Core Viewpoint - JD.com CEO Xu Ran emphasized that the company will not engage in "malicious subsidies" within the food delivery market, highlighting the negative impact of such practices on the industry and merchants [1] Group 1: Company Positioning - Xu Ran stated that the recent food delivery market has shown signs of a bubble, with "malicious subsidies" failing to innovate business models or create incremental value, leading to significant disruption in pricing for the industry [1] - The company aims to establish long-term relationships with delivery workers, offering them labor contracts and benefits, which reflects its commitment to ethical business practices [1] Group 2: Industry Insights - The current state of the food delivery market is characterized by a multi-loss situation due to the prevalence of harmful subsidies, which do not benefit any party involved [1] - JD.com’s approach contrasts with competitors who may engage in aggressive pricing strategies, positioning the company as a more stable and responsible player in the market [1]