strategies - JD.com has been actively engaging in a series of strategic moves since the beginning of the year, including raising salaries for delivery personnel by 20% to 35%, implementing full social security coverage for riders, and announcing a 10 billion yuan subsidy to capture the instant delivery market [3][11]. - The company's marketing tactics involve high-profile public appearances by its founder, Liu Qiangdong, to create a relatable image and contrast with Meituan's algorithm-driven approach [4][10]. - JD.com is focusing on the high-end market by promoting quality delivery services with a minimum order of 30 yuan, partnering with premium merchants, and requiring riders to wear custom uniforms [11][12]. Group 2: Meituan's Challenges - Meituan faces significant scrutiny due to high commission rates, which range from 18% to 23%, leading to complaints from over 120,000 users regarding excessive fees and forced promotions [6][7]. - The average delivery time for Meituan riders has been reduced to 28 minutes, with penalties for delays impacting 15% of their income, and less than 30% of riders have social security coverage [6][7]. - The company has been fined 3.44 billion yuan for anti-competitive practices, highlighting the regulatory pressures it faces [6]. Group 3: Market Dynamics - The food delivery market in China is valued at over 1.2 trillion yuan, presenting a significant opportunity for both companies, especially as JD.com seeks to overcome its growth challenges in core retail, which has slowed to a 6.7% growth rate [11][12]. - The competition is expected to create a "catalyst effect," prompting Meituan to enhance its offerings, including a commitment to invest 100 billion yuan over three years to support the restaurant industry and improve rider conditions [13]. - The ongoing battle is likely to reshape the market dynamics, with both companies vying for consumer loyalty and market share, ultimately benefiting consumers through lower prices and improved services [14][15].

就在今天中午，京东外卖崩了！ 图片来源：微博 京东在回应中表示：非常抱歉，耽误大家用餐了！因今日午高峰京东外卖下单量暴增，导致系统出现短暂故障，目前已全面恢复，大家可以正常下单了。 感谢大家的理解与支持，为表达歉意，所有超时20分钟以上的外卖订单，京东全部免单。 同时，对于今日午高峰宕机期间所有下单用户，京东外卖将额外发放一张10元无门槛优惠券至下单账户。 2月11日，京东外卖正式启动"品质堂食餐饮商家"招募，2025年5月1日前入驻的商家，全年免佣金。这也是京东首次对外承认已经进军外卖市场，此次招 募只限"品质堂食餐厅"。 不得不说，这次，东子为了京东外卖也是拼了，竟然自己送起了外卖。 在收到刘强东亲自送到的外卖后，消费者表示："接到了东哥送的第一单外卖，荣幸啊，也算享受过千亿大佬的服务啦，祝京东生意红红火火，蒸蒸日 上！" 图片来源：新浪科技 01 外卖小哥之争开启 在外卖领域，美团早已占有一席之地，而作为新入局的京东，自然挑战了美团的原有地位。 今年2月，酝酿已久的京东外卖终于正式官宣。 2月19日，京东宣布自2025年3月1日起，将逐步为京东外卖全职骑手缴纳五险一金，为兼职骑手提供意外险和健康医疗险。 ...

他表示，原定在下周正式发布美团即时零售品牌，这在媒体圈不是秘密，发布前很可能还会有各种干扰。不过，即时零 售的发展大势是挡不住的。"30分钟送万物"创造的新体验一定会满足更多用户需要，把那些大而无当的仓配体系扫进历 史垃圾堆。 4月13日，记者获悉，美团核心本地商业CEO王莆中在社交媒体谈及最近的外卖竞争，他说，"京东不是第一家想做外卖 的公司，也可能不是最后一家。阿里、滴滴、字节不是都做过，滴滴目前在海外也还在做。" "即时零售这几年发展得如火如荼，大家有目共睹；尤其是在生鲜、酒饮、3C数码、药品等品类的进展速度远超预 期。"王莆中称，"美团非餐饮品类的日订单突破了1800万单，可以说让某些公司如鲠在喉，如芒在背。" 今年2月11日，京东外卖对外宣布启动"品质堂食餐饮商家"招募，5月1日前入驻的商家，全年免佣金。至此，京东与美 团在外卖市场的竞争也是正式拉开。 此后，京东对美团的攻势不断加强。2月19日，京东宣布自2025年3月1日起，将逐步为京东外卖全职骑手缴纳五险一 金，为兼职骑手提供意外险和健康医疗险；3月24日，京东外卖公布上线40天，日订单量已突破100万；4月11日，京东 再次高调宣布，全面上线 ...

Core Viewpoint - JD.com is entering the food delivery market with a focus on quality and social responsibility, aiming to compete with established players like Meituan and Ele.me by leveraging its logistics capabilities and a loyal customer base [4][5]. Group 1: JD.com's Entry into Food Delivery - JD.com launched its food delivery service on February 11, 2023, and is actively recruiting quality dining merchants, offering zero commission for those who join by May 1, 2025 [2][4]. - Within 40 days of its launch, JD.com's food delivery service achieved over 1 million daily orders [2]. - The company has signed contracts with over 10,000 full-time delivery riders and is implementing social insurance benefits for them [3][4]. Group 2: Competitive Landscape - The food delivery market is characterized by intense competition, with multiple players vying for market share. JD.com aims to carve out a niche by focusing on rider welfare and lower commission rates [4][5]. - Meituan is actively engaging with merchants to address their concerns and improve service, indicating a competitive response to JD.com's entry [4]. - Industry experts suggest that while JD.com has advantages due to its logistics and user base, the overall market remains challenging, and the competition is just beginning [4][5]. Group 3: Rider Perspectives - Some delivery riders express skepticism about the new social insurance policies, indicating a preference for immediate earnings over long-term benefits [5][6]. - Riders report a decline in delivery fees and increased pressure to complete orders quickly, reflecting a challenging working environment [5][6]. Group 4: JD Industrial's IPO - JD Industrial has submitted its third application for an IPO on the Hong Kong Stock Exchange, with notable investment interest from firms like Sequoia China and CPE [8][11]. - Following the B round of financing, JD Industrial's valuation reached approximately $670 million [11]. - If successful, this IPO would expand Liu Qiangdong's portfolio of publicly listed companies, which already includes JD.com, Dada Group, JD Health, and others [12].

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the global online food delivery industry, focusing on Just Eat Takeaway (TKWY) and its potential acquisition by Prosus for €4.1 billion (€20.3 per share) [1][11]. Company-Specific Insights Just Eat Takeaway (TKWY) - TKWY processed 92 million orders in 2023 and operates in approximately 20 countries, holding leadership positions in several key markets [25]. - The company sold its US business, GrubHub, in January 2025, indicating a strategic shift [25]. - A Buy rating is assigned to TKWY, with a target price of €21 based on a DCF valuation [28][26]. - Risks include integration and execution challenges from M&A, competitive market pressures, and potential profit volatility from expansion efforts [29]. Prosus N.V. - Prosus is positioned as a significant player in the online food delivery sector, with a portfolio that includes Tencent and Delivery Hero [30]. - A Buy rating is assigned to Prosus, with a target price of €48 based on a sum-of-the-parts (SOTP) valuation [32]. - Risks include performance of listed assets, currency fluctuations, and regulatory challenges [34]. Delivery Hero (DHER) - Delivery Hero is noted as the largest global player in online food ordering, processing 3 billion orders in FY21 [16]. - A Sell rating is assigned to DHER due to concerns over competitive pressures in the MENA region and potential margin constraints [17]. - Target price for DHER is set at €26, based on a blend of DCF and SOTP valuations [18]. DoorDash (DASH) - DoorDash holds a 65% share of the US food delivery market and has a Buy rating with a target price of $240 [22][23]. - The company is focused on expanding into new verticals like grocery and convenience, leveraging its existing user base [22]. - Risks include competition, regulatory challenges regarding gig worker classifications, and execution risks related to growth investments [24]. Uber Technologies, Inc. - Uber is rated as a Buy, with a target price of $92, benefiting from a recovery in mobility and strong demand in delivery services [36][37]. - The company is expanding its service offerings beyond food delivery to include grocery and convenience items [36]. - Risks include macroeconomic factors, competition, and regulatory challenges [38]. Competitive Landscape - The call highlights potential bidders for TKWY, including DoorDash, Uber, and Meituan, but suggests that regulatory risks and strategic focuses may limit their interest [1][3][4][5]. - Significant geographic and shareholder overlaps among competitors could pose regulatory challenges for potential mergers [11][12]. Conclusion - The conference call provides a comprehensive overview of the competitive dynamics within the online food delivery industry, focusing on key players like Just Eat Takeaway, Prosus, Delivery Hero, DoorDash, and Uber. The insights into company strategies, valuations, and risks present a nuanced understanding of the market landscape and potential investment opportunities.

美团进一步探索低价外卖。 文丨沈方伟 编辑丨管艺雯 我们了解到， 美团外卖旗下新业务 "拼好饭" 今年一季度日均单量接近 500 万单，差不多是 2023 年四季度美团餐饮外卖日均订单量 5700 万单的 10%。 接近美团的人士判断，拼好饭将变 得更大，远期在外卖订单占比有望达到 20%。 美团从 2020 年开始试点拼好饭业务，最初定位为面向下沉市场的低价外卖产品，现已进入包括一 二线城市在内的全国大多数市场。 拼好饭的思路是，平台介入供给环节，与商家协商价格，通过 "热门餐品推荐 + 拼单点餐 + 统一配 送" 的方式，让用户、商家、骑手分别集中下单、出餐、配送，用 "拼" 的方式降低三方成本。 拼好饭是美团在低价外卖上最重要的尝试。2021 年四季度，美团餐饮外卖的客单价约 50 元（不含配 送费），次年开始推广的拼好饭则提供均价 15 元以下、0 配送费的餐食。 尝试低价外卖的背后，美团意识到餐饮外卖订单增速正在放缓，接近天花板；大环境变化也让点便宜 外卖的人变多。 美团将外卖单价做到 15 元甚至更低的办法很像它的老对手拼多多。拼好饭推荐一个个套餐，而不像美 团外卖一样推荐餐厅，就像曾经淘宝重视店 ...