财通证券（601108）发布研报称，美团-W(03690)为国内本地商业龙头，长期壁垒稳固，短期竞争扰动 不改长期价值，作为国内领先的本地商业平台，正以探寻新业务增量为主要方向。首次覆盖，给予"增 持"评级。该行预计公司2025-2027年公司营收分别为3662/4174/4689亿元。 外卖业务加速拓展海外市场，在香港与沙特等地区均取得积极进展，Keeta香港业务在今年10月已经盈 利且2025Q3单季度UE指标环比显著增长，今年继续拓展中东、拉美地区。美团国际化战略虽起步较 晚，但从长期战略视角出发，其在全球本地生活服务市场的布局有望显著拓宽公司TAM边界，并为未 来盈利增长创造结构性弹性。 风险提示：宏观经济及消费需求恢复不及预期，即时零售行业竞争加剧风险，监管政策不及预期，海外 市场风险。 财通证券主要观点如下： 国内领先本地商业平台，积极探寻新业务增量 美团作为国内领先的本地商业平台，核心业务涵盖餐饮外卖、闪购及到店酒旅业务，并积极开发小象超 市、快驴等新业务以及拓展海外市场。整体来看，宏观经济是最大的贝塔，下游服务业相较商品零售更 高的增速和相对更强的可选属性决定平台成长性及弹性亦更大；线上化率提 ...

Investment Rating - The report assigns an "Accumulate" rating for Meituan-W (03690) [2] Core Insights - Meituan is a leading local business platform in China, actively exploring new business increments while facing short-term profit pressure due to increased competition in its core local commerce segment [7][19] - The company is expanding its overseas market presence, which is expected to significantly broaden its Total Addressable Market (TAM) and create structural growth opportunities for future profitability [7][22] - Despite short-term losses, the long-term value of Meituan remains intact due to its established competitive advantages and operational efficiencies [7][30] Summary by Sections Company Overview - Meituan, founded in March 2010, has evolved into a comprehensive platform offering various local services, including food delivery, hotel bookings, and travel services [10] - The revenue structure for 2024 is projected to consist of 74% from core local commerce and 26% from new businesses [13] Q3 2025 Performance Review - In Q3 2025, Meituan reported revenue of 95.5 billion yuan, a year-on-year increase of 2%, but below market expectations [18] - The core local commerce segment generated revenue of 67.4 billion yuan, down 2.8% year-on-year, primarily due to increased subsidies impacting delivery service revenue [19] Competitive Landscape - The report highlights the competitive pressures from rivals like JD and Alibaba, which have intensified the subsidy wars in the food delivery market [24] - Meituan's operational efficiency and established market presence provide a strong defense against these competitive threats [25] International Expansion - Meituan's overseas expansion, particularly through its Keeta brand, has shown promising results in markets like Hong Kong and Saudi Arabia, with plans to further penetrate the Middle East and Latin America [22][29] Financial Forecast and Valuation - Revenue projections for 2025-2027 are estimated at 366.2 billion, 417.4 billion, and 468.9 billion yuan, respectively, with expected adjusted net profits of -17.4 billion, 17.1 billion, and 40.3 billion yuan [30][31] - The report emphasizes that while short-term losses are anticipated, the long-term outlook remains positive due to the company's solid market position and competitive advantages [30]

外卖大战大半年后，阿里交出了利润跳水的业绩答卷。11月25日，阿里最新财报显示，报告期内阿里收 入同比微增5%。但同时，盈利显著承压，公司期内经营利润同比大幅下滑85%。 京东作为最早的发起方，外卖身影退后，与几个月前高调的闯入者姿态截然不同。然而，京东很快又在 酒旅、七鲜小厨等业务上高调官宣，战场顺势向到店业务转移。 尽管最新的财报尚未集齐，从上个季度数据已经能清晰看到得失。 横向对比，在外卖大战的帮助下，阿里、京东、美团的营收均稳步攀升，但净利润却双位数下滑，业绩 冰火，冷暖自知。 三季度是外卖大战炮火猛烈的阶段，阿里猛攻美团为主线，三家巨头几个月烧掉数百亿，将外卖行业的 订单峰值从一天1个亿做大到2.5亿。 大力出奇迹。若放在大平台身上，这是聚焦短期目标的合理战术。用巨资补贴冲高任何单一数字，打外 卖战更是立竿见影。 外卖不是新兴行业，自身讲不出新故事。算不上风口，比不了AI，几乎成为电商零售线上最便宜的赛 道，但如今，几个巨头却愿意为了争夺几杯奶茶，打一场最贵的商战。 巨头，都不是什么"冤大头"。 阿里从未孤立地看待闪购业务，而是将其放到整体的中国电商大盘中考虑。重金砸向外卖，用大手笔补 贴换来的，不 ...

Core Points - DoorDash has completed the acquisition of Deliveroo, enhancing its position as a global leader in local commerce [1][3] - The acquisition was finalized following court sanction and is expected to benefit both companies by leveraging DoorDash's scale and resources [2][3] Company Overview - DoorDash is a leading global local commerce platform founded in 2013, operating in over 30 countries and focusing on technology and logistics to drive economic vitality [4] - Deliveroo, also founded in 2013, partners with approximately 176,000 restaurants and retailers, serving around 7 million monthly active consumers in 2024 [5][6]

王兴称，美团可能会在短期内在财务情况上出现波动，会坚持公平有序的竞争原则，会按照承诺增加生 态投资，预计2025年第二季度核心本地商业收入的增长率会低于去年同期，营业利润率同比大幅下降， 无法预计行业内的非理性竞争会持续多久，相信美团能够捍卫和巩固自己的地位。（澎湃） ...