中国外卖大战报告（中英）

Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu +852-2978-2672 | steve.qiu@gs.com Goldman Sachs (Asia) L.L.C. Leon Wang +852-2978-1414 | leon.wang@gs.com Goldman Sachs (Asia) L.L.C. Damian Xie +852-2978-1398 | damian.xie@gs.com Goldman Sachs (Asia) L.L.C.successful in stabilizing their 20mn+ food delivery scale) given its daily active user scale (DAU)/user purchase frequency disadvantages (that is at a fraction of Alibaba/PDD’s), and PDD with its relatively more resilient 2H domestic profit set-up vs. other transaction platforms given its re-investments that already started from 3Q24 last year and it benefits from an improvement of the community group buy competitive landscape.3 July 2025 | 2:10AM HKTNavigating China Internet The ‘everyday app’ battle in eCommerce: food/instant delivery TAM, cross-sell & eventual landscapeThe intensity of competition between eCommerce players and local services leader Meituan in food delivery/instant shopping has elevated to a new level. Unlike previous investments by eCommerce players that were scaled back within a few quarters, we believe the duration of investments this time will extend for longer— given all of the companies are shifting focus to become China’s ‘everyday app’ for transactions across goods and services. Besides tapping an enlarged Rmb1.5trn instant shopping TAM where Meituan currently takes the lead, we believe eCommerce players’ ambitions are to leverage high-frequency food delivery offerings (GSe Rmb2.4trn TAM by 2030E, now transacted within their main shopping app, up to 2-3 times a day per user, with emerging centralized kitchen models) in cross-selling to their lower-frequency overall eCommerce/travel offerings. We lay out our refreshed three scenarios in food delivery/instant shopping, and see long-term positive benefits to eCommerce players’ customer acquisition costs (CAC), i.e. upside to long-term GMV profit margins. We highlight JD could dis-proportionately benefit more (if Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. 3ab8f2aafeb711dfb52c00215ad26546+852-2978-0856 | ronald.keung@gs.com +852-2978-2672 | steve.qiu@gs.com +852-2978-1414 | leon.wang@gs.com +852-2978-1398 | damian.xie@gs.com 3ab8f2aafeb711dfb52c00215ad26546高盛股票萨克斯研究罗纳德·邱，CFA高盛（亚洲）有限责任公司史蒂夫·邱高盛（亚洲）有限责任公司莱昂·王高盛（亚洲）有限责任公司达米安·谢高盛（亚洲）有限责任公司成功稳定其超过2000万的食品配送规模，考虑到其每日活跃用户规模（DAU）/用户购买频率的劣势（仅为阿里巴巴/PDD的一小部分），而PDD则因其相对更具韧性的下半年国内利润结构，相较于其他交易平台，受益于其自去年第三季度开始的再投资，并且受益于社区团购竞争格局的改善。社区团购竞争格局。