香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 招商銀行股份有限公司 CHINA MERCHANTS BANK CO., LTD. （於中華人民共和國註冊成立的股份有限公司） （H股股票代碼：03968） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 招商銀行股份有限公司董事會 2026年3月27日 於本公告日期，本公司的執行董事為王良及鍾德勝；本公司的股東董事（非執行 董事）為繆建民、石岱、鄧仁傑、江朝陽、朱立偉、黃堅及馬向輝；及本公司的 獨立非執行董事為田宏啟、李朝鮮、史永東、李健、黃玉山及盧力平。 招商銀行股份有限公司 股票代碼：600036 释义 / 重大风险提示 / 备查文件目录 招商银行股份有限公司 2025年度报告（A股） 释义 本公司、本行、招行、招商银行 ： 招商银行股份有限公司 招商银行股份有限公司 2025年度报告（A股） 目录 1 目录 2 释义 2 重大风险提示 2 备查文件目录 ...

Core Insights - The CEO of Meituan, Wang Xing, summarized the year 2025 as one filled with both opportunities and challenges, highlighting unprecedented competition in the industry [1] - Meituan reported a total revenue of 364.9 billion yuan for 2025, an 8% year-on-year increase, but faced a net loss of 23.4 billion yuan, a significant shift from a profit of 35.8 billion yuan in 2024 [1] - The core local commerce segment experienced an operating loss of 6.9 billion yuan, contrasting sharply with a profit of 52.4 billion yuan in the previous year [6] Financial Performance - The operating profit margin for the core local commerce segment plummeted from 20.9% to -2.6% due to declining gross margins and increased user incentives and marketing expenses [6] - Total sales costs reached 253.8 billion yuan, a 22% increase year-on-year, while sales and marketing expenses surged by 60.9% to 102.9 billion yuan [6] Market Competition - The intense competition in the food delivery market, initiated in Q2 2025, has disrupted the previously stable duopoly, with Alibaba and JD.com entering the fray [5] - Despite the competitive pressures, Meituan's fourth-quarter losses narrowed significantly, with a core local commerce operating loss of 10 billion yuan, down from 14.1 billion yuan in Q3 [7] Strategic Adjustments - Meituan is reducing marketing subsidies, with fourth-quarter sales costs decreasing from 70.3 billion yuan to 67.97 billion yuan [7] - The company aims to maintain its market leadership in the mid-to-high price order segment while reducing resources allocated to low-quality orders [9] New Business Ventures - Meituan's new business segment saw a revenue increase of 19.1% to 104.03 billion yuan, although it still recorded an operating loss of 10.1 billion yuan due to increased investments in overseas operations [12] - The international expansion of the Keeta brand is a key focus, with plans to enter new markets such as Qatar, Kuwait, UAE, and Brazil [13] Future Outlook - Wang Xing emphasized a commitment to internationalization, particularly in the instant retail sector, while also indicating that losses from Keeta are expected to remain high in 2026 due to ongoing market cultivation [14][15] - The acquisition of Dingdong Maicai for $717 million is seen as a strategic move to enhance Meituan's fresh retail capabilities and expand its coverage in East China [15]

"Keeta在沙特有望在26年底前实现单月的UE转正。"3月26日晚，在美团2025年第四季度及全年业绩电 话会上，CEO王兴谈及美团国际化进展。王兴表示，长期来看，美团会坚定投入国际化，但投入方向将 更加聚焦在能发挥出核心优势的即时零售赛道。除中国香港地区外，美团Keeta已完成了中东海湾地区 主要国家的覆盖，并且在巴西展业。 ...

Core Insights - Meituan reported a total revenue of 364.9 billion RMB for the year 2025, reflecting an 8% year-on-year growth [2] - The company experienced a net loss of 23.4 billion RMB in 2025, a significant shift from a profit of 35.8 billion RMB in 2024, primarily due to intense competition in the instant retail sector [2][3] Financial Performance - The core local business segment generated revenue of 260.8 billion RMB in 2025, marking a 4.2% year-on-year increase, but incurred an operating loss of 6.9 billion RMB [3] - In Q4 2025, the core local business reported an operating loss of 10 billion RMB, which was a reduction compared to the previous quarter [3] Strategic Focus - Meituan's CEO emphasized a dual focus on opportunities and challenges, stating a commitment to "anti-involution" and prioritizing the right strategies for sustainable growth [3] - The company maintained over 60% market share in Gross Transaction Value (GTV) while holding a dominant position in the mid-to-high price segment of the dining market [3] Growth Drivers - New business segments, including grocery retail and international operations, contributed significantly to revenue, with new business income reaching 104 billion RMB, a 19% year-on-year increase [5] - The "Xiaoxiang Supermarket" and overseas business expansions were highlighted as key growth areas, with the supermarket entering 39 cities by the end of 2025 [5] International Expansion - Meituan's international business, Keeta, has expanded its presence in the Middle East and Brazil, with strong growth reported in new markets [5] - The CEO indicated a cautious approach to international expansion, advocating for selective investments and model refinement before broader rollout [5] AI Development - The company is investing in AI technologies, with plans to develop proprietary models and enhance logistics through innovations like drones and autonomous vehicles [6] - Meituan has launched several AI products, including the "Tabbit AI" browser and user assistants "Xiao Mei" and "Xiao Tuan," which have seen significant user engagement [7][8]

Group 1 - Meituan's stock price surged by 12.75% to HKD 78.25 per share as of 15:14 on March 25 [1][2] - The National Market Supervision Administration reprinted an article titled "The Takeaway War Should End," advocating for a return to reasonable pricing in the takeaway industry and a shift from price wars to service competition [1][2] - On March 23, the Beijing Municipal Market Supervision Administration, along with other agencies, conducted administrative guidance for twelve platform companies, addressing issues identified in the ongoing "involution" competition rectification [1][2] Group 2 - Meituan's CEO Wang Xing expressed strong confidence in the company's internationalization strategy, emphasizing a focus on core business areas rather than simultaneous international expansion across all sectors [1][2] - Meituan's core local commerce CEO Wang Puzhong noted that the local business faced unprecedented "involution" competition but managed to maintain stability, with instant retail holding over 60% of the Gross Transaction Value (GTV) share due to a focus on user experience and continuous innovation [1][2]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company achieved a revenue of 77.656 billion yuan in 2025, representing a year-on-year growth of 3.55%, and a net profit attributable to shareholders of 2.983 billion yuan, which is a 5.21% increase year-on-year [3][4] - The company plans to distribute a cash dividend of 1.382 billion yuan, with a payout ratio of 46.32%, marking a historical high for dividend distribution [4] - The company is focusing on internationalization, research and development innovation, external growth, and market value management as part of its comprehensive strategy [3] Financial Performance Summary - In 2025, the pharmaceutical commercial revenue was 56.983 billion yuan (up 6.21% year-on-year), while the revenue from natural beverages was 9.672 billion yuan (down 0.34% year-on-year) [3] - The company’s net profit for Q4 2025 was -327 million yuan, a decrease of 1.07% year-on-year, with a revenue of 16.05 billion yuan, reflecting a 0.74% increase year-on-year [3] - The company’s gross margin for Q4 2025 was 11%, down 1.95 percentage points year-on-year, attributed to changes in revenue structure and increased expense ratios [3] Future Projections - Revenue projections for 2026-2028 are 80.929 billion yuan, 85.164 billion yuan, and 89.633 billion yuan, with year-on-year growth rates of approximately 4.2%, 5.2%, and 5.2% respectively [6] - The net profit attributable to shareholders is expected to be 3.154 billion yuan, 3.336 billion yuan, and 3.582 billion yuan for the same years, with growth rates of about 5.7%, 5.8%, and 7.4% respectively [6] - The company maintains a focus on optimizing operational quality and enhancing market value management, which supports the "Buy" investment rating [6]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 77.66 billion yuan in 2025, representing a year-on-year increase of 3.55%, and a net profit attributable to shareholders of 2.98 billion yuan, up 5.21% year-on-year [3][4] - The company plans to distribute a cash dividend of 1.38 billion yuan, with a payout ratio of 46.32%, marking a historical high for dividend distribution [4] - The company is focusing on internationalization, research and development innovation, external growth, and market value management as part of its strategic deployment [3] Financial Performance Summary - In 2025, the pharmaceutical commercial revenue reached 56.98 billion yuan, an increase of 6.21% year-on-year, while the revenue from natural beverages was 9.67 billion yuan, down 0.34% [3] - The company’s net profit for Q4 2025 was -0.33 billion yuan, a decrease of 1.07% year-on-year, indicating short-term profit pressure [3] - The company’s total revenue is projected to grow to 80.93 billion yuan in 2026, with a net profit of 3.15 billion yuan, reflecting a year-on-year growth of 5.7% [6] Strategic Developments - The company has established strategic partnerships for international operations with firms in Saudi Arabia, Japan, and South Korea, among others, to enhance its global presence [3] - In terms of R&D, the company has made significant progress with several new drug projects entering critical clinical trials and approvals [3] - The company has also engaged in external growth by acquiring stakes in other firms, enhancing its market position in East China [3]

Investment Rating - The investment rating for the company is upgraded to "Buy" [2] Core Views - The company has shown strong performance with a significant increase in vehicle deliveries and revenue, achieving a total of 3.025 million vehicles delivered in 2025, a year-on-year increase of 39% [8] - The company's revenue for Q4 reached 105.76 billion RMB, reflecting a year-on-year growth of 43.7% [8] - The company is focusing on high-end and international markets, with the launch of the Zeekr 9X contributing positively to sales and profitability [8] - The financial outlook is positive, with projected revenues of 445.93 billion RMB in 2026 and net profits of 19.80 billion RMB, indicating a strong growth trajectory [8] Financial Forecasts - Revenue projections for the upcoming years are as follows: - 2024: 240.19 billion RMB - 2025: 345.23 billion RMB - 2026: 445.93 billion RMB - 2027: 514.93 billion RMB - 2028: 590.25 billion RMB [7] - Net profit forecasts are: - 2024: 16.63 billion RMB - 2025: 16.85 billion RMB - 2026: 19.80 billion RMB - 2027: 21.99 billion RMB - 2028: 26.59 billion RMB [7] - The company is expected to maintain a strong return on equity (ROE), projected at 959.76% in 2026 [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 8.19 billion yuan in 2025, representing a year-on-year growth of 17.9%, with a net profit attributable to shareholders of 0.83 billion yuan, up 15.8% year-on-year [8] - The company is focusing on international expansion, with its SST and grid-structured products as core drivers for growth, achieving international business revenue of 0.21 billion yuan, despite a slight decline of 1% year-on-year [8] - The domestic market remains stable, with grid automation business revenue reaching 3.68 billion yuan, a year-on-year increase of 11%, while the non-grid business saw a revenue of 3.83 billion yuan, up 23% year-on-year [8] Financial Performance Summary - The company forecasts total revenue of 9.51 billion yuan in 2026, with a year-on-year growth of 16.03%, and a net profit of 0.97 billion yuan, reflecting a growth of 17% [9] - The gross profit margin for 2025 was 30.2%, with a net profit margin of 10.1% [8] - The company’s operating cash flow for 2025 was 1.22 billion yuan, significantly higher than the net profit, indicating solid operational quality [8]

Company and Industry Summary Company Overview - The company is undergoing a transformation period, focusing on autonomous driving and computing power as its main lines for 2026, with plans to finance AI algorithms, low-altitude communication chips, and hardware development [2][3]. Key Points and Arguments Business Transformation - The company is shifting from traditional planning consulting to technology productization and internationalization, with initial products in low-altitude economy and intelligent connected vehicles [3]. - A debt financing plan is in place to support the transition, targeting core hardware products like AI algorithms and low-altitude communication modules [3]. Autonomous Driving Focus - The company is concentrating on L4 level buses and general chassis, avoiding competition in the Robotaxi market, and leveraging the need for public transport upgrades to drive automation for state-owned enterprise clients [2][3][7]. - The company has developed prototypes for unmanned buses and logistics vehicles, currently testing in various locations [3]. Low-altitude Economy - The current industry outlook for the low-altitude economy is less favorable than in 2024, with slower-than-expected order releases primarily due to commercial return rates [4][5]. - The company is focusing on urban governance with a "one network for management" platform, integrating drone technology for inspections and governance [4][5]. Computing Power Expansion - The company has invested in and is operating 500P of computing power as of 2025, with plans to expand to approximately 3,000P in 2026 to optimize its business structure [2][6]. - The project aims to create a platform connecting all intelligent terminal devices for urban governance, enhancing the company's software capabilities [6]. Product Development - Key products under development include smart towers for unified management of low-altitude and ground traffic, and a "platform + drone" solution for various government departments [7][8]. - The company is focusing on modular autonomous driving chassis applicable in multiple scenarios, including logistics and passenger transport [7]. Global Expansion - The company is targeting Southeast Asia and the Middle East for international expansion, aiming to replicate Shenzhen's urban traffic management model [9][11]. - Collaboration with major infrastructure companies is planned to provide smart city solutions as part of the Belt and Road Initiative [9]. Capital Operations - A change application for capital operations was accepted in mid-March 2026, with results expected by August or September 2026 [10]. - The company is focusing on a "three-pronged" strategy: technology productization, platformization, and internationalization [10]. Revenue and Order Outlook - Expected revenue growth in 2026 includes three large software platform projects worth approximately 30-40 million yuan each, and a smart upgrade project in Huanggang worth over 300 million yuan [12]. - The company is also planning regional smart city pilot projects and further investments in computing power [12][13]. Future Development Focus - The company is at a critical transformation point, with 2026 and 2027 being pivotal years for expanding its autonomous driving and computing services [15]. - The focus is on product development from prototype to pilot application, preparing for future scale expansion and refinancing [15].