如果把今年夏天视为外卖与即时零售补贴大战的升级引爆点，那么三季度就是其后第一个完整被财报记 录下来的季度。 对美团来说，这份答卷并不轻松：收入955亿元，同比增长2%，经调整净亏损160亿元，其中最核心 的"核心本地商业"从去年的盈利，转为经营亏损141亿元。 在竞争对手宣称投入数百亿资源的背景下，美团不得不迎战，亏损数字直观反映了这场商战的惨烈程 度。 市场对这份成绩单已经有一定的预期，当前显然更关心的是未来： 亏损的底线在哪里？美团的投入产出比如何？以及，在激烈竞争下，美团的长期价值锚点是否依然牢 固？ 141亿亏损，买来的究竟是什么 站在财报的切面看，大额亏损是这场战役最直观的代价。 细拆成本端，更能看出这场战役的烈度。三季度，美团销售成本由568亿元跃升至703亿元，占收入比重 从60.7%抬升到73.6%；销售及营销开支则几乎翻倍，从180亿元激增至343亿元，在收入中的占比从 19.2%抬升至35.9%。 这背后，对应的是大幅提升的骑手补贴、配送成本和用户激励，表明美团正在用利润为用户体验和运力 保障"让路"。值得一提的是，美团一直在强化骑手和商家端的长期投入：10月，骑手养老保险补贴计划 推广至 ...

Core Insights - The competition in the food delivery sector is not over; it has merely shifted in strategy, moving from a subsidy and volume battle to an ecological and systemic competition [2][3][8] - Major players like Alibaba, Meituan, and JD.com have collectively burned over 100 billion yuan in the food delivery business within a short period, indicating the high stakes involved [4][6] - Meituan reported its largest loss since going public, with a core local business segment loss of 14.1 billion yuan, while Alibaba and JD.com also faced significant profit declines [6][7] Financial Performance - Meituan's Q3 revenue fluctuated, resulting in a significant operating loss of 16 billion yuan, with sales and marketing expenses reaching 34.3 billion yuan, up 183% year-on-year [6][7] - Alibaba's operating profit dropped from 35.2 billion yuan to 5.4 billion yuan, with sales and marketing expenses increasing by 340 billion yuan [6][7] - JD.com reported a loss of 15.7 billion yuan in new businesses, including food delivery, with marketing expenses rising by 110.5% to 21.1 billion yuan [6][7] Strategic Shifts - The competition is transitioning to a more sustainable and rational phase, focusing on long-term ecological strategies rather than aggressive price wars [8][17] - Alibaba's management indicated a focus on optimizing order structures and logistics costs, leading to improved unit economics in its food delivery segment [9][11] - Meituan is increasing direct subsidies in the restaurant sector while also expanding its overseas operations [13][14] Market Dynamics - The competitive landscape is evolving, with Alibaba gaining a strategic advantage in the food delivery market, while Meituan is under pressure due to its reliance on food delivery as a primary traffic source [19][21] - The long-term implications of this competition may lead to a more integrated ecosystem that encompasses food delivery, e-commerce, and other online travel agency (OTA) services [21][22] - The entry of competitors like Douyin and Pinduoduo into the market adds further complexity to the competitive dynamics, as they seek to capture a share of the growing instant retail market [21][22]

我们专注于服务增长的提升以及行业健康发展，这使得我们可以在充满活力的市场中游刃 有余的强化以消费者为导向的思维模式，进一步巩固我们在这一领域的领先地位。在现在 的竞争中，我们有非常多的创新模式，包括拼好饭、神枪手和品牌卫星店等等。我们进一 步深化与高质量商家的合作，拓展全价格带高质量产品的覆盖范围。 基于我们平台上的真 实数据，我们能够筛选出最优质的餐饮商家的为高价值餐饮外卖用户匹配最为精准的优质 供应商。此外，我们推出准时宝和一对一送等高质量服务，以强化我们在履约侧的核心竞 争力，提升消费者的配送体验。 1、餐饮外卖 日活和月交易用户数在 2025 年第三季度均创下历史新高。除此之外，我们还扩大用户结 构优势，核心用户规模同比实现稳健增长。更多中低频次用户开始跃迁，消费频次和粘性 均有明显的提升，消费场景也更加多元化。 未来，我们将继续专注于改善供应结构以及履 约能力，推动核心消费进一步的提高频次。我们要让核心用户消费频次和粘性进一步提升。 对于整个生态，我们一直是非常重视。我们希望能够有非常好的举措来建设生态。对于骑 手的福利，我们从 11 月会将骑手养老保险补贴计划扩大至全国范围，并将职业伤害保险 覆盖 ...

Core Insights - The article discusses the intense competition in the food delivery market, highlighting that there are no clear winners in the ongoing battle, particularly in Q3 2025, where both Alibaba and Meituan faced significant losses [4][10]. - Meituan's core local business segment reported a revenue decline of 2.8% year-on-year, resulting in an operating loss of 14.1 billion yuan, marking its first loss since Q4 2022 [4][9]. - Alibaba's aggressive strategy led to a profit drop of approximately 30 billion yuan, with significant investments in subsidies that have nearly exhausted their planned 50 billion yuan budget [10]. Meituan's Performance - Meituan's operating profit for its core local business was 14.6 billion yuan in Q3 2024, contrasting sharply with a loss of 14.1 billion yuan in the same period this year, indicating a significant shift in financial performance [9]. - The increase in sales and marketing expenses by 90.9% to 35.9% of revenue reflects the high cost of maintaining market share amid fierce competition [9][10]. - Despite the losses, Meituan's average order value (AOV) remains significantly higher than competitors, with over 70% market share in orders above 30 yuan [10]. Competitive Landscape - The competition has intensified with new entrants and existing players like Alibaba and JD.com increasing their efforts in the food delivery and local services market [13]. - Douyin (TikTok) is emerging as a formidable competitor, with its life services projected to exceed 800 billion yuan in GTV by 2025, narrowing the gap with Meituan [13]. - The article notes that both Alibaba and Meituan are still in the process of optimizing their user experience (UE) and expanding their instant retail offerings [11][12]. New Business Developments - Meituan's new business segment saw a revenue increase of 15.9% year-on-year to 28 billion yuan, although operating losses increased by 24.5% to 1.3 billion yuan [17]. - The company is expanding its offline retail efforts, with initiatives like the "Happy Monkey" discount supermarket and "Little Elephant" supermarket gaining traction [18]. - Meituan's overseas business, particularly in Brazil, is set to launch in December, with significant investments aimed at capturing market share in a competitive landscape dominated by iFood [19][20]. Future Outlook - Meituan's management expresses confidence in maintaining efficiency and market share despite ongoing losses, emphasizing the importance of patience and strategic focus [7][15]. - The company aims to leverage its strengths in high-value orders and continue exploring new opportunities in both domestic and international markets [10][20].

以下文章来源于Tech星球 ，作者王琳 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 自从3个月前租下来小区的地下一层成为闪电仓老板，张晓几乎就没有睡过一个好觉了。 每天早上叫醒他的，是"您有新的订单"的召唤，他需要在5000多个SKU中迅速挑选出顾客所需的商品，并在3-5分钟内打包完成等待骑手来取。每 当他想休息，新的订单又会不约而至。 张晓告诉Tech星球，他舍不得雇人，偶尔家人来店里帮忙。自己已经投入了大几十万，但日均订单才100多单，利润算下来几乎无法维持店铺的正常 运转。为了冲单获取更多流量，他只能用1分钱的红牛、可乐、康师傅冰红茶引流，但卖得越多，亏得越多。他最终决定将店铺转让。 这几乎是今年以来不少闪电仓老板的缩影。 当消费者们可以从互联网平台上购买到所需的一切，并在1-3天，最多5天的时间收到心仪商品。但互联网平台们觉得还不够快，他们希望30分钟内 送达一切。闪电仓就此诞生。 2018年7月，美团上线闪购业务，随后京东、淘宝先后跟进。战况在今年5月一度胶着。不少人希望乘着平台的东风小赚一笔，但他们不知道的是， 这份"沙堆捡钢镚"的生意早就已经是红海市场。 01 一边开店，一边倒 ...

Core Insights - The article discusses the intense competition between Meituan and Alibaba in the instant retail market, highlighting the strategic decisions made by both companies in response to each other's actions [1][2][3][4][5][6][7][8]. Financial Performance - Meituan's Q3 financial report shows a significant loss of 14.1 billion yuan in its core local business, indicating a shift from being a cash cow to a loss-making entity as it invests heavily in defending its market share against Alibaba [3][4][5]. - Alibaba's Q3 results reveal a 53% drop in net profit despite revenue growth, reflecting the challenges it faces in maintaining investor confidence while pursuing market share in the face of Meituan's aggressive strategies [10][11][12]. Strategic Decisions - Meituan's CEO Wang Xing has adopted a "defensive suicide" strategy, willing to incur massive losses to maintain market share, signaling to competitors that it is prepared to engage in a price war [5][6][7]. - Alibaba's management expresses a willingness to sacrifice short-term profits for long-term market share, yet faces pressure from investors who prefer immediate profitability [10][12][14]. Market Dynamics - The competition is characterized as a "fatigue war," where both companies are testing each other's limits without a clear path to victory, reflecting a shift in the internet landscape where the cost of competition extends beyond financial resources [2][24]. - The article suggests that both companies are in a stalemate, unable to decisively defeat each other, leading to a scenario where neither can afford to escalate the conflict further without risking significant damage to their operations [24][26]. Organizational Challenges - The intense competition has led to organizational strain, with employees at both companies feeling overworked and exhausted, which could hinder their ability to sustain aggressive strategies [18][20][22]. - The article emphasizes that the future of this competition will depend on which company can better manage its resources and maintain employee morale amidst ongoing pressures [26].

Core Viewpoint - Meituan's competitive moat has been severely eroded, as evidenced by its disappointing Q3 2025 earnings report, which showed a revenue of 95.5 billion RMB, a 2% year-on-year increase, falling short of Bloomberg's expected 4% growth, and an adjusted net loss of 16.01 billion RMB, exceeding the expected 13.8 billion RMB loss [1][2][3] Financial Performance - In Q3 2025, Meituan reported a revenue of 95.5 billion RMB, with a year-on-year increase of 2% [2] - The adjusted net loss for the quarter was 16.01 billion RMB, significantly higher than the previous year's adjusted net profit of 12.8 billion RMB, indicating a nearly 30 billion RMB impact on net profit [2][3] - Operating loss for the core local business segment reached 14.1 billion RMB, with an operating loss margin of 20.9% [8] Cost and Investment Analysis - Meituan's sales costs and marketing expenses increased by 29.8 billion RMB compared to the same quarter last year, aligning closely with the 30 billion RMB decrease in profit [3] - The core local business segment's revenue decreased by 2.8%, indicating challenges in maintaining market share despite increased spending [8] Market Share and Competition - Meituan's market share in food delivery has dropped from over 75% at the beginning of the year to approximately 50% as of November, according to estimates from JPMorgan [3][12] - The competitive landscape has intensified, with Alibaba's market share rising to 42%, while Meituan's share has declined [12] Strategic Responses - Meituan's CEO expressed optimism about the long-term sustainability of the business model, despite acknowledging ongoing losses due to competition [4][19] - The company plans to invest an additional 2.8 billion RMB to support merchant development and enhance service quality [18] Market Sentiment - The market has reacted negatively to Meituan's Q3 results, with the company's stock price under pressure, reflecting a year-to-date decline of over 32% [6][16] - Analysts predict that Meituan's stock will continue to face downward pressure following the earnings report [7][16]

Core Insights - Meituan reported a net loss of 16 billion yuan in Q3 2025, with total revenue reaching 95.5 billion yuan, a year-on-year increase of 2% [2] - CEO Wang Xing emphasized that the ongoing price war in the food delivery sector is unsustainable and detrimental to industry value creation [1][2] - Despite the losses, 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 [2] Financial Performance - Total revenue for Q3 2025 was 95.5 billion yuan, reflecting a 2% increase compared to the previous year [2] - The core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan, contributing to an adjusted net loss of 16 billion yuan for the quarter [2] Market Position and Strategy - Wang Xing reiterated the company's commitment to protecting rider rights and supporting small merchants, aiming for long-term industry health [1] - Meituan maintains a leading market share in the mid-to-high price order segment, with over 66% of orders above 15 yuan and over 70% of orders above 30 yuan [1]

Core Viewpoint - Meituan reported its first quarterly loss in three years, with an adjusted net loss of 16 billion RMB in Q3, and expects losses to continue into Q4, indicating an intensifying competition in the food delivery sector [3][4]. Group 1: Financial Performance - In Q3, Meituan's core local commerce business shifted from profit to loss, recording an operating loss of 14.1 billion RMB compared to a profit of 14.6 billion RMB in the same period last year [3][4]. - The company anticipates a slight increase in losses for its flash purchase business in Q4, despite confidence in achieving reasonable and sustainable profitability in the medium to long term [4][11]. Group 2: Competitive Landscape - Management criticized the ongoing price war in the food delivery industry as "malicious competition" and stated that they will not engage in it, instead opting to adjust resources dynamically based on competitive conditions [4][5]. - The company noted a recovery in market share and order volume in October and November, with over two-thirds of orders priced above 15 RMB and about 70% above 30 RMB, indicating a focus on higher-value transactions [4][5]. Group 3: User Engagement and Strategy - Core users maintain high retention rates, with consumption frequency and loyalty steadily increasing, reflecting strong brand recognition and service advantages [6][12]. - Meituan plans to enhance user experience through faster and more reliable delivery, a diverse supply across all price ranges, and exclusive benefits from its membership system [6][12]. Group 4: Future Outlook and Investments - The company is committed to investing in supply-side operations to ensure optimal user experience and will continue to educate users during promotional events like Double Eleven [11][18]. - Meituan's strategy includes expanding its instant retail supply chain and enhancing service experiences to meet the evolving consumer demand for immediate satisfaction [9][10]. Group 5: International Expansion - Meituan's new business segment, KeeTa, achieved its first monthly profit in Hong Kong, indicating a successful market entry strategy that may be replicated in other regions like Saudi Arabia and the GCC [16][18]. - The company is optimistic about the potential for growth in Brazil, which is one of the largest food delivery markets globally, despite existing competition [17][18].

Core Insights - Meituan's CEO Wang Xing emphasized that over two-thirds of orders paid over 15 yuan and more than 70% of orders over 30 yuan are captured by the company, indicating a strong market position in the mid-to-high price segment [1] - Wang reiterated the company's stance against the unsustainable price war in the food delivery industry, asserting that it does not create value and is a form of low-quality competition [1] - The company reported a steady recovery in market share for its food delivery orders, with high retention rates among core users and increasing consumption frequency [1] Business Developments - Meituan's overseas business, particularly the Keeta operations in Hong Kong, achieved profitability in October, reaching this milestone ahead of the previously set three-year target [3] - The company sees significant growth opportunities in the Keeta and grocery retail sectors, with expectations that losses in new business segments will not exceed those projected for 2025 [4] - Meituan is focusing on its instant retail business, leveraging its platform for high conversion rates and incremental sales, while planning to enhance user education during major marketing events [4] Operational Strategy - The company is committed to investing in supply-side operations for instant retail to ensure a superior user experience, with a goal of maintaining advantages in supply chain, user reach, and fulfillment [4] - Meituan's lightning warehouse model offers 24/7 operational services, enabling diverse high-quality products to be delivered within half an hour [4] - In the AI sector, Meituan has made significant advancements in its internal language model, enhancing its capabilities in the third quarter [4]