证券研究报告 | 2025年11月30日 美团-W（03690.HK） 优于大市 外卖大战影响核心本地收入利润，预计影响将逐步减弱 总览：外卖竞争影响公司收入利润，预计影响将逐渐减弱。公司收入同比增 长 2%，主要受核心本地业务竞争加剧影响。本季度美团实现营业收入 955 亿元，按收入类型划分，即时配送服务/交易佣金/营销服务收入 yoy-17%/+1%/+6%。毛利率、销售费率、研发费率持续走弱，经调整亏损 160 亿，环比亏损持续增加；调整后净利润率-17%，由盈转亏。公司维持长期达 到 1 亿单高日均订单量的目标不变，并坚信随着行业回归理性，外卖业务的 利润将回归到合理水平。值得一提的是公司持续完善 AI 布局：1）用户端推 出智能生活助理小美 App；2）商家端融合自研模型 Longcat 和餐饮行业独家 数据推出系列 AI 工具。 核心本地：公司表示外卖 Q3 单均亏损达到峰值，到店酒旅利润率受竞争及 消费环境影响走低。1）核心本地商业：收入同比下降 3%，经营亏损 141 亿， 由盈转亏，经营利润率-21.0%，同比下降 42pct，预计 25Q4 持续大规模投入 会员及品宣预算；管理层表示竞争持 ...

三季度，为应对行业"内卷式"竞争，美团加大资金投入以提升服务质量。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。 美团CEO王兴在财报电话会上强调："我们重申在过去两个季度阐明的立场，外卖价格战是低质低价的'内 卷式'竞争，我们坚决反对。半年来的市场结果已经充分证明：外卖价格战没有为行业创造价值，不可持 续。" 他同时表示，美团将继续在骑手权益保障、中小商户帮扶上加大投入，促进行业长期健康发展。"美团会 始终专注于做正确的事，服务好消费者、商家和骑手。我们有信心捍卫即时零售的市场地位，创造真正的 长期价值。" 战略性投入致核心商业亏损 根据财报，三季度，美团核心本地商业板块实现营收674.5亿元。其中，配送服务收入230.2亿元，佣金收 入263.8亿元，在线营销服务收入141.9亿元，其他服务及销售收入38.6亿元。 11月28日晚间，美团(股票代码：3690.HK)发布了2025年第三季度财报，一系列关键数据描绘出这家企业 在当前行业周期中的表现：短期利润在应对竞争中转亏，优先保障市场规模、用户粘性与长期竞争力。 财报数据显示，今年第三季度，美团实 ...

Core Viewpoint - Meituan reported its first quarterly loss in three years, with an adjusted net loss of 16 billion RMB in Q3, and expects losses to continue into Q4, indicating an intensifying competition in the food delivery sector [3][4]. Group 1: Financial Performance - In Q3, Meituan's core local commerce business shifted from profit to loss, recording an operating loss of 14.1 billion RMB compared to a profit of 14.6 billion RMB in the same period last year [3][4]. - The company anticipates a slight increase in losses for its flash purchase business in Q4, despite confidence in achieving reasonable and sustainable profitability in the medium to long term [4][11]. Group 2: Competitive Landscape - Management criticized the ongoing price war in the food delivery industry as "malicious competition" and stated that they will not engage in it, instead opting to adjust resources dynamically based on competitive conditions [4][5]. - The company noted a recovery in market share and order volume in October and November, with over two-thirds of orders priced above 15 RMB and about 70% above 30 RMB, indicating a focus on higher-value transactions [4][5]. Group 3: User Engagement and Strategy - Core users maintain high retention rates, with consumption frequency and loyalty steadily increasing, reflecting strong brand recognition and service advantages [6][12]. - Meituan plans to enhance user experience through faster and more reliable delivery, a diverse supply across all price ranges, and exclusive benefits from its membership system [6][12]. Group 4: Future Outlook and Investments - The company is committed to investing in supply-side operations to ensure optimal user experience and will continue to educate users during promotional events like Double Eleven [11][18]. - Meituan's strategy includes expanding its instant retail supply chain and enhancing service experiences to meet the evolving consumer demand for immediate satisfaction [9][10]. Group 5: International Expansion - Meituan's new business segment, KeeTa, achieved its first monthly profit in Hong Kong, indicating a successful market entry strategy that may be replicated in other regions like Saudi Arabia and the GCC [16][18]. - The company is optimistic about the potential for growth in Brazil, which is one of the largest food delivery markets globally, despite existing competition [17][18].

Core Viewpoint - Meituan reported its first quarterly loss in three years, with an adjusted net loss of 16 billion RMB in Q3, indicating a fierce competition in the food delivery sector [2] - The company's core local commerce business shifted from profit to loss, recording an operating loss of 14.1 billion RMB in Q3 compared to a profit of 14.6 billion RMB in the same period last year [2] Group 1: Financial Performance and Market Dynamics - The management stated that the food delivery price war is essentially a low-quality and unsustainable competition, which they firmly oppose [3] - Despite believing that losses have peaked, the food delivery business will still face pressure in Q4, with expectations of slightly increased losses in the flash purchase business [4][12] - The average net order value remains significantly higher than other platforms, with over two-thirds of orders priced above 15 RMB and about 70% above 30 RMB [4][5] Group 2: User Engagement and Competitive Strategy - Core users maintain high retention rates, with consumption frequency and loyalty steadily increasing, reflecting strong brand recognition and service advantages [6] - The company focuses on enhancing user experience through faster and more reliable delivery, diverse supply across all price ranges, and exclusive benefits from the Meituan membership system [7] - Management emphasizes the importance of protecting rider rights and supporting small merchants as a path to sustainable industry development [5] Group 3: Future Outlook and Strategic Initiatives - The company aims to expand high-quality supply, ensure rapid and reliable delivery, and maintain price competitiveness while defending its market position [8] - The management believes that the current irrational competition will eventually transition to a rational and mature stage, where companies with industry insights and operational excellence will lead [7] - In the context of new competition, Meituan plans to deepen partnerships with brands and enhance its instant retail capabilities, leveraging its existing supply chain advantages [10][11] Group 4: International Expansion and New Markets - Meituan's new business segment, KeeTa, achieved its first monthly profit in Hong Kong, indicating a significant milestone and a potential model for other markets [27] - The company is expanding into the GCC markets and Brazil, where it sees substantial untapped potential, despite existing competition [28][29] - The management expects that the new business segment's losses will not significantly increase next year, following a similar path of unit economic improvement as seen in Hong Kong [30]