补贴战落幕，美团迎来下一仗

市场资讯06-15

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！　　来源：YOUNG财经漾财经　　资料图。　　补贴战落幕，美团迎来下一仗　　王琳　　随着2025年外卖补贴大战的退潮，2026年一季度，美团也交出一份拐点型财报：　　数据显示，当期美团实现总营业收入910.39亿元，同比增长5.6%；虽受前期高投入影响归母净利润同比由盈转亏，但环比大幅减亏超百亿元。　　在随后...

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熊虎扑
06-16
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漾财经\n\n　　资料图。\n　　补贴战落幕，美团迎来下一仗\n　　王琳\n　　随着2025年外卖补贴大战的退潮，2026年一季度，美团也交出一份拐点型财报：\n　　数据显示，当期美团实现总营业收入910.39亿元，同比增长5.6%；虽受前期高投入影响归母净利润同比由盈转亏，但环比大幅减亏超百亿元。\n　　在随后召开的业绩会上，美团管理层直面行业竞争、盈利修复、新业务布局等核心问题，明确表态行业非理性价格战已阶段性退潮，公司战略重心全面转向以运营效率和用户体验为核心的阶段。\n　　不过，站在行业新阶段，迎来复苏起点的美团依然还有硬仗要打，又一轮赛道争夺战，才刚刚开启。\n　　外卖补贴回归理性\n　　2026年一季度，美团总营收910.39亿元，同比增长5.6%，收入端保持韧性增长，但盈利承压，同比由盈转亏。2025年一季度美团经调整净利润109.49亿元，2026年一季度转为亏损49.68亿元，不过环比维度改善亮眼，2025年四季度经调整净亏损150.8亿元，相比之下，2026年一季度亏损收窄超百亿。\n　　目前美团业务主要划分为两大板块：核心本地商业（主要包括外卖、到店酒旅、自有闪购）和新业务（主要包括小象超市、海外Keeta）。\n　　其中，核心本地商业板块一季度实现营收640.63亿元，同比微增0.1%，重回正增长，经营亏损收窄至20亿元，对比2025年四季度100亿元亏损，单板块减亏80亿元，是集团减亏核心支柱，财报称，这主要得益于实时配送业务亏损大幅减少。\n　　拆分收入结构来看，商家服务实现营收356.09亿元同比微涨，配送服务实现营收240.81亿元同比下滑6.5%，商品销售实现营收29.83亿元同比几乎翻了一倍。\n　　“第一季度在即时配送行业，不理性的补贴相较于上一季度有所缓和。”美团董事长兼CEO王兴在业绩会上直言，即便补贴力度收缩，美团的餐饮外卖业务仍然吸引了大量新用户，这表明消费者选择美团是因为全面可靠的服务，而不仅仅是价格激励。\n　　费用端的结构性优化也印证了战略转向。尽管同比仍有增长，但环比来看，2026年一季度销售及营销开支较上年四季度减少87亿元，销售成本环比下降29亿元，是亏损快速收缩的直接原因。2025年，面对行业补贴攻势，美团持续投放用户红包、商家免佣、骑手配送补贴等各类激励政策，进入2026年，平台开始收缩非理性补贴力度，不再单纯以补贴换订单量。\n　　美团CFO陈少晖补充表示，补贴下降后，美团自有配送业务的订单量和GTV（总交易额）保持了韧性的同比增长，自有配送业务的UE（单位经济效益）环比也显著改善，但自有配送业务的客单价和补贴水平仍需更多时间才能恢复到合理水平，因此它们继续影响着即时配送业务的收入增长和经营利润。\n　　作为公司传统的到店酒旅业务，管理层表示，本季度有效捕捉了假日消费增长和新兴消费趋势，实现了稳定增长，其中，休闲娱乐、运动健身、宠物服务等品类的订单量和GTV持续快速增长，同时，医美、居家养老、家装等服务业态也展现积极发展势头。\n　　新业务多点开花\n　　如果说核心本地商业承担着稳固基本盘、实现盈利修复的作用，那么新业务便是美团突破增长瓶颈、打开长期发展空间的关键引擎，也是本次财报的核心亮点。\n　　2026年第一季度，美团新业务（小象超市、海外Keeta）实现收入270亿元，同比增长21.3%，经营亏损收窄至21亿元，较四季度46亿元亏损收窄25亿元。拆分收入结构来看，商家服务实现营收24.5亿元，同比增长97.6%，商品销售实现营收179.9亿元，同比增长40.7%。\n　　值得注意的是，自2026年第一季度起，美团更新了收入的呈报方式以更好地契合业务的战 略演进，主要变动为：商品销售收入单独披露，以反映零售业务的战略重要性，商品销售收入指货品销售，主要来自食杂零售业务（主要包括小象超市及快驴）及其他自营品类如药品和酒类，商家服务收入合并了佣金收入及在线营销服务收入，以更好地反映为平台商家提供的一体化价值主张。\n　　陈少晖在业绩会上表示，生鲜日用品零售业务在运营效率提升和季节性利好支持下，亏损环比收窄，鉴于其日益增长的战略重要性和持续增长，本季度开始单独披露其产品销售数据。一季度生鲜日用品零售业务产生的产品销售收入同比增长约41%，为该分部的增长做出了重要贡献。\n　　分业务板块来看，小象超市持续加速线下布局，目前已覆盖55个城市，整体GTV保持高增。依托供应链能力升级，平台不断丰富高品质、高性价比商品，自有品牌销售额在整体交易中的占比持续提升。\n　　海外业务Keeta同样表现亮眼，在中国香港、沙特阿拉伯等成熟市场，依靠规模效应与精细化运营实现效率跃升，同步落地的中东、巴西等新兴市场也稳步起量，并且依托成熟的运营经验，新市场的盈利效率提升速度优于早期成熟市场。未来美团还将持续输出产品、技术与运营能力，优化海外用户消费及配送体验。\n　　除此之外，美团继续重仓科技研发，2026年一季度研发投入70亿元，较上年同期的58亿元同比增长22%，在总收入中的占比由6.7%同比增加1个百分比至7.7%。对此，美团在财报中解释称主要是对AI的投入增加所致。\n　　目前美团AI生态已全面落地全场景：C端AI助手“小团”入驻App核心导航栏，成为一级流量入口；B端“智能掌柜”累计服务超70万商家，本季度服务范围从单店拓展至连锁品牌，“数字员工”也已覆盖30余万家服务零售商户。今年4月，美团新一代大模型LongCat-2.0-Preview正式开启测试，模型总参数规模突破万亿，训练、推理全程依托国产算力集群完成。\n　　王兴表示，美团在AI领域要“进攻”而非“防守”，并将AI视为巩固护城河和释放新价值的重要战略机遇。\n　　在王兴看来，美团在本地生活领域更完整的业务覆盖，更全面真实的商户信息和用户评价，以及更可靠的履约体系，是美团的优势，将这些结构性优势与AI结合，为用户提供卓越的AI驱动的本地搜索体验。他还透露，美团AI助手“小美”与腾讯“元宝”的合作即将推出，届时，用户可直接在“元宝”中输入诉求，通过“小美”调用外卖等本地生活服务，帮助用户更便捷无缝地完成一站式本地生活服务的交易。\n　　即时零售市场的未来\n　　2025年上半年，外卖补贴大战全面打响，阿里将饿了么更名淘宝闪购，将即时零售提升至集团一级战略，京东携百亿补贴高调杀入外卖市场，美团被迫应战，但代价是连续三个季度盈利转亏，2025年全年亏损规模突破230亿元，直到2026年一季度才迎来减亏拐点。\n　　在管理层看来，行业补贴回归理性，竞争重回运营效率与用户体验两大核心，恰好能够发挥美团的固有优势。这一波非理性竞争也印证：单纯依靠价格补贴拉动订单的模式难以为继，行业长期增长的核心，在于供给侧创新、供需精准匹配，而人工智能等技术，则是驱动全行业效率与体验升级的底层支撑，这些是健康可持续增长的真正基础，也是美团未来持续深耕的方向。\n　　对于全年经营走势，王兴做出预判：在理性竞争与季节性因素加持下，美团二季度UE（单位经济效益）有望迎来显著改善，但下半年UE的修复节奏，仍将取决于外部竞争环境如何演变，且第三、四季度配送成本偏高，会对盈利形成一定压力。订单层面，受去年高基数影响，下半年订单量或出现同比下滑，但订单结构将持续优化更加健康，因为消费者越来越愿意为质量付费，这对投资于优质供给的商家来说是一个非常积极的信号。\n　　展望更长期，王兴认为，美团继续看好中国餐饮市场的潜力，服务正成为越来越广泛人群的高频日常必需品，这一结构性转变提供了持续的市场深度渗透动力，行业用户群在持续扩大。\n　　而以小象超市为代表的即时零售，无疑是美团下一阶段的核心战略赛道。\n　　在美团管理层看来，即时零售市场的未来增长将由混合模式驱动，包括3PL 模式（如美团闪购）与 1P 模式（如小象超市），这是一种直接建立在美团核心优势之上的模式，并有清晰的盈利路径。\n　　为强化全渠道布局，美团同步推进线下实体门店建设：去年12月小象超市首家实体店落地北京，今年4月第二家门店进驻宁波，线下门店成为强化品牌认知、打通线上线下场景的重要载体。\n　　对于小象超市的长期发展，美团目标清晰：力争成长为国内头部线上零售品牌，实现可持续的低个位数稳定利润率。不止满足用户外卖点餐需求，更希望依托生鲜、食材等品类，覆盖家庭日常采购场景，打造成最受喜爱的零售品牌之一。\n　　根据商务部研究院今年初发布的《2025年即时零售行业发展报告》，我国即时零售行业正大步迈向万亿级规模，预计2026年将正式突破1万亿元，2030年将达2万亿元。报告指出，即时零售正向全链路生活服务升级，竞争围绕速度、确定性、场景适配等多维能力展开，即配市场或与电商快递平分秋色。\n　　在这样的背景下，除了美团，阿里、京东等也纷纷强调即时零售业务的重要性，并将其视作未来战略的核心。\n　　一季度的大幅减亏，让美团走出了补贴战的低谷，行情迎来修复。但放眼整个赛道，即时零售战场群雄逐鹿，供应链打磨、海外市场拓展、AI技术落地、成本管控等挑战依旧存在。走过短期阵痛的美团，在盈利修复的道路上，还有一场场硬仗等待攻克。■\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"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":[{"id":575810321619464,"gmtCreate":1781592646335,"gmtModify":1781593035789,"author":{"id":"3575509327606957","authorId":"3575509327606957","name":"熊虎扑","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"3575509327606957","idStr":"3575509327606957"},"htmlText":"然后今天就大跌4个点[开心]&nbsp;&nbsp;","listText":"然后今天就大跌4个点[开心]&nbsp;&nbsp;","text":"然后今天就大跌4个点[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/575810321619464","repostId":2643270763,"repostType":2,"repost":{"id":"2643270763","kind":"news","pubTimestamp":1781521860,"share":"https://www.laohunote.com/m/news/2643270763?lang=zh_CN&edition=full","pubTime":"2026-06-15 19:11","market":"us","language":"zh","title":"补贴战落幕，美团迎来下一仗","url":"https://stock-news.laohu8.com/highlight/detail?id=2643270763","media":"市场资讯","summary":"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！　　对于全年经营走势，王兴做出预判：在理性竞争与季节性因素加持下，美团二季度UE有望迎来显著改善，但下半年UE的修复节奏，仍将取决于外部竞争环境如何演变，且第三、四季度配送成本偏高，会对盈利形成一","content":"<html><body><div>\n<blockquote><p>　　炒股就看<a href=\"https://laohu8.com/S/603586\">金麒麟</a>分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！</p></blockquote> <p>　　<span>来源：YOUNG财经 漾财经</span></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/117/w550h367/20260615/2ea6-e2d6aa6e2fe9ba252007368c6a8fae0e.jpg\"/><span></span></div>\n<p>　　资料图。</p>\n<p>　　补贴战落幕，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>迎来下一仗</p>\n<p>　　王琳</p>\n<p>　　随着2025年外卖补贴大战的退潮，2026年一季度，<a href=\"https://laohu8.com/S/03690\">美团</a>也交出一份拐点型财报：</p>\n<p>　　数据显示，当期美团实现总营业收入910.39亿元，同比增长5.6%；虽受前期高投入影响归母净利润同比由盈转亏，但环比大幅减亏超百亿元。</p>\n<p>　　在随后召开的业绩会上，美团管理层直面行业竞争、盈利修复、新业务布局等核心问题，明确表态行业非理性价格战已阶段性退潮，公司战略重心全面转向以运营效率和用户体验为核心的阶段。</p>\n<p>　　不过，站在行业新阶段，迎来复苏起点的美团依然还有硬仗要打，又一轮赛道争夺战，才刚刚开启。</p>\n<p>　　外卖补贴回归理性</p>\n<p>　　2026年一季度，美团总营收910.39亿元，同比增长5.6%，收入端保持韧性增长，但盈利承压，同比由盈转亏。2025年一季度美团经调整净利润109.49亿元，2026年一季度转为亏损49.68亿元，不过环比维度改善亮眼，2025年四季度经调整净亏损150.8亿元，相比之下，2026年一季度亏损收窄超百亿。</p>\n<p>　　目前美团业务主要划分为两大板块：核心本地商业（主要包括外卖、到店酒旅、自有闪购）和新业务（主要包括小象超市、海外Keeta）。</p>\n<p>　　其中，核心本地商业板块一季度实现营收640.63亿元，同比微增0.1%，重回正增长，经营亏损收窄至20亿元，对比2025年四季度100亿元亏损，单板块减亏80亿元，是集团减亏核心支柱，财报称，这主要得益于实时配送业务亏损大幅减少。</p>\n<p>　　拆分收入结构来看，商家服务实现营收356.09亿元同比微涨，配送服务实现营收240.81亿元同比下滑6.5%，商品销售实现营收29.83亿元同比几乎翻了一倍。</p>\n<p>　　“第一季度在即时配送行业，不理性的补贴相较于上一季度有所缓和。”美团董事长兼CEO王兴在业绩会上直言，即便补贴力度收缩，美团的餐饮外卖业务仍然吸引了大量新用户，这表明消费者选择美团是因为全面可靠的服务，而不仅仅是价格激励。</p>\n<p>　　费用端的结构性优化也印证了战略转向。尽管同比仍有增长，但环比来看，2026年一季度销售及营销开支较上年四季度减少87亿元，销售成本环比下降29亿元，是亏损快速收缩的直接原因。2025年，面对行业补贴攻势，美团持续投放用户红包、商家免佣、骑手配送补贴等各类激励政策，进入2026年，平台开始收缩非理性补贴力度，不再单纯以补贴换订单量。</p>\n<p>　　美团CFO陈少晖补充表示，补贴下降后，美团自有配送业务的订单量和GTV（总交易额）保持了韧性的同比增长，自有配送业务的UE（单位经济效益）环比也显著改善，但自有配送业务的客单价和补贴水平仍需更多时间才能恢复到合理水平，因此它们继续影响着即时配送业务的收入增长和经营利润。</p>\n<p>　　作为公司传统的到店酒旅业务，管理层表示，本季度有效捕捉了假日消费增长和新兴消费趋势，实现了稳定增长，其中，休闲娱乐、运动健身、宠物服务等品类的订单量和GTV持续快速增长，同时，医美、居家养老、家装等服务业态也展现积极发展势头。</p>\n<p>　　新业务多点开花</p>\n<p>　　如果说核心本地商业承担着稳固基本盘、实现盈利修复的作用，那么新业务便是美团突破增长瓶颈、打开长期发展空间的关键引擎，也是本次财报的核心亮点。</p>\n<p>　　2026年第一季度，美团新业务（小象超市、海外Keeta）实现收入270亿元，同比增长21.3%，经营亏损收窄至21亿元，较四季度46亿元亏损收窄25亿元。拆分收入结构来看，商家服务实现营收24.5亿元，同比增长97.6%，商品销售实现营收179.9亿元，同比增长40.7%。</p>\n<p>　　值得注意的是，自2026年第一季度起，美团更新了收入的呈报方式以更好地契合业务的战 略演进，主要变动为：商品销售收入单独披露，以反映零售业务的战略重要性，商品销售收入指货品销售，主要来自食杂零售业务（主要包括小象超市及快驴）及其他自营品类如药品和酒类，商家服务收入合并了佣金收入及在线营销服务收入，以更好地反映为平台商家提供的一体化价值主张。</p>\n<p>　　陈少晖在业绩会上表示，生鲜日用品零售业务在运营效率提升和季节性利好支持下，亏损环比收窄，鉴于其日益增长的战略重要性和持续增长，本季度开始单独披露其产品销售数据。一季度生鲜日用品零售业务产生的产品销售收入同比增长约41%，为该分部的增长做出了重要贡献。</p>\n<p>　　分业务板块来看，小象超市持续加速线下布局，目前已覆盖55个城市，整体GTV保持高增。依托供应链能力升级，平台不断丰富高品质、高性价比商品，自有品牌销售额在整体交易中的占比持续提升。</p>\n<p>　　海外业务Keeta同样表现亮眼，在中国香港、沙特阿拉伯等成熟市场，依靠规模效应与精细化运营实现效率跃升，同步落地的中东、巴西等新兴市场也稳步起量，并且依托成熟的运营经验，新市场的盈利效率提升速度优于早期成熟市场。未来美团还将持续输出产品、技术与运营能力，优化海外用户消费及配送体验。</p>\n<p>　　除此之外，美团继续重仓科技研发，2026年一季度研发投入70亿元，较上年同期的58亿元同比增长22%，在总收入中的占比由6.7%同比增加1个百分比至7.7%。对此，美团在财报中解释称主要是对AI的投入增加所致。</p>\n<p>　　目前美团AI生态已全面落地全场景：C端AI助手“小团”入驻App核心导航栏，成为一级流量入口；B端“智能掌柜”累计服务超70万商家，本季度服务范围从单店拓展至连锁品牌，“数字员工”也已覆盖30余万家服务零售商户。今年4月，美团新一代大模型LongCat-2.0-Preview正式开启测试，模型总参数规模突破万亿，训练、推理全程依托国产算力集群完成。</p>\n<p>　　王兴表示，美团在AI领域要“进攻”而非“防守”，并将AI视为巩固护城河和释放新价值的重要战略机遇。</p>\n<p>　　在王兴看来，美团在本地生活领域更完整的业务覆盖，更全面真实的商户信息和用户评价，以及更可靠的履约体系，是美团的优势，将这些结构性优势与AI结合，为用户提供卓越的AI驱动的本地搜索体验。他还透露，美团AI助手“小美”与<a href=\"https://laohu8.com/S/00700\">腾讯</a>“元宝”的合作即将推出，届时，用户可直接在“元宝”中输入诉求，通过“小美”调用外卖等本地生活服务，帮助用户更便捷无缝地完成一站式本地生活服务的交易。</p>\n<p>　　即时零售市场的未来</p>\n<p>　　2025年上半年，外卖补贴大战全面打响，<a href=\"https://laohu8.com/S/BABA\">阿里</a>将饿了么更名淘宝闪购，将即时零售提升至集团一级战略，<a href=\"https://laohu8.com/S/JD\">京东</a>携百亿补贴高调杀入外卖市场，美团被迫应战，但代价是连续三个季度盈利转亏，2025年全年亏损规模突破230亿元，直到2026年一季度才迎来减亏拐点。</p>\n<p>　　在管理层看来，行业补贴回归理性，竞争重回运营效率与用户体验两大核心，恰好能够发挥美团的固有优势。这一波非理性竞争也印证：单纯依靠价格补贴拉动订单的模式难以为继，行业长期增长的核心，在于供给侧创新、供需精准匹配，而人工智能等技术，则是驱动全行业效率与体验升级的底层支撑，这些是健康可持续增长的真正基础，也是美团未来持续深耕的方向。</p>\n<p>　　对于全年经营走势，王兴做出预判：在理性竞争与季节性因素加持下，美团二季度UE（单位经济效益）有望迎来显著改善，但下半年UE的修复节奏，仍将取决于外部竞争环境如何演变，且第三、四季度配送成本偏高，会对盈利形成一定压力。订单层面，受去年高基数影响，下半年订单量或出现同比下滑，但订单结构将持续优化更加健康，因为消费者越来越愿意为质量付费，这对投资于优质供给的商家来说是一个非常积极的信号。</p>\n<p>　　展望更长期，王兴认为，美团继续看好中国餐饮市场的潜力，服务正成为越来越广泛人群的高频日常必需品，这一结构性转变提供了持续的市场深度渗透动力，行业用户群在持续扩大。</p>\n<p>　　而以小象超市为代表的即时零售，无疑是美团下一阶段的核心战略赛道。</p>\n<p>　　在美团管理层看来，即时零售市场的未来增长将由混合模式驱动，包括3PL 模式（如美团闪购）与 1P 模式（如小象超市），这是一种直接建立在美团核心优势之上的模式，并有清晰的盈利路径。</p>\n<p>　　为强化全渠道布局，美团同步推进线下实体门店建设：去年12月小象超市首家实体店落地北京，今年4月第二家门店进驻宁波，线下门店成为强化品牌认知、打通<a href=\"https://laohu8.com/S/300959\">线上线下</a>场景的重要载体。</p>\n<p>　　对于小象超市的长期发展，美团目标清晰：力争成长为国内头部线上零售品牌，实现可持续的低个位数稳定利润率。不止满足用户外卖点餐需求，更希望依托生鲜、食材等品类，覆盖家庭日常采购场景，打造成最受喜爱的零售品牌之一。</p>\n<p>　　根据商务部研究院今年初发布的《2025年即时零售行业发展报告》，我国即时零售行业正大步迈向万亿级规模，预计2026年将正式突破1万亿元，2030年将达2万亿元。报告指出，即时零售正向全链路生活服务升级，竞争围绕速度、确定性、场景适配等多维能力展开，即配市场或与电商快递平分秋色。</p>\n<p>　　在这样的背景下，除了美团，<a href=\"https://laohu8.com/S/09988\">阿里</a>、京东等也纷纷强调即时零售业务的重要性，并将其视作未来战略的核心。</p>\n<p>　　一季度的大幅减亏，让美团走出了补贴战的低谷，行情迎来修复。但放眼整个赛道，即时零售战场群雄逐鹿，供应链打磨、海外市场拓展、AI技术落地、成本管控等挑战依旧存在。走过短期阵痛的美团，在盈利修复的道路上，还有一场场硬仗等待攻克。■</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：杨红卜 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" 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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补贴战落幕，美团迎来下一仗\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-06-15 19:11 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/stock/s/2026-06-15/doc-inicnuhq6781002.shtml><strong>市场资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>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！ 　　来源：YOUNG财经 漾财经\n\n　　资料图。\n　　补贴战落幕，美团迎来下一仗\n　　王琳\n　　随着2025年外卖补贴大战的退潮，2026年一季度，美团也交出一份拐点型财报：\n　　数据显示，当期美团实现总营业收入910.39亿元，同比增长5.6%；虽受前期高投入影响归母净利润同比由盈转亏，但环比大幅减亏超百亿元。\n　　在随后...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/s/2026-06-15/doc-inicnuhq6781002.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","BK1233":"餐馆","03690":"美团-W","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC 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漾财经\n\n　　资料图。\n　　补贴战落幕，美团迎来下一仗\n　　王琳\n　　随着2025年外卖补贴大战的退潮，2026年一季度，美团也交出一份拐点型财报：\n　　数据显示，当期美团实现总营业收入910.39亿元，同比增长5.6%；虽受前期高投入影响归母净利润同比由盈转亏，但环比大幅减亏超百亿元。\n　　在随后召开的业绩会上，美团管理层直面行业竞争、盈利修复、新业务布局等核心问题，明确表态行业非理性价格战已阶段性退潮，公司战略重心全面转向以运营效率和用户体验为核心的阶段。\n　　不过，站在行业新阶段，迎来复苏起点的美团依然还有硬仗要打，又一轮赛道争夺战，才刚刚开启。\n　　外卖补贴回归理性\n　　2026年一季度，美团总营收910.39亿元，同比增长5.6%，收入端保持韧性增长，但盈利承压，同比由盈转亏。2025年一季度美团经调整净利润109.49亿元，2026年一季度转为亏损49.68亿元，不过环比维度改善亮眼，2025年四季度经调整净亏损150.8亿元，相比之下，2026年一季度亏损收窄超百亿。\n　　目前美团业务主要划分为两大板块：核心本地商业（主要包括外卖、到店酒旅、自有闪购）和新业务（主要包括小象超市、海外Keeta）。\n　　其中，核心本地商业板块一季度实现营收640.63亿元，同比微增0.1%，重回正增长，经营亏损收窄至20亿元，对比2025年四季度100亿元亏损，单板块减亏80亿元，是集团减亏核心支柱，财报称，这主要得益于实时配送业务亏损大幅减少。\n　　拆分收入结构来看，商家服务实现营收356.09亿元同比微涨，配送服务实现营收240.81亿元同比下滑6.5%，商品销售实现营收29.83亿元同比几乎翻了一倍。\n　　“第一季度在即时配送行业，不理性的补贴相较于上一季度有所缓和。”美团董事长兼CEO王兴在业绩会上直言，即便补贴力度收缩，美团的餐饮外卖业务仍然吸引了大量新用户，这表明消费者选择美团是因为全面可靠的服务，而不仅仅是价格激励。\n　　费用端的结构性优化也印证了战略转向。尽管同比仍有增长，但环比来看，2026年一季度销售及营销开支较上年四季度减少87亿元，销售成本环比下降29亿元，是亏损快速收缩的直接原因。2025年，面对行业补贴攻势，美团持续投放用户红包、商家免佣、骑手配送补贴等各类激励政策，进入2026年，平台开始收缩非理性补贴力度，不再单纯以补贴换订单量。\n　　美团CFO陈少晖补充表示，补贴下降后，美团自有配送业务的订单量和GTV（总交易额）保持了韧性的同比增长，自有配送业务的UE（单位经济效益）环比也显著改善，但自有配送业务的客单价和补贴水平仍需更多时间才能恢复到合理水平，因此它们继续影响着即时配送业务的收入增长和经营利润。\n　　作为公司传统的到店酒旅业务，管理层表示，本季度有效捕捉了假日消费增长和新兴消费趋势，实现了稳定增长，其中，休闲娱乐、运动健身、宠物服务等品类的订单量和GTV持续快速增长，同时，医美、居家养老、家装等服务业态也展现积极发展势头。\n　　新业务多点开花\n　　如果说核心本地商业承担着稳固基本盘、实现盈利修复的作用，那么新业务便是美团突破增长瓶颈、打开长期发展空间的关键引擎，也是本次财报的核心亮点。\n　　2026年第一季度，美团新业务（小象超市、海外Keeta）实现收入270亿元，同比增长21.3%，经营亏损收窄至21亿元，较四季度46亿元亏损收窄25亿元。拆分收入结构来看，商家服务实现营收24.5亿元，同比增长97.6%，商品销售实现营收179.9亿元，同比增长40.7%。\n　　值得注意的是，自2026年第一季度起，美团更新了收入的呈报方式以更好地契合业务的战 略演进，主要变动为：商品销售收入单独披露，以反映零售业务的战略重要性，商品销售收入指货品销售，主要来自食杂零售业务（主要包括小象超市及快驴）及其他自营品类如药品和酒类，商家服务收入合并了佣金收入及在线营销服务收入，以更好地反映为平台商家提供的一体化价值主张。\n　　陈少晖在业绩会上表示，生鲜日用品零售业务在运营效率提升和季节性利好支持下，亏损环比收窄，鉴于其日益增长的战略重要性和持续增长，本季度开始单独披露其产品销售数据。一季度生鲜日用品零售业务产生的产品销售收入同比增长约41%，为该分部的增长做出了重要贡献。\n　　分业务板块来看，小象超市持续加速线下布局，目前已覆盖55个城市，整体GTV保持高增。依托供应链能力升级，平台不断丰富高品质、高性价比商品，自有品牌销售额在整体交易中的占比持续提升。\n　　海外业务Keeta同样表现亮眼，在中国香港、沙特阿拉伯等成熟市场，依靠规模效应与精细化运营实现效率跃升，同步落地的中东、巴西等新兴市场也稳步起量，并且依托成熟的运营经验，新市场的盈利效率提升速度优于早期成熟市场。未来美团还将持续输出产品、技术与运营能力，优化海外用户消费及配送体验。\n　　除此之外，美团继续重仓科技研发，2026年一季度研发投入70亿元，较上年同期的58亿元同比增长22%，在总收入中的占比由6.7%同比增加1个百分比至7.7%。对此，美团在财报中解释称主要是对AI的投入增加所致。\n　　目前美团AI生态已全面落地全场景：C端AI助手“小团”入驻App核心导航栏，成为一级流量入口；B端“智能掌柜”累计服务超70万商家，本季度服务范围从单店拓展至连锁品牌，“数字员工”也已覆盖30余万家服务零售商户。今年4月，美团新一代大模型LongCat-2.0-Preview正式开启测试，模型总参数规模突破万亿，训练、推理全程依托国产算力集群完成。\n　　王兴表示，美团在AI领域要“进攻”而非“防守”，并将AI视为巩固护城河和释放新价值的重要战略机遇。\n　　在王兴看来，美团在本地生活领域更完整的业务覆盖，更全面真实的商户信息和用户评价，以及更可靠的履约体系，是美团的优势，将这些结构性优势与AI结合，为用户提供卓越的AI驱动的本地搜索体验。他还透露，美团AI助手“小美”与腾讯“元宝”的合作即将推出，届时，用户可直接在“元宝”中输入诉求，通过“小美”调用外卖等本地生活服务，帮助用户更便捷无缝地完成一站式本地生活服务的交易。\n　　即时零售市场的未来\n　　2025年上半年，外卖补贴大战全面打响，阿里将饿了么更名淘宝闪购，将即时零售提升至集团一级战略，京东携百亿补贴高调杀入外卖市场，美团被迫应战，但代价是连续三个季度盈利转亏，2025年全年亏损规模突破230亿元，直到2026年一季度才迎来减亏拐点。\n　　在管理层看来，行业补贴回归理性，竞争重回运营效率与用户体验两大核心，恰好能够发挥美团的固有优势。这一波非理性竞争也印证：单纯依靠价格补贴拉动订单的模式难以为继，行业长期增长的核心，在于供给侧创新、供需精准匹配，而人工智能等技术，则是驱动全行业效率与体验升级的底层支撑，这些是健康可持续增长的真正基础，也是美团未来持续深耕的方向。\n　　对于全年经营走势，王兴做出预判：在理性竞争与季节性因素加持下，美团二季度UE（单位经济效益）有望迎来显著改善，但下半年UE的修复节奏，仍将取决于外部竞争环境如何演变，且第三、四季度配送成本偏高，会对盈利形成一定压力。订单层面，受去年高基数影响，下半年订单量或出现同比下滑，但订单结构将持续优化更加健康，因为消费者越来越愿意为质量付费，这对投资于优质供给的商家来说是一个非常积极的信号。\n　　展望更长期，王兴认为，美团继续看好中国餐饮市场的潜力，服务正成为越来越广泛人群的高频日常必需品，这一结构性转变提供了持续的市场深度渗透动力，行业用户群在持续扩大。\n　　而以小象超市为代表的即时零售，无疑是美团下一阶段的核心战略赛道。\n　　在美团管理层看来，即时零售市场的未来增长将由混合模式驱动，包括3PL 模式（如美团闪购）与 1P 模式（如小象超市），这是一种直接建立在美团核心优势之上的模式，并有清晰的盈利路径。\n　　为强化全渠道布局，美团同步推进线下实体门店建设：去年12月小象超市首家实体店落地北京，今年4月第二家门店进驻宁波，线下门店成为强化品牌认知、打通线上线下场景的重要载体。\n　　对于小象超市的长期发展，美团目标清晰：力争成长为国内头部线上零售品牌，实现可持续的低个位数稳定利润率。不止满足用户外卖点餐需求，更希望依托生鲜、食材等品类，覆盖家庭日常采购场景，打造成最受喜爱的零售品牌之一。\n　　根据商务部研究院今年初发布的《2025年即时零售行业发展报告》，我国即时零售行业正大步迈向万亿级规模，预计2026年将正式突破1万亿元，2030年将达2万亿元。报告指出，即时零售正向全链路生活服务升级，竞争围绕速度、确定性、场景适配等多维能力展开，即配市场或与电商快递平分秋色。\n　　在这样的背景下，除了美团，阿里、京东等也纷纷强调即时零售业务的重要性，并将其视作未来战略的核心。\n　　一季度的大幅减亏，让美团走出了补贴战的低谷，行情迎来修复。但放眼整个赛道，即时零售战场群雄逐鹿，供应链打磨、海外市场拓展、AI技术落地、成本管控等挑战依旧存在。走过短期阵痛的美团，在盈利修复的道路上，还有一场场硬仗等待攻克。■\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：杨红卜","news_type":1,"symbols_score_info":{"HMTD.SI":0.6,"MPNGY":1.98,"03690":1.98}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":1,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; 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