Core Viewpoint - The intense competition in the instant retail sector, characterized by significant financial losses among major players like Meituan, Alibaba, and JD, has led to a unique opportunity for third-party delivery service providers like SF Express to achieve substantial profit growth amidst the turmoil [1][11]. Group 1: Financial Performance of Major Players - Meituan's Q3 revenue reached 954.88 billion, but its core local business segment suffered a drastic operating profit decline, resulting in a loss of 141 billion [6]. - Alibaba's Q3 instant retail revenue was 229 billion, a 60% year-on-year increase, but its net profit fell by 53% [9]. - JD's new businesses, including food delivery, saw a 214% year-on-year revenue growth, yet incurred a loss of 157.36 billion in Q3 [9]. - The combined sales and marketing expenses for Meituan, Alibaba, and JD increased by 614 billion in Q3 alone [9]. Group 2: Market Dynamics and Strategic Insights - The ongoing "burning money" competition is viewed as a necessary strategic investment by platforms to secure market share, with projections indicating the instant retail market could exceed 3 trillion by 2030 [10]. - Zhang Yi from iiMedia Consulting suggests that if instant retail can enhance efficiency and innovation, it aligns with broader economic growth objectives, although disordered competition may need regulation [2][10]. - Meituan's CEO Wang Xing emphasized the need for resource investment to maintain competitive advantages despite his opposition to price wars [9]. Group 3: SF Express's Performance and Market Position - SF Express's revenue for the first half of 2025 reached 102.36 billion, a 48.8% increase, with net profit growing by 120.4% [11][12]. - The company's unique position as a neutral platform allows it to benefit from the competition among major players, leading to a significant increase in order volumes [13]. - Analysts believe that SF Express's model, focusing on last-mile delivery, positions it well to capitalize on the ongoing demand despite potential future reductions in subsidies from major platforms [13][16]. Group 4: Regulatory Environment and Future Outlook - The introduction of new regulatory standards aims to curb chaotic competition in the food delivery market, promoting rational competition among platforms [16]. - Experts predict that competition intensity in instant retail will decrease and return to a more rational state in the coming year, although some covert competitive behaviors may persist [16].

该机构预计公司2025-2027年营业收入分别可达3662亿、4087亿及4466亿元(前值分别为3640亿、4004亿 及4444亿元)，增速分别为+8%/+12%/+9%；经调整净利润分别为-178亿元、161亿元、462亿元(前 值-121亿元、331亿元、522亿元)，增速分别为N/A/N/A/+186%；该机构长期看好美团的经营、组织和 业务壁垒，看好其"极致执行"的组织在零售领域的长期探索，维持"买入"评级。 金吾财讯 | 华安证券发研报指，美团-W(03690)2025Q3总营收为955亿元，同比增长2.0%。盈利能力方 面，受外卖行业竞争持续加剧及海外扩张投入影响，公司录得经营亏损198亿元，去年同期为经营溢利 137亿元；经调整EBITDA为负148亿元；经调整净亏损160亿元(去年同期为盈利128亿元)。分部收入方 面，25Q3核心本地商业收入674亿元，同比减少2.8%，经营亏损为141亿元。新业务收入280亿元，同比 增长15.9%，经营亏损为13亿元。 金吾财讯 | 华安证券发研报指，美团-W(03690)2025Q3总营收为955亿元，同比增长2.0%。盈利能力方 面，受外卖行业竞 ...

战火在三季度燃烧至顶峰，平台补贴如入无人之境，满城尽是零元购与免单券；商户里咖啡机和奶茶摇臂全天候运转，摇到柠檬涨价、店员加班，强度直 逼大厂程序员。 等不出餐的外卖员用对家订单喂饱自家用户，普通人也以一天八杯奶茶的强度参与战局，所有人都杀红了眼，换来三份堪称惨烈的财报，和三套崭新的骑 手工服。 美团录得上市以来单季最大亏损；阿里中国电商业务经营利润同比下降85%；京东整体经营利润同比下跌108%。 过去六个月，美团、京东与阿里合计打没了近千亿利润，这场外卖大战堪称中国互联网史上最烧钱的一仗。 三合一传奇工服，图源网络 每一场高端的商战最终都以村口械斗收场，中国最顶尖的互联网公司高手过招声势如雷，蓦然回首，依然在同一间ICU里做病友。 是兄弟就砍一刀 一句话总结这半年的战况：以天量投入，换来有限增长（与巨额亏损）。 最晚进场的阿里，三季度甩开膀子烧钱，息税前利润减少约240亿[4]；京东和美团从夏天第一杯奶茶开始参战，两个季度息税前利润分别减少175亿和448 亿；三季度结束，美团由盈转亏[2][3]。 今年7月，高盛曾预测称外卖大战将导致三大平台合计减少250亿的息税前利润[1]。事实证明，洋人还是低估了东 ...

Core Insights - Meituan reported a net loss of 16 billion yuan in Q3 2025, with total revenue reaching 95.5 billion yuan, a year-on-year increase of 2% [2] - CEO Wang Xing emphasized that the ongoing price war in the food delivery sector is unsustainable and detrimental to industry value creation [1][2] - Despite the losses, Meituan's daily active users (DAU) grew by over 20% year-on-year, and the monthly transaction user count for food delivery reached a historical high [2] Financial Performance - Total revenue for Q3 2025 was 95.5 billion yuan, reflecting a 2% increase compared to the previous year [2] - The core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan, contributing to an adjusted net loss of 16 billion yuan for the quarter [2] Market Position and Strategy - Wang Xing reiterated the company's commitment to protecting rider rights and supporting small merchants, aiming for long-term industry health [1] - Meituan maintains a leading market share in the mid-to-high price order segment, with over 66% of orders above 15 yuan and over 70% of orders above 30 yuan [1]

Core Viewpoint - The company emphasizes its commitment to protecting rider rights and supporting small merchants, aiming for long-term healthy industry development while opposing unsustainable price competition in the food delivery sector [2][3]. Group 1: Market Competition and Strategy - The company firmly opposes the "involution" of low-quality, low-price competition in the food delivery market, asserting that such price wars have not created value and are unsustainable [2][3]. - The company plans to increase investments in rider rights protection and support for small merchants as a pathway to maintain industry health [3]. - The company is confident in defending its market position in instant retail and creating genuine long-term value [2][3]. Group 2: Financial Performance and Market Position - In October and November, industry subsidy levels decreased compared to the summer peak, particularly after the "Double 11" shopping festival, prompting the company to adjust its strategies accordingly [4]. - The company has seen a steady recovery in its market share for food delivery orders, leading in the mid-to-high price order segment, with over 66% of orders exceeding 15 yuan and over 70% of orders exceeding 30 yuan [4]. - The company's average transaction value in food delivery remains significantly higher than that of competitors, with core user retention rates remaining high, indicating strong consumer loyalty and frequency of use [5]. Group 3: Long-term Outlook and Industry Trends - The company anticipates ongoing changes in the competitive environment, with a shift from capital-driven growth to efficiency and innovation-driven development in the food delivery sector [7]. - The company believes that the irrational competition in the food delivery industry will transition to a more rational and mature phase, where platforms with strong operational efficiency and industry experience will lead [7]. - The long-term growth potential of food delivery is clear, with a target of achieving one billion daily orders, and the company is confident in maintaining its operational efficiency advantage [7].

"美团会始终专注于做正确的事，服务好消费者、商家和骑手。我们有信心捍卫即时零售的市场地位， 创造真正的长期价值。"王兴表示，当竞争持续，美团会投入必要的资源，确保规模优势以及在服务体 验与运营效率上的优势。 王兴称，相信当前非理性的外卖行业竞争只是暂时性的。近期美团餐饮外卖订单市占稳步回升。美团继 续保持在中高价订单市场GTV的领先地位，美团在实付超过15元的订单有2/3以上的份额，实付超过30 元以上的订单有70%以上的份额。（智通财经记者 范佳来） "我们重申在过去两个季度阐明的立场，外卖价格战是低质低价的"内卷式"竞争，我们坚决反对。半年 来的市场结果已经充分证明：外卖价格战没有为行业创造价值，不可持续。"11月28日，在美团第三季 度财报电话会上，美团CEO王兴表示，美团将继续在骑手权益保障、中小商户帮扶上加大投入，促进行 业长期健康发展。 ...

Core Viewpoint - Meituan reported a significant decline in profitability due to intensified competition in the food delivery sector, leading to a net loss of 160 billion RMB in Q3 2025, compared to a profit of 128 billion RMB in the same period last year [1][2][6]. Financial Performance - Meituan's revenue for Q3 2025 reached 955 billion RMB, reflecting a year-on-year growth of 2% [1]. - The adjusted net loss for the quarter was 160 billion RMB, a stark contrast to the profit of 128 billion RMB in Q3 2024 [1][2]. - Core local business operating profit turned negative, resulting in a loss of 141 billion RMB for the quarter [2][5]. Competitive Landscape - The food delivery market has seen fierce competition, with major players like Meituan, Alibaba, and JD.com engaging in aggressive subsidy wars, leading to substantial financial losses [2][5]. - Meituan's sales and marketing expenses surged by 90.9% year-on-year to 343 billion RMB, accounting for 35.9% of its revenue, driven by increased promotional and advertising costs [5]. - Alibaba's operating profit dropped by 85% in Q3, with sales and marketing expenses rising to 664.96 billion RMB, an increase of 340 billion RMB from the previous year [5]. Market Outlook - Meituan anticipates that the trend of operating losses will continue into Q4 2025, although there are indications that competition may ease as Alibaba plans to reduce its investment in flash sales [1][6]. - CEO Wang Xing emphasized that the ongoing price war in the food delivery sector is unsustainable and has not created value for the industry [7]. - Meituan maintains a strong market share, with over 70% of orders exceeding 30 RMB, indicating a solid position in the mid-to-high price segment [7].

记者丨周慧 编辑丨张伟贤 11月28日，美团发布2025年第三季度业绩报告。 期内，美团实现营收955亿元（人民币，下同），同比增长2%； 经调整后净亏损160亿元人民 币， 而去年同期为盈利128亿元。其中， 由于行业竞争加剧，核心本地商业经营利润转负，亏 损141亿元。 三季度轰轰烈烈的外卖大战，让包括 美团、阿里、京东在内的三大玩家，都付出了百亿乃至 数百亿的代价。 美团财报称，预计核心本地商业以及公司整体层面，第四季度的经营亏损趋 势将延续。不过，进入四季度，随着阿里高管在财报会上表态下个季度在闪购上收缩投入，外 卖大战的竞争激烈程度有望减弱，美团亏损额度有望改善。 美团CEO王兴在晚间的财报电话会上回应外卖大战时表示，半年来的市场结果已经充分证明， 外卖价格战没有为行业创造价值，不可持续。 另外，他也披露了美团的最新市场份额，美团 在实付超过15元的订单有三分之二以上的份额，实付超过30元以上的订单有70%以上的份额。 外卖大战烧钱超百亿元 外卖大战在今年4月份以京东的加入开局，二季度末阿里淘宝闪购加入， 二季度美团核心本地 商业经营利润下降75.6%至37亿元。 到了三季度，以美团、阿里、京东为代 ...

Core Viewpoint - Meituan reported a revenue of 95.5 billion RMB for Q3 2025, a 2.0% year-on-year increase, but incurred a net loss of 18.6 billion RMB compared to a net profit of 12.9 billion RMB in the same period of 2024 [1] Financial Performance - The adjusted net loss for Q3 2025 was 16 billion RMB, compared to a net profit of 12.8 billion RMB in Q3 2024 [1] - Despite the expectation of significant losses in Q4, the company believes that the losses in the delivery business have peaked in Q3 [5] - The company aims to maintain its market position while avoiding participation in price wars, focusing instead on service quality and operational efficiency [5][6] Industry Competition - The competitive landscape in the food delivery industry is characterized by a decline in subsidies following the peak in summer, particularly after the "Double Eleven" shopping festival [2] - Meituan's market share in high-value orders has rebounded, with over 66% market share for orders with a net unit price exceeding 15 RMB and about 70% for orders around 30 RMB [2] - The company emphasizes the importance of high-value orders and the loyalty of its core users, who exhibit higher consumption frequency compared to average consumers [3] Strategic Focus - Meituan is committed to enhancing user loyalty by providing high-quality services and a wide range of product options, while also ensuring fast and reliable delivery [4][6] - The company believes that the irrational competition in the food delivery industry will eventually transition to a more rational and mature phase, driven by innovation and service upgrades rather than aggressive subsidies [5] - The long-term goal remains to achieve an average of 100 million quality orders per day, leveraging operational efficiency to maintain industry-leading unit economics [6]

Core Viewpoint - The CEO of Meituan, Wang Xing, reiterated the company's stance against the unsustainable price war in the food delivery industry, emphasizing that it does not create value for the sector and is a form of low-quality competition [2]. Group 1: Financial Performance - Meituan reported a revenue of 95.5 billion yuan for the third quarter, representing a year-on-year growth of 2% [3]. - The core local commerce segment generated a revenue of 67.4 billion yuan, but due to competition in the food delivery sector, the operating profit turned negative, resulting in a loss of 14.1 billion yuan [3]. Group 2: Market Strategy - The company plans to increase investments in rider rights protection and support for small and medium-sized merchants to promote long-term healthy development in the industry [2]. - Wang Xing indicated that losses in the instant retail business have peaked in the third quarter, but significant losses are expected to continue in the near term [2]. - Meituan aims to maintain its competitive edge without engaging in price wars, adjusting its investment strategy based on market competition dynamics [2]. Group 3: Market Position - Meituan's market share in food delivery orders is steadily recovering, with the company leading in the mid-to-high price order segment [2]. - In the market for orders over 15 yuan, Meituan holds more than two-thirds of the market share, and for orders over 30 yuan, it accounts for over 70% [2].