Investment Rating - The investment rating for the company is "Buy" with a current price of 92.15 HKD and a target value of 133.47 HKD [3]. Core Insights - The report anticipates that the company's revenue for 2025 will reach 365.3 billion RMB, with an adjusted net profit loss of 22.5 billion RMB. The company is expected to maintain a strong operational barrier in the takeaway business, despite short-term profit pressures due to competition [6][13]. - The report highlights that the competition in the instant retail business is easing, with a projected order volume growth of 30% for flash purchases in Q4 2025. However, the takeaway business is expected to face continued competition, particularly in high-value orders [6][7][8]. Financial Forecast - Revenue projections for the company are as follows: - 2023: 276.74 billion RMB - 2024: 337.59 billion RMB (growth rate: 25.82%) - 2025: 365.32 billion RMB (growth rate: 8.21%) - 2026: 414.90 billion RMB (growth rate: 13.57%) - 2027: 467.34 billion RMB (growth rate: 12.64%) [6]. - The adjusted net profit forecast indicates losses for 2025 and 2026, with expected losses of 22.5 billion RMB and 7.2 billion RMB, respectively [6][13]. Business Segment Performance - Core local business revenue is projected to be 643.92 billion RMB in Q4 2025, with a year-over-year decline of 1.79% and an operational loss of 111.16 billion RMB [7][9]. - New business revenue is expected to reach 270.46 billion RMB in Q4 2025, reflecting an 18% year-over-year growth, although operational losses are projected at 42.78 billion RMB [8][9]. Valuation Methodology - The report employs a sum-of-the-parts (SOTP) valuation method, estimating the company's fair value at 133.47 HKD per share, based on contributions from various business segments including takeaway, in-store travel, flash purchases, and new businesses [13][14].

Core Insights - The "Meituan Black Diamond Member Experience Officer" program has successfully launched in Chongqing, highlighting the city's appeal as a travel destination during the Spring Festival [2][3] - Chongqing's tourism bookings have seen significant growth, with a 32% year-on-year increase in Spring Festival cultural and tourism reservations, and a 73% increase in hotel bookings [2] - The program aims to enhance the hotel experience by integrating various cultural activities and local experiences, expanding the concept of "accommodation+" [6] Group 1: Tourism Growth - Chongqing's hotel bookings for the Spring Festival have surged, with high-end hotel night rates exceeding 800 yuan and a staggering 542% increase in bookings from "out-of-town tourists" [2] - The top ten sources of out-of-town visitors to Chongqing include major cities such as Beijing, Shanghai, and Guangzhou [2] - The demand for hotel bookings has increased significantly, with a 157% rise in early reservations for Marriott hotels in Chongqing [5] Group 2: Experience Integration - The "accommodation+" concept is being promoted, allowing guests to engage in various activities such as cocktail parties, opera performances, and local culinary experiences [3][6] - The program includes unique offerings like the "one meal seals the gods" dinner and packages that combine hotel stays with local cultural experiences [5] - The integration of local attractions, such as the drone light shows and scenic views from high-altitude hotels, enhances the overall visitor experience [5][6] Group 3: Demographic Trends - There is a notable increase in hotel bookings among younger travelers, with a 55% growth in reservations from the post-2000 generation [5] - The senior demographic (60 years and older) has also shown a significant increase in bookings, with a 79% rise in hotel reservations [5] - The trend indicates a shift towards more diverse travel experiences among different age groups, with a growing interest in cultural and local activities [6]

2月3日下午，"福满京城 艺润万家"北京市文联新春送福文化惠民活动走进美团总部，为平日奔波忙碌 的美团骑手们带来了一场充满年味与暖意的文化盛宴。 本次活动由北京市文联与朝阳区委宣传部联合主办，通过文艺表演、书画笔会和非遗互动等形式，向新 时代一线劳动者传递新春祝福。 演出结束后，书画笔会与非遗体验活动同步展开。北京书协副主席方放、刘楣洪、李炯峰，朝阳区书协 副主席王军领、梅跃辉，朝阳区书协秘书长李景源等十余位首都书画名家现场挥毫，为骑手和员工们书 写春联、福字，送上墨香四溢的新春祝福。朝阳区民协副主席、剪纸艺术家刘立宏、北京扎燕风筝非遗 传承人孙贺也在现场展示精湛技艺，与大家互动交流，让参与者近距离感受中华优秀传统文化的独特魅 力。 本次活动是北京市文联"福满京城 艺润万家"新春送福文化惠民系列活动之一，也是文艺轻骑兵走进新 就业群体，为快递小哥等城市一线劳动者送去新春祝福和亲切慰问的生动实践。下一步，北京市文联还 将持续擦亮"福满京城 艺润万家"文化活动品牌，聚焦中心工作、重点行业、一线岗位，深入乡村、社 区等百姓居住地，博物馆、公园等公共场所，不断拓展文艺志愿服务覆盖面，聚焦各类基层群体需求， 开展更多形 ...

【外卖大战留"后遗症"，上海市人大代表、美团副总裁毛方呼吁：告别补贴内卷，把钱投在AI与数字 化】#聚焦2026上海两会#上海市人大代表毛方在上海市十六届人大四次会议杨浦代表团审议现场直言， 去年互联网平台遭遇了史无前例的商战，外卖平台陷入被动开展大额补贴的局面。她呼吁政府应出台针 对性举措，叫停这类对行业发展无实质助益的内卷式大额补贴，推动平台把更多资金投入到AI技术研 发与商户数字化改造中，以产业升级赋能外卖行业高质量发展。（东方网 熊芳雨 汪伟秋） 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：李思阳 【外卖大战留"后遗症"，上海市人大代表、美团副总裁毛方呼吁：告别补贴内卷，把钱投在AI与数字 化】#聚焦2026上海两会#上海市人大代表毛方在上海市十六届人大四次会议杨浦代表团审议现场直言， 去年互联网平台遭遇了史无前例的商战，外卖平台陷入被动开展大额补贴的局面。 ...

科网股多数走低，美团、快手、腾讯控股、携程集团、华虹半导体、哔哩哔哩、百度集团均跌超1%。 | 名称 | 现价 | 涨跌 | 涨跌幅 - | | --- | --- | --- | --- | | 美团-W | 91.500 | -1.700 | -1.82% | | 快手-W | 72.150 | -1.300 | -1.77% | | 携程集团-S | 476.600 | -8.200 | -1.69% | | 金蝶国际 | 12.450 | -0.210 | -1.66% | | 腾讯控股 | 572.000 | -9.000 | -1.55% | | 零跑汽车 | 39.000 | -0.600 | -1.52% | | 华虹米音体 | 106.300 | -1.400 | -1.30% | | 比亚迪股份 | 88.900 | -1.100 | -1.22% | | 哔哩哔哩-W | 250.000 | -3.000 | -1.19% | | 百度集团-SW | 139.900 | -1.500 | -1.06% | | 阿里巴巴-W | 159.400 | -1.600 | -0.99% | | ...

责任编辑：何俊熹 新浪科技讯 2月3日晚间消息，今日，美团官方账号"小团有话说"发文表示，2月3日公安部网安局发布 通报，近日，一则关于"宁波外卖商家集体退出外卖平台"的信息引发网民高度关注，并在商家和骑手群 体中广泛传播。经相关部门核实，去年以来，宁波地区外卖业务均正常经营，不存在商家因合作问题主 动退出的情况，更不存在集体退出的情况，上述信息严重误导认知。 新浪科技讯 2月3日晚间消息，今日，美团官方账号"小团有话说"发文表示，2月3日公安部网安局发布 通报，近日，一则关于"宁波外卖商家集体退出外卖平台"的信息引发网民高度关注，并在商家和骑手群 体中广泛传播。经相关部门核实，去年以来，宁波地区外卖业务均正常经营，不存在商家因合作问题主 动退出的情况，更不存在集体退出的情况，上述信息严重误导认知。 经相关部门调查，2025年12月起，网民张某（女，45岁）为制造热点、博取关注，吸引流量以售卖"盈 利增长班""咨询方案班""连锁MBA班"等相关商业课程牟利，肆意编造并传播"外卖商家集体下架平 台"等系列不实信息，引发大量网民关注，扰乱网络空间秩序。目前，公安机关已依法对张某予以行政 拘留。 责任编辑：何俊熹 ...

香港联交所最新资料显示，1月28日，贝莱德增持美团-W（03690）121.284万股，每股作价97.6492港 元，总金额约为1.18亿港元。增持后最新持股数目约为3.32亿股，最新持股比例为6.00%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 香港联交所最新资料显示，1月28日，贝莱德增持美团-W（03690）121.284万股，每股作价97.6492港 元，总金额约为1.18亿港元。增持后最新持股数目约为3.32亿股，最新持股比例为6.00%。 责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 ...

| 股份代號: | 03690 | | --- | --- | | 上市法國名稱: | 美國 - W | | 日期(日/月/年): | 02/01/2026 - 02/02/2026 | 格隆汇2月2日丨根据联交所最新权益披露资料显示，2026年1月28日，美团-W(03690.HK)获BlackRock, Inc.在场内以每股均价97.6492港元增持好仓121.28万 股，涉资约1.18亿港元。 增持后，BlackRock, Inc.最新持好仓数目为332,012,992股，持好仓比例由5.98%上升至6.00%。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | · 特有權益的股份數目 | 佔已發行的 有關事 | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | | | (請參閱上述*註解)有投票權股 (日/月 | | | | | | | | | 份自分比 | | CARDER THE CHARGE SECTION CONSULTION CONSULTION CONSULTIO ...

香港联交所最新资料显示，1月28日，贝莱德增持美团-W(03690)121.284万股，每股作价97.6492港元， 总金额约为1.18亿港元。增持后最新持股数目约为3.32亿股，最新持股比例为6.00%。 ...

Group 1 - BlackRock increased its stake in Meituan-W (03690) by 1.21284 million shares at a price of HKD 97.6492 per share, totaling approximately HKD 118 million [1] - Following the increase, BlackRock's total shareholding in Meituan-W is approximately 332 million shares, representing a stake of 6.00% [1]