Core Viewpoint - The article discusses the increasing importance of membership systems for e-commerce platforms, highlighting how companies like Taobao, JD, and Meituan are integrating various services into comprehensive membership offerings to enhance user retention and engagement [2][3][5]. Group 1: Membership System Trends - E-commerce platforms are moving towards a "super membership" model, integrating multiple services such as dining, travel, and entertainment into a single membership offering [2][3][4]. - Meituan has launched a new membership system that covers seven lifestyle scenarios, offering various benefits including hotel points and discounts [3][4]. - Taobao has upgraded its membership system to "Taobao Big Member," which does not require additional fees and is based on user activity levels [3]. Group 2: User Engagement and Spending - Data shows that JD PLUS members spend on average 8.4 times more than non-members, while Meituan's black diamond members spend 23 times more than regular users [7]. - Taobao's 88VIP membership has reached 50 million users, with annual spending 6-8 times higher than that of non-members [7][8]. Group 3: User Preferences and Feedback - Users express mixed feelings about the value of membership benefits, with some finding certain perks unnecessary or underutilized [10][12]. - The most valued benefits often include free returns and shipping, which significantly influence user decisions to maintain memberships [12][14]. - Concerns about "price discrimination" among members have emerged, with users reporting higher prices for members compared to non-members for the same products [16].

本报讯(记者梁傲男)当地时间9月15日上午11点，美团旗下国际外卖品牌Keeta正式在科威特启动运营， 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。 除了依托美团在中国外卖市场积累的领先运营经验，Keeta计划在当地持续拓展优质供给并进行产品创 新，为消费者提供便捷可靠的配送服务、丰富多元的商品选择以及经济实惠的价格，同时致力于促进商 户、骑手等合作伙伴的共同发展，推动当地餐饮行业数字化转型和生态系统的成熟。 自2024年9月份进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。基于过去一年在沙特的成功落 地和进展，Keeta进一步加快了中东市场的拓展步伐。今年8月，Keeta上线卡塔尔，时隔不到一个月， 又正式进入科威特，美团正加速构建"多国联动"的国际化发展模式。 据了解，未来，Keeta将持续深耕中东，并积极探索更多海外新市场。 ...

美团旗下国际外卖品牌Keeta在中东市场再落一子。 科威特作为海湾阿拉伯国家合作委员会（GCC）的重要成员，人均GDP稳居全球前列，在线食品配送渗透率高、消费者对优质服务的需求旺盛，是 中东海湾地区极具活力与潜力的外卖市场。 美团方面表示，此次Keeta进驻科威特，并非简单的模式复制，而是深度融入当地生态的精准发力，将延续在国内验证成熟的多方共赢生态模式：为 科威特消费者提供便捷可靠的配送服务、丰富多元的商品选择以及经济实惠的价格；为本地商户提供先进的数字运营工具，助力其突破线下客流局限，拓 展线上增长空间；为骑手伙伴提供收入保障、专业培训与招聘激励。 9月15日，美团通过官方微信公众号宣布，科威特当地时间9月15日上午11点，Keeta正式在科威特启动运营。这是Keeta于2024年9月首次进入沙特阿 拉伯市场，以及今年8月在卡塔尔首都多哈上线之后，美团在中东地区的第三个关键落点。 国际化是美团的长期发展方向之一，回溯其在中东市场的发展，2024年9月Keeta上线沙特阿拉伯以来，快速打开局面，用户数和订单量快速增长，服 务覆盖沙特20多个城市。当前，Keeta正在加快中东市场的拓展步伐，今年8月，Keet ...

Core Insights - The 2025 Black Pearl Restaurant Guide Food Pioneer Conference was held in Changzhou, focusing on the theme of "boundless" and discussing the integration and innovation in the dining industry [1][3] - The conference highlighted the importance of emotional value and the evolving consumer preferences towards personalized and quality dining experiences [3][4] Industry Trends - The dining industry in China is undergoing a significant transformation, with a stronger emphasis on cultural confidence and the unique characteristics of Chinese fine dining [3][4] - The concept of "Food+" and online integration is becoming essential for businesses, with a notable increase in demand for diverse dining experiences [4][5] Consumer Behavior - Younger generations are increasingly defining aesthetics and taste in a more globalized manner, favoring relaxed dining environments and smaller gatherings over formal business meals [3][4] - Emotional value in dining experiences is becoming more significant, with a reported 90% year-on-year growth in related metrics [5] Business Strategies - Successful restaurants are leveraging online platforms and innovative marketing strategies to attract customers, as seen with the popularity of the "9.9 yuan ticket + radish fried rice" promotion in Changzhou [7] - Brands like Bingsheng are restructuring their pricing and value propositions to resonate with consumers, moving beyond mere price competition to value alignment [7][8] Chef and Culinary Innovation - The role of chefs is increasingly prominent, with many chefs becoming key figures in the quality transformation of the dining industry [8][10] - The conference featured 22 industry guests, with a majority being chefs who understand both culinary arts and business management [8][10] Future Outlook - The Black Pearl Food Pioneer Conference aims to continue breaking boundaries and evolving into a technical exchange platform for the fine dining industry, inviting various stakeholders to share insights and experiences [13]

每经北京9月15日电（记者赵雯琪）据美团官方微信公众号消息，科威特当地时间9月15日上午11点，美 团旗下国际外卖品牌Keeta正式在科威特启动运营，这是继沙特阿拉伯、卡塔尔之后，美团在中东海湾 地区的第三个落点。美团表示，此次Keeta进驻科威特，并非简单的模式复制，而是深度融入当地生态 的精准发力。未来，美团将继续以Keeta为支点，在深耕中东市场的同时，积极探索更多海外新市场。 ...

自2024年9月进入沙特阿拉伯，Keeta用户数与订单量快速增长。基于过去一年在沙特的成功落地和进 展，Keeta进一步加快了中东市场的拓展步伐。今年8月，Keeta上线卡塔尔，时隔不到一个月，又正式 进入科威特，美团正加速构建"多国联动"的国际化发展模式。 据悉，未来，Keeta将持续深耕中东，并积极探索更多海外新市场。 （文章来源：新华财经） 新华财经上海9月15日电（记者胡洁菲）当地时间9月15日上午11点，美团旗下国际外卖品牌Keeta正式 在科威特启动运营，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。 美团相关负责人介绍说，科威特作为海湾阿拉伯国家合作委员会（GCC）的重要成员，人均GDP高、 在线食品配送渗透率高、消费者对优质外卖服务的需求旺盛，市场充满活力并且潜力巨大，这是Keeta 选择其作为拓展新节点的重要原因。 除了依托美团在中国外卖市场积累的领先运营经验，Keeta计划在当地持续拓展优质供给并进行产品创 新，为消费者提供便捷可靠的配送服务、丰富多元的商品选择以及经济实惠的价格，同时致力于促进商 户、骑手等合作伙伴的共同发展，推动当地餐饮行业数字化转型和生态系统的成熟。 ...

自2024年9月进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。今年8月，Keeta上线卡塔尔。 据美团官微，9月15日，美团旗下国际外卖品牌Keeta正式在科威特启动运营，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。 （文章来源：第一财经） ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [6][25]. Core Views - The report indicates that increased subsidies have negatively impacted operational performance, with a significant decline in adjusted profit by 89% year-on-year for Q2 2025. Revenue reached 91.84 billion yuan, up 11.7% year-on-year, but operating profit fell to 230 million yuan, down 98% [1][8]. - The core local commerce segment remains the primary source of profit, generating 65.35 billion yuan in revenue, a 7.7% increase year-on-year. However, operating profit in this segment dropped by 75.6% [2][11]. - New business losses have narrowed sequentially, with revenue of 26.49 billion yuan, up 22.8% year-on-year, and an operating loss of 1.88 billion yuan, showing improvement from previous quarters [3][12]. Summary by Sections Financial Performance - In Q2 2025, adjusted profit decreased by 89% to 1.49 billion yuan, with an adjusted net profit margin of 1.6%, down 14.9 percentage points year-on-year [1][8]. - The core local commerce segment's revenue was 65.35 billion yuan, with a significant decline in operating profit margin to 5.7%, down 19.4 percentage points year-on-year [2][11]. - New business revenue reached 26.49 billion yuan, with a narrowed operating loss of 1.88 billion yuan, improving from previous quarters [3][12]. Revenue Projections - Revenue projections for 2025-2027 are as follows: 370.34 billion yuan in 2025, 423.48 billion yuan in 2026, and 485.09 billion yuan in 2027, with respective year-on-year growth rates of 9.7%, 14.3%, and 14.5% [5][22]. - Adjusted net profit forecasts for the same period are -7.71 billion yuan in 2025, 31.76 billion yuan in 2026, and 46.57 billion yuan in 2027 [5][22]. Market Dynamics - The report highlights that the competitive landscape is intensifying, leading to increased strategic investments by the company to maintain market leadership and brand recognition [3][20]. - The company plans to focus on core areas and expand its supermarket business while exiting underperforming regions [3][12].

智通财经获悉，当地时间9月15日上午11点，美团旗下国际外卖品牌Keeta正式在科威特启动运营，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。 ▲在科威特，Keeta已支持麦当劳、必胜客、汉堡王、星巴克等多家品牌的外卖服务 自2024年9月进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。基于过去一年在沙特的成功落地和进展，Keeta进一步加快了中东市场的拓展步伐。 今年8月，Keeta上线卡塔尔，时隔不到一个月，又正式进入科威特，美团正加速构建"多国联动"的国际化发展模式。 未来，Keeta将持续深耕中东，并积极探索更多海外新市场。 科威特作为海湾阿拉伯国家合作委员会（GCC）的重要成员，人均GDP高、在线食品配送渗透率高、消费者对优质外卖服务的需求旺盛，市场充满活力并 且潜力巨大，这是Keeta选择其作为拓展新节点的重要原因。 除了依托美团在中国外卖市场积累的领先运营经验，Keeta计划在当地持续拓展优质供给并进行产品创新，为消费者提供便捷可靠的配送服务、丰富多元的 商品选择以及经济实惠的价格，同时致力于促进商户、骑手等合作伙伴的共同发展，推动当地餐饮行业数字化转型和生态系统的成熟。 ...

新浪科技讯 9月15日下午消息，当地时间9月15日上午11点，美团旗下国际外卖品牌Keeta正式在科威特 启动运营，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。 科威特作为海湾阿拉伯国家合作委员会（GCC）的重要成员，人均GDP高、在线食品配送渗透率高、 消费者对优质外卖服务的需求旺盛，市场充满活力并且潜力巨大，这是Keeta选择其作为拓展新节点的 重要原因。 除了依托美团在中国外卖市场积累的领先运营经验，Keeta计划在当地持续拓展优质供给并进行产品创 新，为消费者提供便捷可靠的配送服务、丰富多元的商品选择以及经济实惠的价格，同时致力于促进商 户、骑手等合作伙伴的共同发展，推动当地餐饮行业数字化转型和生态系统的成熟。 据了解，自2024年9月进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。基于过去一年在沙特的 成功落地和进展，Keeta进一步加快了中东市场的拓展步伐。今年8月，Keeta上线卡塔尔，时隔不到一 个月，又正式进入科威特，美团正加速构建"多国联动"的国际化发展模式。 据悉，Keeta将持续深耕中东，并积极探索更多海外新市场。（罗宁） 责任编辑：何俊熹 ...