Core Viewpoint - The State Administration for Market Regulation (SAMR) has announced an investigation into the competitive landscape of the food delivery platform service industry, citing issues such as excessive subsidies, price wars, and traffic control that harm the real economy and exacerbate "involution" competition [1][2] Group 1: Investigation Announcement - The SAMR will conduct a thorough investigation and assessment of the market competition in the food delivery platform service industry through on-site verification, face-to-face interviews, and surveys [1] - The investigation aims to gather opinions from various stakeholders, including platform operators, new employment groups, and consumers, to understand competitive behaviors and market conditions [1] - The SAMR emphasizes the need for food delivery platforms to cooperate with the investigation and adhere to antitrust compliance responsibilities to mitigate monopoly risks and promote healthy industry development [1] Group 2: Industry Response - Meituan has publicly expressed its support for the investigation and stated its commitment to cooperating fully, viewing the investigation as an opportunity to work with other platforms to fulfill market responsibilities and engage in fair competition [1] - Meituan has consistently opposed "involution," having made official statements against it six times in 2025 alone during earnings calls and shareholder meetings [2] - The SAMR has a precedent of assessing market competition in key industries before implementing policies for healthy and orderly development, as seen in previous evaluations of sectors like new energy, cloud services, and semiconductors [2]

Core Viewpoint - The recent investigation by the State Council's Anti-Monopoly and Anti-Unfair Competition Committee into the competitive landscape of the food delivery platform industry aims to address the detrimental effects of "involution" in competition, promoting a shift towards high-quality competition rather than price wars [1] Group 1: Industry Competition - The three major food delivery platforms have expressed support for reasonable competition and opposition to "involution" following the announcement of the investigation [1] - The ongoing subsidy and price wars among delivery platforms, while seemingly beneficial to consumers, have negatively impacted upstream businesses and delivery personnel [1] - The government intervention is intended to break the cycle of unhealthy competition and guide platforms towards sustainable growth and value-based competition [1] Group 2: Quality Competition - High-quality competition is essential for the transformation and upgrading of the Chinese economy, with platform economies playing a crucial role in enhancing economic development quality [1] - The food delivery industry still faces significant issues related to food safety, marketing costs, and labor hours that need to be addressed [1] - Platforms are encouraged to leverage their technological, data, and capital advantages to innovate and resolve industry pain points, ultimately benefiting consumers and revitalizing the market [1] Group 3: Regulatory Environment - The establishment of a fair and transparent competitive environment is necessary to foster new productive forces and better meet consumer demands [1] - The potential end of extreme promotional tactics, such as "1 yuan for milk tea," signifies a shift towards a more balanced ecosystem where platforms, merchants, delivery personnel, and consumers can all benefit [1]

其他热点还有：外卖平台迎来反垄断调查，一周之内三家AI企业港交所上市。 光伏产品增值税出口退税取消 继2024年底中国将光伏、电池出口退税率由13%下调至9%后，1月9日财政部、税务总局发布公告，决 定自2026年4月1日起，取消光伏等产品增值税出口退税；自2026年4月1日起至2026年12月31日，将电池 产品的增值税出口退税率由9%下调至6%；2027年1月1日起，取消电池产品增值税出口退税。 当前，光伏产业存在供需错配和无序低价竞争等问题。去年7月初，工业和信息化部召开光伏行业制造 业企业座谈会，提出依法依规、综合治理光伏行业低价无序竞争，引导企业提升产品品质，推动落后产 能有序退出，实现健康、可持续发展。 根据中国光伏行业协会数据，光伏主产业链31家企业2025年前三季度营业收入同比下降16.9%，合计亏 损310.39亿元。受全球光伏产业链价格整体下行影响，我国光伏产品出口额已连续两年同比下降。 【点评】经过多年出口退税支持，我国光伏和电池产业在国际上已经具备竞争优势，但也出现了无序低 价竞争以及其他一些国家反补贴调查等问题。业内人士认为，取消出口退税可看作"反内卷"的另一举 措，意在逼迫企业放弃 ...

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive conditions of the food delivery platform service industry due to issues such as excessive subsidies, price wars, and traffic control, which are negatively impacting the real economy and intensifying "involution" competition [1][2]. Group 1: Investigation and Regulatory Actions - The investigation aims to assess the competitive behavior of food delivery platforms and gather opinions from various stakeholders, including operators, new employment groups, and consumers, to ensure fair competition and compliance with antitrust laws [2]. - The investigation will utilize methods such as on-site verification, face-to-face interviews, and surveys to comprehensively understand the market competition status and propose regulatory measures [2]. Group 2: Industry Response - Major food delivery platforms, including Meituan, Taobao Shanguo, and JD Delivery, have expressed strong support for the government's decision and committed to cooperating with the investigation [3][4]. - Meituan has emphasized its long-standing opposition to "involution" and aims to work with other platforms to fulfill market responsibilities and ensure fair competition [3]. - Taobao Shanguo highlighted the importance of fair competition as a core principle of the market economy and pledged to collaborate with various stakeholders to maintain a healthy market environment [3]. - JD Delivery expressed its commitment to supporting measures that uphold market fairness and protect the rights of consumers, operators, and delivery personnel, while also focusing on quality development through supply chain innovation [4].

Core Viewpoint - The Chinese government is investigating the competitive landscape of the food delivery platform service industry due to issues of unfair competition and price wars, which have led to excessive internal competition and disorderly market conditions [2] Group 1: Regulatory Actions and Industry Response - The State Administration for Market Regulation has previously held discussions with relevant companies and issued basic management requirements for food delivery platforms, focusing on food safety, rider rights, and competition rules [2] - Despite regulatory measures, competition among platforms remains fierce, with companies like Taobao, Meituan, and JD engaging in aggressive subsidy wars, prompting further regulatory intervention [2] - In response to the regulatory scrutiny, companies such as Meituan, Taobao, and JD have expressed their support and willingness to cooperate with the investigations [4] Group 2: Impact on Businesses and Market Dynamics - The ongoing subsidy wars have attracted consumers in the short term but have pressured small and medium-sized businesses, leading to reduced profit margins and potential compromises in food quality [2][3] - The phenomenon of "bad money driving out good" is emerging, where high-quality merchants are being forced out of the market due to the pressure of low prices [3] - Data analysis from over 40,000 restaurants indicates that while total order volume increased by 7% during the intensified competition period, the average revenue for merchants decreased by approximately 4% [3] Group 3: Financial Performance of Major Players - Financial data shows significant operational losses for major platforms, with JD's operating profit margin dropping to -0.2% in Q2 2025 from 3.6% in the same period of 2024, and Meituan's adjusted net profit falling by 89% year-on-year [4] - Alibaba's substantial subsidy initiatives have led to a 60% year-on-year increase in revenue for its instant retail business, but adjusted EBITA decreased by 78% [4] Group 4: Future Industry Outlook - Industry observers suggest that the food delivery market has entered a phase of stock competition, shifting the focus from user subsidies to building service ecosystems [5] - Regulatory intervention may accelerate industry consolidation, encouraging platforms to transition from "traffic competition" to "value creation," ultimately benefiting consumers, merchants, delivery personnel, and platforms [5]

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform industry due to issues such as excessive subsidies, price wars, and traffic control, which have negatively impacted the real economy and intensified "involution" competition [1][6]. Group 1: Regulatory Actions - The investigation aims to promote lawful and compliant operations among food delivery platforms, ensuring fair competition and a healthy market order [1]. - Previous regulatory actions included multiple discussions with major platforms like Meituan, JD, and Ele.me, urging them to adhere to legal regulations and foster a good market environment [2]. - The regulatory body has emphasized the need for platforms to engage in rational competition and has set basic management requirements for food delivery services since the end of 2025 [1][2]. Group 2: Market Competition Dynamics - Since 2025, platforms like Taobao, Meituan, and JD have engaged in a subsidy war exceeding 100 billion, leading to intensified competition and various market issues [1][2]. - The average daily order volume for merchants has increased by 7%, but their average revenue has decreased by approximately 4%, indicating a decline in profitability during the competition escalation period [4]. - The competition has led to a "zero yuan purchase" phenomenon, where consumers can access meals at significantly reduced prices, but this strategy pressures small businesses to compromise on quality and service [2][3]. Group 3: Financial Impact on Companies - The financial repercussions of the subsidy wars are evident, with JD reporting a negative operating profit margin of -0.2% in Q2 2025, a significant drop from 3.6% in the same period of 2024 [5]. - Meituan's adjusted net profit fell by 89% year-on-year to 1.49 billion yuan in Q2 2025, primarily due to competitive pressures [5]. - Alibaba's revenue from instant retail, which includes Taobao and Ele.me, reached 22.9 billion yuan in Q3 2025, a 60% increase year-on-year, but its adjusted EBITA dropped by 78% to 9.073 billion yuan due to investments in user experience and technology [5]. Group 4: Industry Responses - Companies like Meituan and Taobao have expressed their commitment to cooperating with regulatory investigations and promoting fair competition within the industry [6][7]. - Industry observers note that the market has shifted to a stage of stock competition, with a focus on building service ecosystems rather than merely competing on user subsidies [7]. - The regulatory intervention is expected to accelerate industry reshuffling, encouraging platforms to transition from "traffic competition" to "value creation," benefiting consumers, merchants, delivery personnel, and platforms alike [7].

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has announced an investigation and assessment of the market competition status in the food delivery platform service industry, highlighting concerns over unhealthy competition practices such as subsidies, price wars, and traffic control that negatively impact the real economy [1]. Group 1: Government Actions - The investigation aims to promote lawful and compliant operations among food delivery platforms, ensuring fair and orderly competition to establish a market order characterized by quality and reasonable pricing [1]. - The assessment will involve on-site verification, face-to-face interviews, and surveys to gather comprehensive insights into competitive behaviors within the industry [1]. Group 2: Company Responses - Major platforms, including Taobao Shanguo, have expressed their commitment to fully cooperate with the investigation and to uphold compliance responsibilities while working with merchants and partners to maintain a fair market environment [2]. - Meituan has stated its intention to use this investigation as an opportunity to fulfill market responsibilities and promote innovation and healthy development within the industry [2]. - JD's food delivery service has emphasized its commitment to resisting "involutionary" competition and is focusing on supply chain innovations to enhance the quality of food delivery services [2].

Group 1: Market Competition in Food Delivery Platforms - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has initiated an investigation into the market competition status of the food delivery platform service industry, based on the Anti-Monopoly Law of the People's Republic of China [2][3] - The investigation aims to address issues such as excessive subsidies, price wars, and traffic control that have been reported in the food delivery sector, which are seen as squeezing the real economy and intensifying "involution" competition [2][3] - The committee will employ methods such as on-site verification, face-to-face interviews, and surveys to gather comprehensive insights into competitive behaviors within the food delivery platforms and will solicit opinions from various stakeholders including operators, new employment groups, and consumers [3] Group 2: Healthcare and Pharmaceutical Regulations - The National Healthcare Security Administration has drafted a consultation document regarding the adjustment of the medical insurance drug catalog, which includes a new communication process for reference drugs [4] - This new process aims to enhance the scientific, fair, and standardized selection of reference drugs, starting with Class 1 new drugs as classified by the National Medical Products Administration [4] - Pharmaceutical companies can voluntarily apply for pre-communication regarding reference drugs, which will be verified for authenticity and completeness before feedback is provided [4][5]

Core Viewpoint - The State Administration for Market Regulation has initiated an investigation into the competitive landscape of the food delivery platform service industry, highlighting concerns over excessive competition and its negative impact on the real economy [2][37]. Group 1: Government Actions - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee has decided to conduct a comprehensive investigation and assessment of the market competition status in the food delivery sector [4][41]. - The investigation aims to gather opinions from various stakeholders, analyze the market conditions, and propose regulatory measures to ensure fair competition [40][41]. - This is not the first intervention by the government; previous actions include meetings with major platforms like JD.com, Meituan, and Ele.me to address competition issues [43][45]. Group 2: Industry Concerns - The food delivery industry has been criticized for engaging in "involutionary" competition, characterized by aggressive subsidies and price wars that pressure the real economy [4][52]. - A study indicated that while the total order volume increased by 7% during heightened competition, the actual revenue for merchants decreased by approximately 4% [53][56]. - The "explosion" effect of low prices may lead to irrational consumption and reduced service quality, ultimately harming the industry's profitability [55][56]. Group 3: Future Directions - The government emphasizes the need for platforms to focus on innovation and service quality rather than merely competing on price [59][68]. - Industry leaders are encouraged to pursue higher goals and contribute to societal progress through better services and innovative solutions [68][69]. - The overarching message is to discourage "involution" and promote a healthier competitive environment that benefits all stakeholders [68][69].

转自：北京日报客户端 近段时间以来，外卖平台服务行业拼补贴、拼价格、控流量等问题突出，挤压实体经济，加剧行业"内 卷式"竞争，社会各方面反映强烈。国家市场监督管理总局昨天发布公告，近日，国务院反垄断反不正 当竞争委员会办公室决定对外卖平台服务行业市场竞争状况开展调查、评估。 淘宝闪购发文称，深知公平竞争是市场经济的核心原则，也是推动外卖平台服务行业持续创新与健康发 展的基石。淘宝闪购欢迎并将积极配合此次行业市场竞争状况调查、评估工作，严格落实合规主体责 任，持续与商户、生态合作伙伴等各方携手，提供更多元化、更高质量的服务，共同维护好公平有序的 市场环境，合力推动外卖服务行业进一步繁荣发展。 京东外卖官微发文表示，坚决支持并欢迎这一决定，高度赞同反内卷、维护市场公平竞争秩序、保障消 费者与经营者、骑手合法权益的措施。"作为数实融合的新型实体企业，我们将通过供应链模式创新， 大力推动品质外卖的高质量发展，更好地服务广大消费者、合作商家与骑手，促进外卖平台服务行业创 新和健康发展。"京东外卖在公告中表示。 监管 传导监管压力 提出处置措施 2025年初，京东、阿里巴巴高调宣布进军外卖，外卖大战风起云涌。2025年5 ...