<p>中國領先的線上線下服務公司表示，預計 2025 年將報告高達 243 億元人民幣的虧損，這意味着第四季度的虧損約為 157 億元人民幣。</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>關鍵要點：</strong></h4>
<ul>
<li>美團在第四季度虧損超過 20 億美元，儘管這一數字相比其 27 億美元的第三季度虧損有所改善。</li>
<li>中國市場監管機構上週召集美團、阿里巴巴和京東召開會議，試圖遏制它們在新興即時商業領域的過熱競爭。</li>
</ul>
<p>對於美團在第四季度錄得的 157 億元人民幣（約合 23 億美元）虧損，幾乎沒有什麼積極的評價，這一數字大致是美團在第四季度的虧損，基於公司上週五發布的 <strong>盈利預警</strong>。我們唯一能看到的微弱積極之處是，最新的虧損相比第三季度有所改善，當時公司虧損更大，達 186 億元人民幣。</p>
<p>這意味着美團的困境或許已經觸底，因為該公司仍然在中國新興即時商業領域與電商巨頭阿里巴巴和京東展開激烈的市場爭奪。這場戰爭已經持續近一年，自去年春季阿里巴巴和京東幾乎同時進入該領域以來便開始了。</p>
<p>中國市場監管機構多次介入，試圖緩解競爭局面，三家公司在消費者、零售商和餐廳上花費數十億美元的補貼，以促使他們在各自的平台上進行更多交易。去年秋季，一些商家的信號似乎表明阿里巴巴、京東和美團確實在縮減其激烈的競爭方式，這或許解釋了美團在第四季度的微弱改善。</p>
<p>但如果有人認為這場戰爭已經結束，國家市場監管總局（SAMR）上週召集六家主要互聯網公司進行了一輪關於過度競爭的警告，根據多家 <strong>媒體報道</strong>。除了美團、阿里巴巴和京東外，騰訊、百度和抖音（中國版 TikTok）也被召集進行最新的訓誡。</p>
<p>這似乎表明該領域仍然存在激烈的競爭，尚不清楚誰會首先退讓。美團在這場戰爭中最為脆弱，因為即時商業服務是其核心業務之一，而阿里巴巴和京東的主要收入來源是其在線市場。隨着時代的變化，即時商業服務在美團的財報中被稱為 “配送服務”，在去年的第三季度已從最大收入來源滑落至第三大收入來源。</p>
<p>根據上週五發布的盈利預警，美團預計去年全年淨虧損將在 233 億元至 243 億元之間，扭轉了前一年 358 億元的盈利。這代表着在短短一年內約 600 億元的巨大波動，顯示出最新價格戰的激烈程度。</p>
<p>一些數字分析顯示，預計虧損範圍的中點對應於我們之前提到的 157 億元的第四季度虧損，較第三季度的 186 億元虧損有所減輕。儘管去年第二季度公司仍有微薄盈利，利潤為 3.65 億元，同比下降 97%。</p>
<p>價格戰對美團的股價造成了影響，過去 52 周其股價已損失約一半。相比之下，京東的股價也下跌了約 30%，而阿里巴巴的股價在此期間實際上上漲了約 30%。</p>
<h4><strong>‘前所未有’ 的競爭</strong></h4>
<p>美團在解釋其巨大的命運逆轉時非常直接，歸咎於去年的 “前所未有的激烈行業競爭”，這導致其 “戰略性增加” 了在整個生態系統中的投資。美團表示：“這些包括增加市場營銷、促銷、提高快遞員激勵以確保服務質量，以及主動投資資源以幫助商家維持運營效率。”</p>
<p>這種重投入在美團去年的第三季度報告中尤為明顯，當時其市場營銷費用飆升至 343 億元，佔其收入的約 36%，而前一年為 180 億元，佔收入的 19%。這也反映在公司的收入成本上，因商家的激勵計劃同比增長 24%，遠快於其實際收入的 2% 的增長。</p>
<p>美團還將其近期在其 Keeta 外賣品牌下的海外擴張歸咎於此，該品牌在海外面臨來自當地競爭者以及至少一家中國競爭對手 DiDi Global 在巴西的類似競爭。除了去年十月在巴西推出服務外，Keeta 還在沙特阿拉伯、阿聯酋、科威特和卡塔爾等地運營，並在香港等地更近的地方開展業務。這項業務由美團創始人王興親自監督，顯示出公司對該業務的重視。</p>
<p>美團表示，由於持續的競爭，它預計當前季度的虧損將繼續，但試圖通過表示其運營依然 “健康穩定” 來安撫投資者。它還補充説，擁有足夠的現金支持業務發展。儘管有這些安撫的話，美團的股票在週一，即盈利預警後的第一個交易日，仍然繼續下跌，開盤後股價下跌了 2.2%。</p>
<p>美團在中國互聯網公司中在併購方面一直是最有效的公司之一，這也是我們喜歡這家公司的原因之一，並認為它最終會在這場最新的價格戰中變得更強。該公司最初是中國版的 Groupon (GRPN.US)，提供團購優惠，並在 2015 年與中國版 Yelp (YELP.US) 的大眾點評合併時取得了重大進展。它還在 2018 年以 7.17 億美元收購了中國領先的共享單車服務運營商摩拜，成為頭條新聞。這兩項收購都蓬勃發展，並繼續在各自領域中處於領先地位。</p>
<p>美團在兩週前再次成為併購頭條新聞，當時它 宣佈 以 7.17 億美元收購中國領先的在線雜貨商 <strong>叮咚</strong> (DDL.US)。這筆交易代表了中國即時商業領域整合的重要一步，因為在線訂購的雜貨無疑是即時商業中最大的細分市場之一。此外，這項收購將很好地補充美團自己的小象和快旅在線雜貨服務。</p>
<p>但儘管叮咚的退出作為競爭對手將有助於緩解競爭，但與阿里巴巴或京東的情況完全不同，這兩家公司都相當龐大，並且看起來決心在即時商業領域繼續存在。這意味着即時商業的價格戰可能會稍微緩解，但預計在今年的大部分時間裏仍將持續，儘管中國市場監管機構試圖降低競爭的温度。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>

2 倍做多阿里巴巴 ETF - KraneShares

2 倍做多 BABA ETF - GraniteShares

<p>美團，中國領先的線上線下服務公司，預計 2025 年將面臨高達 243 億元的虧損，第四季度虧損約為 157 億元。這比第三季度的 186 億元虧損有所改善。該公司在即時商業領域面臨來自阿里巴巴和京東的激烈競爭，導致其在營銷和促銷上的支出大幅增加。美團的股價在過去一年中縮水了一半，反映了持續的價格戰和運營成本上升的影響</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>中國領先的線上線下服務公司表示，預計 2025 年將報告高達 243 億元人民幣的虧損，這意味着第四季度的虧損約為 157 億元人民幣。</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>關鍵要點：</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>美團在第四季度虧損超過 20 億美元，儘管這一數字相比其 27 億美元的第三季度虧損有所改善。</li>
<li>中國市場監管機構上週召集美團、阿里巴巴和京東召開會議，試圖遏制它們在新興即時商業領域的過熱競爭。</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>對於美團在第四季度錄得的 157 億元人民幣（約合 23 億美元）虧損，幾乎沒有什麼積極的評價，這一數字大致是美團在第四季度的虧損，基於公司上週五發布的 <strong>盈利預警</strong>。我們唯一能看到的微弱積極之處是，最新的虧損相比第三季度有所改善，當時公司虧損更大，達 186 億元人民幣。</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>這意味着美團的困境或許已經觸底，因為該公司仍然在中國新興即時商業領域與電商巨頭阿里巴巴和京東展開激烈的市場爭奪。這場戰爭已經持續近一年，自去年春季阿里巴巴和京東幾乎同時進入該領域以來便開始了。</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>中國市場監管機構多次介入，試圖緩解競爭局面，三家公司在消費者、零售商和餐廳上花費數十億美元的補貼，以促使他們在各自的平台上進行更多交易。去年秋季，一些商家的信號似乎表明阿里巴巴、京東和美團確實在縮減其激烈的競爭方式，這或許解釋了美團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>但如果有人認為這場戰爭已經結束，國家市場監管總局（SAMR）上週召集六家主要互聯網公司進行了一輪關於過度競爭的警告，根據多家 <strong>媒體報道</strong>。除了美團、阿里巴巴和京東外，騰訊、百度和抖音（中國版 TikTok）也被召集進行最新的訓誡。</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>這似乎表明該領域仍然存在激烈的競爭，尚不清楚誰會首先退讓。美團在這場戰爭中最為脆弱，因為即時商業服務是其核心業務之一，而阿里巴巴和京東的主要收入來源是其在線市場。隨着時代的變化，即時商業服務在美團的財報中被稱為 “配送服務”，在去年的第三季度已從最大收入來源滑落至第三大收入來源。</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>根據上週五發布的盈利預警，美團預計去年全年淨虧損將在 233 億元至 243 億元之間，扭轉了前一年 358 億元的盈利。這代表着在短短一年內約 600 億元的巨大波動，顯示出最新價格戰的激烈程度。</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>一些數字分析顯示，預計虧損範圍的中點對應於我們之前提到的 157 億元的第四季度虧損，較第三季度的 186 億元虧損有所減輕。儘管去年第二季度公司仍有微薄盈利，利潤為 3.65 億元，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>價格戰對美團的股價造成了影響，過去 52 周其股價已損失約一半。相比之下，京東的股價也下跌了約 30%，而阿里巴巴的股價在此期間實際上上漲了約 30%。</p>
</div><h4><strong>‘Unprecedented' competition</strong></h4>
<div class="lb-trans"><h4><strong>‘前所未有’ 的競爭</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>美團在解釋其巨大的命運逆轉時非常直接，歸咎於去年的 “前所未有的激烈行業競爭”，這導致其 “戰略性增加” 了在整個生態系統中的投資。美團表示：“這些包括增加市場營銷、促銷、提高快遞員激勵以確保服務質量，以及主動投資資源以幫助商家維持運營效率。”</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>這種重投入在美團去年的第三季度報告中尤為明顯，當時其市場營銷費用飆升至 343 億元，佔其收入的約 36%，而前一年為 180 億元，佔收入的 19%。這也反映在公司的收入成本上，因商家的激勵計劃同比增長 24%，遠快於其實際收入的 2% 的增長。</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>美團還將其近期在其 Keeta 外賣品牌下的海外擴張歸咎於此，該品牌在海外面臨來自當地競爭者以及至少一家中國競爭對手 DiDi Global 在巴西的類似競爭。除了去年十月在巴西推出服務外，Keeta 還在沙特阿拉伯、阿聯酋、科威特和卡塔爾等地運營，並在香港等地更近的地方開展業務。這項業務由美團創始人王興親自監督，顯示出公司對該業務的重視。</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>美團表示，由於持續的競爭，它預計當前季度的虧損將繼續，但試圖通過表示其運營依然 “健康穩定” 來安撫投資者。它還補充説，擁有足夠的現金支持業務發展。儘管有這些安撫的話，美團的股票在週一，即盈利預警後的第一個交易日，仍然繼續下跌，開盤後股價下跌了 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>美團在中國互聯網公司中在併購方面一直是最有效的公司之一，這也是我們喜歡這家公司的原因之一，並認為它最終會在這場最新的價格戰中變得更強。該公司最初是中國版的 Groupon (GRPN.US)，提供團購優惠，並在 2015 年與中國版 Yelp (YELP.US) 的大眾點評合併時取得了重大進展。它還在 2018 年以 7.17 億美元收購了中國領先的共享單車服務運營商摩拜，成為頭條新聞。這兩項收購都蓬勃發展，並繼續在各自領域中處於領先地位。</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>美團在兩週前再次成為併購頭條新聞，當時它 宣佈 以 7.17 億美元收購中國領先的在線雜貨商 <strong>叮咚</strong> (DDL.US)。這筆交易代表了中國即時商業領域整合的重要一步，因為在線訂購的雜貨無疑是即時商業中最大的細分市場之一。此外，這項收購將很好地補充美團自己的小象和快旅在線雜貨服務。</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>但儘管叮咚的退出作為競爭對手將有助於緩解競爭，但與阿里巴巴或京東的情況完全不同，這兩家公司都相當龐大，並且看起來決心在即時商業領域繼續存在。這意味着即時商業的價格戰可能會稍微緩解，但預計在今年的大部分時間裏仍將持續，儘管中國市場監管機構試圖降低競爭的温度。</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 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性編輯。</em></strong></p>
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即時商業戰爭對美團造成了影響