Group 1 - The "Su Chao" (Jiangsu Super League) has sparked a culinary competition among 13 cities in Jiangsu, with local restaurants creating themed dishes to support the league [1][2] - Meituan reported that after the Dragon Boat Festival, dining consumption in Jiangsu remained strong, with online orders ranking second nationally, and cities like Nanjing, Lianyungang, Xuzhou, and Huai'an seeing over 40% year-on-year growth in online dining orders [1] - The league has significantly boosted the sales and popularity of local dishes, with a 74% increase in searches for "salted duck" following a match victory, and a 58% increase in group purchase orders [1][2] Group 2 - Meituan has launched the "Mei Miao Jiangsu" campaign to further enhance the "Su Chao effect," covering over 35,000 dining establishments and offering various local dishes [3] - The platform is utilizing precise LBS technology to provide exclusive traffic support to participating merchants, allowing consumers to easily access promotional offers through the Meituan app [3] - Meituan is investing one million yuan in dining subsidies and issuing food vouchers to encourage local consumption during the league matches [3]

以下文章来源于走马财经 ，作者走马的汉子 走马财经 . TMT产业资深（也就是老）观察者，部分平台叫"走马投研" 文章来源于长桥App-长桥社区@走马财经。欢迎大家前往长桥社区（详询dolphonR124），与投资大佬探讨投资观点。 今天主要聊聊美团的四个主题： 市场竞争； 即时零售； 国际化； AI 。 就像大家看到的，本季度财报本身无可挑剔，但因为管理层在绩后分享里给的指引是"无法给出指引"，叠加二季度外卖大战延续，所以市场情绪整体上是不高的， 好在公司又开始回购，宏观消费侧也有一些潜在利好出来，财报后美团走势先跌后涨，走得还不错。而政策面对平台经济收费的新指引，实际上在美团的应对框 架里。 针对商家，美团早已调整收费结构，不存在乱收或多收： 以前是统一放一个箩框里，后面已经改成佣金、配送费、广告费分开展示。 针对骑手，美团过去几年一直在持续做骑手意外伤害险试点，并计划从目前的7个省份扩大到全国，预期2026年前完成；同时，公司今年开启全职和稳定兼职骑手 的社保进程，并已经在福建、浙江的两个城市开启补贴试点，对最近6个月有3个月满足最低社保缴费下限的参保骑手，提供50%的参保补贴，计划在未来几年逐渐 铺开 ...

Core Viewpoint - Meituan is actively reshaping the traditional e-commerce landscape with its rapid growth in flash purchase services and strategic partnerships, particularly in the hotel and travel sectors, indicating a significant shift in consumer behavior and market dynamics [2][4][10]. Group 1: Flash Purchase and E-commerce Impact - Meituan's flash purchase business is posing a serious threat to traditional e-commerce players like JD.com, as evidenced by its aggressive marketing strategies during events like the 618 shopping festival [2]. - The company aims to redefine supply chain rules in the trillion-dollar e-commerce market, with even minor actions potentially leading to significant future impacts [2]. Group 2: Hotel and Travel Sector Developments - Meituan's partnership with Marriott to create a mutual membership system has resulted in an 88% increase in Marriott bookings through Meituan within 24 hours, showcasing the effectiveness of this collaboration [4]. - The integration of membership systems allows for higher-tier Meituan members to gain access to Marriott's benefits, indicating a strategic move to enhance customer loyalty and spending [4][7]. Group 3: Changing Consumer Behavior - There is a notable shift in consumer expectations, with hotels being viewed as more than just places to stay; they are now seen as part of a broader lifestyle experience [6][9]. - Data shows a 87% increase in cross-category demand for "accommodation + dining" on Meituan, reflecting a trend towards integrated service offerings [6][9]. Group 4: Industry Trends and Future Outlook - The travel industry is experiencing structural changes, with a focus on breaking down silos between different service sectors to create a more cohesive consumer experience [9][10]. - Meituan's digital transformation efforts are aimed at creating a unified standard for the travel industry, positioning the company as a leader in adapting to evolving consumer needs [10][12]. Group 5: Technological Advancements - Meituan is leveraging AI tools to enhance operational efficiency, with reports of a 70% time savings for merchants using its new AI solutions [12]. - The introduction of AI travel assistants is expected to further transform the travel experience, indicating a deepening penetration of internet platforms into traditional industries [12].

近日，杭州斯创网络科技有限公司（以下简称"斯创科技"）近日宣布成功完成3000万元人民币A轮融 资。本轮融资由冠峰商企速联粤海投资（深圳）合伙企业（有限合伙）投资。此次融资将有力助推斯创 科技深化其本地生活商家运营服务布局，加速技术研发与市场拓展。 据悉，本次A轮融资所获资金将主要用于以下三个方面： 1. 技术能力升级：持续投入研发力量，优化智能运营平台、数据分析系统及SaaS工具，提升服务的智能 化与自动化水平； 2. 服务体系深化：拓展服务品类与深度，为商户提供更定制化、全生命周期的运营支持； 3. 区域市场渗透：进一步加密核心城市服务网络，并加速向潜力新兴市场拓展，巩固和提升市场份额。 冠峰商企速联粤海投资（深圳）合伙企业（有限合伙）负责人表示："我们高度看好中国本地生活服务 市场的巨大潜力以及数字化升级的必然趋势。斯创科技的核心团队拥有被充分验证的成功经验和强大的 执行力，其构建的覆盖全国的高效服务网络与领先的月GMV数据令人印象深刻。我们相信斯创科技能 持续为商户创造显著价值，是推动行业效率提升的重要力量。本次投资代表了我们对斯创科技商业模 式、发展前景及管理团队的高度信心。" 斯创科技成立于202 ...

2025年的互联网江湖，最让人跌破眼镜的商战，不是阿里和拼多多的价格厮杀，也不是抖音和快手的流量争夺，而是京东和美团这对看似"井水不犯河水"的 巨头，突然在即时零售的战场上开始厮杀。 谁能想到，当年在电商和本地生活领域各占山头的两位大佬，如今竟为了"30分钟送达"的生意争得头破血流？ 这场商战的戏剧性，甚至让围观群众忍不住调侃："原来最怕京东的，不是淘宝拼多多，而是美团啊！" 故事要从2025年2月11日说起，那天，京东突然宣布上线"京东外卖"，承诺商家全年免佣金，还高调宣布为全职骑手缴纳五险一金。 你可能不知道的是，京东和美团的恩怨，远比外卖业务更复杂。 消息一出，美团港股股价应声下跌7%。 表面上看，这是一场京东主动发起的"突袭战"，但实际上，这场战争的伏笔早在几年前就已埋下。 当消费者发现凌晨两点能在美团上买到手机时，京东的危机感彻底爆发了。 京东想靠外卖赚钱吗？答案可能是否定的，业内分析认为，京东这波操作更像是一场"声东击西"的阴谋。 外卖业务本身利润率低（美团外卖净利率仅2.8%），且市场已被美团和饿了么瓜分殆尽。 2018年，美团推出打车业务，直捣滴滴腹地。 京东的"0佣金"和"百亿补贴"看似激进 ...

Group 1 - The core viewpoint of the article emphasizes the importance of shareholder meetings as a platform for communication between shareholders and management, highlighting the need for transparency and strategic direction [1][2] - At the 2025 Meituan shareholder meeting, three significant signals were released: the proposal for share buybacks and issuance authorization, indicating a strategic balance between rewarding current shareholders and preparing for future opportunities [1][2][5] - The company aims to stabilize stock prices through buybacks while retaining the option to issue new shares for future growth, reflecting a cautious yet optimistic approach towards new business investments [2][4] Group 2 - The board re-election and compensation mechanisms were discussed, with independent directors being nominated for re-election, suggesting a focus on governance and stability within the management structure [5][6] - The revision of the company’s articles of association included provisions for online participation and electronic voting, enhancing shareholder engagement and inclusivity [8][9] - The emphasis on diversity in the nomination committee's responsibilities indicates a shift towards valuing varied perspectives in decision-making, which is crucial for innovation and adaptability [8][9] Group 3 - Meituan is at a critical juncture, needing to explore new growth avenues as its core local business revenue growth shows signs of slowing down, with 2024 core local business revenue projected at 250.2 billion yuan, accounting for 74.11% of total revenue [11][12] - The company faces challenges such as market saturation, increased regulatory scrutiny, and intensified competition, necessitating a shift towards new business models to sustain growth [12][13] - Meituan is actively exploring various new business lines, including community group buying and instant retail, which show potential for growth despite current losses [14][15] Group 4 - The company is also investing in technology innovations, such as autonomous delivery systems and AI-driven services, signaling a commitment to enhancing operational efficiency and user experience [17][26] - Meituan's global expansion efforts are beginning to take shape, with international business becoming a potential growth area, although challenges related to cultural differences and local regulations remain [18][24][27] - The strategic shift from prioritizing scale to focusing on efficiency reflects a mature approach to business management, aiming to optimize costs and enhance value creation [25][27]

本文来自微信公众号： 产品变量 ，作者：亨亨，头图来自：视觉中国 这可能是一个时间窗口长达10-18个月的市场机会，当然换个角度讲，这也是县城本地商家新一轮淘 换战的序章。迈过去，就有了数字营销的新入场券；迈不过去，兴许在这一波浪潮中，一些县城的门 店就要凋零消亡。 纵观TMT风云，解构产品思维，用创业者和产品经理的视角，深挖商业 以下文章来源于产品变量 ，作者亨哼 产品变量 . 我们把视角拉回机会和红利层面。上个月，我回了一趟老家小县城，这是一座只有10万人口、电子 支付普及、但一半电影票仍通过前台售出的山西北部小县城。我表姐夫找到我，想让我帮他在抖音团 购，上架他新开的台球社。 无论是哪种业态，对于市场体量的判断，都是第一位的。 首先，在下沉市场这个场域，抖音本地生活的渗透，可能比我们想象中要更大。 我检索了一下，在抖音的搜索结果里，县城只有2家台球厅设置了抖音团购，销量400+。而表姐夫新 开的台球社，在没发布短视频导流的情况下，上线当天，就售出2单。 我意识到，无论是在市场体量维度，还是在竞争维度，抖音本地生活都给县城商家带来了极大的机 会。 根据QuestMobile和开源证券的数据，抖音的月活跃用 ...

我们把视角拉回机会和红利层面。上个月，我回了一趟老家小县城，这是一座只有10万人口、电子支付普及、但一半电影票仍通过前台售出的山西北部小 县城。我表姐夫找到我，想让我帮他在抖音团购，上架他新开的台球社。 我检索了一下，在抖音的搜索结果里，县城只有2家台球厅设置了抖音团购，销量400+。而表姐夫新开的台球社，在没发布短视频导流的情况下，上线当 天，就售出2单。 我意识到，无论是在市场体量维度，还是在竞争维度，抖音本地生活都给县城商家带来了极大的机会。 这可能是一个时间窗口长达10-18个月的市场机会，当然换个角度讲，这也是县城本地商家新一轮淘换战的序章。迈过去，就有了数字营销的新入场券； 迈不过去，兴许在这一波浪潮中，一些县城的门店就要凋零消亡。 根据QuestMobile和开源证券的数据，抖音的月活跃用户已经高达10.01亿，其中，三线及以下城市用户，占比为54.7%，这意味着，对于县城的本地生活 商家来说，有一大片巨大的市场红利等待挖掘。而且最关键的是，由于市场发展的滞后性和县城经济本身的特性，对于走在数字营销前列的商家来说，竞 争的烈度也并不大，能够比较容易脱颖而出。 一、庞大的市场体量与未被充分开发的本 ...

Investment Rating - The report assigns a rating of "Buy" for Meituan-W (3690) [1][9]. Core Insights - In Q1 2025, the core local business operating profit increased by 39% year-on-year, indicating strong performance despite anticipated profit fluctuations in Q2 due to competitive pressures in the food delivery sector. However, long-term competitive barriers remain solid [3][8]. - The company plans to invest 100 billion RMB over the next three years to enhance its ecosystem, which is expected to improve user engagement and frequency of purchases, particularly among mid-to-high frequency users [8][9]. Financial Summary - Revenue for Q1 2025 reached 86.56 billion RMB, a year-on-year increase of 18.1%, with adjusted net profit of 10.949 billion RMB, up 46.2% year-on-year. The operating profit margin improved by 5.1 percentage points to 12.2% [8]. - The core local business generated revenue of 64.325 billion RMB in Q1 2025, reflecting a 17.8% year-on-year increase, while operating profit rose by 39.1% to 13.491 billion RMB, with an operating profit margin of 21.0% [8]. - The financial projections for 2025-2027 have been adjusted, with expected revenues of 393 billion, 459 billion, and 536 billion RMB respectively, and adjusted net profits of 41.8 billion, 53.9 billion, and 68.5 billion RMB [9][12]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 20x PE ratio to the core local business and a 0.5x PS ratio to new businesses, resulting in a target price of 177 HKD for Meituan-W [9][10].

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][7]. Core Views - Meituan, as a leader in local lifestyle services, is expected to maintain its core competitive advantages despite short-term competition in the food delivery sector. The company is projected to achieve revenues of CNY 390.41 billion, CNY 445.04 billion, and CNY 507.46 billion in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 15.65%, 13.99%, and 14.03% [2][7]. Financial Performance Summary - In Q1 2025, Meituan's revenue increased by 18.1% year-on-year to CNY 86.557 billion, exceeding Bloomberg consensus estimates by 1.3%. Non-IFRS net profit rose by 46.2% to CNY 10.948 billion, also above expectations by 12.56% [6]. - The core local business revenue grew by 17.8% to CNY 64.325 billion, surpassing Bloomberg's consensus by 1.49%. Operating profit increased by 39.1% to CNY 13.491 billion, exceeding expectations by 10.21% [6]. - New business revenue rose by 19.2% to CNY 22.232 billion, also above consensus by 1.54%, with operating losses reduced by 17.54% to CNY -2.273 billion [6]. Expense Management - Sales expenses increased by 11.96% to CNY 15.55 billion, primarily due to promotional and advertising costs. The sales expense ratio decreased by 1 percentage point to 18% due to improved operational efficiency [6]. - R&D expenses rose by 15.44% to CNY 5.772 billion, reflecting increased investment in AI, while the R&D expense ratio slightly decreased by 0.16 percentage points to 6.67% [6]. Business Segments - The food delivery segment is expected to see healthy growth with significant investments planned for the next three years, totaling over CNY 100 billion to support various merchants [6]. - The flash purchase segment continues to show strong growth, particularly in low-tier markets, with a significant increase in order volume during key promotional periods [6]. - The in-store travel segment is experiencing robust growth in lower-tier markets, with the launch of a membership program aimed at increasing transaction frequency and cross-selling efficiency [6]. Future Outlook - For Q2 2025, the company is expected to maintain its core advantages and solidify its platform ecosystem, despite potential short-term profit fluctuations due to intensified competition in the food delivery sector [6].