Core Viewpoint - The report from CICC indicates that Meituan's revenue and adjusted net profit for Q1 exceeded expectations, but short-term performance is expected to decline due to competitive pressures in the food delivery sector, while long-term confidence remains strong [1] Financial Performance - Meituan's Q1 revenue grew by 18% year-on-year to 86.6 billion RMB, surpassing CICC's expectations by 1.4% [1] - Adjusted net profit for the same period was 10.95 billion RMB, exceeding expectations by 21%, driven by better-than-expected core local business operating profits and lower-than-expected losses from undistributed projects [1] - The adjusted net profit margin stood at 12.6% [1] Business Outlook - CICC anticipates steady growth in Meituan's food delivery order volume and in-store hotel and travel GTV for Q2 [1] - The firm has revised down its adjusted net profit forecasts for Meituan for 2025 and 2026 by 13% and 5% to 40.9 billion RMB and 54.1 billion RMB, respectively, due to increased food delivery subsidies and greater overseas investments [1] Investment Rating - Despite the short-term performance adjustments, CICC maintains a positive outlook on Meituan, rating it as outperforming the industry with a target price of 177 HKD, corresponding to adjusted P/E ratios of 25x and 18x for 2025 and 2026, respectively [1]

今天逛知乎的时候发现一个热度2000多万的新话题，是bilibili一个百大up主，好像是美食探店赛道的，我平时不看这类内容，但我有朋友看，和我说他挺 火的。 他讲述了自己被骗1000万的经历，我概述一下过程。他是从2019年在bilibili上做美食频道，年收入很快从20多万飙升到200-300万，赚到钱后他接触到了更 多有实力的大哥。其中上海一个做高端餐饮的老板与其相交，向他推荐入伙新的餐饮项目，这小哥们连合同都没签，就一个口头约定就打过去200万。 过段时间老板又说项目升级，要他增资凑1000万玩票大的，小哥们就又打了200万过去，同时拉了6个自媒体up主，每人100万入伙，凑齐了1000万，他本 人向那6个up主做了兜底承诺。 再之后就是这个老板跑路了，自己投的400万血本无归，还要对6个朋友的100万做兜底。有人说他遭遇了杀猪局，其实倒也未必，他探店能认识的老板不 可能完全是虚构出来的。那几年疫情对餐饮行业冲击很大，死扛的老板最后扛到一无所有的案例老多了，up主们投的1000万虽然对普通人是大钱，但扔到 餐饮业的黑洞里可能都撑不到1个月。 事情大概就是这样，我从中能提取出来最有价值的教训就是人不要轻 ...