美团：「对内补贴战 」不耽误出海步伐

Core Viewpoint - Despite short-term fluctuations in financial performance, many investors remain optimistic about Meituan's long-term prospects [1][5]. Financial Performance Summary - In Q1, Meituan reported revenue of 86.6 billion yuan, reflecting a year-on-year growth of 18.1% [2][4]. - Core local commerce revenue grew by 17.8% to 64.3 billion yuan, accounting for 74.25% of total revenue [4]. - Innovative businesses, including Xiaoxiang Supermarket and overseas operations, saw a 19.2% increase in revenue to 22.2 billion yuan [4]. - New business losses narrowed by 17.5% to 2.3 billion yuan, with an improved loss rate of 10.2% [4]. - Overall net profit surged by 87.3% year-on-year to 10.059 billion yuan, influenced by fair value changes in financial investments [4]. Market Competition and Strategy - Meituan's management anticipates short-term volatility due to intensified competition, particularly from JD's food delivery services [2][7]. - CEO Wang Xing emphasized that low-quality, low-price competition is unsustainable and that Meituan will take necessary measures to maintain market share [7][8]. - The company is strategically increasing targeted subsidies in response to competitive pressures, despite not broadly ramping up subsidies [8][9]. International Expansion - Meituan's overseas business is progressing steadily, with significant investments planned in Brazil, amounting to 1 billion USD over five years [8][9]. - The company has achieved good progress in Saudi Arabia, covering all cities with populations over one million and plans to expand further [9][10]. - Management asserts that Meituan is on a path to becoming a global company, but is not rushing the process [9][10].