Core Insights - The company reported Q1 2025 revenue of 86.6 billion RMB, an 18% year-on-year increase, aligning with market expectations [1] - Adjusted net profit rose 46% year-on-year to 10.9 billion RMB, with a net profit margin of 13%, up 2.4 percentage points from the previous year [1] - Core business operating profit margin improved to 21%, exceeding expectations of 19%, while new business incurred an operating loss of 2.3 billion RMB, with a loss rate of 10% [1] Business Performance - Core business: Estimated daily orders for food delivery increased by 9-10% year-on-year, with average order value (AOV) experiencing a low single-digit decline due to increased contributions from "拼好饭" and "神枪手" [1] - Flash purchase daily orders reached nearly 11 million, a year-on-year increase of approximately 30%, with non-food categories like 3C, home appliances, and beauty products seeing over 60% growth [1] - In-store travel and accommodation gross transaction value (GTV) grew over 30% year-on-year, with stable operating profit margins [1] New Business Developments - New business segment showed a slight reduction in losses, with the pace of loss narrowing due to ongoing long-term capability building [1] - "Keeta" has rapidly grown to become the largest food delivery platform in Hong Kong and is expanding into Saudi Arabia, covering nine major cities, with plans to enter Brazil and invest $1 billion over the next five years [1] Market Outlook - Increased competition in the food delivery market is expected to lead to higher subsidies, potentially impacting revenue and profit growth in Q2 [2] - Forecasts suggest mid-single-digit year-on-year growth in food delivery order volume, while flash purchase order volume is expected to maintain slightly above 30% growth [2] - New business revenue growth is projected at 22%, with losses expected to widen to approximately 2.6 billion RMB due to overseas investments [2] Valuation - Despite the lower entry barriers in the food delivery market due to increased subsidies, operational and scheduling capabilities for merchants and riders will take time to improve [2] - The company is expected to maintain a leading market share, with a projected profit growth of about 7% in 2025, leading to a target price adjustment to 165 HKD, while maintaining a buy rating [2]

Core Insights - Meituan's Q1 revenue and adjusted profit exceeded market expectations, with total revenue reaching 86.6 billion yuan, a year-on-year increase of 18% [1] - The core local business operating profit grew by 39% year-on-year, surpassing market expectations by 10% [1] - The company reported record high annual active users and merchants, indicating strong market presence [1] Financial Performance - Q1 total revenue was 86.6 billion yuan, slightly above market expectations by 1.4% [1] - Adjusted net profit for Q1 was 10.9 billion yuan, a 46% year-on-year increase, exceeding market expectations by 18% [1] - Core local business revenue increased by 18% year-on-year, with operating profit margin improving by 3 percentage points to 21% [1][2] Business Segments - Delivery, commission, and online marketing revenues grew by 22%, 20%, and 15% year-on-year, respectively [2] - The food delivery segment saw an increase in user order frequency, with daily order volume growth estimated at around 10% [2] - Instant retail and travel segments also showed strong growth, with non-food orders in instant retail increasing over 60% year-on-year [2] Competitive Landscape - Management emphasized commitment to compete effectively, planning to invest 100 billion yuan over the next three years to enhance supply chain and merchant digital transformation [2] - Despite competitive pressures, Meituan's food delivery segment maintained steady growth in daily order volume [2] Financial Forecast and Valuation - For Q2, total revenue is expected to grow by 13%, with core local business and new business revenues projected to increase by 10% and 21%, respectively [3] - The company anticipates a 15% year-on-year increase in total revenue for 2025, with adjustments made to core local business profit forecasts [3] - The valuation for core local business is set at 18 times the 2025 operating profit, with a target price adjustment to 177 HKD, indicating a potential upside of 34% from recent closing prices [3]

今天逛知乎的时候发现一个热度2000多万的新话题，是bilibili一个百大up主，好像是美食探店赛道的，我平时不看这类内容，但我有朋友看，和我说他挺 火的。 他讲述了自己被骗1000万的经历，我概述一下过程。他是从2019年在bilibili上做美食频道，年收入很快从20多万飙升到200-300万，赚到钱后他接触到了更 多有实力的大哥。其中上海一个做高端餐饮的老板与其相交，向他推荐入伙新的餐饮项目，这小哥们连合同都没签，就一个口头约定就打过去200万。 过段时间老板又说项目升级，要他增资凑1000万玩票大的，小哥们就又打了200万过去，同时拉了6个自媒体up主，每人100万入伙，凑齐了1000万，他本 人向那6个up主做了兜底承诺。 再之后就是这个老板跑路了，自己投的400万血本无归，还要对6个朋友的100万做兜底。有人说他遭遇了杀猪局，其实倒也未必，他探店能认识的老板不 可能完全是虚构出来的。那几年疫情对餐饮行业冲击很大，死扛的老板最后扛到一无所有的案例老多了，up主们投的1000万虽然对普通人是大钱，但扔到 餐饮业的黑洞里可能都撑不到1个月。 事情大概就是这样，我从中能提取出来最有价值的教训就是人不要轻 ...