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美团-W(03690.HK):积极应对外卖竞争 短期业绩承压
Ge Long Hui· 2025-07-19 11:30
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]
优选退出亏损城市,美团跳出内卷|36氪独家
36氪· 2025-06-24 13:35
以下文章来源于36氪未来消费 ,作者任彩茹 36氪未来消费 . 在这里看到消费的未来。36氪旗下官方账号。 在即时零售大潮登上舞台之前,新业务减亏是美团过去一个时期的主命题,美团优选则是减亏的重中之重,"无论做下去还是关 停,必然都顶着压力。"一位美团人士对36氪表示。 文 | 任彩茹 编辑 | 乔芊 来源| 36氪未来消费(ID:lslb168) 封面来源 | Ic photo 36氪从多个独立信源处获悉,美团优选退出亏损城市,保留广东、杭州等地业务。内部曾在上周讨论这一决策,今日最终落 定。美团优选团队不少人转而参与最新启动的下业务"N项目",负责线下门店营运工作,其余人则内部寻求活水。 去年以来,美团优选的业务动向主要涉及组织调整 和 商品策略调整。 组织层面,中台化思路明确。一位接近美团优选人士告诉36氪,2024年9月,内部启动一轮架构调整,将原有的17个省区整合 为9个,目的是"降本增效"。此外, 运营条线与商分条线加强协同,意在用实际的业务数据形成策略指导,这也是美团做业务 的一贯方式。 商分的重要性提升,进一步促进了美团优选的商品策略调整。据36氪了解,在2024年持续的"新业务减亏"导向下, ...
美团优选退出亏损城市
news flash· 2025-06-23 07:39
从多个独立信源处获悉,美团优选宣布关停部分区域运营,保留广东、杭州等地业务。内部曾在上周讨 论这一决策,今日最终落定。美团优选团队不少人转而参与最新启动的小象超市线下业务"N项目",负 责线下门店营运工作,该项目由高雨龙负责,其余人则内部寻求活水。在即时零售大潮登上舞台之前, 新业务减亏是美团过去一个时期的主命题,美团优选则是减亏的重中之重,"无论做下去还是关停,必 然都顶着压力。"一位美团人士对36氪表示。(36氪) ...
优选退出亏损城市,美团跳出内卷|独家
3 6 Ke· 2025-06-23 07:38
Core Viewpoint - Meituan's decision to shut down operations in certain regions while retaining business in Guangdong and Hangzhou reflects a strategic shift towards reducing losses in its Meituan Youxuan segment, with a focus on transitioning resources to the new offline project "N Project" led by Gao Yulong [1][2] Group 1: Business Adjustments - Meituan Youxuan has undergone significant organizational restructuring, consolidating from 17 provinces to 9 to achieve cost reduction and efficiency [2] - The integration of operational and commercial divisions aims to leverage business data for strategic guidance, aligning with Meituan's operational philosophy [2] - The overall scale of Meituan Youxuan has decreased from over 1 trillion to approximately 700-800 billion, with a heightened focus on improving profit margins [2] Group 2: Product Strategy Changes - The emphasis on profitability has led to a rapid reduction in promotional products, private label items, and subsidies, with a notable withdrawal of white-label products [2] - The strategy has shifted to prioritize higher profit margins across various product categories, even affecting traditionally low-margin items like eggs [2] Group 3: Competitive Landscape - Since August 2024, Meituan Youxuan has reduced its focus on competitor Duoduo Maicai, indicating a shift in strategy to concentrate on its own market strengths [3] - The contrasting business models between Meituan and Duoduo Maicai highlight the challenges Meituan faces in adapting to a platform-based revenue model, which includes multiple income streams [3] - The transition to the "N Project" signifies Meituan's latest strategic pivot towards offline operations, emphasizing the importance of brand development and supply chain capabilities [3]
优选退出亏损城市,美团跳出内卷|独家
36氪未来消费· 2025-06-23 07:16
在即时零售大潮登上舞台之前,新业务减亏是美团过去一个时期的主命题,美团优选则是减亏的重中之重,"无论做下去还是关停,必然都顶着压 力。"一位美团人士对36氪表示。 去年以来,美团优选的业务动向主要涉及组织调整 和 商品策略调整。 组织层面,中台化思路明确。一位接近美团优选人士告诉36氪,2024年9月,内部启动一轮架构调整,将原有的17个省区整合为9个,目的是"降本 增效"。此外, 运营条线与商分条线融合, 由李鹏举负责, 意在用实际的业务数据形成策略指导,这也是美团做业务的一贯方式。 小象超市"N项目"交由优选团队负责。 作者 | 任彩茹 编辑 | 乔芊 36氪从多个独立信源处获悉,美团优选宣布在全国绝大多数区域关停,保留广东、杭州业务。内部曾在上周讨论这一决策,今日最终落定。美团优选 团队不少人转而参与最新启动的 小象超市 线下业务"N项目", 负责线下门店营运工作, 该项目由高雨龙负责,其余人则内部寻求活水。 关停优选,启动聚焦线下、对标盒马NB的"N项目",是美团在新业务上的最新变化。"如果这个模式要做起来,自有品牌必须做好。"上述人士称,不 变的是,商品力及其背后的供应链能力,依然是最重要的那道题。 ...