美团订单量再创新高 微信社交裂变礼赠成为重要渠道 智通财经7月12日电，7月12日19:30分刚过，美团即时零售订单量再创新高。美团神抢手项目负责人表 示，仅神抢手实时订单量接近4000万单，其中礼赠量突破千万单。微信等社交平台小程序下单额屡创新 高，好友之间互相优惠券分享和礼赠分享多次触及微信社交裂变阈值，微信赠礼成为重要营销渠道，小 红书、微博等也成为重要成交促销工具。上述营销工具的组合效果优于各类app开屏广告。 (智通财经) ...

Core Insights - The ongoing food delivery subsidy war is approaching a critical point, with expectations that it will shift back to competition based on supply and delivery capabilities [1] Industry Changes - The food delivery industry has seen a significant increase in daily order volume, reaching a peak of 140 million orders per day, primarily driven by subsidies in the beverage sector, particularly tea drinks, which accounted for 50% of orders at peak times [2][4] - Meituan maintains a stable market share in the food delivery sector, with its Gross Merchandise Volume (GMV) holding steady at around 70%, supported by a peak order volume of 90 million and a customer price that is 2-3 times higher than competitors [2][10] Future Outlook - The current subsidy-driven growth in beverage orders is expected to decline after the 618 shopping festival, leading platforms to refocus on essential daily needs and requiring improvements in supply richness, delivery efficiency, and cost management [3][16] - Analysts predict that after the subsidy phase ends, the retention of the additional 40 million daily orders generated will need to be evaluated over a longer period [9][20] Competitive Landscape - The competitive landscape remains relatively stable, with Meituan, Taobao, and JD.com holding market shares of approximately 70%, 20%, and 10% respectively, despite new entrants and aggressive subsidy strategies [10][11] - Meituan's strategy has been to focus on essential meal delivery rather than heavily subsidizing beverages, which has allowed it to maintain a healthier order structure and profitability [12][14] Operational Capabilities - The food delivery business requires high operational capabilities, including supply organization and delivery scheduling, to meet diverse consumer needs across different times and scenarios [18] - As the subsidy war subsides, platforms will need to build foundational delivery capabilities to sustain their business models and consumer engagement [22]

证券研究报告 | 公司点评 gszqdatemark 2025 06 18 年 月 日 美团-W（03690.HK） 积极投入巩固生态，看好平台长期壁垒 事件：1）5 月 26 日，公司发布 2025 年一季度业绩，2025Q1 实现营业收入 865.6 亿元/同比+15.92%，归母净利润 100.57 亿元/同比+87.33%，经调整 净利润 109.5 亿元/同比+46.2%。2）6 月 11 日，公司发文拒绝低质低价"内 卷式"竞争。公司将结合商家的实际需求，进一步优化营销方案，一方面调整 流量体系，降低部分商家营销依赖，强化价格治理。另一方面向品质商家和商 品倾斜流量。 核心本地商业：千亿投入补贴商家，业务实现健康增长。2025Q1 核心本地业 务收入为 643 亿元/同比+17.8%，保持快速增长，经营利润 135.0 亿元/同比 +39.1%，经营利润率达 21.0%/同比+3.2pct，利润端显著优化。收入端来看， 配送服务/佣金/在线营销服务分别同比增长 22.1%/20.1%/15.1%。1）外卖： 精细化运营实现健康增长。公司从供给侧迭代拼好饭和神抢手，满足消费者不 同价格带的高性价比产 ...

Core Insights - The company reported 1Q25 revenue of 86.6 billion yuan, an 18% year-on-year increase, exceeding expectations by 1.4% [1] - Adjusted net profit for 1Q25 was 10.95 billion yuan, surpassing expectations by 21%, driven by better-than-expected core local business operating profit and lower-than-expected losses from undistributed projects [1] - The adjusted net profit margin stood at 12.6% [1] Revenue Growth Trends - In 1Q25, core local business revenue grew 18% to 64.3 billion yuan, with takeaway orders expected to maintain a growth rate of nearly 10% and revenue increasing by 14% [1] - For 2Q25, takeaway order volume is projected to continue the same year-on-year growth rate, but revenue is expected to increase by only 5% due to subsidy impacts [1] - Instant retail segment saw a 32% growth in order volume in 1Q25, with expectations of maintaining this growth rate in 2Q25 following the launch of the "Meituan Flash Purchase" brand [1] - The in-store hotel and travel segment's gross transaction value (GTV) grew 30% in 1Q25, with a forecasted 28% growth in 2Q25 [1] Operating Profit Margin (OPM) Insights - Core local business operating profit increased by 39% to 13.49 billion yuan in 1Q25, exceeding expectations by 10%, with OPM rising from 17.8% to 21% [2] - However, 2Q25 operating profit margin for takeaway is expected to decline due to intensified industry competition and increased subsidy investments [2] - The in-store hotel and travel business's OPM is anticipated to slightly decrease in 2Q25 due to factors such as expansion into lower-tier cities and seasonal variations [2] New Business Developments - New business revenue grew 19% to 22.2 billion yuan in 1Q25, with operating losses narrowing to 2.27 billion yuan, better than expectations [3] - For 2Q25, new business revenue is projected to increase by 21% to 26.1 billion yuan, with expected operating losses rising to 2.6 billion yuan due to overseas investment [3] - The company plans to expand into more cities in Saudi Arabia and potentially enter the Brazilian market later in the year [3] Profit Forecast and Valuation - The company has lowered its adjusted net profit forecasts for 2025 and 2026 by 13% and 5% to 40.9 billion yuan and 54.1 billion yuan, respectively, due to increased subsidy pressures and overseas investments [3] - Despite these adjustments, the company maintains an outperform rating and a target price of 177 HKD, corresponding to 25/26 adjusted P/E ratios of 25/18 times [3] - Current stock price trades at 25/26 adjusted P/E ratios of 18/14 times [3]

针对上述消费者最关心的问题，今年小龙虾消费季来临前，美团"神抢手"产品质量团队从湖北、湖南、 安徽等养殖源头入手，跟头部小龙虾餐饮品牌展开合作，从小龙虾大小规格、鲜活度等方面升级了商家 入选标准。同时，美团将持续动态随机抽检已入选商家，并开放用户24小时投诉渠道，一旦商家被查实 存在销售死虾、缺斤少两等严重品质问题将立即启动拉黑、清退程序，同时对消费者进行对应赔偿。 "小龙虾行业经过多年发展，产品、店铺同质化趋势明显，大家陷入'谁价格低谁就有订单'的比拼，却 少有人为消费者的信任负责。几大品牌和美团联合，把我们合作的养殖基地也纳入进来，结合平台的消 费和评价数据，目标就是认真做品质，这样行业才能长久健康发展下去，不要一味低价竞争把饭碗都砸 了。"某知名小龙虾餐饮品牌负责人说，该品牌和美团未来还将在质量品控、新品研发、包装改进、品 牌推广、产地认证等多方面展开合作。 除了品质端，产品端也在不断创新发展。围绕增长迅速的小龙虾单人外卖消费场景，神抢手与商家联合 进行新品研发，推出了一人食"霸王盒"等产品，以满足用户需求。 长沙晚报掌上长沙5月26日讯（全媒体记者 吴鑫矾）26日，记者从美团获悉，美团"神抢手"联合肥 ...

我们的平台上聚集了大量优质的中小商家，他们不仅是美团外卖供应的基石，也是中国服务业的重要支 柱。通过持续的支持、产品和服务整合，我们帮助中小商家获客并提升收入，同时助力品牌餐厅进行供 应模式创新，包括品牌卫星店和社区餐饮门店等。像"拼好饭"和"神抢手"这样的创新模式，不仅满足了 消费者对高性价比餐品的需求，也帮助商家提升了订单量和收入。这些努力共同丰富和提升了我们的供 应质量，再加上我们行业领先的配送网络和持续的运营优化，我们有能力为消费者提供更可预期的服务 和更丰富的消费体验。 我们相信，随着行业非理性补贴的退潮，消费者将选择商品最丰富、体验最佳、服务最可靠的平台，因 此，我们已做好充分准备应对竞争。短期内，我们将进行必要的投资以巩固消费者心智份额，来维持我 们在行业的长期领导地位，同时，我们将优先考虑整个行业和生态系统的健康可持续发展。 月26日晚间消息，美团（HKEX：3690）今日发布了截至3月31日的2025年第一季度财报：营收为866亿 元，同比增长18.1%。净利润为101亿元，而2024年同期为54亿元；调整后的净利润为109亿元，而2024 年同期为75亿元。 详见：美团第一季度营收866亿 ...

截至2025年5月22日 09:47，中证港股通消费主题指数(931454)下跌0.29%。成分股方面涨跌互现，小鹏 汽车-W(09868)领涨7.67%，滔搏(06110)上涨3.75%，思摩尔国际(06969)上涨2.88%；哔哩哔哩-W(09626) 领跌4.04%，农夫山泉(09633)下跌3.24%，恒安国际(01044)下跌3.12%。 香港消费ETF(513590)上涨0.31%， 冲击3连涨。最新价报0.96元。 小鹏汽车隔夜美股涨13%，小鹏汽车公告，第一季度营收158.1亿元，去年同期65.5亿元，同比增长 141.5%；第一季度净亏损6.60亿元，第一季度调整后每股亏损0.22元。预计第二季度营收175亿元人民 币至187亿元人民币；交付量10.2万至10.8万辆，同比增237.7-257.5%。 香港消费ETF(513590)，场外联接A：016952；联接C：016953；联接I：022793。 数据显示，截至2025年4月30日，中证港股通消费主题指数(931454)前十大权重股分别为阿里巴巴- W(09988)、腾讯控股(00700)、小米集团-W(01810)、美团-W(036 ...

美团外卖"神抢手"日订单量已突破1000万单，"神抢手"是美团外卖帮助餐饮品牌孵化爆品的产品。今年 以来，美团"神抢手"投入了大量资源帮助商户创新产品，连接用户需求，重点对连锁餐饮品牌、优质中 小商家进行扶持，通过设立独立商品展示专区、提供固定优质曝光位以及实施流量倾斜策略等方式，提 升高品质商品的曝光度与市场触达率。近期，"神抢手"还宣布对品质检控体系进行升级，提高了准入门 槛，卫生环境、产品品质一般的商家，将无法提报进入"神抢手"。(36氪) ...

每月超1亿专属补贴、单独专区、固定展示位、流量加权……今年5月开始，美团"神抢手"的流量及补贴资源，都将向 高口碑老店、品牌放心门店倾斜。 "餐饮行业的未来，属于用心经营的优质商家。"美团"神抢手"负责人表示，"神抢手"将对场域内商品开展常态化巡 检，对低质商家治理淘汰，对优质商家加码扶持，让每一份用心经营都能获得应有的市场回报。 从美团获悉，美团外卖孵化爆品的创新产品"神抢手"，近期对品质检控体系进行升级，提高了准入门槛，卫生环境一 般的无堂食档口店等商家，将无法提报进入"神抢手"。后续，"神抢手"将重点对点评高分店、必点榜、中华老字号、 点评人气店等优质门店，在流量分发、平台补贴以及助力金等方面进行全方位支持，用透明标准助力好商家。 来源:金融界 据了解，今年4月2日起，"神抢手"开始向优质商家提供助力金支持，覆盖超1万个连锁餐饮品牌、20万家中小商家，经 营表现突出的品牌每月获得的助力金可达50万元，优质中小商户门店每月可达1万元。 除了助力金支持，"神抢手"通过建立更高标准的商品品质准入体系，每月将投入超1亿专属补贴，为品质商品提供单独 专区、固定展示位、流量加权等资源；通过升级"智能标签+视频展示+ ...

5月8日，第一财经获悉，美团"神抢手"近期对品质检控体系进行升级，提高了准入门槛，卫生环境一般 的无堂食档口店等商家，将无法提报进入"神抢手"。此外，"神抢手"每月将投入超1亿专属补贴，为品 质商品提供资源，淘汰低质商家。(第一财经) ...