过去一个夏天的外卖大战落到了财报里。第三季度，京东、阿里、美团财报的"痛感"都与外卖业务的投 入有关。 几位公司的一把手也做出了最新表态。美团 CEO 王兴强调"坚决反对外卖价格战"，重申这没有为行业 创造价值。阿里电商事业群CEO蒋凡则着重介绍起即时零售单位经济效益（UE）的改善情况，短期亏 损会减少，阿里也表示下季度对闪购业务的整体投入会"显著收缩"。京东则在三季度便悄然减少了外卖 业务的环比投入。 外卖大战要熄火吗？走到这个阶段，即时零售似乎迎来了清扫战场的时间，三家平台需要重新思考如今 的战局以及未来兵力的投入、盈利的边界，度过一个冷静的冬天。但与此同时，王兴与蒋凡又不约而同 地留下了"根据竞争态势调整投资和策略方向"的伏笔。 外卖大战正在进入一个更为复杂的新阶段——不想打，但也停不下了。 但外卖大战的"退潮"是一点点发生的。在王鑫的视角中，掀起这场战局的京东是三家之中最早后撤的， 他告诉记者，京东在9-10月份就逐步推出了该地区他所在品类的补贴，之前每单补贴能达到满15减10 元，现在只剩下补贴3-5元一单。该品牌的外卖单量中，京东在外卖大战最开始的占比能达到30%左 右，现在已经不到2%了。 淘宝 ...

作为美团的基石业务，核心本地商业分部在第三季度承压明显。三季度，为应对行业"内卷式"竞争，美 团加大资金投入。在亏损代价下，美团App的DAU（日活跃用户数）同比增长超过20%，餐饮外卖月交 易用户数创下历史新高。不过，也造成美团三季度经调整亏损160.10亿元，上年同期溢利128.29亿元。 美团表示，由于外卖行业竞争持续加剧，三季度，公司核心本地商业分部的经营溢利同比大幅下降。同 时，由于海外扩张，新业务分部的经营亏损同比扩大至人民币13亿元。对于四季度展望，美团预计，核 心本地商业板块及本公司整体层面的经营亏损趋势将延续。 中国青年报客户端讯（中青报·中青网记者 张均斌）11月28日晚，美团发布的2025年第三季度业绩报告 显示，美团实现营收955亿元，同比增长2%。由于行业竞争加剧，包含外卖业务的核心本地商业经营利 润转负，亏损141亿元。 "面对行业竞争变化，我们持续巩固核心竞争力。"美团CEO王兴表示，将持续迭代产品与服务，更好满 足用户需求。数据显示，三季度公司研发投入69亿元，同比增长31%。近期，美团无人机在深圳多条航 线上线夜间配送服务，截至今年9月底，无人机配送商业订单已超过67万笔。 ...

三季度，为应对行业"内卷式"竞争，美团加大资金投入以提升服务质量。在此带动下，美团APP的DAU(日 活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 美团CEO王兴在财报电话会上强调："我们重申在过去两个季度阐明的立场，外卖价格战是低质低价的'内 卷式'竞争，我们坚决反对。半年来的市场结果已经充分证明：外卖价格战没有为行业创造价值，不可持 续。" 他同时表示，美团将继续在骑手权益保障、中小商户帮扶上加大投入，促进行业长期健康发展。"美团会 始终专注于做正确的事，服务好消费者、商家和骑手。我们有信心捍卫即时零售的市场地位，创造真正的 长期价值。" 战略性投入致核心商业亏损 根据财报，三季度，美团核心本地商业板块实现营收674.5亿元。其中，配送服务收入230.2亿元，佣金收 入263.8亿元，在线营销服务收入141.9亿元，其他服务及销售收入38.6亿元。 11月28日晚间，美团(股票代码：3690.HK)发布了2025年第三季度财报，一系列关键数据描绘出这家企业 在当前行业周期中的表现：短期利润在应对竞争中转亏，优先保障市场规模、用户粘性与长期竞争力。 财报数据显示，今年第三季度，美团实 ...

但在智远看来，这哪里是你死我活的决战，分明是一场"默契的疲惫"。 看完美团 Q3 财报，我在朋友圈发了一条感慨： 美团这财报太有意思了。按理说，阿里应该趁病要命，继续下探，持续投入即时零售，等 Q4 把大家打 到都没耐心时，资本市场可能就会反弹。 很多人只看到了美团的数据"炸裂"，大家都在惊呼，王兴为了护城河，这次真下了狠手，把利润表都打 穿了。 因为在今天的互联网语境下，"梭哈"的成本，已经不仅仅是钱了。阻碍这场战争继续升级的，是两个更 隐蔽的变量：资本耐心，与组织的透支。 看懂了这一点，你就会发现，这是一场两个精疲力竭的巨人，在拳击台上互相试探鼻息的"疲劳战"。 01 为什么是疲劳战？这背后到底发生了什么？我们看看战场情况。要我说，美团这份财报，最触目惊心是 数字出现的位置。 过去几年，核心本地商业（外卖、到店） 一直是美团那头产奶的"现金牛"；正靠着这头牛源源不断的 奶水，美团才能去养优选、养快驴那些烧钱的"吞金兽"。 但这一次，规则变了。现金牛变成了失血口。 核心本地商业经营利润直接转负，亏损 141 亿。这说明了什么？说明美团为了守住"即时零售"这条护城 河，已经杀红了眼。 过去我们说互联网有护城河 ...

Core Points - A significant fire occurred in Hong Kong's Tai Po district, resulting in major casualties and prompting over 100 companies and foundations to donate for emergency relief and community recovery efforts, with total donations exceeding HKD 1.2 billion [2][4]. Donation Summary - Major companies such as Yuexiu Group donated HKD 10 million, while China Overseas and China State Construction contributed HKD 20 million [3]. - Tencent donated HKD 30 million, and Alibaba made an initial donation of HKD 20 million [3]. - Other notable contributions include HKD 30 million from the Li Ka Shing Foundation and HKD 12 million from the Chaozhou Association [4]. - The total amount of donations has surpassed HKD 1.2 billion as of the latest reports [4].

美团的护城河受到了严重侵蚀。 11月28日，美团披露了2025年第三季度业绩报告，财报显示，第三季度美团实现营收955亿元，同比增长2%，低于彭博预期增长的4%。经调整净亏损为 160.1亿元，高于彭博一致性预期的138亿。 | | | 未經審核 | | | --- | --- | --- | --- | | | | 截至下列日期止三個月 | | | | 2025年9月30日 | | 2024年9月3( | | | | 佔收入 | | | | 金額 | 直分比 | ぞ額 | | | | | (人民幣千元,百分比除外 | | 收入 | 95,488,113 | 100.0% | 93,577,319 | | 經營(虧損)／溢利 | (19,759,350) | (20.7 %) | 13.685.176 | | 期内(虧損)／溢利 | (18,632,088) | (19.5%) | 12,864,954 | | 非國際財務報告會計準則計量1： | | | | | 經調整EBITDA | (14,841,897) | (15.5%) | 14,529,197 | | 經調整(虧損)／益利浮額 | (16,009 ...

三季度，因为"外卖大战"打得不可开交，阿里和美团分别在即时零售烧了多少钱？这或许是看客最关心 的问题。 机构测算，阿里这边大概是350到360亿元，美团则是150亿元到200亿元之间。 对于双方来说，这是争夺市占率过程中必不可少的一场战役。不断收窄的UE（单位经济模型，指每单 外卖）体现双方战术的变化；经营利润的大幅下降甚至亏损，代表着真金白银的"牺牲"。 好消息是，美团和阿里的三季度电话会上，管理层都表现出"守"的姿态，用大额补贴发起冲锋已经成为 过去式。站在这个时间节点上，我们或许可以用数字作为引子，重新梳理这场外卖大战中各方的目标和 得失。 烧钱换了多大市场？ "阿里巴巴中国电商集团的新调整EBITDA为105亿元人民币，若剔除闪购业务的亏损。中国电商集团 EBITA同比增长中单位数。"阿里管理层在三季度电话会上表示。 相对于阿里今年7月定下的500亿元补贴计划来说，这个数字是有点可怕的。要知道，按照机构测算，上 季度阿里即时零售业务亏损的金额已经达到110亿元人民币。也就是说，从即时零售业务4月诞生以来， 阿里已经在这个业务上烧掉超过460亿元。 虽然有心理准备，但摩根大通、高盛和摩根士丹利都在10月 ...

Core Insights - Meituan reported a net loss of 16 billion yuan in Q3 2025, with total revenue reaching 95.5 billion yuan, a year-on-year increase of 2% [2] - CEO Wang Xing emphasized that the ongoing price war in the food delivery sector is unsustainable and detrimental to industry value creation [1][2] - Despite the losses, Meituan's daily active users (DAU) grew by over 20% year-on-year, and the monthly transaction user count for food delivery reached a historical high [2] Financial Performance - Total revenue for Q3 2025 was 95.5 billion yuan, reflecting a 2% increase compared to the previous year [2] - The core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan, contributing to an adjusted net loss of 16 billion yuan for the quarter [2] Market Position and Strategy - Wang Xing reiterated the company's commitment to protecting rider rights and supporting small merchants, aiming for long-term industry health [1] - Meituan maintains a leading market share in the mid-to-high price order segment, with over 66% of orders above 15 yuan and over 70% of orders above 30 yuan [1]

Core Viewpoint - The company emphasizes its commitment to protecting rider rights and supporting small merchants, aiming for long-term healthy industry development while opposing unsustainable price competition in the food delivery sector [2][3]. Group 1: Market Competition and Strategy - The company firmly opposes the "involution" of low-quality, low-price competition in the food delivery market, asserting that such price wars have not created value and are unsustainable [2][3]. - The company plans to increase investments in rider rights protection and support for small merchants as a pathway to maintain industry health [3]. - The company is confident in defending its market position in instant retail and creating genuine long-term value [2][3]. Group 2: Financial Performance and Market Position - In October and November, industry subsidy levels decreased compared to the summer peak, particularly after the "Double 11" shopping festival, prompting the company to adjust its strategies accordingly [4]. - The company has seen a steady recovery in its market share for food delivery orders, leading in the mid-to-high price order segment, with over 66% of orders exceeding 15 yuan and over 70% of orders exceeding 30 yuan [4]. - The company's average transaction value in food delivery remains significantly higher than that of competitors, with core user retention rates remaining high, indicating strong consumer loyalty and frequency of use [5]. Group 3: Long-term Outlook and Industry Trends - The company anticipates ongoing changes in the competitive environment, with a shift from capital-driven growth to efficiency and innovation-driven development in the food delivery sector [7]. - The company believes that the irrational competition in the food delivery industry will transition to a more rational and mature phase, where platforms with strong operational efficiency and industry experience will lead [7]. - The long-term growth potential of food delivery is clear, with a target of achieving one billion daily orders, and the company is confident in maintaining its operational efficiency advantage [7].

Core Insights - Meituan's third-quarter financial report reveals a significant net loss of 16 billion yuan, primarily driven by fierce competition in the food delivery sector, with core local business losses amounting to 14.1 billion yuan [1][10][11] - Despite the losses, Meituan's revenue showed a slight increase of 2% year-on-year, reaching 95.5 billion yuan, attributed to substantial subsidies in the food delivery segment [3][5] - The report highlights a notable increase in user engagement, with daily active users (DAU) growing over 20% year-on-year and total transaction users surpassing 800 million [7][8] Revenue and Loss Analysis - Meituan's adjusted net loss for the third quarter was 16 billion yuan, marking one of the most severe losses in recent years, compared to a net profit of 12.8 billion yuan in the same period last year [10][11] - The core local business experienced a significant operational loss of 14.1 billion yuan, reflecting the intense competition in the food delivery market [8][11] - Revenue from delivery services declined by 17.1%, amounting to a decrease of nearly 4.8 billion yuan, primarily due to increased subsidies aimed at attracting and retaining users [5][6] User Engagement and Growth - Meituan reported a robust increase in user activity, with DAU rising over 20% year-on-year and monthly transaction users in the food delivery segment reaching an all-time high [7][8] - The total number of transaction users exceeded 800 million, indicating a strong user base despite competitive pressures [7] New Business Developments - Meituan's new business segment achieved revenue of 28 billion yuan, reflecting a year-on-year growth of 15.9%, with losses narrowing to 1.3 billion yuan [11][13] - The company is expanding its international presence, with operations launched in Qatar, Kuwait, the UAE, and Brazil [13] Investment in Technology - Meituan increased its R&D expenditure to 6.9 billion yuan, a 31% year-on-year rise, with R&D accounting for 7.3% of total revenue [13] - The company is focusing on AI development, launching several open-source models and enhancing its AI tools for merchants and users [13]