上 市 公 司 社会服务 2025 年 11 月 30 日 美团-W (03690) —— 高客单核心壁垒稳固，Q4 预计利润环比改善 联系人 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 11 月 28 日 | | --- | --- | | 收盘价（港币） | 102.50 | | 恒生中国企业指数 | 9130.18 | | 52 周最高/最低（港币） | 189.60/94.05 | | H 股市值（亿港币） | 6,264.31 | | 流通 H 股（百万股） | 6,111.52 | | 汇率（港币/人民币） | 0.9100 | 一年内股价与基准指数对比走势： -45% 5% 55% 11/28 12/28 01/28 02/28 03/31 04/30 05/31 06/30 07/31 08/31 09/30 10/31 HSCEI 美团-W 资料来源：Bloomberg 相关研究 《美团-W（03690）点评： Q2 利润低于 预 期 ， 加 大 投 入 应 对 行 业 竞 争 》 2025/08/29 《美团-W（03690）点评： Q1 利润超预 期，加 ...

证券研究报告 | 2025年11月30日 美团-W（03690.HK） 优于大市 外卖大战影响核心本地收入利润，预计影响将逐步减弱 总览：外卖竞争影响公司收入利润，预计影响将逐渐减弱。公司收入同比增 长 2%，主要受核心本地业务竞争加剧影响。本季度美团实现营业收入 955 亿元，按收入类型划分，即时配送服务/交易佣金/营销服务收入 yoy-17%/+1%/+6%。毛利率、销售费率、研发费率持续走弱，经调整亏损 160 亿，环比亏损持续增加；调整后净利润率-17%，由盈转亏。公司维持长期达 到 1 亿单高日均订单量的目标不变，并坚信随着行业回归理性，外卖业务的 利润将回归到合理水平。值得一提的是公司持续完善 AI 布局：1）用户端推 出智能生活助理小美 App；2）商家端融合自研模型 Longcat 和餐饮行业独家 数据推出系列 AI 工具。 核心本地：公司表示外卖 Q3 单均亏损达到峰值，到店酒旅利润率受竞争及 消费环境影响走低。1）核心本地商业：收入同比下降 3%，经营亏损 141 亿， 由盈转亏，经营利润率-21.0%，同比下降 42pct，预计 25Q4 持续大规模投入 会员及品宣预算；管理层表示竞争持 ...

滴滴 国际业务已覆盖拉美、亚太、非洲的14个国家 和地区 菜鸟开通中非跨境小包专线，首期覆盖非洲8国 零跑汽车正式登陆南美市场 大众点评覆盖海外超1000城 来源｜ 36氪出海（ID：wow36krchuhai） 封面来源 ｜ Unsplash 滴滴国际业务已覆盖拉美、亚太、非洲的14个国家和地区 11月26日，滴滴在官网发布2025年第三季度业绩报告，三季度滴滴核心平台（包括中国出行和国际业务）订单量同比增长 13.8%，攀升至46.85亿单。这也是自2023年以来，滴滴订单量连续11个季度保持了同比双位数的稳定增长。国际业务方面，依托 对巴西、墨西哥等重点市场的持续投入，滴滴国际业务三季度仍保持了超过20%的高增长。目前滴滴国际业务已覆盖拉美、亚 太、非洲的14个国家和地区，向当地用户提供出行、外卖和金融服务。 以下文章来源于36氪出海 ，作者36氪出海 36氪出海 . 36氪出海（letschuhai.com）是关注出海的行业媒体，为企业跨境提供海外咨询及专业服务，同时运营着超万人的出海生态社群。 文远知行与Uber在阿布扎比启动Robotaxi纯无人商业运营 11月22日消息，菜鸟宣布开通非洲跨境小包 ...

Major Events - Excellence Risen (02687) plans to offer 6.6667 million H-shares globally from November 28 to December 3 [1] - Naxin Micro (02676) plans to offer 19.0684 million shares globally from November 28 to December 3 [1] - Stone Four Pharmaceutical Group (02005) received production registration approval for the sustained-release capsule of Tofacitinib (4mg) [1] - Innovent Biologics (01801) received approval from the National Medical Products Administration for its drug, Xinmeiyue® (Pikankizumab injection), for treating moderate to severe plaque psoriasis [1] - Jiangxi Copper (00358) intends to acquire shares of the overseas-listed company SolGold Plc [1] - ZTO Express-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international air logistics capabilities [1] - China Shenhua (01088) completed 168 hours of trial operation for the Beihai Phase II Unit 3 and transferred it to commercial operation [1] - Zhidatech (02650) signed a major contract worth over 100 million yuan for electric vehicle charging stations with Saudi Controls Ltd, expanding into the Middle East market [1] - Hendry (03389) received a voluntary cash offer from Junya at a 12% premium and will resume trading on December 1 [1] - Zijin Mining (02899) donated 20 million HKD to support post-fire reconstruction in Hong Kong's Tai Po District [1] - Guoquan (02517) donated 10 million HKD for fire rescue efforts in Hong Kong's Tai Po [1] - InnoCare Pharma (02577) donated 2 million HKD to assist in fire rescue efforts in Hong Kong's Tai Po [1] Operating Performance - Meituan-W (03690) reported Q3 revenue of approximately 95.5 billion HKD, a year-on-year increase of about 2%, with highlights in flash purchase and global expansion [1] - China Gas (00384) reported a mid-term profit attributable to shareholders of 1.334 billion HKD, with an interim dividend of 0.15 HKD per share [1] - Zhixing Group Holdings (01539) reported a mid-term profit attributable to shareholders of 27.533 million HKD, a year-on-year increase of 35.68%, with gross margin rising to approximately 67.3% [1] - Guofu Quantum (00290) reported mid-term revenue of 1.027 billion HKD, a year-on-year increase of 4564.52% [1] - Yuhua Education (06169) reported an annual adjusted profit attributable to shareholders of 914 million HKD, a year-on-year increase of 95.6% [1] - China Water Affairs (00855) achieved mid-term revenue of approximately 5.183 billion HKD, with a dividend of 0.13 HKD per share [1] - Zhonghui Group (00382) reported annual revenue of approximately 2.489 billion HKD, a year-on-year increase of 7.7% [1]

文 | 互联网江湖，作者 | 刘致呈 28日，美团发布了Q3财报，这是新一轮外卖大战之后，美团再次交出的成绩单。 三季度，美团营收955亿元，同比增长2%，季度亏损186亿元。市面上不少观点认为，美团亏得有点多了。 有人说，砸了这么多费用，美团失去了边际效应，90%的营销增速换来2%的收入，费效比极低。 季度亏损186亿，的确不是个小数目。如果考虑到去年同期盈利的情况，这波大战美团砸的钱可能相当于一两个季度的净利润了。但外卖大战打了几个月， 不可能没有亏损，相比亏损，更关键的是季度亏损有没有带来价值。 美团的亏损有没有价值？ 从财报来看，有。 数据显示，过去12个月，美团交易用户数突破8亿大关，美团APP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。 也就是说，Q3虽然亏钱了，但基本盘反而更稳了。 那么，这波巨亏是不是真的划算？我们不妨透过这份季报，来看看外卖大战之后，美团业绩背后的真相。 美团Q3"深蹲"后，大战终局不远了？ 于美团而言，相比亏钱，更重要的是基本盘有没有守住，烧钱的战略目的有没有达成。 一来，外卖是美团的核心领地，这个领域是美团的"自留地"。 美团一开始就不想打补贴战。 ...

业绩简评 2025 年 11 月 28 日，公司披露 2025 第三季度业绩公告，2025Q3 公司实现营收 955 亿元，同比+2%。Non-IFRS 净亏损-160 亿元， 同比由盈转亏。 经营分析 2025Q3 公司本地核心商业收入 674 亿元，同比-2.8%，经营亏损- 141 亿元，同比由盈转亏，经营亏损率-20.9%。 餐饮外卖及闪购：竞争激烈，用户交易频次提升，投入加大致亏 损。外卖：1）供给侧创新持续深化：商家侧深化与品质商家合作 "拼好饭"、"神抢手"、"品牌卫星店"等；履约侧推出"准时宝"、 "1 对 1 急送"等品质服务。2）竞争环境下外卖日活用户和月交 易用户第三季度创新高，高频用户转化增多，消费频次和粘性提 升。3）10 月开始将骑手养老保险补贴计划拓展至全国，职业伤害 保障拓展至 17 个省市。闪购：新用户增速及核心用户交易频次进 一步提升；正式推出品牌官旗闪电仓。 到店及酒旅：优化产品与内容生态、推进多行业产品布局深化。平 台已累积 250 亿条真实消费评价，过去 12 个月内新增评价 35 亿 条。拓展"安心系列"品类覆盖，通过灵活核销方式，推动消费者 对预付式消费的信任；升 ...

周天财经 原创出品 在11月下旬，两份重要的财报相继出炉了。阿里和美团从数据层面公布了这场商业竞争和格局变迁的战况，当然，一句话总结，亏损情况都是较为显著 的。 阿里近期公布的Q3财报显示，中国电商集团的经调整EBITA（息税摊销前利润）从去年同期的443亿元，下降至今年的105亿元。美团Q3营收955亿元，经 营亏损141亿元，经调整净亏损为160.1亿元，去年同期经调整净利润128.29亿元。 也就是说，两家在三季度都烧掉了三百多亿资金，考虑到阿里中国电商的营收增长更大，则投入尺度更大，略多于350亿。如果从现金储备维度看，阿里 投入占现金储备占比则较为更低，显现出这场战役的非对称性。 每家公司如何对待账上现金，态度差异还是非常有趣的，比如百度和携程，千亿级别现金，几乎没有太大的烧钱项目，拼多多账上现金也几乎没怎么动 过，AI叙事没有出现。 但淘宝闪购坚定的投入意志，美团坚壁清野的迎战姿态，都凸显出另一片局部市场的活力与高压。 而到了两家财报发布的11月底，外卖到家的市场份额并没有像部分人相信的那样「补贴一停」就自动回到原点，这无疑又戳破了一些市场幻觉。 外卖的格局已经不可能回到从前，平台的战事也不会轻易 ...

11月28日，美团发布2025年三季度财报。三季度，公司营收微增2%至954.88亿元，净亏损达186.32亿 元，同比由盈转亏。 公告称，亏损主要源于核心外卖业务面临激烈市场竞争以及新业务亏损扩大。三季度，新业务收入同比 增长15.9%至280.41亿元，但亏损增加24.5%至12.78亿元。美团预计，四季度亏损趋势将持续。 核心本地商业板块承压 竞争加剧导致亏损扩大 美团三季度财报显示，三季度，核心本地商业板块收入同比减少2.8%至674.47亿元，经营利润从去年同 期的正值转为亏损140.71亿元，这一下滑主要由于外卖行业竞争持续白热化。数据显示，今年三季度美 团整体净亏损达186.32亿元，2024年同期盈利128.65亿元。 美团在财报中指出，近期市场竞争持续白热化，预计核心本地商业板块及公司整体层面，四季度的经营 亏损趋势将延续。 在竞争环境中，美团采取了一系列应对措施。公司加速供给侧创新和提升服务质量，餐饮外卖日活跃用 户和月交易用户在三季度创下新高，核心用户规模同比稳健增长，更多中低频用户向高频跃迁，公司将 继续通过改善供给和履约能力来提升用户消费频次和粘性。此外，美团在财报电话会中披露的市场 ...

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) with a target price of HKD 141.90, while the current stock price is HKD 102.5 [3]. Core Insights - Meituan's Q3 2025 financial performance showed revenue of HKD 95.49 billion, a 2.0% increase year-on-year, but operating profit was negative at HKD -19.76 billion, a decline of 244.4%. Adjusted net profit was also negative at HKD -16.01 billion, down 224.8% [1][6]. - Despite the intense competition in the food delivery sector, Meituan's long-term business barriers and growth potential remain strong, with overseas operations providing new growth opportunities [1][6]. - The report highlights that the core local business segment generated revenue of HKD 67.45 billion, down 2.8%, while new business revenue was HKD 28.04 billion, up 15.9% [6]. Financial Data and Valuation - The projected main revenue for Meituan is expected to grow from HKD 276.85 billion in 2023 to HKD 482.81 billion by 2027, with a compound annual growth rate (CAGR) of 16% [2][8]. - The adjusted net profit is forecasted to be negative at HKD -15.46 billion in 2025, but is expected to recover to HKD 45.63 billion by 2027 [2][8]. - The report indicates a significant improvement in the operating profit margin (OPM) for new businesses, which is expected to be -4.6% in Q3 2025, showing a reduction in losses [6]. Market Position and Competitive Landscape - Meituan maintains a leading market share in high-value orders despite the competitive pressures in the food delivery market, with expectations for a more rational competitive environment in Q4 [6]. - The report notes that the company is focusing on high-value users and orders, which positions it favorably against competitors [6]. - The performance of the flash purchase segment is projected to grow by approximately 30% in Q3 2025, although it still faces negative operating profit margins [6]. Shareholder Information - The total market capitalization of Meituan is HKD 626.4 billion, with major shareholders holding a 9.05% stake [3].

Group 1 - The core point of the article highlights the significant financial losses reported by the three major players in the food delivery industry, namely Meituan, Alibaba, and JD.com, due to intense competition and high marketing expenditures [2][3][4] - Meituan reported a record net loss of 16 billion yuan in Q3, marking its largest loss since its IPO, compared to a profit of 12.8 billion yuan in the same period last year [2] - Alibaba's net profit for the same quarter fell by 52% to 20.99 billion yuan, while JD.com saw a 55% decline in net profit to 5.3 billion yuan [2][3] Group 2 - The marketing expenses for Meituan surged by 90.9% to 34.3 billion yuan in Q3, primarily due to increased spending on promotions and user incentives in response to fierce competition [3] - JD.com's marketing expenses rose by 110.5% to 21.1 billion yuan, with a significant portion allocated to its new food delivery business [3] - Alibaba's sales and marketing expenses reached 66.5 billion yuan, up from 32.5 billion yuan year-on-year, indicating substantial investment in its e-commerce operations [3] Group 3 - The total expenditure on food delivery by the three companies in Q2 and Q3 is estimated to exceed 74.4 billion yuan, with Q3 alone accounting for 44.4 billion yuan, reflecting a 48% increase in spending [4] - Despite the high expenditures, the competitive landscape remains challenging, with companies like Alibaba indicating a potential reduction in spending in the upcoming quarters [4][5] - Meituan's CEO expressed that while losses may have peaked, the company will continue to invest to maintain its market leadership without engaging in price wars [2][4] Group 4 - The intense competition has led to a situation where merchants experience increased order volumes but decreased actual revenue, indicating a "growth without profit" scenario [7] - The average daily order volume for merchants increased by 7%, but their actual revenue declined by approximately 4%, highlighting the adverse effects of the subsidy wars [7] - The ongoing subsidy competition has raised concerns about market saturation and the sustainability of such aggressive pricing strategies in the long term [9]