新业务： 8月27日下午消息，美团（HKEX：3690）今日发布了截至6月30日的2025年第二季度财报：营收为918 亿元，同比增长11.7%。净利润为3.653亿元，而2024年同期为114亿元；调整后的净利润为15亿元，而 2024年同期为136亿元。 核心本地商业： 财报显示，2025年第二季度，美团核心本地商业分部收入同比增长7.7%至653亿元。受本季度开始的非 理性竞争影响，经营利润同比下降75.6%至37亿元，经营利润率同比下降19.4个百分点至5.7%。 （注：美团核心本地商业，主要包括原有的餐饮外卖和到店、酒店及旅游分部，还有美团闪购、民宿以 及交通票务） 财报显示，2025年第二季度，美团新业务分部收入同比增长22.8%至265亿元，分部经营亏损同比扩大 43.1%至19亿元，经营亏损率环比改善3.1个百分点至7.1%。 其他收益净额： 2025年第二季度，美团其他收益净额为8.080亿元，而2024年同期为6.306亿元。该变动主要由于汇兑亏 损转换为汇兑收益，部分被理财投资之公允价值变动及收益的减少所抵销。 责任编辑：刘明亮 ...

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]