巨头抢滩、美团成为即时零售“守城人”核心本地商业承压收购叮咚买菜后市值一度跌破5000亿港元

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炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！　　出品：新浪财经上市公司研究院　　作者：cici 　　自2024年10月以来，美团股价震荡向下。截至2026年2月13日收盘，美团的股价为82.15港元/股，盘中市值一度跌破5000亿港元。值得关注的是，上市公司市值往往体现投资者对公司未来发展的预期，美团市值为何持续震荡向下？是哪些因素影响了上市公司预期？　　收购...

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股权，交易完成后叮咚买菜将成为美团间接全资附属公司，财务业绩并入美团报表，海外业务则在交割前完成剥离。此消息发布后，美团股价在6个交易日内累计下跌12%，由93.8港元/股下跌至82.15港元/股。为何交易公告发布后，投资者纷纷“用脚”投票，市值大幅下挫？\n　　从交易逻辑来看，此次收购并非简单的资产并购，而是美团针对即时零售核心战场的防御性战略布局。据有关媒体消息，京东早在2025年三季度便与叮咚展开接触，意图将其并入京东到家体系，补强生鲜短板；拼多多旗下多多买菜亦曾参与竞标，希望借叮咚的前置仓网络升级其“隔日达”履约体验。\n　　对美团而言，叮咚买菜一旦被竞争对手拿到，美团在上海、杭州、深圳等核心城市苦心经营多年的小象超市，将陷入腹背受敌的境地。因此这次收购不像是机会导向的收购，反倒更像是风险规避的防御。\n　　交易完成后，战场不会缩小，对手不会消失。唯一改变的仿佛是美团从“进攻者”逐步成为“守城者”，后续增长预期不足。市场竞争加剧的背景下，资本市场是否愿意为这样一个美团继续等待，答案已经写在持续一年多的下跌曲线里。\n　　京东、抖音、阿里等巨头集体抢滩 美团核心本地商业利润承压\n　　互联网巨头之间的战火已从远场电商逐步烧至同城零售的“最后三公里”。曾经在本地生活领域一骑绝尘的美团，如今正面临京东、抖音、阿里乃至饿了么的立体化包抄，核心本地商业业务的“护城河”正经历前所未有的压力测试。\n　　京东“秒送”直插腹地，百亿补贴搅动格局。2025年2月，京东以外卖行业新玩家身份，以“0佣金+百亿补贴+骑手社保”策略强势入场，从食品质量、骑手待遇和商家抽佣等痛点入手，重点发力高客单价订单及生鲜、医药等细分品类，打破了美团与饿了么长期形成的双雄对峙局面。2025年，京东将即时零售地位空前提升，不仅将“京东小时达”与“京东到家”整合为“京东秒送”，更在APP首页开辟一级入口，斥资百亿补贴用户。\n　　与此同时，抖音生活服务正以“价格战+内容场”的组合拳加速蚕食市场。相比美团的工具性打开，抖音通过直播和短视频激发用户“兴趣性即时消费”，并在今年全面升级附近频道，将团购配送与即时零售并列。\n　　“用户在刷视频时可能瞬间决定买一束花或一份水果，这是传统货架电商和外卖平台难以拦截的。” 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巨头抢滩、美团成为即时零售“守城人”核心本地商业承压 收购叮咚买菜后市值一度跌破5000亿港元

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巨头抢滩、美团成为即时零售“守城人”核心本地商业承压收购叮咚买菜后市值一度跌破5000亿港元