美团2025年预亏233亿至243亿元，加码收购叮咚买菜与升级AI管家应对竞争

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2026年2月13日晚间，美团发布盈利预警公告，预计2025年净亏损约233亿元至243亿元，较2024年358亿元净利润减少近600亿元。核心本地商业分部由盈利524亿元转为亏损约70亿元，叠加海外业务投入加大，构成主要亏损来源。为应对行业空前竞争，美团在2025年战略性增加全生态投入：消费者端强化营销推广、品牌建设及价格竞争力；配送端提高骑手激励并丰富权益；商户端持续支持其运营效率提升。上述...

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competition","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"DDL":1.86,"03690":1.98,"HMTD.SI":0.6,"MPNGY":1.98,"METmain":0.6},"content_text":"2026年2月13日晚间，美团发布盈利预警公告，预计2025年净亏损约233亿元至243亿元，较2024年358亿元净利润减少近600亿元。核心本地商业分部由盈利524亿元转为亏损约70亿元，叠加海外业务投入加大，构成主要亏损来源。为应对行业空前竞争，美团在2025年战略性增加全生态投入：消费者端强化营销推广、品牌建设及价格竞争力；配送端提高骑手激励并丰富权益；商户端持续支持其运营效率提升。上述措施显著影响核心本地商业分部盈利能力，且亏损趋势预计延续至2026年第一季度。2025年第三季度，美团核心业务三年来首次出现经营亏损，当季收入954.88亿元，同比仅增2%；经调整后净亏损160.10亿元，而2024年同期为盈利128.29亿元；净利润率由11.88%下滑至-3%；销售成本同比增长23.7%，销售及营销开支达342.67亿元，同比增长91%。美团CEO王兴在业绩说明会上表示，外卖业务亏损已于2025年三季度见顶，但四季度仍面临较大亏损压力；公司将进行必要投入以维持市场领导地位，但不参与价格战。2025年，美团面临京东高调入局外卖、阿里整合饿了么与淘宝闪购、抖音凭借流量切入到店业务的多线围攻。电商分析师李成东估算，仅2025年第三季度，阿里、京东、美团三家平台在外卖补贴上的总投入约1000亿元。其指出，各平台现金储备充足，只要阿里、京东持续投入，美团只能跟进。2026年2月5日，美团以约7.17亿美元完成对叮咚买菜中国业务的收购。叮咚买菜主打“最快29分钟送达”，截至2025年9月月购买用户超700万。该收购金额与阿里春节期间投入的50亿元外卖补贴相当，旨在补齐生鲜供应链短板。数字生活分析师陈礼腾指出，此次收购属战略防御与能力补强，非单纯财务投资。短期难以扭转巨亏，但长期可提升美团生鲜履约效率、降低损耗、抬高对手进入门槛，对守住即时零售基本盘具关键作用。美团公告强调，截至公告日集团经营状况稳健正常，拥有充足现金支撑业务发展。2月12日，美团宣布升级“问小团”AI管家，上线春节专区，支持一键领取外卖、闪购、堂食等多场景消费券，提供最优下单方案。此前，美团LongCat已发布原生“深度研究”Agent智能体。2月13日，美团股价盘中跌幅超4.5%，一度跌破81港元，总市值跌破5000亿港元关口，收盘报82.15港元，总市值5020.99亿港元。同日，阿里巴巴明确将加码淘宝闪购，并力争2026年市场份额超越美团。2月以来，千问App投入30亿元开展春节消费补贴，上线9小时接单1000万单，单日订单超千万件，一度导致系统宕机；随后又宣布投入近20亿元补贴春节骑手。字节跳动与腾讯亦加速布局AI入口：字节借央视春晚合作推广豆包App；腾讯依托元宝在社交场景通过红包裂变拉新。陈礼腾分析认为，阿里与美团将即时零售视为战略底座，竞争已从增量抢夺转向存量挤压与基础设施决胜。主战场高度集中于外卖与即时零售，投入逻辑转向仓网、运力、AI与供应链建设，梯队趋于固化，美团与阿里构成第一梯队。陈礼腾预判，2026年巨头策略将由全域烧钱、价格战转向精准投入、效率优先、结构优化与生态整合；用户争夺重心从价格转向品质、时效与服务确定性；行业整体进入“以效率定胜负、以壁垒分高下”的新阶段，竞争更理性、更持久，也更考验综合运营能力。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport,merge","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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