美团的新年：守外卖，攻生鲜

Ofweek光电信息网02-17

（本文系紫金财经原创稿件，转载请注明来源）蛇年临近尾声，互联网行业的一场重量级收购案，为这个农历新年提供了一个极具战略意味的想象空间。2月上旬，美团发布公告，宣布将以约7.17亿美元的初始对价，收购叮咚买菜中国业务100%的股权。这一交易涉及超1000个前置仓网络与700万月度购买用户，成为美团即时零售板块的关键落子。回望美团的蛇年，这一年可谓是波云诡谲。2025 年初，京东强势入局外卖赛道，阿里...

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年初，京东强势入局外卖赛道，阿里也入局掀起轰轰烈烈的外卖大战，美团被迫开启“烧钱 模式，全力防守外卖基本盘；年末则果断出手收购叮咚买菜，发力生鲜即时零售，主动构筑行业竞争壁垒。从被动防守到主动进攻，美团的这一年，既有应对外部竞争的无奈之举，也有深耕本地生活赛道，加码即时零售万亿市场的主动谋变。守外卖：一场不能输的消耗战蛇年的开端，对美团来说是一场猝不及防的烽火。2025年，随着京东“京东外卖”和阿里“淘宝闪购”的强势入局，即时零售战场从一开始就进入白热化状态。京东外卖依托自身物流优势快速扩张，阿里则整合饿了么全面焕新“淘宝闪购”，加码即时配送，两大巨头以巨额补贴为武器，一边抢夺用户，一边吸引商家入驻，直接冲击美团的市场份额。对于美团而言，外卖战场是一场绝对不能输的战争。外卖业务不仅是其营收的支柱，更是其整个生态流量入口和用户高频交互的基石。一旦外卖份额大幅流失，其赖以生存的护城河，将面临瓦解的系统性风险。美团不得不战。曾经相对稳固的本地生活配送市场，骤然陷入了三方混战的“战国时代”。这场被外界称为“史上最卷”的外卖大战，其激烈程度远超市场预期。战争的代价直接体现在财务数据上。根据美团2025年第三季度财报数据显示，其销售及营销开支为342.67亿元，同比增长91%，占收入百分比由19.2%提升至35.9%。巨额的补贴和用户激励，像流水一样消耗着美团的利润池。财报数据显示，美团该季度经调整后净亏损达160.10亿元，与去年同期128.29亿元的盈利形成鲜明对比，净利润率下滑至-16.75%。美团CEO王兴在财报电话会议上坦言：“半年来的市场结果已经充分证明：外卖价格竞争没有为行业创造价值，不可持续。”这场消耗战对美团的冲击是全方位的。一方面，它迫使美团将大量本可用于创新和拓展的资源，投入到维持市场份额的防御战中。另一方面，面对京东和阿里来势汹汹，美团虽然还是市占率第一，但份额还是被蚕食了。根据易观分析的数据，2025年第三季度，美团、淘宝和京东的即时交易成交额占比分别为47.1%、42.3%和8.4%。据此计算，美团已丢失了20%市场份额。不过”烧钱”还是给美团换来了用户规模的增长。美团三季度餐饮外卖月交易用户数创下历史新高，过去12个月美团交易用户数突破8亿大关，APP日活跃用户数同比增长超20%。攻生鲜：“清场”与补课当外界将目光仍聚焦于外卖战场的硝烟时，美团早已将战略重心悄然调整。2025年第二季度，王兴在财报会上明确释放信号：将生鲜业务的重点转向自营前置仓品牌“小象超市”，并要大力发展生鲜零售，未来将扩张到全国所有一二线城市。收购叮咚买菜，正是这一战略的关键落子。根据美团发布的公告，交易以 7.17 亿美元为初始对价，叮咚买菜的海外业务将在交割前剥离，交易最终金额将根据经审计财务指标调整，同时叮咚买菜创始人梁昌霖承诺，交割后五年内不得在大中华区从事与美团直接竞争的生鲜电商业务。值得注意的是，尽管公告对价为7.17亿美元，但综合叮咚股东可提取的约2.8亿美元现金等因素，交易实际经济对价接近10亿美元。叮咚买菜并不便宜，美团之所以愿意收购，紫金财经认为其核心动机在于防止关键基础设施落入竞争对手之手。市场此前多次传闻京东有意收购叮咚买菜，以补齐其即时零售的仓配网络。对于美团而言，一旦让竞争对手，尤其是正与其在即时零售战场短兵相接的京东，获得叮咚深耕多年、超过1000个且主要分布在长三角高净值区域的前置仓网络，无异于在自己的腹地亲手树立起一个装备精良的劲敌。因此，这近10亿美元，更像是一笔用来“买断不确定性”、锁定行业终局的“买路钱”。相较于2025年动辄数百亿的外卖补贴消耗，这笔一次性支出，在财务上被视为更理性、更高效的战略防御。其次，这是一次对关键短板的“闪电式”补课。 华东市场，特别是上海、杭州、南京等核心城市，一直是美团小象超市的“伤心地”。尽管背靠美团主站的巨大流量，但小象超市在华东始终难以撼动叮咚买菜、盒马等“地头蛇”的优势。叮咚买菜在长三角前置仓领域的市场占有率超过30%，其在上海的单仓日均订单量可达1700单，用户黏性和运营效率极高。美团若想通过自建达到同等密度和运营水准，至少需要两到三年时间，而这段时间恰恰是即时零售格局定型的关键窗口期。通过收购，美团瞬间获得了叮咚在华东的千仓网络和超700万高净值用户，不仅抹平了时间差，更实现了对高消费力区域的网格化覆盖。即时零售进入深水区美团收购叮咚买菜，也是一个强烈的行业信号，中国即时零售行业的竞争，已经告别依靠流量红利和野蛮补贴的1.0时代，正式进入比拼供应链深度、基础设施密度和运营模型效率的“深水区”竞争。过去，行业的竞争维度集中在用户端，谁有更多的骑手、更快的配送速度、更狠的补贴力度，谁就能获取更多订单。2025 年的外卖大战让行业意识到，单纯依靠补贴抢夺用户的模式不可持续，不仅会导致企业盈利能力大幅下滑，还会引发行业内卷，而监管的介入也让恶性补贴失去生存空间。尤其随着渗透率见顶，补贴的边际效应也在急剧递减，无法建立持久壁垒。同时，高达数千亿的市场规模吸引了阿里、京东、抖音等巨头全方位入局，竞争从单点突破变为生态体系的全链路对抗。在这一背景下，竞争的核心要素发生了根本性转移。一方面，履约定时达已成为基础服务，真正的护城河在于对“货”的掌控力。谁拥有更强、更稳、性价比更高的商品供应链，谁就能在用户体验和盈利能力上建立双重优势。叮咚买菜的价值，正在于其用连续多个季度的盈利，验证了一套在高损耗的生鲜领域实现正向循环的商品与供应链模型。另一方面，前置仓、中心仓、冷链物流等实体网络，成为新时代的“基础设施”。这些重资产构成了服务体验的物理基础，也是阻挡新进入者的高墙。美团通过此次收购，将自营前置仓数量瞬间提升至约2000个，形成了国内规模最大、覆盖最密的前置仓网络之一，构建了强大的履约壁垒。对于美团而言，整合叮咚买菜后，其即时零售板块将形成“美团闪购+小象超市+叮咚买菜”的组合拳。有望构建一个覆盖全品类、全时段、从流量到商品再到履约的超级零售闭环。即时零售新的竞争图景已然展开。一方是拥有“盒马+饿了么+淘鲜达+菜鸟”复合体系的阿里，另一方是整合“京东到家+京东外卖+达达+七鲜”的京东，而美团则通过此次收购，强化了其“闪购+小象+叮咚”的铁三角。未来的竞争，将是生态对生态、供应链对供应链、效率对效率的全面对决。紫金财经预测，市场集中度将进一步提升，中小独立玩家的生存空间将被压缩，只能寻找更垂直、更小众的领域求生存，行业进入巨头主导的寡头竞合新阶段。结语蛇年之于美团，是充满压力与转折的一年。年初，它在自己最熟悉的外卖主场，打了一场艰苦卓绝的防御战，以利润的短期阵痛守护了业务的生存根基。年末，它则在即时零售战场，发起了一场主动的进攻，拿下叮咚买菜。这一守一攻之间，美团的真正考验才开始，如何实现双方的资源协同，将叮咚买菜的生鲜供应链优势与美团的流量、算法优势结合，实现 “1+1>2” 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