8月1日，针对近期外卖平台补贴引发的社会关注，美团发文《繁荣行业生态，抵制无序竞争》，淘宝闪购及饿 了么发文《持续提升服务 推动良性竞争 激发消费烟火气》。先后提及，不以显著低于成本的价格销售商品和 服务，严重扭曲价格信号，扰乱市场竞争秩序，造成浪费。坚决抵制恶性竞争。 美团在《繁荣行业生态，抵制无序竞争》中明确表态，将坚决规范促销行为，杜绝不正当竞争，推动建立公平 有序的行业秩序。其核心承诺包括五方面：严格遵守《反垄断法》《反不正当竞争法》《电子商务法》《价格 法》《反食品浪费法》等法律法规，不以显著低于成本的价格销售商品和服务，避免扭曲价格信号、扰乱市场 秩序或造成浪费；依法公示补贴信息，不夸大宣传补贴总额；不强制或变相强制商家参与补贴活动，保障商家 自主定价权；对商家和消费者遵循无歧视原则，避免选择性补贴伤害中小商户利益；构建消费者、商家、骑手 与平台的多方共赢生态，通过降低商户经营成本、推动"比品质""比服务"替代"比价格"、平衡外卖与堂食发 展、提升骑手权益保障水平等措施，促进行业理性可持续发展。 来源：综合智通财经、新浪财经、IT之家、金融界等 编辑：涵钰 版权归原作者所有 如有侵权请及时联系 ...

Core Viewpoint - Despite short-term challenges from Douyin's traffic impact on food delivery and local life, as well as profit pressure from JD's food delivery, Meituan's high organizational efficiency and significant scale advantages suggest that it may represent a long-term investment opportunity over a two to three-year horizon [1] Financial Performance - In Q1, the company's revenue reached 86.6 billion yuan, a year-on-year increase of 18.1%, exceeding market expectations of 85.4 billion yuan; adjusted net profit was 10.9 billion yuan, up 46.2% year-on-year, significantly surpassing the market forecast of 9.73 billion yuan, with an adjusted net profit margin of 12.6% [2] - Core local business revenue grew 17.8% year-on-year to 64.3 billion yuan, with delivery, commission, and advertising revenues increasing by 22%, 20%, and 15% respectively; the healthy growth in food delivery was driven by a reduction in subsidies [5] Business Segments - New business revenue increased by 19.2% year-on-year to 22.2 billion yuan, although the growth rate slowed compared to the previous quarter; operating losses in new businesses narrowed by 18% year-on-year to 2.3 billion yuan, but widened quarter-on-quarter due to overseas expansion [5] - The management expects a slowdown in core local business revenue growth in Q2 due to intensified competition, with delivery order growth potentially decreasing from 15% in Q1 to 10%-11% [6] Competitive Landscape - The core competition in the food delivery sector is shifting towards instant retail, with the Ministry of Commerce predicting that the instant retail market will exceed 2 trillion yuan by 2030 [7] - Meituan's strategy combines both defensive and offensive elements, with its flash purchase business serving as a key growth driver in instant retail [9][11] - JD's entry into the food delivery market is seen as a defensive move to protect its user base from Meituan's encroachment [12] Market Share and User Dynamics - Meituan's average order value is higher than that of its competitors, focusing on high-frequency essential food consumption, which results in a healthier order structure [14] - As of mid-June, Meituan's daily payment orders remained above 90 million, while JD and Taobao reported peak daily order volumes of over 25 million and 40 million respectively, maintaining a market share ratio of approximately 7:2:1 [16] Cost Structure and Cash Flow - Meituan maintains a significant advantage in delivery costs, with an average fulfillment cost of 4.2 yuan compared to JD's estimated cost of 11.5 yuan [17] - The company reported a robust cash flow of 10.1 billion yuan in Q1, with cash reserves of 115 billion yuan, significantly higher than JD's cash flow and reserves [17] Subsidy Strategies - JD has adjusted its subsidy policy, shifting a larger burden onto merchants, indicating the unsustainability of high subsidies and potentially alleviating competitive pressure on Meituan [18][19] Long-term Outlook - Meituan's scale advantages and logistics capabilities in instant retail are expected to support its market share and competitive strength, with a potential stock price turning point anticipated in the second half of 2025 [24][25]