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美团净利下降89%,王兴:反对内卷,回归本质,专注生态
Guan Cha Zhe Wang·2025-08-27 14:09

Core Viewpoint - Meituan reported a revenue of 91.84 billion yuan for Q2 2025, marking an 11.7% year-on-year growth, but adjusted net profit fell approximately 89% to 1.493 billion yuan, raising concerns about the sustainability of its revenue growth without profit increase [1][5] Financial Performance - Revenue for Q2 2025 reached 91.84 billion yuan, with a year-on-year growth of 11.7% [1] - Adjusted net profit was about 1.493 billion yuan, showing a significant decline of 89% compared to the previous year [1] - The core local commerce segment generated revenue of 65.3 billion yuan, reflecting a 7.7% year-on-year increase [3] Market Reaction - Following the earnings report, Meituan's ADR opened significantly lower, dropping over 10% [1] - The market expressed concerns regarding the prolonged period of "increased revenue without increased profit" [1] Management Insights - Meituan's management indicated that they would continue to increase subsidies in Q3 to combat the intensifying price competition in the food delivery sector, predicting substantial losses in the core local business [2][5] - CEO Wang Xing emphasized the company's commitment to maintaining market position amidst fierce competition, focusing on quality supply, stable fulfillment, and reasonable pricing [3] Business Developments - The instant delivery segment saw peak daily orders exceeding 150 million in July, with an average delivery time of 34 minutes, indicating improved user engagement [3] - The flash purchase business experienced high growth, expanding its product categories and achieving a doubling of transaction volume for high-ticket items during the 618 shopping festival [4] - The hotel and travel sector showed a recovery with order volume increasing over 40% year-on-year, and the number of active merchants reaching a new high [4] New Initiatives - Meituan is advancing its "Internet + Bright Kitchen" model, with over 117,000 merchants having adopted the "Bright Kitchen Live" feature since February, aiming for over 200,000 by year-end [5] - The company has invested 6.3 billion yuan in R&D for the quarter, a 17.2% increase year-on-year, and has launched 64 drone delivery routes across multiple cities [5] Future Outlook - The management expressed confidence in the long-term growth potential of all business segments despite the current challenges, indicating that maintaining market share while rationalizing competition will be crucial for valuation recovery in the next two years [5]