半年四次融资，产业资本纷纷押宝，当钱不再成为技术的制约因素，机器人企业应该把数据、算法和 场景的飞轮滚向哪里？ 9月8日，自变量机器人（以下简称"自变量"）宣布完成近10亿元的A+轮融资，并开源具身大模型 WALL-OSS。第一财经记者注意到，在这一轮参投的股东名单中，除了领投的阿里云之外，自变量 A轮股东美团也进行了跟投。 这是两家老牌互联网大厂首次在人形机器人企业的同一轮融资股东名单中出现，也是阿里云在人形机 器人领域的首次下注。 自变量的创始人兼CEO王潜告诉第一财经记者，团队的大模型迭代周期已经缩短至每2-3个月就会 更新一个新的版本。在模型高速迭代的另一面，企业仍然会面临巨量算力以及硬件落地的挑战。此次 开源WALL-OSS，或许也是自变量尝试的另一种解法。 2-3个月模型就有新版本，阿里云出手 第一财经记者注意到，本次自变量融资股东中，除了国科投资、国开金融、红杉中国等国资和美元背 景的机构参与之外，美团、阿里云、联想这类产业投资方也同时出手。 这并不是产业投资方第一次押注自变量。今年年中，自变量完成了数亿元的A轮融资。由美团战略投 资部（战投）独家领投、产业基金美团龙珠跟投。联想之星和君联资本分 ...

Group 1 - The "Deep Rooters Program" was launched on September 4, 2025, in Beijing, aiming to cultivate community charity talent and ecological construction through a collaborative model involving multiple parties [1] - Meituan Charity Foundation is one of the initial partners in the program, leveraging its strengths in local life services and community connections to actively participate in the training and practical exploration of community charity talent [1][3] - The program is a response to national policy initiatives and involves collaboration among various sectors, including academia, charity organizations, enterprises, and local governments [1][3] Group 2 - Meituan Charity Foundation has been focusing on community needs, particularly supporting families of new employment forms, and has initiated the "Kangaroo Baby Home" project to provide educational services for children of these families [3] - As of August 31, 2025, the "Kangaroo Baby Home" project has established 35 centers across 19 cities, providing educational support to a total of 222,000 individuals [3] - The participation of Meituan Charity Foundation enriches the practical dimensions of the "Deep Rooters Program" in integrating community services with corporate philanthropy [3]

回顾2020年，整个即配市场的表现差强人意，四条即配战线，有三条连年亏损，唯一盈利的战线是外卖餐 饮。当年，美团外卖营收662.7亿元，经营利润28.3亿元，断层式领先其他战线的代表性企业。外卖餐饮营收 战线盈利，主要得益于市场的高度集中。这种集中，使得美团能够在规模效应下降低成本、提高效率，从而 实现盈利。 （图片来源：摄图网） 据"互联网坊间八卦"9月7日晚消息，美团CEO王兴在中秋节前发布的内部信。信中披露过去一年，美团服务 了7.7亿用户、1450万年活跃商户，月均连接了336万骑手，即时零售日订单峰值突破了1.5亿单。2025年一季 度，美团高频骑手平均收入达到7230-10100元，相比2024年末增长了12%，同时，骑手养老保险补贴今年将 推至全国，覆盖全部类型骑手。 过去几个月的外卖大战让美团的业绩承受了巨大压力。 8月27日发布的2025年第二季度及半年业绩报告显示，美团实现营收918亿元，经调整净利润为14.9亿元，同 比下滑89%。美团将利润下滑的原因归结为"受本季度开始的非理性竞争影响"。在外卖大战的激烈竞争中， 为了提升用户黏性，美团不断调整策略，导致用户激励、推广和广告开支增加。二 ...

Group 1 - The peak daily order volume for Meituan's instant retail surpassed 150 million orders in the past year [1] - Meituan served 770 million users and had 14.5 million active merchants annually [1] - The average monthly income for high-frequency couriers reached between 7,230 to 10,100 yuan in Q1 2025, reflecting a 12% increase compared to the end of 2024 [1]

6 September 2025 | 3:37PM HKT Meituan (3690.HK): Asia Leaders Conference 2025 — Key Takeaways: Defending food delivery leadership under an enlarged Quick We hosted Meituan's Capital Markets team on Sep 5 at our GS Asia Leaders Conference in Hong Kong. Investors' key focuses centered around latest food delivery competitive landscape and Meituan's unique proposition, in-store competition & margin trajectory, Instashopping's growth & profit outlook, Keeta's expansion & investment scale, AI strategies and loss ...

6 September 2025 | 3:37PM HKT +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu +852-2978-2672 | steve.qiu@gs.com Goldman Sachs (Asia) L.L.C. Damian Xie +852-2978-1398 | damian.xie@gs.com Goldman Sachs (Asia) L.L.C. Leon Wang Meituan (3690.HK): Asia Leaders Conference 2025 — Key Takeaways: Defending food delivery leadership under an enlarged Quick We hosted Meituan's Capital Markets team on Sep 5 at our GS Asia Leaders Conference in Hong Kong. Investors' key focuses centered around ...

（文章来源：每日经济新闻） 每经AI快讯，天眼查工商信息显示，近日，北京优易达信息科技有限公司成立，法定代表人为高雨龙，注册资本1000万元人 民币，经营范围包括票务代理服务、汽车装饰用品销售、消防器材销售等。股权全景穿透图显示，该公司由深圳优易达信息 科技有限公司全资持股，后者为美团旗下XiguaLimited全资子公司。 ...

Core Insights - Meituan has launched the LongCat-Flash-Chat model, a 560 billion parameter mixture of experts (MoE) model, showcasing its aggressive stance in the AI sector [1] - The model has achieved significant performance metrics, including training on 20 trillion tokens in 30 days and a cost of only $0.7 per million tokens, making it competitive with top industry models [1][4] Group 1: Architectural Innovations - The LongCat model utilizes a "Zero-Computation Experts" mechanism to dynamically allocate computational resources, allowing for efficient processing of low-information tokens without complex calculations [2] - Despite having 560 billion parameters, the model only activates between 18.6 billion to 31.3 billion parameters per task, achieving a balance between cost and efficiency [2] - The introduction of "Shortcut-connected MoE" allows for parallel computation and communication, significantly enhancing the model's throughput during training and inference [3] Group 2: Performance Metrics - The model boasts a single-card inference speed exceeding 100 tokens per second and supports long-context text of up to 128k tokens, indicating its high performance and low operational costs [4] - LongCat's inference speed surpasses that of other mainstream models like DeepSeek, Kimi, and Qwen3, while also demonstrating advanced agent capabilities for complex tasks [4] - The model has shown to match or exceed the performance of leading models in various aspects, including its ability to generate professional code and provide technical and legal risk assessments [4]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" with a target price not specified [6][15]. Core Views - The report indicates that short-term competition is putting pressure on profits, but there is optimism for long-term profitability recovery due to efficiency advantages [5]. - Meituan's core local business revenue for Q2 2025 was 653.5 billion yuan, which was below Bloomberg consensus expectations by 3.3% [1]. - New business revenue reached 264.9 billion yuan, exceeding Bloomberg consensus expectations by 2.1% [4]. Summary by Sections Overall Performance - In Q2 2025, Meituan reported total revenue of 918.4 billion yuan, which was 2.0% lower than Bloomberg consensus expectations. EBIT was 2.3 billion yuan, falling short of expectations by 97.2%. Adjusted net profit was approximately 14.9 billion yuan, also below expectations by 84.8% [1]. Core Local Business - The core local business faced competitive pressures, resulting in lower-than-expected revenue and profit. Revenue was 653.5 billion yuan, with delivery service revenue at 236.6 billion yuan, commission revenue at 249.5 billion yuan, and online marketing revenue at 135.5 billion yuan. Operating profit was 37.2 billion yuan, which was below expectations by 69.0% [1]. Food Delivery - The company expanded its user base and improved core user engagement and transaction frequency. Collaborations with restaurant merchants led to innovations that benefited both small and chain restaurants. The Meituan Flash Purchase service saw strong growth in order volume and total transaction value [2]. In-store and Travel - Meituan is expanding into new categories and innovating supply models while penetrating lower-tier markets. The company is enhancing digital transformation and standardization for merchants, providing integrated solutions to improve operational efficiency [3]. New Business - New business revenue was 264.9 billion yuan, with an operating loss of 1.88 billion yuan, which was better than expectations. The company is optimizing its grocery retail strategy and expanding its overseas presence with Keeta [4]. Investment Recommendations - The report suggests that while short-term competition may impact profit performance, Meituan's strong merchant base and user reviews provide a solid competitive moat. Future profitability in the core local business is expected to improve, and new businesses are anticipated to continue narrowing losses. Revenue projections for 2025-2027 are 3700 billion, 4356 billion, and 4939 billion yuan respectively, with net profits of 9 billion, 216 billion, and 465 billion yuan [5].

Group 1 - The core viewpoint of the article discusses the competitive landscape of the food delivery market in 2025, focusing on the performance of four major retail e-commerce platforms: Alibaba, JD.com, Pinduoduo, and Meituan [1] Group 2 - Financial highlights and key indicators reveal that all four platforms exhibit a common trait of "increased revenue without increased profit," with significant differences in strategic direction and performance [8] - Alibaba's highlights include: - Instant retail revenue reaching 14.78 billion yuan, a 12% year-on-year increase, contributing to a 25% growth in monthly active users on the Taobao app, despite an expected loss of 22 billion yuan in instant e-commerce [8] - Cloud intelligence revenue of 33.398 billion yuan, a 26% year-on-year increase, with capital expenditure on AI rising 220% to 38 billion yuan [8] - International digital commerce group revenue of 34.741 billion yuan, a 19% year-on-year increase [8] - JD.com highlights include: - Revenue of 356.7 billion yuan, a 22% year-on-year increase [8] - Retail business revenue growth of 20.6%, achieving a new profit margin high during promotional seasons [8] - Daily order volume for food delivery surpassing 25 million, supported by 150,000 full-time delivery riders [8] - Meituan highlights include: - Revenue of 91.84 billion yuan, an 11.7% year-on-year increase [9] - Core local business revenue of 65.3 billion yuan, a 7.7% year-on-year increase, with annual user transaction frequency rising to 45 times [9] - New business revenue of 26.5 billion yuan, a 22.8% year-on-year increase [9] - Pinduoduo highlights include: - Revenue of 104 billion yuan, with growth slowing to 7% [9] - Initiatives like "2025 Duohuo Specialty Products" and "New Quality Merchant Support Plan" [9] - A model combining farmers, cooperatives, and e-commerce driving over 40% growth in agricultural product sales [9] Group 3 - The balance between short-term profits and long-term investments is crucial, with strategies including maintaining cash cow businesses, heavy investments in new growth engines, and setting loss limits for long-term innovations [10] - Corporate social responsibility and entrepreneurial spirit play a key role, as seen in JD.com's provision of social insurance for delivery workers and Pinduoduo's initiatives to support agricultural products [11] Group 4 - The industry is transitioning from a phase of "burning money for market share" to a focus on value creation, with a consensus on green consumption, smart technology, and experience upgrades by 2025 [12][13]