美团-W由盈转亏，行业竞争或有所缓和

浦银国际证券12-02

行业竞争导致由盈转亏：公司3Q25收入同比增长2.0%至人民币955亿元，低于市场预期2.1%；由于行业激烈竞争，骑手补贴以及海外业务成本增加，毛利率进一步下降至26.4%；同时，推广及用户激励的增加导致营销费用率大幅提升至35.9%；利润由盈转亏，调整后净亏损为160亿元，不及市场预期的亏损138亿元。外卖UE短期受损，高客单壁垒依然稳固：3Q25核心本地商业板块收入同比下降2.8%至674.5...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202133124a4c7447e&s=b><strong>浦银国际证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>行业竞争导致由盈转亏：公司3Q25收入同比增长2.0%至人民币955亿元，低于市场预期2.1%；由于行业激烈竞争，骑手补贴以及海外业务成本增加，毛利率进一步下降至26.4%；同时，推广及用户激励的增加导致营销费用率大幅提升至35.9%；利润由盈转亏，调整后净亏损为160亿元，不及市场预期的亏损138亿元。外卖UE短期受损，高客单壁垒依然稳固：3Q25核心本地商业板块收入同比下降2.8%至674.5...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251202133124a4c7447e&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0348814723.USD","symbol_name":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  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