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02-16

肯定还会下跌的，因为它的商业模式被阿里的千问打垮了。

港股异动 | 美团跌超3%，此前公司发出亏损预警

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src=\"https://static.tigerbbs.com/c6cef77450ee42c4cf7df2a8eea20a60\" title=\"\" tg-width=\"890\" tg-height=\"1034\"/></p><h2 id=\"2025-233-243\">巨亏预警</h2><p style=\"text-align: justify;\">根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。</p><p style=\"text-align: justify;\">从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。</p><h2 id=\"524-68-70\">最大拖累来自核心本地商业</h2><p style=\"text-align: justify;\">公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。</p><p style=\"text-align: justify;\">从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。</p><h2 id=\"b52b9e2b\">“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力</h2><p style=\"text-align: justify;\">美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：</p><ul style=\"\"><li><p>消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。</p></li><li><p>配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。</p></li><li><p>商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。</p></li></ul><p style=\"text-align: justify;\">公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。</p><p style=\"text-align: justify;\">除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。</p><p style=\"text-align: justify;\">在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。</p><h2 id=\"2026\">竞争压力延续至2026年一季度：短期修复预期被下调</h2><p style=\"text-align: justify;\">美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。</p><p style=\"text-align: justify;\">对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。</p><p style=\"text-align: justify;\">据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。</p></body></html>","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\" 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>港股异动 | 美团跌超3%，此前公司发出亏损预警</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{ 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}\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港股异动 | 美团跌超3%，此前公司发出亏损预警\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-02-16 09:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>2月16日，<a href=\"https://laohu8.com/S/03690\">美团-W</a>盘初跌超3%，此前公司发出亏损预警。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6318e3967a426bfc408d945ee1dce95e\" title=\"\" tg-width=\"899\" tg-height=\"403\"/></p><p>美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。</p><p style=\"text-align: justify;\">这次业绩“急刹车”的核心原因，来自美团最赚钱的“核心本地商业”分部利润塌方：该分部2024年度经营溢利约人民币524.15亿元，但2025年度预计转为经营亏损约人民币68亿元至70亿元。公司强调，这是在“行业空前激烈的竞争”下，战略性加大生态投入的结果。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6cef77450ee42c4cf7df2a8eea20a60\" title=\"\" tg-width=\"890\" tg-height=\"1034\"/></p><h2 id=\"2025-233-243\">巨亏预警</h2><p style=\"text-align: justify;\">根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。</p><p style=\"text-align: justify;\">从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。</p><h2 id=\"524-68-70\">最大拖累来自核心本地商业</h2><p style=\"text-align: justify;\">公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。</p><p style=\"text-align: justify;\">从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。</p><h2 id=\"b52b9e2b\">“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力</h2><p style=\"text-align: justify;\">美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：</p><ul style=\"\"><li><p>消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。</p></li><li><p>配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。</p></li><li><p>商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。</p></li></ul><p style=\"text-align: justify;\">公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。</p><p style=\"text-align: justify;\">除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。</p><p style=\"text-align: justify;\">在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。</p><h2 id=\"2026\">竞争压力延续至2026年一季度：短期修复预期被下调</h2><p style=\"text-align: justify;\">美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。</p><p style=\"text-align: justify;\">对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。</p><p style=\"text-align: justify;\">据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc 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ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120094778","content_text":"2月16日，美团-W盘初跌超3%，此前公司发出亏损预警。美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。这次业绩“急刹车”的核心原因，来自美团最赚钱的“核心本地商业”分部利润塌方：该分部2024年度经营溢利约人民币524.15亿元，但2025年度预计转为经营亏损约人民币68亿元至70亿元。公司强调，这是在“行业空前激烈的竞争”下，战略性加大生态投入的结果。巨亏预警根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。最大拖累来自核心本地商业公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。竞争压力延续至2026年一季度：短期修复预期被下调美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。","news_type":1,"symbols_score_info":{"03690":1.5,"VXUS":1.5,"HMTD.SI":0.6,"MPNGY":1.5,"VT":1.5,"METmain":1.5}},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":533240975467096,"gmtCreate":1771206743636,"gmtModify":1771209097220,"author":{"id":"3474490296937093","authorId":"3474490296937093","name":"糖宝宝","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3474490296937093","authorIdStr":"3474490296937093"},"themes":[],"title":"","htmlText":"肯定还会下跌的，因为它的商业模式被阿里的千问打垮了。","listText":"肯定还会下跌的，因为它的商业模式被阿里的千问打垮了。","text":"肯定还会下跌的，因为它的商业模式被阿里的千问打垮了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/533240975467096","repostId":"1120094778","repostType":2,"repost":{"id":"1120094778","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1771206579,"share":"https://www.laohu8.com/m/news/1120094778?lang=zh_CN&edition=full","pubTime":"2026-02-16 09:49","market":"hk","language":"zh","title":"港股异动 | 美团跌超3%，此前公司发出亏损预警","url":"https://stock-news.laohu8.com/highlight/detail?id=1120094778","media":"老虎资讯综合","summary":"2月16日，$美团-W$盘初跌超3%，此前公司发出亏损预警。美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。竞争压力延续至2026年一季度：短期修复预期被下调美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。","content":"<html><head></head><body><p>2月16日，<a href=\"https://laohu8.com/S/03690\">美团-W</a>盘初跌超3%，此前公司发出亏损预警。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6318e3967a426bfc408d945ee1dce95e\" title=\"\" tg-width=\"899\" tg-height=\"403\"/></p><p>美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。</p><p style=\"text-align: justify;\">这次业绩“急刹车”的核心原因，来自美团最赚钱的“核心本地商业”分部利润塌方：该分部2024年度经营溢利约人民币524.15亿元，但2025年度预计转为经营亏损约人民币68亿元至70亿元。公司强调，这是在“行业空前激烈的竞争”下，战略性加大生态投入的结果。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6cef77450ee42c4cf7df2a8eea20a60\" title=\"\" tg-width=\"890\" tg-height=\"1034\"/></p><h2 id=\"2025-233-243\">巨亏预警</h2><p style=\"text-align: justify;\">根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。</p><p style=\"text-align: justify;\">从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。</p><h2 id=\"524-68-70\">最大拖累来自核心本地商业</h2><p style=\"text-align: justify;\">公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。</p><p style=\"text-align: justify;\">从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。</p><h2 id=\"b52b9e2b\">“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力</h2><p style=\"text-align: justify;\">美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：</p><ul style=\"\"><li><p>消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。</p></li><li><p>配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。</p></li><li><p>商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。</p></li></ul><p style=\"text-align: justify;\">公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。</p><p style=\"text-align: justify;\">除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。</p><p style=\"text-align: justify;\">在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。</p><h2 id=\"2026\">竞争压力延续至2026年一季度：短期修复预期被下调</h2><p style=\"text-align: justify;\">美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。</p><p style=\"text-align: justify;\">对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。</p><p style=\"text-align: justify;\">据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。</p></body></html>","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\" 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>港股异动 | 美团跌超3%，此前公司发出亏损预警</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港股异动 | 美团跌超3%，此前公司发出亏损预警\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-02-16 09:49</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>2月16日，<a href=\"https://laohu8.com/S/03690\">美团-W</a>盘初跌超3%，此前公司发出亏损预警。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6318e3967a426bfc408d945ee1dce95e\" title=\"\" tg-width=\"899\" tg-height=\"403\"/></p><p>美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。</p><p style=\"text-align: justify;\">这次业绩“急刹车”的核心原因，来自美团最赚钱的“核心本地商业”分部利润塌方：该分部2024年度经营溢利约人民币524.15亿元，但2025年度预计转为经营亏损约人民币68亿元至70亿元。公司强调，这是在“行业空前激烈的竞争”下，战略性加大生态投入的结果。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c6cef77450ee42c4cf7df2a8eea20a60\" title=\"\" tg-width=\"890\" tg-height=\"1034\"/></p><h2 id=\"2025-233-243\">巨亏预警</h2><p style=\"text-align: justify;\">根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。</p><p style=\"text-align: justify;\">从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。</p><h2 id=\"524-68-70\">最大拖累来自核心本地商业</h2><p style=\"text-align: justify;\">公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。</p><p style=\"text-align: justify;\">从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。</p><h2 id=\"b52b9e2b\">“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力</h2><p style=\"text-align: justify;\">美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：</p><ul style=\"\"><li><p>消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。</p></li><li><p>配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。</p></li><li><p>商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。</p></li></ul><p style=\"text-align: justify;\">公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。</p><p style=\"text-align: justify;\">除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。</p><p style=\"text-align: justify;\">在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。</p><h2 id=\"2026\">竞争压力延续至2026年一季度：短期修复预期被下调</h2><p style=\"text-align: justify;\">美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。</p><p style=\"text-align: justify;\">对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。</p><p style=\"text-align: justify;\">据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"IE00BF5LJ272.USD":"Legg Mason Martin Currie - Global Emerging Markets A Acc USD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0594300179.USD":"FIDELITY CHINA CONSUMER \"A\" (USD) ACC","LU1868837565.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"1\" (USD) ACC","LU0880133367.SGD":"UBS (LUX) EQUITY FUND CHINA OPPORTUNITY USD \"P\" (SGD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc 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ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120094778","content_text":"2月16日，美团-W盘初跌超3%，此前公司发出亏损预警。美团在2月13日晚间发布盈利预警：公司预计2025年度将由盈转亏，全年录得净亏损约人民币233亿元至243亿元，而2024年度净利润约为人民币358.08亿元，利润端出现近600亿元量级的剧烈反转。这次业绩“急刹车”的核心原因，来自美团最赚钱的“核心本地商业”分部利润塌方：该分部2024年度经营溢利约人民币524.15亿元，但2025年度预计转为经营亏损约人民币68亿元至70亿元。公司强调，这是在“行业空前激烈的竞争”下，战略性加大生态投入的结果。巨亏预警根据公告，美团预计截至2025年12月31日止年度录得净亏损约人民币23,300百万元至24,300百万元（约233亿-243亿元），而2024年度为净利润约人民币35,808百万元（约358.08亿元）。从“358亿元盈利”到“233亿-243亿元亏损”，意味着利润表层面的同比变动约为-591亿元至-601亿元，属于一次典型的“利润由正转负”的断崖式变化。需要注意的是，本次披露为基于未经审计的综合管理账目之初步评估，最终结果仍可能调整。最大拖累来自核心本地商业公告将矛头明确指向核心本地商业分部：该分部经营结果预计从2024年度经营溢利约人民币52,415百万元（约524.15亿元），转为2025年度经营亏损约人民币6,800百万元至7,000百万元（约68亿-70亿元）。从经营利润角度计算，这一分部的经营层面同比“下滑”约592亿元至594亿元，幅度与集团净利润由盈转亏的量级高度接近。换言之，利润反转几乎被核心本地商业一项“解释”掉了——这也凸显了美团在本地生活主战场投入强度之大，以及行业竞争对利润弹性的冲击。“三端同时加码”换取生态稳固：用户、骑手、商户端投入压低盈利能力美团称，为应对2025年度“行业空前激烈的竞争”，公司战略性加大对“整个生态体系”的投入，以增强核心优势并推动可持续增长。具体落在三条主线上：消费者端：强化营销推广力度，提升品牌影响力及价格竞争力，提高用户交易活跃度与黏性。对应到财务含义，往往体现为更高的营销费用与（显性或隐性）补贴力度，从而压缩利润率。配送端：增加骑手激励并丰富骑手权益，以保障服务品质、提升用户体验。该项投入直接抬升履约相关成本，短期对经营利润的挤压更为明显。商户端：持续投入资源，支持商户提升运营效率、拓展消费者覆盖、迭代经营模式，实现稳步增长。这类投入既可能体现在商户侧补贴、工具与运营支持，也可能通过阶段性让利来换取供给侧稳定。公司明确表示，上述举措对核心本地商业分部2025年度盈利能力造成了影响。对于投资者而言，这一表述的重点在于：亏损并非单点失误，而是“主动选择加大投入”的结果；但市场也会进一步追问投入效率与回收周期。除了本地商业主战场，美团在公告中同时提到“进一步加大了海外业务的投入”。公告未披露海外投入的规模、对应业务形态及具体亏损数据，但从表述看，海外仍处于需要资本与费用支持的扩张阶段。在核心本地商业利润显著走弱的背景下，海外投入的边际影响会更容易体现在集团层面的净利润波动上：当“现金牛”分部不再贡献利润缓冲，扩张型业务对财务报表的压力会被放大呈现。竞争压力延续至2026年一季度：短期修复预期被下调美团在公告中给出明确指引：尽管公司持续调整经营策略，但受持续竞争影响，亏损趋势预计将在2026年第一季度延续。这意味着管理层并未暗示“2025年是一次性冲击”，而是提示竞争仍在、利润修复需要时间窗口。对市场定价而言，这类表述通常会影响两个核心变量：一是对核心业务利润率“回升斜率”的预期；二是对费用率、补贴力度在多长时间内才能回归常态的判断。据高盛此前报告，市场对美团的关注焦点已从短期亏损转向长期护城河深度。尽管面临激烈竞争，但美团凭借更优的单位经济模型（单均亏损2.6元 vs 阿里5.2元）和提前盈利的海外业务展现防御韧性，三大情景预测勾勒出-25%至+48%的风险收益区间。","news_type":1,"symbols_score_info":{"03690":1.5,"VXUS":1.5,"HMTD.SI":0.6,"MPNGY":1.5,"VT":1.5,"METmain":1.5}},"isVote":1,"tweetType":1,"viewCount":170,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}