在此逻辑下，即时零售可以强化入口之争，也可以补充商品和服务。而如何把即时零售与既有业务串联起来，除了需要流量协同、组织协同，以及漫长的 涉及到商品供给、履约的业务打通，同样需要人群运营上的协同——很大程度上，一个统一的大会员系统，扮演的就是人群协同这个层面的作用。 比如，三家都会在大促时发放大额券，都有越来越多的生活服务权益，但是88VIP逐渐将大额券日常化，以及随着淘宝拓展到即时零售，新增了许多动态 的小额补贴，未来将更强调权益分层；京东PLUS则更聚焦优质商品和刚需服务权益的扩充。 与前两者都差异较大的，是一直聚焦本地生活的美团会员。美团会员最突出的特征是可以非常灵活地对用户进行动态补贴，7月5日临时给消费者发放多张 0元奶茶、咖啡券，就是具体体现。以及，它对包括酒旅在内的其他本地权益的拆分是最细致的。 在即时零售成为互联网平台最显性的竞争焦点的时候，我们还是要注意到，即时零售只是各平台业务的其中一部分，应该用更全局的视角理解阿里、京 东、美团三家在做和想要做什么，与即时零售同期发生的是什么，即时零售与他们在产生什么关联。 如我们在《争夺大消费入口：阿里、京东、美团越来越像》里提到的，三家会逐渐进化为一个 ...

大公司： 马斯克似乎难以放下政治扩音器，即便这会损害特斯拉 埃隆・马斯克拯救特斯拉的计划泡汤的速度，比SpaceX火箭爆炸还要快。事情本应是这样的：摇身一 变成为挥舞电锯的 "让美国再次伟大"（MAGA）支持者的马斯克，会抛下华盛顿的闹剧，回归业务本 身。没有他，他的商业帝国举步维艰，尤其是特斯拉，更是陷入了困境。投资者迫切期待马斯克昔日的 魔力能重现，以重振销量，并将这家电动汽车公司转型为一家足以匹配其（仍居高不下的）股价的人工 智能巨头。（新浪财经） 消息称苹果折叠iPhone进入P1原型阶段 折叠iPad研发被搁置 据报道，苹果的折叠iPhone已于6月进入P1（Prototype 1）原型开发阶段，后续会有P2和P3阶段，每个 原型阶段通常持续大约两个月。预计2025年底有机会走完Prototype的开发流程，2026年下半年有望上 市。此外，折叠iPad研发被搁置，原因包括面板等零组件生产更困难，且售价太高，市场接受度偏低 等。（智通财经） 6月东北亚对欧洲航煤出口量创近一年新高 船运追踪机构及三位贸易消息人士称，因运费下降、亚洲供应充足，6月东北亚地区向欧洲出口的航油 量创下近一年来新高，同时市场 ...

7月1日，美团会员服务迎来全新升级，首次将医药健康服务纳入会员核心权益范围。黑金、黑钻会员可 领取"免费秒问医生"或"找专家立减10元"会员权益。据了解，免费秒问医生服务均由公立三甲医院医生 提供，医生平均接诊时间30秒，接诊后单次服务时长30分钟，用户可全程不限次提问。此外，专家问诊 则重点覆盖了全国百强医院的优质专家医生服务，美团黑金、黑钻会员用户可选择指定专家问诊，无需 排队等待，可30秒快速接诊。（全天候科技） ...

财务：毛利改善明显，费率有所下滑。1）毛利端，2025Q1 毛利率同比+1.17pct至37.45%，主要系改善 经营杠杆与食杂零售业务毛利率改善，部分被海外业务相关成本增加所抵消；2）费用端，2025Q1 销 售/管理/财务费用率同比-0.64pct/-0.04pct/+0.12pct 至17.97%/3.04%/0.55%，销售费率下滑主要系经营杠 杆改善及营销效率改善，2025Q1 研发费用率同比保持稳定在6.7%，整体期间费用率同比-0.56pct 至 21.55%；3）利润端，2025Q1 实现归母净利润100.57 亿元/同比+87.33%，经调整净利润109.5 亿元/同比 +46.2%。 投资建议：公司为国内具备强规模优势及经营效率优势的优秀本地生活服务商，过往扩张能力与经营韧 性均有所印证，伴随宏观复苏，增长及恢复确定性强，业绩弹性可期。考虑公司2025Q1 业绩表现，长 期外卖业务利润弹性以及新业务减亏，我们预计2025-2027 年实现归母净利润418.3/534.6/638.6 亿元， 经调整净利润为499.8/616.1/720.1 亿元，经调整净利润对应估值分别为15.9/12.9 ...

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 ...

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]

"一业兴百业旺"的文旅业，正在激活地方经济的一池春水。 "在黄山脚下，一家精品民宿带活周围村庄的有机农业；在洛阳古城，汉服体验店孵化出整条非遗 商业街"。 美团副总裁、酒店旅行负责人李锦飞在 2025 美团住宿生态伙伴大会举出这两个例子，意在阐明文 旅业如何通过 1:3 的消费乘数，激活关联产业 17 万亿的庞大规模。 在这波文旅热潮中，能花敢玩的年轻一代，正在成为支撑万亿市场的中坚力量。 导 语： 玩得深、走得远、舍得花的年轻人，不只活在酒店的房晚数据里，更活跃在本地生活 的高频行为中。 据美团会员数据，过去一个月，美团铂金及以上会员 30 岁及以下用户酒旅消费相较其它等级高出 42% ，异地出游的人均消费更是高出 342% 。 从住宿、交通、到餐饮、游玩、购物，人均年消费过万的年轻人，正在通过美团串联起吃喝玩乐的 本地化旅游体验，成为改写文旅"旺丁不旺财"难题的关键变量。 美团副总裁、酒店旅行负责人李锦飞 从"住得久"到"玩得深" 从景德镇陶瓷工坊登陆纽约时代广场，到《长安三万里》带火西安暑期客流，文旅业的热闹自不必 言。 在出行人数飙升的热闹背面，局内人明显都感到一层隐忧与压力：旅游收入增幅放缓，人均消 ...

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 ...

Group 1 - Meituan is significantly enhancing its hotel and travel business, as evidenced by its recent initiatives such as integrating membership systems with Marriott International and launching the first AI tool for hotel merchants in China [1][10] - The transition from fragmented management to overall collaboration in Meituan's travel business has led to increased accommodation nights, with "out-of-town travel" accommodation nights growing by 14% year-on-year [1][6] - The combination of "accommodation + dining" has seen a surge in demand, with a remarkable 87% increase in cross-category accommodation nights over the past year [6][1] Group 2 - The hotel industry is evolving from a focus solely on accommodation to a more integrated experience that includes dining and other services, driven by changing consumer preferences [4][5] - The Shanghai Guangfulin Prime Minister's Mansion Hotel exemplifies this trend, achieving over 100 million in revenue for two consecutive years while offering unique services like "accommodation + dining" and "accommodation + photography" [5][6] - Young consumers are reshaping the accommodation market with a demand for personalized experiences, leading to a 127% year-on-year growth in travel packages that combine accommodation with cultural experiences [9][6] Group 3 - The partnership between Meituan and Marriott International aims to leverage their combined user bases, with Meituan's black card members showing a high demand for hotel accommodations [7][8] - Meituan's membership system is becoming a key driver of consumer behavior, with a significant portion of its high-tier members being young consumers who are increasingly interested in travel [8][7] - The introduction of AI tools like "Meituan Jibai" is expected to revolutionize the hotel industry by enhancing operational efficiency and improving customer service [10][11] Group 4 - The hotel industry is anticipated to enter an "AI era," with Meituan's AI initiatives expected to significantly increase online engagement and operational efficiency [10][11] - The use of AI tools is projected to enhance decision-making capabilities and operational dynamics within the hotel sector, with potential efficiency improvements of up to 70% [11][10] - Meituan's strategy includes launching user-side AI travel assistants to further explore new demand dynamics in the tourism sector [10][11]

Overall Performance - The company achieved revenue of 86.6 billion yuan in FY2025 Q1, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1% [1] - Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2% [1] - The adjusted net profit margin was 12.6%, up by 2.4 percentage points year-on-year [1] Core Local Business - Revenue from core local business reached 64.3 billion yuan, growing 17.8% year-on-year, with operating profit of 13.5 billion yuan, a 39.1% increase [1] - The food delivery segment maintained healthy growth, with increased user engagement and order frequency [2] - The instant retail business, Meituan Flash Purchase, showed strong growth, with the number of flash warehouses and order proportion continuously rising [1][2] New Business Developments - New business revenue was 22.2 billion yuan, with a year-on-year growth of 19.2%, and operating losses narrowed by 17.5% to 2.3 billion yuan [1] - Meituan's new initiatives in the education sector, such as "Anxin Study," have expanded the product categories and service range, with over 20,000 educational institutions connected [2] - The company is focusing on enhancing operational efficiency in Meituan Youxuan, with expectations of reduced losses due to supply chain transformation and improved unit economics [3] Market Expansion and Competition - The company is expanding its overseas market presence, with Keeta launching in nine major cities in Saudi Arabia and plans to enter Brazil [3] - The competitive landscape is intensifying, with JD and Ele.me increasing subsidy investments, and Alibaba upgrading its instant retail business [3] - Despite short-term performance fluctuations due to competitive pressures, the long-term growth trajectory remains positive, driven by a comprehensive local service ecosystem [3] Financial Projections - The company forecasts overall revenue of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [3] - The company maintains a "buy" rating based on its robust local service network and growth potential in instant retail and overseas markets [3]