美团：2025 年第四季度初步解读-基本符合预告前预期；2026 年第一季度单位经济效益改善；买入

26 March 2026 | 11:48PM HKT Equity Research Meituan (3690.HK): 4Q25 First Take: Broadly in-line with pre-announcement; improving unit economics into 1Q26; Buy Meituan's 4Q25 print came broadly in-line with its earlier pre-announcement, while key investor focuses around new initiatives losses and outlook commentaries included (+) food delivery UE has continued to outperform peers in 4Q25 at sustained 60% GTV share, with loss per order narrowing into 1Q26, and with a potential for further improvement into 2Q2 ...