此外，迪拜也是美团无人机 Keeta Drone 配送的首个海外站点。自2024年底，美团无人机获得迪拜民航 局颁发的BVLOS无人机配送商业运营资质证书后，Keeta Drone已在迪拜启动多条航线的常态化运营， 为用户提供美食、饮品、甜品和药品等多种商品的飞行配送服务。 Keeta上线阿联酋后，将与Keeta Drone合力构建"地面+低空"的双履约网络，实现多场景、多业态的协同 发展。这也是美团"零售+科技"战略在国际化发展上的实践。 Keeta于2024年9月正式进入中东的沙特阿拉伯，运营已满一周年，通过持续为当地用户提供便捷可靠的 配送服务、丰富多元的商品选择以及经济实惠的价格，并助力商户、骑手等合作伙伴的长期发展， Keeta逐渐成为当地最受欢迎的外卖平台之一。 经过沙特市场近一年的耐心拓展和本地化经验积累，美团国际化业务在中东外卖市场已进入加速落地阶 段。今年8月19日，Keeta上线卡塔尔；9月15日，Keeta上线科威特；如今又进入阿联酋。 当地时间9月27日上午11点，美团旗下国际外卖品牌Keeta正式在阿联酋迪拜启动运营，这是Keeta继8月 上线卡塔尔、9月上线科威特后，40天内开拓的 ...

在去年的服贸会上，从科技"首发"到生活"趋势"，美团携旗下无人机、自动配送车、美团买药等亮相， 以科技驱动餐饮、住宿、休闲娱乐、文旅等业态融合发展，通过全景业务沙盘及城市智慧生活场景等展 示，让消费者感受线上线下一体化带来的便利性。 "今年服贸会，我们将以'即时零售助消费 科技创新促发展'为主题，展示美团在即时零售、业务出 海、科技创新、品质消费、食品安全等模块相关探索和工作成效。"美团相关负责人表示。 转自：国际商报 2025年服贸会将于9月10日至14日在北京首钢园举行。为积极响应商务部及北京市人民政府号召，美团 将在北京市商务局等部门的指导支持下第六次参展，向社会展示美团的零售科技形象，让消费者享受美 团提供的即时便捷服务，传递美团在零售业态创新提质上的社会价值。 "服贸会作为展示企业价值和社会形象的重要窗口，不仅能向公众展示企业最新成果及最前沿技术，更 能让企业扩大'朋友圈'，创造更多合作共赢机会。"美团相关负责人表示，对于美团而言，服贸会为企 业带来了向世界展示"零售＋科技"战略实施进展的窗口和机会，也让更多人了解到美团在承担企业社会 责任方面的举措和成果。 据悉，在即时零售模块，美团将以平台数据为 ...

本报讯 （记者梁傲男）7月29日，美团启动2026届校园招聘。此次招聘预计共招募6000人，覆盖技术、 产品、商业分析、运营、金融、零售、职能等10大类、100余种岗位，岗位涉及北京、上海、深圳、成 都、广州、香港、利雅得、迪拜、圣保罗（巴西）等全球数十个城市。值得关注的是，其中技术类岗位 占比超过三分之一，更多境外岗位面向应届生开放。 据悉，符合条件的高校同学7月29日起可通过美团招聘官网和"美团招聘"公众号投递岗位志愿，网申投 递将持续至10月底。 在"重视校招生招募和培养"的导向下，美团稳定、长期开展大规模的校园招聘。近两年，美团平均每年 入职超过6000名应届校招生，覆盖所有业务部门和岗位类型，2025年全年面向校园提供超15000个岗 位。美团招聘相关负责人表示，"美团一直坚持'零售+科技'战略，坚信只有依靠高科技才能在全世界范 围内'帮大家吃得更好，生活更好'，本次2026届校园计划招聘的6000人中，技术岗位占比超过了三分之 一。" 为帮助学子在就业过程中能够获得更好成长，美团为校招生建立了一套系统性培养机制，包括：通 过"美团萌芽校招生成长计划"和100%的导师配备，为校招生提供专属培养；通过 ...

Core Viewpoint - Meituan's Q1 2025 earnings report highlights robust growth across its business segments, driven by a "retail + technology" strategy and significant investments in the food service industry [1][2]. Financial Performance - Meituan reported Q1 revenue of approximately RMB 865.57 billion, a year-on-year increase of 18.1% [2] - The profit attributable to equity holders was about RMB 100.57 billion, reflecting a year-on-year growth of 87.3% [2] - The core local commerce segment's revenue grew by 17.8% to RMB 643 billion, with operating profit increasing by 39.1% to RMB 135 billion [2] - Adjusted EBITDA and net profit increased to RMB 123 billion and RMB 109 billion, respectively [2] - Operating cash inflow for Q1 was RMB 101 billion, with cash and cash equivalents totaling RMB 1,150 billion and short-term investments at RMB 654 billion as of March 31, 2025 [2] Business Strategy and Developments - The company plans to invest RMB 100 billion over the next three years to promote high-quality development in the food service industry [1][2] - Meituan's CEO expressed confidence in competing against rivals like JD.com, emphasizing the potential of the food delivery market [1][3] - The company is focusing on innovation in supply and service models to enhance user experience and create greater value for ecosystem partners [3] Market Trends and User Engagement - The local life service sector is witnessing new consumption scenarios, with a shift towards diverse, fast, high-quality, and cost-effective consumption patterns [2] - Meituan's core local business achieved steady growth, with revenue up 18% to RMB 643 billion and operating profit reaching RMB 135 billion [3] - The food delivery business continues to grow healthily, with increased user engagement and purchase frequency [3] New Business Initiatives - The new business segment's operating loss narrowed from RMB 28 billion to RMB 23 billion year-on-year [2][4] - Meituan's upgraded membership system integrates various lifestyle services, enhancing business synergy [4] Rider Income and Social Security Initiatives - The average monthly income for high-frequency riders ranged from RMB 7,230 to RMB 10,100, with top riders in major cities earning up to RMB 12,593 [5] - Rider income saw a significant increase, with a 12% rise in first-tier cities and over 8.5% in lower-tier cities compared to Q4 2024 [5] - Meituan is expanding social security coverage for riders, with pilot programs for pension insurance already underway in select cities [5][6]

Core Viewpoint - Meituan continues to focus on the "retail + technology" strategy, investing in technological innovation to enhance efficiency in the retail industry, with a quarterly R&D expenditure of 5.8 billion yuan and record high annual transaction users and active merchants [1][4]. Financial Performance - In the first quarter, Meituan reported revenue of approximately 86.557 billion yuan, a year-on-year increase of 18.1%, and a profit attributable to equity holders of approximately 10.057 billion yuan, up 87.3% [3]. - The core local commerce segment's revenue grew by 17.8% year-on-year to 64.3 billion yuan, with operating profit increasing by 39.1% to 13.5 billion yuan [3][6]. - The first quarter saw operating cash inflow of 10.1 billion yuan, with cash and cash equivalents and short-term investments totaling 115 billion yuan and 65.4 billion yuan, respectively, as of March 31, 2025 [4]. Business Development - The core local commerce segment achieved steady growth, with revenue increasing by 18% to 64.3 billion yuan and operating profit reaching 13.5 billion yuan, a 39.1% year-on-year increase [6]. - The takeout business maintained healthy growth, with user stickiness and purchase frequency further enhanced. Meituan's "brand satellite store" model has helped over 480 brands open 3,000 high-quality satellite stores [6]. - Meituan's flash purchase service saw significant growth, with daily order volume nearly doubling on Valentine's Day, and cumulative transaction users exceeding 500 million, primarily among young consumers [6]. New Business Initiatives - The new business segment's operating loss narrowed to 2.3 billion yuan year-on-year, with international business making progress, particularly in Saudi Arabia and plans to enter Brazil [7]. - The average monthly income for high-frequency riders ranged from 7,230 yuan to 10,100 yuan, with skilled riders in major cities earning up to 12,593 yuan [9]. - Meituan has initiated pilot programs for rider social security, with plans to expand coverage to over one million riders nationwide [9][10].

Core Insights - Meituan is diversifying its investments in the robotics sector, focusing on companies with different technological paths to avoid missing out on potential star companies like Yushun [1][5][7] - The company has been strategically investing in various types of robots, including cleaning robots, hotel robots, collaborative robots, and humanoid robots, aligning with its "retail + technology" strategy [1][8] - Meituan's recent investment in Self-Variable Robotics, which focuses on developing general-purpose embodied AI models, highlights its commitment to advancing robotics technology [3][4] Investment Strategy - Meituan's investment in Self-Variable Robotics is notable as it marks a significant move in the robotics field, with the company leading a multi-million dollar Series A funding round [1][3] - The founder of Self-Variable Robotics, Wang Qian, emphasizes the importance of real-world data for developing robots with fine operational capabilities, showcasing the company's innovative approach [4] - Meituan's dual investment strategy reflects its understanding of the diverse technological routes in the robotics industry, allowing it to hedge against potential misjudgments in technology paths [5][10] Market Positioning - Meituan has previously invested in various robotics companies, including Yushun Technology and Galaxy General Robotics, indicating a strong interest in the robotics market [7][9] - The company is leveraging its investments to enhance its ecosystem, particularly in service scenarios where technology consensus has not yet been established [10] - Meituan's strategic partnerships, such as the collaboration with Galaxy General Robotics to create a humanoid robot pharmacy solution, demonstrate its commitment to integrating robotics into practical applications [9]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [10] Core Views - Meituan has established a robust competitive advantage in the local lifestyle service sector, leveraging its historical strengths from the group-buying era and its extensive merchant resources. The company is expected to achieve significant revenue growth, with projected revenues of 393.4 billion, 441.5 billion, and 488.1 billion CNY for 2025, 2026, and 2027 respectively, alongside adjusted net profits of 50.6 billion, 60.5 billion, and 72 billion CNY for the same years [3][10]. Summary by Sections Introduction: Who Dominates Local Life? - The entry of platforms like Douyin into local lifestyle services has shifted the competitive landscape, making it a key factor influencing Meituan's valuation. The report reviews Meituan's past strategic organization and business expansion to reaffirm its competitive moat in the local lifestyle sector [5][18]. Strategic Organizational Changes and Competitiveness - Meituan's strategic and organizational capabilities are encapsulated in a three-force model: strategic insight, organizational structure, and dynamic iteration. The company has undergone five organizational adjustments in 2024 to enhance its "Retail + Technology" strategy, focusing on streamlining its structure and improving synergy between its delivery and in-store services [6][26]. Three-Sided Transaction Network and Competitive Moat - Meituan has built a comprehensive ecosystem that connects users, merchants, and delivery services, creating a strong network effect. The company has a user base of 700 million annual transaction users and a vast merchant network, which enhances trust and reduces information asymmetry. The report highlights that Meituan's user engagement and merchant efficiency are superior, providing a significant competitive edge [7][8][36]. User Engagement and Community Ecosystem - The report emphasizes the maturity of Meituan's user community and transaction search mindset, which has been cultivated over years of engagement. Despite competitors like Douyin having larger public traffic pools, Meituan's effective distribution of local lifestyle transaction traffic remains competitive [7][8]. Merchant Efficiency and Category Expansion - Meituan's long-term operational efficiency and high potential for category expansion are noted. The company has established a strong marketing ROI for merchants, which is critical for their long-term investment decisions. New entrants face challenges in matching Meituan's established operational efficiencies and trust-based consumer relationships [8][36]. Fulfillment and Operational Barriers - The report discusses the high operational costs associated with building a self-owned delivery system, which creates significant barriers for new entrants. Meituan's investment in advanced algorithms for order dispatch and route optimization further solidifies its operational moat [8][36]. Investment Recommendations and Profit Forecasts - The report projects Meituan's overall revenue and adjusted net profit growth for 2025-2027, reinforcing the "Buy" rating based on the company's strategic positioning and market potential [3][10].