外卖大战过去了，美团的壁垒变薄了吗？

蓝鲸财经04-03

文｜躺平指数2025年中国互联网最难的大厂是谁？这个问题可能每个人都有自己的答案，但如果真有这样的统计，那美团一定排得进前三。去年初，京东率先“开团”，刘强东亲自穿骑手服送外卖，五险一金直接全网推送，舆论呈现出爆发的态势。紧接着阿里“跟团”把即时零售补贴拉到了史无前例的力度，全行业外卖日均订单一度冲破1.5亿单。三家混战，1分钱奶茶、0元外卖、3块钱咖啡，甚至有用户吐槽低价奶茶差点把糖尿病喝出来。...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2624630942?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2026-04-03 14:24","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2624630942","market":"sh","top_or_hot":-1,"title":"外卖大战过去了，美团的壁垒变薄了吗？","media":"蓝鲸财经","content":"<div>\n<p>文｜躺平指数2025年中国互联网最难的大厂是谁？这个问题可能每个人都有自己的答案，但如果真有这样的统计，那美团一定排得进前三。去年初，京东率先“开团”，刘强东亲自穿骑手服送外卖，五险一金直接全网推送，舆论呈现出爆发的态势。紧接着阿里“跟团”把即时零售补贴拉到了史无前例的力度，全行业外卖日均订单一度冲破1.5亿单。三家混战，1分钱奶茶、0元外卖、3块钱咖啡，甚至有用户吐槽低价奶茶差点把糖尿病喝出来。...</p>\n\n<a href=\"https://www.lanjinger.com/d/1774603733350696586\">网页链接</a>\n\n</div>\n","source":"lanjinger_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>外卖大战过去了，美团的壁垒变薄了吗？</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n外卖大战过去了，美团的壁垒变薄了吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-03 14:24 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.lanjinger.com/d/1774603733350696586><strong>蓝鲸财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>文｜躺平指数2025年中国互联网最难的大厂是谁？这个问题可能每个人都有自己的答案，但如果真有这样的统计，那美团一定排得进前三。去年初，京东率先“开团”，刘强东亲自穿骑手服送外卖，五险一金直接全网推送，舆论呈现出爆发的态势。紧接着阿里“跟团”把即时零售补贴拉到了史无前例的力度，全行业外卖日均订单一度冲破1.5亿单。三家混战，1分钱奶茶、0元外卖、3块钱咖啡，甚至有用户吐槽低价奶茶差点把糖尿病喝出来。...</p>\n\n<a href=\"https://www.lanjinger.com/d/1774603733350696586\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1242518857.USD","symbol_name":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","start_time":0,"source_url":"https://www.lanjinger.com/d/1774603733350696586","article_id":"2624630942","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2624630942","pubTimestamp":1775197483,"columns":[],"sourceInfo":{"source_id":"lanjinger_stock","name":"蓝鲸财经"},"weMediaInfo":null,"summary":"就在财报发布的前一天，经济日报一篇《外卖大战该结束了》被市场监管总局转发；财报发布当天，市场监管总局召开2026年第一次企业公平座谈会，邀请包括美团在内的多家企业座谈，继续强调整治“内卷式”竞争。固守外卖城池在这场外卖大战中，美团被市场认为是被动防守的一方。这就是2025年外卖大战在客观上最大的成果，也是理解接下来美团战略选择的前提。","collect":0,"end_time":0,"defaultTopTitle":"lanjinger.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU2476274720.SGD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (SGDHDG) ACC","LU0821914370.USD":"贝莱德亚洲成长领袖A2","LU0287142896.SGD":"Fidelity China Focus A-SGD","IE0008369823.USD":"FSSA HONG KONG GROWTH \"I\" ACC","SG9999001689.USD":"施罗德亚洲成长股票","LU0502904849.HKD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (HKD) ACC","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU1807302812.USD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (USD) ACC","LU1734074674.USD":"NINETY ONE GSF ASIA PACIFIC FRANCHISE \"A\"(USD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0828237940.HKD":"SCHRODER ISF EMERGING ASIA \"A\" (HKD) ACC","LU0326948709.USD":"SCHRODER ISF ASIAN TOTAL RETURN \"A\" (USD) ACC","LU0819123356.HKD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (HKD) ACC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","LU0823426308.USD":"法巴中国股票基金","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU1064130708.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"I\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0683595622.HKD":"AB SICAV I-EM.MKTS MUL.ASS.PTF(AD)","LU1023057109.AUD":"BGF CHINA \"A2\" (AUDHDG) ACC","LU0828238088.HKD":"SCHRODER ISF GLBL EMGNG MKT OPPS \"A\" (HKD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","IE00B543WZ88.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) ACC","BK1233":"餐馆","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0054237671.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" INC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","SG9999001903.USD":"Aberdeen Standard Pacific Equity USD","LU2476274308.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"AT\" (USD) ACC","LU0084288322.USD":"Natixis Asia Equity RD USD","LU0918141887.USD":"安联亚洲实际收益股票基金","LU0164865239.USD":"HSBC GIF CHINESE EQUITY \"AC\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY  \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0011963245.USD":"abrdn SICAV I ASIA PACIFIC SUSTAINAB  LE EQUITY \"A\" (USD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU1813983027.USD":"MANULIFE GF DRAGON GROWTH \"AA\" (USD) INC","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC","BK4122":"互联网与直销零售","LU2399975544.HKD":"ALLIANZ ALL CHINA EQUITY \"AT\" (HKD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc","LU1323998911.USD":"BGF ASIAN MULTI-ASSET INCOME \"A\" (USD) ACC","LU0164872284.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0106252389.USD":"SCHRODER ISF EMERGING MARKETS \"A\" ACC","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0633140560.USD":"AB EMERGING MARKET MULTI ASSET PORTFOLIO \"A\" (USD) ACC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0737861699.HKD":"FIDELITY CHINA FOCUS \"A \" (HKD) ACC","LU1880383366.USD":"东方汇理中国股票基金 A2 (C)","LU0143863198.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"AU\" (USD) ACC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","SG9999000459.SGD":"Aberdeen Standard Pacific Equity SGD","BK1589":"北水核心资产","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","LU0049853897.USD":"SCHRODER ISF EMERGING MARKETS \"A\" (USD) INC AV","SG9999014674.SGD":"Nikko AM All China Equity A SGD","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU0196878994.USD":"MANULIFE GF CHINA VALUE \"AA\" (USD) INC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","BK1142":"互联网与直销零售","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","BK1618":"Manus概念股","LU1880383440.USD":"AMUNDI FUNDS CHINA EQUITY \"A2\" (USD) INC","SG9999002463.SGD":"LionGlobal China Growth SGD","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0540923850.HKD":"ALLIANZ HONG KONG EQUITY \"A\" (HKD) INC","LU1808992512.USD":"AB ALL CHINA EQUITY PORTFOLIO \"A\" (USD) ACC","LU0048597586.USD":"富达亚洲焦点A","IE0008368742.USD":"首域中国增长基金I Acc","IE00B3M56506.USD":"NEUBERGER BERMAN EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1226287529.USD":"UBS (LUX) KEY SELECTION SICAV - CHINA ALLOCATION  OPPORTUNITY (USD) \"P\" (USD) ACC","LU0634319403.HKD":"ALLIANZ HONG KONG EQUITY \"AT\" (HKD) ACC","LU0633140727.USD":"AB EMERGING MARKETS MULTI ASSET PORTFOLIO \"AD\" (USD) INC","HMTD.SI":"Meituan HK SDR 5to1","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU2097828557.USD":"AZ EQUITY CHINA \"A\" (USD) ACC","LU0052750758.USD":"富兰克林中国基金A Acc","LU0531971595.HKD":"HSBC GIF CHINESE EQUITY \"AD\" (HKD) INC","BK1615":"港股-互联网","LU2097828631.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0611395673.USD":"NINETY ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1048596156.SGD":"Blackrock Asian Growth Leaders A2 SGD-H","LU2097828714.EUR":"AZ EQUITY CHINA \"BAZ\" (EUR) ACC","LU0823040885.USD":"东方汇理新兴市场焦点股票基金","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","IE00B5MMRT66.SGD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (SGDHDG) ACC","LU1064131003.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"A\" (USD) ACC","LU2097828805.USD":"AZ EQUITY CHINA \"A-AZ\" (USD) ACC","LU1675838814.USD":"AB SICAV I - EMERGING MARKETS LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0345776255.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) INC","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","LU0315178854.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"A\" ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0499858438.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) INC","LU0048580855.USD":"富达大中华区A","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU2242644610.SGD":"Fidelity China Innovation A-ACC-SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0873338254.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) INC","IE00B29SXG58.USD":"FSSA CHINA FOCUS \"I\" (USD) ACC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" (SGDHDG) ACC","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0878005551.USD":"UBS (LUX) KEY SELEC ASIA ALLOCATION OPPORTUNITY (USD) \"P\" (USD) ACC","LU0359201612.USD":"贝莱德中国基金A2","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1224709979.USD":"FIDELITY CHINA FOCUS \"A\" (USD) ACC","LU1688375341.USD":"贝莱德中国灵活股票基金","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU0181495838.USD":"施罗德新兴亚洲A Acc","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","LU1719994722.HKD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (HKD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0132412106.USD":"abrdn SICAV I - EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU1282648689.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AMG\" (USD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","BK1591":"就地过年概念","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1583":"高瓴概念","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","BK1521":"挪威政府全球养老基金持仓","LU0117841782.USD":"JPM GREATER CHINA \"A\" (USD) INC","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","IE00BPRC5H50.USD":"NEUBERGER BERMAN CHINA EQUITY \"A\" (USD) INC","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU1102505762.USD":"富达新兴市场焦点 A","MPNGY":"美团ADR","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","BK1604":"节假日概念","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","BK4209":"餐馆","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU0173614495.USD":"富达中国焦点A","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0244354667.USD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" ACC","LU0455707207.USD":"FIDELITY FUNDS  CHINA INNOVATION \"A\" (USD) INC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","SG9999002562.SGD":"LionGlobal Asia Pacific SGD","LU1770036033.HKD":"NINETY ONE GSF ASIAN EQUITY \"A\" (HKD) ACC","LU0594300419.USD":"富达中国消费基金A","SG9999002828.SGD":"Eastspring Investments Unit Trusts - Dragon Peacock A SGD","LU0819121731.USD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"AC\" (USD) ACC","LU0650527681.SGD":"Fidelity China Consumer A-SGD","LU0072913022.USD":"UBS (LUX) EQUITY FUND -  GREATER CHINA \"P\" (USD) ACC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU1868837722.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"2\" (USD) ACC","IE00B031HY20.USD":"FSSA CHINA GROWTH \"I\" (USD) INC","LU1961090484.USD":"ALLIANZ ALL CHINA EQUITY \"A\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU1831875114.USD":"SCHRODER ISF ALL CHINA EQUITY \"A\" (USD) ACC","LU2257852520.SGD":"JPMorgan Funds - Asia Growth A (acc) SGD","LU2488822045.USD":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","BK1610":"ETF&股票定投概念","LU0128522157.USD":"TEMPLETON ASIAN GROWTH \"A\" ACC","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0589944569.HKD":"ALLIANZ EMERGING ASIA EQUITY \"AT\" (HKD) ACC","LU2045819591.USD":"Natixis WCM Global Emerging Markets Equity R/A USD","LU0871576103.HKD":"HSBC GIF CHINESE EQUITY \"AC\" (HKD) ACC","LU0320764599.SGD":"FTIF - Templeton China A Acc SGD","LU1794554557.SGD":"Allianz All China Equity AT Acc H2-SGD","LU0431992006.USD":"摩根大通新兴市场机会A（acc）","LU0865486749.SGD":"Eastspring Investments - Asian Equity Income AS SGD-H","BK1575":"同股不同权","LU0918141705.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AM\" (HKD) INC","LU2125910500.SGD":"Natixis WCM Global Emerging Markets Equity H-R/A SGD","03690":"美团-W"},"translate_title":"The take-out war has passed, have the barriers of the US Mission become thinner?","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/fe26e65a95649b789d8d10a0e6df30a2","symbols_score_info":{"03690":1.98,"METmain":0.6,"MPNGY":1.98,"HMTD.SI":0.6},"content_text":"文｜躺平指数2025年中国互联网最难的大厂是谁？这个问题可能每个人都有自己的答案，但如果真有这样的统计，那美团一定排得进前三。去年初，京东率先“开团”，刘强东亲自穿骑手服送外卖，五险一金直接全网推送，舆论呈现出爆发的态势。紧接着阿里“跟团”把即时零售补贴拉到了史无前例的力度，全行业外卖日均订单一度冲破1.5亿单。三家混战，1分钱奶茶、0元外卖、3块钱咖啡，甚至有用户吐槽低价奶茶差点把糖尿病喝出来。美团管理层前后六七次公开呼吁反对非理性竞争，并没有收获什么效果。什么样的竞争是理性竞争，这里不展开讨论。但客观来说，外卖本来就是一个利润率只有3%、一单赚一块多钱的生意。这样一门薄利生意被补贴战一打，美团Q1还赚着134.9亿，半年后Q3就砸到亏了140.7亿，被逼着进入上市以来最大的单季亏损。但难归难，如果把全年的维度拉长来看，这轮外卖与即时零售竞争的投入强度其实是非常高的：据经济日报援引财报数据，外卖大战期间三家平台累计投入已达到较高规模。在这样的背景下，美团核心本地商业全年仅录得相对有限的经营亏损，这样的结果是相当令人钦佩的。与其简单比较各家的投入或亏损规模，更重要的是看到不同平台在履约效率和单位经济模型上的差异，而这才是长期竞争真正的分水岭。而且，美团的GTV份额守住了60%以上，中高客单价正餐市场的护城河依然坚挺，全年总收入3648.5亿还涨了8.1%。回过头来看，王莆中在采访中说的那句话还真不是妄言：“我们不仅跟得起，而且用了比他们少得多的资源在跟。”就在财报发布的前一天，经济日报一篇《外卖大战该结束了》被市场监管总局转发；财报发布当天，市场监管总局召开2026年第一次企业公平座谈会，邀请包括美团在内的多家企业座谈，继续强调整治“内卷式”竞争。从监管多次释放的风向来看，2025年外卖行业的这样高烈度竞争，不具备持续的可能性。美团的城守住了，监管的哨声也响了。但在这一年的过程里，其实也留下了不少值得回顾和研究的东西。 固守外卖城池在这场外卖大战中，美团被市场认为是被动防守的一方。但被动不等于待着挨打，把四个季度的数字排在一起看，能看出非常清晰的节奏控制。2025年美团全年总收入3648.5亿，同比增长8.1%，交易用户数和消费频次都创了历史新高，在三面受敌的年份还能保住增长，本身就不容易。代价当然也有，核心本地商业全年亏了69亿，集团净亏损233.5亿。但如果仔细分析四个季度公司的利润数据发现，其实核心业务的亏损已经得到了有效地控制。核心本地商业Q1赚了134.9亿，Q2降到37.2亿，Q3一下子砸到亏损140.7亿，Q4大幅收窄至亏损100.5亿。曲线上看就是一个V型的左半边已经完成、右半边刚刚起步的形状，表示最坏的时候已经过去了。全年集团净亏损233.5亿，逻辑上Q4是大战尾声加出海集中投入的叠加期，整体节奏是在好转的。营销费用层面也能说明节奏在变化。Q3高峰时全公司烧了342.7亿，Q4主动降到317.3亿，环比少了25亿。但需要注意，Q4美团已经主动松了补贴的油门，早于近期监管层的密集喊话，管理层应该是预判到Q3亏损见顶后的拐点将至。总的来说，美团目前的财务水平，在如此高烈度的外卖市场竞争中，显得尤为不易；更重要的是，无论从哪个口径来看，他们的最有价值的那部分市场份额依然还在。根据公司财报披露，按交易金额（GTV）算，美团的市场份额守住了60%以上；另据摩根大通2025年11月的数据，订单量份额为50%、阿里系为42%、京东为8%。两个口径差了十几个点，说明挑战者拿走的更多是低客单价的茶饮咖啡订单，美团在中高价位正餐市场依然占据了消费者心中的更高位置。而且，交易用户数和消费频次在这一年都创了历史新高，三家合力补贴把日均订单从战前不到1亿冲到了1.5亿，“万物到家”的心智被彻底教育出来了。高盛今年3月的最新跟踪数据显示，日均订单比大约稳定在5:4:1，美团依旧占据第一的位置。补贴不是谁钱多谁能赢，而是谁花得准谁才能赢。王莆中在一次采访中就曾说过：“大家在猛发券的时候，券型、券量、发给谁，这些都是有方法的，统称为打补贴的能力——这是我们近十年时间锻炼出来的。”回过头来看，这场仗表面上是份额争夺战，但最深远的影响根本不在外卖的份额本身，还有三个影响更加深远且不可逆的变化出现：首先，整个行业的保障措施大幅度升级。很少人注意到，美团在骑手保障上持续加码，成为业内首家将养老保险补贴覆盖到全国所有骑手的平台；再加上大力推进的“明厨亮灶”和重金投入的食安治理大模型“星眸”等等，这些保障措施不会因为补贴停了就消失，它们永久性地抬高了整个行业的成本底线，也拉高了行业的竞争门槛。其次，前置仓密度竞赛被提前引爆。外卖大战前，大家觉得前置仓是一门苦生意，各家的态度也是摇摆不定；大战一来，所有玩家发现没有仓就没有“30分钟达”的体验，没有体验就留不住用户，不得不在仓网上大把砸钱。这让即时零售的基建门槛又比战前高了整整一个台阶，后来者想进场的固定资产投入直接翻倍。最后，履约标准回不去了。用户被教育出30分钟达的期待，商家被拉上了全品类即时配送的供给标准，谁也别想把服务水平往回调，调了用户就走。说到底，大战客观上把即时零售的大盘做大了，连五六线城市的大爷大妈都学会了点外卖买菜。挑战者们花了上千亿帮领先者教育市场，把原本要美团自己花三五年慢慢培养的用户习惯在一年之内速成了。这就是2025年外卖大战在客观上最大的成果，也是理解接下来美团战略选择的前提。 增长还在外卖之外所有人的目光都锁在外卖份额那几个百分点上，锁在谁又发了什么券、谁又搞了几块钱的咖啡上，没人转头看看美团在别处干了什么；而这些事情放在三五年后回看，很可能比外卖份额本身更重要。小象超市、闪电仓、Keeta，表面上分散在不同的业务板块里，但拼在一起看就会发现，美团在做同一件事——从一家外卖公司变成一家即时零售基础设施公司。小象超市年底覆盖了39个城市，自有品牌的品类和GTV占比都在往上走，已经不只是一个“送菜的”了。再加上今年2月份7.17亿美元收购叮咚买菜，如果收购完成，美团一把拼出了国内密度最高的即时零售供给网络。陈少晖在业绩会上把收购逻辑说得很清楚：一是增强供应链能力，二是补华东覆盖。叮咚深耕江浙沪，小象强在北方，两张网一合并，服务质量和覆盖范围有力提升。不难看出，这笔交易最重要的点是买时间，自己从零在华东铺，至少要两三年，花钱买现成的网络，省下来的时间差就是壁垒。自营仓网铺设的同时，第三方的供给生态也在扩张。闪电仓2025年Q2就在全国铺到了5万家，品牌官方旗舰店超过1000个品牌入驻，从送饭到送万物的品类拓宽正在加速——现在你在美团上能买到的东西，还包括酒水、药品、数码配件，甚至宠物用品，很多原本只在电商上买的东西开始往即时零售迁移。说白了，仓建得够密，30分钟达才不是一句空话；但光能送到还不够，用户打开App的理由得足够多，不能只有餐饮。品类从饭扩到万物，打开频次自然就上去了。国内的策略得到验证，能不能在海外复制国内的路径就成为市场更关键的考量。Keeta 2023年5月在香港上线，2024年9月进入沙特，2025年下半年又接连铺进了卡塔尔、科威特、阿联酋和巴西。香港用了约两年半实现盈亏平衡，沙特会快得多，王兴在业绩会上的原话是“肯定在今年年底之前”，而且“已经非常接近了”。更关键的一个细节是，尽管Keeta大幅削减了沙特的补贴，但订单量依旧保持了韧性：这意味着用户留下来是因为服务质量，不是因为便宜。沙特的运营数据也印证了这一点：覆盖23个城市，合作超过5万家餐厅，3.8万名骑手，累计完成超过1.5亿份订单，平均配送时间30分钟。这些扩张当然不是免费的，海外开城、小象扩城、共享单车冬季逆风三个因素叠在一起，Q4新业务经营亏损跳到了46.5亿，看着吓人，但这跟外卖大战的亏损逻辑完全不同。管理层在业绩会上给了一个明确的指引：2026年新业务分部的整体亏损不会超过2025年。换句话说，海外虽然还在烧，但国内新业务效率改善会对冲掉增量。监管的介入，对美团最大的意义不是外卖那3%的利润率回来了——一单赚一块钱的生意，利润本来就没多少油水。真正释放的是资本的余裕和战略的空间。年末账上1669亿的现金加短期投资，大战期间所有资源都被迫往外卖防守上倾斜，现在即时零售和海外扩张完全可以放开手脚去做。 结语王兴在业绩会上还透露了一个前瞻信号：2026年Q1餐饮外卖的每单亏损相比Q4将有“更有意义的环比改善”。一年前看美团，核心问题是“能不能扛住”，这个问题现在已经有答案了。接下来市场给美团定价的锚，会从“外卖大战亏多少”切换到“利润修复有多快”和“第二曲线值多少钱”。1040亿元的新业务收入、国内最密的仓网、Keeta在海外的扩张和利润修复，这些资产现在基本没有被市场有效估价，投资者早晚会重新审视这些东西的价值。而那些被外卖大战烧进行业骨骼里的东西——社保、仓网、履约标准——不会因为补贴停了就消失，它们已经变成了新的地基。能在这样的炮火里站着走出来的公司，值得被重新打量。","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":1,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2624630942","isCrawlerRequest":true}