摩根士丹利：美团-2025 年第二季度前瞻：短期盈利承压，长期利润率面临下行

July 10, 2025 05:33 PM GMT Meituan | Asia Pacific M Idea 2Q25 preview: lower long-term margins with near-term earnings pressure | What's Changed | | | | --- | --- | --- | | Meituan (3690.HK) | From | To | | Price Target | HK$160.00 | HK$150.00 | We estimate 2Q CLC OP at Rmb8bn, -48% YoY, with food delivery + Instashopping OP to decline Rmb8bn. We expect 3Q to mark the most intense competition, driving full-year CLC OP down to Rmb30bn. Stay OW; we prefer BABA > Meituan > JD. 2Q25: We estimate CLC revenue at ...