Core Insights - The intense competition in the food delivery industry has significantly impacted Meituan's performance in Q2 2025, leading to a stark contrast between soaring market expenses and plummeting profits [1][2][3] - The report raises three critical questions regarding the impact of the delivery war on Meituan, the strength of its competitive moat, and changes in its operational logic due to fierce competition [1][2] Financial Performance - In Q2 2025, Meituan's core local business revenue reached 65.3 billion yuan, reflecting a year-on-year growth of 7.7%, down from 17.8% in the previous quarter, indicating severe effects from the ongoing delivery war [2][3] - Market expenses surged by 51.8% year-on-year to 22.5 billion yuan, constituting 24.5% of total revenue, a significant increase from 18% in the previous quarter, highlighting the pressure from competitors [6][3] Competitive Landscape - The competition has shifted to a "zero-sum game" as the internet user growth has plateaued, leading to increased pressure on leading companies like Meituan [2][3] - The delivery war has caused a substantial disruption in Meituan's operational efficiency, with high market spending failing to translate into revenue growth [6][3] Business Strategy - Meituan's strategy has involved heavy subsidies to attract users, creating a closed loop of "users - traffic - merchants," but this approach has become increasingly costly amid fierce competition [3][6] - The company is now focusing on its flash purchase and hotel business segments as potential growth areas, with flash purchase showing strong order volume and transaction growth [13][14] Future Outlook - The ongoing delivery war is expected to continue impacting Meituan's core local business, with significant losses anticipated in Q3 2025 as the company prioritizes market share over profitability [15][17] - The period from September to October 2025 is critical for Meituan to maintain its market share, with a psychological threshold of 50% being crucial for sustaining user and merchant loyalty [17][16]

文 | 科技说 受外卖大战影响，市场非常关心2025年Q2的美团财报数据，希望可以在财报可以读到： 1）外卖大战对美团究竟影响几何； 2）以坡长雪厚角度评测，美团是否有足够的护城河来抵御外来竞争； 2023年前后美团稳坐本地生活头把交椅，高市占率伴随强用户粘性，企业在经营端方面是相当舒服的。只是2023年初字 节杀入本地生活，对美团造成了一定扰动（提高了市场费用预算），但好在前者战略后来进行较大调整，美团又稳坐了 钓鱼台，2023年中之后市场费用变动非常之小，美团已经不担心获客问题了。 3）竞争开启之后，美团的运营逻辑是否发生了改变。 本文我们以美团财报为依托，试着来回答上述三个问题，希望对大家有所帮助。 短期外卖失血：长期酒旅，闪购是希望 2025年Q2，美团核心本地商业总营收（主要业务为外卖，到店和酒旅）同比增长7.7%，达到653亿元，而上季度同比增 速则为17.8%，外卖大战显然已经严重影响了美团基石业务的健康性。 这其实也在市场预料之中，在告别互联网用户红利之后，竞争的加大更多体现了"零和博弈"，又加上此番竞争对手气势 更为凶猛，这些都会侵蚀原来头部企业的利益，只是仅以增速下行来证明美团"廉颇老矣" ...

8月27日，美团（03690.HK）发布2025年第二季度及半年业绩报告。 财报显示，今年二季度，美团实现营收918亿元(人民币，下同)，同比增长11.7%，展现出稳健的发展态势。 财报显示，美团App二季度月活跃用户突破5亿名。同时，用户年均交易频次再次创下历史新高。在7月份，美团即时零售日订单量峰值突破1.5亿单，创造新纪录。 此外，公司二季度经调整EBITDA为27.8亿元，经调整溢利净额为14.9亿元。 "餐饮外卖和即时零售行业竞争加剧，公司各项业务继续实现健康增长。"美团CEO王兴表示，"我们将继续围绕'帮大家吃得更好，生活更好'的使命，加大在技术创 新和生态建设方面的投入，为行业上下游的合作伙伴创造更多价值，推动行业可持续发展。" 新业务板块营收265亿元，同比增长22.8%，亏损环比收窄至19亿元。美团国际化持续迎来新突破，Keeta本季度的订单量和GTV继续强劲增长。在香港市场， Keeta进一步巩固了领先地位，助力行业整体扩容；在中东市场，Keeta在7月底进一步覆盖至沙特20个城市，并于近日正式在卡塔尔上线服务。 截至2025年6月30日，美团持有的现金及现金等价物和短期理财投资分别为人民 ...

Core Insights - The Chinese OTA market has undergone significant changes over the past few decades, with Ctrip emerging as the leader, while Meituan, Tongcheng, Qunar, and Fliggy have settled into secondary positions [1][2] - JD.com is entering the OTA space, leveraging its existing user base and resources to challenge Ctrip, indicating a shift in the competitive landscape [1][2] - The hotel market in China is still dominated by non-chain hotels, presenting an opportunity for JD.com to capture market share by targeting smaller hotels that are sensitive to commission fees [3][4] Market Dynamics - JD.com has over 800 million users, with a significant portion being high-net-worth individuals, aligning well with the business travel needs that Ctrip caters to [2] - The 2024 hotel market is expected to see Ctrip leading, followed by Tongcheng and Meituan, with the latter two having established advantages in resource integration and brand building [2][3] - JD.com is focusing on a supply chain model rather than a traditional commission-based model, which may allow it to attract hotels that are looking to reduce dependency on OTAs [4][21] Competitive Strategies - JD.com is adopting a "rural encircling the city" strategy by initially targeting smaller, commission-sensitive hotels rather than high-end chains [4][5] - The competition between JD.com and Ctrip is not just about immediate market share but also about long-term sustainability and resource allocation [8][21] - The traditional OTA model relies heavily on commissions and advertising fees, while JD.com is exploring supply chain service fees and membership value-added services [4][21] Supply Chain Considerations - The hotel supply chain in China is complex, with significant costs associated with distribution, which JD.com aims to streamline [5][21] - In 2023, 41,800 new hotels entered the market, indicating a growing supply that JD.com can tap into, especially among smaller hotels [5][17] - The shift towards a buyer's market is evident, with average revenue per available room (RevPAR) declining, which may benefit JD.com’s zero-commission model [22] Future Outlook - The entry of JD.com into the OTA space is seen as a potential game-changer, with the possibility of reshaping the competitive landscape [7][23] - The evolving dynamics of the hotel market suggest that companies with strong supply chain capabilities, like JD.com, may gain a competitive edge [19][23] - The focus on user experience and supply chain efficiency will be critical for JD.com as it seeks to establish itself in the OTA market [21][22]