Core Insights - DoorDash (DASH) and Amazon (AMZN) are significant competitors in the on-demand delivery and e-commerce sectors, with DASH excelling in food delivery and local commerce, while AMZN utilizes its extensive e-commerce platform and Prime ecosystem for same-day grocery and meal delivery [1][2] Market Overview - The global same-day delivery market was valued at $9.90 billion in 2024 and is projected to grow to $29.82 billion by 2030, with a CAGR of 20.6% from 2025 to 2030, presenting substantial growth opportunities for both DASH and AMZN [2] DoorDash (DASH) Analysis - DoorDash is actively expanding its partner network to enhance express grocery delivery, solidifying its position in the on-demand delivery market [3] - In Q3 2025, DoorDash reported a 21% year-over-year increase in total orders, reaching 776 million, and a 25% year-over-year increase in marketplace Gross Order Value (GOV) to $25 billion, indicating strong demand [4] - Recent partnerships, such as with Old Navy for on-demand apparel delivery, are enhancing DoorDash's service offerings and retail delivery capabilities [5] Amazon (AMZN) Analysis - Amazon's Prime membership is central to its delivery strategy, providing fast and free delivery options, with innovations like three-hour delivery being rolled out in select U.S. cities [6] - The company is investing over $4 billion to improve its rural delivery network, increasing access to same-day and next-day delivery by 60% in rural communities [7] - Amazon is integrating fresh groceries into its same-day delivery services, expanding its reach to over 1,000 cities, with plans to cover 2,300 cities by the end of 2025 [8] Financial Performance - Year-to-date, DASH shares have increased by 8.4%, while AMZN shares have risen by 9.4%, with AMZN's performance attributed to improved delivery speeds and innovations [11] - The Zacks Consensus Estimate for DASH's 2025 earnings is $2.25 per share, reflecting a 675.86% year-over-year increase, but has declined by 9.2% over the past 30 days [18] - In contrast, AMZN's 2025 earnings estimate is $7.17 per share, showing a 29.66% year-over-year increase and a 4.5% rise in the last 30 days [18] Conclusion - Both DoorDash and Amazon are positioned to benefit from the growing e-commerce and delivery market, but Amazon is seen as having greater upside potential due to its strong global presence, growing Prime membership, and superior earnings momentum [21][22]

Investment Rating - The industry investment rating is Attractive [9] Core Insights - Meituan has established a strong competitive advantage in quick commerce, with expectations for Alibaba's e-commerce and local services to enhance adoption [1][6] - Meituan's Instashopping gross transaction value (GTV) is projected to reach Rmb350 billion in 2025, reflecting a 30% year-over-year growth [5] - The downsizing of Meituan's Select mini program is viewed positively, as it allows for more investment in profitable areas like Instashopping and international expansion [4] Summary by Sections Meituan - Meituan is ramping up its quick commerce business by increasing the number of Instamarts and expanding product categories, with a focus on tier 1 and 2 cities [3] - The closure of Select warehouses, which incurred losses of approximately Rmb7 billion in 2024, is expected to free up resources for more strategic investments [4] - The company has over 30,000 Instamarts and more than 5,000 merchants, achieving break-even in 2024 [5] Alibaba - Alibaba is merging Eleme and Fliggy into its e-commerce group, which is anticipated to create strong synergies across e-commerce, on-demand delivery, and travel segments [12][13] - This strategic move follows JD's entry into quick commerce and food delivery, highlighting the competitive landscape [13] Financial Projections - Meituan's core local commerce operating profit (OP) is forecasted to be Rmb53 billion for 2025, with new initiatives expected to incur losses of Rmb11 billion [7] - The total on-demand retail market in China is projected to reach Rmb2 trillion by 2030, with Meituan's total on-demand retail GMV expected to reach Rmb1 trillion by the same year [18][22]