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This is a deep dive into the massive subsidy war currently happening in China's on-demand delivery sector between Meituan, Alibaba, and JD.com. The article argues that this isn't just a simple market share battle, but a preview of the 'post-growth' era for tech giants, where they are forced into brutal, potentially value-destructive competition over low-margin territory.

It analyzes the three clashing business models (local network vs. traffic funnel vs. infrastructure) and the staggering financial costs (e.g., Meituan's 89% profit drop). The core thesis is that this might be a war with no absolute winner, serving as a cautionary tale for Western platforms like Amazon, Uber, and DoorDash. Curious to hear the HN community's thoughts on the economics of instant retail and the long-term sustainability of such subsidy-driven competition.