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]

美团(03690.HK)高管：若短期财务业绩出现波动，不应令人感到意外。预计第二季度本地生活核心业务 收入的同比增长率将低于第一季度的增长速度。 ...

值得注意的是，在餐饮外卖业务中，美团通过"拼好饭"和"神搞手"等产品创新满足消费者对高性价比产品的需求，同时通过"品牌卫星店"模式帮助连锁餐饮 商家以更优成本结构进行地域扩张。这些举措不仅提升了用户粘性，也为商家创造了更大价值。 每经编辑｜黄胜 5月26日晚间，美团公告，第一季度营收865.6亿元人民币，同比增18.1%，预估854.4亿元人民币；第一季度调整后净利润109.5亿元人民币（按90天算，约合 日赚1.22亿元），同比增长46.2%，预估97.3亿元人民币。 美团核心本地商业分部今年第一季度的经营溢利达到人民币135亿元，较去年同期的人民币97亿元增长39.1%。 第一季度，新业务分部的经营亏损由去年同期的人民币28亿元收窄至人民币23亿元。截至2025年3月31日，美团持有的现金及现金等价物和短期理财投资分 别为人民币1,150亿元和人民币654亿元。 美团CEO王兴表示，"我们很高兴看到越来越多的用户和商户选择了美团，我们将继续通过供给和服务模式创新，帮大家吃得更好，生活更好。同时，我们 将持续加大生态建设投入，积极推动行业高质量发展，为所有生态伙伴创造更大价值。" 盘面上，截至港股今日收盘， ...

美团(03690.HK)：核心本地商业分部的经营溢利由2024年第一季度的人民币97亿元增长至2025年同 期 的人民币135亿元，经营利润率由17.8%同比增加3.2个百分点至21.0%。 ...

"没有品牌支持的免费短剧只能被卷死！" 2025年以来，免费短剧快速侵蚀短剧市场份额，不少腰尾部团队纷纷转型免费短剧和品牌短剧赛道。 2025年，品牌短剧在免费市场的表现如何呢？谁会继续留在牌桌上？在此节点，DataEye短剧观察来聊聊品牌短剧的新变局。 一、数据盘点 从新入局短剧的品牌来看，今年以来共新增了129家品牌方入局短剧赛道，仅今年1月就增加了84家品牌方，赛道竞争拥挤。而从内容输出方面来看，亦有 不少品牌方"以质逆袭"。值得关注的是，去年年底新入局品牌短剧的美团，不同于韩束、丸美等美妆个护品类的先发优势和重金入局， 2024年下半年才 踏入短剧领域，但凭借着精品化的内容制作和创新的品牌输出模式，化身行业"搅局人"。 （一）哪些品牌短剧更出圈？ 虽然"播放10亿"成为免费短剧的爆款神话，但纵观市场全局，目前红果短剧能够实现播放破10亿的短剧也仅10余部，"10亿率"在短剧市场不到1%。 而从周期内的播放量来看，品牌定制短剧的实力并不差。4月以来，品牌定制短剧播放量TOP10的短剧中，播放量最高的是抖音剧场号她见四季的《亲爱 的宿敌》，播放量达2.8亿；其次是短剧演员孙樾快手账号内的《暗恋藏不住》，上 ...

作者 董雨晴 当美国年轻人开始放弃诗和远方，全球最大的短租平台决定把触角伸向用户的其他生活服务。 5月14日，Airbnb在洛杉矶发布近十年最激进的战略升级：在核心房源业务外，新增"爱彼迎服务"和"爱彼迎体验"两大板块。前者 覆盖私人主厨、健身教练等10大生活服务品类，后者集结米其林厨师、明星私教等达人资源，支持用户本地化消费——即使不出 门旅行，也能在自家客厅享受米其林大餐。 在发布会后，凤凰网科技和Airbnb爱彼迎首席财务官 Ellie Mertz进行了一场面对面的交流。她谈及了这场大升级背后Airbnb的思 考和挑战。房源运营一直是Airbnb的强项，生活服务本身也考验着平台的运营能力。为此，Airbnb特别组建了全新团队，他们预 计将在2025年为这个大更新持续投入2亿美元。 01 美国人不爱旅游了？没关系，也可以干点"别的" 疫情之后，全球曾迎来一次旅游市场的大爆发。这让作为旅游服务平台之一的Airbnb 2024年度总预订金额直接增长了13.4%。亚 太地区更是表现惊人，中国游客出境游的预订量同比增长了25%。 然而热闹仅持续了一年多，增长就开始急剧放缓。去年暑期，Airbnb曾预警表示，尽管当 ...

证券研究报告 | 行业点评报告 2025 年 05 月 19 日 keeta 宣布进入巴西市场，京东外卖日订单量突破 2000 万 商贸社服行业周报 消费品/商业 本周餐饮旅游板块指数下降 0.26%，表现弱于沪深 300 指数(上涨 1.12%)和创 业板指数(上涨 1.38%)；商贸零售板块指数本周上涨 2.23%，表现强于沪深 300 指数、创业板指数。 本周子板块相关观点：1）电商：行业竞争格局好于预期，龙头电商公司估值低 位，推荐阿里巴巴、京东集团、拼多多、唯品会。2）OTA：携程出境游&海外 业务延续高增长，关注出境游修复进程及海外市场拓展情况，推荐携程集团。3） 本地生活：外卖及到店空间与壁垒仍具，盈利弹性凸显，重点推荐美团。4）共 享出行：龙头份额企稳、盈利增长潜力大，推荐滴滴出行。 风险提示：宏观经济风险；行业竞争加剧；旅游行业系统性风险。 推荐（维持） 行业规模 | | 占比% | | | --- | --- | --- | | 股票家数（只） | 133 | 2.6 | | 总市值（十亿元） | 1121.2 | 1.3 | | 流通市值（十亿元） | 1028.2 | 1.3 | 行业 ...

Group 1 - The operation involves a collaboration between physical stores and online shops, where customers can receive discounts and coupons that encourage cross-shopping among different businesses [2] - The integration of social elements allows users to earn rewards by inviting friends, creating a community-driven promotional strategy similar to Pinduoduo's model [2][6] - Merchants benefit from a profit-sharing model where they can earn up to 130% in returns compared to traditional methods, incentivizing them to join the platform [4] Group 2 - The platform employs a transparent points system where users can accumulate points through purchases and referrals, with potential for significant value increase over time [4][7] - A self-sustaining economic model is established where the platform retains a portion of the merchant's discounts while redistributing the rest as rewards, enhancing user engagement [4][6] - The platform's legitimacy is supported by its association with physical store alliances and proper licensing, although some skepticism remains regarding its operational model [10]

临近520，海豚君为大家准备了一波现金红包福利，详细获取方式见文内。 在经历了中国AI故事带来的大涨、中美贸易争端带来的暴跌，以及 近期双方争端缓解带来的反弹后，阿里的股价又回到了约$130，上季度炸裂业绩暴涨前的起 点，那此次阿里的业绩表现如何？从预期差的角度，整体营收和利润都比较平淡，股价也应声下跌。具体如何，请见下文核心信息： 一、收入利润表现双优，淘天是本季业绩最大亮点 考虑到整体线上实物零售额的增速是从4Q的3.5%改善到了1Q的5.7%，且先前京东的商城业务也表现不俗， 彭博上卖方对淘天本季CMR增速反而环比减速的预期 显然是过于保守或过时了 ，不具参考价值。 更真实的CMR增速预期大约在10%左右。 本季CMR实际增长11.8%，即便是相比上述更高、更"准确"的预期，也依旧beat 。一方面是国补带动下，电商行业整体在1Q增长不错，另一方面淘天自身层面， 加收的0.6%服务费和全站推广告工具的利好显然也在进一步释放，促进take rate提升。 类似的，彭博预期显示adj.EBITA利润同比增长2.1%显然也过于偏低，实际 本季淘天adj.EBITA为418亿，同比增长约8% ，相比JPM反映的 ...