外卖大战一年美团少赚近600亿，市值较去年高点腰斩_老虎社区_美港股上老虎

外卖大战一年美团少赚近600亿，市值较去年高点腰斩

21世纪经济报道13:23

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！　　记者丨周慧　　编辑丨李新江张明艳见习编辑林芊蔚　　3月26日，美团发布2025年第四季度及全年业绩。　　公告显示，美团全年实现收入3649亿元（人民币，下同），受“外卖大战”影响，美团全年净亏损234亿元，经营亏损170亿元。　　而在2024年，美团的净利润为358.08亿元，相对2024来说，美团少赚了...

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见习编辑林芊蔚\n　　3月26日，美团发布2025年第四季度及全年业绩。\n　　公告显示，美团全年实现收入3649亿元（人民币，下同），受“外卖大战”影响，美团全年净亏损234亿元，经营亏损170亿元。\n　　而在2024年，美团的净利润为358.08亿元，相对2024来说，美团少赚了592亿元。虽然美团方面称，外卖领域美团依旧稳定保持60%以上的GTV市场份额，但这一场轰轰烈烈的“外卖大战”，也让美团本地生活业务的护城河受到质疑。\n　　力守外卖市场份额的同时，美团的市值在过去这一年也经历了过山车，当下市值和去年的高点相比已腰斩。在新一轮互联网大厂AI叙事中，美团也急需一个新故事。\n\n　　截至3月27日中午，港股美团报87.6港元/股，日内涨幅1.04%，市值5409亿港元。\n　　在3月26日晚间的业绩电话会上，美团CEO王兴表示，在AI革命中，唯一合理的策略是进攻，而不是防守。但美团不会盲目追求成为“词元工厂”，而是将AI视为战略机遇，用于改进、加强甚至彻底变革本地服务这一核心业务。\n　　他透露，自2023年初以来，美团在资本支出和AI人才上进行了大规模投入，“除有云计算业务的企业外，美团在AI上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。”美团正继续投入自研基座大模型LongCat，也在和当前行业顶尖的第三方大模型合作，致力于最精准地理解真实物理世界。\n　　护城河受挑战的一年\n　　从2025年前三季度财报的亏损数据，到2026年2月发布的盈利预警公告，美团2025年的全年亏损早已是定局。\n　　相对短期亏损数据来说，更糟糕的是，亏损让美团在本地生活领域的护城河一定程度上受到质疑。\n　　美团在“百团大战”胜出，在和饿了么、抖音本地生活等对手的竞争中，依旧保持了本地生活领域的绝对头部地位，都彰显了其护城河的实力。\n　　经过2025年艰难的一年，美团本地生活业务的经营利润，从2024年的524亿元，变成2025年的经营亏损69亿元。2025年外卖大战的冲击，让美团过去被认为拥有护城河优势的本地生活业务，同比上年少赚了593亿元。\n　　对比同行来看，阿里2026财年第三季度（截至2025年12月31日）业绩公告显示，该季度经营利润为106.45亿元，同比下降74%，上年同期经营利润是412.05亿元，也就是说阿里单在2025年四季度就少赚了305亿元。\n　　美团方面称，外卖领域，美团以远低于竞争对手的亏损，稳定保持60%以上的GTV市场份额。而且，四季度，美团核心本地商业经营亏损100亿元，较三季度环比大幅收窄。\n　　外卖大战是否真正停战，是这份财报发布前一天市场讨论的热门话题。相对已经比较“安静”的京东外卖和财大气粗“烧钱”的阿里来说，美团似乎更迫切想走出这场被阿里拖下水的“外卖大战”泥潭。\n图：2025年夏天的“外卖大战”  拍摄：周慧\n　　从3月份的京东和阿里的财报电话会表态来看，京东集团CEO许冉表示，若市场竞争态势平稳，2026年外卖业务总投入将较2025年有所下降。\n　　阿里电商事业群CEO蒋凡表示，未来两年公司会以实现整体规模过万亿的目标继续坚定投入，预计2029财年即时零售业务将实现整体盈利。\n　　虽然监管层面强调“坚决遏制行业内卷”，但是，只要即时零售市场的行业竞争存在，巨头之间从价格到服务多方面的竞争就不可能被“喊停”，美团在本地生活领域在2026年依旧还有强劲对手阿里。\n　　21世纪经济报道记者注意到，从2025年二季度至今，最先发起进攻的京东外卖，补贴力度已经明显减弱；现金流充分的阿里旗下的淘宝闪购，依旧保持着可观的补贴力度；美团对黑钻、黑金会员以及高客单价的外卖补贴力度也一直还在。\n　　美团AI新故事\n　　受外卖大战等因素影响，美团市值在2026年2月一度跌破5000亿港元，相比2025年2月美团的市值高点1.2万亿港元，数据已经腰斩。\n　　在3月26日晚上的电话会上，王兴不再被分析师称为“兴哥”，而是“xingwang”或者“xing”。\n　　近两周前的美团2026年管理层沟通会上，王兴在谈到对管理层的期待时提到了“减少登味”。\n　　“比如大家习惯叫我‘兴哥’，我觉得这是‘登味’明显的叫法。”王兴说，展示了以身作则去“登味”的决心。王兴还谈到，要从自身做起，去拥抱新事物、新潮流。\n　　同样，在2025年陷入“外卖大战”泥潭的美团公司，也需要拥抱新的技术浪潮，和给市场信心的新故事。\n　　在最新的各家互联网大厂最新发布的财报和业绩电话会上，AI叙事是核心议题。\n　　在最新财报中，美团也用了一定的篇幅阐述美团的AI布局。财报显示，2025年，美团持续加大AI投入力度，致力于打造物理世界的AI底座和行动能力。公司全年研发投入260亿元，同比增长23%。增长原因主要是AI投入和雇员薪酬开支增加。\n　　王兴在电话会上再次阐述了他的AI观和美团的AI战略。王兴认为，AI“超级入口”，关键在于精准理解用户需求，并且高效执行任务，其复杂程度远超“聊天机器人”。尤其是本地生活领域，消费场景复杂多样、海量商家信息分散，数据和信息未被有效线上化。同时，本地生活平台还需要对履约交付做深入的管理，这是通用AI所欠缺的能力。\n　　王兴表示，基于多年的业务发展，美团掌握了丰富的物理世界信息，并积累了全网最完善的用户真实评价。目前，美团已面向所有用户开放了嵌入美团APP的AI助手“小团”，覆盖了美团本地生活的全品类。用户只需输入服务需求，就可以快速匹配优质商家和商品。\n图：美团的部分AI产品  拍摄：周慧\n　　“我在望京办公，我的朋友在中关村，我们计划一起吃午饭，但只有2个小时的时间，需要找到一家位于中间地段、味道不错、还要方便停车的川菜馆。”王兴举例说，要满足这个常见需求，AI需要掌握地图信息、POI信息，以及餐厅的实时供给信息，否则很难满足用户真正所需。\n　　基于物理世界的海量信息，“小团”可以迅速从全网评价中提炼有价值的信息，并推理出满足用户个性化需求的答案。\n　　王兴表示，未来，模型能力会持续优化，美团也会继续深化 “小团” 在美团 APP 里的融合。“我们希望用新一代AI技术，让美团APP成为用户解决本地生活需求的首选平台。我们会强化AI搜索能力，强化执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。”\n\n\n海量资讯、精准解读，尽在新浪财经APP","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}