市场竞争激烈，美团二季度利润大幅下降，但业务发展仍稳健。 8月27日，美团（股票代码：03690.HK）发布2025年第二季度及半年业绩报告。今年二季度，美团实现 营收918亿元，同比增长11.7%，展现出稳健的发展态势，进一步巩固了市场领先地位。 财报显示，美团继续为消费者提供更加便捷高效的即时消费体验，美团App的月活跃用户突破5亿。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。 "首先明确，我们坚决反对内卷。"在财报发布当晚的电话会上，美团CEO王兴表示，美团将长期专注于 生态建设，让消费者、商户和骑手都从中受益。 王兴强调，无论市场如何变化，无论竞争如何激烈，美团坚持做正确的事这一点不会变。这句话或许正 是美团长期主义理念的最佳注脚。在激烈的市场竞争中，美团选择了一条更加注重生态健康、多方共赢 的发展道路，这或许正是其能够持续保持领先地位的关键所在。 财报显示，美团二季度实现营收918亿元，同比增长11.7%，核心本地商业板块收入达653亿元，同比增 长7.7%。财报显示，美团App月活跃用户突破5亿大关，用户年均交易频次创下历史新高，显示出 ...

Core Viewpoint - Meituan reported a robust growth trajectory in its Q2 2025 earnings, with revenue reaching 91.8 billion RMB, a year-on-year increase of 11.7%, and a monthly active user base exceeding 500 million [2] Group 1: Financial Performance - In Q2, Meituan's core local commerce segment generated revenue of 65.3 billion RMB, reflecting a 7.7% year-on-year growth [2] - The new business segment achieved revenue of 26.5 billion RMB, marking a 22.8% year-on-year increase, while losses narrowed to 1.9 billion RMB [4] - The company reported a cash reserve of 171.1 billion RMB, providing a solid foundation for long-term investments [6] Group 2: User Engagement and Market Expansion - Meituan's app saw monthly active users surpassing 500 million, with peak daily orders in instant retail exceeding 150 million in July [2] - The company has established over 50,000 "flash warehouses" nationwide to support local small businesses in their digital transformation [4] - Meituan's international expansion is evident with Keeta's strong growth in order volume and market presence, particularly in Hong Kong and Qatar [4] Group 3: Business Innovations and Partnerships - Meituan has partnered with over 800 leading restaurant brands to open more than 5,500 brand satellite stores, aiming to exceed 10,000 by year-end [2] - The company is enhancing its rider support system, including full coverage of work injury insurance and expanding pension subsidies to over one million riders by year-end [5] - Meituan is implementing "Internet + Bright Kitchen" initiatives, with 117,000 merchants participating, aiming for over 200,000 by the end of 2025 [6] Group 4: Commitment to Sustainable Development - The company is focused on building a sustainable and responsible industry ecosystem, with initiatives to support merchants and riders [5] - Meituan's R&D investment reached 6.3 billion RMB, a 17.2% increase year-on-year, emphasizing its commitment to technological innovation [6] - The company aims to redefine future business models through ecological win-win practices, enhancing its competitive edge in the local service market [6]

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]

外卖大战进行了数月，参与的每位玩家的财报都格外令行业期待。 8 月 27 日，美团交出了一份营收增长但利润 大幅 下滑的季度成绩单。 2025 年第二季度，公司实 现营收 918 亿元，同比增长 11.7% ，但经调整净利润为 14.93 亿元，同比 大幅 下滑。 外卖本身是一个 薄利的苦生意。 在外卖竞争加剧的情形之下，业绩短期 就会加剧 波动 ，但美团的 领先地位和长期竞争优势并未改变。 在外卖这一赛道，美团有着丰富的作战经验。成熟的系统能力让美团有能力在战时能投入比对手更低 的成本达到效果， 但作为行业领跑者，美团还需要考虑长期 ， 喧嚣是一时的， 长久不变的是， 整 个行业如何更健康地持续发展。 在财报电话会上，美团 CEO 王兴明确表示，美团坚决反对内卷。 从 二季度财报看， 美团 持续投入 生态建设， 在 骑手保障、商户扶持、食安基建 方面不断落实举 措 ；而从商业维度出发， 利润在外卖大战中 大幅降低，但业务本身保持了健康发展， 美团核心本 地商业 依然 稳健 ，新业务持续突破，出海、无人机 等 进展显著 。 美团核心本地商业 CEO 王莆中曾明确表示，卷单量没有意义，美团不想卷，只是面对冲击， ...

编者按 电商平台巨头2月以来历时半年的补贴大战，是"内卷式竞争"还是"价值创造式竞争"?外卖生态是因此恶化了，还是重构升级了 ? 美团刚刚发布了 2025 年第二季度及半年业绩报告：2025第二季度营收 918.4 亿元人民币，同比增长 11.7%；经营利润下跌 98%，至 2.26 亿元，经营利润 率从 13.7% 跌至 0.2%。美团核心本地商业收入 653.5 亿元人民币，同比增长 7.7%，但经营利润率从 25.1% 下降至 5.7%。针对美团的核心本地商业板块经 营利润率下跌，公司给出的原因是"在激烈的竞争中提升用户黏性并巩固市场地位而不断调整业务策略导致交易用户激励和推广及广告开支增加"。 本年度的外卖大战，始于京东2月宣布杀入外卖市场。以"品质外卖"的价值主张，京东计划投入百亿元，采取"全年免佣金""全职骑手"等策略。美团、饿 了么不甘市场份额被侵蚀，宣布应战反击。4月，阿里宣布数百亿补贴计划，并为饿了么搭建"淘宝闪购"流量接口；7月，美团推出"0元奶茶"、"满18减 18"等极端优惠，外卖市场上演了一场激烈的补贴对决。在国家关注和治理内卷式竞争的大环境下，这场补贴大战引发了政府、社会舆论的广泛 ...

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" ...

机构也给出了最新反馈，8月28日，花旗对美团的评级从"买入"下调至"中性"。 中金公司发布的最新预测报告显示，考虑到三季度外卖旺季竞争激烈的情况，客单价下滑幅度拉大且补 贴抵减持续，预计美团三季度外卖收入下滑13%。由于二季度亏损主要来自6 月，而7、8 月份竞争再度 升级，中金公司预计三季度美团核心本地商业营业亏损为125 亿元。中金公司表示，当行业开始由份额 为先转向对盈利能力的关注时，美团外卖的业务韧性将得以显现，维持跑赢行业评级，下调目标价 19.4%至125 港元。 "外卖三国杀"中其他两家股价同样受挫，阿里巴巴港股股价下跌超3.7%，京东股价跌幅超3.5%。 资本市场对美团利润的暴跌作出了最直接的反应：8月28日港股开盘，美团股价跌幅超过10%。截至发 稿，美团股价创下去年9月以来新低。 "外卖三国杀"中其他两家股价同样受挫，阿里巴巴港股股价下跌超3.7%，京东股价跌幅超3.5%。 8月27日，美团发布了第二季度财报。财报显示，二季度美团收入为918.4亿元，同比增长11.7%。经调 整净利润为14.9亿元，同比下滑89%，低于此前预期。 美团表示，受二季度开始的非理性竞争影响，经营利润由2024 ...

点击蓝字，关注我们 美团2025年第二季度的业绩呈现出 "营收增长但利润承压" 的鲜明特点，核心在于"外卖大战"引发的 激烈竞争。 核心财务表现 | 指标 | 绩表现 | 同比变化 | 市场预期 | | --- | --- | --- | --- | | 营收 | 918亿 | +11.7% | 936.9 亿 | | 经营利润 | 2.26 亿 | -98% | 80亿 | | 经营利润率 | 0.2% | 下降 13.5 个百分点 | | | 毛利率 | 33.1% | 下降 8.1 个百分点 | | | 净利润率 | 1.6% | 下降 14.9 个半分点 | | | 营销开支 | 225亿 | +51.8% | | | 经调整净利润 | 14.9亿 | -89% | 98.5 亿 | | 经调整 EBITDA | 28亿 | -81.5% | 122.2亿 | | 销售成本 | 614亿 | +27% | | 25Q2收入为265亿元，同比增长22.8%。经营亏损达19亿元，亏损同比扩大43.1%，但亏损率环比有所 改善。公司对美团优选进行了战略调整，退出了一些表现不佳的亏损区域。国际化业务Keeta ...

Core Insights - Meituan reported a revenue of 91.8 billion RMB for Q2 2025, reflecting a year-on-year growth of 11.7%, indicating a robust development trend [1] - The Meituan app surpassed 500 million monthly active users in Q2, with user transaction frequency reaching a historical high [1] - The CEO emphasized the commitment to enhancing technology innovation and ecosystem development to create more value for partners and promote sustainable industry growth [1] Financial Performance - The core local business segment achieved a revenue of 65.3 billion RMB in Q2, a year-on-year increase of 7.7% [2] - Adjusted EBITDA for Q2 was 2.78 billion RMB, with adjusted net profit reaching 1.49 billion RMB [1] - New business segment revenue was 26.5 billion RMB, showing a year-on-year growth of 22.8%, with losses narrowing to 1.9 billion RMB [3] User Engagement and Market Position - In July, Meituan's instant retail daily order volume peaked at over 150 million, setting a new record [2] - The average delivery time for all orders was 34 minutes, showcasing operational efficiency [2] - Meituan has partnered with over 800 leading restaurant brands to open more than 5,500 satellite stores, with plans to exceed 10,000 by year-end [2] Initiatives for Sustainable Development - Meituan has implemented measures to enhance rider experience, including full coverage of work injury insurance for riders in 17 provinces and cities starting July 1 [4] - The company plans to eliminate overtime penalties for crowd-sourced riders by the end of 2025 [5] - Meituan has introduced cash subsidies and innovative models to support over 300,000 restaurant merchants, with nearly half reporting significant order volume increases [6] Technological Advancements - R&D investment reached 6.3 billion RMB in Q2, marking a year-on-year increase of 17.2% [6] - Meituan has established 64 drone delivery routes across major cities, completing over 600,000 orders [6] Strategic Vision - The CFO stated that the core local business has demonstrated strong resilience through multiple cycles, and new businesses continue to achieve breakthroughs, reflecting confidence in long-term growth potential [7]

以下文章来源于海豚投研 ，作者海豚君 海豚投研 . 有灵魂的思考，有态度的研究！ 本文来自微信公众号： 海豚投研 ，作者：海豚君，题图来自：视觉中国 "外卖大战三傻"中的第二家——美团于8月27日港股盘后也发布了2季度业绩，本季实际经营利润仅 仅2亿，远远低于预期。 外卖大战的影响远比预期更大，核心要点如下： 1. 补贴冲减配送收入： 本季度配送收入同比增速大幅跳水至仅2.8%。虽然对商家/消费者运费的减免 会体现为配送收入的减项市场已有预期，实际下滑幅度高于预期。 根据海豚的初步测算，本季的单均配送净收入环比应当下滑了1元以上。 这体现了大量补贴导致单量暴增后，为了确保有骑手完成配送，必须大幅增加骑手配送收入，这也会 体现到毛利率的明显下降上。 虽然营收规模加速增长，但本季新业务的亏损则让人意外地不增反降。其中除美团优选退出的利好 外，应当是"被迫"缩减了在新业务上的投入，以集中资源 应对 更关键的核心主业竞争。 5. 配送成本大涨，毛利率下降： 本季毛利率仅为33.1%，同比大幅下降8pct，导致毛利润额仅304亿 元，收入增长的同时毛利润同环比却都在下滑。 2. 到店并非无忧： 本季度本地商业的佣金和广 ...