Industry Notes

Industry Notes / Meituan / Chapter 5 of 5 · Thesis cards

The real threat is in-store

Delivery faces Alibaba; the profit pool faces Douyin

What is still unclear?

Write what you still want explained. Questions go to the author and are not shown publicly.

  1. Delivery foe: Alibaba

    Flash purchase still wants RMB 1 tn GMV within three years, but pivots from share to UE.

    A 50:40 split is fine if losses keep narrowing.

  2. In-store foe: Douyin

    Content platforms rewrite local discovery; take-rate and ads differ.

    Defending in-store/travel beats another delivery share point.

  3. Breakout priorities

    End share war → fix UE → retailize → defend in-store → overseas → capital returns.

    Many narratives; few hard verification metrics.

The instant-retail war burns the P&L; in-store and travel are Meituan’s profit pool. Douyin’s content graph hits discovery harder than logistics.

Source：美团深度调研第 4.5 节：抖音到店威胁

Research notes, not investment advice.