股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 美团 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03690 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 83690 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 9,264,431,217 | USD | | 0.00001 | USD | | 92,644.31 | | 增加 / 減少 (-) | | | | | | | | USD | | | | 本月底結存 | | ...

Investment Rating - The report maintains a "Buy" rating for Meituan [9] Core Insights - In Q3 FY2025, Meituan's revenue reached 954.9 billion CNY, which was below Bloomberg's consensus estimate of 974.7 billion CNY, reflecting a year-on-year growth of 2%. The adjusted net loss was 160.1 billion CNY, exceeding the expected loss of 139.6 billion CNY [6][10] - The report highlights that the competitive pressure in the food delivery sector has peaked, and as subsidies narrow, the focus will shift towards user retention and brand recognition, which are crucial for long-term repurchase rather than new customer acquisition [2][10] - The report projects Meituan's overall revenue for 2025-2027 to be 3,640.67 billion CNY, 4,084.78 billion CNY, and 4,551.56 billion CNY, with adjusted net profits of -115.25 billion CNY, 215.34 billion CNY, and 445.67 billion CNY respectively [2][10] Summary by Sections Overall Performance - Core local business revenue was 674 billion CNY, below the consensus estimate of 692 billion CNY, with an operating loss of 141 billion CNY compared to the expected loss of 126 billion CNY. The operating profit margin was -20.9% [10] - New business revenue was 280 billion CNY, slightly below the expected 286 billion CNY, with a year-on-year operating loss increase of 24.5% to 13 billion CNY [10] Food Delivery and Flash Purchase - The core local business saw a significant operating loss of approximately 191 billion CNY in Q3, with the average order value (AOV) for high-priced orders (above 15 CNY) accounting for two-thirds of the gross transaction value (GTV) [10] - The report emphasizes that user stickiness and brand recognition are essential for the platform's capabilities, and future competition will likely focus on operational efficiency and service quality [10] In-store Dining and Travel - The in-store dining and travel segment contributed approximately 180 billion CNY in revenue, with a year-on-year growth of 12%. The operating profit was 51 billion CNY, with a profit margin of 28% [10] New Business Initiatives - Meituan's new business, Keeta, officially launched operations in Brazil, with expectations of manageable investment levels. The report anticipates that Keeta could contribute significantly to Meituan's GTV in the long term [10]

Core Viewpoint - The Beijing Consumer Association has signed the first national "Commitment to Promote the Standardized Application of AI Technology" with eight e-commerce platforms, establishing self-regulatory norms to protect consumer rights and delineate compliance boundaries for AI technology applications [1][9]. Group 1: Legal Compliance and Consumer Protection - E-commerce platforms and merchants must adhere to laws such as the Consumer Rights Protection Law and the E-commerce Law, ensuring consumer rights are prioritized when using AI-generated content [3][11]. - The commitment includes six specific measures to create a compliance framework for AI technology applications [1][9]. Group 2: Transparency and Disclosure - Merchants and content creators are required to clearly label AI-generated content, such as digital avatars and virtual scenes, with terms like "AI-generated" or "simulated scene" [4][13]. - Platforms are encouraged to provide unified AI content labeling features to promote transparency [4][13]. Group 3: Monitoring and Enforcement - Content monitoring and manual review will be implemented to prevent the dissemination of unmarked AI-generated content, with measures to add prominent labels to non-compliant content [4][14]. - Platforms will take further actions, such as blocking links, against confirmed violations [4][14]. Group 4: Support and Training - E-commerce platforms will provide tools and clear guidelines to help merchants and content creators comply with AI labeling requirements [5][15]. - Training programs will be established to enhance compliance awareness among merchants and content creators [8][17]. Group 5: Integrity of AI Standards - Strict measures will be enforced against the malicious deletion, alteration, or concealment of AI content labels, ensuring the integrity of the AI regulatory framework [6][16]. - Violating accounts and content will be dealt with according to legal regulations to maintain the seriousness of AI standards [6][16]. Group 6: Consumer Education and Engagement - The Beijing Consumer Association will continue to monitor AI technology applications and engage in consumer education to enhance awareness of AI technology and its implications [8][17]. - Multi-channel educational activities will be conducted to improve consumers' ability to identify false content and enhance their protective awareness [8][17].

Core Viewpoint - The Beijing Consumer Association has signed the first national commitment letter to promote the standardized application of AI technology with eight e-commerce platforms, aiming to establish self-regulatory norms and protect consumer rights in the context of rapidly evolving AI applications in e-commerce [1][2][3] Group 1: Issues Identified - Insufficient protection of consumer rights regarding information transparency, with nearly 90% of surveyed consumers calling for significant labeling of AI-generated content [1] - The misuse of synthetic technology has led to increased consumer risks, particularly concerning "false marketing" practices observed in AI-driven live streaming [2] - Shortcomings in platform review mechanisms have been identified, indicating a need for improved risk prevention capabilities and management rules for AI content [2] Group 2: Measures Proposed - The commitment letter outlines six specific measures centered on transparency, strict review, and traceable responsibility to delineate compliance boundaries for AI technology in e-commerce [3] - The Beijing Consumer Association plans to continue monitoring AI technology applications and will engage volunteers to provide feedback on live shopping experiences [3] - Consumer education initiatives will be launched to enhance awareness and ability to discern false content, contributing to a safer online shopping environment [3]

Core Viewpoint - The Hong Kong technology stocks experienced a strong upward trend before noon, with notable gains from several companies in the sector [1] Group 1: Company Performance - Trip.com Group saw an increase of over 3% in its stock price [1] - Meituan also reported a rise of more than 3% [1] - Bilibili and Xiaomi Group both experienced gains exceeding 2% [1]

Group 1 - UBS maintains a positive long-term outlook on Meituan due to its strong competitive moat, solid consumer mindshare, and differentiated supply-side innovations such as "Raccoon Kitchen" and "Flash Purchase" [1] - The overseas business initiative KeeTa is seen as a potential upward factor that has not yet been reflected in the stock price [1] - Morgan Stanley has increased its stake in Meituan by 9.0614 million shares, indicating confidence in the company's future performance [1] Group 2 - Meituan's Q3 2025 commentary highlights that subsidies have entered a deep-water phase, with high-priced orders becoming the focal point of competition [1] - UBS has assigned a "Buy" rating to Meituan with a target price of HKD 128 [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 135.66 HKD, based on a reasonable valuation of 829.1 billion HKD [3][12]. Core Insights - The company is experiencing significant competition, leading to a focus on high-value orders and a prolonged period of losses. The report suggests that the worst phase of losses may have passed, but the ongoing competition will likely extend the duration of losses [9][12]. - The company's Q3 performance showed a substantial increase in order volume driven by subsidies, but this has negatively impacted average order value (AOV), resulting in a revenue decline of approximately 12% year-on-year [9]. - The report highlights that the company's market share in high-value orders (AOV above 15 HKD) is over two-thirds, indicating a strategic focus on maintaining this segment despite competitive pressures [9]. Financial Forecasts - Revenue projections for the company are as follows: - 2023: 276,745 million HKD - 2024: 337,592 million HKD - 2025: 366,600 million HKD - 2026: 406,302 million HKD - 2027: 462,787 million HKD - The year-on-year growth rates are expected to decline significantly, with 2025 showing only an 8.59% increase [4][16]. - The company is projected to incur losses in the coming years, with net profit estimates for 2025 at -19,633 million HKD and -25,640 million HKD for 2026 [4][16]. Segment Valuation - The report employs a segmented valuation approach, estimating the following for 2026: - Delivery and Flash Purchase: 2,097 billion CNY in revenue, valued at 4,516 billion HKD - In-store and Hotel Travel: 170 billion CNY in after-tax operating profit, valued at 2,437 billion HKD - New Business: 1,216 billion CNY in revenue, valued at 1,338 billion HKD - The total estimated market value for the company is 8,291 billion HKD [11][12].

在中国股权投资大会上，美团龙珠合伙人王新宇表示，今年是很漫长的一年，应该是美团龙珠成立约8 年来投资数量最多、最活跃的一年，整个资本市场可以说介于"万物复苏"和"百花齐放"之间。他表示， 2023年美团龙珠投资Kimi的时候，市场上对于中美AI差距多大还有很多疑问，但今年基本没怎么听到 这种声音了，质疑少了很多。真格基金合伙人尹乐则表示，目前中美AI SOTA（机器学习任务中最优性 能模型）之间的差距已缩小至半年。 （文章来源：第一财经） ...

Core Viewpoint - Meituan has launched a "free return shipping" service for apparel and footwear, enhancing the shopping experience for consumers by allowing quick returns within 30 minutes, thus addressing common size-related return issues [1][3][4] Group 1: Service Overview - The new service allows Meituan's black gold and black diamond members to return items without shipping costs, with a maximum return time of 30 minutes [3][4] - Over 50 brands and more than 20,000 stores have adopted this service, including major brands like Nike, Adidas, and Anta [3][4] - This initiative marks the first free return shipping service for apparel and footwear in the instant retail sector [4] Group 2: Consumer Insights - Research indicates that functional apparel, particularly sportswear, is popular among consumers for various activities, and they prefer a "buy now, wear now" experience [4][5] - The return rate for these items is generally low, primarily due to size issues, and consumers desire a quick return process to maintain their immediate usage [4][5] Group 3: Business Impact - The service is fully funded by Meituan, alleviating the financial burden on brands while enhancing customer satisfaction and potentially increasing repurchase rates [4][5] - Brands participating in the service have reported improved sales and customer feedback, indicating a positive impact on their business [5][6] - During the recent Double 11 shopping festival, Meituan's sales for over 800 brands doubled, with sportswear becoming a significant growth area [6]

日前，航班管家、高铁管家母公司活力集团向港交所更新了招股书，招商证券国际与民银资本为联席保荐人。公司拟通 过上市募资，用于继续增强研发能力、拓展先进技术于各业务运营及领域的应用、国际扩张、丰富及提升产品等方面。 招股书显示，2024年，活力集团售出机票3390万张、火车票9450万张，截至今年上半年末，活力集团收入同比增加 24.8%至3.51亿元，录得净利润同比增长48.6%至0.47亿元。 创办人是连咖啡创始人，还曾投资美团、UC 招股书援引第三方统计称，2024年，中国综合互联网出行服务市场总GMV达到人民币29542亿元，就整体市场份额而 言，活力集团排名第八位，约占整体市场的1.4%。按2024年的GMV计，集团旗下的航班管家是中国在线机票预订的第 五大第三方平台，占整体市场份额约1.9%。集团旗下的高铁管家是中国在线火车票预订的第三大第三方平台，占整体 市场份额约2.4%。 总部位于深圳的活力集团成立于2009年，同年推出航班管家，2012年推出高铁管家，经营主体为活力天汇。工商资料显 示，活力集团（活力天汇）先后获得至少五轮融资，投资方包括红杉资本中国、经纬投资、东方富海、上海创稷、民航 股权投 ...