继AI电商后，AI也开始卷向本地生活服务行业。 6月26日，美团正式发布首个服务零售商家端的AI数字员工，并将为每家门店配备专业的AI经营助手。同时，美团核心本地生活 业务CEO王莆中透露：美团每年在AI上的投入超过百亿元。 无独有偶，6月24日，饿了么宣布推出国内首个基于大模型打造的骑手端智能体、饿了么AI助手"小饿"，为数百万蓝骑士提供全 面的支持和服务。 抖音生活服务也没闲着，上线了一款名为"探饭"的AI产品，利用AI技术给用户推荐本地生活的美食餐厅。 很明显，本地生活巨头们正集体扑向AI，将技术植入到从商家运营、骑手调度到用户推荐的每一个环节。 用AI充斥本地生活全链条 这场AI竞赛覆盖了商家、骑手与用户全链条。 | 平台名称 | 适用对象 | AI名称 | AI功能 | | --- | --- | --- | --- | | 美团 | 消费者 | 客服小蜜 | 客服回复 | | 美团 | 消费者 | 神枪手 | 总结提炼餐厅信息 | | 美财 | 消费者 | 间小袋 | 推荐餐厅 | | 美团 | 商家 | 袋鼠参谋 | 开店选址、套餐设 | | | | | И | | 抖音生活服务 | 消费者 | ...

今天主要聊聊美团的四个主题： 市场竞争； 即时零售； 国际化； AI 。 就像大家看到的，本季度财报本身无可挑剔，但因为管理层在绩后分享里给的指引是"无法给出指引"，叠加二季度外卖大战延续，所以市场情绪整体上是不高的， 好在公司又开始回购，宏观消费侧也有一些潜在利好出来，财报后美团走势先跌后涨，走得还不错。而政策面对平台经济收费的新指引，实际上在美团的应对框 架里。 以下文章来源于走马财经 ，作者走马的汉子 走马财经 . TMT产业资深（也就是老）观察者，部分平台叫"走马投研" 文章来源于长桥App-长桥社区@走马财经。欢迎大家前往长桥社区（详询dolphonR124），与投资大佬探讨投资观点。 针对商家，美团早已调整收费结构，不存在乱收或多收： 以前是统一放一个箩框里，后面已经改成佣金、配送费、广告费分开展示。 针对骑手，美团过去几年一直在持续做骑手意外伤害险试点，并计划从目前的7个省份扩大到全国，预期2026年前完成；同时，公司今年开启全职和稳定兼职骑手 的社保进程，并已经在福建、浙江的两个城市开启补贴试点，对最近6个月有3个月满足最低社保缴费下限的参保骑手，提供50%的参保补贴，计划在未来几年逐渐 铺开 ...

Overall Performance - Meituan's Q1 2025 revenue reached 86.6 billion yuan, exceeding Bloomberg consensus by 1.3% [1] - EBIT for Q1 2025 was 10.6 billion yuan, surpassing Bloomberg consensus by 24.83% [1] - Adjusted net profit was approximately 10.9 billion yuan, exceeding Bloomberg consensus by 12.6% [1] - Core local business revenue was 64.3 billion yuan, exceeding Bloomberg consensus by 1.5% [1] - New business revenue was 22.2 billion yuan, exceeding Bloomberg consensus by 1.4% [1] Core Local Business - Q1 2025 revenue for core local business was 64.3 billion yuan, exceeding expectations by 1.5% [1] - Delivery service revenue was 25.7 billion yuan, commission revenue was 24.1 billion yuan, and online marketing revenue was 11.9 billion yuan [1] - Operating profit for Q1 2025 was 13.5 billion yuan, exceeding Bloomberg consensus by 9.5% [1] Food Delivery - The company is expanding its product line and optimizing its 30-minute delivery network [2] - "Pin Hao Fan" and "Shen Qiang Shou" are continuously updated to meet diverse consumer needs [2] - Over 480 brands have opened more than 3,000 high-quality satellite stores on Meituan [2] - The company plans to invest 100 billion yuan over the next three years to support the food service industry [2] In-store Business - Meituan's in-store business has seen a year-on-year increase of over 25% in active merchants [2] - The upgraded "Meituan Membership" system integrates various lifestyle services [2] Travel and Hospitality - The company is enhancing operational capabilities and service quality in the travel and hospitality sector [3] - The "Meituan Membership" plan encourages cross-selling and brand recognition in the travel industry [3] New Business - New business revenue grew by 19.2% year-on-year to 22.2 billion yuan, exceeding Bloomberg consensus by 1.4% [3] - Operating losses narrowed by 17.5% year-on-year to 2.3 billion yuan, with an improved loss rate of 10.2% [3] - The company's overseas business has made significant strides, particularly in Saudi Arabia [3] Investment Outlook - Short-term competition may impact profitability, but long-term core competitiveness remains strong [4] - Projected revenues for Meituan from 2025 to 2027 are 391.3 billion, 463.2 billion, and 542.6 billion yuan respectively [4] - Projected net profits (Non-IFRS) for the same period are 33.8 billion, 47 billion, and 64.4 billion yuan respectively [4]

业绩超预期，看好长期竞争优势 整体业绩：美团 25Q1 收入 866 亿元，超彭博一致预期 1.3%；EBIT 106 亿 元，超彭博一致预期 24.83%。调整后净利润约 109 亿元，超彭博一致预期 12.6%。分业务来看，核心本地商业收入 643 亿元，超彭博一致预期 1.5%； 新业务收入 222 亿元，超彭博一致预期 1.4%。 核心本地商业：25Q1 收入端和利润端均超预期。25Q1 收入 643 亿元，超 预期 1.5%，其中配送服务收入 257 亿元，佣金收入 241 亿元，在线营销收 入 119 亿元。25Q1 经营利润 135 亿元，超彭博一致预期 9.5%。 餐饮外卖：外卖即时配送方面，公司丰富产品线，拓宽价格区间，优化 30 分钟送达网络和线上运营环境；"拼好饭" "神枪手"持续更新迭代，满足消 费者对不同价格带高性价比产品的多样化需求；"品牌卫星店"帮助餐饮商 家发掘新的增长机会。截至第一季度末，超过480 个品牌在美团开设了3000 多家高品质品牌卫星店。公司实施一系列扶持中小商家的措施，帮助商家 改善客源，实现业务增长；"光明厨房" ，为了支持包括家庭餐厅和社区餐 厅在内的小微商 ...