美团试图穿越“非理性时期”

Core Viewpoint - The article discusses the competitive landscape of Meituan, particularly in the food delivery sector, highlighting the company's financial performance and strategic adjustments in response to intense competition [2][6][20]. Financial Performance - In Q2, Meituan reported revenue of 918 billion RMB, a year-on-year increase of 11.7%. The core local commerce segment saw revenue growth of 7.7% to 653 billion RMB, but operating profit plummeted by 75.6% to 37 billion RMB, with a significant decline in operating profit margin [2][3]. - The adjusted EBITDA for the quarter was 2.78 billion RMB, reflecting an 81.5% year-on-year decrease, indicating substantial pressure on profitability due to increased competition and costs [3][8]. Competitive Landscape - The article emphasizes the impact of subsidy wars on Meituan's performance, noting that while user engagement increased, the average order value (AOV) declined, leading to a mismatch between revenue growth and order volume [7][8]. - Meituan's management has expressed a commitment to focusing on fundamental aspects of the business, such as supply, delivery service, and pricing, to navigate the competitive environment effectively [6][20]. Strategic Adjustments - Meituan has restructured its new business segments, particularly by exiting poorly performing areas in its grocery retail division and concentrating resources on the more promising Xiaoxiang Supermarket [4][18]. - The new business segment reported a revenue increase of 22.8% year-on-year, driven by the expansion of Xiaoxiang Supermarket and overseas operations, although it still faced significant operating losses [5][18]. Long-term Vision - Meituan's management has reiterated its long-term growth strategy, aiming for sustainable profitability rather than short-term gains through unsustainable subsidies. The focus is on enhancing operational efficiency and building a robust ecosystem [9][20]. - The company has set ambitious goals for its overseas business, Keeta, aiming for an annual GMV of 100 billion USD by 2033, indicating a strong commitment to international expansion [19]. Innovations and New Initiatives - Meituan is actively pursuing supply-side innovations, such as the "Raccoon Canteen" model, which aims to streamline operations for merchants and improve service quality [11]. - The company is also expanding its instant retail business, Meituan Flash Purchase, which has seen significant growth and is positioned to compete with traditional e-commerce platforms [14][20].