【美团-W（3690.HK）】竞争加剧影响短期业绩，看好长期价值释放——2025年一季报点评（付天姿/梁丹辉/赵越）

Group 1: Financial Performance - The company reported a revenue of 86.557 billion yuan in Q1 2025, representing a year-on-year growth of 18.1% [2] - The net profit attributable to shareholders reached 10.057 billion yuan, showing a significant increase of 87.3% year-on-year [2] - Adjusted net profit for the same period was 10.949 billion yuan, reflecting a year-on-year growth of 46.2% [2] - The overall gross margin improved by 2.4 percentage points to 37.4% in Q1 2025 [2] - Core local business revenue was 64.325 billion yuan, with a year-on-year increase of 17.8% [2] - Operating profit for the core business was 13.491 billion yuan, with an operating margin of 21.0%, up 3.2 percentage points year-on-year [2] - New business segment revenue was 22.232 billion yuan, growing by 19.2% year-on-year, but incurred an operating loss of 2.273 billion yuan [2] Group 2: Business Initiatives and Developments - The company is enhancing support for small and medium-sized businesses through initiatives like traffic support and free digital tools [3] - A new pilot program for rider pension insurance was launched in April 2025, with plans for nationwide rollout [3] - The company introduced multiple consumer confidence measures in the on-demand delivery business, including "安心学" and "安心练" [3] - The product supply for chronic disease medications and medical devices has been expanded to improve cross-selling capabilities [3] - A unified membership program, "美团会员," was launched at the end of March 2025, offering differentiated benefits across various business categories [3] - The company plans to invest 100 billion yuan over the next three years to promote high-quality industry development [3]