（文章来源：第一财经） 美团发布财报，2025年第三季度营收955亿元，上年同期为936亿元。 ...

美团第三季度营收955亿元人民币，预估974.7亿元人民币。 来源：滚动播报 ...

美团第三季度调整后净亏损160亿元人民币，预估亏损139.6亿元人民币。 来源：滚动播报 ...

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [1] - The number of transacting users exceeded 800 million in the past 12 months, with daily active users (DAU) on the Meituan app growing over 20% year-on-year [1] - The company is focusing on a "retail + technology" strategy to enhance product and service offerings, aiming for sustainable industry growth [1] Financial Performance - Core local business revenue reached 67.4 billion RMB, while new business revenue was 28 billion RMB, marking a 15.9% year-on-year increase [1] - Adjusted net loss for Q3 was 16 billion RMB, with a sequential reduction in new business losses to 1.3 billion RMB [1] User Engagement and Growth - Meituan's instant retail saw peak daily orders exceeding 150 million, with an average delivery time of 34 minutes [2] - The platform's user structure is improving, with more low-frequency users transitioning to high-frequency usage, leading to increased consumer engagement [2] - The membership system has been enhanced, significantly boosting user loyalty and transaction frequency [2] Ecosystem and Community Support - Meituan is investing in rider welfare, including nationwide pension insurance and various benefits for riders and their families [3] - The company has launched the "Prosperity Plan" with an additional 2.8 billion RMB to support merchants amid competitive pressures [3] Technological Innovation - R&D investment reached 6.9 billion RMB, a 31% increase year-on-year, focusing on enhancing retail efficiency through technology [4] - AI advancements include the release of multiple open-source models and the integration of AI tools for personalized merchant services [5] - Meituan's drone delivery service has expanded, achieving over 670,000 commercial orders by the end of September [5]

新浪科技讯 11月28日下午消息，美团发布2025年第三季度业绩报告。本季度，美团实现营收955亿元 （人民币，下同），同比增长2%。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，过 去12个月的交易用户数突破8亿大关。 三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动 下，美团APP的DAU（日活跃用户数）同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 "面对行业竞争变化，我们持续巩固核心竞争力，保持行业优势地位。"美团CEO王兴表示，"美团将继 续围绕'零售+科技'战略，不断迭代产品与服务，更好满足用户需求，引领行业可持续增长。" 责任编辑：何俊熹 ...

风险提示及免责条款 美团第三季度调整后净亏损160亿元人民币，预估亏损139.6亿元人民币。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Financial Performance - Revenue for the three months ended September 30, 2025, increased by 2.0% to RMB 95.49 billion compared to RMB 93.58 billion for the same period in 2024[5] - The operating loss for the third quarter of 2025 was RMB 19.76 billion, compared to an operating profit of RMB 13.69 billion in the same quarter of 2024[5] - Adjusted EBITDA for the third quarter of 2025 was a loss of RMB 14.84 billion, a significant decline from an adjusted EBITDA of RMB 14.53 billion in the previous year[5] - The core local business segment's revenue decreased by 2.8% to RMB 67.45 billion, with an operating loss of RMB 14.07 billion, reflecting a 20.9% operating loss margin[11] - The new business segment's operating loss expanded to RMB 1.28 billion, indicating challenges in overseas expansion efforts[10] - Revenue increased by 2.0% from RMB 93.6 billion in Q3 2024 to RMB 95.5 billion in Q3 2025[24] - Core local business revenue decreased by 2.8% from RMB 69.4 billion in Q3 2024 to RMB 67.4 billion in Q3 2025[27] - New business revenue grew by 15.9% from RMB 24.2 billion in Q3 2024 to RMB 28.0 billion in Q3 2025[27] - The company recorded a loss of RMB 18.6 billion in Q3 2025, compared to a profit of RMB 12.9 billion in Q3 2024[41] - Operating loss for Q3 2025 was RMB 19.8 billion compared to an operating profit of RMB 13.7 billion in Q3 2024[23] Expenses and Costs - Sales cost rose by 23.7% from RMB 56.8 billion in Q3 2024 to RMB 70.3 billion in Q3 2025, accounting for 73.6% of revenue[28] - Sales and marketing expenses increased by 90.9% from RMB 18.0 billion in Q3 2024 to RMB 34.3 billion in Q3 2025, representing 35.9% of revenue[30] - R&D expenses rose by 31.0% from RMB 5.3 billion in Q3 2024 to RMB 6.9 billion in Q3 2025, accounting for 7.3% of revenue[31] - Sales cost increased by 14.5% from RMB 61.4 billion in Q2 2025 to RMB 70.3 billion in Q3 2025, with the percentage of revenue rising from 66.9% to 73.6%[46] - Sales and marketing expenses rose by 52.2% from RMB 22.5 billion in Q2 2025 to RMB 34.3 billion in Q3 2025, with the percentage of revenue increasing from 24.5% to 35.9%[47] - R&D expenses increased by 10.8% from RMB 6.3 billion in Q2 2025 to RMB 6.9 billion in Q3 2025, with the percentage of revenue rising from 6.8% to 7.3%[48] User Engagement and Growth - Daily active users and monthly transacting users in the food delivery segment reached new highs during the third quarter[12] - The "Meituan Flash Purchase" platform saw significant growth in new user acquisition and transaction frequency among core users, with order volume and transaction value reaching historical highs during the Qixi Festival[14] - The "Meituan Membership" program has improved user engagement and transaction frequency, with a notable increase in mid-tier users achieving membership upgrades[19] - User data indicates a 40% increase in transaction users, reaching 150 million active users on the platform[82] Cash and Investments - Cash and cash equivalents held by the company amounted to RMB 99.2 billion, with short-term investments totaling RMB 42.1 billion as of September 30, 2025[10] - The company held cash and cash equivalents of RMB 99,234,190 thousand as of September 30, 2025, down from RMB 101,656,333 thousand at the beginning of the period[63] - Net cash used in operating activities for Q3 2025 was RMB 22,148,259 thousand, primarily due to pre-tax losses[64] - Net cash generated from investing activities for Q3 2025 was RMB 20,790,118 thousand, mainly from net inflows from financial investments[65] Corporate Governance and Compliance - The audit committee reviewed the unaudited interim financial information for the three months ended September 30, 2025, ensuring compliance with accounting principles[72] - The company remains committed to maintaining strict corporate governance standards and has adopted the principles of the corporate governance code[74] - The company aims to improve its corporate governance practices in line with the latest regulations, ensuring compliance and transparency[81] Strategic Initiatives and Future Outlook - The company is focusing on enhancing supply and fulfillment capabilities to drive increased consumption frequency and user stickiness among core users[12] - The company is focusing on expanding its offline presence and improving supply chain capabilities, particularly through the "Keeta" initiative in the Middle East and Brazil[18] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by the end of 2024[81] - New product launches are expected to contribute an additional $500 million in revenue over the next fiscal year[81] - The company has set a revenue guidance of $10 billion for the next quarter, indicating a 12% growth compared to the same period last year[81] - The company is exploring potential acquisitions to strengthen its logistics capabilities, with a budget of $1 billion allocated for this purpose[81] Operational Developments - The company has introduced innovative supply models and quality services to improve consumer delivery experiences[12] - The "Raccoon Canteen" initiative has launched 20 centralized kitchens in high-tier cities, with over 300 brands participating, leading to significant increases in online exposure and order volume for merchants[13] - The company has established a multi-tiered welfare system for delivery riders, including national promotion of retirement insurance subsidies and expanded occupational injury protection to 17 provinces[13] - The company launched AI tools tailored for the restaurant industry and entered the large-scale testing phase for its smart assistant app[20] - The company aims to enhance AI integration in business operations to improve efficiency and user experience[20] Financial Position - As of September 30, 2025, total assets amounted to RMB 318,034,051 thousand, a decrease from RMB 324,354,917 thousand as of December 31, 2024, representing a decline of approximately 1.0%[69] - Non-current assets increased to RMB 118,519,104 thousand from RMB 114,620,056 thousand, reflecting an increase of about 3.5%[69] - Current assets, particularly cash and cash equivalents, rose significantly to RMB 99,234,190 thousand from RMB 70,834,097 thousand, marking an increase of approximately 40.4%[69] - Total liabilities decreased slightly to RMB 150,656,149 thousand from RMB 151,750,839 thousand, a reduction of about 0.7%[70] - The company's equity attributable to shareholders decreased to RMB 167,435,886 thousand from RMB 172,662,960 thousand, a decline of approximately 3.3%[69] - The company reported a cumulative loss of RMB 148,074,048 thousand as of September 30, 2025, compared to RMB 139,801,785 thousand as of December 31, 2024, indicating an increase in losses[69]

Group 1 - Meituan's delivery platform Keeta is collaborating with the restaurant chain Yuanji Yunjiao to donate 3,000 free meals starting from November 28 [1] - The initiative will provide lunch and dinner supplies to multiple shelters in Tai Po for three consecutive days [1] - The donated meals will primarily consist of dumplings and wontons, designed for easy consumption by affected residents [1]

11月26日，中国香港大埔宏福苑发生火灾，灾情牵动社会各界的心，多家企业捐款驰援火灾救援，凝聚 温暖与力量共渡难关。 华润集团宣布，华润慈善基金向本次香港火灾事故捐赠现金2000万港元，用于援助火灾紧急救援，对火 灾造成伤亡的市民、消防员开展医疗救助、过渡安置、生活物资补给及情绪疏导等。 安踏集团宣布，捐赠总额3000万港元的现金及防寒装备（1000万港元现金及2000万港元防寒装备），用 于受灾同胞的紧急安置及过渡期基本生活保障。 特步集团宣布，捐赠2000万港元现金及装备，用于受灾同胞灾后安置，为同胞送去即时保障与温暖。特 步将持续密切关注灾情进展，全力提供后续支援。 波司登宣布，捐赠1000万港元现金及2000万港元物资，驰援香港大埔灾后安置。 农夫山泉宣布，捐赠1000万港币现金及500万港币物资，专项用于紧急救助及灾后恢复工作。 蜜雪冰城宣布，捐赠2000万港元，驰援香港大埔火灾，用于受灾居民的医疗救助、紧急安置及生活救助 等救援工作。 蒙牛乳业联合中华慈善总会捐赠1000万港元现金，以及价值200万港元的在港蒙牛产品紧急驰援。该笔 款物将用于受灾居民的过渡安置、生活物资补给、心理辅导等工作。 本报 ...

11月29日，美团将上线"榜单美食半价周末"活动专区，面向必吃榜、热门榜等榜单餐厅投入千万堂食补 贴。消费者可在美团、大众点评App搜索"半价周末"直达会场，领取400-200元、200-100元、100-50 元、40-20元等各类堂食半价神券，到店堂食即可满减消费。 ...