Core Viewpoint - Meituan is facing significant challenges in both domestic and international markets, particularly in Brazil, where it is competing against Didi's 99Food in a rapidly growing e-commerce environment [1][4][14] Group 1: Domestic Market Challenges - In Q2 2025, Meituan reported a nearly 90% drop in adjusted net profit, earning 12.1 billion yuan less than the same period last year, attributed to irrational competition [1] - Meituan's market share in the domestic food delivery sector fell from 74% at the beginning of the year to 65% by August [1] - The company increased its sales and marketing expenses by 7.7 billion yuan compared to the previous year due to the fierce competition [1] Group 2: International Expansion and Competition - Meituan is entering the Brazilian market with its new brand Keeta, planning to invest $1 billion over the next five years [4] - The Brazilian market is seen as a fertile ground for food delivery services due to its high urbanization rate (87.6%) and a projected market size of $12 billion [1][5] - Didi's 99Food previously exited Brazil due to iFood's dominance but has re-entered the market, intensifying competition [2][4] Group 3: Legal Disputes - Meituan's Keeta has initiated legal actions against 99Food for trademark infringement and unfair competition practices [3] - The lawsuits include accusations of 99Food's high-priced advertising tactics and exclusive agreements with merchants [3] Group 4: Market Potential and Infrastructure - Brazil's Q-commerce market is projected to reach approximately $1.05 billion by 2024, with a compound annual growth rate of about 11.45% [5] - The CEP (courier, express, and parcel) market in Brazil is expected to grow from $5.93 billion in 2025 to $7.77 billion by 2030, with a CAGR of 5.56% [5] - Brazil's internet penetration rate is high, with over 90% smartphone ownership, indicating a strong potential for on-demand delivery services [5][6] Group 5: Competitive Strategies - Didi's 99Food has proposed a "fair alternative" plan, including waiving commissions for restaurants for a year and guaranteeing daily income for delivery riders [8] - Meituan's Keeta plans to offer lower rates than iFood and provide incentives for timely deliveries [8] - Both companies are engaging in aggressive spending to capture market share in a highly competitive environment dominated by iFood, which holds over 80% of the market [8][12]

最近在巴西，美团的外卖业务还没上线，就被同样在巴西没站稳脚跟的中国企业滴滴"二选一"了。 事情是这样的：美团出海品牌Keeta宣布进军巴西市场，滴滴也重启了自己在巴西的外卖业务99Food。 这两个中国出海企业面对的最大竞争对手，是市占率超过80%的巴西本土外卖品牌：iFood。 其实iFood也不是正统的巴西本地企业，它由Prosus控股。Prosus是从南非报业集团分拆上市的子公司， 在国内，Prosus更为熟知的身份是腾讯的单一最大股东。 背靠Prosus大树，iFood当年就是靠"钞能力"在商户间搞"二选一"挤走了滴滴的99Food和Uber Eats。目前 iFood在巴西外卖市场一家独大，估值超120亿美元，是拉美估值最高的科技公司之一。 按照正常的商业逻辑，新入局者应该抓紧时间打造自己的差异化服务，快速抢占市场。尤其是滴滴，已 经是二次征战巴西市场了，对本土的最大竞争对手iFood应该十分了解了。 但滴滴99Food做了一个出乎所有人意料的决定：绕过老对手iFood，集中所有火力进攻新手美团Keeta， 用的还是熟悉的配方"二选一"——当年iFood用在挤兑自己身上的战术，滴滴反手用在了自己同胞 ...