美团：2025 年第二季度：竞争导致利润大幅下滑

August 27, 2025 09:04 AM GMT Meituan | Asia Pacific M Update 2Q25 Significant profit decline on competition Reaction to earnings Weakens our thesis Meaningful shortfall Meaningful revision lower Impact to our thesis Financial results versus consensus Direction of next 12-month consensus EPS Source: Company data, Morgan Stanley Research Key Takeaways Total Rev +12% YoY, slightly missed; Adj. EBITDA Rmb2.8bn, missed MSe/cons at Rmb6.5/Rmb11.4bn. CLC rev +8%, missed MSe/cons by 2-4%; CLC OP Rmb3.7bn, -76%, mis ...