美团亏186亿，却敢说这是“最差一季”？_老虎社区_美港股上老虎 - 老虎社区

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美团亏186亿，却敢说这是“最差一季”？

SG Visual Research 图解研报
2025-12-22

$美团-W(03690)$

三季度美团核心本地商业由盈转亏，单季亏掉141亿。这不是业务崩了，是阿里京东砸钱抢市场，它只能硬扛——销售费用翻倍，换来的却是收入下滑，“战损比”难看至极。

但管理层放话：三季度就是补贴顶点。接下来要收缩低价订单，死守30元以上高价值用户，保住70%的优质份额。

更关键的是，账上现金加理财已冲到1412亿，够烧7个季度。它赌的不是明天盈利，而是对手先撑不住。

现在市场给它负PE，情绪冰点。可只要现金不断，这场仗它就有资格打到最后。

（一图详见主图👆）

一图读懂研报

# 港股期权市场活跃，美团认购合约成交领先，恒生指数及科技股显著上涨

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