外卖大战的效率战，Round 1丨晚点小数据

市场资讯2025-08-30

（来源：晚点LatePost）　　大企业可以用巨资补贴冲高任何单一数字，这可能是短期聚焦单一目标的合理战术，也可能是追逐无效指标的大公司病症。拼多多曾经一度猛推短视频，最终成功提高了主应用黏性，带来交易和收入；而淘特一度做到 3 亿人消费者，现在已经不出现在阿里的业绩会上。　　随着各平台二季度财报发布，我们终于能稍微看到外卖大战第一回合的结果。　　各家都不太希望让外界看清楚具体...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2563380178?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-30 22:32","share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","id":"2563380178","market":"sh","top_or_hot":-1,"title":"外卖大战的效率战，Round 1丨晚点小数据","media":"市场资讯","content":"<div>\n<p>（来源：晚点LatePost）\n\n\n\n\n\n\n\n　　大企业可以用巨资补贴冲高任何单一数字，这可能是短期聚焦单一目标的合理战术，也可能是追逐无效指标的大公司病症。拼多多曾经一度猛推短视频，最终成功提高了主应用黏性，带来交易和收入；而淘特一度做到 3 亿人消费者，现在已经不出现在阿里的业绩会上。\n　　随着各平台二季度财报发布，我们终于能稍微看到外卖大战第一回合的结果。\n　　各家都不太希望让外界看清楚具体...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-08-30/doc-infnusvz9767253.shtml\">网页链接</a>\n\n</div>\n","source":"sina","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>外卖大战的效率战，Round 1丨晚点小数据</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n外卖大战的效率战，Round 1丨晚点小数据\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-30 22:32 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/roll/2025-08-30/doc-infnusvz9767253.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（来源：晚点LatePost）\n\n\n\n\n\n\n\n　　大企业可以用巨资补贴冲高任何单一数字，这可能是短期聚焦单一目标的合理战术，也可能是追逐无效指标的大公司病症。拼多多曾经一度猛推短视频，最终成功提高了主应用黏性，带来交易和收入；而淘特一度做到 3 亿人消费者，现在已经不出现在阿里的业绩会上。\n　　随着各平台二季度财报发布，我们终于能稍微看到外卖大战第一回合的结果。\n　　各家都不太希望让外界看清楚具体...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2025-08-30/doc-infnusvz9767253.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1993786604.SGD","symbol_name":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","start_time":0,"source_url":"https://finance.sina.com.cn/roll/2025-08-30/doc-infnusvz9767253.shtml","article_id":"2563380178","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2563380178","pubTimestamp":1756564320,"columns":[],"sourceInfo":{"source_id":"sina","name":"sina"},"weMediaInfo":null,"summary":"　　大企业可以用巨资补贴冲高任何单一数字，这可能是短期聚焦单一目标的合理战术，也可能是追逐无效指标的大公司病症。拼多多曾经一度猛推短视频，最终成功提高了主应用黏性，带来交易和收入；而淘特一度做到 3 亿人消费者，现在已经不出现在阿里的业绩会上。　　随着各平台二季度财报发布，我们终于能稍微看到外卖大战第一回合的结果。","collect":0,"end_time":0,"defaultTopTitle":"sina.com.cn","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","09618":"京东集团-SW","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","BK1618":"Manus概念股","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0228659784.USD":"施罗德金砖四国基金","HMTD.SI":"Meituan HK SDR 5to1","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","03690":"美团-W","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","JD":"京东","UE":"Urban Edge Properties","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","BK4526":"热门中概股","LU0052750758.USD":"富兰克林中国基金A Acc","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","BK1591":"就地过年概念","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0918141887.USD":"安联亚洲实际收益股票基金","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0287142896.SGD":"Fidelity China Focus A-SGD","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","BK4558":"双十一","MPNGY":"美团ADR","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC"},"translate_title":"The efficiency war of the food delivery war, Round 1 | Late small data","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03690":0.61,"09618":0.6,"METmain":0.6,"JD":0.76,"UE":1,"MPNGY":0.6,"HMTD.SI":0.6},"content_text":"（来源：晚点LatePost）\n\n\n\n\n\n\n\n　　大企业可以用巨资补贴冲高任何单一数字，这可能是短期聚焦单一目标的合理战术，也可能是追逐无效指标的大公司病症。拼多多曾经一度猛推短视频，最终成功提高了主应用黏性，带来交易和收入；而淘特一度做到 3 亿人消费者，现在已经不出现在阿里的业绩会上。\n　　随着各平台二季度财报发布，我们终于能稍微看到外卖大战第一回合的结果。\n　　各家都不太希望让外界看清楚具体业务的数据，比如电商平台早就不公布季度 GMV、美团也不披露外卖业务的利润率——前段时间关于其利润率不到 3% 的说话，是依据其 2022 年初披露口径倒推。还有公司改组导致历史分部门收入无法直接比较。现在围绕外卖又有新调整。最稳定的是拼多多 —— 数据稳定得比别家少。\n　　我们从财报、以及第三方追踪数据里筛选了一些可对比的项目。\n　　有人觉得外卖可以带来用户，减少电商广告投放。至少初期不是这样。二季度外卖大战各方多花了 433 亿元销售费用。当中有补贴，也有你在手机应用里和路边看到的外卖广告。\n　　这还不是全部，我们看不到骑手开支的变化（美团将其计入经营成本、京东塞进基数庞大的物流板块）。\n　　巨额投入直接推高了参战各方的 DAU，但目前没有带来等比的利润增长。\n　　我们统计了各平台消费相关业务板块（包括电商和外卖）平均从每个消费用户得到的经营利润。参战各方利润都显著减少。美团去年的用户人均带来利润已经和淘宝、京东相当，到二季度几乎消失，\n　　阿里虽然投入巨大，但利润下降幅度最小，甚至好过去年的 “618”。加上它从短期现金储备到业务长期生产弹药的规模都显著领先，外卖大战目前对它的影响比美团、京东小得多。\n　　目前披露的数据没有包括更惨烈的七八月。本周营收会上，美团说最终会以效率获胜。而阿里说规模提升将改善效率，未来让经济模型（UE）亏损缩小一半。\n　　目前两方都不再聚焦茶饮冲单，而是投入三餐和即时零售。这将是持久战。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：韦子蓉","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"deviceId":"web-server-community-laohu8-v3","version":"4.35.13","shortVersion":"4.35.13","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2563380178","isCrawlerRequest":true}