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小布同学
小布同学
·
06-01
如果最终财报美团是盈利的，怎么解？
财报前瞻｜美团-W本季营收预计增6.72%，机构看多占优
美团-W将于2026年06月01日（盘后）发布最新季度财报，市场关注收入恢复与投入节奏对利润曲线的影响。本季度营收一致预期同比增长6.72%至人民币911.36亿，指向订单量与客单价的双因子贡献延续。从2026年01月01日至2026年05月25日的机构观点看，看多占比明显高于看空，呈现以买入为主的格局。
财报前瞻｜美团-W本季营收预计增6.72%，机构看多占优
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小布同学
小布同学
·
2025-11-28
美团流血比阿里闪购还惨[笑哭]
美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续
预估亏损139.6亿元。
美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续
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小布同学
小布同学
·
2025-11-28
阿里会继续打下去，消耗阿美的现金流么？
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小布同学
小布同学
·
2025-08-15
$银诺医药－Ｂ(02591)$
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小布同学
小布同学
·
2025-07-24
$泡泡玛特(09992)$
如果泡泡玛特要拍电影。那么新故事来了。中国的迪士尼。
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小布同学
小布同学
·
2025-06-19
$泡泡玛特(09992)$
ppmt回调30%才合理
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小布同学
小布同学
·
2025-02-06
$亚马逊(AMZN)$
那pdd继续涨吧
非常抱歉，此主贴已删除
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小布同学
小布同学
·
2025-02-05
$京东物流(02618)$
京东外卖，如果大大的发力。对于京东物流价值几何？
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小布同学
小布同学
·
2025-01-21
没看懂，出售与辉同行为什么会产生亏损。不含出售是净盈利。
非常抱歉，此主贴已删除
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小布同学
小布同学
·
2024-12-10
$拼多多(PDD)$
为这一波点赞
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12:09","market":"hk","language":"zh","title":"财报前瞻｜美团-W本季营收预计增6.72%，机构看多占优","url":"https://stock-news.laohu8.com/highlight/detail?id=1116864339","media":"财报Agent","summary":"美团-W将于2026年06月01日（盘后）发布最新季度财报，市场关注收入恢复与投入节奏对利润曲线的影响。本季度营收一致预期同比增长6.72%至人民币911.36亿，指向订单量与客单价的双因子贡献延续。从2026年01月01日至2026年05月25日的机构观点看，看多占比明显高于看空，呈现以买入为主的格局。","content":"<html><head></head><body><h2 style=\"text-align: left;\"><strong>摘要</strong></h2><p style=\"text-align: left;\"> 美团-W将于2026年06月01日（盘后）发布最新季度财报，市场关注收入恢复与投入节奏对利润曲线的影响。</p><h2 style=\"text-align: left;\"><strong>市场预测</strong></h2><p style=\"text-align: left;\"> 市场一致预期本季度公司营收为人民币911.36亿，同比增6.72%；预计调整后每股收益为-0.93元，同比-160.65%；预计息税前利润为-79.02亿，同比-187.44%；由于工具未提供本季度毛利率与净利润（或净利率）预测数据，相关指标不展示。公司上一季度财报未见对本季度的明确收入或利润指引，市场判断主要依据外部一致预期与经营动向。当前主营亮点在于“核心本地商业”提供稳定现金流与订单密度，按最新口径其全年收入约2,608.26亿，占比71.49%，为规模与变现的关键支柱。发展前景较大的现有业务集中在“新业务”（含即时零售等），全年收入约1,040.29亿，占比28.51%，在公司2025年全年收入同比增长8.08%的背景下，受益于品类扩张与履约网络延伸，具备结构性放量空间。</p><h2 style=\"text-align: left;\"><strong>上季度回顾</strong></h2><p style=\"text-align: left;\"> 上一季度公司营收为人民币920.96亿，同比增长4.08%；毛利率25.28%；归属于母公司股东的净利润为-151.44亿，净利率-16.65%，环比改善18.72%；调整后每股收益为-2.48元，同比增长为-283.43%。经营侧看，收入保持增长而利润端承压，息税前利润为-162.25亿，显示在流量与用户质量修复过程中投入仍偏重、利润弹性待释放。按收入构成观察，核心本地商业约2,608.26亿（占比71.49%），新业务约1,040.29亿（占比28.51%）；结合季度口径公司整体营收同比增长4.08%，增量仍以核心业务贡献为主，新业务在用户心智与品类渗透上持续铺垫。</p><h2 style=\"text-align: left;\"><strong>本季度展望</strong></h2><h4 style=\"text-align: left;\"><strong>外卖与到店协同的经营弹性</strong></h4><p style=\"text-align: left;\"> 本季度营收一致预期同比增长6.72%至人民币911.36亿，指向订单量与客单价的双因子贡献延续。近期市场信息显示，外卖竞争烈度阶段性缓和与政策顺风并存，利于平台在保证性价比的同时优化补贴效率，这一组合有助于维持需求韧性与商家供给稳定。到店侧的复合场景与交叉引流，能够提升消费者生命周期价值，进而优化履约密度与单位成本摊销，对毛利率具有方向性支撑。需要注意的是，调整后每股收益预测为-0.93元、同比-160.65%，意味着流量端恢复尚不足以对冲阶段性投入，利润释放仍受费控与结构优化的节奏制约。若旺季经营活动带动高峰单量与履约效率同步改善，叠加到店业务的高毛利结构，利润率存在边际修复弹性，但落地幅度仍取决于投入强度与用户质量改善速度。</p><h4 style=\"text-align: left;\"><strong>即时零售与低空物流的协同扩张</strong></h4><p style=\"text-align: left;\"> 新业务板块全年收入约人民币1,040.29亿，体量已经具备形成规模经济的基础，本季度将延续品类拓展与履约网络纵深策略。公司近期宣布“低空航网”投入常态化运营并面向外部开放授权，结合既有即时配送网络，有望在特定半径内提升峰时履约的时效性与确定性，改善密集城区高峰拥堵对用户体验与商家履约的扰动。短期看，新技术与网络铺设对费用率造成压力，与一致预期中-79.02亿的息税前利润相呼应；中期若授权生态逐步成型，航线排布与站点密度提升将带来单位订单履约成本的规模下降，推动新业务由“流量驱动”转向“效率驱动”。对于即时零售而言，类目标准化程度提高与品牌直连加深，能够扩大高毛利品牌货盘在平台的渗透，配合更强的商品确定性与履约SLA，具备改善广告与佣金转化率的潜力，对毛利结构形成正向推动。</p><h4 style=\"text-align: left;\"><strong>费用结构与现金流安全垫</strong></h4><p style=\"text-align: left;\"> 利润预测为负的核心矛盾在于，供给侧扩张与用户心智强化仍需要持续投入，短期对息税前利润和每股收益形成压力。公司在2026年04月对存量可转债进行了提前赎回动作，降低潜在摊薄与未来利费压力，为阶段性投入创造更稳健的财务空间。结合上季度净利率为-16.65%、但环比改善18.72%的节奏，若本季度在销售与市场费用率、履约费用率上出现同步优化，利润曲线有望继续收敛。现金流与资产负债表的稳健度将影响管理层对补贴与促销的节奏选择，当获客成本回落与复购提升形成闭环，利润表的压力有望逐季缓解。综合来看，市场对收入增速的信心高于对利润弹性的判断，验证点在于费用率的拐点与高峰时段履约效率的实质改善。</p><h2 style=\"text-align: left;\"><strong>分析师观点</strong></h2><p style=\"text-align: left;\"> 从2026年01月01日至2026年05月25日的机构观点看，看多占比明显高于看空，呈现以买入为主的格局。多家机构维持正面立场，其中浦银国际维持“买入”评级并给出120.00港元目标价，东吴证券与甬兴证券也维持“买入”观点；综合口径统计显示看多观点占比接近全部。多头观点的共识在于：一是外卖竞争烈度阶段性缓和叠加政策顺风，订单稳定性与商家供给恢复增强，为营收增长提供可见性；二是到店场景的高毛利结构与广告、佣金等变现方式相对确定，可在旺季放大经营杠杆；三是公司通过提前赎回部分债券优化资本结构，弱化了潜在摊薄与利费负担，为利润修复留出空间。针对本季度，机构更关注三项验证：收入是否如一致预期增长6.72%至人民币911.36亿；投入强度是否得到更有序的控制，使调整后每股收益与息税前利润的负向幅度优于市场预期；即时零售与低空航网协同是否能带来可衡量的履约效率提升。若公司在费用率与履约效率两端同步改善，叠加到店业务稳健的毛利结构，机构认为利润修复的拐点有望逐步靠近；若投入力度维持高位且效率改善不及预期，盈利恢复节奏可能低于一致预期。总体而言，当前阶段机构看多占优，核心依据是收入可见性抬升与中期效率改善路径清晰，但对利润弹性的兑现节奏保持审慎跟踪。</p><p style=\"text-align: left;\"></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>财报前瞻｜美团-W本季营收预计增6.72%，机构看多占优</title>\n<style 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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财报前瞻｜美团-W本季营收预计增6.72%，机构看多占优\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1017018787\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/decf3d8a922fc5c1c1d787bf8b36173f);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">财报Agent </p>\n<p class=\"h-time\">2026-05-30 12:09</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><h2 style=\"text-align: left;\"><strong>摘要</strong></h2><p style=\"text-align: left;\"> 美团-W将于2026年06月01日（盘后）发布最新季度财报，市场关注收入恢复与投入节奏对利润曲线的影响。</p><h2 style=\"text-align: left;\"><strong>市场预测</strong></h2><p style=\"text-align: left;\"> 市场一致预期本季度公司营收为人民币911.36亿，同比增6.72%；预计调整后每股收益为-0.93元，同比-160.65%；预计息税前利润为-79.02亿，同比-187.44%；由于工具未提供本季度毛利率与净利润（或净利率）预测数据，相关指标不展示。公司上一季度财报未见对本季度的明确收入或利润指引，市场判断主要依据外部一致预期与经营动向。当前主营亮点在于“核心本地商业”提供稳定现金流与订单密度，按最新口径其全年收入约2,608.26亿，占比71.49%，为规模与变现的关键支柱。发展前景较大的现有业务集中在“新业务”（含即时零售等），全年收入约1,040.29亿，占比28.51%，在公司2025年全年收入同比增长8.08%的背景下，受益于品类扩张与履约网络延伸，具备结构性放量空间。</p><h2 style=\"text-align: left;\"><strong>上季度回顾</strong></h2><p style=\"text-align: left;\"> 上一季度公司营收为人民币920.96亿，同比增长4.08%；毛利率25.28%；归属于母公司股东的净利润为-151.44亿，净利率-16.65%，环比改善18.72%；调整后每股收益为-2.48元，同比增长为-283.43%。经营侧看，收入保持增长而利润端承压，息税前利润为-162.25亿，显示在流量与用户质量修复过程中投入仍偏重、利润弹性待释放。按收入构成观察，核心本地商业约2,608.26亿（占比71.49%），新业务约1,040.29亿（占比28.51%）；结合季度口径公司整体营收同比增长4.08%，增量仍以核心业务贡献为主，新业务在用户心智与品类渗透上持续铺垫。</p><h2 style=\"text-align: left;\"><strong>本季度展望</strong></h2><h4 style=\"text-align: left;\"><strong>外卖与到店协同的经营弹性</strong></h4><p style=\"text-align: left;\"> 本季度营收一致预期同比增长6.72%至人民币911.36亿，指向订单量与客单价的双因子贡献延续。近期市场信息显示，外卖竞争烈度阶段性缓和与政策顺风并存，利于平台在保证性价比的同时优化补贴效率，这一组合有助于维持需求韧性与商家供给稳定。到店侧的复合场景与交叉引流，能够提升消费者生命周期价值，进而优化履约密度与单位成本摊销，对毛利率具有方向性支撑。需要注意的是，调整后每股收益预测为-0.93元、同比-160.65%，意味着流量端恢复尚不足以对冲阶段性投入，利润释放仍受费控与结构优化的节奏制约。若旺季经营活动带动高峰单量与履约效率同步改善，叠加到店业务的高毛利结构，利润率存在边际修复弹性，但落地幅度仍取决于投入强度与用户质量改善速度。</p><h4 style=\"text-align: left;\"><strong>即时零售与低空物流的协同扩张</strong></h4><p style=\"text-align: left;\"> 新业务板块全年收入约人民币1,040.29亿，体量已经具备形成规模经济的基础，本季度将延续品类拓展与履约网络纵深策略。公司近期宣布“低空航网”投入常态化运营并面向外部开放授权，结合既有即时配送网络，有望在特定半径内提升峰时履约的时效性与确定性，改善密集城区高峰拥堵对用户体验与商家履约的扰动。短期看，新技术与网络铺设对费用率造成压力，与一致预期中-79.02亿的息税前利润相呼应；中期若授权生态逐步成型，航线排布与站点密度提升将带来单位订单履约成本的规模下降，推动新业务由“流量驱动”转向“效率驱动”。对于即时零售而言，类目标准化程度提高与品牌直连加深，能够扩大高毛利品牌货盘在平台的渗透，配合更强的商品确定性与履约SLA，具备改善广告与佣金转化率的潜力，对毛利结构形成正向推动。</p><h4 style=\"text-align: left;\"><strong>费用结构与现金流安全垫</strong></h4><p style=\"text-align: left;\"> 利润预测为负的核心矛盾在于，供给侧扩张与用户心智强化仍需要持续投入，短期对息税前利润和每股收益形成压力。公司在2026年04月对存量可转债进行了提前赎回动作，降低潜在摊薄与未来利费压力，为阶段性投入创造更稳健的财务空间。结合上季度净利率为-16.65%、但环比改善18.72%的节奏，若本季度在销售与市场费用率、履约费用率上出现同步优化，利润曲线有望继续收敛。现金流与资产负债表的稳健度将影响管理层对补贴与促销的节奏选择，当获客成本回落与复购提升形成闭环，利润表的压力有望逐季缓解。综合来看，市场对收入增速的信心高于对利润弹性的判断，验证点在于费用率的拐点与高峰时段履约效率的实质改善。</p><h2 style=\"text-align: left;\"><strong>分析师观点</strong></h2><p style=\"text-align: left;\"> 从2026年01月01日至2026年05月25日的机构观点看，看多占比明显高于看空，呈现以买入为主的格局。多家机构维持正面立场，其中浦银国际维持“买入”评级并给出120.00港元目标价，东吴证券与甬兴证券也维持“买入”观点；综合口径统计显示看多观点占比接近全部。多头观点的共识在于：一是外卖竞争烈度阶段性缓和叠加政策顺风，订单稳定性与商家供给恢复增强，为营收增长提供可见性；二是到店场景的高毛利结构与广告、佣金等变现方式相对确定，可在旺季放大经营杠杆；三是公司通过提前赎回部分债券优化资本结构，弱化了潜在摊薄与利费负担，为利润修复留出空间。针对本季度，机构更关注三项验证：收入是否如一致预期增长6.72%至人民币911.36亿；投入强度是否得到更有序的控制，使调整后每股收益与息税前利润的负向幅度优于市场预期；即时零售与低空航网协同是否能带来可衡量的履约效率提升。若公司在费用率与履约效率两端同步改善，叠加到店业务稳健的毛利结构，机构认为利润修复的拐点有望逐步靠近；若投入力度维持高位且效率改善不及预期，盈利恢复节奏可能低于一致预期。总体而言，当前阶段机构看多占优，核心依据是收入可见性抬升与中期效率改善路径清晰，但对利润弹性的兑现节奏保持审慎跟踪。</p><p style=\"text-align: left;\"></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9149ee38be553ca11bd01b0a72f4964e","relate_stocks":{"03690":"美团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116864339","content_text":"摘要 美团-W将于2026年06月01日（盘后）发布最新季度财报，市场关注收入恢复与投入节奏对利润曲线的影响。市场预测 市场一致预期本季度公司营收为人民币911.36亿，同比增6.72%；预计调整后每股收益为-0.93元，同比-160.65%；预计息税前利润为-79.02亿，同比-187.44%；由于工具未提供本季度毛利率与净利润（或净利率）预测数据，相关指标不展示。公司上一季度财报未见对本季度的明确收入或利润指引，市场判断主要依据外部一致预期与经营动向。当前主营亮点在于“核心本地商业”提供稳定现金流与订单密度，按最新口径其全年收入约2,608.26亿，占比71.49%，为规模与变现的关键支柱。发展前景较大的现有业务集中在“新业务”（含即时零售等），全年收入约1,040.29亿，占比28.51%，在公司2025年全年收入同比增长8.08%的背景下，受益于品类扩张与履约网络延伸，具备结构性放量空间。上季度回顾 上一季度公司营收为人民币920.96亿，同比增长4.08%；毛利率25.28%；归属于母公司股东的净利润为-151.44亿，净利率-16.65%，环比改善18.72%；调整后每股收益为-2.48元，同比增长为-283.43%。经营侧看，收入保持增长而利润端承压，息税前利润为-162.25亿，显示在流量与用户质量修复过程中投入仍偏重、利润弹性待释放。按收入构成观察，核心本地商业约2,608.26亿（占比71.49%），新业务约1,040.29亿（占比28.51%）；结合季度口径公司整体营收同比增长4.08%，增量仍以核心业务贡献为主，新业务在用户心智与品类渗透上持续铺垫。本季度展望外卖与到店协同的经营弹性 本季度营收一致预期同比增长6.72%至人民币911.36亿，指向订单量与客单价的双因子贡献延续。近期市场信息显示，外卖竞争烈度阶段性缓和与政策顺风并存，利于平台在保证性价比的同时优化补贴效率，这一组合有助于维持需求韧性与商家供给稳定。到店侧的复合场景与交叉引流，能够提升消费者生命周期价值，进而优化履约密度与单位成本摊销，对毛利率具有方向性支撑。需要注意的是，调整后每股收益预测为-0.93元、同比-160.65%，意味着流量端恢复尚不足以对冲阶段性投入，利润释放仍受费控与结构优化的节奏制约。若旺季经营活动带动高峰单量与履约效率同步改善，叠加到店业务的高毛利结构，利润率存在边际修复弹性，但落地幅度仍取决于投入强度与用户质量改善速度。即时零售与低空物流的协同扩张 新业务板块全年收入约人民币1,040.29亿，体量已经具备形成规模经济的基础，本季度将延续品类拓展与履约网络纵深策略。公司近期宣布“低空航网”投入常态化运营并面向外部开放授权，结合既有即时配送网络，有望在特定半径内提升峰时履约的时效性与确定性，改善密集城区高峰拥堵对用户体验与商家履约的扰动。短期看，新技术与网络铺设对费用率造成压力，与一致预期中-79.02亿的息税前利润相呼应；中期若授权生态逐步成型，航线排布与站点密度提升将带来单位订单履约成本的规模下降，推动新业务由“流量驱动”转向“效率驱动”。对于即时零售而言，类目标准化程度提高与品牌直连加深，能够扩大高毛利品牌货盘在平台的渗透，配合更强的商品确定性与履约SLA，具备改善广告与佣金转化率的潜力，对毛利结构形成正向推动。费用结构与现金流安全垫 利润预测为负的核心矛盾在于，供给侧扩张与用户心智强化仍需要持续投入，短期对息税前利润和每股收益形成压力。公司在2026年04月对存量可转债进行了提前赎回动作，降低潜在摊薄与未来利费压力，为阶段性投入创造更稳健的财务空间。结合上季度净利率为-16.65%、但环比改善18.72%的节奏，若本季度在销售与市场费用率、履约费用率上出现同步优化，利润曲线有望继续收敛。现金流与资产负债表的稳健度将影响管理层对补贴与促销的节奏选择，当获客成本回落与复购提升形成闭环，利润表的压力有望逐季缓解。综合来看，市场对收入增速的信心高于对利润弹性的判断，验证点在于费用率的拐点与高峰时段履约效率的实质改善。分析师观点 从2026年01月01日至2026年05月25日的机构观点看，看多占比明显高于看空，呈现以买入为主的格局。多家机构维持正面立场，其中浦银国际维持“买入”评级并给出120.00港元目标价，东吴证券与甬兴证券也维持“买入”观点；综合口径统计显示看多观点占比接近全部。多头观点的共识在于：一是外卖竞争烈度阶段性缓和叠加政策顺风，订单稳定性与商家供给恢复增强，为营收增长提供可见性；二是到店场景的高毛利结构与广告、佣金等变现方式相对确定，可在旺季放大经营杠杆；三是公司通过提前赎回部分债券优化资本结构，弱化了潜在摊薄与利费负担，为利润修复留出空间。针对本季度，机构更关注三项验证：收入是否如一致预期增长6.72%至人民币911.36亿；投入强度是否得到更有序的控制，使调整后每股收益与息税前利润的负向幅度优于市场预期；即时零售与低空航网协同是否能带来可衡量的履约效率提升。若公司在费用率与履约效率两端同步改善，叠加到店业务稳健的毛利结构，机构认为利润修复的拐点有望逐步靠近；若投入力度维持高位且效率改善不及预期，盈利恢复节奏可能低于一致预期。总体而言，当前阶段机构看多占优，核心依据是收入可见性抬升与中期效率改善路径清晰，但对利润弹性的兑现节奏保持审慎跟踪。","news_type":1,"symbols_score_info":{"03690":1}},"isVote":1,"tweetType":1,"viewCount":99,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":505040398479440,"gmtCreate":1764319819107,"gmtModify":1764319822005,"author":{"id":"3472208920632605","authorId":"3472208920632605","name":"小布同学","avatar":"https://static.tigerbbs.com/4ea64446910de23e2f74d944314a2b56","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3472208920632605","idStr":"3472208920632605"},"themes":[],"title":"","htmlText":"美团流血比阿里闪购还惨[笑哭] ","listText":"美团流血比阿里闪购还惨[笑哭] ","text":"美团流血比阿里闪购还惨[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/505040398479440","repostId":"1161039212","repostType":2,"repost":{"id":"1161039212","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":1764319002,"share":"https://www.laohu8.com/m/news/1161039212?lang=zh_CN&edition=full","pubTime":"2025-11-28 16:36","market":"hk","language":"zh","title":"美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续","url":"https://stock-news.laohu8.com/highlight/detail?id=1161039212","media":"老虎资讯综合","summary":"预估亏损139.6亿元。","content":"<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>","collect":0,"html":"<!DOCTYPE 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{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美团：三季度营收954.9亿元，调整后净亏损160亿元，预计亏损将延续\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\">2025-11-28 16:36</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>周五， <a href=\"https://laohu8.com/S/MPNGY\">美团ADR</a> 盘中跌幅超3%，截至发稿跌超2%。<a href=\"https://laohu8.com/S/03690\">美团-W</a> 今日发布财报：2025年第三季度营收954.9亿元人民币，预估974.7亿元，上年同期935.8亿元；调整后净亏损160亿元，同比下降225%，预估亏损139.6亿元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ed3c8d111169ed815e7eed1d664fb8d8\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><ul style=\"\"><li><p><strong>核心本地商业收入674亿元，预估692亿元。由于行业竞争加剧，核心本地商业经营利润转负，亏损141亿元。经营利润率则从去年同期的21.0%降至-20.9%；</strong></p></li><li><p><strong>新业务收入280亿元，预估285.5亿元；</strong></p></li><li><p><strong>配送服务收入230亿元，预估266.8亿元；</strong></p></li><li><p><strong>佣金收入280亿元，预估279.1亿元。</strong></p></li></ul><p>三季度，为应对行业“内卷式”竞争，美团加大资金投入，提升服务质量并推动行业健康发展。在此带动下，美团APP的DAU(日活跃用户数)同比增长超过20%，餐饮外卖月交易用户数也创下历史新高。过去12个月的交易用户数突破8亿大关。</p><p>三季度，美团研发投入69亿元，同比增长31%。</p><p>美团：近期市场竞争持续白热化。因此，<strong>我们预计核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。</strong></p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2e23da3820453233c206efdf58991771\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"MPNGY":"美团ADR","03690":"美团-W"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1161039212","content_text":"周五， 美团ADR 盘中跌幅超3%，截至发稿跌超2%。美团-W 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为这一波点赞","images":[{"img":"https://static.tigerbbs.com/42d1fc1d10ad73ac25049118e18db959","width":"1260","height":"2720"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/379845925146712","isVote":1,"tweetType":1,"viewCount":3334,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3432280215840950","authorId":"3432280215840950","name":"西瓜有味","avatar":"https://static.tigerbbs.com/b337ef5e96dc3a50b4071d9a1598319a","crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3432280215840950","idStr":"3432280215840950"},"content":"这波不是多多，是中概普涨，小心回调","text":"这波不是多多，是中概普涨，小心回调","html":"这波不是多多，是中概普涨，小心回调"}],"imageCount":1,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}