外卖战挤压利润，美团驶入阵痛期

Core Viewpoint - The intense competition in the food delivery market has led to significant financial losses for Meituan, with a core business profit decline of over 10 billion yuan in the second quarter, resulting in a 96.8% year-on-year drop in net profit [2][4][5]. Financial Performance - Meituan reported a net profit of 365 million yuan for the second quarter, down from 11.3 billion yuan in the same period last year [2]. - Adjusted net profit was 1.5 billion yuan, a decrease of 89% compared to 13.6 billion yuan in the previous year [2]. - Revenue for the quarter reached 91.8 billion yuan, an 11.7% year-on-year increase [3]. Cost Structure and Spending - The core local business operating profit fell by 75% to 3.7 billion yuan, a reduction of 11.5 billion yuan year-on-year [5]. - Delivery service revenue grew only 2.8% year-on-year to 23.7 billion yuan, while costs increased by 27% [6]. - Marketing expenses surged by 51.8% to 22.5 billion yuan, marking the first time marketing costs exceeded 20 billion yuan in a single quarter [6]. Competitive Landscape - Meituan's average loss per order in the food delivery segment is projected to exceed 2 yuan in the third quarter, with competition from platforms like Taobao intensifying [8]. - The company plans to increase investments in response to high subsidy levels from competitors, indicating a continued aggressive market strategy [3][8]. Future Outlook - Meituan's management anticipates a challenging third quarter with significant losses in the core local business, while maintaining a focus on cash flow management and strategic investments [14]. - The company has 170 billion yuan in cash reserves to support its competitive strategies [14]. - New business initiatives, such as the Keeta overseas delivery service and the Xiaoxiang supermarket, are expected to continue despite current losses [10][11].