数据来源：美团季度报告，美团优选小程序，广发证券发展研究中心 图10：第一轮优化期：美团优选2021Q3~2022Q4发展历程 数据来源：美团季度报告，晚点 LatePost，广发证券发展研究中心 3. 第二轮优化&增长时期（2023Q1-至今）：组织架构调整助力成本优化，第二轮 竞争维持市占，年终复盘决定减亏目标。 2023年初多多买菜狙击抢占市场份额，美团优选专注自身节奏，持续优化同时调整 组织结构。外部竞争方面，多多买菜在2023年初开始主动降价促销、发放补贴，反 超美团部分省份的领先地位。面对竞争，美团专注自身业务节奏，优先采取改善竞 价系统等降本措施，加速毛利提升；调整组织结构，4月调整区域经营、物流、商品 识别风险，发现价值 请务必阅读末页的免责声明 10 / 21 11 / 21 证券研究报告[Table_PageText] 美团-W|公司深度研究 （二） 多多买菜发展历程复盘 多多买菜以拼多多几次布局社区团购的经验为基础，从创立以来，经历了从粗放式 的快速扩张到优化供应链和履约的精细化运营两大阶段。 1.业务孵化期（2015-2020年初）：自带社区团购基因，多次布局奠定基础 识别风险，发现价 ...

Financial Performance - Core local commerce revenue for Q4 2023 was RMB 8,019,425 thousand, accounting for 14.5% of total revenue, compared to RMB 10,095,831 thousand (17.5%) in Q3 2023[1] - New business segment operating loss narrowed to RMB 4,832,692 thousand (26.0% loss margin) in Q4 2023 from RMB 5,111,976 thousand (27.2% loss margin) in Q3 2023, a 1.2 percentage point improvement[2] - Net profit for Q4 2023 was RMB 2,216,987 thousand, down from RMB 3,593,234 thousand in Q3 2023[16] - Total revenue for 2023 reached RMB 276,744,954 thousand, with core local commerce contributing RMB 206,906,932 thousand and new business contributing RMB 69,838,022 thousand[6] - Cost of sales increased by 13.5% YoY to RMB 179.6 billion in 2023, but as a percentage of revenue decreased by 7.0 percentage points to 64.9%[9] - R&D expenses remained stable at RMB 9.4 billion in 2023, with the percentage of revenue decreasing by 1.0 percentage point to 3.4%[10] - Adjusted EBITDA for 2023 was RMB 23,878,018 thousand, a significant increase from RMB 9,724,589 thousand in 2022[17] Cash and Investments - As of December 31, 2023, the company held RMB 33.3 billion in cash and cash equivalents and RMB 111.8 billion in short-term financial investments[18] - The company issued zero-coupon convertible bonds totaling $1,483.6 million due in 2027 and $1,500 million due in 2028, with net proceeds of approximately $2,971.5 million intended for technological innovation, including R&D in autonomous delivery vehicles and drone delivery[41] - As of December 31, 2023, $241.2 million of the net proceeds from the 2027 and 2028 bonds remained unused, with $1,307.7 million already utilized for technological innovation[41] - The company plans to fully utilize the remaining net proceeds from the 2027 and 2028 bonds within 5 years from the issuance date[41] - The net proceeds from the 2021 placement and subscription amounted to approximately $6.6 billion, with $347.6 million used for technological innovation and general corporate purposes during the reporting period[89] - As of December 31, 2023, $3.3 billion of the net proceeds from the 2021 placement and subscription remained unused, compared to $3.6 billion as of December 31, 2022[89] - The company plans to fully utilize the remaining net proceeds from the 2021 placement and subscription within 5 years from the completion of the placement and subscription[89] Employee and Compensation - The company employed 114,731 full-time employees as of December 31, 2023, with the majority based in China[24] - The company's independent non-executive directors receive annual fixed cash compensation of RMB 500,000 and equity-based compensation of RMB 1,000,000, subject to certain conditions[47] - The company participates in various employee social security and housing provident fund programs, contributing a specific percentage of employee salaries[53] - The company grants equity incentive awards to employees to encourage contributions to growth and development[53] - The company's board of directors has established a compensation committee to review the group's compensation policy and structure[157] - The company's retirement and employee benefit plans are detailed in the consolidated financial statements[159] - The company's non-executive directors are appointed for a term of three years, which automatically renews unless terminated with at least one month's written notice[170] - No annual director's fees are payable to non-executive directors under the current arrangement[170] - The company's directors do not have any service contracts that cannot be terminated by the group within one year without compensation (except for statutory compensation)[172] Share Structure and Equity - Shen Nanpeng holds 9,476,400 Class B shares and has a 1.68% equity interest in the company through SNP China Enterprises Limited and other controlled entities[78] - Charmway Enterprises holds 88,650,000 Class A shares, with Mu Rongjun having beneficial interests in these shares through a trust structure[81] - The total number of issued shares as of December 31, 2023, is 6,244,375,781, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[96] - Crown Holdings holds 489,600,000 Class A shares, representing 80.99% of the Class A shares[98] - Charmway Enterprises holds 88,650,000 Class A shares, representing 14.66% of the Class A shares[98] - If all outstanding 2027 and 2028 convertible bonds were converted as of December 31, 2023, the total number of issued shares would increase to 6,298,140,567[83] - The 2027 convertible bond holders would hold 26,734,628 shares, representing 0.42% of the total shares if converted[83] - The 2028 convertible bond holders would hold 27,030,158 shares, representing 0.43% of the total shares if converted[83] - Other shareholders hold 5,640,125,781 shares, representing 89.56% of the total shares if all convertible bonds are converted[83] - The total number of shares that can be issued under the Pre-IPO Employee Share Incentive Plan is capped at 683,038,063 shares, subject to adjustments for other dilutive issuances[103] - No further stock options or restricted share units will be granted under the Pre-IPO Employee Share Incentive Plan after the company's listing[104] - The exercise period for stock options granted under the Pre-IPO Employee Share Incentive Plan is between the end of the vesting period and the 10th anniversary of the grant date[113] - As of December 31, 2023, no directors or key executives held any interests or short positions in the shares or related shares of the company's associated corporations[118] - BlackRock, Inc. holds a 5.88% interest in the company's Class B shares, totaling 331,564,182 shares[120] - JPMorgan Chase & Co. holds a 2.35% interest in the company's Class B shares, totaling 132,265,101 shares[120] - Brown Brothers Harriman & Co. holds a 5.24% interest in the company's Class B shares, totaling 295,591,050 shares[120] - The Pre-IPO Employee Share Incentive Plan aims to align the interests of directors, employees, and consultants with those of the company's shareholders and to incentivize outstanding performance[102] - The committee has the discretion to determine the terms and conditions of the incentives, including the grant or purchase price[104] - Restricted share units may be paid in cash, shares, or a combination of both, as determined by the committee[108] - The company has a total of 6,244,375,781 issued shares as of December 31, 2023, including 604,519,783 Class A shares and 5,639,855,998 Class B shares[121] - The potential conversion of outstanding convertible securities under the 2027 and 2028 bonds could have an anti-dilutive effect on earnings per share, and these were not included in the diluted earnings per share calculation for the year ended December 31, 2023[123] - The company has a limit of 62,421,252 Class B shares (1% of total issued shares) that can be issued under the post-IPO share option plan and other share plans, beyond which further grants require shareholder approval[136] - The company's share incentive plan includes options with exercise prices ranging from $0.000017 to $5.18 per share, with vesting periods from 0.5 to 6 years[130] - As of December 31, 2023, the company had 5,000,000 unexercised options granted to director Mu Rongjun, with exercise prices ranging from $3.86 to $5.18 per share[129] - The company's post-IPO share option plan, adopted on August 30, 2018, and amended on June 30, 2023, is effective for 10 years from the date of adoption[133] - The company's share incentive plan allows for flexible payment methods for option exercises, including cash, checks, shares, or a combination thereof[127] - The company's share incentive plan includes performance indicators and other terms for restricted share units, with payment forms and timing determined by the committee[129] - The company's share incentive plan allows for the adjustment of option exercise prices without shareholder or participant approval, provided it is not prohibited by applicable law[126] - The company's share incentive plan includes a limit of 1% of total issued shares for grants to service providers, beyond which further grants require shareholder approval[136] - Wang Xing holds 489,600,000 Class A shares, representing 80.99% of the total Class A shares[160] - Mu Rongjun holds 88,650,000 Class A shares, representing 14.66% of the total Class A shares[161] - The company has a limit of 624,212,527 Class B shares that can be issued under the post-IPO share option plan, which is approximately 10% of the total issued shares[151] - The company's post-IPO share option plan allows for the issuance of options with a maximum term of 10 years from the grant date[163] - The company's post-IPO share option plan includes performance-based vesting conditions and a mixed vesting schedule over a 12-month period[164] - The company's post-IPO share option plan includes a 1% individual limit and a 0.1% limit for certain participants[153][154] - As of January 1, 2023, the number of share options available for grant under the post-IPO share option plan was 472,240,496 shares[180] - As of December 31, 2023, the number of shares to be granted under the plan limit and service provider sub-limit was 609,351,099 shares and 62,401,365 shares respectively[180] - No share options were granted under the post-IPO share option plan during the reporting period[180] - The post-IPO share option plan will remain in effect for approximately four years and nine months as of December 31, 2023[179] - The vesting period for share options granted under the post-IPO share option plan must be at least 12 months, except in specific circumstances such as death, disability, or force majeure[178] - The post-IPO share option plan has been effective since September 20, 2018, and will remain in force for ten years[179] - Total unexercised share options as of December 31, 2023, amounted to 1,706,198 shares, with 315,000 options exercised and 283,212 options forfeited during the reporting period[181] - The weighted average market price of Class B shares before the exercise date of employee share options in 2023 was HK$115.3667 per share[181] - The company's Post-IPO Share Award Plan allows for the issuance of up to 62,421,252 Class B shares, representing approximately 1% of the total issued shares as of the annual report date[185] - Any further awards under the Post-IPO Share Award Plan that exceed the 1% individual limit of total issued shares require separate shareholder approval[185] - The weighted average market price of Class B shares before the vesting date of restricted share units for service providers in 2023 was HK$125.8363 per share[197] - As of December 31, 2023, the total effective restricted share units granted to directors under the Post-IPO Share Award Plan were 68,800 for 2019 grants, 16,865,997 for 2021 grants, and 58,261,362 for 2023 grants[193] - The purchase price for restricted share units under the Post-IPO Share Award Plan is zero[195] - The Post-IPO Share Award Plan is valid for ten years from the effective date and will expire on the tenth anniversary, with provisions for early termination by the board[188][190] - The post-IPO share incentive plan aims to align the interests of eligible individuals with the group's interests through share ownership, dividends, and share appreciation[200] - Eligible participants for the post-IPO share incentive plan include employees, associated entities, and service providers, subject to local legal restrictions[200] - The total number of B-class shares that can be issued under the post-IPO share incentive plan is capped at 624,212,527, approximately 10% of the total issued shares as of the annual report date[200] Dividend Policy - The company's dividend distribution is subject to Chinese accounting standards, requiring 10% of after-tax profits to be allocated to statutory reserves until they reach 50% of the registered capital[68] - The company's dividend policy is discretionary, based on profitability, cash flow, financial condition, capital needs, and statutory reserve requirements[68] - The company is registered in the Cayman Islands, and future dividend payments depend on the availability of dividends from its subsidiaries[68] Business Operations and Management - Wang Puzhong, CEO of Meituan's Core Local Commerce, oversees nine business segments including Meituan Platform, Meituan Waimai, and Meituan Delivery[65] - The company's major business review and performance analysis are detailed in the "Chairman's Report," "Management Discussion and Analysis," and "ESG Report" sections of the annual report[69] - The company has no significant investment or capital asset plans other than those disclosed in the report as of December 31, 2023[52] - The company did not issue any debt securities during the year ended December 31, 2023[73] - The company's equity changes during the reporting period are detailed in Note 26 of the consolidated financial statements[72] - No directors or senior executives had any reportable interests or short positions in the company or its associated corporations as of December 31, 2023[80] - The company has not entered into any contracts for the management and administration of the business during the reporting period[155] - The company has not granted any rights to directors to acquire shares or debentures during the reporting period[156] Shareholder Information - HongShan Funds holds approximately 0.19%, 0.02%, 0.03%, 0.58%, 0.01%, 0.10%, 0.15%, 0.001%, 0.003%, 0.01%, 0.23%, 0.02%, and 0.01% of the company's outstanding shares respectively[168]

财联社4月18日讯（记者 徐赐豪）继2月份宣布业务整合后，今日（4月18日），美团CEO王兴发布内部邮件，公布了整合后的组织迭代进展。 根据邮件内容，此前整合的美团平台、到店事业群、到家事业群和基础研发平台将合并成为“核心本地商业”（Core Local Commerce）板块，王莆中出任核心本地商业CEO。 今年2月，美团宣布王莆中将统管美团平台、到店和到家事业群等核心本地商业业务。本次内部邮件则在公司架构上对上一轮的业务整合结果正式予以组织命名，并明确王莆中的身份角色。 根据邮件，美团将“不再设置到店事业群和到家事业群，两个事业群原下辖各部门调整为直属于‘核心本地商业’”。 值得一提的是，除了成立“核心本地商业”板块外，美团外卖事业部也在近期进行了新一轮的组织调整。新成立的城市经营业务部、连锁业务部和供给探索部等，均由年轻且富有经验的管理者担任负责人。 一不愿具名的互联网分析师向新消费日报记者表示，此举可以使美团重心更稳，资源更集中。 该分析师指出，本地生活服务市场正面临着巨大的机遇和挑战，美团通过整合关键业务群和平台，优化组织架构，能够更好地把握市场机遇，应对挑战，实现更加稳健和可持续的发展。 美团的突 ...

【TechWeb】4月18日消息，美团CEO王兴发布内部邮件，公布了整合后的组织迭代进展。根据邮件内容，此前整合的美团平台、到店事业群、到家事业群和基础研发平台将合并成为“核心本地商业”（Core Local Commerce）板块，王莆中出任核心本地商业CEO。 今年2月，美团宣布王莆中将统管美团平台、到店和到家事业群等核心本地商业业务。本次内部邮件则在公司架构上对上一轮的业务整合结果正式予以组织命名，并明确王莆中的身份角色。 根据邮件，美团将“不再设置到店事业群和到家事业群，两个事业群原下辖各部门调整为直属于‘核心本地商业’”。 王兴还在邮件中表示：“期待‘核心本地商业’秉承‘帮大家吃得更好，生活更好’的使命，加强管理体系建设，持续升级组织能力，夯实技术基础，抓住技术机遇，深耕产业，为客户创造更多价值。”。 今年以来，美团人事调整频繁。 今年2月，美团CEO王兴发布内部邮件宣布新的组织架构调整。主要调整包括：对到家事业群、到店事业群、美团平台、基础研发等进行整合，共同向美团高级副总裁王莆中汇报。而大众点评、SaaS、骑行、充电宝等业务将由美团高级副总裁张川负责。 今年3月，美团以内部信形式宣布新一轮业务负 ...

感谢IT之家网友 西窗旧事 的线索投递！ IT之家 4 月 18 日消息，美团 CEO 王兴今日发布内部邮件，公布了整合后的组织迭代进展。 根据邮件内容，此前整合的美团平台、到店事业群、到家事业群和基础研发平台将合并成为“核心本地商业”（Core Local Commerce）板块，王莆中出任核心本地商业 CEO。 根据邮件内容，美团将“不再设置到店事业群和到家事业群，两个事业群原下辖各部门调整为直属于‘核心本地商业’”。 IT之家查询公开资料获悉，王莆中 2013 年-2015 年在百度担任高级经理及百度外卖产品负责人，是百度外卖的 1 号员工。2015 年 4 月，王莆中加入美团点评。2018 年 1 月 11 日 ，王莆中晋升为美团最年轻的集团高级副总裁。 此外，美团外卖近日以内部邮件的方式宣布了新一轮的组织调整： 撤销直营业务部，成立城市经营业务部，任命黄小芹担任负责人，负责白领直营城市及城市商家的经营管理； 成立连锁业务部，任命李嘉怡担任负责人，负责全国连锁商家及城市连锁商家的经营管理； 成立供给探索部，任命初征担任负责人，负责推动包含美食集合店在内的供给模式发展。 原直营业务部校园业务部，继续由 ...

导语：美团设立“核心本地商业”板块，不再设置到店事业群和到家事业群 继2月份宣布业务整合后，4月18日，美团CEO王兴发布内部邮件，公布了整合后的组织迭代进展。根据邮件内容，此前整合的美团平台、到店事业群、到家事业群和基础研发平台将合并成为“核心本地商业”（Core Local Commerce）板块，王莆中出任核心本地商业CEO。 今年2月，美团宣布王莆中将统管美团平台、到店和到家事业群等核心本地商业业务。本次内部邮件则在公司架构上对上一轮的业务整合结果正式予以组织命名，并明确王莆中的身份角色。 根据邮件，美团将“不再设置到店事业群和到家事业群，两个事业群原下辖各部门调整为直属于‘核心本地商业’”。 一名接近美团的消息人士分析认为，“近年来，美团业务呈现出典型的多样性特点，包括了平台、自营等多种模式。且不同业务处于不同发展阶段时，在资源配置和管理方式上也不尽相同，因此，进一步整合业务和迭代组织，有利于提升效率、适应变化。” 据此前媒体分析，对核心本地商业相关业务进行整合，是将“商户、用户及需求重合度较高的业务整合起来共同发展，提供最完整的本地消费体验”。 “期待‘核心本地商业’秉承‘帮大家吃得更好，生活更好 ...

港股公司报告 | 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------- ...

证券研究报告 | 公司动态点评 2024 年 04 月 08 日 能力彰显龙头韧性》2023-09-05 美团-W（03690.HK） 美团年报点评：策略迭代优化，新业务大幅减亏，释放盈利潜力 | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------------------------------|------------|------------|------------|--------------------------------|------------|-------------------------------------------|------------| | | | | | | | | | | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 219,954.95 | 276,744.95 | 336,376.85 | 393,855.92 | 453,489.64 | 股票信息 | | | 增长率 yo ...

核心观点 | --- | --- | --- | --- | --- | |------------------------|------------|--------|----------------|----------------------| | | | | | | | 股价（ 2024 年 日） | 04 月 | 08 | 买入 | （维持） 99.4 港元 | | 目标价格 | | | | 162.72 港元 | | 52 周最高价 / | 最低价 | | 150/61.1 | 港元 | | 总股本 / 流通 H | 股（万股） | | | 623,485/563,458 | | H 股市值（百万港币） | | | | 619,744 | | 国家 / 地区 | | | | 中国 | | 行业 | | | | 传媒 | | 报告发布日期 | | | 2024 年 04 | 月 09 日 | | | | | | | | | 1 周 | 1 月 | 3 月 | 12 月 | | 绝对表现 % | 2.69 | 17.36 | 34.42 | -25.71 | | 相对表现 % | 1.53 | 15. ...

证券研究报告 ＃industryId＃ TMT ＃investSuggestion＃ 买入 ( ＃ 维持 ） | --- | --- | |------------------------------|------------| | ＃市场 ma 数 rk 据 etData ＃ | | | 日期 | 2024-03-28 | | 收盘价（港元） | 96.80 | | 总股本（亿股） | 62.35 | | 流通股本（亿股） | 56.34 | | 净资产（亿元） | 1519.56 | | 总资产（亿元） | 2930.30 | | 每股净资产（元） | | | | 24.34 | 投资要点 ＃summary＃ Q4 业绩超预期。23Q4，公司营收为 737 亿元（YoY+22.6%），超过彭博一致预期的 727 亿元。其中，核心本地商业收入为 551 亿元（YoY+26.8%），新业务收入为 186 亿元（YoY+11.5%）。本季度由于外卖与闪购单均配送相关成本下降等，毛利率改善 至 33.9%（YoY+5.8pcts）。由于交易用户激励、推广与广告开支增加，推升销售费用 率至 22.7%（YoY+4. ...