这不是一次简单的企业参观，而是一次沉浸式的行业认知升级。 "科技不是空中楼阁，美团让我们看到技术如何实实在在地解决生活中的痛点，提升效率和体验。估算科技热点的环节激发了我们的创 新思维。" "了解到企业对技术能力、解决问题能力、学习能力的重视，对未来的努力方向更有目标感了。" 美团是一家科技零售公司，成立于2010年3月，以"零售+科技"的战略践行"帮大家吃得更好，生活更好"的公司使命。 自成立以来，美 团持续推动服务零售和商品零售在需求侧和供给侧的数字化升级，与广大合作伙伴一起努力为消费者提供品质服务。2018年9月20日， 美团在港交所挂牌上市。美团始终以客户为中心，不断加大在新技术上的研发投入，致力于承担社会责任和创造社会价值。 10：00—10：30 美团展示中心：通过图文展板了解发展历程，通过动态视频与实物模型展示即时零售、社区电商等领域创新实 践；重点讲解科技赋能全生活服务场景的生态构建逻辑 美团数字化指挥中心：探秘"城市生活大脑"运营中枢，通过实时数据大屏观摩外卖、到店、酒旅等业务实时交易 数据、智能调度系统运作流程与风险预警机制 主题分享：《数字化破局：从美团实践到企业消费转型》 l 美团数字 ...

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) with a target price of HKD 141.90, while the current stock price is HKD 102.5 [3]. Core Insights - Meituan's Q3 2025 financial performance showed revenue of HKD 95.49 billion, a 2.0% increase year-on-year, but operating profit was negative at HKD -19.76 billion, a decline of 244.4%. Adjusted net profit was also negative at HKD -16.01 billion, down 224.8% [1][6]. - Despite the intense competition in the food delivery sector, Meituan's long-term business barriers and growth potential remain strong, with overseas operations providing new growth opportunities [1][6]. - The report highlights that the core local business segment generated revenue of HKD 67.45 billion, down 2.8%, while new business revenue was HKD 28.04 billion, up 15.9% [6]. Financial Data and Valuation - The projected main revenue for Meituan is expected to grow from HKD 276.85 billion in 2023 to HKD 482.81 billion by 2027, with a compound annual growth rate (CAGR) of 16% [2][8]. - The adjusted net profit is forecasted to be negative at HKD -15.46 billion in 2025, but is expected to recover to HKD 45.63 billion by 2027 [2][8]. - The report indicates a significant improvement in the operating profit margin (OPM) for new businesses, which is expected to be -4.6% in Q3 2025, showing a reduction in losses [6]. Market Position and Competitive Landscape - Meituan maintains a leading market share in high-value orders despite the competitive pressures in the food delivery market, with expectations for a more rational competitive environment in Q4 [6]. - The report notes that the company is focusing on high-value users and orders, which positions it favorably against competitors [6]. - The performance of the flash purchase segment is projected to grow by approximately 30% in Q3 2025, although it still faces negative operating profit margins [6]. Shareholder Information - The total market capitalization of Meituan is HKD 626.4 billion, with major shareholders holding a 9.05% stake [3].

Core Insights - The article discusses the intense competition between Meituan and Alibaba in the instant retail market, highlighting the strategic decisions made by both companies in response to each other's actions [1][2][3][4][5][6][7][8]. Financial Performance - Meituan's Q3 financial report shows a significant loss of 14.1 billion yuan in its core local business, indicating a shift from being a cash cow to a loss-making entity as it invests heavily in defending its market share against Alibaba [3][4][5]. - Alibaba's Q3 results reveal a 53% drop in net profit despite revenue growth, reflecting the challenges it faces in maintaining investor confidence while pursuing market share in the face of Meituan's aggressive strategies [10][11][12]. Strategic Decisions - Meituan's CEO Wang Xing has adopted a "defensive suicide" strategy, willing to incur massive losses to maintain market share, signaling to competitors that it is prepared to engage in a price war [5][6][7]. - Alibaba's management expresses a willingness to sacrifice short-term profits for long-term market share, yet faces pressure from investors who prefer immediate profitability [10][12][14]. Market Dynamics - The competition is characterized as a "fatigue war," where both companies are testing each other's limits without a clear path to victory, reflecting a shift in the internet landscape where the cost of competition extends beyond financial resources [2][24]. - The article suggests that both companies are in a stalemate, unable to decisively defeat each other, leading to a scenario where neither can afford to escalate the conflict further without risking significant damage to their operations [24][26]. Organizational Challenges - The intense competition has led to organizational strain, with employees at both companies feeling overworked and exhausted, which could hinder their ability to sustain aggressive strategies [18][20][22]. - The article emphasizes that the future of this competition will depend on which company can better manage its resources and maintain employee morale amidst ongoing pressures [26].

Core Insights - The recent personnel adjustments in Meituan's S-team reflect the company's leadership development and future business focus [2][3] Group 1: Leadership Changes - Meituan promoted two executives with backgrounds in delivery and overseas business, namely Xiao Fei and Qiu Guangyu, to its S-team, which is responsible for strategic direction and core business layout [2][3] - The S-team now consists of eight members, including CEO Wang Xing and other key executives [2] - The leadership development program initiated in January 2020 aims to cultivate a talent pipeline through various measures such as talent assessment and succession planning [2] Group 2: Business Focus - Xiao Fei and Qiu Guangyu's promotions indicate Meituan's emphasis on local and international business growth, particularly in the face of intense competition in the local delivery market [3] - Meituan's core business includes local services such as delivery, dining, and travel, while new business segments encompass retail, software services, and international operations [2][3] - The company aims to establish a second growth curve through international expansion, particularly with its overseas business Keeta, which has shown strong growth in order volume and transaction value [4] Group 3: Financial Performance - In the first half of 2025, Meituan's adjusted net profit was 12.442 billion yuan, a year-on-year decline of 41%, with the core local business segment's operating profit dropping by 75.6% due to competitive pressures [4] - Meituan's internationalization strategy includes expanding its delivery services abroad, with a target market size of 100 billion USD for Keeta [4]

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Views - The Q2 performance of Meituan was impacted by increased competition, with revenue of 91.84 billion (+11.7%) and adjusted net profit of 1.49 billion (-89.0%) [1][6] - Despite the competitive pressures, the long-term outlook for the company's core domestic business remains positive due to its competitive advantages and growth potential, while overseas operations present new growth opportunities [1][6] Financial Data and Valuation - Revenue projections for the upcoming years are as follows: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 370.60 billion - 2026E: 428.95 billion - 2027E: 493.90 billion - Adjusted net profit estimates show significant fluctuations, with a projected loss of 15.60 billion in 2025E, followed by a recovery in subsequent years [2][8] - The target price is set at 141.90 HKD, with the current stock price at 116.3 HKD, indicating potential upside [3][6] Business Segment Performance - Core local commerce revenue growth slowed to 7.7% in Q2, while new business revenue increased by 22.8% [6] - The food delivery segment experienced stable growth in order volume, but profitability was affected by increased competition and subsidies [6] - The in-store segment showed a GTV growth of over 20%, but revenue growth is expected to decline due to competitive pressures [6] Future Outlook - The report anticipates that Q3 will see continued competitive intensity, leading to increased losses in the food delivery segment [6] - Long-term growth potential remains strong, with expectations for core local business GMV to reach approximately 2.7 trillion in 2025E [6][7]

Core Financial Performance - Meituan reported Q2 2025 revenue of 91.8 billion yuan, a year-on-year increase of 11.7% [1] - Net profit for Q2 2025 was 365.3 million yuan, down from 11.4 billion yuan in the same period of 2024; adjusted net profit was 1.5 billion yuan, compared to 13.6 billion yuan in 2024 [1] Core Local Business - Revenue from Meituan's core local business segment grew by 7.7% year-on-year to 65.3 billion yuan [2] - Operating profit for this segment decreased by 75.6% year-on-year to 3.7 billion yuan, with an operating margin decline of 19.4 percentage points to 5.7% [2] New Business Segment - Revenue from Meituan's new business segment increased by 22.8% year-on-year to 26.5 billion yuan [2] - Operating loss for this segment widened by 43.1% year-on-year to 1.9 billion yuan, although the operating loss margin improved by 3.1 percentage points to 7.1% [2] Other Income - Other net income for Q2 2025 was 808 million yuan, compared to 630.6 million yuan in the same period of 2024; this change was primarily due to a shift from foreign exchange losses to gains, partially offset by a decrease in fair value changes and income from investment products [3]

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]

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates: 26%, 22%, 16%, 15%, 14% [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Year-on-year growth rates: 709%, 88%, -2%, 32%, 24% [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 for 2023, decreasing to 13.5 by 2027 - P/B: 4.9 for 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, up 39.1% [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery & Flash Purchase**: - Q1 delivery volume growth remained stable, with operating profit margin (OPM) showing significant improvement [6] - **In-store Services**: - Q1 revenue of approximately 15.1 billion, up 20%, with stable OPM [6] Market Outlook - The report anticipates that while Q2 may see short-term competitive impacts on delivery services, the long-term effects on market share and user experience (UE) will be limited [6] - The company is expected to continue exploring overseas markets, with plans for Keeta to enter Brazil, backed by a strategic partnership and a planned investment of 1 billion USD over five years [6]

Investment Rating - The report maintains a "Strong Buy" rating for Meituan-W (03690.HK) [1][3] Core Insights - Meituan's Q1 2025 revenue reached 86.56 billion, representing an 18.1% year-on-year growth, with operating profit at 10.57 billion, up 102.8%, and adjusted net profit at 10.95 billion, increasing by 46.2% [1][6] - The report expresses long-term optimism regarding the company's domestic core business barriers and growth potential, alongside new growth opportunities from overseas expansion [1][6] Financial Performance Summary - **Revenue Forecasts**: - 2023: 276.85 billion - 2024: 337.59 billion - 2025E: 390.78 billion - 2026E: 451.15 billion - 2027E: 513.08 billion - Year-on-year growth rates are projected at 26%, 22%, 16%, 15%, and 14% respectively [2][9] - **Adjusted Net Profit**: - 2023: 23.25 billion - 2024: 43.77 billion - 2025E: 42.79 billion - 2026E: 56.37 billion - 2027E: 70.15 billion - Notable growth of 709% in 2023, followed by 88% in 2024, with a slight decline of 2% expected in 2025 [2][11] - **Earnings Per Share (EPS)**: - 2023: 3.79 - 2024: 7.13 - 2025E: 6.97 - 2026E: 9.19 - 2027E: 11.43 [2][11] - **Valuation Ratios**: - P/E (adjusted): 40.8 in 2023, decreasing to 13.5 by 2027 - P/B: 4.9 in 2023, decreasing to 2.3 by 2027 [2][10] Business Segment Performance - **Core Local Business**: - Q1 revenue of 64.32 billion, up 17.8%, with operating profit of 13.49 billion, a 39.1% increase [6] - **New Business**: - Q1 revenue of 22.23 billion, up 19.2%, with an operating loss of 2.27 billion [6] - **Delivery and Flash Purchase**: - Q1 delivery volume growth remained stable despite competitive pressures, with a projected increase in Q2 [6] - **International Expansion**: - Keeta is set to enter the Brazilian market, with a planned investment of 1 billion USD over five years [6]