英文美团（3690 HK，增持） -业绩超预期，关注点转向管理层评论

Specialist SalesAPAC Specialist Sales26 May 2025JPMORGANMeituan(3690 HK, OW) - BEAT, focus shifts to mgmt commentary Lisa Otani+852 2800 8871lisa.otani@jpmorgan.comMeituan’s 1Q25 results beat vs Cons & JPMe - across both segments: Core Local Commerce & New Initiatives. That said, mgmt commentary on competition, margin outlook and international expansion will be more important for investor sentiment (key aspects not discussed in the print itself) and share price implications tomorrow. 1Q25 overall revenue was a slight beat at Rmb 86.6bn (vs cons Rmb 85.4bn/JPMe 85.5bn) but adj. NP comes in 13% higher than cons at Rmb 10.95bn (vs JPMe 9.5bn, Cons 9.7bn). The most watched Core local commerce revenue (Food Delivery, Insta-Shopping, In-store) is +18% YoY to Rmb 64.3bn vs JPMe 63.9bn, OP is +39% YoY to Rmb 13.5bn vs JPMe Rmb 12bn. OPM saw a 3.2%pt improvement to 21%. New Initiatives Rev/OP also beat vs JPMe at Rmb 22.2bn (+19% y/y) vs JPMe Rmb 21.6bn and OP -2.3bn loss vs JPMe -2.4bn loss. J