美团-W：美团 FY2025Q1 业绩点评：业绩超预期，加码生态建设投入-20250601

Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [6]. Core Insights - In FY2025Q1, Meituan achieved revenue of 866 billion CNY, exceeding Bloomberg consensus estimate of 854 billion CNY, with a year-on-year growth of 18.1%. Adjusted net profit totaled 109.5 billion CNY, surpassing the expected 97.3 billion CNY, reflecting a year-on-year increase of 46.2% [3][7]. - The report highlights that while short-term subsidy competition may disrupt profitability, Meituan's strategic determination and organizational resilience are expected to build its core competitive advantage. The company is well-positioned to leverage its comprehensive local service ecosystem, driven by a three-sided transaction network of users, merchants, and fulfillment [7]. - The report projects Meituan's overall revenue for 2025-2027 to be 3904 billion, 4377 billion, and 4839 billion CNY, with adjusted net profits of 478 billion, 576 billion, and 690 billion CNY respectively [7]. Summary by Sections Overall Performance - Meituan's core local business generated revenue of 643 billion CNY in FY2025Q1, a year-on-year increase of 17.8%, with operating profit of 135 billion CNY, up 39.1%. New business revenue reached 222 billion CNY, growing 19.2%, with operating losses narrowing by 17.5% to 23 billion CNY [7]. Instant Retail Business - The food delivery segment showed steady growth, with daily order volume increasing compared to the previous quarter. The launch of Meituan's instant retail brand, Meituan Flash Purchase, has seen significant growth, with over 30,000 flash warehouses and more than 500 million total transaction users [7]. In-store and Travel Business - The in-store and travel business has substantial growth potential, with a 25% year-on-year increase in active merchants. New initiatives in education services have been introduced, enhancing user engagement and transaction frequency [7]. New Business and International Expansion - Meituan's new business, Meituan Preferred, is improving operational efficiency, while its overseas expansion, particularly in Saudi Arabia and plans for Brazil, is underway. The focus remains on food delivery, which is expected to create significant value through high-frequency traffic and delivery networks [7].