Core Viewpoint - The company is expected to face significant pressure on profits due to intensified competition in the food delivery and instant retail sectors, despite an increase in order volume. Group 1: Financial Projections - For Q2 2025, the company anticipates adjusted net profit to be 7.7 billion yuan, with revenue expected to grow by 13% year-on-year to 92.9 billion yuan, resulting in an adjusted net profit margin of 8.3% [1] - The company's core local business operating profit is projected to decline by 33% year-on-year to 10.2 billion yuan, with an operating profit margin (OPM) of 15.2% [1] - The overall operating profit margin for the core local business is expected to decrease to 12.6% for the full year, with a total operating profit of 35.3 billion yuan, reflecting a 33% year-on-year decline [2] Group 2: Competitive Landscape - The food delivery market is experiencing heightened competition, particularly with competitors like JD.com and Taobao launching aggressive subsidy campaigns, which have led to a significant increase in order volume [1] - The company has responded to competition by implementing various promotional strategies, including large consumer coupons and new product offerings, which have resulted in a 14% year-on-year increase in food delivery order volume for Q2 2025 [1] - Instant retail orders have also surged, with peak order volume reaching 150 million, driven by the company's participation in promotional events [2] Group 3: New Business Developments - The company has decided to further scale back its Meituan Youxuan business, leading to a reduction in expected losses for new businesses from 10.4 billion yuan to 6.7 billion yuan for the year [2] - Despite the reduction in losses, the revenue growth forecast for new businesses has been adjusted down to 10% due to limited contributions from overseas expansion and the closure of operations in many regions [2] Group 4: Valuation Adjustments - The company has revised its adjusted net profit forecasts for 2025 and 2026 down by 30% and 19% respectively, now projecting 28.6 billion yuan and 43.8 billion yuan [2] - The target price has been lowered by 12.4% to 155 HKD, reflecting a 20 times adjusted price-to-earnings ratio for 2026, with a potential upside of 23.5% [2]

问：上周六单日你们订单量创了历史记录—— 1.5亿单，阿里有人推测说，你们在当天可能烧掉了8个 亿。 王莆中：我们没有花8个亿，实际投入远比阿里少。 问：阿里高调继续掀起外卖大战，开局就是500亿补贴投入，你听到这个消息的第一反应是什么？ 美团核心本地商业CEO王莆中：肯定是一个非理性的竞争，非理性是说他们觉得打500亿会吓到我们， 赌我们跟不起，毕竟电商行业的头部公司利润很多嘛。何况还定了一个激进的目标 —— 希望在单量上 超过我们。 但他们很快会发现，我们不仅跟得起，而且用了比他们少得多的资源在跟。 ...

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 ...