盈利缩水592亿王兴守住基本盘

21世纪经济报道03-30

外卖大战，王兴付出沉重的代价。　　3月26日，美团财报披露，2025年收入微增至3649亿元，净亏234亿元，对比上年盈利358亿元，缩水592亿元。　　“补贴驱动的竞争，是典型的非理性竞争。”业绩会上，王兴重申坚决反对，坦言对手的进攻，影响了短期盈利能力。　　美团已打下预防针，预告今年首季延续亏损，花旗估计，其全年亏损超160亿元。　　截至2025年末，其现金储备共计1668亿元，扣减借贷和应付...

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ACC","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU1720050803.USD":"安联全方位中国股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC"},"translate_title":"Earnings Shrink 59.2 Billion Wang Xing Holds Basic Plate","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MPNGY":1.97,"HMTD.SI":0.6,"METmain":0.6,"03690":1.97},"content_text":"外卖大战，王兴付出沉重的代价。　　3月26日，美团财报披露，2025年收入微增至3649亿元，净亏234亿元，对比上年盈利358亿元，缩水592亿元。　　“补贴驱动的竞争，是典型的非理性竞争。”业绩会上，王兴重申坚决反对，坦言对手的进攻，影响了短期盈利能力。　　美团已打下预防针，预告今年首季延续亏损，花旗估计，其全年亏损超160亿元。　　截至2025年末，其现金储备共计1668亿元，扣减借贷和应付票据，仍有约1000亿打仗的子弹。　　《21CBR》记者从商家处也了解到，美团已采取降低补贴、增加配送费等方式，改善盈利。“基础配送费，从2.3元提升至5元。”一位商家提到。　　外卖大战正显露出降温态势，王兴和他的同事，又在扩大AI、出海两大新战局，“无限游戏”正是美团的宿命。　　补贴守擂　　王兴顽强守擂，“核心本地商业”损失最重。　　这项业务主要有外卖、到店酒旅、闪购、交通票务等，本是美团最赚钱的板块，2024年创造约524亿元的经营利润，去年则经营亏损69亿元。　　亏损的核心来源，就是5月以来庞大的补贴。　　有商家向《21CBR》记者提到，比如，8月一场活动中，满28可用的神券，面额11元及以上，商家承担成本8元，美团作为平台方最低承担3元。　　最直观就落实在营销费用，2025年，美团一下子花掉1029亿元，增加近390亿元。　　王兴同步提升骑手福利和激励。 　　2025年10月，美团骑手养老保险补贴，正式覆盖全国，向全部骑手开放；11月，在全国各地建设“骑手公寓”，并为骑手提供租房补贴。　　《21CBR》记者了解到，养老保险一项，平台为骑手承担50%。有骑手向记者提到，其月收入4800元，平台补贴的养老金达到480元。　　大战空前激烈，美团大盘收入增速放缓。2025年，核心本地商业板块收入2608亿元，增速仅有4.2%。　　这项业务，收入构成来自配送服务、佣金和在线营销。王兴提到，竞争导致餐饮外卖AOV（平均订单价值）大幅下降，影响佣金收入增长。　　所幸，他顽强守住头部位置。　　在外卖领域，美团保持60%以上的GTV市场份额，且外部评估，其单均亏损低于对手。　　“在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平。”王兴介绍说。　　数日前，监管部门转发媒体文章《外卖大战该结束了》，被视为停战的信号，美团股价一度大涨近15%。 　　“主管部门希望培育一个健康有序的市场，我们将积极配合调查。”王兴表态，将资源从低质量订单中收回。　　目前来看，王兴和美团的至暗时刻，已经过去。　　只是，其外卖市占率预估将明显下降，话语权会削弱，且阿里已喊话将继续加大投入，抖音也加码到店团购，暂时无法完全从战局中抽身。　　修补盈利　　业绩会上，王兴多数亲自作答，来释放多重积极信号。　　2025年10-12月，美团核心本地商业订单量和GTV均增长，用户留存率环比上季度进一步提升。　　最重要的是，钱亏得少了。　　第四季度，核心本地商业分部经营亏损，环比大幅收窄41亿元，带动整体经营亏损总额，环比收窄37亿元。　　王兴透露，2026年第一季度将继续减亏，且餐饮外卖的单均亏损，环比优化将好于第四季度。　　同时，美团在提升履约效率，升级“1对1急送”，让用户每单2到7元的额外付费，换来提前5到20分钟送达。　　据官方透露，使用该服务的用户数稳定增长，75%为美团黑金或黑钻会员。 　　《21CBR》记者从商家处了解到，美团也采取降低补贴、增加配送费等方式，改善盈利。　　2025年底，美团将外卖商家的基础配送费，从2.3元提升至5元。　　今年初，其又推出全新“专属神券”，且要求商家实施新的补贴政策：0-20元以下承担补贴最多5元、20-28元最多减6元，28元-38元最多减9元。　　“此券精准覆盖高客单优质用户，有效拉动订单爆发。”官方公告中显示，28元-38元的档次，平台补贴为2元。在老版神券活动，平台补贴最低3元。　　“如果不参加活动，就可能没流量，开了又没利润。”一位商家给记者算了笔账，一个28元的套餐，减去9元神券补贴，再减6.44平台抽成和5元配送费活动，到手不到7.56元，纯亏损。　　基本盘固然稳固，在中短期，美团预计仍要过紧日子。　　王兴要花大钱的地方之一，是海外。　　2025年下半年，受到中国香港、沙特等地的鼓舞，其国际业务Keet进入更多新市场和国家，这带动“新业务”经营亏损扩大至101亿元。　　在财务上，新市场仍需要巨额投入，很难指望美团利润能快速反弹。　　抢占入口　　AI，可能是王兴更大的新战场。　　“AI Agent对我的冲击，比ChatGPT冲击更大。”3月管理层会议中，他明确了核心应对策略，要以物理世界的数字化，作为AI发展的核心底座。　　“唯一有意义的策略是主动出击，而不仅仅是防守。”　　王兴将AI革命视为一个战略机遇，用以改善、强化乃至彻底革新本地生活核心产品与运营，争取把美团App率先升级成AI-powered App。　　2025年，他拨付的研发预算为260亿元，大涨23%，撇除云计算相关企业，自称AI投入“大概率是国内企业里最大的”。　　过去两年，美团已陆续推出多个AI产品线，例如，独立生活服务AI助手“小美”、通用型AI助手“LongCat”、AI管家“问小团”等多个产品。　　王兴团队的动作相对保守，多个产品并存，尚未有出圈的。　　如AI小美，其可直接调用美团内部接口，实现外卖下单、餐厅推荐、酒店预订，其在2025年9月已作为独立App上线，长期处于测试期，未做大规模推广，也没能抢占先机。　　嵌入美团主App的“问小团”，仍停留在问答辅助的初级阶段，未达到任务执行层面。 　　如果美团的C端AI迟迟无法出圈，可能面临被“去中介化”的风险，由某个AI Agent直接调用服务。　　王兴乐观得多。　　他认为，本地生活的AI“超级入口”，其复杂程度远超“聊天机器人”，其消费场景复杂多样、海量商家信息分散，数据和信息未被有效线上化，特别要对履约交付做深入的管理，这是通用AI所欠缺的能力。　　王兴举了一个例子：　　其在望京办公，朋友在中关村，计划一起吃午饭，要找到一家位于中间地段、方便停车的川菜馆。要满足这个需求，AI需要掌握地图信息、POI信息，以及餐厅的实时供给信息。　　他希望，继续深化“小团”在美团App里的融合，争取成为未来本地生活需求的AI入口。　　哪怕外卖之战进入尾声，王兴的无限游戏仍会持续下去。（文章来源：21世纪经济报道）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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盈利缩水592亿 王兴守住基本盘

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盈利缩水592亿王兴守住基本盘