胡润研究院发布2月5日发布《2025胡润中国500强》，台积电价值增长3.5万亿元，以10.5万亿元再度蝉 联中国价值最高的民营企业。腾讯价值增长1.9万亿元，以5.3万亿元稳居第二。字节跳动价值增长1.8万 亿元，以3.4万亿元保持第三。小米新进前十，价值增长3570亿元，以1万亿元位列第八。美团退出前 十，位列第17位。 从价值上涨的绝对数额来看，过去一年中增长最多的是台积电，其价值增长了3.5万亿元，主要原因是 人工智能需求的强劲拉动、先进的制程技术以及稳固的市场地位。其次是腾讯，价值增长了1.9万亿 元，主要是由于其在游戏、广告、金融科技三大主业的出色表现，推动了公司整体业绩的提升。位列第 三的是字节跳动，价值增长了1.8万亿元，得益于AI业务的进展推动公司估值持续走高。 阿里巴巴价值增长1.2万亿元，主要因为阿里巴巴在人工智能和云计算领域的战略投入取得了高速增 长，以及传统电商基本盘企稳回升。 宁德时代价值增长6900亿元，主要得益于新能源汽车市场需求的持续增长。2025年5月，宁德时代在港 交所二次上市，募资超325亿元人民币，成为2025年港股最大IPO。 有着"中国的英伟达"之称的寒武纪，价值 ...

新浪科技讯 2月5日上午消息，习酒宣布与美团闪购达成深度战略合作，习酒"营销2.0"改革在渠道创新 上迈出关键一步。即日起，习酒品牌官方授权旗舰店批量入驻美团闪购，首批覆盖全国50余城，为消费 者开启"官方直供、保真保质"的购酒新体验，最快30分钟送达，实现"即买即饮"。 据习酒方面介绍，此次合作不仅是简单的门店上线，更是习酒对线上线下渠道生态的深度融合和优化。 双方将共建白酒保真体系，通过官方鉴真、源头溯源等硬核举措，彻底解决消费者对酒水真伪的后顾之 忧，让消费者获得"官方直供，保真安心"的体验。 责任编辑：杨赐 ...

Vi e w p o i n t | CITI'S TAKE We expect Meituan to report 4Q25 by end-March and believe result likely in-line with our/consensus expectation. Into 1Q26/FY2026, while Bloomberg consensus for 2026/27 estimates has been trending lower recently, total revs estimates are still 3%/5% higher than our unchanged forecasts. Consensus forecasts FY2026 net profit of Rmb5.2bn vs our net loss of Rmb13bn. Amid regulatory scrutiny and seasonally slower quarter (CNY), subsidy turns more subtle though not completely scaled ...

2025已是过去，回顾这一年来也确实发生了不少事情，特别是几个大厂之间的明争暗斗，更是让人猝不及防,像这一年里最知名的京东淘宝外卖大战，惹得 不少消费者直呼喝不下了，现在就让小陆带着大家来回顾一下这一年各大厂的历程。 2025年的互联网大厂，用一个词形容便是炮火连天。行业投入规模远超8亿元，烧钱速度堪称惊人，这份狂热甚至登上过《第一财经》专题报道，称其为"互 联网行业近五年最激烈的资本厮杀"。 京东主动出击，美团被动防御，两家企业各自投入至少500亿元；就连一向低调的腾讯，单季度也砸下400亿元采购算力，这份投入力度，相当于同期3家中 小互联网公司的总市值。 外卖小哥奔波不停，有媒体街头采访显示，北京某外卖站点骑手日均配送量较2024年增加40%；奶茶店订单量暴增，蜜雪冰城、喜茶等品牌门店日均订单破 千，不少门店紧急扩招店员。 数千亿元资金投入后，效果立竿见影。多家大厂利润大幅亏损，美团三季度核心业务亏损超140亿元，京东外卖补贴也耗损数十亿，这些数据均来自各家企 业公开财报。 排在第三位的是拼多多，市值约1.1万亿元人民币，作为万亿级阵营的重要一员，拼多多凭借稳健的核心业务，撑起了互联网行业的重要版图。 A ...

长沙晚报全媒体记者 吴鑫矾 通讯员 隽蒙 "年货礼盒收到了，手机短信提醒新年第一笔社保补贴407.2元也到账了！"2月3日，长沙市雨花区美团 骑手之家，骑手齐宏兴奋地晒出手机页面，难掩喜悦。当天，美团骑手新春联欢慰问活动在此举行，现 场百名骑手齐聚一堂，提前感受年味。 春节期间开放骑手之家提供保障 此次活动在湖南省委社会工作部、湖南省市场监督管理局及长沙市委社会工作部、长沙市市场监督管理 局的支持下开展。现场，美团为骑手们送上米面粮油、水果、挡风被、暖宝宝等年货和保暖物资，骑手 们一起做游戏领奖品、品尝本地特色茶饮美食，一起制作灯笼、春节吉祥物，并享受免费理发、免费肩 颈按摩等服务，氛围火热。 据悉，春节前，美团在全国各站点、骑手之家举办新春联欢，近10万名骑手参与联欢表彰活动，美团现 场向骑手发放年货特产及骑手专属文创礼包等慰问物资。 美团骑手保障负责人介绍，2026年春节期间，美团骑手之家将每日开放并向周边骑手提供服务保障，骑 手可在"家"中吃年夜饭，领取保暖应急物资，休闲娱乐。 2025年10月27日，美团宣布骑手养老保险补贴正式覆盖全国，不管是直营城市还是县城、乡镇的代理区 域都全部覆盖，成为行业首个 ...

Investment Rating - The investment rating for the company is "Buy" with a current price of 92.15 HKD and a target value of 133.47 HKD [3]. Core Insights - The report anticipates that the company's revenue for 2025 will reach 365.3 billion RMB, with an adjusted net profit loss of 22.5 billion RMB. The company is expected to maintain a strong operational barrier in the takeaway business, despite short-term profit pressures due to competition [6][13]. - The report highlights that the competition in the instant retail business is easing, with a projected order volume growth of 30% for flash purchases in Q4 2025. However, the takeaway business is expected to face continued competition, particularly in high-value orders [6][7][8]. Financial Forecast - Revenue projections for the company are as follows: - 2023: 276.74 billion RMB - 2024: 337.59 billion RMB (growth rate: 25.82%) - 2025: 365.32 billion RMB (growth rate: 8.21%) - 2026: 414.90 billion RMB (growth rate: 13.57%) - 2027: 467.34 billion RMB (growth rate: 12.64%) [6]. - The adjusted net profit forecast indicates losses for 2025 and 2026, with expected losses of 22.5 billion RMB and 7.2 billion RMB, respectively [6][13]. Business Segment Performance - Core local business revenue is projected to be 643.92 billion RMB in Q4 2025, with a year-over-year decline of 1.79% and an operational loss of 111.16 billion RMB [7][9]. - New business revenue is expected to reach 270.46 billion RMB in Q4 2025, reflecting an 18% year-over-year growth, although operational losses are projected at 42.78 billion RMB [8][9]. Valuation Methodology - The report employs a sum-of-the-parts (SOTP) valuation method, estimating the company's fair value at 133.47 HKD per share, based on contributions from various business segments including takeaway, in-store travel, flash purchases, and new businesses [13][14].

Core Insights - The "Meituan Black Diamond Member Experience Officer" program has successfully launched in Chongqing, highlighting the city's appeal as a travel destination during the Spring Festival [2][3] - Chongqing's tourism bookings have seen significant growth, with a 32% year-on-year increase in Spring Festival cultural and tourism reservations, and a 73% increase in hotel bookings [2] - The program aims to enhance the hotel experience by integrating various cultural activities and local experiences, expanding the concept of "accommodation+" [6] Group 1: Tourism Growth - Chongqing's hotel bookings for the Spring Festival have surged, with high-end hotel night rates exceeding 800 yuan and a staggering 542% increase in bookings from "out-of-town tourists" [2] - The top ten sources of out-of-town visitors to Chongqing include major cities such as Beijing, Shanghai, and Guangzhou [2] - The demand for hotel bookings has increased significantly, with a 157% rise in early reservations for Marriott hotels in Chongqing [5] Group 2: Experience Integration - The "accommodation+" concept is being promoted, allowing guests to engage in various activities such as cocktail parties, opera performances, and local culinary experiences [3][6] - The program includes unique offerings like the "one meal seals the gods" dinner and packages that combine hotel stays with local cultural experiences [5] - The integration of local attractions, such as the drone light shows and scenic views from high-altitude hotels, enhances the overall visitor experience [5][6] Group 3: Demographic Trends - There is a notable increase in hotel bookings among younger travelers, with a 55% growth in reservations from the post-2000 generation [5] - The senior demographic (60 years and older) has also shown a significant increase in bookings, with a 79% rise in hotel reservations [5] - The trend indicates a shift towards more diverse travel experiences among different age groups, with a growing interest in cultural and local activities [6]

2月3日下午，"福满京城 艺润万家"北京市文联新春送福文化惠民活动走进美团总部，为平日奔波忙碌 的美团骑手们带来了一场充满年味与暖意的文化盛宴。 本次活动由北京市文联与朝阳区委宣传部联合主办，通过文艺表演、书画笔会和非遗互动等形式，向新 时代一线劳动者传递新春祝福。 演出结束后，书画笔会与非遗体验活动同步展开。北京书协副主席方放、刘楣洪、李炯峰，朝阳区书协 副主席王军领、梅跃辉，朝阳区书协秘书长李景源等十余位首都书画名家现场挥毫，为骑手和员工们书 写春联、福字，送上墨香四溢的新春祝福。朝阳区民协副主席、剪纸艺术家刘立宏、北京扎燕风筝非遗 传承人孙贺也在现场展示精湛技艺，与大家互动交流，让参与者近距离感受中华优秀传统文化的独特魅 力。 本次活动是北京市文联"福满京城 艺润万家"新春送福文化惠民系列活动之一，也是文艺轻骑兵走进新 就业群体，为快递小哥等城市一线劳动者送去新春祝福和亲切慰问的生动实践。下一步，北京市文联还 将持续擦亮"福满京城 艺润万家"文化活动品牌，聚焦中心工作、重点行业、一线岗位，深入乡村、社 区等百姓居住地，博物馆、公园等公共场所，不断拓展文艺志愿服务覆盖面，聚焦各类基层群体需求， 开展更多形 ...

【外卖大战留"后遗症"，上海市人大代表、美团副总裁毛方呼吁：告别补贴内卷，把钱投在AI与数字 化】#聚焦2026上海两会#上海市人大代表毛方在上海市十六届人大四次会议杨浦代表团审议现场直言， 去年互联网平台遭遇了史无前例的商战，外卖平台陷入被动开展大额补贴的局面。她呼吁政府应出台针 对性举措，叫停这类对行业发展无实质助益的内卷式大额补贴，推动平台把更多资金投入到AI技术研 发与商户数字化改造中，以产业升级赋能外卖行业高质量发展。（东方网 熊芳雨 汪伟秋） 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 【外卖大战留"后遗症"，上海市人大代表、美团副总裁毛方呼吁：告别补贴内卷，把钱投在AI与数字 化】#聚焦2026上海两会#上海市人大代表毛方在上海市十六届人大四次会议杨浦代表团审议现场直言， 去年互联网平台遭遇了史无前例的商战，外卖平台陷入被动开展大额补贴的局面。 ...

科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 华虹米音体 | 106.300 | -1.400 | -1.30% | | 比亚迪股份 | 88.900 | -1.100 | -1.22% | | 哔哩哔哩-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴巴-W | 159.400 | -1.600 | -0.99% | | ...