Industry Notes

Industry Notes / Meituan / Chapter 4 of 5 · Bar

A trillion-scale war bought ten points

Negative-sum; Alibaba won’t exit, but will demand efficiency

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War-loss sketch
Alibaba
870 bn RMB
Meituan
440 bn RMB
JD
420 bn RMB

About RMB 173 bn of losses in a year (Alibaba ~870, Meituan ~440, JD ~420) moved share by ~10 points. Alibaba treats flash purchase as e-commerce bedrock and still wants scale within three years.

Source：汇丰测算：2025Q2–2026Q1 即时零售消耗战亏损分摊

Research notes, not investment advice.