Core Insights - The company reported a significant decline in adjusted profit for Q2 2025, with adjusted profit down 89% year-on-year, reflecting challenges in profitability amidst increased competition and operational costs [1][3] - Core local business remains the primary revenue source, with revenue of 653.5 billion yuan in Q2 2025, showing a year-on-year increase of 7.7%, but operating profit decreased by 75.6% [2][3] - New business revenue grew by 22.8% year-on-year to 264.9 billion yuan, but the operating loss was 18.8 billion yuan, indicating ongoing challenges in achieving profitability [3] Financial Performance - In Q2 2025, the company achieved total revenue of 918.4 billion yuan, a year-on-year increase of 11.7%, but operating profit was only 2.3 billion yuan, down 98% [1] - The adjusted net profit margin was 1.6%, down 14.9 percentage points year-on-year, highlighting pressure on profitability [1][3] - The core local business's operating profit margin was 5.7%, down 19.4 percentage points, indicating a significant decline in profitability [2] Business Segments - The delivery service segment saw revenue of 237 billion yuan, with a growth rate of 2.8%, while the commission and online marketing segments grew by 12.9% and 10.5%, respectively [2] - The takeout business is expected to see double-digit growth in order volume, but average order value (AOV) is projected to decline slightly, leading to low single-digit revenue growth [2] - The company plans to exit underperforming areas in its new business and focus on expanding its core regions, particularly through the small elephant supermarket initiative [3] Future Outlook - The company anticipates significant losses in the core local business in Q3 2025 due to intensified competition and increased strategic investments [3] - Adjusted net profit forecasts for 2025-2027 have been revised downwards, with expected losses of 77 billion yuan in 2025, followed by profits of 318 billion yuan and 466 billion yuan in 2026 and 2027, respectively [4] - The company maintains a medium-term rating of "outperform" against the market, while closely monitoring competitive dynamics in the industry [4]

Core Viewpoint - The company reported a significant decline in adjusted net profit and gross margin due to intense competition in the instant retail sector, while new business revenues continue to grow but are impacted by overseas expansion losses [1][2][3] Financial Performance - In Q2 2025, the company achieved revenue of 91.84 billion yuan, a year-over-year increase of 11.7% and a quarter-over-quarter increase of 6.1% [1] - The gross margin was 33.1%, down from 41.2% in the same period last year [2] - Adjusted net profit was 1.49 billion yuan, representing a year-over-year decrease of 89.0% [1][2] - The adjusted profit margin was 1.6%, down 14.9 percentage points year-over-year and 11 percentage points quarter-over-quarter [1][2] Business Segments - Core local business revenue reached 65.35 billion yuan, up 7.7% year-over-year, with delivery revenue at 23.66 billion yuan (up 2.8% year-over-year) and commission revenue at 24.95 billion yuan (up 12.9% year-over-year) [1] - New business revenue was 26.49 billion yuan, a year-over-year increase of 22.8%, but incurred a loss of 1.88 billion yuan due to overseas expansion [1][3] Competitive Landscape - Intense competition in instant retail is squeezing the company's profits, with significant increases in delivery subsidies, rider costs, and user subsidies [2] - The company’s operating profit is under pressure due to the competitive landscape, which is influenced by competitors' strategies [2] Growth Prospects - The company is expanding its new business segments, with strong growth in instant retail and plans for further expansion in both domestic and international markets [3] - The company has established over 50,000 flash warehouses nationwide and is exploring new delivery models [3] Investment Outlook - Revenue forecasts for 2025-2027 have been adjusted to 374 billion, 427.7 billion, and 489.5 billion yuan respectively, with a projected net profit of -10.2 billion, 15.8 billion, and 38.5 billion yuan [3] - The target market capitalization for 2025 is set at 712.9 billion yuan, with a target price of 127.93 HKD [3]

为支持线下餐饮门店发展，帮助新开业的中小商家增强抵御风险能力，助力餐饮行业的健康可持续 发展，9月11日，美团外卖宣布将为餐饮新店提供免费线上店铺装修、新店专属扶持、免费AI经营工 具、助力金现金扶持等多项"无忧开店"服务，支持更多新开业餐饮小店顺利起步、长久经营。 智能入驻、免费装修、流量扶持，帮餐饮新手顺利开店 调研显示，新申请入驻外卖的商家，近七成是餐饮新手，美团将在入驻、装店、运营等环节为新商 家提供全方位支持，包括全链路智能入驻服务、免费线上店铺装修服务、"7×16小时人工服务"等服务， 降低中小新商家上线运营的门槛。 今年以来，随着外卖补贴大战持续，餐饮外卖行业生态遭遇巨大挑战，尤其对中小新商家来说，他 们除了面临房租、人力和原材料成本压力，营销成本也是一个重要方面，非理性、超低价的竞争，让不 少商家陷入"不补贴没单、补贴过多不挣钱"的困境。 新商家入驻后，门店的视觉效果在吸引顾客、提升用餐体验方面起着重要作用，而绝大多数中小商 家往往不具备专业的线上运营能力。为此，美团外卖推出了免费装修服务，自该服务推出以来，已累计 帮助百万中小新商家免费升级了店铺形象。据了解，美团也是行业内唯一一个连续多年为 ...

Core Viewpoint - On September 15, the Hang Seng Index rose by 0.22%, closing at 26,446.56 points, with a net inflow of 14.473 billion HKD through the southbound trading channel [1] Group 1: Market Activity - The total trading amount for the southbound trading on September 15 was 156.251 billion HKD, with a net buying amount of 14.473 billion HKD [1] - The Shanghai Stock Exchange's southbound trading accounted for 95.161 billion HKD, with a net buying of 6.968 billion HKD, while the Shenzhen Stock Exchange's southbound trading amounted to 61.089 billion HKD, with a net buying of 7.505 billion HKD [1] Group 2: Active Stocks - Alibaba-W was the most actively traded stock on the Shanghai Stock Exchange southbound trading, with a trading amount of 7.960 billion HKD and a net buying of 2.890 billion HKD, closing with a price increase of 2.32% [2] - In the Shenzhen Stock Exchange southbound trading, Alibaba-W also led with a trading amount of 5.047 billion HKD and a net buying of 2.395 billion HKD, maintaining the same closing price increase of 2.32% [2] - The stock with the highest net selling was Xiaomi Group-W, with a net selling amount of 724 million HKD, while its closing price increased by 1.90% [1][2]

继沙特阿拉伯、卡塔尔之后，美团在中东海湾地区又落下一子。9月15日，美团宣布，旗下国际外卖品牌Keeta正式在科威特启动运营。 科威特是海湾阿拉伯国家合作委员会（GCC）成员国之一，人均GDP居于全球前列，线上食品配送渗透率较高，是中东海湾地区极具活力与潜力的市场。 近年来，该地区外卖业务增长显著，除本土平台如Talabat、HungerStation等，国际企业也陆续进入，竞争逐步加剧。 今年初，美团提出"三年内覆盖海湾六国（沙特、阿联酋、卡塔尔、科威特、阿曼、巴林）"的目标，在国内竞争激烈的背景下，此次将Keeta业务扩展至科 威特，是其向国际化战略的一部分。 公司方面表示，将沿用"全球化技术+本土化运营"策略，在配送服务、商户数字化和骑手管理等方面输出原有经验，同时尝试与科威特政府"2035国家愿 景"中的数字化转型目标对接。 回顾美团在中东的业务进展，Keeta自2024年9月在沙特阿拉伯上线以来，已覆盖该国20多个城市，用户数与订单量逐步提升。在不足一年时间内，美团接连 进入卡塔尔和科威特，显示出加快区域布局的意图。 不过，与一年前相比，中东的地缘政治环境已悄然生变。 9月9日，以色列首次空袭卡塔尔 ...

新华财经开罗9月15日电（记者尹炣张健）美团旗下国际外卖品牌Keeta当地时间15日正式在科威特上线，成为其继沙特阿拉伯、卡塔尔之后，在中东海湾地 区的第三个落点。 9月15日，在科威特费尔瓦尼耶省，一名男子在手机上浏览Keeta。（阿萨德摄） 他还表示，Keeta将使得科威特的餐厅和中小企业受益于更快的上线速度、先进的数字工具和透明的条款。Keeta致力于助力科威特"2035国家愿景"，为科威 特配送生态系统的数字化转型做出贡献。 （文章来源：新华财经） Keeta科威特总经理丘越表示，Keeta在科威特上线是一个里程碑，Keeta将通过值得信赖的服务，让科威特民众日常生活更加轻松便捷。 ...

新华社北京9月15日电 9月15日,《新华每日电讯》发表题为《美团：中小商户实际收入减少不止15%》 的报道。 本报记者对话美团研究院执行院长厉基巍，探讨"外卖大战"将走向何方。 ——即时零售日均近3亿单，绝大部分是泡沫 记者：美团大量补贴外卖业务的初衷是什么？截至目前，即时零售市场的情况怎么样？ 美团：今年行业内几轮补贴战、价格战，美团都是被动卷入。从我们掌握的数据看，即时零售市场的 总量从年初的日均1亿单，上涨至7月的2.5亿单，到8月甚至接近3亿单。这其中绝大部分是泡沫，是补 贴大战下的虚假繁荣和无效增长。 第一，夏季"外卖大战"透支了消费热情和消费意愿，所以进入9月后，很多店铺订单量同比下滑。第 二，中小商户订单增速和大品牌大连锁店的差距进一步拉大。同时，外卖补贴力度大，价格比堂食低， 中小商户、夫妻老婆店生存会越来越困难。第三，发起补贴的平台，资源进一步向大品牌集中，营销推 广、研发创新、服务资源等投入差距也会进一步扩大。 记者：针对相关部门提出停止"内卷式"竞争，美团有何具体行动？ 美团：8月12日，美团外卖启动"堂食提振"计划，鼓励消费者到店聚餐或自提，把顾客和订单留给门 店。8月5日，美团启动 ...

Group 1 - The Hong Kong stock market showed volatility with the Hang Seng Index and Hang Seng Tech Index closing up by 0.22% and 0.91% respectively, driven by gains in major tech stocks like Alibaba and Bilibili [1] - The Hong Kong Internet ETF (513770) experienced a rise of 0.32%, marking its seventh consecutive day of gains, with a trading volume of 599 million yuan [2][4] - The recent influx of capital into the Hong Kong Internet ETF indicates a growing interest in tech stocks, with net inflows of 790 million yuan over the past week and over 2.8 billion yuan in the last 20 days [4] Group 2 - The improvement in liquidity conditions is seen as a crucial factor for the Hong Kong stock market's potential turnaround, especially with the upcoming Federal Reserve interest rate decision [6] - Analysts suggest that a potential rate cut by the Federal Reserve could benefit Hong Kong stocks, particularly in the tech and innovative pharmaceutical sectors [8] - The valuation of the Hong Kong Internet ETF is currently at a historical low, with a price-to-earnings ratio of 25.07, which is significantly lower than that of US and A-share tech stocks [9] Group 3 - The leading tech companies, particularly Alibaba, are making significant advancements in AI, with the launch of new AI hardware and improvements in AI model training [8] - The performance of the Hong Kong Internet ETF has outpaced the Hang Seng Tech Index by over 10 percentage points, highlighting its strong growth potential [12] - The top holdings in the Hong Kong Internet ETF include major players like Xiaomi, Tencent, Alibaba, and Meituan, which collectively account for over 54% of the fund's assets [11]

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 50.47 亿元 | +23.95 亿元 | | 小米集团-W(01810) | 25.76 亿元 | +457.14 万元 | | 腾讯控股(00700) | 18.75 亿元 | +2627.60 万元 | | 泡泡玛特(09992) | 18.72 亿元 | -1.27 亿元 | | 美团-W(03690) | 15.29 亿元 | +3.88 亿元 | | 药捷安康-B(02617) | 13.58 亿元 | +2.81 亿元 | | 中芯国际(00981) | 13.27 亿元 | -7742.31 万元 | | 盈富基金(02800) | 12.77 亿元 | +12.69 亿元 | | 康方生物(09926) | 12.05 亿元 | -2.29 亿元 | | 华虹半导体(01347) | 9.06 亿元 | +3.30 亿元 | 沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- ...

Investment Rating - The report maintains a "Recommendation" rating for Meituan-W (03690.HK) [1] Core Views - The company reported Q2 2025 earnings with revenue of 91.84 billion yuan, a year-on-year increase of 11.7% and a quarter-on-quarter increase of 6.1%. However, the gross margin decreased to 33.1% from 41.2% in the same period last year, and the adjusted net profit was 1.49 billion yuan, down 89.0% year-on-year [1][4] - The intense competition in instant retail is suppressing profits, and the recovery of profitability in the short term needs to be observed in terms of competitive dynamics and new business developments [1][4] - The core local business revenue reached 65.35 billion yuan, up 7.7% year-on-year, while new business revenue grew by 22.8% to 26.49 billion yuan, driven by grocery retail and overseas expansion [1][4] Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 337.59 billion yuan, 373.99 billion yuan, 427.68 billion yuan, and 489.47 billion yuan respectively, with year-on-year growth rates of 22.0%, 10.8%, 14.4%, and 14.4% [3] - Adjusted net profit forecasts for the same years are 43.77 billion yuan, -10.21 billion yuan, 15.78 billion yuan, and 38.55 billion yuan, with year-on-year growth rates of 88.2%, -123.3%, 254.6%, and 144.3% [3] - The target price for the stock is set at 127.93 HKD, with the current price at 96.55 HKD, indicating a potential upside [4]