Group 1 - The core viewpoint of the report is that Meituan's revenue for Q1 2025 is in line with market expectations, while the operating profit margin for its takeaway business exceeds market predictions [1] - The competition in the takeaway market is expected to intensify in 2025, as competitors are aggressively offering high subsidies to capture market share [1] - The report suggests that this intense competition is unsustainable in the long term but will exert downward pressure on growth prospects and profit margins in the takeaway market in the short term [1] Group 2 - The forecast for Meituan's earnings per share for 2025 to 2027 has been revised down by 3% to 15% due to anticipated declines in takeaway profit margins and increased investments in Keeta [1] - Despite the adjustments, the report maintains a "buy" rating for Meituan, but lowers the target price from 235 HKD to 200 HKD [1]

美团研究院表示："今年一季度骑手收入环比增长显著，得益于两方面因素。第一，农历新年前后是外 卖传统旺季，订单增长较快；其次，一季度非餐饮类闪购订单消费需求旺盛，电子产品、日用百货、生 鲜食杂、医疗健康等根植本地的新消费品类为骑手带来更多配送收入。" 公布财报后，美团CEO王兴表示，我认为这是一个非常重要的问题。简而言之，我们将采取一切必要措 施来赢得这场竞争。展开来说，我感觉目前发生的情况很有趣——这里出100亿，那里出100亿，仿佛每 个互联网参与者都愿意在这场比赛中投入巨额资金。这说明最终的赢家将获得巨大的市场价值，而美团 决心成为这一市场赢家。 "目前，我们是外卖行业的最大参与者，已经在这个领域深耕超过10年，并且在过去10年中经历了多次 激烈的竞争，因此我们认为，这次美团依然处于最有利的位置，并且能够再次取胜。" 5月27日消息，美团披露2025年一季度骑手收入情况，全国范围内高频骑手的月均收入在7230元至10100 元之间。以熟练骑手组成的乐跑骑手为例，这类骑手的月收入均值最高，在北上广深等高线城市可达 12593元。根据美团研究院调研数据，2024年月均有单骑手数量为336万。 美团相关人士表示 ...

2025.05. 26 本文字数：1060，阅读时长大约2分钟 作者 | 第一财 经 陆涵之 5月26日，美团(股票代码:3690.HK)发布2025年第一季度业绩报告，公司季度营收达866亿元，同比 增长18%。 美团表示，在2025年第一季度，美团闪购非食品品类的订单增长超过60%，同时美团成功引入了苏 泊尔、美的等知名品牌。 此外，陈少晖还在会上预告了美团今年的618大促安排，他表示："为了更好满足消费者在即时零售 平台购物的需求，美团外卖和美团闪购将联合众多餐饮品牌及零售品牌开启618促销活动，向消费者 提供更优惠的商品和外卖。"据第一财经了解，美团618将于5月28日正式开始。 微信编辑 | 小羊 此外，美团还观察到消费者在其他平台上的体验并不理想，有时会出现系统宕机和送货延迟等问题， 退款率较高。 美团后续计划协助中小商家获得更多客户并不断提升收入，同时帮助品牌餐厅进行更多创新以及优化 当前的商业模式，例如品牌卫星店就是一种非常好的模式。基于种种因素，美团对保持在行业中长期 的领导者地位充满信心。 5月12日，美团宣布在未来几个月内将旗下外卖服务Keeta引入巴西，并计划5年内在巴西投入10亿 美 ...

Core Viewpoint - Meituan is enhancing the quality and innovation of its "Shen Qiang Shou" small lobster offerings by collaborating with top brands and implementing strict quality control measures to improve consumer trust and market standards [1][2][3] Group 1: Product Quality and Standards - Meituan has upgraded the selection criteria for small lobster vendors, focusing on size, freshness, and quality, in collaboration with leading brands from Hubei, Hunan, and Anhui [2] - The company will conduct random inspections of selected vendors and has established a 24-hour complaint channel for consumers, ensuring accountability for quality issues [2] - A prominent small lobster brand emphasized the need for quality over price competition to foster long-term industry health [2] Group 2: Market Dynamics and Consumer Behavior - The small lobster market is characterized by a lack of consumer trust due to the reliance on live lobster quality, which affects online purchasing decisions [1] - The introduction of the "霸王盒" single-serving meal option aims to cater to the growing demand for convenient takeout solutions [2] - The collaboration between top brands and Meituan is expected to enhance the efficiency of the live lobster supply chain and promote standardized competition in the market [3]

5月26日港股盘后，此轮外卖大战中的最后一家——美团也发布了一季度业绩。整体来看， 总营收和调整后利润指标都比预期高出约10亿 。虽无特别惊喜之处， 可谓不错的表现。不过，在外卖大战全面铺开的二季度的指引显然更为重要，本季业绩核心要点如下： 1、 本季 核心本地商业板块下配送收入的同比增长了22.1%，较上季明显提速。且比预期高出约6亿，是美团本季整体营收超预期的最大功臣。 由于美团不再披露 即配单量数据， 不能简单推论是即配单量的增长环比提速 （对此需关注小会中的信息）。 结合公司披露， 主要是本季减少了记为收入减项的配送费减免，从而导致配送收入增加。 详细解释请见正文。 2、 核心本地商业的 佣金和广告营收的同比增速则仍在放缓，两者分别同比增长了约20%和15%，较上季度都降速了2.5pct以上。 由此可见， 随着国内服务性消 费的强势修复周期逐步告一段落，后续行业以及美团国内业务的增长中枢大概率是呈稳中趋缓的。 另外值得注意， 本季佣金性收入增速>广告收入的增速剪刀差依旧存在。 海豚投研认为 商家减少了偏向宣传的广告投入预算；或者竞争层面，抖音或其他平台对 商家广告投流的分流再度抬头 都是可能的诱因。 ...

而早在一年前，Keeta就登上了香港外卖市场的头把交椅，彼时市占率已经达到43%。这个时候乘胜扩 张，也更加顺其自然。 在Deliveroo退出香港市场前，三个平台一同接单是大部分香港餐饮商家的常态。 当然，每一个地区都是一个迥异的市场，包括当地的外卖消费习惯、价格敏感度、对外资平台的接受度 等， 美团从香港市场提炼的方法论能有多少复制到其他地区还有待验证。以及，Deliveroo退出香港后 被美国外卖平台DoorDash收购，意味着全球外卖市场正在进一步整合。长远来看，美团未来的出海面 临的可能是更强劲的对手。 文 | 窄播，作者 | Nancy、Tuna 应对国内外卖竞争之余，美团外卖在海外也迎来了新节点。 上周，美团宣布未来几个月将正式把海外版外卖平台Keeta引入巴西，并在未来5年内在巴西投资10亿美 元来支持该项目。据雷锋网，Keeta负责人仇广宇还从沙特转移到巴西办公。美团外卖出海继香港、沙 特之后的第三站，就要启动。 Keeta加速扩张此前已有迹象。去年9月上线沙特首站后，Keeta进入了多个核心城市，有报道称其在沙 特已经做到20%的市场份额，计划今年底覆盖所有核心城市，并在未来三年内将当地经 ...

近日，有媒体报道了从去年11月份开始，四川省尝试全省的外卖送餐人员、售卖预包装食品的工作人员不需要办理健康证就能上岗，同时，体检机 构也不再接待外卖员做健康证体检。 但与此同时，外卖平台公司却表示，他们没有接到相关通知，仍要求外卖员办理、上传健康证，否则会被限制接单。 资料图，图文无关 近半年来，外卖员不得不通过PS健康证、办理假证等方式提交平台。报道播出后，四川省卫生健康委、四川省市场监督管理局就相关政策进行沟 通，省市场监管局与多个外卖平台负责人沟通并重申入职体检不等同于健康证体检，体检机构可对外卖员出具健康证明或体检结果，但不办理健康 证。 多家外卖平台表示，将按照四川省相关政策，逐步采取措施，不再强制要求当地外卖骑手上传健康证。 对此，有网友表示疑惑，为什么不需要？还有网友认为，外卖员作为跟食品接触的人群，需要办理健康证。 不过也有网友认为外卖员不需要办理健康证，因为外卖都是商家密封的。 据中央广播电视总台中国之声，餐饮等行业的从业人员都需要通过体检获得健康证才能上岗。食品安全法更有明确规定，从事接触直接入口食品工 作的食品生产经营人员应当每年进行健康检查，取得健康证明后方可上岗工作。 那么，外卖员算 ...

Core Insights - The article discusses the challenges and dynamics of the food delivery industry across different countries, highlighting the stark contrasts between the operational models and profitability of food delivery services in China compared to other regions like Mexico and Malaysia [1][2][3][4][7][8]. Group 1: Industry Dynamics - In Mexico, local restaurants thrive with a business model that includes high profit margins, with some achieving monthly gross profits exceeding 100,000 RMB [1]. - The food delivery market in China is characterized by intense competition, with platforms like Meituan, Ele.me, and JD.com battling for market share, leading to unsustainable pricing strategies [8][11]. - The average delivery fee in China is the lowest globally, while the delivery speed is the fastest, driven by a high population density and a fast-paced work culture [7][18]. Group 2: Profitability and Business Models - Meituan's food delivery business shows low profitability, with operating profit margins between 6% to 8% and net profit margins as low as 3% to 5% after accounting for marketing and R&D expenses [8]. - In contrast, food delivery services in Malaysia and Mexico report higher profit margins, with local restaurants managing to operate successfully despite higher commission rates [11][20]. - The article notes that many Chinese restaurants are resorting to standardized, semi-finished products to maintain profitability in a highly competitive environment [9]. Group 3: Labor and Compensation - The working conditions for delivery riders in China are described as harsh, with long hours and low pay, leading to a high turnover rate and a competitive environment among riders [16][19]. - In other countries like Malaysia and Singapore, delivery riders earn significantly higher wages, reflecting the local labor market conditions and the value placed on their work [20][21]. - The article emphasizes that the low wages and poor working conditions for riders in China are a result of intense competition and a market that has become accustomed to low prices [18][21]. Group 4: Consumer Behavior - Consumers in China have developed a habit of expecting low prices for food delivery, which has led to a cycle of price wars among platforms and restaurants [21][22]. - The article suggests that the expectation for cheap, fast, and good service is unsustainable, as it leads to compromises in food quality and service [21][24]. - The long-term implications of this pricing strategy could negatively impact the overall value perception of the food delivery industry and the broader economy [22][23].

近期，外卖市场竞争日趋激烈，各类补贴轮番上阵，让不少消费者大呼"薅羊毛真爽"。记者注意到，高 频低客单价的奶茶、咖啡变成消费者"薅羊毛"的首选。消费者和奶茶咖啡商家双双成为了外卖"三足鼎 立"时代的受益者。 为什么脱颖而出的是库迪咖啡？据悉，外卖平台补贴激活消费需求的同时，库迪咖啡也加码补贴强势入 局。不仅将现行门店补贴政策延长至2028年12月31日，并宣布5月6日至6月30日前新开门店，库迪咖啡 在现行门店补贴政策的基础上，新增高房租补贴和下沉市场门店培养补贴两大专项补贴。其中，高房租 补贴，单杯最高可补贴4元。而下沉市场门店培养补贴，单杯最高可补贴2元，补贴范围涵盖地级以上城 市的远郊区县及其下辖乡镇门店。 品类是制胜关键 "品质+补贴+认可度"效应叠加 事实上，在业内人士眼中，像库迪咖啡这样的商家取得销量之喜，并不意外。"外卖平台补贴升级，叠 合入夏饮品需求激增，咖啡市场迎来爆发点。"有业内人士分析时，用"恰如其分"来形容。该人士表 示，解读外卖平台补贴升级，实质是流量之争。流量的核心指标是订单量，各家平台都在通过补贴以提 高日均订单量。 外卖平台"肉搏"补贴 点燃咖啡消费热情 "薅羊毛"攻略、百亿补 ...

Core Viewpoint - The recent regulatory talks involving major food delivery platforms like JD, Meituan, and Ele.me highlight the urgent need for compliance and consumer rights protection in the face of fierce competition and unsustainable pricing strategies [1][11]. Group 1: Industry Competition - The food delivery market has seen aggressive subsidy wars, with JD committing over 10 billion yuan in subsidies, Meituan planning to invest 100 billion yuan over three years, and Ele.me launching its own subsidy campaign [3][5]. - This intense competition has led to significant price reductions, with items being sold at astonishingly low prices, raising concerns about the sustainability of such pricing strategies and the potential for market monopolization [5][7]. - The platforms are accused of using algorithms to enforce "choose one" practices, limiting merchants' ability to operate on multiple platforms, which raises concerns about fair competition and consumer rights [5][12]. Group 2: Consumer and Merchant Rights - Reports indicate that some merchants on JD's platform have engaged in fraudulent practices, such as falsifying business licenses, which poses a serious risk to food safety [7][12]. - Consumers have reported discrepancies in food quality and quantity, particularly when using subsidies, leading to dissatisfaction and concerns over the integrity of the service [7][13]. - Merchants are also feeling the pressure, as they often have to share the burden of subsidies, leading to negative profit margins in some cases [8][13]. Group 3: Regulatory Response - The regulatory bodies have emphasized the need for platforms to adhere to laws such as the E-commerce Law and the Anti-Unfair Competition Law, aiming to establish clear responsibilities and prevent monopolistic practices [12][19]. - The talks aim to ensure that platforms improve their complaint mechanisms and provide better protections for consumers, merchants, and delivery personnel [13][16]. - The regulatory push is expected to reshape the competitive landscape, moving from price wars to a focus on service quality and compliance [17][20]. Group 4: Future Industry Direction - The regulatory discussions mark a pivotal moment for the food delivery industry, steering it towards sustainable development and compliance rather than unchecked growth [20][22]. - The industry is expected to adopt new technologies for better oversight, such as blockchain for tracking food safety and algorithm monitoring to prevent price discrimination [19][20]. - Long-term goals include establishing service standards for delivery platforms to balance market innovation with social responsibility, ensuring a fair ecosystem for all stakeholders [20][22].