美团：25 年第四季度业绩前瞻：预计符合预期，2026 年增长仍具挑战

Vi e w p o i n t | CITI'S TAKE We expect Meituan to report 4Q25 by end-March and believe result likely in-line with our/consensus expectation. Into 1Q26/FY2026, while Bloomberg consensus for 2026/27 estimates has been trending lower recently, total revs estimates are still 3%/5% higher than our unchanged forecasts. Consensus forecasts FY2026 net profit of Rmb5.2bn vs our net loss of Rmb13bn. Amid regulatory scrutiny and seasonally slower quarter (CNY), subsidy turns more subtle though not completely scaled ...