美团电话会：亏损已见顶，进行必要投入以维持领导地位，但不会参与价格战

Core Viewpoint - Meituan reported its first quarterly loss in three years, with an adjusted net loss of 16 billion RMB in Q3, and expects losses to continue into Q4, indicating an intensifying competition in the food delivery sector [3][4]. Group 1: Financial Performance - In Q3, Meituan's core local commerce business shifted from profit to loss, recording an operating loss of 14.1 billion RMB compared to a profit of 14.6 billion RMB in the same period last year [3][4]. - The company anticipates a slight increase in losses for its flash purchase business in Q4, despite confidence in achieving reasonable and sustainable profitability in the medium to long term [4][11]. Group 2: Competitive Landscape - Management criticized the ongoing price war in the food delivery industry as "malicious competition" and stated that they will not engage in it, instead opting to adjust resources dynamically based on competitive conditions [4][5]. - The company noted a recovery in market share and order volume in October and November, with over two-thirds of orders priced above 15 RMB and about 70% above 30 RMB, indicating a focus on higher-value transactions [4][5]. Group 3: User Engagement and Strategy - Core users maintain high retention rates, with consumption frequency and loyalty steadily increasing, reflecting strong brand recognition and service advantages [6][12]. - Meituan plans to enhance user experience through faster and more reliable delivery, a diverse supply across all price ranges, and exclusive benefits from its membership system [6][12]. Group 4: Future Outlook and Investments - The company is committed to investing in supply-side operations to ensure optimal user experience and will continue to educate users during promotional events like Double Eleven [11][18]. - Meituan's strategy includes expanding its instant retail supply chain and enhancing service experiences to meet the evolving consumer demand for immediate satisfaction [9][10]. Group 5: International Expansion - Meituan's new business segment, KeeTa, achieved its first monthly profit in Hong Kong, indicating a successful market entry strategy that may be replicated in other regions like Saudi Arabia and the GCC [16][18]. - The company is optimistic about the potential for growth in Brazil, which is one of the largest food delivery markets globally, despite existing competition [17][18].