$BABA-W(09988.HK)$MEITUAN(03690.HK)$JD-SW(09618.HK)
🍜📱 China Food Delivery: The Price War Ends — Who Won, Who Lost?
After burning through an estimated RMB 150 billion (US$22.1B) between Q2 2025 and Q1 2026, the era of “growth at all costs” is finally over.
Meituan, Alibaba and JD.com are shifting focus to profitability, efficiency and sustainable competition now.
The market has also transformed from near-monopoly to a far more balanced landscape.
🏆 Meituan - Still Leader, But Share Eroded
Once held 75–80% of the market is down to 50–55% now. They have successfully defended its position at the cost of short-term profits and returned to profit in Q2 2026 at RMB 2.155B net income.
🥈 Alibaba - The Biggest Structural Winner
Market share grew to 40–45%, reshaping the competitive landscape permanently.
Alibaba is also redirecting its capital toward AI and ecosystem integration now instead of giving out endless subsidies.
🥉 JD.com - Solid Third Player
Delivery losses cut by more than half.
The latest Q2 non-GAAP net income +20.8% YoY to RMB 8.9B. JD has proven that they can compete and be profitable. 💪
⚔️ The War Isn’t Over (Just Changed Battlefields)
Subsidies are out. Better service, AI recommendations, omnichannel integration and higher-value instant retail are the new front lines.
The real question now: Who can turn market share into lasting profit? 📈
📊 Full breakdown in the infographic! 👉
