格隆汇8月27日｜美团(3690.HK)：2025年Q2营收918.4亿元，同比增长11.7%，预估936.9亿元；经调整 净利润14.93亿元，预估98.5亿元。 2025年第二季度，美团核心本地商业分部收入同比增长7.7%至人民币653亿元。美团称，受本季度开始 的非理性竞争影响，经营溢利同比下降75.6%至人民币37亿元，经营利润率同比下降19.4个百分点至 5.7%。由于外卖行业竞争激烈，于2025年第二季度，美团核心本地商业分部的经营溢利同比大幅下降 至人民币37亿元。同时，由于海外扩张，新业务分部的经营亏损同比扩大至人民币19亿元。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com ...

Core Viewpoint - JD.com is significantly enhancing the welfare system for its delivery riders, investing 2 billion yuan to cover social security, seasonal subsidies, and equipment upgrades, aiming to improve rider satisfaction and retention in a competitive market [1][3]. Group 1: Welfare Upgrades - As of Q2 2023, JD.com has over 150,000 full-time delivery riders and is implementing a comprehensive social security plan, including pension, medical, unemployment, work injury, maternity insurance, and housing fund contributions [1][3]. - In Beijing, a full-time rider's actual income may fluctuate due to personal contributions, but JD.com promises a "tiered subsidy" to ensure net pay remains at least at the industry average [3]. - JD.com is introducing seasonal allowances for extreme weather, providing an additional 300 yuan per month during summer and winter months to help riders cope with harsh conditions [3]. Group 2: Competitive Landscape - Other platforms like Meituan and Ele.me are also increasing rider subsidies, with Meituan testing a career development plan for senior riders and Ele.me offering health insurance through Alipay [4][5]. - The competition among JD.com, Meituan, and Ele.me is intensifying, with all three investing billions in subsidies to capture market share [6]. - Recent data shows Meituan's order volume reached 150 million, while Ele.me's daily order volume surpassed 80 million, indicating a robust demand in the instant retail sector [6]. Group 3: Industry Implications - The welfare upgrades for riders may trigger a chain reaction in the industry, shifting focus from mere logistics competition to talent and service quality competition, fostering a healthier and more sustainable ecosystem for instant retail [6].

Financial Summary - Meituan's total revenue for Q1 FY25 was RMB 866 million, showing a year-over-year growth of 18.1% [1] - Gross profits reached RMB 324 million, with a gross profit margin (GPM) of 37.4% [1] - Operating profits were RMB 106 million, with an operating profit margin (OPM) of 12.2% [1] - Adjusted net profits for Q1 FY25 were RMB 97 million, reflecting a net profit margin (NPM) of 11.4% [1] Business Segments - Local commerce revenue was RMB 634 million, with a year-over-year growth of 17.8% [1] - Delivery service revenue was RMB 251 million, showing a year-over-year increase of 22.1% [1] - Commission revenue was RMB 241 million, with a year-over-year growth of 20.1% [1] - Marketing service revenue was RMB 119 million, reflecting a year-over-year increase of 15.1% [1] Strategic Initiatives - The company plans to invest RMB 100 billion over the next three years to enhance supply chain upgrades, merchant digital transformation, and stimulate consumer demand [2] - Meituan has launched "Meituan Flash Purchase" and "Meituan Little Elephant" brands for 30-minute delivery of daily necessities, collaborating with millions of retailers and brands [2] - The company is focusing on improving its membership system across various services, allowing users to accumulate points for benefits [5] Competitive Landscape - The management noted that high-intensity subsidies in the industry have stimulated demand for certain categories, particularly beverages, while maintaining stable growth in other food categories [6] - Meituan's established delivery network and system stability have helped it maintain order volume despite competitive pressures, enhancing user loyalty [8] - The company recognizes that some competitors' subsidy strategies may lead to unsustainable practices and lower service quality [7]

Group 1 - The core viewpoint of the article highlights Meituan's determination to compete aggressively against competitors like JD.com, particularly in the food delivery sector, emphasizing the company's commitment to winning at all costs [1] - Meituan's CEO Wang Xing acknowledges the intense competition in the industry and expresses confidence in the company's ability to succeed, drawing on past experiences of overcoming similar challenges [1] - The article notes that Meituan recognizes the significant potential of the food delivery market and welcomes new entrants, while also pointing out that some current subsidies in the industry are irrational and associated with low quality and low prices [1]

Core Viewpoint - The intense competition between JD.com and Meituan in the food delivery sector has led to significant stock price declines for both companies, raising concerns about their future performance [1][2]. Group 1: Market Impact - Since April, JD.com’s stock has dropped approximately 20%, while Meituan’s stock has fallen over 17%, indicating market apprehension regarding the impact of their rivalry on financial results [1]. - Investors who purchased HKD 10,000 worth of shares in either company at the beginning of April may have incurred losses exceeding HKD 1,000 [1]. Group 2: Competitive Landscape - Meituan holds a clear advantage in the food delivery market, having survived intense competition to become an industry leader, showcasing strong market adaptability and user loyalty [2]. - JD.com possesses significant logistics and delivery capabilities, which may allow it to disrupt the food delivery sector effectively, supported by its robust financial resources [2]. Group 3: Financial Performance - Both companies have experienced fluctuations in profitability; JD.com achieved profitability in 2019, faced losses in 2021, and returned to profitability in 2022, projecting a net profit of 41.4 billion yuan for 2024 [3]. - Meituan similarly began to turn a profit in 2019, faced losses in 2021 and 2022, and is expected to report a profit of 35.8 billion yuan for 2024 [3]. - The ongoing competition may pressure both companies financially, as they engage in substantial cash-burning subsidy strategies to capture market share [3]. Group 4: Future Outlook - The future trajectory of the competition remains uncertain, with both companies likely to continue aggressive strategies in the food delivery market [3]. - Healthy competition that does not compromise consumer rights or lead to monopolistic practices is essential for long-term industry growth and social economic benefits [4].

Core Viewpoint - The competition between Meituan and JD in the food delivery sector has intensified, with both companies making significant moves to attract riders and consumers, indicating a shift in industry dynamics [1][24]. Group 1: Industry Dynamics - The number of food delivery riders in China has exceeded 10 million, highlighting the scale of this workforce [1]. - JD's founder, Liu Qiangdong, has set a rule that JD's food delivery profits should not exceed 5%, aiming to reshape industry standards [2]. - JD has announced that it will cover all costs for the "five insurances and one fund" for full-time riders starting from March 2025, which includes various social security benefits [6]. Group 2: Competitive Strategies - JD's food delivery service has achieved over 1 million daily orders within 40 days of launch, although it faced operational challenges due to high demand [7]. - Meituan has implemented algorithm improvements to eliminate penalties for riders who exceed delivery times, shifting towards positive incentives [11]. - Meituan plans to provide social security for over 1 million riders by 2025, reflecting its commitment to rider welfare [13]. Group 3: Market Positioning - Meituan and Ele.me have historically dominated the food delivery market, but the entry of JD has introduced new competition [24]. - Ele.me has also begun enhancing rider rights and benefits, indicating a broader industry trend towards improving conditions for delivery personnel [20][23]. - The competition among these platforms is expected to benefit consumers, merchants, and riders, potentially leading to increased market growth [34]. Group 4: Financial Performance - JD reported a record revenue of 1,158.8 billion yuan in 2024, with a net profit increase of 71% [33]. - Meituan achieved a revenue of 337.6 billion yuan in 2024, with a net profit surge of 158% [33]. - Both companies are showing strong cash flow, with JD's net cash flow from operating activities at 58.1 billion yuan and Meituan's at 57.1 billion yuan [33].

Core Insights - The competitive landscape of the food delivery market is changing, with JD.com entering the market using a differentiated strategy to challenge Meituan, focusing on user experience and delivery management [1][6] - JD.com has launched a "100 Billion Subsidy" initiative to attract consumers, resulting in lower prices for customers compared to Meituan [5][6] - The long-term sustainability of subsidy-driven strategies remains uncertain, as the industry needs to establish a win-win ecosystem for riders, consumers, merchants, and platforms [1][6] Delivery Performance - JD.com has demonstrated faster delivery times compared to Meituan, with a reported 14-minute advantage in certain cases [2] - However, there are instances where JD.com's delivery times lag behind Meituan due to operational challenges, such as changing delivery riders mid-order [2][3] Rider Incentives and Preferences - JD.com offers higher delivery fees and incentives for riders, making it an attractive option for those delivering food [3][4] - Many riders prefer to work across multiple platforms to maximize their income, indicating a cautious approach towards committing to a single platform [3][4] Market Penetration and Brand Presence - JD.com has a limited selection of well-known restaurant brands on its platform compared to Meituan, which has a stronger local brand presence [4][5] - As of late March, JD.com has expanded to 126 cities with over 400,000 restaurant partners, while Meituan reported over 770 million transaction users and 14.5 million active merchants [5] Industry Dynamics - The entry of JD.com into the food delivery market is seen as a necessary move to diversify its business and enhance platform activity [6] - The sustainability of high subsidies for riders and consumers raises questions about the long-term viability of both JD.com and Meituan in maintaining competitive pricing while ensuring profitability [6]