Meituan's latest financial report has been released, and the core data has directly shattered expectations – profits have plummeted by 89% year-on-year.

Even though there were vague expectations before, the shock of the bloodshed felt shocking when the digital numbers were put on the table.
The moat and competitive barriers that have been repeatedly mentioned suddenly seem untenable at this moment. If Alibaba can just take a glance at you and wipe out nearly 90% of Meituan's profits, then the credibility of the previous stories about barriers will probably also be discounted by 10%.
If we break it down from the cost perspective, Meituan has increased its investment by 7.8 billion this quarter. Compared to JD's loss of 14.7 billion during the same period, a consumption ratio of 1:2 seems relatively "acceptable" and aligns with Meituan's consistent strategy of emphasizing efficiency. However, it is important to be clear that this is merely a comparison with JD, and more crucially, this is only data from Q2.
The real storm has not yet been reflected in the financial report - starting from July, a new round of cash-burning wars has officially begun. Based on Alibaba's reported maximum monthly expenditure of 10 billion, how much cash will Meituan need to spend in Q3 to counter this impact? Can it still maintain an efficient consumption ratio of 1:2?
The shift in the entire competitive environment is so rapid that it catches people off guard: it used to be a comfortable pattern where competitors were deliberately kept to avoid monopolies, but overnight it switched to a Verdun meat grinder-style mutually destructive approach.
What the market urgently needs right now may be a timely or slightly delayed update from Wang Xing — after all, in the food delivery sector, two out of the three original players have already been eliminated, and now everyone's attention is focused on the upcoming Alibaba quarterly report, waiting to see the next chapter of this fierce battle.