"美团会员"姗姗来迟，但颇有野心。 作者 | 任彩茹 编辑 | 乔芊 2024 年初，周默从美团外卖事业部调往美团平台，担任用户增长与运营部负责人。打通到家、到店两大业务的 "S 级 " 项目 " 神会员 " ，是他在新岗 位做的第一件事，将原本主要应用于外卖的 " 神券 " 整合到更多业务中。 这一动作，为美团推出真正的会员体系打下了地基 —— 一项所有业务都通用、且边际成本可控的权益，是做会员的基础，也是美团过去所欠缺的。而做 会员，又是美团多年来没有放下的愿想， "S-team 每过一段时间都会讨论有没有机会做。 " 周默告诉 36 氪。 3 月 31 日， " 美团会员 " 终于面世。神券（原 " 神会员 " ）是其中的通用权益，也是核心所在，酒店、出行、生活、影音等领域的权益也在跟上，一 套覆盖吃、住、行、游、娱、购、医等全生活场景的会员体系浮出水面。 放眼互联网行业，美团会员是姗姗来迟者，但某种意义上，它又处在一个恰到好处的时机。 除了神券整合带来的机会外，对今天的美团而言，老用户的粘性也比以往更重要。 2024 年，美团的年度交易用户数达到 7.7 亿，覆盖中国过半人口， " 用户规模足够大，新 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][6][17] Core Insights - The company has upgraded its membership system, transitioning from a paid membership model to a points-based system, which includes six membership levels: Ordinary, Silver, Gold, Platinum, Black Gold, and Black Diamond [4][7][15] - The new membership system aims to integrate various business segments, providing a comprehensive range of benefits across food, accommodation, travel, entertainment, shopping, and healthcare [3][4][7] - The introduction of the new membership system is expected to enhance consumer spending and frequency of use, thereby accelerating the formation of a local consumption ecosystem [6][17] Summary by Sections Membership System Upgrade - On March 31, 2025, the company fully upgraded its membership system, centering around "Shen Coupons" as core benefits, covering various lifestyle scenarios [3][4] - The new membership system allows users to accumulate growth points through consumption and tasks, with specific spending thresholds to achieve higher membership levels [4][7] Historical Membership Strategy Review - Historically, the company operated independent membership systems for its various services, leading to fragmented user experiences [5][13] - The integration of the membership system began in August 2023 with the merger of "Shen Coupons" and "Shen Membership," which simplified merchant marketing processes and stabilized the core food delivery business [13][14] Financial Projections - The company maintains its adjusted net profit forecasts for 2025-2027 at 51.5 billion, 65.3 billion, and 78.7 billion yuan, corresponding to PE ratios of 14.8, 11.7, and 9.7 times [6][17] - The local lifestyle sector is expected to continue evolving through competitive collaboration, with the upgraded membership system facilitating further synergy among business lines [6][17]