来源：上海证券报·中国证券网 上证报中国证券网讯（记者 杨翔菲）3月26日，在美团财报电话会上，美团CEO王兴表示，在AI革命 中，唯一合理的策略是进攻，而不是防守。但美团不会盲目追求成为"词元工厂"，而是将AI视为战略机 遇，用于改进、加强甚至彻底变革本地服务这一核心业务。 王兴透露，自2023年初以来，美团在资本支出和AI人才上进行了大规模投入。"除了有云计算业务的企 业外，美团在AI上的投入规模，大概率是国内企业里领先的，且已经坚持布局三年多了。"王兴说，美 团正继续投入自研基座大模型LongCat，也在和当前行业顶尖的第三方大模型合作，致力于最精准地理 解真实物理世界。 王兴认为，所谓AI"超级入口"，关键在于精准理解用户需求，并且高效执行任务，其复杂程度远超"聊 天机器人"。尤其是本地生活领域，消费场景复杂多样、海量商家信息分散，数据和信息未被有效线上 化。同时，本地生活平台还需要对履约交付做深入的管理，这是通用AI所欠缺的能力。 王兴举例说："我在望京办公，我的朋友在中关村，我们计划一起吃午饭，但只有2个小时的时间，需要 找到一家位于中间地段、味道不错、还要方便停车的川菜馆。"要满足这个常见需求， ...

Market Overview - The US stock market opened lower with the Nasdaq down 1.08%, the Dow Jones down 0.18%, and the S&P 500 down 0.55% [1] - As of the latest update, the Dow Jones has turned positive with a gain of 0.11%, while the Nasdaq and S&P 500 are down 0.56% and 0.32% respectively [1] - A total of 3,002 stocks rose while 2,089 stocks fell [1] Semiconductor Sector - The semiconductor storage sector experienced a broad decline, with SanDisk down 6.6%, Western Digital, Micron Technology, and Seagate Technology all falling over 4% [1][2] Notable Stock Movements - Marathon Digital Holdings saw a significant increase of over 11% after announcing a $1 billion buyback of convertible senior notes and the sale of 15,133 bitcoins [2] - Major tech stocks showed mixed results, with Meta Platforms down 3.97%, Intel down 3.08%, and Nvidia down 1.93%, while Apple rose by 1.39% [4][5] Chinese Stocks - Most Chinese concept stocks declined, with Xiaoma Zhixing down over 15%, XPeng Motors down 5.41%, and Baidu down 2.79% [7][8] Precious Metals - Both gold and silver prices fell, with gold dropping over 1.23% to $4,449 per ounce and silver decreasing by nearly 3% to $69 per ounce [12][13] Oil Prices - International oil prices continued to rise, with WTI crude oil increasing by 3.96% and Brent crude oil rising over 4%, surpassing $100 per barrel [15][16]

面对前所未有的激烈竞争，美团(03690)在稳住核心商业底盘的同时， 正明确拒绝行业"内卷化"，并将 未来的想象空间全面押注于物理世界的AI重构与Keeta的全球化提速。 在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场 交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以 及出海业务上的最新动向。 财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的 现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为 648亿元;而由Keeta和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长 18.9%。 面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。 直面竞争与监管："我们坚决反对内卷化" 针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指 出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是"非常典型的非理 性竞争 ...

"Keeta在沙特有望在26年底前实现单月的UE转正。"3月26日晚，在美团2025年第四季度及全年业绩电 话会上，CEO王兴谈及美团国际化进展。王兴表示，长期来看，美团会坚定投入国际化，但投入方向将 更加聚焦在能发挥出核心优势的即时零售赛道。除中国香港地区外，美团Keeta已完成了中东海湾地区 主要国家的覆盖，并且在巴西展业。 ...

Core Insights - The CEO of Meituan, Wang Xing, emphasized that the only reasonable strategy in the AI revolution is to be offensive rather than defensive, viewing AI as a strategic opportunity to improve and transform its core local services business [1][3] - Meituan has made significant investments in capital expenditure and AI talent since the beginning of 2023, claiming to have one of the largest AI investment scales among domestic companies, having maintained this focus for over three years [3] - The company is developing its own foundational model, LongCat, while also collaborating with leading third-party models to accurately understand the real physical world [3] AI Strategy and Implementation - Wang highlighted that the key to AI as a "super entrance" lies in accurately understanding user needs and efficiently executing tasks, which is more complex than just a "chatbot" [3] - The local lifestyle sector presents unique challenges due to its diverse consumption scenarios and the vast amount of dispersed merchant information, which has not been effectively digitized [3] - Meituan has launched an AI assistant named "Xiao Tuan" within its app, which covers all categories of local services, allowing users to input service needs and quickly match with quality merchants and products [3][5] Future Developments - The company aims to continuously optimize the model's capabilities and deepen the integration of "Xiao Tuan" within the Meituan app [5] - The goal is to make the Meituan app the preferred platform for users to address their local lifestyle needs, enhancing AI search and execution capabilities to upgrade Meituan into a leading AI-driven application [5]

Core Insights - The CEO of Meituan, Wang Xing, emphasized that the only reasonable strategy in the AI revolution is to be offensive rather than defensive, viewing AI as a strategic opportunity to improve and transform local services [1] - Meituan has made significant investments in capital expenditure and AI talent since the beginning of 2023, likely making it one of the largest investors in AI among domestic companies, with over three years of continuous investment [1] - The company is developing its own foundational model, LongCat, while also collaborating with leading third-party models to accurately understand the real physical world [1] Investment in AI - Meituan has invested heavily in AI, with a focus on enhancing its core local services business rather than becoming a "token factory" [1] - The company has accumulated extensive information about the physical world and has the most comprehensive user reviews online, which it leverages for its AI initiatives [1] AI Assistant "XiaoTuan" - Meituan has launched an AI assistant named "XiaoTuan" embedded in its app, which covers all categories of local life services, allowing users to quickly match with quality merchants and products based on their service needs [1] - The AI assistant can extract valuable information from vast online reviews and infer personalized answers to user needs, demonstrating the complexity of local consumption scenarios [2] Future Developments - The model's capabilities will continue to be optimized, and Meituan aims to deepen the integration of "XiaoTuan" within its app [2] - The goal is to make the Meituan app the preferred platform for addressing local life needs, enhancing AI search and execution capabilities to establish it as a leading AI-driven application [2]

面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，正明确拒绝行业"内卷化"，并将未来的想 象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。 在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市 场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以 及出海业务上的最新动向。 财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有 的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入 为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比 增长18.9%。 "我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而 不仅仅是防守。但这并不意味着我们要急于成为'token工厂'之一，完全不是。" 王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI"只 是一个聪明的聊天机器人"。目前，美团已将内嵌的AI助手"小管"推送给所有用 ...

Core Viewpoint - Meituan reported a significant net loss of 23.4 billion yuan for the year 2025, contrasting sharply with a profit of over 10 billion yuan in 2024, raising concerns about the company's financial health [1] Financial Performance - The primary reason for the 23.4 billion yuan loss is attributed to intense competition in the instant retail sector, particularly due to aggressive subsidy wars with Douyin and JD.com, leading to a substantial increase in marketing expenses [3] - The core local business segment experienced an unusual loss of 6.9 billion yuan, with the most severe impact occurring in the fourth quarter, where the core business alone lost 10 billion yuan [3] Strategic Investments - Despite the losses, there are notable investments in technology, with 26 billion yuan allocated to R&D in 2025, marking a 23% year-on-year increase. This investment includes advancements in drones, autonomous vehicles, and the development of the LongCat AI model, which served over 100 million users during the Spring Festival [4] - Meituan's international expansion is also noteworthy, with its Keeta platform becoming the leading food delivery service in Hong Kong and expanding into markets such as Saudi Arabia, Qatar, the UAE, and Brazil, indicating a strategic shift towards global opportunities [4] Strategic Perspective - The 23.4 billion yuan loss is viewed as a "strategic blood transfusion," where the company is prioritizing market share retention and long-term growth over immediate profitability. This includes maintaining over 60% of Gross Transaction Value (GTV) in the domestic market while investing in AI and international markets [4] - The company's leadership emphasizes a shift away from domestic price wars towards international market expansion and technological investment, suggesting a long-term vision for sustainable growth [4] Investment Outlook - For short-term investors, the financial report may be disappointing; however, for medium to long-term investors, the willingness to invest in technology and international markets during a highly competitive environment could indicate a focus on future growth rather than immediate returns [5]

Core Insights - Meituan reported a total revenue of 364.9 billion RMB for the fiscal year ending December 31, 2025, representing an 8% year-on-year growth [1][2] - The company experienced a net loss of 23.4 billion RMB for the year, shifting from profit to loss due to intense competition in the instant retail sector [1][2] - CEO Wang Xing emphasized the company's commitment to countering "involution" in the industry and focusing on technological innovation and ecosystem development to better serve users and merchants [2] Financial Performance - The core local commerce segment generated revenue of 260.8 billion RMB, with an operating loss of 6.9 billion RMB [3][4] - In Q4 2025, the core local commerce revenue was 64.8 billion RMB, with a significant reduction in operating loss to 10 billion RMB compared to the previous quarter [3] - Adjusted EBITDA for the year was a loss of 13.8 billion RMB, reflecting a 3.8% margin [2][4] Market Position - Meituan maintained over 60% market share in Gross Transaction Value (GTV) for the food delivery sector, demonstrating resilience despite fierce competition [5] - The company also reported strong growth in its grocery retail and overseas business segments, achieving 104 billion RMB in revenue for new business, a 19% increase year-on-year [5][6] Innovation and Technology - The company invested 26 billion RMB in research and development, marking a 23% increase from the previous year, focusing on logistics and AI technologies [7][8] - Meituan's drone delivery services expanded significantly, with 70 routes established and over 780,000 orders completed, including specialized services for elderly meal delivery [7] - The introduction of AI tools for merchants has seen over 3.4 million businesses utilizing Meituan's AI business management assistants [8]

王兴认为，AI"超级入口"，关键在于精准理解用户需求，并且高效执行任务，其复杂程度远超"聊天机 器人"。 王兴表示，未来，模型能力会持续优化，美团也会继续深化 "小团" 在美团 APP 里的融合。"我们希望 用新一代AI技术，让美团 APP 成为用户解决本地生活需求的首选平台。我们会强化 AI 搜索能力，强化 执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。" 3月26日美团财报电话会上，CEO王兴表示，在AI革命中，唯一合理的策略是进攻，而不是防守。但美 团不会盲目追求成为"词元工厂"，而是将AI视为战略机遇，用于改进、加强甚至彻底变革本地服务这一 核心业务。 基于物理世界的海量信息，"小团"可以迅速从全网评价中提炼有价值的信息，并推理出满足用户个性化 需求的答案。 他透露，自2023年初以来，美团在资本支出和AI人才上进行了大规模投入，"除有云计算业务的企业 外，美团在 AI 上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。"美团正继续投 入自研基座大模型LongCat，也在和当前行业顶尖的第三方大模型合作，致力于最精准地理解真实物理 世界。 尤其是本地生活领 ...