12月5日，美团、京东外卖分别发布关于执行《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。 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。 美团关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明 美团Meituan 美团Meituan 2025年12月5日 08:50 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。 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。在标准制定过程 中，美团积极建言献策，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,美团郑重声明:将自愿执行《外卖平台服务管理基本要求》国家标准,把 ...

Core Viewpoint - The release and implementation of the national standard "Basic Requirements for Service Management of Takeaway Platforms" (GB/T46862—2025) marks a significant milestone in the standardization process of the takeaway industry, with major platforms like Meituan and JD Takeaway committing to comply with the new regulations [1] Group 1: Industry Response - Major platforms Meituan and JD Takeaway have publicly announced their commitment to implement the new national standard, confirming their deep involvement in its formulation and discussion [1] - Both platforms expressed agreement with the principles established in the standard, which emphasize fair competition and strict adherence to food safety [1] Group 2: Implementation and Future Outlook - Meituan and JD Takeaway plan to integrate the standard's requirements into their existing operational management and service processes, aiming to enhance the management of merchants and delivery personnel [1] - The commitment from these platforms indicates a shift towards a more regulated and rational competitive environment in the takeaway industry, promoting high-quality and sustainable development while ensuring a fair market [1]

Core Viewpoint - The newly implemented national standard "Basic Requirements for Delivery Platform Services" aims to enhance service quality, ensure fair competition, and protect the rights of consumers, delivery personnel, and merchants in the food delivery industry [1][3][5]. Group 1: Implementation of National Standard - Major players in the food delivery sector, including Meituan, JD Delivery, and Taobao Flash Purchase, have announced their voluntary commitment to implement the national standard [1][3][5]. - The standard (GB/T 46862—2025) was developed with significant input from JD Delivery and Taobao Flash Purchase, who participated in its drafting and discussion [3][5]. Group 2: Objectives of the Standard - The standard emphasizes fair and rational competition, strict adherence to food safety, improvement of service quality, and coordination of interests among all parties involved [3][5]. - The implementation of this standard is seen as a catalyst for promoting regulated management, quality service, rational competition, and ecological win-win scenarios within the food delivery industry [3][5].

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]

Core Viewpoint - Major food delivery platforms, including Meituan, JD.com, and Taobao, have announced their voluntary commitment to implement the newly released national standard for food delivery platform service management, aiming to enhance service quality and protect the rights of consumers, merchants, and delivery personnel [1][4]. Group 1: Implementation of National Standards - JD.com, as one of the drafters of the national standard GB/T 46862—2025, has actively participated in its development and supports its core principles, which include fair competition, food safety, service quality improvement, and coordination of stakeholder rights [4]. - The company will integrate the standard requirements into its operational management and service processes, continuously optimizing platform rules to enhance the management of merchants and delivery personnel [4]. Group 2: Industry Impact - The implementation of this standard is seen as a catalyst for promoting regulatory management, quality service, rational competition, and ecological win-win scenarios within the food delivery industry [4]. - The commitment from these platforms is expected to contribute to a fair and orderly market environment, supporting the high-quality and sustainable development of the food delivery sector [4].

Core Viewpoint - The market regulatory authority has approved the release of a recommended national standard for food delivery platform service management, focusing on platform fees, promotional activities, competition order regulation, and delivery personnel rights protection [1] Group 1 - The new national standard titled "Basic Requirements for Food Delivery Platform Service Management" has been officially approved [1] - The standard emphasizes the regulation of platform fees and promotional behaviors to enhance competition order [1] - The standard also aims to strengthen the protection of delivery personnel's rights [1] Group 2 - Meituan, as one of the drafting units, has announced its commitment to implement the national standard [1] - Meituan has been deeply involved in the research, drafting, and validation of this standard [1]

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]

Overall Performance - In FY2025 Q3, the company reported revenue of 95.49 billion yuan, which was below Bloomberg's consensus estimate of 97.47 billion yuan, representing a year-on-year increase of 2% [1] - The adjusted net loss was 16.01 billion yuan, exceeding Bloomberg's consensus estimate of 13.96 billion yuan [1] Core Local Business - Core local business revenue was 67.4 billion yuan, compared to the consensus estimate of 69.2 billion yuan, with an operating loss of 14.1 billion yuan, worse than the expected loss of 12.6 billion yuan, resulting in an operating margin of -20.9% [1] - New business revenue was 28 billion yuan, slightly below the consensus estimate of 28.6 billion yuan, with a year-on-year operating loss increase of 24.5% to 1.3 billion yuan, better than the expected loss of 2.3 billion yuan [1] Food Delivery and Flash Purchase - Within the core local business, the in-store travel and dining segment contributed approximately 5.1 billion yuan in operating profit, while the food delivery and flash purchase segments incurred an operating loss of about 19.1 billion yuan [2] - The average order value (AOV) for high-priced orders (above 15 yuan) accounted for two-thirds of the gross transaction value (GTV), with orders above 30 yuan making up 70% [2] - The company anticipates that competition will focus on operational efficiency and service quality, with a potential improvement in food delivery unit economics as subsidy investments are expected to narrow [2] In-store Travel and Dining - The in-store travel and dining segment is expected to see revenue growth slowdown due to overall market deceleration and competitive pressures, with Q3 revenue contribution estimated at 18 billion yuan, a year-on-year increase of 12% [2] - Operating profit for this segment was 5.1 billion yuan, with an operating margin of 28%, showing a decline both year-on-year and quarter-on-quarter [2] New Business Developments - The company launched Keeta in Brazil at the end of October, with plans to enter São Paulo by December 1 [3] - The Brazilian food delivery market is competitive, but the company expects manageable investment levels, projecting that losses for the new business in 2026 will not exceed those in 2025 [3] - Keeta aims to replicate its success from Hong Kong and the Middle East, potentially contributing 100 billion USD in GTV, which would represent about 70% of the company's domestic food delivery scale in 2024 [3] Profit Forecast and Investment Recommendations - The company faces peak competitive pressure in food delivery this quarter, but with a narrowing of subsidies, there is potential for improvement in user engagement and brand loyalty [3] - Revenue projections for 2025-2027 are 364.067 billion yuan, 408.478 billion yuan, and 455.156 billion yuan, with adjusted net profits of -11.525 billion yuan, 21.534 billion yuan, and 44.567 billion yuan respectively, maintaining a "buy" rating [3]