以下文章来源于36氪企业舆情报告 ，作者36氪 美团公司日报 来源｜ 36氪企业全情报（ID：EV36kr） 36氪企业舆情报告 . 舆情大数据，帮你看清市场全貌、看懂涨跌原因。 美团11月27日缩量上涨0.19% 104.00 +0.20 +0.19% 昨日收盘价103.80；当日收盘价：104.00 当日开盘价103.60；交易量5802.27万股 换手率1.05%；缩量幅度0.55% 3日涨幅 +5.96% ；5日涨幅 +5.58% 成交额：60.04亿；总市值：6355.98亿 较过去一年的平均收盘价 -0.22% ；较过去一年的日均交易量 +0.08% " 美团宣布建设骑手公寓 " 舆情分析 ｜事件正负面性质分析 股价预期提升 （利好） ： 以上利好因素可能会提高投资者对美团未来发展的预期，从而对股价产生正面影响。 截止11月27日，此事件匹配的到全网舆情信息总量为 1730条 ，正面信息 1181条 ，占比 68.3% ，负面信息 52条 ，占比 3.0% ，中性信息 497条 ，占比 28.7% ， 事件舆论呈现出显著正面的倾向 。 ｜渠道传播分析 该事件全网传播篇次为 1730 条 ，事件主要 ...

Core Points - Recent social concerns regarding subsidies from food delivery platforms have prompted Meituan to publish a statement advocating for a healthy industry ecosystem and resisting disorderly competition [1] - Meituan and other platforms like Taobao and Ele.me emphasize the negative impact of selling goods and services significantly below cost, which distorts price signals and disrupts market order [1] Group 1: Meituan's Commitment - Meituan has committed to regulating promotional activities and eliminating unfair competition to foster a fair and orderly industry environment [1] - The core commitments include strict adherence to various laws such as the Anti-Monopoly Law, Anti-Unfair Competition Law, E-Commerce Law, Price Law, and Anti-Food Waste Law [1] - Meituan will not sell goods and services at prices significantly below cost to avoid market disruption and waste [1] Group 2: Transparency and Fairness - The company will legally disclose subsidy information and avoid exaggerating the total amount of subsidies [1] - Meituan will not force or indirectly compel merchants to participate in subsidy activities, ensuring merchants' autonomy in pricing [1] - The platform will adhere to a non-discrimination principle for both merchants and consumers, avoiding selective subsidies that harm small and medium-sized businesses [1] Group 3: Sustainable Development - Meituan aims to create a win-win ecosystem for consumers, merchants, delivery personnel, and the platform by reducing merchant operating costs [1] - The focus will shift from price competition to quality and service competition, balancing the development of food delivery and dine-in services, and enhancing the rights and protections of delivery personnel [1]

Core Viewpoint - Despite short-term challenges from Douyin's traffic impact on food delivery and local life, as well as profit pressure from JD's food delivery, Meituan's high organizational efficiency and significant scale advantages suggest that it may represent a long-term investment opportunity over a two to three-year horizon [1] Financial Performance - In Q1, the company's revenue reached 86.6 billion yuan, a year-on-year increase of 18.1%, exceeding market expectations of 85.4 billion yuan; adjusted net profit was 10.9 billion yuan, up 46.2% year-on-year, significantly surpassing the market forecast of 9.73 billion yuan, with an adjusted net profit margin of 12.6% [2] - Core local business revenue grew 17.8% year-on-year to 64.3 billion yuan, with delivery, commission, and advertising revenues increasing by 22%, 20%, and 15% respectively; the healthy growth in food delivery was driven by a reduction in subsidies [5] Business Segments - New business revenue increased by 19.2% year-on-year to 22.2 billion yuan, although the growth rate slowed compared to the previous quarter; operating losses in new businesses narrowed by 18% year-on-year to 2.3 billion yuan, but widened quarter-on-quarter due to overseas expansion [5] - The management expects a slowdown in core local business revenue growth in Q2 due to intensified competition, with delivery order growth potentially decreasing from 15% in Q1 to 10%-11% [6] Competitive Landscape - The core competition in the food delivery sector is shifting towards instant retail, with the Ministry of Commerce predicting that the instant retail market will exceed 2 trillion yuan by 2030 [7] - Meituan's strategy combines both defensive and offensive elements, with its flash purchase business serving as a key growth driver in instant retail [9][11] - JD's entry into the food delivery market is seen as a defensive move to protect its user base from Meituan's encroachment [12] Market Share and User Dynamics - Meituan's average order value is higher than that of its competitors, focusing on high-frequency essential food consumption, which results in a healthier order structure [14] - As of mid-June, Meituan's daily payment orders remained above 90 million, while JD and Taobao reported peak daily order volumes of over 25 million and 40 million respectively, maintaining a market share ratio of approximately 7:2:1 [16] Cost Structure and Cash Flow - Meituan maintains a significant advantage in delivery costs, with an average fulfillment cost of 4.2 yuan compared to JD's estimated cost of 11.5 yuan [17] - The company reported a robust cash flow of 10.1 billion yuan in Q1, with cash reserves of 115 billion yuan, significantly higher than JD's cash flow and reserves [17] Subsidy Strategies - JD has adjusted its subsidy policy, shifting a larger burden onto merchants, indicating the unsustainability of high subsidies and potentially alleviating competitive pressure on Meituan [18][19] Long-term Outlook - Meituan's scale advantages and logistics capabilities in instant retail are expected to support its market share and competitive strength, with a potential stock price turning point anticipated in the second half of 2025 [24][25]