8月27日，美团（3690. HK）发布截至2025年6月30日的第二季度及上半年业绩报告。今年第二季度，美团实现收 入918亿元(人民币，下同)，同比增长11.7%；经调整净利润14.93亿元，同比大降89%。上半年，美团实现收入 1783亿元，同比增长14.7%；经调整净利润124.4亿元，同比下降41%。 新业务方面，该分部第二季度收入同比增长22.8%至人民币265亿元，贡献28%总收入，主要由于食杂零售业务的 收入增长及海外业务的发展。不过，经营亏损同比扩大43.1%至人民币19亿元，经营亏损率环比改善3.1个百分点 至7.1%。 今年6月，美团对社区团购业务"美团优选"进行战略转型：退出表现不佳的亏损区域，同时在核心区域继续探 索"次日达+自提"模式和小区零售新业态。生鲜新业态小象超市保持强劲增长，在所有一线城市延长了小象超市的 营业时间，以满足夜间购物需求。未来，公司计划加快小象超市的扩张，逐步覆盖国内所有一二线城市。 二季度，外卖出海品牌Keeta的订单量和交易金额均实现强劲增长。在香港，公司进一步巩固了市场地位，同时持 续提升运营效率。在沙特阿拉伯，截至7月底，Keeta已扩展至20个城市。 ...

智通财经APP讯，美团-W(03690)发布截至2025年6月30日止6个月中期业绩，该集团取得收入人民币 1783.98亿元(单位下同)，同比增加14.7%;经调整溢利净额124.42亿元，同比减少41%;公司权益持有人应 占溢利104.22亿元，同比减少37.67%;每股基本盈利1.72元。 于2025年第二季度，该集团取得收入918.4亿元，同比增加11.7%;经调整溢利净额14.93亿元，同比减少 89%。 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。 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 ...

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 ...

今年八月，中国互联网公司卷出新高度，地球被迫加速公转，部分地区顶着极端高温，提前数日喝上了"秋天的第一杯奶茶"。 相较于从春天打到夏天的外卖大战，"秋奶"活动仅仅只是冰山一角。阿里、京东和美团三方酣战，眼里看不见一丝对赚钱的渴望，全是对单量的追求。 这种杀敌一千自损一千二的亏损式打法，在显著压低全民恩格尔系数的同时，也让投资机构回忆起了曾被社区团购支配的恐惧。 | | 京东 | 阿里 (淘宝闪购) | 美团 | | --- | --- | --- | --- | | 3月24日 | 上线40天，日订单量突 | | | | | 破100万单 | | | | 4月15日 | 日订更量将超过500万 | | | | | 태 | | | | 4月22日 | 日订单量突破1000万单 | | | | гвагн | | 饿了么来自淘宝闪购的 | | | | | 日订单量突破1000万单 | | | 5月14日 | 日订单量突破2000万单 | | | | 5月26日 | | 淘宝闪购日订单量超过 | 财报披露美团非餐饮品 类即时零售日单量突破 | | | | 4000万单 | | | | | | 1800万单 | | ...

瑞银发现，目前，京东的市场份额暂时有所回落，策略转向优先考虑ROI；饿了么在订单量和商家入驻方面近期势头强劲；美团在独家商家方面的优势有 所松动，但作为核心竞争力，其履约能力尚未受到挑战。 瑞银25日发布的研报显示，目前， 外卖行业领导者美团的市场份额正被饿了么积极蚕食，其赖以维系护城河的独家商家优势首次出现动摇。与此同 时，京东则在激烈的补贴战中暂时后撤，转向更注重投资回报率的策略。 报告数据显示，整体市场在高额补贴推动下继续快速增长，总订单量同比增速从一季度的7%加速至二季度的17%，进一步升至7月的33%和8月至今的 39%。 今年4月底，阿里整合旗下饿了么的餐饮商家资源，推出"淘宝闪购"，正式加入外卖大战。以订单量为衡量标准，饿了么的市场份额已从竞争前/二季度 的约11%/13%飙升至最新的28%，展现出强劲的增长势头；美团的份额则从竞争前/二季度高达85%/74%的绝对主导地位，下滑至当前的65%；京东的 市场份额则从第二季度的13%降至7%。 美团商家优势首次受挫 报告中，最值得关注的一大信号是美团的独家商家优势首次出现松动。 京东、淘宝闪购强势入局后，"外卖大战"打到什么地步了？ 报告显示，美团 ...

京东、淘宝闪购强势入局后，"外卖大战"打到什么地步了？ 据追风交易台消息，瑞银25日发布的研报显示，目前，外卖行业领导者美团的市场份额正被饿了么积极 蚕食，其赖以维系护城河的独家商家优势首次出现动摇。与此同时，京东则在激烈的补贴战中暂时后 撤，转向更注重投资回报率的策略。 报告数据显示，整体市场在高额补贴推动下继续快速增长，总订单量同比增速从一季度的7%加速至二 季度的17%，进一步升至7月的33%和8月至今的39%。 今年4月底，阿里整合旗下饿了么的餐饮商家资源，推出"淘宝闪购"，正式加入外卖大战。以订单量为 衡量标准，饿了么的市场份额已从竞争前/二季度的约11%/13%飙升至最新的28%，展现出强劲的增长 势头；美团的份额则从竞争前/二季度高达85%/74%的绝对主导地位，下滑至当前的65%；京东的市场 份额则从第二季度的13%降至7%。 美团商家优势首次受挫 报告中，最值得关注的一大信号是美团的独家商家优势首次出现松动。 报告显示，美团的独家合作商户日活跃用户数（DAU）在7月份首次出现同比下降。一个具体的例子 是，知名茶饮品牌喜茶近期已上线饿了么平台。 数据显示，三大平台商户端的总重合度正在上升，这意 ...

Core Viewpoint - The article discusses the increasing trend of food delivery platforms, particularly Meituan, leveraging sports stars as brand ambassadors to enhance consumer trust and market penetration, especially in lower-tier cities and among price-sensitive consumers [2][10][13]. Group 1: Marketing Strategies - Meituan has appointed Olympic champion Sun Yingsha as the spokesperson for its "Pin Hao Fan" service, which focuses on affordable group meal deliveries, aiming to attract a broader consumer base [3][5]. - The marketing campaign emphasizes the connection between sportsmanship and everyday needs, positioning affordable meals as a choice endorsed by a champion, thus enhancing the perceived value of the service [7][9]. - The strategy reflects a shift in consumer perception, where low prices are no longer seen as inferior but as a viable option supported by a trusted athlete [9][16]. Group 2: Competitive Landscape - The article highlights a competitive landscape where various platforms, including JD and Taobao, have also begun to utilize sports stars for marketing, indicating a trend in the industry towards this approach [10][11][13]. - The collaboration with sports figures is seen as a way to differentiate brands in a saturated market, leveraging the athletes' credibility and public appeal to drive consumer engagement [14][15]. - The use of sports stars is not just about immediate sales but also about building long-term brand loyalty and consumer habits through emotional connections [15][17]. Group 3: Consumer Insights - Current data shows that the primary users of food delivery services are young consumers in first and new-tier cities, with lower penetration in lower-tier markets and among older demographics [5][6]. - The article suggests that sports stars resonate well with consumers across various age groups, making them effective in promoting services aimed at price-sensitive segments [6][15]. - The narrative around sportsmanship and everyday life creates a relatable image for consumers, encouraging them to try services like "Pin Hao Fan" [16][17].

Core Insights - The competition in the food delivery market continues to evolve, with major platforms like Meituan and JD actively expanding their operations and partnerships to enhance their market presence [1][11][14] - The impact of the delivery subsidy war on restaurants is significant, leading to increased order volume but decreased average order value and profit margins [2][3][8] Group 1: Market Dynamics - Major platforms are planning significant expansions, such as Meituan's goal to open 10,000 satellite stores and JD's plan for 10,000 Seven Fresh kitchens, indicating ongoing competition in the delivery space [1][11] - The rise in delivery order volume is accompanied by a decline in average order value and profit margins, as seen in various case studies of restaurants experiencing losses in profitability [3][4][8] Group 2: Business Strategies - Restaurants are adapting to the changing landscape by controlling their delivery proportions and focusing on optimizing costs, such as reducing packaging expenses and adjusting menu offerings [17][21] - Larger chains with brand advantages, like Luckin Coffee, are leveraging the subsidy environment to enhance their growth strategies, achieving significant increases in user engagement and store openings [8][9] Group 3: Future Trends - The delivery market is expected to continue evolving, with ongoing subsidies and innovative supply models being tested by platforms to meet consumer demands for quality and affordability [11][14][15] - The restaurant industry is undergoing a transformation towards more cost-effective and single-serving dining options, with delivery services playing a crucial role in this shift [22]

Core Viewpoint - The article emphasizes the growing demand for affordable and high-quality food options across various market segments, highlighting the success of Meituan's "Pin Hao Fan" as a response to this demand [1][3][20]. Group 1: Market Trends - The demand for cost-effective meals is not limited to lower-tier cities; even high-tier cities have a significant need for affordable options, which has been historically overlooked [1]. - The rise of "two dishes rice" in Hong Kong reflects a broader trend where consumers are increasingly valuing affordable yet satisfying meals, indicating a shift in dining preferences [3][20]. Group 2: "Pin Hao Fan" Overview - "Pin Hao Fan" was launched in June 2020 and has rapidly grown to over 270 million users, with daily orders increasing from 1 million in 2022 to over 35 million by July 2025 [5][13]. - The service operates on a simplified model, offering a limited number of fixed-price meal options, typically ranging from 10 to 15 yuan, which enhances efficiency and reduces costs [13][16]. Group 3: Operational Efficiency - The model focuses on reducing SKU variety, concentrating on a few popular items, which streamlines operations and enhances profitability for merchants [16][17]. - By aggregating orders and optimizing delivery routes, "Pin Hao Fan" significantly improves operational efficiency compared to traditional food delivery services [16][18]. Group 4: Consumer Trust and Brand Quality - To address consumer concerns about hygiene and quality, "Pin Hao Fan" has initiated the "Million Bright Kitchen" program, promoting transparency in food preparation environments [24][27]. - The platform aims to shift the perception that low prices equate to low quality, ensuring that consumers can trust the affordability of the meals offered [22][27]. Group 5: Competitive Landscape - Unlike traditional platforms that rely heavily on subsidies, "Pin Hao Fan" focuses on sustainable pricing strategies that do not compromise merchant profitability [28][29]. - The service is positioned as a long-term solution to the challenges faced in the food delivery market, moving away from unsustainable subsidy wars [28][30].

Core Viewpoint - The launch of the "Million Bright Kitchen" initiative by the company aims to enhance transparency in the food delivery industry by allowing customers to view real-time kitchen environments through live streaming and other formats, addressing long-standing consumer concerns about food safety and quality [1][2][3] Group 1: Company Initiatives - The "Million Bright Kitchen" plan will collaborate with 200,000 merchants to create a transparent and open standard for food safety [1] - The initiative includes support and subsidies for merchants who adopt live streaming and other methods to showcase their kitchen environments [1][3] - The company has reported that by July 2025, its user base is expected to exceed 270 million, with daily order volumes surpassing 35 million [1] Group 2: Industry Context - The food delivery industry has faced challenges due to consumer distrust stemming from the inability to see kitchen conditions, exacerbated by intense price competition [1][2] - Government regulations, such as Chongqing's "no dine-in delivery" rule and Zhejiang's innovative management of delivery zones, are being implemented to improve industry standards [2] - The "Million Bright Kitchen" initiative represents a significant shift in the traditional food delivery business model, aiming to restore consumer confidence and promote a healthier industry environment [2][4] Group 3: Market Dynamics - The introduction of the "Food Safety Diary" feature allows small merchants to easily document their kitchen conditions using mobile devices, lowering the barrier for transparency [3] - The initiative encourages merchants to focus on popular menu items based on platform data, enhancing operational efficiency and potentially lowering prices for consumers [3] - This collaborative ecosystem aims to create a win-win situation for all stakeholders in the food delivery industry, promoting sustainable growth and consumer trust [4]