Overall Performance - The company achieved revenue of 86.6 billion yuan in FY2025 Q1, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1% [1] - Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2% [1] - The adjusted net profit margin was 12.6%, up by 2.4 percentage points year-on-year [1] Core Local Business - Revenue from core local business reached 64.3 billion yuan, growing 17.8% year-on-year, with operating profit of 13.5 billion yuan, a 39.1% increase [1] - The food delivery segment maintained healthy growth, with increased user engagement and order frequency [2] - The instant retail business, Meituan Flash Purchase, showed strong growth, with the number of flash warehouses and order proportion continuously rising [1][2] New Business Developments - New business revenue was 22.2 billion yuan, with a year-on-year growth of 19.2%, and operating losses narrowed by 17.5% to 2.3 billion yuan [1] - Meituan's new initiatives in the education sector, such as "Anxin Study," have expanded the product categories and service range, with over 20,000 educational institutions connected [2] - The company is focusing on enhancing operational efficiency in Meituan Youxuan, with expectations of reduced losses due to supply chain transformation and improved unit economics [3] Market Expansion and Competition - The company is expanding its overseas market presence, with Keeta launching in nine major cities in Saudi Arabia and plans to enter Brazil [3] - The competitive landscape is intensifying, with JD and Ele.me increasing subsidy investments, and Alibaba upgrading its instant retail business [3] - Despite short-term performance fluctuations due to competitive pressures, the long-term growth trajectory remains positive, driven by a comprehensive local service ecosystem [3] Financial Projections - The company forecasts overall revenue of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [3] - The company maintains a "buy" rating based on its robust local service network and growth potential in instant retail and overseas markets [3]

Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [8]. Core Views - In FY2025Q1, Meituan achieved revenue of 86.6 billion yuan, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1%. Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2%. Both revenue and profit exceeded expectations [2][6]. - Looking ahead, while short-term subsidy competition may disrupt profitability, Meituan's strategic determination and organizational resilience are expected to build its core competitiveness. The company is well-positioned to leverage its comprehensive local service ecosystem, driven by a three-sided transaction network of users, merchants, and fulfillment, alongside its dual engines of instant retail and in-store travel services for growth. International expansion and AI empowerment are anticipated to unlock long-term potential [2][6]. Summary by Sections Overall Performance - Meituan's core local business generated revenue of 64.3 billion yuan in FY2025Q1, a year-on-year increase of 17.8%, with operating profit of 13.5 billion yuan, up 39.1%. New business revenue reached 22.2 billion yuan, growing 19.2%, with operating losses narrowing by 17.5% to 2.3 billion yuan [8]. Instant Retail Business - The food delivery segment showed steady growth, with daily order volume increasing compared to the previous quarter. The instant retail brand, Meituan Flash Purchase, launched in April, has over 30,000 flash warehouses and more than 500 million total transaction users. Flash purchase orders increased by 50% year-on-year, with significant growth in low-frequency non-instant categories [8]. In-store Travel Business - The in-store travel segment has substantial growth potential, with a 25% year-on-year increase in active merchants. New initiatives like "Anxin Study" have been introduced, connecting over 20,000 educational institutions nationwide. The company continues to invest in ecosystem development to enhance user engagement and consumption frequency across various categories [8]. New Business and International Expansion - Meituan's new business, Meituan Preferred, is improving operational efficiency, with expectations of narrowing losses. The overseas business, Keeta, has launched in nine major cities in Saudi Arabia and is expanding into Brazil, focusing on food delivery to build a high-frequency traffic network [8]. Investment Recommendations and Profit Forecast - The report anticipates that in Q2, competition from JD and Ele.me will intensify, leading to a slowdown in core local business revenue growth and a decline in operating profit margins. However, the report maintains a positive long-term outlook for Meituan's comprehensive local service ecosystem and projects overall revenues of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027, respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [2][8].

Core Insights - The strategic partnership between Meituan and Marriott International aims to enhance customer experience by integrating hotel services with local lifestyle offerings, creating a comprehensive travel service platform [1][3] - The collaboration focuses on mutual membership benefits, allowing users to access both Meituan and Marriott's services seamlessly, particularly targeting younger consumers and emerging market users [3][5] Membership Integration - The partnership introduces a mutual recognition of membership levels, where Meituan and Dazhongdianping users can upgrade to corresponding Marriott membership tiers based on their existing status [6][8] - New members registered through Meituan can quickly access higher-tier Marriott memberships with significantly lower requirements compared to traditional standards [6][9] - Additional benefits include various vouchers and discounts for dining and hotel stays, enhancing the overall value proposition for members [6][21] Market Trends and Consumer Behavior - The hotel industry is facing intense competition, with a notable decline in business travel demand and price wars, prompting high-end hotels to seek innovative ways to attract and retain members [3][9] - The collaboration is expected to tap into the growing demand from younger consumers, particularly those with significant spending power, as evidenced by the high booking rates from this demographic [9][10] - Data indicates a substantial increase in bookings for Marriott hotels following the membership integration, with a reported 88% surge in reservations on the first day of the partnership [9][10] Expansion into Lower-Tier Markets - Marriott is strategically expanding into lower-tier cities, with plans for 30%-40% of new openings in third and fourth-tier cities, capitalizing on the growing consumer base in these regions [12][14] - The shift towards lower-tier markets is driven by the saturation of first and second-tier city hotel markets, making it a new battleground for hotel groups [11][12] Enhanced Consumer Experience - The partnership aims to create a more integrated travel experience, combining accommodation with dining and entertainment options, aligning with the trend of consumers seeking comprehensive travel solutions [16][22] - Meituan's extensive platform allows for a diverse range of services, enhancing the potential for cross-selling and increasing customer loyalty through a more holistic approach to travel [23][22]

Core Viewpoint - Meituan's latest quarterly report exceeded expectations, with total revenue reaching 86.6 billion RMB, a year-on-year increase of 18.1%, and net profit soaring to 10.06 billion RMB, up 87% year-on-year. However, the market reacted negatively due to CEO Wang Xing's strong statement about winning competition "at all costs," leading to a lack of guidance for Q2 and the rest of the year [1][2][18]. Financial Performance - Total revenue for the quarter was 86.557 billion RMB, representing a year-on-year growth of 18.1% [2]. - Operating profit margin increased significantly from 7.1% in the same period last year to 12.2% [1][2]. - Net profit for the quarter was 10.056 billion RMB, reflecting an 87.3% year-on-year increase [2]. - Adjusted EBITDA reached 12.302 billion RMB, a 52.4% increase compared to the previous year [2]. Business Strategy - Meituan's food delivery business has transitioned from loss to profitability, with a remarkable operating profit margin of 17.4% as of 2024, according to JP Morgan's report [4][7]. - The strategic value of the food delivery business is immense, as it helps bind user demand and provides significant cash flow, with cash and cash equivalents totaling 115 billion RMB and short-term investments at 65.4 billion RMB [8][10]. - The food delivery business also supports the rapid expansion of Meituan's "instant retail" segment, with a 50% year-on-year increase in orders [10]. Competitive Landscape - Meituan faces competition from JD.com and other platforms, which may challenge its market share and pricing power [18]. - The company emphasizes the importance of maintaining user engagement and market dominance, even if it means sacrificing short-term profits [14][15]. - The strategic approach of "spending at all costs" is seen as a tactical move to deter competitors and maintain market leadership [18].

Group 1: Financial Performance - The company reported a revenue of 86.557 billion yuan in Q1 2025, representing a year-on-year growth of 18.1% [2] - The net profit attributable to shareholders reached 10.057 billion yuan, showing a significant increase of 87.3% year-on-year [2] - Adjusted net profit for the same period was 10.949 billion yuan, reflecting a year-on-year growth of 46.2% [2] - The overall gross margin improved by 2.4 percentage points to 37.4% in Q1 2025 [2] - Core local business revenue was 64.325 billion yuan, with a year-on-year increase of 17.8% [2] - Operating profit for the core business was 13.491 billion yuan, with an operating margin of 21.0%, up 3.2 percentage points year-on-year [2] - New business segment revenue was 22.232 billion yuan, growing by 19.2% year-on-year, but incurred an operating loss of 2.273 billion yuan [2] Group 2: Business Initiatives and Developments - The company is enhancing support for small and medium-sized businesses through initiatives like traffic support and free digital tools [3] - A new pilot program for rider pension insurance was launched in April 2025, with plans for nationwide rollout [3] - The company introduced multiple consumer confidence measures in the on-demand delivery business, including "安心学" and "安心练" [3] - The product supply for chronic disease medications and medical devices has been expanded to improve cross-selling capabilities [3] - A unified membership program, "美团会员," was launched at the end of March 2025, offering differentiated benefits across various business categories [3] - The company plans to invest 100 billion yuan over the next three years to promote high-quality industry development [3]

Core Viewpoint - Meituan reported a strong Q1 2025 performance with revenue of 86.6 billion yuan, marking an 18% year-on-year growth, driven by robust core business growth, explosive growth in instant retail, and successful international expansion [1][2] Group 1: Financial Performance - Meituan's core local commerce segment revenue grew by 17.8% to 64.3 billion yuan, while new business revenue increased by 19.2% to 22.2 billion yuan, with operating losses narrowing by 17.9% to 2.3 billion yuan [2][4] - Instant retail, particularly Meituan's flash purchase service, saw significant growth, with daily order volume surpassing 18 million and cumulative transaction users exceeding 500 million [2][4] Group 2: International Expansion - Meituan's international business made significant strides, with its platform Keeta gaining popularity in Saudi Arabia, achieving 3.6 million downloads and becoming one of the top three food delivery platforms in the region [4][6] - The company plans to enter the Brazilian market with a commitment to invest 1 billion USD in the Keeta project over the next five years [6] Group 3: Ecosystem Development - Meituan is focused on building a sustainable ecosystem to enhance user experience, support merchants, and improve rider welfare, with initiatives like the "10 billion support fund" benefiting over 180,000 merchants [7][10] - Rider income has shown stable growth, with average monthly earnings in major cities ranging from 7,230 yuan to 10,100 yuan, and top-performing riders in first-tier cities earning up to 12,593 yuan [8][9] Group 4: Commitment to Industry Growth - Meituan aims to contribute to economic development by investing 100 billion yuan over the next three years to support various merchants and stimulate consumer demand [10]

Core Viewpoint - Meituan's Q1 2025 earnings report demonstrates resilience and growth amidst competitive pressures, with a focus on enhancing its ecosystem and addressing market challenges through strategic investments and innovations [2][5][35]. Financial Performance - Meituan achieved Q1 revenue of 86.6 billion RMB, reflecting an 18% year-on-year growth, indicating strong performance despite consumer pressures [2]. - Following the earnings announcement, Meituan's stock showed positive market response, recovering from an initial drop to close up 2% [2]. Business Segments - The company operates primarily in two segments: core local commerce and new businesses, with the former showing steady growth and the latter's losses narrowing [6][13]. - Meituan's core local commerce includes food delivery, flash purchase, and in-store services, while new businesses encompass grocery retail and international expansion [6]. Key Highlights from Core Business - The food delivery segment continues to grow, with increased user engagement and the successful launch of the "brand satellite store" model, aiding over 480 brands in opening 3,000 high-quality stores [8]. - Flash purchase services have seen significant growth, with transaction users surpassing 500 million and daily orders exceeding 18 million [9]. - The in-store business has also rebounded, with active merchant numbers increasing by over 25% year-on-year [12]. International Expansion - New business revenue reached 22.2 billion RMB, up 19.2% year-on-year, with operating losses decreasing by 17.5% to 2.3 billion RMB [13]. - Meituan's international business, particularly the Keeta platform in Saudi Arabia, is gaining traction and plans to enter Brazil soon [13]. Competitive Landscape and Strategy - Meituan emphasizes a commitment to healthy competition and ecosystem investment, countering low-quality price wars while enhancing rider benefits and merchant support [1][33]. - The company is adapting to regulatory changes and has initiated social security trials for riders, showcasing its commitment to corporate responsibility [33]. Technological Innovation - Meituan's R&D investment reached 5.8 billion RMB in Q1, a 15% increase, focusing on AI applications and smart logistics [22]. - The company is leveraging technology for operational efficiency, including the deployment of drones for delivery, enhancing its competitive edge [23]. Market Potential - The instant retail market is projected to exceed 1 trillion RMB by 2025-2026, with Meituan's flash purchase service positioned to capitalize on this growth [27][29]. - As Meituan evolves from a food delivery platform to a retail giant, its revenue structure is shifting towards higher-margin retail categories, enhancing profitability [29][30]. Conclusion - Meituan's robust ecosystem, driven by user, merchant, and rider interactions, positions it for sustained growth and resilience in the face of competition and regulatory challenges [35].

Core Insights - Meituan's Q1 2025 financial results exceeded expectations, with revenue of 86.56 billion (+18.1%), operating profit of 10.57 billion (+102.8%), and adjusted net profit of 10.95 billion (+46.2%) [1] - The company maintains a strong outlook on its domestic core business barriers and growth potential, while also exploring new growth opportunities in overseas markets [1][3] Revenue Growth and Core Business Performance - Q1 revenue growth was driven by the local commerce segment, which generated 64.32 billion (+17.8%) in revenue and an operating profit of 13.49 billion (+39.1%) [1] - New business revenue reached 22.23 billion (+19.2%), although it reported an operating loss of 2.27 billion [1] Delivery and Flash Purchase Insights - In Q1, the average daily order volume for food delivery showed steady growth, supported by improved advertising monetization and subsidy efficiency, leading to a significant increase in operating profit margin (OPM) [2] - Flash purchase segment maintained rapid growth in order volume, achieving an OPM of approximately 10% driven by advertising and subsidy improvements [2] Store and Offline Business Performance - The in-store segment saw a revenue increase to approximately 15.1 billion (+20%), with a stable OPM, driven by growth in various new scenarios [2] - Q2 expectations indicate a slight slowdown in growth for the in-store segment due to competition and seasonal factors [2] New Business Expansion - Keeta is set to enter the Brazilian market, with plans to invest 1 billion USD over the next five years following a strategic cooperation agreement [3] - Despite the anticipated growth in new business revenue driven by Keeta, overall losses are expected to widen [3] Investment Recommendations - The company is projected to achieve a core business operating profit of 53.2 billion for 2025, with an estimated net profit of 45.3 billion, leading to a target price of 156 HKD based on a 20x PE ratio [3]

Core Viewpoint - The company's Q1 2025 financial performance exceeded market expectations, with significant growth in core local business and new business revenues [1] Group 1: Overall Performance - Q1 2025 revenue reached 86.6 billion yuan, representing a year-over-year increase of 18% but a quarter-over-quarter decrease of 2% [1] - Operating profit for Q1 2025 was 10.6 billion yuan, up 103% year-over-year and 58% quarter-over-quarter [1] - Net profit for Q1 2025 was 10.1 billion yuan, reflecting an 87% year-over-year increase and a 62% quarter-over-quarter increase [1] - Non-GAAP EBITDA for Q1 2025 was 12.3 billion yuan, a 52% year-over-year increase and a 7% quarter-over-quarter increase [1] - Non-GAAP net profit attributable to shareholders was 10.9 billion yuan, up 46% year-over-year and 11% quarter-over-quarter [1] Group 2: Core Local Business - Core local business revenue grew 18% year-over-year to 64.3 billion yuan, driven by increased transaction volume and reduced subsidy deductions [2] - Operating profit for core local business increased 39% year-over-year to 13.5 billion yuan, surpassing Bloomberg's consensus estimate of 12.2 billion yuan [2] - The company anticipates a slowdown in revenue growth for Q2 2025 due to intensified industry competition [2] Group 3: Business Segments - **Food Delivery Business**: Q1 2025 food delivery orders increased by 9.3% year-over-year, with over 480 brands launching more than 3,000 high-quality satellite stores [2] - **Meituan Flash Purchase**: Q1 2025 saw strong growth in flash purchase business, with over 500 million cumulative transaction users and daily order volume exceeding 18 million [3] - **In-store Travel Business**: Q1 2025 in-store travel revenue grew 20% year-over-year, with active merchants increasing by over 25% [3] Group 4: New Business and International Expansion - New business revenue grew 19% year-over-year to 22.2 billion yuan, with operating losses narrowing to 2.3 billion yuan [4] - Keeta has become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia and Brazil, with a commitment to invest 1 billion USD over five years [4] Group 5: Profit Forecast and Valuation - Long-term outlook remains positive for the company's core competencies in instant delivery and international expansion, despite increased competition [5] - Revenue forecasts for 2025-2027 are projected at 387.3 billion, 447.7 billion, and 510.6 billion yuan respectively, with Non-GAAP net profit estimates of 40.9 billion, 54.7 billion, and 67.6 billion yuan [5] - The target market capitalization for 2025 is set at 830.2 billion yuan, with a target price of 136 yuan per share [5]

市场方面，平台联动工商银行、锦江、携程、美团等10余家市场主体，整合金融支持、宣传推广、商业 配套等价值超2.5亿元资源，形成覆盖"IP授权、金融服务、生活配套、旅游出行、内容创作、电商零 售"等六大领域的资源生态闭环，以市场化形式推动文旅商体展深度联动，为赛事活动能级提升提供更 多可能。 首批通过"尚嗨运动"联动资源库达成合作意向的双方，如携程集团与上海马拉松系列赛事共同开发马拉 松主题旅游产品，推动"跟着赛事去旅行"新业态。携程旅行体育赛事项目经理管垚在接受采访时表 示："我们一直通过'体育+旅游'的模式，激活城市活力，实现参赛、住宿和体验的联动，为境外用户入 境参赛提供多维度服务，助力赛事经济发展升级。" 美团平台整合本地生活服务资源，为MXGP世界摩托车越野锦标赛的观赛者和参赛选手提供休闲娱乐全 链路配套支持。和汇体育副总经理黄一豪表示："这次通过平台，和美团合作，借助他们的流量、酒店 和美食资源，为观赛者提供更完整的消费场景，一方面让赛事观众有更便捷的选择，另一方面也为美团 的庞大用户群提供了观赛信息，一举两得。" 新华网上海5月28日电（记者许东远）28日，2025年上海体育消费节资源推介会在上海 ...