摩根大通：中国外卖行业-关于京东入局的思考：评估其对美团和京东自身在市场份额及财务状况方面的影响

Asia Pacific Equity Research 22 April 2025 China Food Delivery Thoughts on JD's entrance: Evaluating impact on market share and financials for Meituan and JD Meituan/JD shares have underperformed the benchmark KWEB in the past month (-19%/-18% vs. -15%) due mostly to investor concerns about JD's aggressive entrance to China's food delivery market and a potential reaction from Meituan, in our view. We expect insignificant change to the current market structure from JD's entrance, where Meituan/Ele.me hold a ...