解读！约谈后即时零售行业格局如何演变？

Summary of Instant Retail Industry Conference Call Industry Overview - The instant retail industry is experiencing a shift in competitive dynamics, with the market leader changing from JD.com to Ele.me between May and July 2025 [1] - Regulatory measures are being implemented to stabilize the industry and promote fair competition, aiming to protect merchant profits and prevent excessive price wars [1][5] Key Points and Arguments - Market Competition Shift: The competitive landscape has evolved, with Ele.me now taking the lead over JD.com and Meituan, reflecting rapid market changes [3] - Anti-Competition Policies: New regulations are aimed at curbing low-price subsidies to maintain market order and ensure reasonable profits for merchants [1][4] - External Effects of Instant Retail: The growth of instant retail has stimulated consumer demand and increased employment for delivery riders, with daily orders rising from 100 million to over 200 million in two months [6] - Investment in Business Environment: Meituan has invested over 400 million yuan to open satellite stores, while Taobao Flash and JD.com are enhancing incentives for merchants and riders [7][8] - Demand and Competition Outlook: Despite a reduction in subsidy activities, strong demand is expected from July to September 2025, with competition tools becoming more diversified and refined [9] - Order Structure Adjustment: The industry is shifting from broad-based products to more elastic items and adjusting category structures, which will help platforms stabilize their businesses long-term [10] Additional Important Insights - Impact of Subsidy Wars: The recent subsidy wars have led to a significant increase in demand but have also pressured traditional dining establishments, as online orders surpass dine-in options [4][9] - Challenges for New Entrants: New high-growth platforms face challenges in supply-side capabilities and fulfillment to maintain their market positions [11] - Future Market Predictions: Various scenarios have been tested to predict future market dynamics and platform profitability, with further discussions encouraged with the investment team [12]