购票是头等大事。美团旅行根据数据预测，9月15日—9月18日、9月22日—9月23日将是机票、火车票的 购票高峰期。其中，9月16日预计为购票峰值日，当日将开售"十一"假期前一天，即9月30日的火车票。 为保障用户购票及出行，美团旅行已上线"十一出游提前订"活动，即日起至9月16日，火车票新客可在 活动页面领取无门槛火车票券，领券预约、下单"十一"出行期间的火车票立省15元。9月10日—10月12 日，机票新客可在活动页面领取30元无门槛机票券。此外，美团旅行还为用户提供火车智能出行方案， 直达票售罄时，为用户提供高性价比便捷中转联程方案推荐。同时，美团旅行近日还推出机票"全网比 价"和"降价必赔"两项权益。 "十一"将至，假期气氛愈发浓烈。美团旅行数据显示，"十一"假期，机票预订热门Top10目的地分别 为：上海、成都、北京、深圳、广州等。Top5热门航线分别为：深圳—上海、广州—上海、上海—广 州、上海—北京、上海—深圳。 小长假是"长线出游"的绝佳时段，美团旅行数据显示，云南、新疆、贵州、西藏、青海、甘肃等均为热 门长线小团游目的地。从购票人群来看，年轻人是"十一"出游的主力。美团旅行数据显示，18—2 ...

【#阿里云美团同时参投自变量#】#自变量模型迭代周期缩至2至3个月# 半年四次融资，产业资本纷纷 押宝，当钱不再成为技术的制约因素，机器人企业应该把数据、算法和场景的飞轮滚向哪里？ 自变量的创始人兼CEO王潜告诉第一财经记者，团队的大模型迭代周期已经缩短至每2-3个月就会更新 一个新的版本。在模型高速迭代的另一面，企业仍然会面临巨量算力以及硬件落地的挑战。此次开源 WALL-OSS，或许也是自变量尝试的另一种解法。 9月8日，自变量机器人（以下简称"自变量"）宣布完成近10亿元的A+轮融资，并开源具身大模型 WALL-OSS。第一财经记者注意到，在这一轮参投的股东名单中，除了领投的阿里云之外，自变量A轮 股东美团也进行了跟投。 这是两家老牌互联网大厂首次在人形机器人企业的同一轮融资股东名单中出现，也是阿里云在人形机器 人领域的首次下注。 ...

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计显示，9月8日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交518.27 亿港元，净买入金额为70.33亿港元。 9月8日上榜的成交活跃股中，美团-W通过港股通渠道成交金额为49.29亿港元，净买入金额为4.15亿港 元，不仅如此，该股已连续4日出现成交净买入，累计净买入金额为34.66亿港元，其间股价上涨 0.89%。（数据宝） 美团-W获南向资金连续4天净买入，累计净买入金额为34.66亿港元，股价累计上涨0.89%。 （文章来源：证券时报网） ...

北京商报讯（记者 郭缤璐）9月8日，"健康童行"美团儿童健康守护行动捐赠启动仪式于北京举行。捐 赠现场，在北京市妇女联合会的指导下，美团医药健康和十大品牌将联合北京妇女儿童发展基金会、北 京美团公益基金会共同发起守护儿童健康的倡导，组建儿童健康守护联盟。 同时，美团医药健康携手蔡司光学、阿斯利康、兴齐眼药、咿呀英博口腔、爱尔、WEGO威高、爱迪特 Aidite、WhiteLink对白、泰康拜博口腔、欧乐氏等十大品牌，共同助力解决儿童眼部、口腔、过敏等健 康问题。 据悉，首期捐赠共3000份儿童健康礼包，其中1000份捐赠给美团袋鼠宝贝之家所服务的儿童、2000份捐 赠给"爱心妈妈"结对儿童及京津冀区县流动儿童，捐赠物资为口腔、眼部健康等儿童用品。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 129.77 HKD, based on a reasonable valuation of 793 billion HKD [2][11]. Core Insights - The company's revenue for Q2 2025 was slightly below expectations, with a year-on-year growth of 11.7%, while adjusted net profit significantly underperformed expectations due to intensified competition in the food delivery sector and increased subsidy expenditures, impacting performance by approximately 10 billion [9]. - The report anticipates that the competitive landscape will remain challenging in Q3, with expectations of a shift from positive to negative core local business profits due to increased subsidy efforts [9]. - New business segments showed better-than-expected revenue growth, with a year-on-year increase of 22.8% to 26.5 billion CNY, although losses are expected to widen [9]. Financial Summary - The company's projected financials for 2025 include: - Revenue: 368,284 million CNY, a 9.09% increase year-on-year - Operating profit: -9,746 million CNY - Net profit attributable to the parent company: -9,523 million CNY - Earnings per share: -1.56 CNY [3][10]. - The gross margin is expected to be 32.27%, with a net margin of -2.59% for 2025 [3][10]. Valuation Breakdown - The valuation is based on a segment analysis: - Food delivery and flash purchase business is expected to generate a tax-adjusted operating profit of 6.4 billion CNY in 2026, with a corresponding market value of 218.5 billion HKD [12][13]. - The hotel and travel business is projected to achieve a tax-adjusted operating profit of 23.7 billion CNY in 2026, leading to a market value of 440.9 billion HKD [12][13]. - New business segments are expected to generate revenue of 121.7 billion CNY in 2026, with a market value of 133.6 billion HKD [12][13].

半年四次融资，产业资本纷纷押宝，当钱不再成为技术的制约因素，机器人企业应该把数据、算法和 场景的飞轮滚向哪里？ 9月8日，自变量机器人（以下简称"自变量"）宣布完成近10亿元的A+轮融资，并开源具身大模型 WALL-OSS。第一财经记者注意到，在这一轮参投的股东名单中，除了领投的阿里云之外，自变量 A轮股东美团也进行了跟投。 这是两家老牌互联网大厂首次在人形机器人企业的同一轮融资股东名单中出现，也是阿里云在人形机 器人领域的首次下注。 自变量的创始人兼CEO王潜告诉第一财经记者，团队的大模型迭代周期已经缩短至每2-3个月就会 更新一个新的版本。在模型高速迭代的另一面，企业仍然会面临巨量算力以及硬件落地的挑战。此次 开源WALL-OSS，或许也是自变量尝试的另一种解法。 2-3个月模型就有新版本，阿里云出手 第一财经记者注意到，本次自变量融资股东中，除了国科投资、国开金融、红杉中国等国资和美元背 景的机构参与之外，美团、阿里云、联想这类产业投资方也同时出手。 这并不是产业投资方第一次押注自变量。今年年中，自变量完成了数亿元的A轮融资。由美团战略投 资部（战投）独家领投、产业基金美团龙珠跟投。联想之星和君联资本分 ...

Group 1 - The "Deep Rooters Program" was launched on September 4, 2025, in Beijing, aiming to cultivate community charity talent and ecological construction through a collaborative model involving multiple parties [1] - Meituan Charity Foundation is one of the initial partners in the program, leveraging its strengths in local life services and community connections to actively participate in the training and practical exploration of community charity talent [1][3] - The program is a response to national policy initiatives and involves collaboration among various sectors, including academia, charity organizations, enterprises, and local governments [1][3] Group 2 - Meituan Charity Foundation has been focusing on community needs, particularly supporting families of new employment forms, and has initiated the "Kangaroo Baby Home" project to provide educational services for children of these families [3] - As of August 31, 2025, the "Kangaroo Baby Home" project has established 35 centers across 19 cities, providing educational support to a total of 222,000 individuals [3] - The participation of Meituan Charity Foundation enriches the practical dimensions of the "Deep Rooters Program" in integrating community services with corporate philanthropy [3]

Core Insights - Meituan's CEO Wang Xing revealed in an internal letter that the company served 770 million users and 14.5 million active merchants over the past year, with a peak of 150 million daily orders in instant retail [2] - The company's Q2 2025 earnings report showed a revenue of 91.8 billion yuan, with an adjusted net profit of 1.49 billion yuan, representing an 89% year-on-year decline due to irrational competition in the food delivery sector [3] - Meituan's marketing expenses increased by 51.5% year-on-year to 7.7 billion yuan in Q2, primarily to enhance user engagement amid fierce competition [3] Company Performance - Meituan's high-frequency rider average income reached 7,230 to 10,100 yuan in Q1 2025, a 12% increase compared to the end of 2024, with nationwide pension insurance subsidies for riders being introduced [2] - The food delivery market in China has rapidly expanded, becoming an essential part of daily life, with Meituan maintaining a leading position despite short-term performance fluctuations [3][6] Market Dynamics - The competitive landscape in the food delivery market is dominated by Meituan and Ele.me, with Meituan holding a market share of 68.2% as of mid-2020 [4] - The food delivery business is characterized by low margins, and increased competition has led to greater short-term volatility in performance [3][6] - Research indicates that resource allocation towards subsidy wars may hinder long-term industry transformation and efficiency, suggesting a need for investment in infrastructure to support restaurant operations [9]

Group 1 - The peak daily order volume for Meituan's instant retail surpassed 150 million orders in the past year [1] - Meituan served 770 million users and had 14.5 million active merchants annually [1] - The average monthly income for high-frequency couriers reached between 7,230 to 10,100 yuan in Q1 2025, reflecting a 12% increase compared to the end of 2024 [1]

Summary of Meituan's Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Event**: Asia Leaders Conference 2025 - **Date**: September 5, 2025 Key Industry Insights - **Food Delivery Landscape**: - Increased competition since June-July has significantly impacted unit economics due to elevated subsidy levels and higher delivery costs [5] - Meituan aims to maintain its GTV market share leadership in the meal category, focusing on core users and confident in long-term unit economics once competition normalizes [5] - Goldman Sachs forecasts 13% order volume growth for 3Q25 and 11% for FY25E, but expects a material decline in food delivery unit economics due to increased subsidies [5] - **Instashopping Growth**: - Meituan's on-demand retail models include both 3P (Instashopping) and 1P (Xiaoxiang Supermarket) models, facing intensified competition since 3Q25 [5] - Instashopping order volume is expected to grow by 33% for 3Q25E, with an operating loss of -Rmb1.5 billion due to investments aimed at improving user engagement [6] - For 2025E, Instashopping volume growth is estimated at 31%, with an EBIT loss of -Rmb1.7 billion [6] - **In-store Competition & Margins**: - The competitive landscape remains stable, but near-term EBIT margins have been affected by macro factors and increased competition in food delivery [8] - Goldman Sachs projects 3Q25E IHT revenue growth of 13% YoY, with lower margins due to ongoing investments [8] Financial Projections - **Revenue and Profitability**: - Group revenue is projected to reach Rmb 337.6 billion in 2024, with a gross profit of Rmb 129.8 billion [9] - Adjusted EBIT is expected to be Rmb 16.1 billion in 2024, with a significant EBIT loss of -Rmb 22 billion in food delivery for 2025E [9] - The company anticipates a recovery in profitability by 2026-27E as competition normalizes [7] - **Market Capitalization and Price Target**: - Current market cap is HK$642.5 billion, with a price target of HK$144, indicating a potential upside of 39.8% from the current price of HK$103 [11] Strategic Initiatives - **AI and New Initiatives**: - Meituan is focusing on AI applications and the expansion of Keeta, which are expected to drive new growth [7] - The company is prioritizing domestic market resources while continuing overseas expansion, particularly in Hong Kong and the Middle East [8] Risks and Challenges - **Key Risks**: - Potential for worse-than-expected competition impacting growth and profit turnaround [8] - Labor cost inflation and food safety concerns could pose additional challenges [8] - Larger-than-expected investments in Keeta may also affect financial performance [8] Conclusion - Meituan remains confident in its leadership position within local services and anticipates a gradual normalization of food delivery subsidies, which should support profit recovery in the coming years [7]