股道自然
02-14
三季度亏损186亿，不是160亿，四季度中位数亏损186亿，亏损收窄30亿。不要乱抹黑！
美团“爆雷”：2025年预亏最高243亿元！到底栽在哪了？
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22:37","market":"hk","language":"zh","title":"美团“爆雷”：2025年预亏最高243亿元！到底栽在哪了？","url":"https://stock-news.laohu8.com/highlight/detail?id=2611216573","media":"杠杆游戏","summary":"当晚美团披露盈利预警，预计截至2025年12月31日止年度录得亏损约233亿元至243亿元，而其2024年度还录得溢利约358.08亿元。2024年其经营利润进一步增长至约524.15亿元。公告里美团称，2025年行业迎来空前激烈的市场竞争，该司加大了对整个生态体系的战略性投入。2025年第三季度，该分部收入为674亿元，同比减少2.8%，出现了罕见的负增长。根据美团公告披露，预计亏损趋势将在2026年第一季度继续延续。","content":"<html><body><article><p><strong>欢迎关注我的好朋友：闺蜜财经</strong></p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/tI2zNOcq2yicqQjkSr6mCWNbJMD6C4q5vUcIDxiaicWNeFR8tZLNY5TufORBFgS0s49ThO8910Yv4Qn4kacsM864dTSlkFr588hF0MZBxRXGCA/640?wx_fmt=jpeg\"/><p><strong>图片由AI生成</strong></p><p><strong>撰文|杆姐&编辑|爱丽丝</strong></p><p>2026年2月13日，情人节前一天，<a href=\"https://laohu8.com/S/MPNGY\">美团</a>给资本市场送上了一记重锤。</p><p>当晚<a href=\"https://laohu8.com/S/03690\">美团</a>披露盈利预警，预计截至2025年12月31日止年度录得亏损约233亿元至243亿元，而其2024年度还录得溢利约358.08亿元。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/tI2zNOcq2yibmNfZLovNbrfib7mbJ7pTaGVZx66VGleGveuI7B8BX8tcYNps9ddGz3mCRJ5AcOye41TJt0vShNW2V9zb3szLZkP9Pmf2auxHQ/640?wx_fmt=png\"/><p>美团何以至此？<strong>1</strong></p><p>从公告披露里杠杆游戏看到，造成预亏的核心原因主要有两方面。</p><p>一是美团核心本地商业分部的盈利能力发生根本性变化；二是美团为布局长远发展，进一步加大了对海外业务的投入力度。</p><p>历史数据显示，美团核心本地商业一直是其利润的绝对支柱。2023年，该分部经营利润为387亿元。2024年其经营利润进一步增长至约524.15亿元。</p><p>然而，根据最新预警，该分部在2025年预计将录得68亿至70亿元的经营亏损。这意味着，仅核心本地商业一个分部的利润波动，就贡献了超过590亿元的利润下滑缺口，直接主导了集团的整体亏损。</p><p>公告里美团称，2025年行业迎来空前激烈的市场竞争，该司加大了对整个生态体系的战略性投入。主要措施如下：</p><p>在消费者端，强化营销推广力度，提升品牌影响力及价格竞争力，持续提高用户交易活跃度与黏性；</p><p>在配送端，增加骑手激励并丰富骑手权益，以保障服务品质及提升用户体验；</p><p>在商户端，持续积极投入资源，支持商户提升运营效率、拓宽消费者覆盖范围、迭代经营模式。</p><p>2024-2025年，美团在外卖及本地生活市场的主导地位遭遇了前所未有的挑战，竞争格局从美团与饿了么的“双雄争霸”，演变为抖音、<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>（饿了么+淘宝闪购）、<a href=\"https://laohu8.com/S/JD\">京东</a>等多方入局的“群雄割据”。</p><p>为应对入侵者和守卫市场，一场史无前例的补贴大战在2025年全面爆发。</p><p>尽管美团的补贴使用效率被认为较高 ，但在囚徒困境下，为保住订单量和市场份额，其补贴支出必然激增，这直接导致其核心本地商业分部利润率暴跌。<strong>2</strong></p><p>一方面是成本端支出激增，另一边收入端增长却似乎又在变慢。</p><p>美团的整体2025年业绩情况尚未披露，从此前的2025年三季报表现来看，该司的营收增速是有明显放缓的。</p><p>如下图，<a href=\"https://laohu8.com/S/300059\">东方财富</a>统计数据显示，美团2025年前三季度营收同比增速为9.95%，上年同期该数据还是22.68%。</p><p>其中又不得不提到核心本地商业。2025年第三季度，该分部收入为674亿元，同比减少2.8%，出现了罕见的负增长。要知道2024年该业务营收2502亿元，同比增长达20.9% 。</p><p>所以说，外卖大战对美团的冲击可见一斑。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/tI2zNOcq2y9o23p0qkUrCSKyc0Fy4icwzDYPSoGE7kib7VtFs9YC1c4xTU5c5b0iaJpiaxpiaIQw6oCpQylG6icDMmZ5UgRaNtC9MAaoYUnWpgcMk/640?wx_fmt=png\"/><p>图表来源|东方财富（特此感谢）</p><p>核心本地商业被“偷家”了，另一边美团的新业务还得继续“烧钱”。</p><p>新业务这边美团三季度亏损有所扩大，经营亏损12.78亿元，同比增长24.5%，经营亏损率4.6%，同比上升0.4个百分点。</p><p>新业务收入三季度倒是同比增长15.9%为280.41亿元，主要受益于食杂零售业务（小象超市、快驴等）及海外业务（Keeta）扩张。</p><img src=\"https://mmbiz.qpic.cn/sz_mmbiz_png/tI2zNOcq2y90FTibzZ0tsM44hv6VWFVotCyd2ETlicOaYuFc3IicoyTMtH4YwUucSwib3W6aP1AJROSicTGkKSLvPLgtsaOLibT5icyBdq3qGVpJAA/640?wx_fmt=png\"/><p>2025年前三季度，美团的归母净亏损为82.11亿元，2025年其预亏233亿元至243亿元，杠杆游戏简单计算了下，其2025年第四季度净亏损大概在150.89亿元-160.89亿元之间，相比第三季度的160亿元大致持平。</p><p>2026年开局情况依然不容乐观。根据美团公告披露，预计亏损趋势将在2026年第一季度继续延续。<strong>3</strong></p><p>公告里美团称，其整体经营状况维持稳健且正常的状态，同时拥有充足的现金储备。</p><p>杠杆游戏从其2025年三季报里看到，美团确实暂时不差钱，截至期末有992.3亿元现金及等价物、214.9亿元受限制现金、420.5亿元短期理财投资，这些加起来超过1500亿元。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/tI2zNOcq2yibCQhxZwiaRzHhgLRjQib0Z2qibCnCzmCreibpWzh1XrTXqwruC9zM3ZLNIuguUPHtA8E8Hpmq9YkGsNOMQ5o7vvx19zLYLZG3XNqA/640?wx_fmt=png\"/><p>图表来源|东方财富（特此感谢）</p><p>面对前所未有的困境，美团的管理层并非无所作为，一系列战略和组织调整正在进行中。具体来看有以下几方面：</p><p>推动AI及无人配送技术的研发与应用，以技术创新驱动业务升级；</p><p>持续推进产品及业务模式创新，挖掘新的增长点；</p><p>通过精细化运营提升整体经营效率，降低运营成本；</p><p>不断完善行业生态体系，强化全链路的竞争优势。</p><p>在杠杆游戏看来，这些措施多少会有些效果，但应该比较有限。在一个“囚徒困境”式的市场环境中，单一的理性选择可能无法立即扭转战局。竞争对手的进攻力度，将是决定美团调整空间和时间窗口的关键变量。</p><p>只要外部竞争格局未发生根本性缓和（如主要竞争对手主动大幅降低补贴强度），美团为守卫市场，高额的补贴投入就难以骤然停止。</p><p>美团的短期目标是利用其运营和资金优势，在消耗战中拖垮实力较弱的竞争对手，同时通过精细化运营将亏损控制在可承受范围内。</p><p>长期来看，美团需要找到在激烈竞争环境下，不依赖巨额补贴也能实现健康盈利的新平衡点。</p><p>综上，此次危机若能倒逼美团成功完成从“流量平台”到“科技服务实体”的战略转型，那么这场代价惨痛的巨亏，或许将成为其迈向一个更健康、更可持续、更具社会价值的新阶段的起点。<strong>本文未标注出处的图表，均源自企业官网或公告，特此说明并致谢</strong></p><p><strong>任耀龙律师团队</strong></p><p><strong>为杠杆游戏提供版权及法律服务</strong></p><p><strong>往期精选</strong></p><p>重罚1.191亿！3小时“失控”直播，<a href=\"https://laohu8.com/S/01024\">快手</a>也该醒了</p><p>猝不及防！<a href=\"https://laohu8.com/S/000560\">我爱我家</a>2025年预亏7000-9000万</p><p><a href=\"https://laohu8.com/S/002304\">洋河股份</a>变脸！取消70亿保底<span>分红</span>，2025年利润暴雷</p><p>关店！当<a href=\"https://laohu8.com/S/LI\">理想汽车</a>不再“理想”</p><p>开年被罚2次！<a href=\"https://laohu8.com/S/600000\">浦发银行</a>10万亿下的合规黑洞</p><p>版权及免责声明：本文系杠杆游戏创作，未经授权，禁止转载！如需转载，请获取授权。另，授权转载时还请在文初注明出处和作者，谢谢！杠杆游戏任何文章之观点，皆为学习交流探讨用，非投资建议。用户据此进行的一切投资，请自负责任。文章如有疏漏、错误欢迎批评指正。</p><p><strong>商务合作请添加微信：alioyer</strong></p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/1GglSrJcOfjWD47Tr9CAlTGDr75AYLK2oeT972Z7X6HQPZJOpOwAA51IXIAgia81kAbjDFSU94kd0whDqCDx0Qw/640?wx_fmt=jpeg\"/></article></body></html>","source":"tencent","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\" 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#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“爆雷”：2025年预亏最高243亿元！到底栽在哪了？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-13 22:37 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213224859a6f82993&s=b><strong>杠杆游戏</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>欢迎关注我的好朋友：闺蜜财经图片由AI生成撰文|杆姐&编辑|爱丽丝2026年2月13日，情人节前一天，美团给资本市场送上了一记重锤。当晚美团披露盈利预警，预计截至2025年12月31日止年度录得亏损约233亿元至243亿元，而其2024年度还录得溢利约358.08亿元。美团何以至此？1从公告披露里杠杆游戏看到，造成预亏的核心原因主要有两方面。一是美团核心本地商业分部的盈利能力发生根本性变化；二是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213224859a6f82993&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","BK1521":"挪威政府全球养老基金持仓","LU1102505929.USD":"FIDELITY SUSTAINABLE EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU0165289439.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AC\" ACC","LU0011963245.USD":"abrdn SICAV I 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ACC","BK1583":"高瓴概念","BK1604":"节假日概念"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260213224859a6f82993&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2611216573","content_text":"欢迎关注我的好朋友：闺蜜财经图片由AI生成撰文|杆姐&编辑|爱丽丝2026年2月13日，情人节前一天，美团给资本市场送上了一记重锤。当晚美团披露盈利预警，预计截至2025年12月31日止年度录得亏损约233亿元至243亿元，而其2024年度还录得溢利约358.08亿元。美团何以至此？1从公告披露里杠杆游戏看到，造成预亏的核心原因主要有两方面。一是美团核心本地商业分部的盈利能力发生根本性变化；二是美团为布局长远发展，进一步加大了对海外业务的投入力度。历史数据显示，美团核心本地商业一直是其利润的绝对支柱。2023年，该分部经营利润为387亿元。2024年其经营利润进一步增长至约524.15亿元。然而，根据最新预警，该分部在2025年预计将录得68亿至70亿元的经营亏损。这意味着，仅核心本地商业一个分部的利润波动，就贡献了超过590亿元的利润下滑缺口，直接主导了集团的整体亏损。公告里美团称，2025年行业迎来空前激烈的市场竞争，该司加大了对整个生态体系的战略性投入。主要措施如下：在消费者端，强化营销推广力度，提升品牌影响力及价格竞争力，持续提高用户交易活跃度与黏性；在配送端，增加骑手激励并丰富骑手权益，以保障服务品质及提升用户体验；在商户端，持续积极投入资源，支持商户提升运营效率、拓宽消费者覆盖范围、迭代经营模式。2024-2025年，美团在外卖及本地生活市场的主导地位遭遇了前所未有的挑战，竞争格局从美团与饿了么的“双雄争霸”，演变为抖音、阿里巴巴（饿了么+淘宝闪购）、京东等多方入局的“群雄割据”。为应对入侵者和守卫市场，一场史无前例的补贴大战在2025年全面爆发。尽管美团的补贴使用效率被认为较高 ，但在囚徒困境下，为保住订单量和市场份额，其补贴支出必然激增，这直接导致其核心本地商业分部利润率暴跌。2一方面是成本端支出激增，另一边收入端增长却似乎又在变慢。美团的整体2025年业绩情况尚未披露，从此前的2025年三季报表现来看，该司的营收增速是有明显放缓的。如下图，东方财富统计数据显示，美团2025年前三季度营收同比增速为9.95%，上年同期该数据还是22.68%。其中又不得不提到核心本地商业。2025年第三季度，该分部收入为674亿元，同比减少2.8%，出现了罕见的负增长。要知道2024年该业务营收2502亿元，同比增长达20.9% 。所以说，外卖大战对美团的冲击可见一斑。图表来源|东方财富（特此感谢）核心本地商业被“偷家”了，另一边美团的新业务还得继续“烧钱”。新业务这边美团三季度亏损有所扩大，经营亏损12.78亿元，同比增长24.5%，经营亏损率4.6%，同比上升0.4个百分点。新业务收入三季度倒是同比增长15.9%为280.41亿元，主要受益于食杂零售业务（小象超市、快驴等）及海外业务（Keeta）扩张。2025年前三季度，美团的归母净亏损为82.11亿元，2025年其预亏233亿元至243亿元，杠杆游戏简单计算了下，其2025年第四季度净亏损大概在150.89亿元-160.89亿元之间，相比第三季度的160亿元大致持平。2026年开局情况依然不容乐观。根据美团公告披露，预计亏损趋势将在2026年第一季度继续延续。3公告里美团称，其整体经营状况维持稳健且正常的状态，同时拥有充足的现金储备。杠杆游戏从其2025年三季报里看到，美团确实暂时不差钱，截至期末有992.3亿元现金及等价物、214.9亿元受限制现金、420.5亿元短期理财投资，这些加起来超过1500亿元。图表来源|东方财富（特此感谢）面对前所未有的困境，美团的管理层并非无所作为，一系列战略和组织调整正在进行中。具体来看有以下几方面：推动AI及无人配送技术的研发与应用，以技术创新驱动业务升级；持续推进产品及业务模式创新，挖掘新的增长点；通过精细化运营提升整体经营效率，降低运营成本；不断完善行业生态体系，强化全链路的竞争优势。在杠杆游戏看来，这些措施多少会有些效果，但应该比较有限。在一个“囚徒困境”式的市场环境中，单一的理性选择可能无法立即扭转战局。竞争对手的进攻力度，将是决定美团调整空间和时间窗口的关键变量。只要外部竞争格局未发生根本性缓和（如主要竞争对手主动大幅降低补贴强度），美团为守卫市场，高额的补贴投入就难以骤然停止。美团的短期目标是利用其运营和资金优势，在消耗战中拖垮实力较弱的竞争对手，同时通过精细化运营将亏损控制在可承受范围内。长期来看，美团需要找到在激烈竞争环境下，不依赖巨额补贴也能实现健康盈利的新平衡点。综上，此次危机若能倒逼美团成功完成从“流量平台”到“科技服务实体”的战略转型，那么这场代价惨痛的巨亏，或许将成为其迈向一个更健康、更可持续、更具社会价值的新阶段的起点。本文未标注出处的图表，均源自企业官网或公告，特此说明并致谢任耀龙律师团队为杠杆游戏提供版权及法律服务往期精选重罚1.191亿！3小时“失控”直播，快手也该醒了猝不及防！我爱我家2025年预亏7000-9000万洋河股份变脸！取消70亿保底分红，2025年利润暴雷关店！当理想汽车不再“理想”开年被罚2次！浦发银行10万亿下的合规黑洞版权及免责声明：本文系杠杆游戏创作，未经授权，禁止转载！如需转载，请获取授权。另，授权转载时还请在文初注明出处和作者，谢谢！杠杆游戏任何文章之观点，皆为学习交流探讨用，非投资建议。用户据此进行的一切投资，请自负责任。文章如有疏漏、错误欢迎批评指正。商务合作请添加微信：alioyer","news_type":1,"symbols_score_info":{"METmain":0.6,"03690":1.97,"HMTD.SI":0.6,"MPNGY":1.97}},"isVote":1,"tweetType":1,"viewCount":322,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":72,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/532527702356368"}
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