在笔者视角中，美团有三张底牌，进行这场"不惜一切代价"的外卖竞争。 1、外卖其实很挣钱 第一张底牌，美团的外卖业务本身已经从亏损转向盈利，利润率非常不错。 美团公布最新一季报，业绩超预期。总营收达到866亿元人民币，同比增长18.1%，净利润100.6亿元，同比大增87%。核心业务的经营利润率大幅提升，从 去年同期的7.1%，上涨至12.2%。然而市场却一片惊慌，只因为王兴在电话会上的强硬表态：美团将"不惜一切代价"赢得竞争。以至于无法给出二季度和剩 余全年的准确业绩指引。 | | 未經審核 | | | | | | --- | --- | --- | --- | --- | --- | | | 截至下列日期止三個月 | | | | | | | 2025年3月31日 | | 2024年3月31日 | | | | | | 佔收入 | | 佔收入 | | | | 金額 | 自分比 | 金額 | 直分比 | 同比變動 | | | (人民幣千元,百分比除外) | | | | | | 收入 | 86.557.126 | 100.0% | 73.275.884 | 100.0% | 18.1% | | 部營溢利 | 10, ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 5月26日，美团发布2025年一季报，实现季度营收866亿元，同比增长18%。美团一季报业绩实现两位数 增长，与其核心业务稳健增长、即时零售大爆发和国际化拓展取得阶段性成果等紧密相关。 作为中国本地生活服务领域的龙头企业，美团继续加大对生态体系的建设投入，致力打造多方共赢的健 康生态，让用户更好地消费、商户更好地经营、骑手更好地工作、行业可持续提升。 业绩稳健攀升：即时零售爆发、闪购累计交易用户破5亿 出海显见成效 新业务亏损收窄 美团的主营业务包括核心本地商业和新业务两大板块。2025年一季度，美团核心本地商业分部收入结构 持续优化，该分部收入同比增长17.8%至人民币643亿元；新业务同比减亏。 其中，美团闪购成为本季度最大亮点。报告期内，美团闪购保持了强劲的增长势头，包括饮料零食、 3C产品、家用电器、美妆个护等在内的多个品类增长显著。2月14日"情人节"当天，美团闪购日订单量 同比增长接近一倍。截至3月底，美团闪购累计交易用户数超5亿，以90后的年轻消费者为主。当前，美 团非餐饮品类即时零售日单量已突破1800万单。除此之外，外 ...

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 ...

"本地生活"这一高频市场业务，不仅在国内是必争之地，就算放眼全球，于中国互联网大厂来说，都是一件必须要做的事。 过去多年，国内的互联网大厂，在海外市场，很多都进行过本地生活的探索。在今年，这些互联网大厂，都不约而同地将目标锁定到了巴西。 这一节奏在上半年颇为明显。 今年4月，滴滴在巴西，重启了退出两年的外卖业务；5月中旬，美团表示计划在未来几个月内将旗下外卖服务Keeta引入巴西；而快手方面，也高调宣 布，用"中国模式"点亮巴西市场。 巴西到底有什么，大厂为什么都要去"抢滩"？于市场而言，这是一个有待充分挖掘的问题。 更重要的是，大厂的接连奔赴，也说明这样一个问题：在贸易环境充满不确定性的当下，如果出海是一定要做的事，那么企业更应该选择一个更谨慎的商 业路径及栖息地。 大厂"赶趟"巴西 国内外卖大战打得火热，没想到，巴西成了第二战场。 滴滴，最早在巴西开发市场。2018年，滴滴以约10亿美元收购巴西本土打车平台99 Taxi，这一举措帮助滴滴快速获得巴西市场份额，同时避免了直接与 Uber的正面竞争。 2023年，面对当地外卖巨头的"二选一"等，滴滴不得不暂停外卖业务，专注出行，摩托骑手转为承接送货。 而20 ...

金十数据5月27日讯，美团宣布联合百大餐饮、零售品牌，于5月28日至6月18日开启618大促活动。活动 期间，美团将面向全体消费者发放618元神券包。 （36氪） 美团启动618大促 ...

How has Meituan diversified its product offerings and optimized its delivery network over the years? Since launching our food delivery business more than 11 years ago, we have continuously diversified our product offerings by broadening our price bands and optimizing our 30-minute delivery network. These efforts have enabled us to provide better services and choices to hundreds of millions of consumers while supporting millions of merchants, particularly small and medium-sized ones, in reaching new customer ...

美团将于5月28日开启618促销 金十数据5月26日讯，在美团财报电话会上，美团CFO陈少晖表示，美团外卖和美团闪购将联合众多餐 饮品牌及零售品牌开启618促销活动。据了解，美团618将于5月28日正式开始。 （界面） ...

Financial Data and Key Metrics Changes - The company's revenue increased by 18.1% year over year to RMB86.6 billion in Q1 2025 [5][26] - The cost of revenue ratio decreased by 2.3 percentage points year over year to 62.6% [26] - Selling and marketing expenses ratio decreased by 1 percentage point year over year to 18% [26] - Total segment operating profit grew to RMB11.2 billion, up from RMB6.9 billion last year, with operating margin increasing from 9.5% to 13% [26][27] - Cash generated from operating activities increased to RMB10.1 billion [26] Business Line Data and Key Metrics Changes - Core local commerce segment revenue grew by 17.8% year over year to RMB64.3 billion [32] - The new initiatives segment revenue increased by 19.2% year over year to RMB22.2 billion, driven by grocery retail and overseas business [33] - The number of annual active in-store merchants increased by over 25% year over year [16] Market Data and Key Metrics Changes - The number of Meituan instant shopping transacting users exceeded 500 million, with young consumers born after 1990 accounting for two-thirds [61] - Daily order volume for Meituan instant shopping nearly doubled year over year during Valentine's Day [30] - The InstaMart business saw order volume increase by about 50% year over year [31] Company Strategy and Development Direction - The company plans to invest RMB100 billion over the next three years to drive high-quality growth in the food service industry [10][69] - The focus is on empowering merchants, elevating supply quality, stimulating consumption, and enhancing the overall business environment [69] - The company aims to solidify its market leadership while promoting healthy and sustainable industry development [44][50] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the irrational subsidy competition in the industry but expressed confidence in the company's ability to maintain market leadership [40][44] - The company expects volatility in short-term financial results due to intensified competition but remains optimistic about long-term growth potential [47][50] - Management emphasized the importance of enhancing user experience and operational efficiency through AI technology [24] Other Important Information - The company has launched a pension pilot program for couriers, aiming to enhance their rights and benefits [73] - The Bright Kitchen program aims to improve food safety and quality by encouraging high standards among food delivery merchants [71] Q&A Session Summary Question: Impact of JD's subsidy program on order volume growth - Management stated that they are prepared to invest as needed to maintain competitiveness and highlighted their position as the largest player in the food delivery market [38][39] Question: Strategy for expanding Meituan Insta Shopping - Management confirmed robust growth in non-food categories and emphasized the importance of expanding product coverage and quality standards [58][60] Question: Details on the RMB100 billion food subsidy promotion plan - Management outlined the plan's focus on empowering merchants, elevating supply quality, and stimulating consumption [69][70] Question: Progress of KITA in Hong Kong and Saudi Arabia - Management reported strong growth in both regions and outlined plans for further expansion [82][84] Question: Capital allocation strategy amid overseas expansion - Management emphasized a balanced approach to capital allocation, focusing on core local commerce cash flow while supporting new initiatives [100]