Core Insights - The "subsidy war" in the food delivery industry is losing momentum, leading to a more rational consumer choice and a shift in market competition logic [1][6] - The market is now characterized by a "three-way split," with 34.2% of consumers choosing Taobao Shanguo, 33.5% opting for JD Delivery, and 28.9% selecting Meituan, indicating a balanced market structure [1][3] Market Dynamics - Historically, the food delivery market exhibited a "strong vs. weak" competition, with Meituan dominating due to early user accumulation, while Ele.me struggled to close the market share gap [3] - The end of the subsidy war has shifted competition from "price wars" to "value competition," providing opportunities for new entrants like JD Delivery to establish a foothold [3][6] - JD Delivery has focused on "differentiated competition," leading the quality food delivery segment with a 35.6% future order expectation share, appealing to 26.8% of "value-driven users" who prioritize delivery efficiency and food quality [3][8] Consumer Preferences - Consumer demands for "quality food delivery" have evolved beyond taste to include safety, compliance, and transparency, with trust in merchants becoming a key differentiator [4][6] - Key factors distinguishing "quality food delivery" from regular options include "physical store assurance" (12.5%), "complete qualifications" (11.8%), and "regular hygiene checks" (10.9%) [4] Industry Trends - As consumer expectations for quality rise, the food delivery industry is transitioning from "extensive growth" to "high-quality development," focusing on service upgrades and food safety [6][14] - The shift in consumer behavior due to the subsidy war has led to increased app usage, with Meituan's daily app usage growth at 16.66% in April, followed by JD's 23.87% in May, indicating a reshuffling of market dynamics [10][12] Competitive Landscape - The competition is now defined by the platforms' comprehensive capabilities, with JD and Taobao showing stronger cross-category purchasing tendencies compared to Meituan [12][14] - The cycle of "ordering-cross-buying-retention" reinforces high-frequency consumption and creates synergies with other product categories, marking a shift from "subsidy internal competition" to "value competition" [14]