"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。"王兴表示，当竞争持续，美团会投入必要的资源，确保规模优势以及在服务体 验与运营效率上的优势。 王兴称，相信当前非理性的外卖行业竞争只是暂时性的。近期美团餐饮外卖订单市占稳步回升。美团继 续保持在中高价订单市场GTV的领先地位，美团在实付超过15元的订单有2/3以上的份额，实付超过30 元以上的订单有70%以上的份额。（智通财经记者 范佳来） "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。"11月28日，在美团第三季 度财报电话会上，美团CEO王兴表示，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。 ...

Core Viewpoint - Meituan's CEO Wang Xing emphasized that the ongoing price war in the food delivery industry is unsustainable and does not create value, asserting that the current irrational competition is temporary [3]. Group 1: Financial Performance - Meituan reported a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [3]. - The retention of core users remains high, with increasing consumer frequency and loyalty [3]. Group 2: Business Development - The Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after launch, ahead of the initial three-year target [5]. - Meituan expects losses from new business segments to not exceed those of 2025 [5]. - The company is focusing on instant retail, leveraging its platform for high conversion rates and incremental sales, with plans to enhance user education during major marketing events [5]. Group 3: Operational Strategy - Meituan aims to maintain its advantages in supply chain, user reach, and fulfillment, with a focus on achieving reasonable and sustainable profit margins in the medium to long term [6]. - The company is enhancing its AI capabilities, with ongoing improvements to its internal language model [6].

Core Insights - Meituan's CEO Wang Xing emphasized that the recent price war in the food delivery sector is unsustainable and does not create value for the industry, asserting that the current irrational competition is temporary [1] - Meituan has seen a steady recovery in its market share for food delivery orders, maintaining a leading position in the mid-to-high price order market, with over 66% share in orders above 15 yuan and over 70% in orders above 30 yuan [1] - The company reported that its core user retention remains high, with increasing user consumption frequency and stickiness [1] Overseas Business Development - Meituan's Keeta business in Hong Kong achieved profitability in October, reaching this milestone 29 months after its launch, ahead of the previously set three-year target [3] - The company views Keeta and grocery retail as significant growth opportunities, with expectations that losses in the new business segment will not exceed those projected for 2025 [3] Instant Retail Business - Meituan claims a clear advantage in instant retail, providing high conversion rates and incremental sales for merchants [4] - The company has solidified its market share among core user groups and plans to continue investing in supply-side operations to enhance user experience [4] - Meituan aims to educate users about the additional value it offers during major marketing events like Double 11, while maintaining confidence in its supply chain and fulfillment capabilities for sustainable profitability [4] AI Business Development - In the third quarter, Meituan continued to iterate on its core dimensions and further trained its internal large language model, enhancing its AI capabilities [4]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨周慧 编辑丨张伟贤 11月28日，美团发布2025年第三季度业绩报告。 期内，美团实现营收955亿元（人民币，下同），同比增长2%；经调整后净亏损160亿元人民币，而去 年同期为盈利128亿元。其中，由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。 外卖大战的"烧钱"，反映在了美团财报数据上：三季度美团的销售营销开支由2024年三季度的180亿元 增加90.9%至2025年同期的343亿元，多烧了183亿元，在收入中的占比从19.2%增长至35.9%，主要由于 外卖竞争带来的推广、广告和用户激励的开支增加。 三季度轰轰烈烈的外卖大战，让包括美团、阿里、京东在内的三大玩家，都付出了百亿乃至数百亿的代 价。美团财报称，预计核心本地商业以及公司整体层面，第四季度的经营亏损趋势将延续。不过，进入 四季度，随着阿里高管在财报会上表态下个季度在闪购上收缩投入，外卖大战的竞争激烈程度有望减 弱，美团亏损额度有望改善。 美团CEO王兴在晚间的财报电话会上回应外卖大战时表示，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， ...

在刚刚过去的十月、十一月，我们看到相比夏季补贴峰值，当前的行业补贴水平有所回落，尤其是 在"双十一"大促结束后。目前，我们仍在密切地关注市场动态，并将根据情况调整策略。 美团（HKEX：3690）今日发布了截至9月30日的2025年第三季度财报：营收为955亿元，同比增长 2.0%。净亏损186亿元，而2024年同期净利润129亿元；调整后的净亏损为160亿元，而2024年同期净利 润为128亿元。 详见： 美团第三季度营收955亿元 经调净亏损160亿元 财报发布后，美团董事长兼CEO王兴、高级副总裁兼CFO陈少晖参加了随后举行的分析师电话会议，对 财报进行了解读。 以下为电话会议问答环节实录： 高盛分析师Ronald Keung：我的第一个问题想请问管理层，能否请您谈一谈目前外卖行业的竞争格 局？特别是对于接下来的第四季度，您有哪些看法？外卖行业的补贴是否会逐渐退坡？另外，我们注意 到同业加大了对外卖会员的投入，例如推出88VIP联合会员等。从美团的角度来看，管理层目前观察到 公司的核心用户参与度和留存率趋势如何？ 我的第二个问题有关公司的财务表现。能否请管理层与我们分享一下，您对第四季度公司的外卖业务表 ...

Core Insights - The intense competition in the food delivery sector has led to significant losses for Meituan, with a reported operating loss of 141 billion RMB in its core local business for Q3 2025, resulting in an adjusted net loss of 160.10 billion RMB compared to a profit of 128.29 billion RMB in the same period last year [1][2][3] Group 1: Financial Performance - Meituan's total revenue for Q3 2025 reached 955 billion RMB, marking a year-on-year growth of 2% [1] - The core local business segment generated revenue of 674 billion RMB, a decrease of 2.8% year-on-year [2] - The new business segment saw a revenue increase of 15.9% to 280 billion RMB, although operating losses in this segment grew by 24.5% to 13 billion RMB [3] Group 2: Competitive Landscape - The food delivery market has become increasingly competitive, with new entrants like JD and Taobao disrupting the long-standing duopoly of Meituan and Ele.me [2] - Meituan has responded to this competition by increasing direct subsidies to the restaurant sector, contributing to its significant losses [2][3] Group 3: Strategic Initiatives - Meituan is focusing on enhancing its core competitiveness and maintaining its industry leadership through a "retail + technology" strategy [1] - The company has invested 69 billion RMB in R&D, a 31% increase year-on-year, with a focus on AI and technology innovations [4][5] - Meituan is also expanding its ecosystem by providing various benefits to delivery riders, including health insurance and housing support [5] Group 4: Future Outlook - The company anticipates that the trend of operating losses will continue into Q4 2025 due to ongoing market competition [3] - Meituan's CFO expressed confidence in the long-term growth of its various business segments, emphasizing continued investment in service quality and technological innovation [6]

Core Insights - Meituan's CEO Wang Xing emphasized that over two-thirds of orders paid over 15 yuan and more than 70% of orders over 30 yuan are captured by the company, indicating a strong market position in the mid-to-high price segment [1] - Wang reiterated the company's stance against the unsustainable price war in the food delivery industry, asserting that it does not create value and is a form of low-quality competition [1] - The company reported a steady recovery in market share for its food delivery orders, with high retention rates among core users and increasing consumption frequency [1] Business Developments - Meituan's overseas business, particularly the Keeta operations in Hong Kong, achieved profitability in October, reaching this milestone ahead of the previously set three-year target [3] - The company sees significant growth opportunities in the Keeta and grocery retail sectors, with expectations that losses in new business segments will not exceed those projected for 2025 [4] - Meituan is focusing on its instant retail business, leveraging its platform for high conversion rates and incremental sales, while planning to enhance user education during major marketing events [4] Operational Strategy - The company is committed to investing in supply-side operations for instant retail to ensure a superior user experience, with a goal of maintaining advantages in supply chain, user reach, and fulfillment [4] - Meituan's lightning warehouse model offers 24/7 operational services, enabling diverse high-quality products to be delivered within half an hour [4] - In the AI sector, Meituan has made significant advancements in its internal language model, enhancing its capabilities in the third quarter [4]

Market Overview - The Hong Kong stock market showed mixed results today, with the Hang Seng Index and the Hang Seng China Enterprises Index declining by 0.34% and 0.38% respectively, while the Hang Seng Tech Index saw a slight increase of 0.02% [1] - Major tech stocks displayed a divergent trend, with Meituan dropping by 1.44%, while Baidu, Alibaba, and JD.com experienced gains [2][3] Stock Performance - The Hang Seng Tech Index closed at 5599.11, up by 1.06 points or 0.02% [3] - Notable stock performances included: - Baidu Group: +1.1 (0.98%) with a market cap of 312.97 billion - Alibaba: +0.9 (0.60%) with a market cap of 2.892 trillion - JD.com: +0.3 (0.26%) with a market cap of 330.63 billion - Tencent: unchanged at 611.50 with a market cap of 5.592 trillion - Meituan: -1.5 (1.44%) with a market cap of 626.43 billion [3] Sector Trends - The market saw a resurgence in military stocks, while sectors such as wind power, gold, non-ferrous metals, gaming, lithium batteries, and construction materials experienced upward movement [3] - Conversely, financial and energy sectors showed weakness, with real estate stocks also underperforming [3] Trading Activity - The total trading volume for the day was 146.204 billion HKD, marking the first time in five months that daily trading volume fell below 200 billion HKD, indicating a tightening of liquidity as the year-end approaches [4] - Short selling amounted to 15.035 billion HKD, representing 10.28% of the total trading volume, with a decrease in short selling ratio to a five-day low [4][5] Market Sentiment - Despite the Hang Seng Index facing resistance at the 26,000 point level, there remains a cautious optimism regarding localized hot sectors, with a notable rotation of market interest [6] - Long-term outlook suggests that recent adjustments in the Hong Kong market may present attractive entry points for investors, as indicated by JPMorgan's upgrade of Chinese stocks to "overweight" [8] A-share Market - The A-share market also saw a rebound, with total trading volume decreasing by approximately 123.997 billion to 1.59 trillion [9] - The expectation of a potential interest rate cut by the Federal Reserve in December is anticipated to improve market sentiment and risk appetite [9]

美团CEO王兴在28日三季度财报电话会上表示，Keeta香港业务在今年10月已经盈利。王兴在电话会上 同时提到，在Keeta业务启动后的29个月内，即达成这一里程碑式进展，提前实现了此前的"三年内盈 利"目标。 王兴同时提到，美团四季度将在巴西和GCC（海湾阿拉伯国家合作委员会）国家继续加大投资。不 过，他预计Keeta在GCC国家和巴西的改善轨迹将与中国香港情况类似。总体来看，鉴于Keeta在香港取 得的初步成功，预计明年新业务板块亏损不会比2025年更大。 在当日发布的三季度财报中，美团新业务板块实现营收280亿元，同比增长15.9%，亏损13亿元。 （文章来源：每日经济新闻） ...

11月28日晚，在美团第三季度财报电话会上，美团CEO王兴表示，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。王兴认为，美团在即时零售业务上的亏损已在三季度见 顶，但该业务在未来一段时间内仍将面临较大亏损。我们将进行必要的投入以维持规模优势，但我们并 不打算参与价格战，美团将根据市场竞争格局动态调整投资策略。 "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。" 王兴表示，当前非理性的外卖行业竞争只是暂时性的，未来只有能够兼具深厚行业积累和运营效率、并 有能力引领行业高质量发展的平台，才会是行业的领跑者。"中国餐饮服务行业目前已经进入必须依靠 持续创新、服务升级和技术解决方案的阶段，仅靠大规模激进补贴来获取流量和实现规模扩张的增长模 式不可持续。"王兴表示。 王兴同时提到，近期美团餐饮外卖订单市占稳步回升。美团继续保持中高价订单市场GTV的领先地 位，在实付15元以上订单的市场份额中，美团占比超过三分之二；在实付30元以上订单的市场份额中， 美团占比超过70%。 在今日披露 ...