股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美团 呈交日期: 2025年9月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03690 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 83690 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 9,264,431,217 | USD | | 0.00001 | USD | | 92,644.31 | | 增加 / 減少 (-) | | | | | | | | USD | | | | 本月底結存 | | | ...

香港交易所信息显示，摩根大通在美团-W的持股比例于08月29日从5.98%升至6.61%，平均股价为 101.9697港元。 来源：滚动播报 ...

Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [9]. Core Views - In FY2025Q2, the company achieved revenue of 91.84 billion yuan, which was below Bloomberg's consensus estimate of 93.69 billion yuan, representing a year-on-year increase of 11.7%. The adjusted net profit totaled 1.49 billion yuan, significantly lower than the expected 9.85 billion yuan, marking a year-on-year decline of 89.0%. The report suggests that the company is sacrificing short-term revenue performance for long-term strategic choices, reflecting its determination to gain market share. Although short-term profitability may fluctuate due to increased investments, the reliance on subsidies for competition is not sustainable, and such performance disturbances do not alter the long-term growth trend. The current intensified competition is accelerating the overall penetration of instant retail, opening up upward space for the company. Attention should be paid to the marginal turning point of subsidy investments, which could lead to a return of company value [2][6][9]. Summary by Sections Overall Performance - The core local business revenue was 65.3 billion yuan, below the consensus estimate of 67.5 billion yuan, with an operating profit of 3.7 billion yuan, also below the expected 12 billion yuan, reflecting a year-on-year decline of 75.6%. New business revenue was 26.5 billion yuan, slightly above the expected 26 billion yuan, but the operating loss expanded by 43.1% to 1.9 billion yuan, compared to the expected 2.4 billion yuan. The significant decline in performance was mainly due to the impact of subsidies starting in Q2, which affected the profitability of the food delivery business [9]. Core Local Business - Short-term subsidies are disrupting profitability, and losses are expected to widen in Q3. With the current subsidy pace, following Alibaba's entry into the food delivery market in May, subsidies have increased. It is anticipated that Meituan's food delivery losses will primarily occur in June, with further expansion of subsidies in July and August. The average loss per order is expected to exceed that of June, and the future subsidy trend will depend on Alibaba's investments. The company has indicated that significant losses will occur in Q3 for food delivery and core local business, but the gap in advantages over competitors will further widen. The flash purchase business has expanded to over 50,000 locations nationwide, with a year-on-year growth rate exceeding 50% in lower-tier markets, which is expected to create new growth for the company [9]. New Business - The company is accelerating the expansion of its Xiaoxiang supermarket and steadily advancing its overseas business. By the end of the reporting period, approximately 1,000 front warehouses for Xiaoxiang supermarkets had been established in nearly 20 cities. With adjustments to Meituan's preferred offerings, more resources will be allocated to Xiaoxiang's expansion, which is expected to cover all first- and second-tier cities in the country, aiming for a long-term profit margin target of 3%. In terms of overseas business, Keeta has expanded to 20 cities in Saudi Arabia, achieving a market share of first in Hong Kong and second in Saudi Arabia, with an expected GMV of 100 billion yuan by 2033 [9]. Investment Recommendations and Profit Forecasts - Looking ahead, the report emphasizes that the company is making a long-term strategic choice by sacrificing short-term revenue performance to gain market share. Due to increased subsidies and operational expenses, profitability may experience unexpected fluctuations in the short term. However, the reliance on subsidies for competition is not sustainable, and such performance disturbances do not alter the long-term growth trend. Under a neutral assumption, it is expected that Meituan's average loss per order in Q3 will be 1.44 yuan, corresponding to an adjusted net loss of 5.351 billion yuan. If subsequent subsidy reductions are better than expected, the average profit per order for food delivery could recover to 0.37 yuan in 2026, leading to an adjusted net profit of 38.6 billion yuan for the year. The projected overall revenue for Meituan from 2025 to 2027 is 373.966 billion, 418.687 billion, and 465.337 billion yuan, with adjusted net profits of 12.11 billion, 38.646 billion, and 57.476 billion yuan, respectively. The corresponding PE ratios for 2026 and 2027 at the current stock price are 15x and 10x, maintaining a "Buy" rating [9].

美团王兴与骑手参加阅兵观礼 多位科技和互联网圈大佬参加了于9月3日上午举行的纪念抗战胜利80周年大会，目前已知的名单有小米 CEO雷军、科大讯飞CEO刘庆峰、360董事长周鸿祎、百川智能CEO王小川和美团CEO王兴。 与雷军和周鸿祎此前几次登上热搜不同，王兴此次露面极为罕见。 图源：微博 在一张疑似网友视角的照片中，雷军和王兴并肩而立。照片未经过任何美颜处理，真实还原了两位大佬 的状态。 图源：微博 照片中，与头发黝黑且戴黑框眼镜的雷军相比，王兴脸上似乎多了一些岁月的痕迹，两鬓斑白，额角的 发际线明显后退，显得更沉稳内敛。有网友称，王兴显得有点慈祥了。 事实上，一直以来王兴都比较低调，就连外卖大战期间的代言发言，都是由本地业务CEO王莆中负责。 而美团官方号透露，当天王兴当天向公司伙伴极分享了观礼感受，还为地罕见地放了一张王兴的照片， 照片中的王兴依旧是腼腆微笑。 图源：美团 公众号 王兴毕业于清华大学，清华校友总会曾这样描述王兴： 他讲起话来像个害羞腼腆的大学生——虽然他从清华和特拉华大学毕业已经很久了。朴素的衣着、极短 的头发和斯文的眼镜。平时他穿着沙滩鞋和短袖衬衣，听说他后来买了一辆C级奔驰车，这真是他 ...

Core Insights - The competition between Meituan and Alibaba in the instant retail sector is intensifying, with both companies announcing that their "lightning warehouse" numbers have surpassed 50,000 [2][3] - Meituan achieved this milestone by rapidly expanding its lightning warehouses from 30,000 to over 50,000 in just eight months, indicating a monthly addition of nearly 2,500 warehouses [2][3] - Alibaba's lightning warehouse count also reached over 50,000, with a significant year-on-year order volume increase of 360%, showcasing its rapid growth strategy [2][3] Company Strategies - Meituan's strategy focuses on deep partnerships with major brands, leveraging traffic support, rebate incentives, and low commission rates to build a strong core supply chain [7][8] - Alibaba's approach involves quickly adopting Meituan's established brand and operational terminology, which lowers conversion costs and activates market memory [4][6] - Alibaba utilizes its 1688 supply chain ecosystem to shorten the cold start period for its lightning warehouses, allowing for rapid integration of existing e-commerce resources [5][11] Market Dynamics - Despite both companies reporting similar warehouse numbers, the underlying structures and partnerships differ significantly, with Meituan emphasizing deep collaboration and Alibaba focusing on broad access [8][9] - The competition is not just about quantity but also about the quality of partnerships and ecosystem control, which will be crucial for long-term success [10][16] - The shared supply chain dynamics suggest that competitors may become part of a common ecosystem, blurring the lines between rivals [14][15] Future Outlook - Alibaba plans to transition its Tmall supermarket to a near-field flash purchase model while integrating offline brand stores into its lightning warehouse system, aiming for a million offline brand stores to join [13][20] - The competition is expected to shift focus towards supply chain control, with the ability to manage product sourcing becoming a key determinant of success [19][20] - The current phase of competition is just the beginning, with the real battle anticipated to commence in September [20]

Group 1 - The core point of the article is that Meituan's flash purchase platform is set to launch Huawei's new foldable Mate XTs, marking the first time this series will be available through instant retail channels [1] - Huawei's sales on Meituan's flash purchase platform saw a nearly 6-fold year-on-year increase during the recent Qixi Festival, indicating strong consumer demand for its products [1] - Since the large-scale implementation of national subsidies in mid-May, sales of 3C home appliances on the Meituan flash purchase platform have significantly increased, with Huawei's store sales rising over 3 times compared to before the subsidies [1]

Group 1 - The Hong Kong stock market opened high but closed lower, with all three major indices in the red, while the AI sector showed resilience, particularly the Hong Kong Internet ETF (513770) which performed better than the Hang Seng Tech Index [1][3] - Southbound capital has net bought over 10,000 billion HKD this year, setting a historical record and significantly surpassing last year's total, with the tech sector leading the revaluation of Chinese assets due to its valuation advantages and growth prospects [3][4] - Four key factors support the upward trend of the Hong Kong stock market: attractive valuations, potential foreign capital inflow, continuous southbound capital inflow, and the representation of emerging industries like AI [3][4] Group 2 - The Hong Kong Internet ETF (513770) and its linked funds track the CSI Hong Kong Internet Index, with top holdings including Xiaomi, Tencent, Alibaba, and Meituan, which together account for over 54.74% of the fund [4][5] - The fund has seen significant inflows recently, with 9 out of the last 10 days recording net inflows totaling 1.477 billion HKD, indicating strong investor interest in the AI sector [5][7] - The fund's latest size exceeds 9.3 billion HKD, with an average daily trading volume of 596 million HKD, highlighting its liquidity and appeal for investors [7]

Core Viewpoint - The Hong Kong stock market experienced a decline, but the AI sector, particularly the Hong Kong Internet ETF (513770), showed resilience and outperformed the Hang Seng Technology Index, indicating strong investor interest in AI-related assets [1][3]. Market Performance - The Hong Kong stock market opened high but fell, with all three major indices in the red, while the Hong Kong Internet ETF (513770) rose against the trend, with a trading volume exceeding 1 billion yuan within the first half hour [1]. - The Hong Kong Internet ETF (513770) has seen a net inflow of 1.477 billion yuan over the past ten days, with funds increasing their positions on 9 out of those 10 days [5]. Investment Trends - Southbound capital has recorded a net purchase of over 1 trillion HKD this year, significantly surpassing last year's total, with the technology sector leading the revaluation of Chinese assets [3]. - Factors supporting the upward trend in the Hong Kong stock market include attractive valuations, potential foreign capital inflow, continuous southbound fund inflow, and the unique positioning of AI-related companies [3]. AI Sector Insights - Major internet companies in Hong Kong, such as Alibaba and Tencent, are not only investors in AI computing power but also key developers and providers of AI applications, positioning them as focal points in the AI market [4]. - The performance of AI-related companies has been strong, with Tencent's advertising revenue growing by 20% and Alibaba Cloud's growth accelerating to 26% [3]. ETF Composition - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, with top holdings including Xiaomi, Tencent, Alibaba, and Meituan, which together account for over 54.74% of the fund [4]. - The fund's total assets have exceeded 9.3 billion yuan, with an average daily trading volume of 596 million yuan, indicating good liquidity [7].

人民财讯9月4日电，企查查APP显示，近日，北京龙珠股权投资基金合伙企业(有限合伙)成立，出资额 1000万元，经营范围包含：私募股权投资基金管理、创业投资基金管理服务等。企查查股权穿透显示， 该企业由美团关联公司天津三快科技有限公司、北京美珠企业管理有限公司共同出资。 ...

Core Insights - Multiple e-commerce platforms are increasing their investment in offline hard discount supermarket businesses, viewing them as a new growth point for market expansion [1] - The hard discount model is characterized by sustainable low-price supply achieved through supply chain optimization and reduced intermediaries, differentiating it from soft discount models [1][3] Group 1: Company Strategies - JD.com has opened five discount supermarkets in Jiangsu and Hebei, focusing on mass consumer goods with an average store size of over 5,000 square meters and offering more than 5,000 products at prices generally lower than market levels [2] - Meituan has launched its self-operated hard discount brand "Happy Monkey," with plans to open approximately 10 stores this year, utilizing a dynamic pricing model and near-unmanned operations [2] - Alibaba's Hema has rebranded its hard discount brand to "Super Box Calculation NB," with nearly 300 stores, focusing on high efficiency and low prices while maintaining a dual business model alongside Hema Fresh [2] Group 2: Market Trends - The global discount retail channel is projected to grow by 8.2% year-on-year in 2024, with an incremental sales increase of $6.11 billion, making it the third fastest-growing segment in retail [1] - The rise of hard discount stores is expected to drive a transformation in traditional retail, as they can compete on price due to lower operational costs, while convenience stores may coexist by leveraging their network density [3][4] Group 3: Operational Efficiency - The hard discount model emphasizes self-owned brands as a core competitive advantage, allowing for differentiation in a saturated market and appealing to a broader consumer base [3] - Internet giants are leveraging digital capabilities to enhance bargaining power, reduce premiums through self-owned brands, and achieve efficient operations, making hard discounting a sustainable business model driven by supply chain and operational efficiency [3][4]