《哪吒2》创造的票房神话，有一大半是三四线城市的功劳。 据猫眼专业版数据，截至今年2月13号，一至四线城市的累计票房成绩分别是9.84亿、32.05亿、19.27亿、 36.60亿，三四线城市累计贡献了全国票房总量的57.2%。 透过票房可窥见新线城市消费力的冰山一角，近年来，互联网流行的"县城中产"、"县城贵妇"等高频词汇， 都是下沉市场消费力量上浮的证明。 全国171个公布2024年社会消费品零售数据的非一线城市中，97.1%都实现了消费增长，其中，增长率最高 的，是许多人都会感到陌生的四线小城——云南玉溪。 种种迹象表明，新线城市正从"五环外配角"进阶为"增长主舞台"，新线城市用户也正在逐渐掌握消费话语 权。 体现在移动互联网的生意场上亦是如此，汇聚7亿老铁用户、在新线市场深耕的快手，已经吃到消费市场结 构变迁的头茬红利，在去年实现11.8%的营收增长、72.5%的净利润增长。 而在所有欣欣向荣的业务线里， 2024年GMV同比增长200%的本地生活业务尤为亮眼，其中，新线城市用 户的贡献达到六成， 是当之无愧的中流砥柱。 一个从规模到潜力都足够庞大的消费群体摆在眼前，过去一年里，越来越多商家涌向快手， ...

Summary of Conference Call Company Overview - The conference call pertains to **Meituan**, a leading platform for local services in China, focusing on food delivery, on-demand retail, and various other services. Key Financial Highlights - In 2024, Meituan's total revenue increased by **22% year-over-year** to **RMB 337.6 billion** [1] - The fourth quarter revenue grew by **20.1% year-over-year** to **RMB 88.5 billion** [8] - Adjusted net profit for the fourth quarter reached **RMB 9.8 billion** [8] - The cost of revenue ratio decreased by **3.9 percentage points** to **62.2%** [8] - Total segment operating profit grew to **RMB 10.7 billion**, with an operating margin increase from **4.3% to 12.1%** [8] Business Performance Food Delivery - Daily order volume exceeded **98 million** on a peak day in June 2024 [2] - The transaction frequency of mid to high-frequency users continued to grow year-over-year [9] - The order volume for the **Ping Hao Fan** model reached new highs, redefining affordable catering [3] - The food delivery business has become a significant growth driver for the restaurant sector [2] On-Demand Retail - Meituan InstaShopping expanded product selections significantly, driving consumer demand [2] - The number of Meituan Instamart and its order contribution grew rapidly, especially in lower-tier markets [3] In-Store Business - Order volume increased by over **65% year-over-year** in 2024 [5] - The in-store business achieved robust growth in lower-tier markets, driven by tailored special deals [6] Overseas Expansion - Launched **Kita** in Saudi Arabia, expanding to major cities with rapid user growth [7] - Plans to explore further overseas markets while focusing on food delivery as a primary business [18] Technological Innovations - Meituan is investing in **AI** and autonomous delivery technologies, with a focus on integrating AI into daily operations and product offerings [12][15] - The in-house large-language model, **LoanCat**, is enhancing employee productivity and customer service efficiency [13] Merchant and Courier Support - Launched a **RMB 1 billion** merchant support program to improve service quality and efficiency [4] - Implemented measures to enhance courier rights and benefits, including **RMB 1.4 billion** in occupational injury insurance [4] Strategic Focus - Meituan aims to facilitate industry digital transformation and improve operational efficiency [7] - The company is committed to sustainable development and enhancing the local services ecosystem [7] - Plans to unify the **Shenhuiyuan** program into a broader **Meituan Membership Program** to enhance user benefits [26] Market Outlook - The company anticipates continued growth in both food delivery and on-demand retail, with a target of over **100 million orders per day** [23] - Focus on improving operational efficiency and expanding into new categories while maintaining a strong cash position [19][22] Conclusion - Meituan's strategic initiatives and technological advancements position it well for future growth, with a strong emphasis on enhancing user experience and operational efficiency across its diverse service offerings [27]

Investment Rating - The report maintains a "Buy" rating for Meituan-W with a target price of 178.12 HKD [5][12][15] Core Insights - The overall performance of Meituan in Q4 2024 exceeded expectations, with revenue reaching 885 billion CNY, a year-on-year increase of 20% [9] - The core local business showed resilience, with revenue of 656 billion CNY in Q4 2024, up 19% year-on-year [9] - New business segments, particularly overseas expansion, are seeing positive developments, with new business revenue growing by 24% year-on-year [10] Summary by Sections Delivery Business - In Q4 2024, the delivery orders grew in the high single digits, with average order value (AOV) declining year-on-year but showing a reduced decline quarter-on-quarter [2] - The operational improvements and increased monetization rates helped offset the negative impact of AOV decline on revenue [2] - The macroeconomic environment continues to affect delivery order volumes and AOV, but there are structural opportunities for advertising revenue growth [2] Flash Purchase - Flash purchase orders are estimated to have increased by approximately 25% in Q4 2024, achieving profitability for the year [3] - The convenience of instant retail is stimulating consumer demand, particularly in lower-tier markets [3] - Revenue growth is expected to outpace order growth, contributing significantly to long-term profits [3] In-store and Travel Services - Orders in the in-store and travel segment are projected to grow over 65% year-on-year in 2024, with record highs in annual transaction users and active merchants [4] - The introduction of live streaming and promotional activities is enhancing merchant operations and marketing efficiency [4] - The organizational adjustments and the launch of the Meituan membership system are expected to improve customer acquisition and transaction frequency in this segment [4] Financial Projections - The report forecasts a revenue of 337.6 billion CNY for 2024, with a year-on-year growth of 21.99% [12] - Adjusted net profit for 2024 is projected at 35.8 billion CNY, reflecting a significant year-on-year increase of 158.43% [12] - The estimated earnings per share for 2024 is 5.86 CNY, with a projected increase in subsequent years [12][14]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform" [5] Core Views - The core local business is developing smoothly, with a focus on the launch of AI assistants in 2025 and overseas expansion [4][6] - Revenue increased by 20% year-on-year, with adjusted profit margin improving by 5 percentage points [1][8] - The company is expected to continue optimizing subsidies and delivery fees to offset additional investments in rider social security [2][19] Revenue and Profitability - In Q4 2024, Meituan achieved operating revenue of 885 billion CNY, a year-on-year increase of 20% [1][8] - The adjusted net profit for the quarter was 98 billion CNY, representing a 125% year-on-year growth, with an adjusted net profit margin of 11% [1][8] - The gross profit margin improved by approximately 4 percentage points due to enhanced cost efficiency [1][8] Business Segments - The food delivery business saw a 9% year-on-year increase in order volume, with average order value (AOV) decline narrowing [2][15] - The in-store and travel business experienced over 40% growth in order volume, with a GTV increase of about 24% [3][19] - New business revenue grew by 23% year-on-year to 229 billion CNY, although operating losses increased to 2.2 billion CNY [4][22] Future Outlook - The company plans to launch an AI assistant this year to enhance consumer search and transaction experiences [4][8] - Adjusted net profit forecasts for 2025 have been slightly lowered to 515 billion CNY, while 2026 estimates have been raised to 653 billion CNY [6][23] - The company is expected to continue its expansion in lower-tier cities and overseas markets, with a focus on sustainable growth [4][6]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion RMB, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA for the same period was 115 billion RMB, showing a year-over-year growth of 207%, but fell short of consensus expectations by 1.7% [5] - Adjusted net profit was 98 billion RMB, reflecting a year-over-year increase of 98%, which was in line with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion RMB, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion RMB, a year-over-year increase of 24%, also surpassing consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue was 656 billion RMB with an operating profit of 129 billion RMB, up 61% year-over-year, exceeding expectations by 10.6% [5] - New business revenue was 229 billion RMB, with an operating loss of 22 billion RMB, which narrowed by 55% year-over-year [5][6] Business Expansion - Meituan's food delivery and flash purchase businesses are expanding, with transaction users exceeding 770 million and active merchants reaching 14.5 million, both hitting record highs [6] - The company launched a 1 billion RMB merchant support plan in Q4 2024 to enhance service quality and operational efficiency [5][6] - Flash purchase services have partnered with over 5,600 large retail chains and 570 brand merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion RMB, 454 billion RMB, and 521 billion RMB, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit forecasts for the same period are 48 billion RMB, 55 billion RMB, and 66 billion RMB, with growth rates of 10%, 14%, and 20% respectively [7] - The long-term outlook for Meituan remains positive due to its operational efficiency and business barriers [7]

Investment Rating - The investment rating for Meituan-W (03690) is "Buy" (maintained) [2][8] Core Insights - In Q4 2024, Meituan's total revenue reached 885 billion CNY, representing a year-over-year increase of 20%, slightly above consensus expectations by 0.6% [5] - Adjusted EBITDA was 115 billion CNY, a year-over-year increase of 207%, but 1.7% below consensus expectations [5] - Adjusted net profit was 98 billion CNY, a year-over-year increase of 98%, aligning closely with expectations [5] - Core local commerce revenue for Q4 2024 was 656 billion CNY, up 19% year-over-year, exceeding consensus expectations by 0.4% [5] - New business revenue was 229 billion CNY, a year-over-year increase of 24%, also above consensus expectations by 1.1% [5] Revenue Breakdown - Core local commerce revenue for Q4 2024 was 656 billion CNY, with an operating profit of 129 billion CNY, reflecting a year-over-year increase of 61% [5] - New business revenue was 229 billion CNY, with an operating loss of 22 billion CNY, which is a 55% reduction in losses year-over-year [5][6] Business Expansion - Meituan's transaction user base exceeded 770 million, with active merchants increasing to 14.5 million, both reaching record highs [6] - The food delivery and Meituan Flash Purchase businesses are expanding rapidly, with a cash support plan of 1 billion CNY launched to assist merchants [6] - Meituan Flash Purchase has partnered with over 5,600 large retail chains and 410,000 local merchants, covering over 200 cities with more than 30,000 warehouses [6] Future Projections - Revenue projections for 2025-2027 are estimated at 393 billion CNY, 454 billion CNY, and 521 billion CNY, with growth rates of 16%, 16%, and 15% respectively [7] - Adjusted net profit projections for the same period are 48 billion CNY, 55 billion CNY, and 66 billion CNY, with growth rates of 10%, 14%, and 20% respectively [7] - The report maintains a long-term positive outlook on Meituan's operational efficiency and business barriers [7]

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]