wen | yinxingcaijing puzixu

liushuidecanyin，tiedademeituan。

2024nianq3，meituanchuanyuexingyezhouqi，zengshouyouyingli：gaijidu，gongsiyingshoutongbizengzhang22.4%，dadao936yi，jinglirun128.65yi，tongbizengzhang258％。

wangpuzhongzhizhangxiadehexinyewubaozhulezengzhang，wachugengduo“jinkuang”，xinyewuyounengdafushouzhaikuisun，juyingliyibuzhiyao。

cishidemeituannengzhuandaqian、chixuzhuanqian，huoxuzhengyongxingdongbiaoming，guoquyiniandediaozhengyijingdaowei，zibenshichangdebeiguandigu，yejianggaoyiduanluo。

降本增效，美团抠出更多利润

2024nianq3，meituanchaoyuqideyingshouzengsuyudafuyingli，shiliangdaguanjianci。

dangzhonggaiguxiangjijinru“pingyong”zhongnianhou，zhagenzaijiaoweipiruanxiaofeihuanjingxiademeituan，sanjiduyingshou936yi，hainengbaochitongbi20%yishangdezengsu，wuyilingshichangjingtan。

jutilaikan，baohanwaimai、jiulv、shangoudehexinbendishangyesanjiduyingshou693.7yi，tongbizengzhang20%，xinyewuyingshou242yi，tongbizengzhang29%。

chulehexinyewujingyinglirunpansheng、gongxianlegengdaguimodelirun，jiashangxinyewukuisundafushouzhaiwai，sanjidu，meituanyingyechengbendejiangdi、jingyingxiaolvgaishan，zhengrangmeituanzaiyinglibiaoxianshang，youlegengduotengnuodekongjian。

yizhiyilai，meituanjiaoweiyanmidezuzhijianshe，shiqizaiduinei、duiwaidechengbenguankongshang，zhanxianleduiyingdeyoushi。

biru，zaikongzhichengbenshang，sanjidumeituanyingshouchengbentongbizengzhang14.8%dadao568yi，chengbenfeilvzecong64.7%tongbijianshao4gebaifendianda60.7%。keyikanchu，meituandechengbenzengsudiyuyingshouzengsu，chengbenkongzhiyizhizaixian。zhidezhuyideshi，2024nianq3meituan“sanfei”zongji260.43yi，2023niantongqiwei247.58yi，sanjidujintongbizengzhang5%，dadadiyuyingshouzengsu。

qizhong，meituanq3xiaoshoujiyingxiao、yanfakaizhi、yibanjixingzhengfeiyongfenbiewei180yi、53yi、28yi，tongbibianhuafenbiewei+6.2%、-0.5%、+10.2%，zongshouruzhanbifenbiewei19.2%、5.7%、3%。

suiranmeituanyanfakaizhizaijianshao，buguomeituan“sanfei”zengsu，junyuanyuandiyuyingshouzengsude20%，chuzaiyigejiankangkekongqujian，jiangbenzengxiao，yekouchulegengduolirun。

buguo，2024nianq2daoq3，meituan“sanfei”zhongyanfakaizhi、yibanjixingzhengfeiyonghuanbijibenbubianwai，keqixiaoshouyijiyingxiaofeiyongzecong148yihuanbizengzhang21%dadao180yi，zongshouruzhanbicong18%shangshengdao19.2%。

yingxiaofeiyongdezongliang、zengsuzhongxintisheng，meituandetuiguangheguanggaokaizhizaizengjia。zheihuoxuyeyiweizhe，2024nianqiansanjidu，meituanyudouyinbendishenghuodezhanhuobingweiwanquanxiaotui。youqizaisanjidu，meituanweilehuokehezhongxincijizengzhang，wuyizhongxinjiadale“sabi”huanzengzhangdeyingxiaoliedu。

2023niandouyinhemeituanzaibendishenghuozhanchangduanbingxiangjie，zaijiashangkuaishou、alidengpingtaiyezaijiasubujubendishenghuoyewu，zheirangchuyubeidongfangyudemeituan，budebulashengyingxiaokaizhi：guoquyinian，meituanjihunachule20%deshourukaidayingxiaozhan，quannianxiaoshoujiyingxiaokaizhigaoda586yi，tongbidazeng47.5%。

daole2024shangbannian，suizheqitapingtaigengjiaguanzhushangyehuahehuibaolv，yijimeituanqianwanqishoudajungoujiandepeisongwangluo，juyoujiaoqianghuchenghe，suoyi，meituanshangbanniandajuyingxiaodeshitouzhujianfanghuan：2024shangbannian，meituandexiaoshoujiyingxiaokaizhiwei287yiyuan，tongbizengzhangyue14.8%，zheiyishuzixiangbi2023nianxiabannian，huanbixiajiang14.6%。

kezhidezhuyideshi，suizhemeituanzhujianjiezhideyingxiaofeiyongzaisanjiduzhongxinfandan，yekeyikanchu，meituanmianduijiliejingzheng，kaishizhuanshouweigong，zhongxinkuodayingxiaozhichu，yiliuzhugengduoxiaofeizhe，bendishenghuozhanzhengxiaoyanweitui。

净利凶猛，美团挖出新深度？

2024niansanjidu，meituanjinglirun128.65yi，tongbizengzhang258％。

bingqie，meituanq3jingyingliruntongbizengzhang307.5%，dadao137yi，qijingyinglirunlvtongbitishengchao10gebaifendian，dadao14.6%。

meituanzhuanqianguimohexiaolv，chixushuaxinshichangrenzhi。

zheilibukaiwangpuzhongzhizhangxiadehexinyewu，duilirundejinyibushenwa：sanjidu，meituanhexinbendishangyeyingshou694yi，tongbizengzhang20.2%，zongshouruzhanbichao7cheng。qijingyinglirun146yi，tongbizengzhang44.4%，jingyinglirunlvtongbitisheng3.5gebaifendianzhi21.0%，chengweimeituankuodayinglidezhuyaoyuanyin。

qizhong，meituanq3peisongfuwushouruwei277.84yi，q2peisongshouruwei230.21yi，huanbizengzhang20.68%。gaibuyewuzengzhang，meituanguiyinyujishipeisongjiaoyibishuzengjia，yijishouruzhongkouchudebutiejianshao。

jinguanjinniansanjidumeituanyiwaimaiyewuweizhudepeisongfuwushouruzhonghuojiuweizengzhang，buguolazhangshijianxian，2023nianq1dao2024nianq3，gaibuyingshoufenbiewei169.1yi、203.7yi、229.8yi、219.3yi、210.7yi、230.2yi、277.8yi，guimotiliangshangyijingmeiyougenbenxingtupo，yewuzengfuyouxiepiruan。

kaolvdao，meituansanjiducaibaozhipilulejishilingshouzongdanliang71yibi，tongbizengzhang14.5%，waimaiheshangouderijundanliangbingweigongbu，nanyijisuanmeituanwaimaijingzhundekedanjia。

kezhidewanweideshi，2024nianq3meituandingdanliangzengsuwei14.5%，bujimeituanpeisuyewuzengsude20%，2024nianerjidumeituanjishipeisongdanliangtongbizengsu14.2%gaoguopeisongfuwuyewuzengsu13%，zheiyeyiweizhe：2024niansanjidu，meituanpeisongdekedanjiazhongxinshangsheng。

ruoyi2024nianq3meituanpeisongzongshouru277.84yi，jiaoweilongtongdiyutongqijishipeisongjiaoyide71yibixiangchu，neime，2024nianq3meituanpeisongjunjiawei3.91yuan，yujinnianq2de3.73yuanxiangbiqudeletisheng，yigaixianqiankedanjiaxiahuadequshi。

zheihuoyu2024niansanjidu，meituanduipinhaofanbutiejianshaoxiangguan。

meituanjinxienianweilehuanjiewaimaizengzhangchihuandejiaolv，zi2020nianshidian“pinhaofan”hou，caiyongletuangoupindanmoshi，tigongduozai15yuanyixiadedijiacanpin，jiashangmianpeisongfei，yituyidijiayoushi，dakaijumian。pinhaofanyeduocishoudaowangxingdekending。

yibanlaishuo，xiangjiaomeituanwaimaizhuzhanguizeduo，caipinweici、yunyingzhishang，juanqienanzuo，beimeituanjinnianlituidepinhaofanduizhongxiaoshangjialaishuo，menjiandi，yunyingguizejiandan，jiangjiajiunengtigaoxiaoliang，bingqiexindianruzhuyubaopindounengnadaopingtaibutie，fanerxiyinlebushaoshangjiaruzhu。

buguo，2024xiabannian，meituanpinhaofanbaopinbutiecelvechuxianlediaozheng：juxiangguanbaodao，meituanbaopinbutieyiducong6kuaiduojiangdao4kuaiduo，zaijiashangxiabannianlai，gexiangshicaijiagedafushangzhangdiejiabutiexiajiang，bushaoshangjiadelirunxiahua，bingqiebufendiqukaitonglepinhaofantuiguangfuwu，shangjiaxuyaohuaqianmailiuliang，cainenghuodegengduopuguang。2024nianq1，meituanshoucipilupinhaofanridingdanliangwei500wandan，2024nianq2pinhaofanridingdanliangtupo800wandan。gongkaishujuxianshi，pinhaofanxiyinlechaoguo1.2yiyonghu，zheiyishuliangjiejinmeituanwaimaizhengtiyonghudesifenzhiyi。kezhidezhuyideshi，2024nianq3，meituanduipinhaofanshujubuzaipilu。

2024nian9yuedecanyinchanyedahui，wangpuzhongcengbiaoshi，meituanyijingdaole“zuidadeguaidian”，“meituandezengliangyijinghenshao，chengzhenrenkoudao8yizhihouzhangbudongle，meiyoushenmexinyonghu。”

erjiehecicicaibaolaikan，meituanduiyidijiahuanzengzhangdepinhaofansihuyoulexinxiangfa，xiangyaozaizheikuaiyewubenjiuqingbodelirunshang，wachugengduokeneng。　　

chulezhengtikedanjiazhongxinzougaodemeituanpeisongfuwuwai，sanjidumeituanhexinyewuyinglidafuganshan，yelibukaiyongjinheyiguanggaoweizhudezaixianyingxiaoyewudechixuzougao。

yizhiyilai，duishangjiajiaoweiwendingbingchixuzengzhangdechoucheng，shimeituanzhenzhengdexianjinniu。sanjidu，hangaidaojia、daodiandemeituanyongjinshouruwei260.8yi，huanbizengjia17.96%，tongbizengzhang24.24%。

bingqie，deyiyuchuantongxiaofeiwangjidedaolai，jiashangmeituandaodianjiulvyewudingdanliangtongbizengzhang50%yishang，yetigaolemeituanchouyongdeshouhuofanwei。

guoquyinianlai，meituandeyongjinshouruyizhibaochilejiaoweigaosuqiechixudezengzhang，cong2023nianq1dao2024q3，qidanjishourufenbiewei158.2yi、184yi、209.9yi、194.3yi、200.3yi、221.9yi，tongbizengzhangfenbiewei32.4%、47.5%、30.5% 、32.7%、26.7%、20.1%、24.24%。

ciwai，meituanhexinyewuzhonglingyixiangzhongdianyinglixiangmu，jizaixianyingxiaofuwu（jishangjiazaimeituandaguanggao、mailiuliang）sanjidushouru134.2yi，huanbizengjia9.4%，tongbizengzhang18.1%。suirangaibushouruzengsuxiangjiaojinnianq1、q2zengsuyousuofanghuan，kecong2023nianzhijin，gaibumeijipingjunrengnengweimeituangongxianchaobaiyishouru。

zhengyinruci，2024niansanjidumeituanhexinyewujinengbaochi20%degaoduzengzhang，younengyouchao44%dejingyinglirunzengzhang，zaicizhengming，meituanduijibenpanlirunwajuedesuduheshendu，youyicidadaoxingao。

大刀阔斧，新业务盈利一步之遥？

2023nianbao，meituanduipaodeman、yizhikuidexinyewu，jinxingleshenkefansheng：

1.guimozengzhangdiyuyuqi，daozhinanyidafujiangdijianjunlvyuechengben。

2.jiliedejingzhengshidetigaoshangpinjiajialvhejiangdibutiedenandujiada。2024nian，jiangjinxingzhanlvediaozheng，gaishanshangyemoshi，mubiaoshidafujianshaojingyingkuisun。guoquhenzhangshijian，meituanxinyewukuisunjibenchenglelaodanandewenti，jiashanghexinyewuzengshoubuzengli、waimaiyewuzhujianbaohe，yerangmeituanzai2023nian，yinfaleshichangbushaozhiyi。

kedaole2024nianq3，yishangwentijibendouyouleyigemingquededaan。

2024niandisanjidu，meituanxinyewutongbizengzhang28.9%da242yiyuan，jingyingkuisuntongbishouzhai79.9%，dadao10yi，jingyingkuisunlvjinwei4.2%。

shenzhi，youyuxiaolvdetisheng，sanjiduchulemeituanyouxuanwaideqitaxinyewu，yijingshixianyingli。

zaiqudelechaoyuezhengtiyingshouzengsudetongshi，meituanxinyewujiankuidafujianshao，zheiyeweimeituanlirunzhengqudaolexiangdangdadekongjian。cong2023nianq1dao2024nianq3，meituanxinyewujingyingkuisuntongbijiangfu，fenbiewei40.5%、23.5%、24.5%、24.1%、45.2%、74.7%、79.9%。

keruguobuquwannongtongbizengzhangdeshuziyouxi，neime，meituandexinyewuzai2023meijidujingyingkuisun，douzaijiejieshishide50yishangxia，zheshirangshichangyouxieshangbuqi。bingqie，xianqianwugecainian，xinyewukuisunshimeituanyejidezhuyaotuolei，leijikuidiaochaoqianyi。

raner，2023niancaibaofabu“zuijizhao”hou，meituanzaixinyewushangkaishidongqile“zhendaozi”。

shishishang，jinglileyinianduomanzhangmijideneibudiaozheng，meituanzaizheichangbiangezhongdeguanjianrenwu，zhujianfuchushuimian。chulehexinyewuyouwangpuzhongfuzewai，daolejinnian8yue23ri，meituandekuailv、xiaoxiangchaoshi、youxuanyewuhebingwei“shizalingshou”，youguowanhuaifuze，bingzhijiexiangwangxinghuibao。

yeshizaiguoquyinian，meituanjinxingleshenruzhanlvediaozheng，yidafujianshaojingyingkuisunweimubiao。buguanshihebinghuoguanbibufencangku、caicherongyugangwei、tigaorenxiaodeng，haishijiangdicangchuchengben、tigaoyouxuanshangpindingjia、jianshaodijiayinliushangpin、jiangdibutiedengfangshi，meituanyouxuandejiangbenzengxiaoshoudaolexiangdangdadehuibao。

2023niandisijidu，yejiushimeituancaibaogongkai“rencuo”hou，meituanxinyewudezengzhangjianjianzouchulenitang，jinyonglebannianshijian，jiucong2023niansijidu11.5%detongbizengfu，xunsuzengzhangdaole2024niansanjidude28.9% ，xinyewudeyingshouyecong186yizengzhangdaole242yi。

bingqie，2024qiansanjidu，meituanxinyewudejingyingkuisunyijingruijiandao51yi。

congzheidianshangkan，nenggoucongjingzhengduishoudemijiweijiaozhongzhuanshouweigong，bingqie，suizhe2024nianxiaofeizhujianhuinuan，dafutigaoxiaolv、shenwalirun、jianshaokuisundemeituan，tangzhuan，huoxubuzaishiyaobukejidemubiao。