但补贴投入有效带动了用户增长，美团APP日活跃用户数（DAU）同比增长超20%，餐饮外卖月交易用 户数创下历史新高。数据显示，过去12个月交易用户数突破8亿大关。美团即时零售日订单峰值在7月份 超过1.5亿单，平均送达时间34分钟。平台用户结构优势进一步扩大，更多中低频用户向高频跃迁。 北京商报讯（记者 郭缤璐）11月28日，美团正式发布2025年三季度业绩报告。报告显示，本季度，美 团实现营收955亿元（人民币，下同），同比增长2%，经调整净亏损160亿元。 作为公司基本盘，美团核心本地商业板块实现营收674亿元，不过该板块在行业"内卷式"竞争背景下， 核心本地商业经营利润转负。财报显示，为应对外卖行业非理性竞争，核心本地商业持续加大针对餐饮 行业的直接补贴力度。受此影响，美团核心本地商业经营利润亏损141亿元。 美团闪购继续引领即时零售行业发展。本季度，美团闪购新用户增速与核心用户交易频次双双提升。10 月，美团闪购推出"品牌官旗闪电仓"，未来预计将拓展至上万个品牌，覆盖3C、美妆、运动、服饰、 母婴、宠物、百货等各个品类。"双11"首日，数百个"品牌官旗闪电仓"销售额涨幅300%。 本季度，美团到店业务 ...

本季度，美团继续加大生态建设投入，构建可持续的行业健康生态。 本季度，美团加速供给创新，为消费者提供优质丰富的商品和稳定的履约配送。美团即时零 售日订单峰值在 7 月份超过 1.5 亿单，平均送达时间 34 分钟。平台用户结构优势进一步扩 大，更多中低频用户向高频跃迁，用户消费频次和黏性显著提升，消费场景持续多元化。 美团闪购继续引领即时零售行业发展。本季度，美团闪购新用户增速与核心用户交易频次双 双提升。 10 月，美团闪购推出 " 品牌官旗闪电仓 " ，未来预计将拓展至上万个品牌，覆盖 3C 、美妆、运动、服饰、母婴、宠物、百货等各个品类。 " 双 11" 首日，数百个 " 品牌官 旗闪电仓 " 销售额涨幅 300% 。 本季度，美团到店业务商户数和用户数再创新高，用户交易频次保持快速增长。平台已积累 超过 250 亿条真实用户评价，过去 12 个月内新增 35 亿条，继续成为消费者本地生活服务 的首选平台。经过六个月的迭代，美团会员体系持续完善，会员用户黏性和交易频次大幅提 升，并有效促进了不同业务和消费场景之间的协同增长。 新业务板块，食杂零售业务强劲增长， Keeta 加速全球布局。本季度， Kee ...

格隆汇11月28日｜美团发布2025年第三季度业绩报告。本季度，美团实现营收955亿元，同比增长2%。 由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元，过去12个月的交易用户数突破8亿大 关。三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此 带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 三季度，美团研发投入69亿元，同比增长31%。 ...

此外，美团APP的DAU（日活跃用户数）同比增长超过20%，过去12个月的交易用户数突破8亿大关。 （第一财经记者 陆涵之） 11月28日，美团发布了第三季度财报。第三季度收入为954.9亿元，同比增长2%。第三季度经调整净亏 损达160亿元，去年同期净利润为128.3亿元。 ...

11月28日，美团（股票代码：3690.HK）发布2025年第三季度业绩报告。本季度，美团实现营收955亿 元（人民币，下同），同比增长2%。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元， 过去12个月的交易用户数突破8亿大关。 三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动 下，美团APP的DAU（日活跃用户数）同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 "面对行业竞争变化，我们持续巩固核心竞争力，保持行业优势地位。"美团CEO王兴表示，"美团将继 续围绕'零售+科技'战略，不断迭代产品与服务，更好满足用户需求，引领行业可持续增长。" 核心本地商业保持优势，新业务持续突破 三季度，美团核心本地商业板块实现营收674亿元。为应对外卖行业非理性竞争，核心本地商业持续加 大针对餐饮行业的直接补贴力度。受此影响，核心本地商业经营利润转负，亏损141亿元，美团新业务 板块实现营收280亿元，同比增长15.9%，亏损环比收窄至13亿元。公司Q3经调整净亏损160亿元。 本季度，美团加速供给创新，为消费者提供优质丰富的商品和稳定的履约配送。美团即时 ...

本季度，美团继续加大生态建设投入，构建可持续的行业健康生态。美团骑手养老保险补贴正式覆盖全 国，向全部骑手开放。三季度研发投入69亿元，同比增长31%。 11月28日，美团（股票代码：3690.HK）发布2025年第三季度业绩报告。本季度，美团实现营收955亿 元（人民币，下同），同比增长2%。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元， 过去12个月的交易用户数突破8亿大关。 三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动 下，美团APP的DAU（日活跃用户数）同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 ...

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [1] - The number of transacting users exceeded 800 million in the past 12 months, with daily active users (DAU) on the Meituan app growing over 20% year-on-year [1] - The company is focusing on a "retail + technology" strategy to enhance product and service offerings, aiming for sustainable industry growth [1] Financial Performance - Core local business revenue reached 67.4 billion RMB, while new business revenue was 28 billion RMB, marking a 15.9% year-on-year increase [1] - Adjusted net loss for Q3 was 16 billion RMB, with a sequential reduction in new business losses to 1.3 billion RMB [1] User Engagement and Growth - Meituan's instant retail saw peak daily orders exceeding 150 million, with an average delivery time of 34 minutes [2] - The platform's user structure is improving, with more low-frequency users transitioning to high-frequency usage, leading to increased consumer engagement [2] - The membership system has been enhanced, significantly boosting user loyalty and transaction frequency [2] Ecosystem and Community Support - Meituan is investing in rider welfare, including nationwide pension insurance and various benefits for riders and their families [3] - The company has launched the "Prosperity Plan" with an additional 2.8 billion RMB to support merchants amid competitive pressures [3] Technological Innovation - R&D investment reached 6.9 billion RMB, a 31% increase year-on-year, focusing on enhancing retail efficiency through technology [4] - AI advancements include the release of multiple open-source models and the integration of AI tools for personalized merchant services [5] - Meituan's drone delivery service has expanded, achieving over 670,000 commercial orders by the end of September [5]

新浪科技讯 11月28日下午消息，美团发布2025年第三季度业绩报告。本季度，美团实现营收955亿元 （人民币，下同），同比增长2%。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元，过 去12个月的交易用户数突破8亿大关。 三季度，为应对行业"内卷式"竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动 下，美团APP的DAU（日活跃用户数）同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。 "面对行业竞争变化，我们持续巩固核心竞争力，保持行业优势地位。"美团CEO王兴表示，"美团将继 续围绕'零售+科技'战略，不断迭代产品与服务，更好满足用户需求，引领行业可持续增长。" 责任编辑：何俊熹 ...

Core Viewpoint - The competition between major players in the food delivery and hotel booking sectors is intensifying, with potential implications for market dynamics and investment opportunities [3][10]. Group 1: Market Dynamics - The recent competition between JD.com and Meituan in the food delivery sector has raised concerns about the viability of Ele.me as a competitor [3]. - The hotel booking market has a relatively shallow competitive moat, making it susceptible to new entrants and competition [3]. - Meituan's hotel booking prices are now comparable to those of Ctrip, indicating a lack of customer loyalty and price sensitivity among users [5]. Group 2: Investment Perspective - Meituan's market capitalization of over HKD 600 billion is lower compared to Ctrip's over HKD 400 billion, suggesting potential undervaluation [8]. - Market participants are overly focused on short-term profit feedback, which could lead to stock price volatility for Meituan if Q3 profits fall short of expectations [10]. - The current round of subsidies is seen as a battle between market leaders, with the potential for significant casualties among major players [12]. Group 3: Strategic Insights - Companies can leverage food delivery subsidies not only to attract consumers but also to solidify existing business and address competition [10]. - The ability of major players to adapt and invest strategically will determine their survival in a rapidly changing market [16]. - Continuous research and monitoring of market trends are essential for making informed investment decisions [16].

Core Viewpoint - Meituan's Qingshan Plan, initiated in August 2017, aims to promote green development and environmental protection, evolving from a focus on plastic pollution to broader sustainability issues over eight years [1][4]. Group 1: Plastic Pollution Management - The Qingshan Plan has established a governance model that emphasizes reduction, substitution, and recycling, particularly targeting takeaway food containers, which are challenging to recycle [4]. - In 2023, the recycling volume of polypropylene (PP) takeaway containers in China reached 400,000 tons, with a recycling rate of 29.6%, nearing the national average for plastic recycling [4]. Group 2: Sustainable Consumption Initiatives - Meituan has integrated sustainable concepts into its products and services, with 52,000 users opting for the "no utensils" feature and 15,000 merchants adopting the "support self-bring cup" label [4][5]. - The company encourages merchants to offer smaller portion sizes and has developed a "carbon account" feature to promote sustainable consumption [5]. Group 3: Technological Innovation - The establishment of the Qingshan Technology Fund in 2021 supports environmental innovation projects, with 12 projects currently funded [4][5]. - Collaborations with institutions like Donghua University have led to the successful market introduction of sportswear made from recycled polypropylene materials [5]. Group 4: Future Goals - Meituan has set new targets for 2030, aiming for a 50% usage rate of green packaging among merchants and a 40% recycling rate for takeaway containers and beverage cups in key areas [5]. - The plan includes engaging 4 million merchants and 700 million consumers in sustainable practices, continuing to align business models with sustainable consumption [5].