单季盈利“一键清空”，美团被迫亏损持久战

Core Viewpoint - The impact of the "takeaway war" on Meituan's performance is more significant than expected, with a sharp decline in profits and various business segments affected [5][12][10]. Group 1: Delivery Revenue and Costs - Delivery revenue growth plummeted to only 2.8% year-on-year, significantly below expectations, primarily due to increased subsidies affecting net delivery income [6][23]. - The average net delivery income per order is estimated to have dropped by over 1 yuan, reflecting the need to increase rider compensation due to a surge in order volume [7][23]. - The gross profit margin fell to 33.1%, a substantial decrease of 8 percentage points year-on-year, leading to a gross profit of 304 billion yuan, which is lower than expected [39][44]. Group 2: Local Commerce and In-store Business - Local commerce revenue growth slowed, with commission and advertising revenues increasing by only 13% and 10.5%, respectively, both below market expectations [7][26]. - The "takeaway war" has negatively impacted both takeaway and in-store businesses, as consumers shift to more cost-effective online options [27][29]. Group 3: New Initiatives and Innovations - Revenue from new initiatives reached 265 billion yuan, with a year-on-year growth rate of 23%, driven by the overseas Keeta business and adjustments in the Meituan Preferred program [8][30]. - Despite the revenue growth, losses in new initiatives decreased unexpectedly, indicating a strategic shift to focus resources on core business amid competitive pressures [34][21]. Group 4: Overall Profitability and Expenses - Operating profit for the core local commerce segment was only 37 billion yuan, with takeaway and flash purchase segments estimated to have incurred losses exceeding 10 billion yuan [10][34]. - Marketing expenses surged to 225 billion yuan, an increase of 77 billion yuan year-on-year, driven by intense competition and promotional activities [9][41]. - Overall operating profit fell to just 2 billion yuan, a staggering 98% year-on-year decline, with non-GAAP net profit also dropping by 90% [10][44]. Group 5: Future Outlook - The competitive landscape is expected to worsen in the third quarter, particularly with the entry of Taobao Flash Purchase, which may lead to further losses for Meituan [15][12]. - The ongoing "takeaway war" is not limited to delivery but reflects a broader competition among e-commerce companies for market share and customer engagement [16][15].