2025年8月19日，由中国政法大学国际法学院/涉外法治学院主办、中国政法大学竞争法研究中心和中国 国际反垄断与投资研究中心协办的"2025本地生活服务市场竞争问题学术研讨会"在中国政法大学综合楼 0111会议室成功召开。会议聚焦数字经济背景下本地生活服务市场的竞争新形势，围绕平台补贴博弈、 数据治理与商户权益保护等前沿问题展开研讨。来自学术界、实务界和产业界的专家学者齐聚一堂，共 同探寻平台经济规范发展的法治化路径。 开幕式由中国政法大学国际法学院/涉外法治学院教授戴龙主持。戴龙教授指出，本地生活服务市场关 系到民生保障和经济活力，平台竞争的背后既有技术创新的推动力，也潜藏着排他性风险和监管困境。 他强调，研讨会旨在凝聚学界与实务界智慧，以法治思维厘清市场竞争边界，推动形成科学、健康与可 持续的治理方案。 (7) A . L . L . L . L . L . L . L . L . L . t & 李 时建中 市 焦 海 涛 黄 莉 :4 Jeans 365 官 张 FRANK 叶莹中 R and see see do d 9 17 P JR 9 2 r I . . . l 0 在"竞争关系与法律规制"单 ...

Core Viewpoint - Meituan's revenue for 2024 is projected at 337.6 billion RMB, with a year-on-year growth of 22%, and a net profit of 35.8 billion RMB, reflecting a significant increase of 158.4% [1]. Revenue Structure - Meituan's revenue is categorized into four types: delivery services, technology service fees (commissions), online marketing (advertising), and other services and sales [3]. - In 2022, the core local business generated 1,607.6 billion RMB, accounting for 73.1% of total revenue, while new businesses contributed 592 billion RMB, or 26.9% [6]. - By 2024, the core local business revenue is expected to reach 2,502.5 billion RMB, maintaining a stable proportion of around 74% [6][9]. Delivery Service Analysis - The delivery service segment has been operating at a loss, with each delivery costing 0.34 RMB more than the revenue generated in the first half of 2024 [1][14]. - In 2023, the delivery service revenue was 821.9 billion RMB, with associated costs of 907.4 billion RMB, resulting in a gross loss of 85.5 billion RMB [15]. - The average loss per delivery has decreased from 0.97 RMB in 2021 to 0.34 RMB in the first half of 2024, indicating improved efficiency [17]. Business Segmentation - The core local business primarily consists of food delivery and in-store/travel services, with food delivery accounting for approximately 70% of the revenue [11]. - The commission revenue from food delivery is estimated to be around 500 billion RMB, with a commission rate of less than 5% [26]. Profitability and Growth Strategies - Meituan's core local business achieved an operating profit of 38.7 billion RMB in 2023, with a profit margin of 18.7%, and is expected to rise to 52.4 billion RMB in 2024, with a margin of 20.9% [29]. - The company aims to offset delivery losses through increased commission and advertising revenues, which combined reached approximately 900 billion RMB in 2023 [28]. New Business Development - New business segments, including Meituan Youxuan and other services, are experiencing growth, with revenue increasing while operating losses are narrowing from 88% in 2021 to 31% in 2023 [34][37]. - The strategy for new businesses focuses on balancing revenue growth with improving profitability, indicating a cautious approach to expansion [33].