上述三大平台在声明中称，其各自作为标准起草单位之一，深度参与了本标准的研制、起草与论证工作。在标准制定过 程中，平台积极建言献策，充分参与核心条款讨论，对标准确立的公平理性竞争、严守食品安全底线、提升服务质量、 协调各方权益等核心理念高度认同。 在此，三平台声明：将自愿执行《外卖平台服务管理基本要求》国家标准，把标准要求系统融入平台运营管理和服务流 程之中，持续优化平台规则，提高商户与配送员服务管理水平，提升消费者体验，保障配送员、消费者和商户各方权 益。将以本标准实施为契机，积极助力推动外卖行业规范管理、品质服务、理性竞争、生态共赢。与社会各界一道，维 护公平有序的市场环境，助力餐饮外卖行业高质量、可持续发展。 12月5日，淘宝闪购、美团、京东三大外卖平台相继通过官方渠道发布声明，宣布自愿执行市场监管总局近日实施的 《外卖平台服务管理基本要求》（GB/T 46862-2025）推荐性国家标准。此举呼应了监管层规范行业发展的导向，为外 卖市场划定合规底线。 对于外界颇为关注的配送员权益保障不足问题，新规要求平台应合理限定配送员接单时长，建立连续接单后的疲劳提示 与强制休息机制，强调平台不得通过算法、冲单奖励方 ...

Core Viewpoint - Meituan has announced its commitment to continuously optimize platform rules and improve service management levels for merchants and delivery personnel following the implementation of the national standard "Basic Requirements for Delivery Platform Service Management" (GB/T 46862—2025) [1] Group 1: Standard Participation - Meituan was one of the drafting units for the new national standard and actively contributed to its development, including discussions on core clauses [2] - The company highly agrees with the core principles established by the standard, which include fair and rational competition, strict adherence to food safety, enhancement of service quality, and coordination of interests among all parties [2] Group 2: Implementation Commitment - Meituan has pledged to voluntarily implement the national standard and integrate its requirements into platform operations and service processes [1] - The company aims to continuously optimize platform rules to enhance the management of merchants and delivery personnel, improve consumer experience, and safeguard the rights and interests of delivery personnel, consumers, and merchants [1]

近日，美团、京东外卖、淘宝闪购分别发布关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明： 将自愿执行《外卖平台服务管理基本要求》国家标准，把标准要求系统融入平台运营管理和服务流程之中，持 续优化平台规则，提高商户与配送员服务管理水平，提升消费者体验，保障配送员、消费者和商户各方权益。 京东外卖关于执行《外卖平台服务管理基本要求》推荐性国家标准的 声明 京东外卖 2025年12月5日 08:55 北京 《外卖平台服务管理基本要求》 (GB/T 46862—2025) 推荐性国家标准已于近日 正式发布实施。 京东外卖作为标准起草单位之一，深度参与了本标准的研制、起草与论证工作。在 标准制定过程中,京东外卖积极建言献策,充分参与核心条款讨论,对标准确立的公平 理性竞争、严守食品安全底线、提升服务质量、协调各方权益等核心理念高度认同。 在此，京东外卖郑重声明：将自愿执行《外卖平台服务管理基本要求》国家标准， 把标准要求系统融入平台运营管理和服务流程之中,持续优化平台规则,提高商户与配 送员服务管理水平，提升消费者体验，保障配送员、消费者和商户各方权益。 京东外卖将以本标准实施为契机,积极助力推动外卖行业规范管 ...

近期，市场监管总局批准发布了推荐性国家标准《外卖平台服务管理基本要求》，内容包括聚焦平台收 费与促销行为，强化竞争秩序规范，强化配送员权益保障等。12月5日，美团发布声明称，将执行《外 卖平台服务管理基本要求》国家标准。美团作为标准起草单位之一，深度参与了本标准的研制、起草与 论证工作。（第一财经记者 陆涵之） (本文来自第一财经) ...

Core Viewpoints - Q3 losses have materialized, and post-Double 11, industry subsidies have somewhat receded, indicating that the worst period for the company may have passed, although the focus on core users and high average order value (AOV) may prolong the duration of losses, necessitating ongoing attention to competitive dynamics [1] - The Q3 instant delivery business losses were largely in line with expectations, with future subsidies shifting towards higher AOV orders, potentially leading to sustained losses. The topline saw a significant increase in order volume driven by subsidies, with Q3 takeaway and flash purchase daily order volume growing by 21% year-on-year to approximately 93 million orders. However, competition negatively impacted AOV, resulting in a year-on-year decline in takeaway revenue of about 12% [1] - Q3 losses for takeaway and flash purchase combined were approximately 19 billion (with a loss of 2.5 yuan per takeaway order and 0.8 yuan per flash purchase order), compared to Alibaba's losses of approximately 360-380 billion during the same period, indicating a loss ratio of about 1:2 [1] Business Segment Performance - The in-store and travel segment's topline growth has slowed, with losses better than market pessimism. Q3 GMV for in-store travel grew by 18% and revenue by 11%, primarily affected by macroeconomic consumption weakness and the impact of the takeaway battle on advertising budgets for certain beverage categories. Operating profit margin (OPM) was approximately 28%, with operating profit down 11% year-on-year to 4.9 billion, which was better than the anticipated decline of 30%-40% [2] - For Q4, topline growth is expected to remain relatively weak, with ongoing factors from Q3 continuing to affect performance, alongside the need to dynamically monitor competition from Douyin and Alibaba. Q4 GMV is projected to grow by 14% and revenue by 11%, with OPM expected to be in the range of 25%-30% [2] New Business Developments - The new business segment saw a significant reduction in losses in Q3, performing better than expected, maintaining an annual loss forecast of 10 billion, with expectations for reduced losses in 2026. Q3 losses were 1.3 billion (compared to Bloomberg's consensus estimate of 2.3 billion), with Q4 losses expected to be 4 billion, primarily due to new openings in three Gulf countries and a pilot in Brazil [2] Earnings Forecast and Investment Recommendations - Considering short-term competitive impacts, the company has revised down its earnings per share forecasts for 2025-2027 to -3.21/-4.20/-0.11 yuan (previously -1.56/2.62/6.44 yuan). Using a segmented valuation approach, the company's reasonable valuation is calculated at 8.291 billion HKD, with a target price of 135.66 HKD, maintaining a "buy" rating [2]

Core Insights - Meituan is a leading local commerce platform in China, focusing on food delivery, flash purchase, and in-store travel services, while actively exploring new business opportunities and expanding into overseas markets [1][2] - The macroeconomic environment is a significant beta factor, with the service industry showing higher growth rates compared to retail, indicating greater growth potential and resilience for the platform [1] Financial Performance - In Q3 2025, core local commerce revenue was 67.4 billion yuan, a year-on-year decrease of 2.8%, primarily due to increased subsidies leading to a significant decline in delivery service revenue [2] - The operating loss for core local commerce in Q3 2025 was 14.1 billion yuan, with expectations of continued losses in Q4 2025, although the loss margin is anticipated to narrow sequentially [2] Competitive Landscape - Meituan's core advantage lies in its long-term business barriers rather than short-term subsidy investments, with significant operational efficiency in its food delivery business [2] - As industry competition becomes more rational, Meituan is expected to enter a profit recovery phase following a reduction in subsidies [2] International Expansion - The company is accelerating its overseas market expansion, achieving positive progress in regions like Hong Kong and Saudi Arabia, with Keeta's Hong Kong operations becoming profitable in October 2025 [2] - The international strategy, although initiated later, is expected to significantly broaden the company's Total Addressable Market (TAM) and create structural flexibility for future profit growth [2] Investment Outlook - Revenue projections for 2025-2027 are estimated at 366.2 billion, 417.4 billion, and 468.9 billion yuan, respectively, with adjusted net profits of -17.4 billion, 17.1 billion, and 40.3 billion yuan [2] - Meituan is positioned as a leading player in local commerce with solid long-term barriers, and despite short-term competitive disturbances, the long-term value remains unchanged, leading to an "overweight" rating [2]

机构：长江证券 研究员：赵刚/杨会强/曹淑蕊 FY2025Q3，公司实现营收954.9 亿元（低于彭博一致预期的974.7 亿元），同比+2%；经调整净亏损 160.1 亿元（高于彭博一致预期的139.6 亿元）。 新业务：10 月底，Keeta 正式上线巴西运营，预计12 月1 日将进入巴西最大城市圣保罗。巴西外卖市场 竞争激烈，包括iFood、滴滴等，然而参考此前公司进入巴西市场时签署10 亿美元投资协议，预计投入 整体可控，预计新业务26 年亏损将不超过25 年。巴西作为出海第三站，此前Keeta 已于中国香港及中 东取得阶段性成果（中国香港已在10 月实现盈利），有望将成熟经验进一步复制至海外。预计Keeta 远 期将为美团贡献1000 亿美元GTV，对应2024 年美团国内外卖规模约70%。 事件评论 盈利预测与投资建议：本季度美团外卖竞争压力达到峰值，后续伴随补贴收窄，对于高频刚需、长期看 复购而非拉新的外卖而言，用户粘性与品牌认知形成的复购是平台能力的核心，最终竞争走向或落地于 管理体系效率、配送服务质量等运营细节层面，长期外卖UE有望回升至1 元水平，建议关注补贴投入 的边际拐点，带来公司价值 ...

他指出，要不了多久，可能会看到阿里、腾讯、美团这些大厂抱团推出联合防御协议，一起限制AI跨 APP调用。手机厂商更不会让出桌面控制权，小米MIUI华为Harmony OS这些厂商手握系统权限，可以 随时限制豆包运行，降低调用速度，甚至推出自家助手正面抗衡。明年新手机可能直接预装厂商系助 手，把豆包挤到硬商店角落。 【#周鸿祎称豆包手机冲垮大厂护城河#，美团淘宝高管可能要连夜开会了】12月4日消息，360创始人、 董事长@红衣大叔周鸿祎 发视频谈豆包手机。视频中，周鸿祎表示，手机操作要变天了，字节不造手 机，却要抢走所有手机的灵魂。最近豆包手机助手一出来，美团淘宝的高管们可能要连夜开会了。因为 这个AI不用点他们的APP，就能帮用户完成所有操作。这款处于技术预览阶段的手机助手，核心亮点不 是手机，是这个助手。它不是单独的APP，是直接嵌入手机系统的，也就是说它能接管你的手机。 他表示，最狠的是，这会直接冲垮互联网大厂的护城河，他们原本靠用户必须打开APP才能享受服务， 建立的优势可能要重新定义了。比如淘宝、美团靠用户停留和广告赚钱，现在AI帮用户直接完成任 务，不用看广告，不用刷首页，APP核心KPI彻底作废， ...

Investment Rating - The report assigns an "Accumulate" rating for Meituan-W (03690) [2] Core Insights - Meituan is a leading local business platform in China, actively exploring new business increments while facing short-term profit pressure due to increased competition in its core local commerce segment [7][19] - The company is expanding its overseas market presence, which is expected to significantly broaden its Total Addressable Market (TAM) and create structural growth opportunities for future profitability [7][22] - Despite short-term losses, the long-term value of Meituan remains intact due to its established competitive advantages and operational efficiencies [7][30] Summary by Sections Company Overview - Meituan, founded in March 2010, has evolved into a comprehensive platform offering various local services, including food delivery, hotel bookings, and travel services [10] - The revenue structure for 2024 is projected to consist of 74% from core local commerce and 26% from new businesses [13] Q3 2025 Performance Review - In Q3 2025, Meituan reported revenue of 95.5 billion yuan, a year-on-year increase of 2%, but below market expectations [18] - The core local commerce segment generated revenue of 67.4 billion yuan, down 2.8% year-on-year, primarily due to increased subsidies impacting delivery service revenue [19] Competitive Landscape - The report highlights the competitive pressures from rivals like JD and Alibaba, which have intensified the subsidy wars in the food delivery market [24] - Meituan's operational efficiency and established market presence provide a strong defense against these competitive threats [25] International Expansion - Meituan's overseas expansion, particularly through its Keeta brand, has shown promising results in markets like Hong Kong and Saudi Arabia, with plans to further penetrate the Middle East and Latin America [22][29] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 366.2 billion, 417.4 billion, and 468.9 billion yuan, respectively, with expected adjusted net profits of -17.4 billion, 17.1 billion, and 40.3 billion yuan [30][31] - The report emphasizes that while short-term losses are anticipated, the long-term outlook remains positive due to the company's solid market position and competitive advantages [30]

Group 1 - Southbound funds net bought HKD 1.48 billion in Hong Kong stocks on December 4, with notable purchases in the Tracker Fund (HKD 2.606 billion), WuXi Biologics (HKD 315 million), Xiaomi Group (HKD 231 million), and Xpeng Motors (HKD 102 million) [1] - Significant net sales were observed in Tencent Holdings (HKD 1.346 billion) and SMIC (HKD 458 million) [1] - Southbound funds have continuously net bought Meituan for 6 days, totaling HKD 2.28896 billion, and Xiaomi for 5 days, totaling HKD 2.0526 billion [3] Group 2 - WuXi Biologics is expected to see optimistic growth in the CXO sector by 2026, with overseas biopharmaceutical investments likely to increase significantly as interest rates decline [5] - Xiaomi Group's president revealed substantial investments in AI, with progress in AI models and applications exceeding market expectations, and over 500,000 cars delivered since April 3, 2024 [5] - SMIC is projected to experience a 22.1% year-on-year revenue growth in the global foundry industry by 2025, driven by AI and electric vehicles [5] Group 3 - UBTECH announced a strategic cooperation framework with ZhiSheng Technology to focus on "industry models + embodied intelligence," aiming to deploy 10,000 robots and secure commercial orders worth billions over the next five years [6]