去年9月，美团在沙特正式上线，开启国际化第二站。 不到一年时间，美团已在沙特落地生根，同时还在拓展其他中东市场版图。美团的国际化扩张步伐，还在加快。 沙特业务扩张新阶段 7月29日，Keeta 宣布进入沙特业务扩张新阶段，新增11个覆盖城市。与此前已覆盖的枢纽城市（利雅得、吉达、麦加、麦地那以及大达曼地区等）相结 合，Keeta 的服务已扩展至沙特全国20个城市。 据新闻稿，Keeta 已在沙特11个新城市与近7500家商户建立合作关系，并在启动阶段部署了超过18,000名额外骑手，创造了灵活就业机会和新的经济机遇。 在扩张计划中加入的餐厅和商户，包括许多沙特本土品牌以及麦当劳、肯德基、赛百味和星巴克等国际知名品牌。 通过免配送费、拉新优惠等策略，Keeta 在沙特进展很快。据咨询公司 Redseer 年初估算，进入沙特后不到五个月，Keeta 已经获得了约10%的市占率，位居 第三。Keeta 这一"鲶鱼"的进入，也带动了沙特整体外卖配送市场规模的增长（2024年 GMV 增长约23%），用户使用率和订单频率都有所增加。 咨询公司 Redseer 估算的沙特外卖市场份额变化情况 Redseer 年初估算沙特 ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [5] Core Insights - The core local business of Meituan has shown excellent profit release, with a revenue of 866 billion yuan in Q1 2025, representing an 18% year-on-year growth. The adjusted net profit reached 109 billion yuan, a 46% increase year-on-year, with an adjusted net profit margin of 13%, up 3 percentage points [1][9] - The company is expected to increase subsidies starting Q2 2025 to maintain its competitive edge amid rising competition, particularly in the food delivery segment [2][19] - The flash purchase business has seen a 30% increase in order volume year-on-year, with a historical high in profit margins, and the company plans to enhance subsidies to expand market reach [3][22] - The in-store business is experiencing strong growth, particularly in lower-tier cities, with a 33% increase in GTV year-on-year [4][23] - New business segments, particularly overseas food delivery, are actively expanding, with a 19% increase in revenue year-on-year, although operating losses have also increased [27] Summary by Sections Financial Performance - In Q1 2025, Meituan achieved a revenue of 866 billion yuan, with a year-on-year growth of 18%. The core local business generated 643 billion yuan in revenue, also up 18% year-on-year. The operating profit for the core local business was 135 billion yuan, a 39% increase year-on-year, with an operating profit margin of 21% [1][9][17] Business Segments - The food delivery segment saw a 10% increase in order volume year-on-year, with a revenue growth of 14%. The average order value (AOV) decline has continued to narrow [2][19] - The flash purchase segment's revenue grew approximately 33%, with operating profit reaching 800 million yuan [3][22] - The in-store business's revenue increased by 21% year-on-year, with a focus on expanding in lower-tier cities [4][23] Future Outlook - The company maintains a positive long-term outlook, expecting adjusted net profits of 447 billion yuan, 587 billion yuan, and 718 billion yuan for 2025, 2026, and 2027, respectively [7][29] - The competitive landscape is anticipated to remain challenging, but Meituan's operational capabilities and compliance improvements are expected to support sustainable growth [7][29]