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During the second quarter of this year, the fierce subsidy war waged by the three prominent food delivery platforms—JD.com, Meituan, and Taobao Flash Sale—sent shockwaves through the market. Despite regulatory interventions and the platforms' vows to curb irrational competition, the repercussions have already taken their toll. According to the second-quarter financial reports, the profits of these three platforms have plummeted, accompanied by a surge in sales expenditures and marketing costs. Notably, while JD.com and Meituan witnessed revenue growth, this was not matched by a corresponding increase in profits. Conversely, Alibaba, which introduced subsidies later, has been relatively unscathed. Furthermore, this subsidy battle has resulted in a decline in the stock prices of all three platforms.
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