受益于核心本地商业稳定增长，美团的业务发展正在越发健康。与此同时，随着AI时代的到来，也让处在这一赛道的巨头开始思考本地生活服务的下一步 打法。 事实上，作为一家连接线下业务和线上世界的科技公司，美团在本地生活服务行业积累了大量的场景和经验，AI浪潮中，实现数字世界和物理世界之间的 连接，让本地生活更具想象力，美团有自己的优势。 近日，美团公布了其2024年的财报，业绩依然稳健，新的故事也在展开。 根据美团公布的财报，2024年全年，美团营收为3376亿元，同比增长22.0%。其中，核心本地商业2024年营收为2502.47亿元，较上年同期的2069亿元增长 21%；新业务营收为873亿元，运营亏损收窄64%。 从协同效应中找增长 在最新的财报中，美团年交易用户数、年活跃商户数、年交易用户的年均消费频次均创下历史新高，这种增长势头印证了美团对用户和商家的广泛吸引力以 及强大凝聚力。 以即时零售为例，截至2024年末，美团闪购已和超5600家大型连锁零售商、41万本地小商户以及超570家品牌商达成合作。摩根士丹利在其研报中预估， 2030 年中国即时零售市场规模将以 20% 的复合年增长率增长至 2万亿元人民币 ...

以下文章来源于侃见财经 ，作者侃见财经 侃见财经 . 看见不一样的财经！ 作者： 侃见财经 来源：侃见财经（lD：kanjiancaijing） 美团的护城河究竟有多宽？ 3月24日，港股开盘后，美团（03690.HK）股价一度重挫，盘中最大跌幅达5.25%，最终收跌 1.13%。25日，美团股价再度大幅收跌4.35%，2个交易日总市值合计蒸发556亿港元。 消息面上，美团最新发布的2024年全年及第四季度业绩报告引发了市场对其护城河及新业务开拓 不及预期的担忧。 3月21日，美团披露的发布2024年全年及第四季度业绩报告显示，2024年第四季度，营收 884.9亿元，同比增长20%，略高于预期的879.3亿元，环比下降 5.4%；净利润62.2亿元，同 比增长 180.7%，低于预期的81.1亿元，环比下降 51.6%；调整后净利润为98.5亿元，同比增 长125.1%，略低于预估的99.1亿元。 通过逐步拆解美团的各大业务条线也可以发现，尽管美团核心业务趋稳，但新业务拓展暗藏风 险，竞争环境愈发激烈也是市场担忧的因素。 01 市场在担心什么？ 美团收入七成来自核心本地商业，据财报显示，2024年美团核心本 ...

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].

Group 1 - The core achievement of the Star Store Joint Model includes integrating over 80,000 physical merchants and surpassing 6 million registered users by 2025, with peak daily transaction volumes reaching 4-5 billion yuan [1][3] - The model has demonstrated significant market penetration in lower-tier cities, with rapid revenue generation, as evidenced by the "Zhejiang Zhongdian" platform achieving over 100 million yuan in revenue shortly after launch [1][3] - User retention is strong, with a repurchase rate exceeding 70% and an average transaction value between 50-80 yuan, significantly higher than traditional community stores [1][3] Group 2 - The business logic involves integrating various industries such as dining, retail, and life services, enhancing user engagement through a cross-store points system [3][4] - The model creates a community ecosystem that covers all family consumption scenarios, promoting high-frequency consumption [3][4] - The strategy focuses on low-tier cities where merchants have low digital integration, allowing for quick resource consolidation through payment codes [3][4] Group 3 - The incentive mechanism benefits multiple parties, with consumers receiving rebates through a points system that can yield up to five times the value in vouchers, thus increasing both repurchase rates and average transaction values [6] - Merchants can achieve fivefold returns on their investment by offering discounts of only 3%-20%, while the platform generates stable revenue through commissions and advertising [6] - Regional agents benefit from high commission rates, fostering strong promotional incentives [6] Group 4 - The model's asset-light approach allows for rapid replication, making it suitable for small and medium-sized businesses to quickly integrate without altering their existing operations [10] - The three-tier agency system accelerates market coverage through a "snowball" effect, validated by the success of similar platforms [10] - A dynamic adjustment mechanism is in place to alleviate financial pressure if growth rates fall below 15% [10] Group 5 - The future of the model relies on deepening compliance and technological upgrades, particularly in blockchain and AI, to maintain growth momentum amid competition and market saturation [17] - The innovative aspects include a green points system and cross-industry alliances that reconstruct local life value chains, creating a strong cycle of consumption and points redemption [17] - The operational efficiency is enhanced through low-cost rapid expansion and effective penetration into lower-tier markets, outperforming traditional platforms [17]

" 今年两块投入或达大几十亿元。 " 作者丨应梅 编辑丨代聪飞 发布2024年Q4及全年财报后，美团释放了两个今年将重点投入的方向： 出海、AI。 出海业务的花费首次较为明显地体现在2024年Q4财报中。在优选等新业务持续减亏的情况下，美团新业 务Q4环比Q3，新增了12亿元亏损。当然，全年来看新业务在2024年大幅减亏，相比2023年依然减亏超 百亿元。 多位投资者表示，出海亏损还在预期之内。从过去2024年的业绩来看，美团并不打算牺牲利润去做出海业 务的投入。而是相对谨慎地扩张。 知情人士向雷峰网表示， 当初做香港市场美团考察了很久，做沙特市场美团也准备了两年。 2023年5月 美团外卖国际版Keeta在香港上线后，时隔一年半，于2024年10月上线沙特首都利雅得。当下出海有了 一些新进展，已经确定在中东市场更多国家扩张。 3月21日晚的财报电话会上，美团CEO王兴谈了十几分钟AI，首次较为详细谈论美团的AI布局和进展。美 团过去一年GPU资源投入达数十亿元。王兴进一步释放信号，今年会加大这方面的资本支出。了解更多美 团出海和AI投入的信息，欢迎添加微信 zymcfip 交流~ GPT3.5问世两年以来， ...

Meituan (03690) Q4 2024 Earnings Call March 21, 2025 03:52 PM ET Company Participants Scarlett Xu - Vice President and Head of Capital MarketsWang Xing - Founder, Executive Director, CEO & ChairmanShaohui Chen - CFO & Senior VPKenneth Fong - Managing DirectorThomas Chong - Managing Director Conference Call Participants Ronald Keung - AnalystGary Yu - AnalystYa Jiang - AnalystCharlene Liu - Analyst Operator Thank you for standing by, and welcome to the Netwon Fourth Quarter and Full Year twenty twenty four E ...

Core Viewpoint - JD.com is currently competing in three key areas: AI transformation, entering new market segments, and finding growth within its existing business. The underlying principle of these competitions is speed and efficiency [1]. Financial Performance - JD.com reported a revenue increase of 13.4% year-on-year to 347 billion yuan in Q4 2024. Operating profit under non-GAAP increased by 34.6% to 10.5 billion yuan, with an operating profit margin rising from 2.5% to 3% compared to the same period last year [1]. - The positive financial results were well-received in the capital markets, with JD.com's stock price rising over 6% in pre-market trading following the earnings announcement [1]. Market Expansion - JD.com officially entered the food delivery market shortly before the earnings report and plans to expand into local life group buying, travel, and moving services by early 2025. This move is seen as a direct competition with Meituan and Douyin in the local lifestyle market [1]. - The core e-commerce business, particularly in the 3C (computer, communication, consumer electronics) and daily necessities sectors, showed strong growth, with revenue growth in these categories reaching double digits year-on-year [4]. Marketing and User Growth - Marketing expenditures increased by 28.4% year-on-year to 13.1 billion yuan in Q4 2024, marking the fastest growth in marketing spending since the pandemic began. This contrasts with a 10.3% decline in Q4 2022 and a 9.4% increase in Q4 2023 [4]. - The increase in marketing investment and favorable government policies, such as the trade-in program for digital products, significantly boosted user growth, with active user numbers and shopping frequency both achieving double-digit growth year-on-year [4]. Cost Control and Efficiency - JD.com managed to keep its general and administrative expenses and operating costs below the revenue growth rate, with increases of 3.2% and 11.9%, respectively. This led to a notable improvement in profit margins [5]. - The retail segment's operating profit grew by 44.6% year-on-year to 10.036 billion yuan, marking the fastest growth in operating profit for JD Retail in Q4 since the pandemic [5]. AI Transformation - JD.com is actively pushing for AI integration across its business, with over 800,000 merchants currently using AI tools such as digital humans and AI short videos [2]. - The company has implemented AI in over 100 scenarios internally, with more than 600,000 employees utilizing AI tools based on JD's language model [7]. - The launch of the upgraded digital human technology and various AI applications in e-commerce has significantly improved conversion rates, with some applications exceeding a 300% increase compared to market averages [8]. Competitive Landscape - JD.com is now in direct competition with Meituan and Douyin in the local lifestyle sector, with both companies expanding their service offerings. However, JD.com is still in the early stages of its food delivery and travel services [11]. - The company faces challenges in balancing its resources between its core e-commerce business and new ventures, especially as competitors like Pinduoduo and Alibaba intensify their efforts in the same markets [12][13].

Investment Rating - Industry Rating: Overweight [1] - Previous Rating: Overweight [1] - Rating Change: Maintained [1] Core Insights - DeepSeek represents the transition of domestic AI technology from catching up to leading, indicating a potential revaluation of Chinese tech assets [1] - The selected "Big 7" Hong Kong tech stocks include Alibaba, Tencent, Xiaomi, Meituan, SMIC, BYD, and Horizon Robotics, based on industry influence and technological innovation capabilities [1] Summary by Company Alibaba - Alibaba is one of China's largest tech companies, with a business scope covering e-commerce, cloud computing, local services, and international digital commerce [12] - The core competitiveness lies in the "data-technology-scenario" closed loop, with significant advantages in AI model training due to massive consumer behavior data [12][13] - Collaboration with Apple to develop localized AI features for the Chinese version of the iPhone may lead to a revaluation of Alibaba's cloud and AI business [13] Tencent - Tencent is a leading player in China's internet ecosystem, with a strong "social + content" super-ecosystem that forms a solid barrier to entry [2][14] - Future growth is expected to be driven by innovations powered by AI technology, with applications in enterprise services and consumer-facing products [15] Xiaomi - Xiaomi is a leading consumer electronics and smart manufacturing company, focusing on smartphones, smart hardware, and IoT platforms [3][17] - The company has connected 822.2 million IoT devices, showing a 25.6% year-on-year growth, and aims to deepen its "human-vehicle-home" ecosystem strategy [17][18] - The automotive sector is expected to become a second growth curve, with AI integration enhancing user experience and creating new revenue streams [18] Meituan - Meituan is a super platform in China's local service sector, focusing on the digitalization of various scenarios including food delivery and travel [4][19] - The company's competitive edge lies in its super app ecosystem and instant delivery system, which creates a high-frequency traffic entry point [19][20] - Future growth will benefit from structural upgrades in the local service market and technological innovation [20] SMIC - SMIC is a leader in China's integrated circuit manufacturing, focusing on both mature and advanced process chip production [5][22] - The company has a strong manufacturing capability and localized supply chain, which positions it well to meet the growing semiconductor demand [22][23] - Future growth is expected to be driven by the continuous demand for semiconductors and technological upgrades [23] BYD - BYD is a global leader in the new energy vehicle sector, with a projected sales volume of over 4.27 million vehicles in 2024 [6][24] - The company has significant advantages in technology, cost, innovation, and distribution channels, which solidify its leadership position [24][25] - The "smart driving equality" strategy is expected to deepen BYD's leadership in the automotive industry [25] Horizon Robotics - Horizon Robotics is a leading supplier of advanced driver-assistance systems (ADAS) and high-level autonomous driving solutions [7][27] - The company has a competitive advantage through software-hardware collaboration, high efficiency, and an open ecosystem for customized development [27][28] - Future prospects include a strong entry into the high-performance computing market with its J6P chip, marking a significant leap in capabilities [29]

Group 1 - Meituan-W has received net buying from southbound funds for three consecutive days, with a cumulative net buying amount of 1.182 billion HKD and a stock price increase of 2.14% [1] - On February 28, the total trading volume of active stocks through the Hong Kong Stock Connect reached 73.84 billion HKD, with a net buying amount of 1.589 billion HKD [1] - On the same day, Meituan-W's trading volume through the Hong Kong Stock Connect was 4.115 billion HKD, with a net buying amount of 0.016 billion HKD, indicating continued investor interest [1]