年报临近，王兴借管理层沟通会给市场打预防针

市场资讯03-14

来源：夸克点评　　6天后，美团将发布2025Q4季报与全年年报。此前它已发出巨亏预警。与2024年净利比，一年间盈亏逆转近600亿。可能是上市以来最惨一年。　　一年来，美团市值跌掉60%，已被京东系加总超越。　　这节点，美团组织了2000名管理者线上线下沟通会。王兴回答了资本市场4个关切问题：　　1、去“登”味。　　就是面向AI时代的组织创新之唤起，暗示了新一轮变革动向。过去一段也有信号...

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market","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"03690":1.96,"MPNGY":1.96,"METmain":0.6,"HMTD.SI":0.6},"content_text":"来源：夸克点评\n　　6天后，美团将发布2025Q4季报与全年年报。此前它已发出巨亏预警。与2024年净利比，一年间盈亏逆转近600亿。可能是上市以来最惨一年。\n　　一年来，美团市值跌掉60%，已被京东系加总超越。\n　　这节点，美团组织了2000名管理者线上线下沟通会。王兴回答了资本市场4个关切问题：\n　　1、去“登”味。\n　　就是面向AI时代的组织创新之唤起，暗示了新一轮变革动向。过去一段也有信号。一批年轻人晋级，S-team新增两位成员，多名老将退居幕后，“北斗计划”持续中。\n　　2、AI重新定义“护城河”。\n　　王兴没回避AI冲击。他说，移动互联网与互联网的关系是“玫瑰与芍药的差别”，AI与互联网的差异是“猴与花的区别”。\n　　AI agent替用户完成比价、下单、规划、履约的完整链条，直接威胁美团前端流量价值。美团平台有被OTT风险。但他给出了新定位。大模型再聪明，也不知道那家餐厅现在有没有座位。这不是智力问题，是信息问题。美团骑手网络、线下商户体系、实时位置与库存数据，恰是AI agent依赖的基础设施。美团护城河正被重新定义。\n　　美团将投入自有大模型研发，推进无人机、无人车、物流机器人落地，搭建高保真物理世界信息库，AI能力会渗透到C、B端与内部运营各环节。\n　　3、聚焦即时零售，反内卷\n　　继续紧紧围绕“帮大家吃得更好，生活更好”拓展。即时零售是绝对核心，所有资源向它倾斜。坚决反对内卷，不搞价格战，不烧钱换规模。\n　　4、国际化，“坚定不盲目”。\n　　资源全部聚焦即时零售，不让各业务同步出海，彻底Glocal。\n　　上面4个点，落在资本市场，会有差异。\n　　3、4两点结合，平衡增长诉求明显。补贴只要弱化或停止，利润指标马上回升。Q1肯定会有体现。下周股价或立竿见影。\n　　但组织创新、AI重新定义成效，体现在增长上，还要持续验证。\n　　即时零售是主航道，有巨大增量空间，但竞争者众，会持续分流市占。就算靠着规模效应与AI化重构维持优势，想借此直接形成新增长飞轮与估值引擎，此刻并不清晰。\n　　AI物理世界定位，尚未展示出更系统、清晰的商业模式。它决定着美团未来增长动能转换、利润结构及新的估值空间。\n　　王兴整个陈述，防守痕迹明显。新一轮“进攻”叙事，还没正式展开。\n　　下周财报会，或是一个序幕与转折点。\n　　这已是3月中旬，2026Q1即将结束，内部有了一季数据支撑决策，全年指引，有一定基础。\n　　整体而言，美团压力依然很重。平衡增长诉求下，速度也会受限。股价、市值想回到去年同期极难。它得做好长期抗战准备。\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：张恒星","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","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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