"外卖大战"的烈度依然很高。 美团最新发布的财报显示，由于外卖行业竞争激烈，美团第二季度营收同比增长11.7%但不及预期，经调整净利润同 比大幅下降89%。受此影响，27日晚间，美股开盘后，美团ADR一度大跌超14%。 美团CEO王兴在财报电话会上表示，美团预计三季度核心商业业务会因战略投资而出现较大规模亏损。但王兴强调， 美团管理层相信竞争终将回归理性。 消息面上，美团27日发布的二季度财报显示，今年二季度，美团收入为918.4亿元(人民币，下同)，同比增长11.7%； 经调整净利润为14.9亿元，同比大幅下滑89%；2025年上半年，美团实现营收1783.98亿元，同比增长14.7%；实现经 调整净利润124.42亿元，同比下降41%。 分业务来看，2025年第二季度，作为美团的"现金牛"的核心本地商业板块贡献收入为653.47亿元，同比增长7.7%，预 估675.5亿元；经营利润率从去年同期的25.1%暴跌至5.7%，管理层将此归咎于第二季度开始的"非理性竞争"。 美团大跌 北京时间8月27日晚间，美股开盘后，美团ADR大幅跳水，盘中一度大跌超14%，截至发稿，跌幅收窄至10.83%。 对于业绩的剧烈波 ...

Core Insights - Meituan's Q2 revenue reached 91.84 billion yuan, a year-on-year increase of 11.7%, while adjusted net profit fell by 89% to 1.49 billion yuan [2] - CEO Wang Xing emphasized the importance of maintaining market position amidst increasing competition in the food delivery sector, stating that Meituan will continue to focus on quality supply, stable fulfillment, and reasonable pricing [2] - The company is committed to long-term ecological development, benefiting consumers, merchants, and delivery personnel [2] Competition and Market Strategy - In the instant retail sector, Meituan reported a significant growth of 50% in lower-tier markets and plans to enhance differentiated supply and expand product categories [3] - Wang noted that while short-term subsidies may drive aggressive low-price demand, true long-term value creation relies on supply-side optimization and consumer habit formation [3] - Meituan's flash purchase segment has achieved profitability for several consecutive quarters, but the company prioritizes growth over immediate profits [3] International Expansion - Meituan's international business, particularly through Keeta, has shown strong growth in order volume and Gross Transaction Value (GTV) [4] - The company is optimistic about its expansion into Brazil and has already established a local team, while also achieving market leadership in Hong Kong and a top-two position in Saudi Arabia [4] - Meituan aims for Keeta to reach a GMV of 100 billion yuan within the next decade, reflecting confidence in its long-term growth potential [4]

一时间，美团似乎陷入了被动防守的泥潭，疲于应对家门口的战争。然而，战争的艺术在于打破常规， 你打你的，我打我的。当对手在你最核心的领 2025年的夏天，中国互联网的战火比天气更加炽热。京东、阿里携千亿补贴重兵压境，直捣美团外卖腹 地，一场惨烈的"三国杀"在即时零售领域白热化上演。 当敌人杀入腹地，最好的防守就是攻入对方的根据地。美团的棋局，不应只在外卖的"楚河汉界"上，更 应在零售电商的广阔战场。——编者按 ...

Core Insights - The recent subsidy war among major platforms like Meituan and Alibaba has led to an unprecedented surge in orders for tea and coffee products, significantly impacting both store staff and delivery riders [1][21][15] - The intense competition has resulted in record-breaking sales for many beverage stores, with some reporting order volumes doubling compared to the previous year [3][7][21] - Despite the increase in sales, the pressure on staff and delivery riders has intensified, leading to extreme working conditions and challenges in managing the overwhelming order flow [9][22][21] Group 1: Sales and Order Growth - Many beverage stores experienced a dramatic increase in orders, with some reporting a 30% week-on-week growth and a doubling of orders compared to the same period last year [3][21] - Specific stores, such as a Milk Tea shop, saw daily sales jump from approximately 13,000 yuan to 17,000 yuan, setting new revenue records [7] - The surge in orders is attributed to aggressive promotional activities, with drinks being offered at significantly reduced prices, sometimes as low as 0.01 yuan [1][7] Group 2: Operational Challenges - Stores had to rapidly increase staff numbers to handle the influx of orders, with some locations doubling their workforce from two to four employees [3][21] - The overwhelming volume of orders led to operational strain, with some stores temporarily halting services to manage the backlog [8][9] - Delivery riders faced similar challenges, with order volumes increasing by 1.5 times, leading to longer working hours and heightened stress levels [22][9] Group 3: Industry Dynamics - The competition among platforms is seen as a strategic move to capture market share in the high-frequency consumption category of tea and coffee, which is sensitive to pricing and social sharing [15][21] - The subsidy war has not only increased sales but also highlighted underlying issues in supply chain responsiveness and workforce management within the industry [22][21] - Industry experts predict that the current level of subsidies will continue until at least the end of August, but brands need to prepare for a post-subsidy marketing strategy [22][21]

Group 1 - Taobao launched a major offensive in the takeaway market by offering 100 million free drinks starting May 6, marking the beginning of a fierce competition among the three major players: Taobao, JD, and Meituan [2][3] - The competition intensified after JD entered the takeaway market, evolving from a two-player scenario between JD and Meituan to a "Three Kingdoms" battle, with significant subsidies being offered by all platforms [3][5] - The surge in online orders has led to increased demand for delivery personnel and resources, with some merchants reporting a need to double their supplies to meet the spike in orders [3][6] Group 2 - The competition for takeaway services is merely a facade, as the real focus is on the defense of instant retail business among Taobao, JD, and Meituan, indicating a broader ecosystem battle [5][6] - Instant retail competition has evolved beyond simple business categories, with Meituan expanding from food delivery to fresh produce and daily necessities, posing a threat to Taobao and JD's market share [5][6] - The instant retail market in China is projected to exceed 1.5 trillion yuan by 2025, with the three giants fiercely competing for market share, highlighting the lucrative nature of this "red ocean" market [6] Group 3 - The competition in instant retail is characterized by a focus on user engagement rather than just GMV growth, with platforms engaging in aggressive strategies including user incentives, product subsidies, and support for delivery personnel [6] - The strategic differences among the platforms reflect their approaches to user needs: JD focuses on high-end quality, Meituan targets frequent necessities, and Taobao emphasizes brand collaboration [6] - Meituan's comprehensive capabilities are recognized, with expectations that it may become the "default operating system" for instant retail, while JD needs to prove its supply chain adaptability and Alibaba faces challenges in ecosystem integration [6]