本季度，美团继续为消费者提供更加便捷高效的即时消费体验，美团App的月活跃用户突破5亿。同 时，用户年均交易频次再次创下历史新高。7月份，美团即时零售日订单量峰值突破1.5亿单，创造新纪 录。 8月27日，美团发布2025年第二季度及半年业绩报告。第二季度，美团实现营收918亿元，同比增长 11.7%，展现出稳健的发展态势。 "餐饮外卖和即时零售行业竞争加剧，公司各项业务继续实现健康增长。"美团CEO王兴表示，"我们将 继续围绕'帮大家吃得更好，生活更好'的使命，加大在技术创新和生态建设方面的投入，为行业上下游 的合作伙伴创造更多价值，推动行业可持续发展。" 核心本地商业稳健 新业务持续突破 二季度，美团核心本地商业板块实现营收653亿元，同比增长7.7%。 新业务板块营收265亿元，同比增长22.8%。美团国际化持续迎来新突破，Keeta本季度的订单量和GTV 继续强劲增长。在香港市场，Keeta进一步巩固了领先地位，助力行业整体扩容；在中东市场，Keeta在 7月底进一步覆盖至沙特20个城市，并于近日正式在卡塔尔上线服务。 落实"反内卷"举措 推进生态健康发展 二季度，美团坚守服务品质和用户体验，构建可持 ...

8月27日，美团（股票代码:3690.HK）发布2025年第二季度及半年业绩报告。今年第二季度，美团实现 营收918亿元(人民币，下同)，同比增长11.7%，展现出稳健的发展态势，进一步巩固了市场领先地位。 即时配送行业在本季度进入激烈竞争的新阶段，美团凭借十余年来构建的运营能力，巩固了绝对的市场 领先地位。7月份，美团即时零售日订单量峰值超过1.5亿单，全量配送订单平均送达时间为34分钟，核 心用户群体的黏性进一步提升。 美团继续携手商家探索供给侧创新。截至7月，美团已联合800多个头部连锁餐饮品牌开出超5500家品牌 卫星店，通过多方赋能帮助商户实现了运营成本的优化和经营效率的跃迁。计划到今年年底，开设超过 1万家卫星店。 "闪购下单，30分钟到家"已经成为用户确定性的生活方式和商户确定性的增量。本季度，美团闪购实现 强劲增长，消费场景从食杂向3C数码、美妆母婴等品类全面延伸。"618"期间，美团助力近百万实体店 服务了超过1亿名用户，平台上包括手机、白酒、奶粉、大小家电等在内的高客单价商品成交额增长2 倍。截至二季度，美团联合各类零售商和品牌商在全国建设了超5万家闪电仓，助力大量本地小店的数 字化转型， ...

于第二季度，我们的收入由2024年同期的823亿元增长11.7%至918 亿元。由于外卖行业竞争激烈，于 2025年第二季度，我们核心本地商业分部的经营溢利同比大幅下降至37亿元。同时，由于海外扩张，新 业务分部的经营亏损同比扩大至19亿元。因此，我们于该期间的经调整EBITDA及经调整溢利净额分别 下降至28亿元及15亿元。于2025年第二季度，经营现金流入净额为48亿元。截至2025年6月30日，我们 持有的现金及现金等价物和短期理财投资分别为1,017亿元和694亿元。 2025年第二季度，我们的分部收入同比增长7.7%至653亿元。受本季度开始的非理性竞争影响，经营溢 利同比下降75.6%至37亿元，经营利润率同比下降19.4个百分点至5.7%。 尽管竞争日益激烈，我们的即时配送业务在第二季度仍巩固了市场地位。我们始终致力于构建健康的行 业生态，打造优质的服务和消费体验。第二季度，我们的餐饮外卖业务拓展了更多新客，同时核心用户 的黏性加深、交易频次增加。我们持续在各个价格带提供高性价比产品，并加强在高价值消费场景的渗 透。我们与餐饮商家合作开展供给侧创新，以提升行业品质标准。我们赋能数百家连锁餐饮品牌 ...

Core Viewpoint - The company is expected to face significant pressure on profits due to intensified competition in the food delivery and instant retail sectors, despite an increase in order volume. Group 1: Financial Projections - For Q2 2025, the company anticipates adjusted net profit to be 7.7 billion yuan, with revenue expected to grow by 13% year-on-year to 92.9 billion yuan, resulting in an adjusted net profit margin of 8.3% [1] - The company's core local business operating profit is projected to decline by 33% year-on-year to 10.2 billion yuan, with an operating profit margin (OPM) of 15.2% [1] - The overall operating profit margin for the core local business is expected to decrease to 12.6% for the full year, with a total operating profit of 35.3 billion yuan, reflecting a 33% year-on-year decline [2] Group 2: Competitive Landscape - The food delivery market is experiencing heightened competition, particularly with competitors like JD.com and Taobao launching aggressive subsidy campaigns, which have led to a significant increase in order volume [1] - The company has responded to competition by implementing various promotional strategies, including large consumer coupons and new product offerings, which have resulted in a 14% year-on-year increase in food delivery order volume for Q2 2025 [1] - Instant retail orders have also surged, with peak order volume reaching 150 million, driven by the company's participation in promotional events [2] Group 3: New Business Developments - The company has decided to further scale back its Meituan Youxuan business, leading to a reduction in expected losses for new businesses from 10.4 billion yuan to 6.7 billion yuan for the year [2] - Despite the reduction in losses, the revenue growth forecast for new businesses has been adjusted down to 10% due to limited contributions from overseas expansion and the closure of operations in many regions [2] Group 4: Valuation Adjustments - The company has revised its adjusted net profit forecasts for 2025 and 2026 down by 30% and 19% respectively, now projecting 28.6 billion yuan and 43.8 billion yuan [2] - The target price has been lowered by 12.4% to 155 HKD, reflecting a 20 times adjusted price-to-earnings ratio for 2026, with a potential upside of 23.5% [2]

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]

Core Viewpoint - The report from CICC indicates that Meituan's revenue and adjusted net profit for Q1 exceeded expectations, but short-term performance is expected to decline due to competitive pressures in the food delivery sector, while long-term confidence remains strong [1] Financial Performance - Meituan's Q1 revenue grew by 18% year-on-year to 86.6 billion RMB, surpassing CICC's expectations by 1.4% [1] - Adjusted net profit for the same period was 10.95 billion RMB, exceeding expectations by 21%, driven by better-than-expected core local business operating profits and lower-than-expected losses from undistributed projects [1] - The adjusted net profit margin stood at 12.6% [1] Business Outlook - CICC anticipates steady growth in Meituan's food delivery order volume and in-store hotel and travel GTV for Q2 [1] - The firm has revised down its adjusted net profit forecasts for Meituan for 2025 and 2026 by 13% and 5% to 40.9 billion RMB and 54.1 billion RMB, respectively, due to increased food delivery subsidies and greater overseas investments [1] Investment Rating - Despite the short-term performance adjustments, CICC maintains a positive outlook on Meituan, rating it as outperforming the industry with a target price of 177 HKD, corresponding to adjusted P/E ratios of 25x and 18x for 2025 and 2026, respectively [1]

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 ...