25Q2季报公布！外卖大战美团何去何从

Core Viewpoint - Meituan's Q2 2025 performance shows "revenue growth but profit pressure," primarily due to intense competition in the "takeout war" [1][2] Financial Performance - Revenue reached 91.8 billion, up 11.7% year-on-year, but below market expectations of 93.69 billion [1] - Operating profit plummeted to 226 million, down 98% year-on-year, with an operating profit margin of 0.2%, a decrease of 13.5 percentage points [1][2] - Gross margin fell to 33.1%, down 8.1 percentage points [1] - Marketing expenses surged 51.8% to 22.5 billion, contributing to the profit decline [2] - Adjusted net profit was 1.49 billion, down 89% from expectations of 9.85 billion [1][2] - Sales costs increased by 27% to 61.4 billion, accounting for 66.9% of revenue [2] Business Segment Analysis 1. Core Local Business (Takeout, In-store, Flash Purchase, etc.) - Q2 revenue was 65.3 billion, up 7.7% year-on-year, with operating profit of 3.7 billion and a profit margin of 5.7%, down 19.4 percentage points [3][6] - Flash purchase and in-store businesses saw order volume growth exceeding 40% [3][6] 2. New Business (Meituan Preferred, Little Elephant Supermarket, Keeta International Expansion) - Q2 revenue was 26.5 billion, up 22.8% year-on-year, but operating losses expanded to 1.9 billion [3][7] - Strategic adjustments were made in Meituan Preferred, exiting underperforming areas [3] Management Insights - CEO Wang Xing and CFO Chen Shaohui emphasized opposition to irrational competition while defending market position [4] - They anticipate significant losses in the core local business in Q3 but remain optimistic about long-term profitability [4] - The focus will be on investment returns and maintaining operational efficiency [4] Future Outlook and Challenges - Short-term challenges include continued pressure on profits due to competitive dynamics [5] - The ability to stabilize competition is crucial for profit recovery, alongside controlling losses in new business ventures [5] - Long-term success hinges on proving capabilities in instant retail ecosystem development and successful international strategies [5]