Core Insights - Meituan's Q1 revenue and adjusted profit exceeded market expectations, with total revenue reaching 86.6 billion yuan, a year-on-year increase of 18% [1] - The core local business operating profit grew by 39% year-on-year, surpassing market expectations by 10% [1] - The company reported record high annual active users and merchants, indicating strong market presence [1] Financial Performance - Q1 total revenue was 86.6 billion yuan, slightly above market expectations by 1.4% [1] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46% year-on-year increase, exceeding market expectations by 18% [1] - Core local business revenue increased by 18% year-on-year, with operating profit margin improving by 3 percentage points to 21% [1][2] Business Segments - Delivery, commission, and online marketing revenues grew by 22%, 20%, and 15% year-on-year, respectively [2] - The food delivery segment saw an increase in user order frequency, with daily order volume growth estimated at around 10% [2] - Instant retail and travel segments also showed strong growth, with non-food orders in instant retail increasing over 60% year-on-year [2] Competitive Landscape - Management emphasized commitment to compete effectively, planning to invest 100 billion yuan over the next three years to enhance supply chain and merchant digital transformation [2] - Despite competitive pressures, Meituan's food delivery segment maintained steady growth in daily order volume [2] Financial Forecast and Valuation - For Q2, total revenue is expected to grow by 13%, with core local business and new business revenues projected to increase by 10% and 21%, respectively [3] - The company anticipates a 15% year-on-year increase in total revenue for 2025, with adjustments made to core local business profit forecasts [3] - The valuation for core local business is set at 18 times the 2025 operating profit, with a target price adjustment to 177 HKD, indicating a potential upside of 34% from recent closing prices [3]

一场漂亮的逆袭战 当饿了么与淘宝联合宣布淘宝闪购日订单量突破4000万单时，整个零售行业为之震动。这一数字不仅刷新了即时零售的增长纪录，更标志着阿里在本地生活 服务领域打了一场漂亮的翻身仗。 爆发式增长背后的双引擎 从5月5日突破1000万单到20天后飙升至4000万单，淘宝闪购的爆发式增长源于"超级补贴+高频场景"的双重驱动。平台推出的"满25-15"、"18元免单"等优惠 活动，假期返工第一天，配合"免单1亿杯奶茶"等营销噱头，成功点燃了消费热情。特别是看图猜数字的互动玩法，不仅引发社交平台热议，更带动了奶茶 等品类的爆单现象。 5.0周正版 音图 信誉: 张图看懂淘宝免单 0/看图猜数字 猜数字:藏地八大神山之首 国 淘宝app搜「淘宝免单」 a @万能的淘宝 查看题目 插轴入编辑 02 找历史皇贝 选择订单参与漫 输入金额后,选择你的历史 宝贝进行凑单 *历史宝贝为2024年5月1日至2025年4月30日在 淘宝确认收货时订单 *历史宝贝金额抹零后计算,如答案为「258元」, 订单支付金额在「258.00-258.99」均可 段的答案: ¥510 @ 选历史订单,凑齐金额抢免单 0 引组队凑会额 34 ...

Core Insights - Meituan's subsidiary, Keemart, has officially launched in Saudi Arabia, marking the company's entry into the international market for its "front warehouse + instant retail" business model [1] - The launch of Keemart is part of Meituan's broader strategy to expand its footprint in the rapidly growing instant retail sector, which is expected to see increased competition [1][6] Group 1: Market Entry and Strategy - Meituan's previous experience with its food delivery service, Keeta, in Saudi Arabia has laid a foundation for the launch of Keemart, providing insights into local market conditions and consumer behavior [2][3] - CEO Wang Xing emphasized the company's commitment to deepening its presence in the Saudi market, with Keeta already covering all major cities with populations over one million [4] - Meituan plans to replicate its successful business model in Saudi Arabia and Brazil, viewing both markets as significant growth opportunities [4] Group 2: Market Potential and Competition - Saudi Arabia boasts a high internet penetration rate of 90%, creating a favorable environment for online retail growth [5] - The grocery delivery market in Saudi Arabia is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 18.2%, expected to reach $2.8 billion by 2028 [6] - The demand for instant delivery services is increasing, particularly among the younger population, which constitutes 63% of the total population [9] Group 3: Competitive Landscape - The instant grocery delivery market in Saudi Arabia is competitive, with local players like Hunger Station and Jahez already established, alongside new entrants like Rabbit Mart [9][14] - Meituan's Keemart will face challenges from both local competitors and other international companies, including Dingdong Maicai, which has also targeted Saudi Arabia for expansion [10][12] - Dingdong Maicai has reportedly shifted its strategy to avoid direct competition with Meituan in the C-end instant retail space due to high operational costs and complex local market dynamics [12][13]

据了解，今年4月，美团正式发布即时零售品牌"美团闪购"。当时美团闪购宣布，品牌定位为"24小时陪 伴消费者的新一代购物平台"，联合全国近3000个县市区旗的零售商、品牌商与本地中小商家，服务全 国10亿消费者的日常购物需求。美团闪购对美团大盘业绩增长的贡献也愈发明显。最新的一季度财报显 示，美团核心本地商业业务板块的营收增长18%至643亿元。截至今年3月底，美团闪购累计交易用户数 超5亿，90后的年轻消费者占比达到三分之二。当前，美团非餐饮品类即时零售日单量已突破1800万 单。 即时零售赛道在今年以来呈现愈发火热的竞争态势。同在今年4月，淘宝天猫旗下即时零售业务"小时 达"正式升级为"淘宝闪购"，并在淘宝App首页以"闪购"一级流量入口展示，同时还与饿了么"超百亿补 贴"同日上线，前者能快速使用饿了么既有社会化仓配、骑手运力等本地基础设施。去年10月，饿了么 发布战略级项目"近场品牌官方旗舰店"，计划未来3年内开出10万家官方旗舰店，剑指万亿市场规模的 即时电商。 南都记者进入"美团618"活动页面看到，首先映入眼帘的就是"一键领取618元神券"，页面显示的精选品 类包括"美团外卖""美团闪购""闪购酒饮 ...

Core Viewpoint - Meituan officially announced its participation in the 618 shopping festival, launching a comprehensive promotional campaign covering "food delivery + shopping," aiming to leverage its strengths in instant retail, including immediacy, full-scenario offerings, and high subsidies [1][11]. Policy Benefits - Meituan is distributing a 618 yuan coupon package to all users, applicable across various categories such as beverages, electronics, and beauty products, significantly lowering the consumption threshold and stimulating consumer enthusiasm [2]. - The company is enhancing its tiered subsidy strategy for members, offering higher value coupons to premium members, which strengthens user loyalty and encourages frequent usage of the platform [2]. Promotional Strategies - Flash sales feature attractive promotions like "additional 200 yuan off on national subsidies" and "limited-time 1499 yuan Flying Moutai," emphasizing a low-price, instant consumption experience [5]. - Meituan combines traditional e-commerce promotions with instant delivery, promoting a "no waiting" experience with a commitment to deliver within 30 minutes, thus enhancing consumer convenience [6]. Competitive Landscape - Meituan faces intense competition from rivals like JD and Taobao, which have made significant inroads into the market with aggressive strategies, including zero commission rates and substantial subsidies [7][9]. - The company aims to counter this competition by leveraging the 618 shopping festival as a turning point to assert its dominance in the instant retail sector [7][11]. Market Position and Challenges - Meituan's competitive edge lies in its extensive network of 6.8 million delivery riders and over 500 million users, which facilitates rapid delivery and fosters consumer habits [10]. - However, challenges include potential rider attrition to competitors offering better incentives, which could impact delivery capabilities and service quality [10]. Strategic Intentions - Meituan's late entry into the 618 festival is a tactical decision to avoid direct competition with major players during the pre-sale period, focusing instead on capturing consumer demand during peak shopping days [11]. - The company is redefining "high-frequency necessities" by expanding its product offerings beyond food delivery to include a wide range of consumer goods, thereby enhancing its competitive position [14]. Future Outlook - The competition in instant retail is evolving from simple subsidies to a multi-faceted battle involving logistics, data, and ecosystem integration [14]. - Long-term success may depend on Meituan's ability to leverage AI for precise delivery predictions and strengthen its merchant ecosystem to attract high-quality vendors [16][18].

Core Viewpoint - The rise of instant retail is becoming a significant trend in the retail industry, with major e-commerce platforms like JD.com and Alibaba's Taobao actively participating in this space during the 618 shopping festival, while Pinduoduo has yet to announce its entry [2][3][4]. Group 1: Instant Retail as a New Trend - Instant retail is recognized as the next major trend in retail development, emerging as a response to the saturation of traditional e-commerce and increasing customer acquisition costs [2]. - The scale of instant retail in China reached 650 billion yuan in 2023, with a year-on-year growth rate of 29%, and is expected to exceed 2 trillion yuan by 2030 [2]. - The shift towards instant retail is seen as a way to redefine retail boundaries and leverage local supply capabilities [2]. Group 2: Pinduoduo's Strategic Positioning - Pinduoduo has initiated a "100 billion support" program for merchants, indicating a strategic shift and awareness of the importance of instant retail [4]. - The current stage of instant retail development is reminiscent of Pinduoduo's early days in e-commerce, suggesting potential alignment with its growth strategy [4]. - Despite the potential, Pinduoduo has not yet officially entered the instant retail market, possibly due to challenges in establishing a delivery team [6][8]. Group 3: Market Dynamics and Opportunities - The potential for instant retail in lower-tier markets is significant, with government initiatives promoting the development of modern rural service industries [5]. - The user base for instant logistics in China is projected to reach 799 million by 2024, with a growth rate of 9.1%, and is expected to surpass 1 billion by 2030 [5]. - The trend of instant retail mirrors the earlier e-commerce penetration into lower-tier markets, suggesting a similar opportunity for Pinduoduo [6]. Group 4: Economic Context and Entrepreneurial Leadership - The recovery of the real economy is a key theme in China's economic landscape, with consumer spending playing a foundational role in GDP growth [15]. - The return of influential entrepreneurs like Liu Qiangdong is seen as a boost to consumer confidence and market dynamics [21]. - The need for strong leadership from entrepreneurs like Huang Zheng of Pinduoduo is emphasized, particularly in navigating the current economic challenges [22][23].

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]

" 财报或出现短期波动，但不少投资者长期仍看好美团。 " 作者丨代聪飞 编辑丨林觉民 5月26日，美团发布财报显示，一季度，美团收入866亿元，同比两位数增长。 这是一份乍看起来相当不错的财报，但接下来的两个季度，美团或将不得不面对盈利放缓的步伐。美团管 理层在财报会议上表示，财务方面，由于竞争加剧，我们预计短期会出现波动。 面对外界颇为关注的京东外卖，王兴称低质低价的"内卷式"竞争不可持续，将不惜代价赢得竞争，"我们 不知道新进入者的内卷式竞争会持续多久，因此目前无法对第二季度或全年剩余时间给出准确的财务指 引，但我们将继续捍卫市场份额。" 这并非耸人听闻，一位分析师此前曾向雷峰网表示，市场目前对美团Q2利润没有特别大的下调，到时候可 能会吓人一跳。 「向内迎战 」的同时，美团的出海仍稳步前进。上述分析师认为， 出海业务Q1、Q2的亏损绝对值特别 高，Q3或会持平。综合来看，Q2或Q3有可能呈现出美团近期以来的 最差财报 。 01 收入与盈利齐增的财报 一季度，美团收入同比增长18.1%，来到866亿元。其中，核心本地商业收入同比增长17.8%至643亿 元，占美团收入整体占比74.25%。此外，包括小象超 ...

从美团CFO陈少晖在业绩电话会上透露的信息可以看出，美团对今年618大促的参与度和重视度，似乎 比往年都更高。 美团在发布一季报时，也展示了闪购业务的成绩单。一季度核心本地商业板块中的美团闪购保持了强劲 的增长势头，包括饮料零食、3C产品、家用电器、美妆个护等在内的多个品类增长显著，非餐即时配 送订单量增速超60%。 4月15日，美团闪购正式完成品牌升级，截至本季度，美团闪购累计交易用户规模已破5亿，其中90后年 轻用户占比2/3，消费者黏性和频次也在持续提升。 618电商大促的战事，从传统电商进一步蔓延到了即时零售领域。 2025年的618大促，是美团闪购首次作为独立品牌参与到618大促中。5月26日美团发布2025年第一季度 业绩报告，在晚间的业绩电话会上，美团CFO陈少晖透露，美团618将于5月28日正式开始。 不仅是美团，京东在618大促中，也突出外卖与国补将在京东平台上"双线作战"，将即时零售作为大促 的新增量市场。淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购"后，618大促期间补贴动作 更是频繁。 当消费增速放缓，互联网行业的竞争进入存量竞争时代，不管是美团发力包括3C产品、家用电器、美 ...

Core Viewpoint - The CEO of Meituan, Wang Xing, stated that the Chinese food delivery industry has entered a new development stage, emphasizing that competition should return to the essence of business rather than relying on aggressive subsidies [2][3][4] Group 1: Industry Competition - Wang Xing welcomed new players in the food delivery and instant retail markets, believing that competition will drive industry development, but warned that the current "involution" competition based on high subsidies is unsustainable in the long term [3][4] - Meituan's recent performance showed a strong growth in beverage orders, particularly for price-sensitive items like milk tea and coffee, despite increased competition leading to issues for other platforms [3][4] - The company plans to increase investments while adhering to fair competition principles, despite anticipating fluctuations in financial performance due to ongoing high subsidy levels from competitors [4] Group 2: Financial Performance - Meituan reported a total revenue of 86.6 billion yuan for Q1 2025, a year-on-year increase of 18.1%, with profits reaching 10.1 billion yuan, up 87.3% from the same period in 2024 [2] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46.2% increase compared to 7.5 billion yuan in Q4 2024 [2] Group 3: International Expansion - Meituan's delivery service, Keeta, has successfully entered the Brazilian market with a commitment to invest 1 billion USD over the next five years, while also expanding its operations in Saudi Arabia [5] - Keeta has become a leading food delivery service in Hong Kong and has covered all major cities in Saudi Arabia, indicating strong growth potential in international markets [5] Group 4: AI Development - The company is increasing investments in AI and recruiting top talent to enhance its capabilities, with recent upgrades to its large model allowing for flexible switching between thinking and non-thinking modes [6] - Approximately 52% of new code generated weekly is now produced by AI, with a goal of having 100% of engineers using AI coding tools [6] Group 5: Rider Welfare Initiatives - Meituan has launched a pilot pension insurance program for riders in Nantong and Quanzhou, covering all riders in these cities, and previously implemented a pilot for occupational injury insurance [7] - The pension insurance plan is tailored to the flexible nature of riders' work, offering subsidies for eligible riders and aiming to expand the program to more cities this year [7]