中金：京东外卖领域成功的困难较大美团要关注生态平衡多于竞争压力

金融界2025-04-22

中金发表报告指，上周京东(09618.HK)与美团(03690.HK)之间的竞争有升级趋势，从外卖领域看，认为京东成功的困难较大。报告指，外卖是一个横跨用户、餐饮、骑手三方的复杂系统，两两之间存在强规模效应，由于前期冷启动阶段规模效应的缺失，平台或需要对用户、骑手、商户给予远高于行业均值的补贴或折让，单均亏损较大，根据京东官方宣称目前的500万单水平，预计其可能意味着较大量级的亏损；如果平台有...

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中金：京东外卖领域成功的困难较大 美团要关注生态平衡多于竞争压力

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中金：京东外卖领域成功的困难较大美团要关注生态平衡多于竞争压力