外卖大战，血拼三月，三家最近究竟战况如何？谁输谁赢呢？为什么说阿里下场后，美团有可能成为处 境最被动的老三？京东这个挑事者怎么打着打着就没动静了？这期内容，我们就来分析下，外卖三国杀 的战况。 ...

Core Viewpoint - The article discusses the recent regulatory actions taken by the State Administration for Market Regulation (SAMR) regarding the ongoing subsidy wars among food delivery platforms, emphasizing the need for fair competition and the prevention of malicious subsidies [2][3]. Summary by Sections Regulatory Actions - SAMR has engaged with major food delivery platforms to address the subsidy disputes, urging them to comply with laws and regulations, eliminate unfair competition, and promote orderly industry development [2]. - The next steps include monitoring competition, enhancing service quality, ensuring food safety, and supporting merchants while safeguarding the rights of delivery personnel [2]. Opinions on Subsidy Wars - There are mixed opinions regarding the subsidy wars; some view it as a normal competitive behavior, while others see it as a disruptive force that undermines market order through below-cost pricing [2][4]. - A commentary from July 30 highlighted that the irrational competition driven by excessive capital could have significant negative impacts on the market [2]. Characteristics of Malicious Competition - The article identifies several characteristics of malicious competition in the food delivery sector, including overall price competition initiated by a few companies, long-term low or negative profit margins, and the detrimental effects on industry health [4]. - Recent financial reports from major platforms show increased revenues but significant profit declines, attributed largely to high subsidy expenditures [4]. Legal Framework - The article emphasizes the importance of clearly defining "malicious" competition, referencing laws that prohibit below-cost pricing and the recent regulatory efforts to establish standards for identifying predatory pricing [5]. - The regulatory framework aims to delineate boundaries for competition, ensuring that it is based on service efficiency, user experience, and innovation rather than financial burn rates [5]. Broader Implications - The Minister of Industry and Information Technology expressed concerns about irrational competition potentially destroying businesses and industries overnight, a sentiment applicable across various sectors [6].

Group 1 - The current era is characterized by low costs for consumers, allowing them to enjoy services like food delivery at minimal expense, which is unprecedented in history [1][4] - However, this low cost comes at the expense of the income of service providers, highlighting a disparity in the benefits of the current economic model [3][5] - The low labor costs in China's food delivery sector are starkly contrasted with those in the US, with an average cost of approximately $1 per delivery compared to $5 in the US [6][7] Group 2 - Delivery riders face harsh penalties for delays, with significant income deductions for being late, and many work long hours with low pay, indicating a challenging work environment [7][10] - Restaurant owners are also dissatisfied, as they bear a significant portion of the costs associated with consumer subsidies, leading to a dilemma between participating in promotions or risking a loss of orders [8] - The overall sentiment among workers in the food delivery ecosystem is one of discontent, as their wages do not reflect the increasing demand for services [9][10] Group 3 - Major tech companies have previously attempted to enter the food delivery market but have exited due to low profitability, indicating that the food delivery business is not as lucrative as it appears [14][15] - The current competition among major players in the food delivery market is driven more by the need to attract users rather than a genuine interest in the food delivery business itself [16][19] - The ongoing food delivery wars reflect a broader trend of companies burning cash to gain market share, reminiscent of past market battles where losses were absorbed by platforms and investors [24][25] Group 4 - The current economic environment allows individuals more freedom to pursue personal interests without the pressure of traditional success metrics, contrasting with previous generations [58][61] - The notion of "lying flat" is not a new concept but reflects a response to the overwhelming pressures of modern work life, suggesting a shift in societal values [54][56] - The era presents a paradox where the pursuit of personal happiness and interests is now more accessible, yet the underlying economic pressures remain [60][62]

Core Viewpoint - The competition strategy of food delivery platforms is shifting towards deeper exploration of "quality" and "value," with differentiation strategies set to reshape the industry landscape [1] Group 1: Market Developments - Meituan announced the relaunch of its quality food delivery service, leveraging AI and real user reviews to enhance decision-making for consumers [1] - JD reported a significant revenue increase of 199% in its new business segment, which includes food delivery, indicating a robust growth trajectory in the market [1] - Taobao Shanguo achieved a peak daily order volume of 120 million, reflecting strong market performance and consumer engagement [1][3] Group 2: Strategic Initiatives - The relaunch of Meituan's quality food delivery service integrates resources from both Meituan and Dazhong Dianping, aiming to meet evolving consumer demands [2] - Dazhong Dianping has curated over one million high-rated restaurants for its quality food delivery service, enhancing consumer choice and decision-making [2] - JD's strategic partnership with Jinjiang Hotels marks a significant move to expand its food delivery business into the hospitality sector [3] Group 3: Competitive Landscape - The competition among platforms is intensifying, with each adopting various subsidy strategies, leading to significant impacts on profitability [6] - High competition has resulted in Meituan experiencing unexpected losses in Q2, raising concerns about its long-term market share [5] - Despite the competitive pressures, Meituan maintains a strong operational foundation, with established barriers in supply chain integration and service systems [5] Group 4: Regulatory Environment - The State Administration for Market Regulation has engaged with major food delivery platforms to ensure compliance with laws and regulations, aiming to promote fair competition and protect consumer interests [7]

近日，和好友在地摊喝散篓子的刘强东再度上了热搜，刘强东又推出一张王炸组合。京东推出七鲜小厨，要在餐饮行业自炒自卖。年初京东宣布进入外卖 业务后，战略似乎渐渐明朗。 当初京东杀入外卖行业，外界均不知京东葫芦里卖的什么药。当美团和饿了么还在用"0元吃"价格战内卷时，外卖行业最晚的入局者京东已经切中了外卖 行业真正的痛点，刘强东直接从外卖的根源入手，建立自营餐饮品牌"七鲜小厨"，计划用10亿现金，引入1000道招牌菜。并计划三年内开1万家"七鲜小 厨"，专门找厨师合伙做菜。 业界认为，刘强东的计划若真正实施和落地，京东将成为全国最大餐饮集团。市面上大家熟知的各类品牌餐饮都能在京东的七鲜小厨外卖店里出现，1万 家七鲜小厨将覆盖全国，这种战略和野心，就像当年刘强东干掉数码城一样，把数码城直接复制到线上，自己成为全国最大的数码城。只是餐饮的独特 性，使其和其他商品有一定区别，刘强东的宏伟计划能否实行，还是未知数。这次京东的战略能否提振市值，还有待观察。 京东的市值被严重低估 今年上半年京东营收6577亿元，同比增长19.28%；170.7亿元的净利润则同比下滑了13.68%。15.89%的毛利率相比去年同期的15.54% ...

Core Insights - The competition strategy of food delivery platforms is shifting towards deeper exploration of "quality" and "value," with differentiation strategies set to reshape the industry landscape [1] - Meituan has relaunched its quality delivery service through Dazhong Dianping, utilizing AI and real user reviews to enhance decision-making for consumers [1][2] - The food delivery market has seen significant growth, with Meituan's core local business revenue increasing by 7.7% year-on-year to 653 billion yuan [1][3] Company Developments - Dazhong Dianping has integrated over one million high-rated restaurants into its quality delivery service, enhancing consumer decision-making with detailed ratings and reviews [2] - JD.com has signed a strategic cooperation agreement with Jinjiang Hotels to expand its food delivery business, indicating a focus on scenario-based dining services [3] - Taobao Shanguo has achieved a peak daily order volume of 1.2 billion, reflecting its rapid growth and market integration [1][3] Market Dynamics - The competitive landscape is intensifying, with platforms like Taobao Shanguo expected to capture 45% of the market share, while Meituan faces potential long-term market share decline [5] - The industry is transitioning from simple scale expansion to more refined and focused operational integration and value extraction [4] - The market is witnessing a surge in consumer demand, particularly benefiting large chain brands, while smaller businesses express concerns over the sustainability of the current growth model [6] Regulatory Environment - The State Administration for Market Regulation has engaged with major food delivery platforms to ensure compliance with laws and regulations, aiming to curb unfair competition and promote a healthy industry ecosystem [8]

Core Insights - The competition strategy of food delivery platforms is shifting towards deeper exploration of "quality" and "value," with differentiation strategies reshaping the industry landscape [1] - Meituan has relaunched its quality delivery service, leveraging AI and real user reviews to enhance decision-making for consumers [1][2] - The food delivery market has seen significant growth, with JD's new business revenue increasing by 199% year-on-year, and Meituan's core local business revenue rising by 7.7% to 65.3 billion yuan [1][3] Group 1: Market Developments - Meituan's quality delivery service aims to filter high-rated restaurants, showcasing user ratings and reviews to fill the decision-making gap for consumers [2] - Dazhong Dianping has integrated over one million high-rated restaurants into its quality delivery service, enhancing user experience with detailed ratings and tags [2][3] - Taobao Shanguo has achieved a peak daily order volume of 120 million, indicating strong market performance and synergy with other platforms [1][3] Group 2: Competitive Landscape - The competition among platforms is intensifying, with various subsidy strategies being employed, leading to significant impacts on profitability [6] - High-profile partnerships, such as JD's collaboration with Jinjiang Hotels, are seen as strategic moves to expand food delivery services [3] - Analysts suggest that while competition is fierce, platforms are beginning to adopt differentiated paths, focusing on refined operations and value extraction rather than mere scale [3][5] Group 3: Regulatory Environment - The market regulator has engaged with major food delivery platforms to ensure compliance with laws and to promote fair competition, emphasizing the need for quality service and consumer protection [7] - The regulator's focus includes controlling subsidies to avoid disrupting the normal pricing system and enhancing support for merchants and rider rights [7]

21世纪经济报道记者易佳颖 外卖平台的竞争策略开始转向对"品质"与"价值"的更深层挖掘，差异化策 略将重塑行业格局。 9月10日，美团宣布大众点评正式"重启"品质外卖服务，将通过B端自研大模型，结合海量真实评价数 据分析用户需求，进一步剔除非真实点评数据，以"AI+真实高分"为用户提供可靠决策。 同天，高德宣布推出"高德扫街榜"，与之相呼应的是，今年4月底，淘宝闪购上线，日订单峰值达到1.2 亿单，颇有几分相辅相成之意。 经历了夏季外卖订单高峰期，外卖市场格局呈现了何种变化？从数据来看，据京东财报显示，包括京东 外卖在内的新业务，收入同比大幅增长199%。美团的订单数量也出现明显增加，财报显示，美团核心 本地商业分部的收入由去年二季度的607亿元增长7.7%至653亿元。阿里巴巴中国电商事业群CEO蒋凡 表示，今年8月，淘宝闪购整体的月度交易买家数达到3亿，较今年4月增长了200%。"经过过去几个月 的发展，我们第一阶段的目标已经超预期实现。" 在这一过程中，补贴政策功不可没，并且补贴的脚步没有放缓。 另一边，9月9日，京东与锦江酒店（600754）正式签署战略合作协议。根据协议，京东旗下七鲜小厨将 进驻锦江 ...

Core Viewpoint - The current state of the Chinese stock market does not exhibit widespread overheating, with any overheating being limited to specific sectors, indicating a healthy level of market participation [1] Group 1: Market Conditions - The inflow of funds into the stock market is primarily from high-net-worth individual investors [1] - The recent rise in Chinese stocks is mainly driven by liquidity, with expectations that leading sectors will continue to outperform until the current upward trend concludes [1] - The mainland market has not yet reached a level of universal participation, suggesting that the A-share market remains at a healthy level [1] Group 2: Regulatory Insights - Attention is drawn to future statements from the China Securities Regulatory Commission regarding the capital market, particularly any mentions of a slow bull market or rational investment [1] Group 3: Anti-Competition Measures - The authorities are expected to intensify anti-competition policies, with investors advised to identify stocks related to these measures based on three criteria: whether new industry capacity is slowing, the potential for policy intervention, and growth in overseas market share [1] - The competitive situation in the food delivery industry is acknowledged as difficult to reverse, as it is dominated by private enterprises, leading to ongoing price wars despite potential government verbal interventions [1]

Core Insights - The competition among Meituan, JD, and Alibaba in the food delivery market has led to significant profit declines, with Meituan's net profit down 89%, JD's down 50%, and Alibaba's down 18%, resulting in a total loss of 20 billion [1] - Consumers benefit from the price wars, enjoying substantial discounts on food delivery and beverages [2] - The real winners in this battle are the underlying players like major restaurant chains and third-party delivery services, which have seen increased order volumes and revenues due to the intense competition [4] Company Performance - Meituan, JD, and Alibaba have all reported substantial declines in net profits due to aggressive subsidy strategies [1] - Despite the losses, companies like SF Express have experienced significant growth, with SF Express's revenue reaching 10.24 billion, a 49% increase, and net profit rising by 120% [4] - SF Express has diversified its business, accumulating a large customer base across 28 industries, which has contributed to its resilience against the food delivery market's volatility [7][8] Market Dynamics - The food delivery subsidy war is expected to continue as companies aim for a larger share of the instant retail market, projected to reach 2 trillion by 2030 [5][11] - Instant retail encompasses a wide range of products beyond food, including electronics and clothing, indicating a shift in consumer purchasing behavior towards immediate delivery [7] - The competition is intensifying as major players like JD and Alibaba expand their logistics capabilities, indicating a shift towards a more integrated local service ecosystem [11] Future Outlook - The instant delivery market is evolving into a "scale game," where companies must leverage scale advantages to enhance service depth and cost efficiency [12] - The shift towards instant retail is seen as a long-term trend rather than a temporary phenomenon, emphasizing the need for businesses to adapt to changing consumer expectations [13] - SF Express's use of AI and autonomous delivery vehicles is enhancing operational efficiency and safety, positioning it favorably in a competitive landscape [8]