<p>中国领先的线上线下服务公司表示，预计 2025 年将报告高达 243 亿元人民币的亏损，这意味着第四季度的亏损约为 157 亿元人民币。</p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16064321/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_144233_thebambooworks.com_-1024x706.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16064321/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_144233_thebambooworks.com_-1024x706.jpeg"/></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>美团在第四季度亏损超过 20 亿美元，尽管这一数字相比其 27 亿美元的第三季度亏损有所改善。</li>
<li>中国市场监管机构上周召集美团、阿里巴巴和京东召开会议，试图遏制它们在新兴即时商业领域的过热竞争。</li>
</ul>
<p>对于美团在第四季度录得的 157 亿元人民币（约合 23 亿美元）亏损，几乎没有什么积极的评价，这一数字大致是美团在第四季度的亏损，基于公司上周五发布的 <strong>盈利预警</strong>。我们唯一能看到的微弱积极之处是，最新的亏损相比第三季度有所改善，当时公司亏损更大，达 186 亿元人民币。</p>
<p>这意味着美团的困境或许已经触底，因为该公司仍然在中国新兴即时商业领域与电商巨头阿里巴巴和京东展开激烈的市场争夺。这场战争已经持续近一年，自去年春季阿里巴巴和京东几乎同时进入该领域以来便开始了。</p>
<p>中国市场监管机构多次介入，试图缓解竞争局面，三家公司在消费者、零售商和餐厅上花费数十亿美元的补贴，以促使他们在各自的平台上进行更多交易。去年秋季，一些商家的信号似乎表明阿里巴巴、京东和美团确实在缩减其激烈的竞争方式，这或许解释了美团在第四季度的微弱改善。</p>
<p>但如果有人认为这场战争已经结束，国家市场监管总局（SAMR）上周召集六家主要互联网公司进行了一轮关于过度竞争的警告，根据多家 <strong>媒体报道</strong>。除了美团、阿里巴巴和京东外，腾讯、百度和抖音（中国版 TikTok）也被召集进行最新的训诫。</p>
<p>这似乎表明该领域仍然存在激烈的竞争，尚不清楚谁会首先退让。美团在这场战争中最为脆弱，因为即时商业服务是其核心业务之一，而阿里巴巴和京东的主要收入来源是其在线市场。随着时代的变化，即时商业服务在美团的财报中被称为 “配送服务”，在去年的第三季度已从最大收入来源滑落至第三大收入来源。</p>
<p>根据上周五发布的盈利预警，美团预计去年全年净亏损将在 233 亿元至 243 亿元之间，扭转了前一年 358 亿元的盈利。这代表着在短短一年内约 600 亿元的巨大波动，显示出最新价格战的激烈程度。</p>
<p>一些数字分析显示，预计亏损范围的中点对应于我们之前提到的 157 亿元的第四季度亏损，较第三季度的 186 亿元亏损有所减轻。尽管去年第二季度公司仍有微薄盈利，利润为 3.65 亿元，同比下降 97%。</p>
<p>价格战对美团的股价造成了影响，过去 52 周其股价已损失约一半。相比之下，京东的股价也下跌了约 30%，而阿里巴巴的股价在此期间实际上上涨了约 30%。</p>
<h4><strong>‘前所未有’ 的竞争</strong></h4>
<p>美团在解释其巨大的命运逆转时非常直接，归咎于去年的 “前所未有的激烈行业竞争”，这导致其 “战略性增加” 了在整个生态系统中的投资。美团表示：“这些包括增加市场营销、促销、提高快递员激励以确保服务质量，以及主动投资资源以帮助商家维持运营效率。”</p>
<p>这种重投入在美团去年的第三季度报告中尤为明显，当时其市场营销费用飙升至 343 亿元，占其收入的约 36%，而前一年为 180 亿元，占收入的 19%。这也反映在公司的收入成本上，因商家的激励计划同比增长 24%，远快于其实际收入的 2% 的增长。</p>
<p>美团还将其近期在其 Keeta 外卖品牌下的海外扩张归咎于此，该品牌在海外面临来自当地竞争者以及至少一家中国竞争对手 DiDi Global 在巴西的类似竞争。除了去年十月在巴西推出服务外，Keeta 还在沙特阿拉伯、阿联酋、科威特和卡塔尔等地运营，并在香港等地更近的地方开展业务。这项业务由美团创始人王兴亲自监督，显示出公司对该业务的重视。</p>
<p>美团表示，由于持续的竞争，它预计当前季度的亏损将继续，但试图通过表示其运营依然 “健康稳定” 来安抚投资者。它还补充说，拥有足够的现金支持业务发展。尽管有这些安抚的话，美团的股票在周一，即盈利预警后的第一个交易日，仍然继续下跌，开盘后股价下跌了 2.2%。</p>
<p>美团在中国互联网公司中在并购方面一直是最有效的公司之一，这也是我们喜欢这家公司的原因之一，并认为它最终会在这场最新的价格战中变得更强。该公司最初是中国版的 Groupon (GRPN.US)，提供团购优惠，并在 2015 年与中国版 Yelp (YELP.US) 的大众点评合并时取得了重大进展。它还在 2018 年以 7.17 亿美元收购了中国领先的共享单车服务运营商摩拜，成为头条新闻。这两项收购都蓬勃发展，并继续在各自领域中处于领先地位。</p>
<p>美团在两周前再次成为并购头条新闻，当时它 宣布 以 7.17 亿美元收购中国领先的在线杂货商 <strong>叮咚</strong> (DDL.US)。这笔交易代表了中国即时商业领域整合的重要一步，因为在线订购的杂货无疑是即时商业中最大的细分市场之一。此外，这项收购将很好地补充美团自己的小象和快旅在线杂货服务。</p>
<p>但尽管叮咚的退出作为竞争对手将有助于缓解竞争，但与阿里巴巴或京东的情况完全不同，这两家公司都相当庞大，并且看起来决心在即时商业领域继续存在。这意味着即时商业的价格战可能会稍微缓解，但预计在今年的大部分时间里仍将持续，尽管中国市场监管机构试图降低竞争的温度。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>

2 倍做多阿里巴巴 ETF - KraneShares

2 倍做多 BABA ETF - GraniteShares

<p>美团，中国领先的线上线下服务公司，预计 2025 年将面临高达 243 亿元的亏损，第四季度亏损约为 157 亿元。这比第三季度的 186 亿元亏损有所改善。该公司在即时商业领域面临来自阿里巴巴和京东的激烈竞争，导致其在营销和促销上的支出大幅增加。美团的股价在过去一年中缩水了一半，反映了持续的价格战和运营成本上升的影响</p>

<p><em>China's leading online-to-offline services company said it expects to report a loss of up to 24.3 billion yuan for 2025, translating to a fourth-quarter loss of about 15.7 billion yuan</em></p>
<div class="lb-trans"><p>中国领先的线上线下服务公司表示，预计 2025 年将报告高达 243 亿元人民币的亏损，这意味着第四季度的亏损约为 157 亿元人民币。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16064321/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_144233_thebambooworks.com_-1024x706.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/16064321/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_16-2-2026_144233_thebambooworks.com_-1024x706.jpeg"/></p>
<h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Meituan lost more than $2 billion in the fourth quarter, though the figure represented an improvement from its $2.7 billion third-quarter loss</li>
<li>China's market regulator called in Meituan, Alibaba and JD.com for a meeting last week to try and tamp down their overheated competition in the emerging instant commerce field</li>
</ul>
<div class="lb-trans"><ul>
<li>美团在第四季度亏损超过 20 亿美元，尽管这一数字相比其 27 亿美元的第三季度亏损有所改善。</li>
<li>中国市场监管机构上周召集美团、阿里巴巴和京东召开会议，试图遏制它们在新兴即时商业领域的过热竞争。</li>
</ul>
</div><p>There's not much positive you can say about a 15.7 billion yuan ($2.3 billion) loss, which is roughly what online-to-offline (O2O) services leader <strong>Meituan</strong> (OTC: MPNGY) (OTC: MPNGF) (3690.HK) recorded in the fourth quarter, based on a profit warning issued by the company last Friday. The only slight positive we can see is that the latest loss represents a slight improvement over the third quarter, when the company lost an even larger 18.6 billion yuan.</p>
<div class="lb-trans"><p>对于美团在第四季度录得的 157 亿元人民币（约合 23 亿美元）亏损，几乎没有什么积极的评价，这一数字大致是美团在第四季度的亏损，基于公司上周五发布的 <strong>盈利预警</strong>。我们唯一能看到的微弱积极之处是，最新的亏损相比第三季度有所改善，当时公司亏损更大，达 186 亿元人民币。</p>
</div><p>That means perhaps the bad times at Meituan have bottomed out, as the company remains locked in a turf war in China's emerging instant commerce sector with e-commerce juggernauts <strong>Alibaba</strong> (NYSE: BABA) (9988.HK) and <strong>JD.com</strong> (NASDAQ: JD) (9618.HK). That war has lasted nearly a year, kicked off when Alibaba and JD.com both made nearly simultaneous new moves into the space last spring.</p>
<div class="lb-trans"><p>这意味着美团的困境或许已经触底，因为该公司仍然在中国新兴即时商业领域与电商巨头阿里巴巴和京东展开激烈的市场争夺。这场战争已经持续近一年，自去年春季阿里巴巴和京东几乎同时进入该领域以来便开始了。</p>
</div><p>China's market regulator has stepped in repeatedly to try and ease the competition, which has seen all three companies spend billions of dollars on subsidies for both consumers and retailers and restaurants to try and get them to do more business on their platforms. Signals coming from some of those merchants last fall seemed to indicate that Alibaba, JD.com and Meituan were indeed scaling back their cutthroat ways, perhaps explaining the slight improvement on Meituan's bottom line in the fourth quarter.</p>
<div class="lb-trans"><p>中国市场监管机构多次介入，试图缓解竞争局面，三家公司在消费者、零售商和餐厅上花费数十亿美元的补贴，以促使他们在各自的平台上进行更多交易。去年秋季，一些商家的信号似乎表明阿里巴巴、京东和美团确实在缩减其激烈的竞争方式，这或许解释了美团在第四季度的微弱改善。</p>
</div><p>But lest anyone think the war has ended, the State Administration for Market Regulation (SAMR) called in six major internet companies just last week for yet another round of knuckle-rapping over excessive competition, according to numerous media reports. In addition to Meituan, Alibaba and JD.com, others called in for the latest dressing-down included Tencent, Baidu and Douyin, the Chinese version of TikTok.</p>
<div class="lb-trans"><p>但如果有人认为这场战争已经结束，国家市场监管总局（SAMR）上周召集六家主要互联网公司进行了一轮关于过度竞争的警告，根据多家 <strong>媒体报道</strong>。除了美团、阿里巴巴和京东外，腾讯、百度和抖音（中国版 TikTok）也被召集进行最新的训诫。</p>
</div><p>That seems to show there's still plenty of competition occurring in this space, and it's unclear who will back down first. Meituan is the most vulnerable in this war since the instant commerce services at the heart of the battle are one of its core businesses, unlike Alibaba and JD.com, whose main revenue source is their online marketplaces. In a sign of the times, instant commerce services, called &#34;delivery services&#34; in Meituan's financial reports, slipped from its biggest revenue source to the third biggest in last year's third quarter.</p>
<div class="lb-trans"><p>这似乎表明该领域仍然存在激烈的竞争，尚不清楚谁会首先退让。美团在这场战争中最为脆弱，因为即时商业服务是其核心业务之一，而阿里巴巴和京东的主要收入来源是其在线市场。随着时代的变化，即时商业服务在美团的财报中被称为 “配送服务”，在去年的第三季度已从最大收入来源滑落至第三大收入来源。</p>
</div><p>According to its profit warning, issued on Friday, Meituan expects to report a net loss of between 23.3 billion yuan and 24.3 billion yuan for all of last year, reversing a 35.8 billion yuan profit a year earlier. That represents a remarkable swing of about 60 billion yuan, or around $8.6 billion, in just the space of a year, showing just how intense the latest price war has been.</p>
<div class="lb-trans"><p>根据上周五发布的盈利预警，美团预计去年全年净亏损将在 233 亿元至 243 亿元之间，扭转了前一年 358 亿元的盈利。这代表着在短短一年内约 600 亿元的巨大波动，显示出最新价格战的激烈程度。</p>
</div><p>Some number crunching shows that the midpoint of the forecast loss range translates to the 15.7 billion fourth-quarter loss we previously mentioned, easing from the even bigger 18.6 billion loss in the third quarter. The company was still profitable in last year's second quarter, though barely, with a 365 million yuan profit for that period, down 97% year-on-year.</p>
<div class="lb-trans"><p>一些数字分析显示，预计亏损范围的中点对应于我们之前提到的 157 亿元的第四季度亏损，较第三季度的 186 亿元亏损有所减轻。尽管去年第二季度公司仍有微薄盈利，利润为 3.65 亿元，同比下降 97%。</p>
</div><p>The price war has taken a toll on Meituan's stock, which has lost about half of its value over the last 52 weeks. By comparison, JD.com's stock is also down about 30%, though Alibaba's shares are actually up about 30% over that time.</p>
<div class="lb-trans"><p>价格战对美团的股价造成了影响，过去 52 周其股价已损失约一半。相比之下，京东的股价也下跌了约 30%，而阿里巴巴的股价在此期间实际上上涨了约 30%。</p>
</div><h4><strong>‘Unprecedented' competition</strong></h4>
<div class="lb-trans"><h4><strong>‘前所未有’ 的竞争</strong></h4>
</div><p>Meituan was quite direct in explaining its huge reversal of fortune, blaming &#34;unprecedentedly intense industry competition&#34; last year, which led it to &#34;strategically increase&#34; its investments across its entire ecosystem. &#34;Those included increased marketing, promotions, increased courier incentives to ensure service quality, and proactive investment in resources for merchants to help them maintain their operational efficiency,&#34; Meituan said.</p>
<div class="lb-trans"><p>美团在解释其巨大的命运逆转时非常直接，归咎于去年的 “前所未有的激烈行业竞争”，这导致其 “战略性增加” 了在整个生态系统中的投资。美团表示：“这些包括增加市场营销、促销、提高快递员激励以确保服务质量，以及主动投资资源以帮助商家维持运营效率。”</p>
</div><p>The heavy spending was quite prominent in Meituan's third-quarter report last year, when its marketing expenses rocketed to 34.3 billion yuan, or about 36% of its revenue, from 18 billion yuan, or 19% of revenue, a year earlier. It was also reflected in the company's cost of revenue, which jumped 24% year-on-year on incentive programs for merchants, far faster than the 2% growth for its actual revenue.</p>
<div class="lb-trans"><p>这种重投入在美团去年的第三季度报告中尤为明显，当时其市场营销费用飙升至 343 亿元，占其收入的约 36%，而前一年为 180 亿元，占收入的 19%。这也反映在公司的收入成本上，因商家的激励计划同比增长 24%，远快于其实际收入的 2% 的增长。</p>
</div><p>Meituan also blamed its recent overseas expansion under its Keeta takeout delivery brand, which is running into similar competition overseas from local players as well as at least one Chinese rival, DiDi Global, in Brazil. In addition to Brazil, where it launched service last October, Keeta also operates in Saudi Arabia, the UAE, Kuwait and Qatar, as well as closer to home in Hong Kong. That operation is being personally overseen by Meituan founder Wang Xing, showing how serious the company is about the business.</p>
<div class="lb-trans"><p>美团还将其近期在其 Keeta 外卖品牌下的海外扩张归咎于此，该品牌在海外面临来自当地竞争者以及至少一家中国竞争对手 DiDi Global 在巴西的类似竞争。除了去年十月在巴西推出服务外，Keeta 还在沙特阿拉伯、阿联酋、科威特和卡塔尔等地运营，并在香港等地更近的地方开展业务。这项业务由美团创始人王兴亲自监督，显示出公司对该业务的重视。</p>
</div><p>Meituan said it expects its losses to continue into the current quarter due to ongoing competition, but tried to reassure investors by saying its operations remain &#34;sound and stable.&#34; It added it also has sufficient cash to support its business development. Despite those reassuring words, Meituan's stock still continued to sag on Monday, the first trading day after the profit warning, with the shares down 2.2% shortly after the market opened.</p>
<div class="lb-trans"><p>美团表示，由于持续的竞争，它预计当前季度的亏损将继续，但试图通过表示其运营依然 “健康稳定” 来安抚投资者。它还补充说，拥有足够的现金支持业务发展。尽管有这些安抚的话，美团的股票在周一，即盈利预警后的第一个交易日，仍然继续下跌，开盘后股价下跌了 2.2%。</p>
</div><p>Meituan has been one of the most effective of China's internet companies when it comes to M&amp;A, which is one reason why we like this company and think it will ultimately emerge stronger from this latest price war. The company started out as a Chinese version of Groupon (GRPN.US), offering group buying bargains, and scored a major advance when it merged with Dianping, China's version of Yelp (YELP.US), in 2015. It also made headlines in 2018 with its purchase of Mobike, one of China's leading operators of a popular shared bicycle service. Both of those acquisitions have thrived and continue to be leaders in their spaces.</p>
<div class="lb-trans"><p>美团在中国互联网公司中在并购方面一直是最有效的公司之一，这也是我们喜欢这家公司的原因之一，并认为它最终会在这场最新的价格战中变得更强。该公司最初是中国版的 Groupon (GRPN.US)，提供团购优惠，并在 2015 年与中国版 Yelp (YELP.US) 的大众点评合并时取得了重大进展。它还在 2018 年以 7.17 亿美元收购了中国领先的共享单车服务运营商摩拜，成为头条新闻。这两项收购都蓬勃发展，并继续在各自领域中处于领先地位。</p>
</div><p>Meituan was back in the M&amp;A headlines two weeks ago when it announced a deal to buy <strong>Dingdong</strong> (DDL.US), China's leading online grocer, for $717 million. That deal represented an important step in the consolidation of China's instant commerce sector, since groceries ordered online are arguably one of the biggest segments of instant commerce. What's more, the acquisition will nicely complement Meituan's own Xiaoxiang and Kuailv online grocery services.</p>
<div class="lb-trans"><p>美团在两周前再次成为并购头条新闻，当时它 宣布 以 7.17 亿美元收购中国领先的在线杂货商 <strong>叮咚</strong> (DDL.US)。这笔交易代表了中国即时商业领域整合的重要一步，因为在线订购的杂货无疑是即时商业中最大的细分市场之一。此外，这项收购将很好地补充美团自己的小象和快旅在线杂货服务。</p>
</div><p>But while the departure of Dingdong as a rival will help to ease competition somewhat, there's no possibility of anything similar happening with Alibaba or JD.com, which are both quite large and look determined to stay in the instant commerce sector for the time being. That means the instant commerce price war may ease slightly, but is likely to continue for most of this year, despite the attempts by China's market regulator to turn down the temperature.</p>
<div class="lb-trans"><p>但尽管叮咚的退出作为竞争对手将有助于缓解竞争，但与阿里巴巴或京东的情况完全不同，这两家公司都相当庞大，并且看起来决心在即时商业领域继续存在。这意味着即时商业的价格战可能会稍微缓解，但预计在今年的大部分时间里仍将持续，尽管中国市场监管机构试图降低竞争的温度。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性编辑。</em></strong></p>
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即时商业战争对美团造成了影响