美团-2025 年第三季度：总营收与利润未达预期，到店及酒旅业务营业亏损达 141 亿元

Flash | 28 Nov 2025 05:35:13 ET │ 12 pages Meituan (3690.HK) 3Q25 Total Revs and Profit Missed; CLC Op Loss at Rmb14.1bn CITI'S TAKE Meituan posted 3Q25 results below expectation, with total revenues Rmb95.5bn (+2% yoy and +4.0% qoq), 1.8%/2.0% lower than Citi/consensus of Rmb97.25bn/Rmb97.47bn. Core local commerce revenue declined 2.8% yoy to Rmb67.4bn (below our Rmb69.0bn), CLC segment OP loss was Rmb14.1bn (or -20.9% margin), better than our estimate of Rmb-14.96bn but below VisibleAlpha consensus estima ...