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不高兴的小欣

不高兴的小欣

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不高兴的小欣

06-05

$美团-W(03690)$ 还敢开股东大会？不怕被扔鸡蛋？

不高兴的小欣

05-29

你月薪5万，给你转岗到月薪3千元的。你不干可以走不裁员。

主播说丨刘强东最新内部讲话曝光：被机器取代的一线员工一个都不开除

不高兴的小欣

05-26

$小米集团-W(01810)$ 问人家总统买不买车，人家直接说买不起.....这销售是智障吧…… 当场送一辆不就完了。一辆车几十万.....雷军暴怒

不高兴的小欣

05-26

什么时候剔除美团

AI大模型双雄纳入恒科指数，恒生科技ETF易方达（513010）配置价值显现

不高兴的小欣

05-26

$美团-W(03690)$ 裁员潮，基本面崩溃了

不高兴的小欣

05-21

就是三年内无法盈利，三年后美团都没了

毛一年：美团无人机最终目标是可持续的规模化盈利

不高兴的小欣

05-19

$美团-W(03690)$ 已经完了

不高兴的小欣

05-14

$美团-W(03690)$ 已经垮了

不高兴的小欣

04-17

对阿里来说毛毛雨

不高兴的小欣

04-09

$美团-W(03690)$ 爱国第一股

不高兴的小欣

03-31

社区买菜也是......

美团CEO王兴：AI是本地生活服务的战略机遇

不高兴的小欣

03-27

不找找自己的问题

美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！

不高兴的小欣

03-27

不急于成为token工厂就是没钱的意思，成不了

美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望

不高兴的小欣

03-23

$快手-W(01024)$ 就算是坨屎也该反弹了

不高兴的小欣

03-23

幼稚，说句实话，只要不影响税收谁管呢

不高兴的小欣

03-20

散户别跑

华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发

不高兴的小欣

03-18

$小米集团-W(01810)$ 指引1季度，营收会增长，利润会下滑，硬件普遍上涨

不高兴的小欣

03-17

垃圾文章

黄仁勋和马云都在抢，看清Token背后的商业模式

不高兴的小欣

03-13

$美团-W(03690)$ 王兴的讲话只能证明他还没跑路

不高兴的小欣

03-12

$哔哩哔哩-W(09626)$ 老乡别跑？掩护领导套现1亿..

去老虎APP查看更多动态

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href=http://finance.eastmoney.com/a/202605293754026828.html><strong>海报新闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>刘强东最新内部讲话曝光。面对新技术冲击，他说：必须想尽一切办法保住数十万员工的饭碗。京东启动“涅槃项目”，在全国建80多个机器人基地，培训蓝领工人学维修保养等新技能。他强调：被机器取代的一线员工，一个都不开除。目标是“20年后，京东仍是中国员工最多的企业”。这年头，能如此直面技术变革又“死磕”员工饭碗的老板，真不多了。（海报新闻综合红星新闻）（文章来源：海报新闻）</p>\n\n<a href=\"http://finance.eastmoney.com/a/202605293754026828.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1688375341.USD":"贝莱德中国灵活股票基金","BK4524":"宅经济概念","SG9999002463.SGD":"LionGlobal China Growth SGD","IE0008368742.USD":"首域中国增长基金I Acc","JD":"京东","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","09618":"京东集团-SW","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","BK4531":"中概回港概念","BK4526":"热门中概股","BK4220":"综合零售","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 问人家总统买不买车，人家直接说买不起.....这销售是智障吧…… 当场送一辆不就完了。一辆车几十万.....雷军暴怒","listText":"<a href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a><v-v data-views=\"0\"></v-v> 问人家总统买不买车，人家直接说买不起.....这销售是智障吧…… 当场送一辆不就完了。一辆车几十万.....雷军暴怒","text":"$小米集团-W(01810)$ 问人家总统买不买车，人家直接说买不起.....这销售是智障吧…… 当场送一辆不就完了。一辆车几十万.....雷军暴怒","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/568316048062008","isVote":1,"tweetType":1,"viewCount":3343,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":568365992923984,"gmtCreate":1779782449642,"gmtModify":1779783451720,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"什么时候剔除美团","listText":"什么时候剔除美团","text":"什么时候剔除美团","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/568365992923984","repostId":"2638598757","repostType":2,"repost":{"id":"2638598757","kind":"highlight","pubTimestamp":1779773170,"share":"https://www.laohu8.com/m/news/2638598757?lang=zh_CN&edition=full","pubTime":"2026-05-26 13:26","market":"fut","language":"zh","title":"AI大模型双雄纳入恒科指数，恒生科技ETF易方达（513010）配置价值显现","url":"https://stock-news.laohu8.com/highlight/detail?id=2638598757","media":"中金财经","summary":"截至午间收盘，恒生科技指数上涨2.3%，成份股中，联想集团上涨17.8%，华虹半导体上涨11.0%。消息面上，上周五恒生指数公司公布2026年一季度指数季度检讨结果。据公告，恒生科技指数成份股数目维持30只，纳入MiniMax-W、智谱，并剔除金蝶国际、金山软件。这是恒生科技指数自2020年推出以来，首次纳入纯AI大模型原生龙头。恒生科技ETF易方达紧密跟踪恒生科技指数，为投资者布局港股AI硬科技赛道提供便捷工具。","content":"<html><body><p>　　截至午间收盘，恒生科技指数上涨2.3%，成份股中，<a href=\"https://laohu8.com/S/00992\">联想集团</a>上涨17.8%，<a href=\"https://laohu8.com/S/01347\">华虹半导体</a>上涨11.0%。消息面上，上周五恒生指数公司公布2026年一季度指数季度检讨结果。据公告，恒生科技指数成份股数目维持30只，纳入MiniMax-W、<a href=\"https://laohu8.com/S/02513\">智谱</a>，并剔除<a href=\"https://laohu8.com/S/00268\">金蝶国际</a>、<a href=\"https://laohu8.com/S/KSFTF\">金山软件</a>。这是恒生科技指数自2020年推出以来，首次纳入纯AI大模型原生龙头。智谱孵化自清华大学，GLM系列模型稳居全球第一梯队，被视为“全球大模型第一股”；MiniMax为全模态自研龙头，C端应用全球化布局，海外用户超2亿。业内认为，此次调整凸显<a href=\"https://laohu8.com/S/00388\">港交所</a>对硬科技企业的包容，标志着指数从“互联网+软件”向“AI原生”的结构性升级。<a href=\"https://laohu8.com/S/03032\">恒生科技ETF</a>易方达(513010，联接A/C：013308/013309)紧密跟踪恒生科技指数，为投资者布局港股AI硬科技赛道提供便捷工具。 </p></body></html>","source":"zhongjincaijing_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI大模型双雄纳入恒科指数，恒生科技ETF易方达（513010）配置价值显现</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAI大模型双雄纳入恒科指数，恒生科技ETF易方达（513010）配置价值显现\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-26 13:26 北京时间&nbsp;&nbsp;&nbsp;<a href=http://sc.stock.cnfol.com/gushiyaowen/20260526/32254269.shtml><strong>中金财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>截至午间收盘，恒生科技指数上涨2.3%，成份股中，联想集团上涨17.8%，华虹半导体上涨11.0%。消息面上，上周五恒生指数公司公布2026年一季度指数季度检讨结果。据公告，恒生科技指数成份股数目维持30只，纳入MiniMax-W、智谱，并剔除金蝶国际、金山软件。这是恒生科技指数自2020年推出以来，首次纳入纯AI大模型原生龙头。智谱孵化自清华大学，GLM系列模型稳居全球第一梯队，被视为“全球大...</p>\n\n<a href=\"http://sc.stock.cnfol.com/gushiyaowen/20260526/32254269.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"80992":"联想集团-R","513010":"恒生科技ETF易方达","03417":"AGX恒科备兑","LU0791591158.USD":"ALLSPRING  EMERGING MARKTES EQUITY INCOME \"I\" (USD) ACC","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","HSTECH":"恒生科技指数","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LNVGY":"联想集团ADR","00992":"联想集团","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","02837":"GX恒生科技","LU0572940350.SGD":"Janus Henderson Horizon Asian Dividend Income A3 SGD","LU1046422090.SGD":"Fidelity Pacific A-SGD","03067":"安硕恒生科技","BK1193":"电脑硬件、储存设备及电脑周边","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) 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(USD)"},"source_url":"http://sc.stock.cnfol.com/gushiyaowen/20260526/32254269.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2638598757","content_text":"截至午间收盘，恒生科技指数上涨2.3%，成份股中，联想集团上涨17.8%，华虹半导体上涨11.0%。消息面上，上周五恒生指数公司公布2026年一季度指数季度检讨结果。据公告，恒生科技指数成份股数目维持30只，纳入MiniMax-W、智谱，并剔除金蝶国际、金山软件。这是恒生科技指数自2020年推出以来，首次纳入纯AI大模型原生龙头。智谱孵化自清华大学，GLM系列模型稳居全球第一梯队，被视为“全球大模型第一股”；MiniMax为全模态自研龙头，C端应用全球化布局，海外用户超2亿。业内认为，此次调整凸显港交所对硬科技企业的包容，标志着指数从“互联网+软件”向“AI原生”的结构性升级。恒生科技ETF易方达(513010，联接A/C：013308/013309)紧密跟踪恒生科技指数，为投资者布局港股AI硬科技赛道提供便捷工具。","news_type":1,"symbols_score_info":{"80992":0.6,"513010":1.98,"03417":0.6,"03033":0.6,"00992":1.89,"09067":0.6,"03088":0.6,"07552":0.6,"LNVGY":1.89,"HSTECH":1.96,"03067":0.6,"03423":0.6,"02837":0.6,"HSI":1.96,"09088":0.6,"03032":0.6,"07226":0.6}},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":568349244799144,"gmtCreate":1779778433132,"gmtModify":1779780601899,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 裁员潮，基本面崩溃了","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a><v-v data-views=\"0\"></v-v> 裁员潮，基本面崩溃了","text":"$美团-W(03690)$ 裁员潮，基本面崩溃了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/568349244799144","isVote":1,"tweetType":1,"viewCount":3997,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":566547630875392,"gmtCreate":1779351603116,"gmtModify":1779351605546,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"就是三年内无法盈利，三年后美团都没了","listText":"就是三年内无法盈利，三年后美团都没了","text":"就是三年内无法盈利，三年后美团都没了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/566547630875392","repostId":"2637068508","repostType":2,"repost":{"id":"2637068508","kind":"news","pubTimestamp":1779334860,"share":"https://www.laohu8.com/m/news/2637068508?lang=zh_CN&edition=full","pubTime":"2026-05-21 11:41","market":"us","language":"zh","title":"毛一年：美团无人机最终目标是可持续的规模化盈利","url":"https://stock-news.laohu8.com/highlight/detail?id=2637068508","media":"新浪科技","summary":"谈及美团无人机的商业化目标，毛一年表示，最终目标是规模化盈利，而且是可持续的规模化盈利。　　毛一年判断，美团无人机还需要约2-3年才能实现一定规模的前端盈利，首个盈利场景或非国内竞争激烈的外卖场景，而是其他细分领域。接下来，美团将寻找更多具备前端毛利且可规模盈利的场景，推动整体业务走向可持续盈利。","content":"<html><body><div>\n<p>　　新浪科技讯 5月21日上午消息，在<a href=\"https://laohu8.com/S/MPNGY\">美团</a>无人机“低空航网”体验日活动上，<a href=\"https://laohu8.com/S/03690\">美团</a>副总裁、无人机业务负责人毛一年与媒体对话。谈及美团无人机的商业化目标，毛一年表示，最终目标是规模化盈利，而且是可持续的规模化盈利。与此同时，他坦言，对目标达成的时间不设严格限制，核心取决于技术成熟度。</p>\n<p>　　毛一年判断，美团无人机还需要约2-3年才能实现一定规模的前端盈利，首个盈利场景或非国内竞争激烈的外卖场景，而是其他细分领域。他透露，医疗场景目前已经实现前端毛利，但尚未达到规模化盈利。接下来，美团将寻找更多具备前端毛利且可规模盈利的场景，推动整体业务走向可持续盈利。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：江钰涵 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>毛一年：美团无人机最终目标是可持续的规模化盈利</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; 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width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n毛一年：美团无人机最终目标是可持续的规模化盈利\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-21 11:41 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tech/shenji/2026-05-21/doc-inhyrmms9217368.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 5月21日上午消息，在美团无人机“低空航网”体验日活动上，美团副总裁、无人机业务负责人毛一年与媒体对话。谈及美团无人机的商业化目标，毛一年表示，最终目标是规模化盈利，而且是可持续的规模化盈利。与此同时，他坦言，对目标达成的时间不设严格限制，核心取决于技术成熟度。\n　　毛一年判断，美团无人机还需要约2-3年才能实现一定规模的前端盈利，首个盈利场景或非国内竞争激烈的外卖场景，而是其他细分...</p>\n\n<a href=\"https://finance.sina.com.cn/tech/shenji/2026-05-21/doc-inhyrmms9217368.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU2087589342.USD":"BGF ASIAN MULTI-ASSET INCOME \"A6\" (USD) INC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","LU2039709279.SGD":"MANULIFE GF DRAGON GROWTH \"AA\" (SGDHDG) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) 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爱国第一股","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/551632662079168","isVote":1,"tweetType":1,"viewCount":1225,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548624024511856,"gmtCreate":1774964899534,"gmtModify":1774964902126,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"社区买菜也是......","listText":"社区买菜也是......","text":"社区买菜也是......","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548624024511856","repostId":"2622271088","repostType":2,"repost":{"id":"2622271088","kind":"news","pubTimestamp":1774619107,"share":"https://www.laohu8.com/m/news/2622271088?lang=zh_CN&edition=full","pubTime":"2026-03-27 21:45","market":"us","language":"zh","title":"美团CEO王兴：AI是本地生活服务的战略机遇","url":"https://stock-news.laohu8.com/highlight/detail?id=2622271088","media":"中国经营报","summary":"在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。","content":"<html><body><div>\n<p><img border=\"0\" height=\"276\" src=\"https://webquoteklinepic.eastmoney.com/GetPic.aspx?nid=116.03690&amp;imageType=k&amp;token=28dfeb41d35cc81d84b4664d7c23c49f&amp;at=1\" width=\"578\"/></p><p>　　在3月26日的<a href=\"https://laohu8.com/S/MPNGY\">美团</a>2025年全年财报电话会上，<a href=\"https://laohu8.com/S/03690\">美团</a>CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。</p><p>　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。</p><p>　　另外，王兴透露，自2023年年初以来，美团已在资本和AI人才引进方面进行了大规模、持续性的投入。</p><p>　　“除了有<span>云计算</span><span></span>业务的企业外，美团在AI上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。”他表示，美团正持续投入自研基座大模型LongCat的开发，同时与当前行业顶尖的第三方大模型保持深度合作，致力于实现对人真实物理世界需求的最精准理解。</p><p>　　在王兴看来，AI“超级入口”的关键在于不仅要精准理解用户需求，还必须具备高效执行任务的能力，其复杂程度远超传统的“聊天<span>机器人</span><span></span>”。这一能力需求在本地生活领域尤为凸显——消费场景复杂多样、海量商家信息高度分散，大量数据和信息尚未被有效线上化。与此同时，本地生活平台还需对履约交付进行深入管理，而这恰恰是通用AI模型所普遍欠缺的能力。</p><p>　　目前，美团已面向所有用户开放了嵌入APP的AI助手“小团”，覆盖全品类本地生活服务。用户只需输入服务需求，即可快速匹配优质商家和商品。</p><p>　　王兴举例说明其复杂性：“我在望京办公，朋友在<span><a href=\"https://laohu8.com/S/000931\">中关村</a></span><span></span>，计划一起吃午饭但只有2小时，需要找到中间地段、味道不错且方便停车的川菜馆。”满足此类需求，AI必须掌握地图、POI（兴趣点）及餐厅实时供给信息，并能从全网评价中提炼价值信息进行推理。</p><p>　　对于美团AI未来的发展方向，王兴表示，模型能力将持续优化，美团将深化“小团”在APP里的融合，强化AI搜索与执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。</p><p>（文章来源：中国经营报）</p> </div></body></html>","source":"stock_eastmoney","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团CEO王兴：AI是本地生活服务的战略机遇</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团CEO王兴：AI是本地生活服务的战略机遇\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 21:45 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202603273687449860.html><strong>中国经营报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。　　另外，王兴...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202603273687449860.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0261950983.USD":"FIDELITY ASIAN SPECIAL SITUATIONS \"A\" ACC","LU1868838027.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES \"8\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","LU0499858602.USD":"NINETY ONE GSF ASIA PACIFIC EQUITY OPPORTUNITIES \"A\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU0173614495.USD":"富达中国焦点A","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","IE0032431581.USD":"PINEBRIDGE GREATER CHINA EQUITY \"A\" (USD) ACC","LU0868486357.SGD":"JPMorgan Funds - Emerging Markets Opportunities A (acc) SGD-H","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) 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ACC","BK1229":"房地产经营公司","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A"},"source_url":"http://finance.eastmoney.com/a/202603273687449860.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2622271088","content_text":"在3月26日的美团2025年全年财报电话会上，美团CEO王兴明确提出，AI是本地服务领域的重要战略机遇，并表示美团将以进攻姿态布局AI技术，致力于打造未来本地生活需求的AI入口，构建兼具需求理解与高效执行能力的AI“超级入口”，通过技术革新推动核心本地服务业务实现全面升级。　　王兴强调，美团不会盲目追求成为“词元工厂”，而是将AI视为改进、加强甚至彻底变革本地服务核心业务的战略机遇。　　另外，王兴透露，自2023年年初以来，美团已在资本和AI人才引进方面进行了大规模、持续性的投入。　　“除了有云计算业务的企业外，美团在AI上的投入规模，大概率是国内企业里最大的，且已经坚持布局三年多了。”他表示，美团正持续投入自研基座大模型LongCat的开发，同时与当前行业顶尖的第三方大模型保持深度合作，致力于实现对人真实物理世界需求的最精准理解。　　在王兴看来，AI“超级入口”的关键在于不仅要精准理解用户需求，还必须具备高效执行任务的能力，其复杂程度远超传统的“聊天机器人”。这一能力需求在本地生活领域尤为凸显——消费场景复杂多样、海量商家信息高度分散，大量数据和信息尚未被有效线上化。与此同时，本地生活平台还需对履约交付进行深入管理，而这恰恰是通用AI模型所普遍欠缺的能力。　　目前，美团已面向所有用户开放了嵌入APP的AI助手“小团”，覆盖全品类本地生活服务。用户只需输入服务需求，即可快速匹配优质商家和商品。　　王兴举例说明其复杂性：“我在望京办公，朋友在中关村，计划一起吃午饭但只有2小时，需要找到中间地段、味道不错且方便停车的川菜馆。”满足此类需求，AI必须掌握地图、POI（兴趣点）及餐厅实时供给信息，并能从全网评价中提炼价值信息进行推理。　　对于美团AI未来的发展方向，王兴表示，模型能力将持续优化，美团将深化“小团”在APP里的融合，强化AI搜索与执行能力，力争把美团升级为领先的AI驱动应用，成为未来本地生活需求的AI入口。（文章来源：中国经营报）","news_type":1,"symbols_score_info":{"03690":1.98,"HMTD.SI":0.6,"MPNGY":1.98,"METmain":0.6}},"isVote":1,"tweetType":1,"viewCount":948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547178692400264,"gmtCreate":1774612033368,"gmtModify":1774612035582,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"不找找自己的问题","listText":"不找找自己的问题","text":"不找找自己的问题","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/547178692400264","repostId":"2622842939","repostType":2,"repost":{"id":"2622842939","kind":"news","pubTimestamp":1774603920,"share":"https://www.laohu8.com/m/news/2622842939?lang=zh_CN&edition=full","pubTime":"2026-03-27 17:32","market":"sh","language":"zh","title":"美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！","url":"https://stock-news.laohu8.com/highlight/detail?id=2622842939","media":"新浪科技","summary":"新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”","content":"<html><body><div>\n<p>　　新浪科技讯 3月27日下午消息，今日<a href=\"https://laohu8.com/S/MPNGY\">美团</a>在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。</p>\n<p>　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，<a href=\"https://laohu8.com/S/03690\">美团</a>表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为0.5元、1元、2元、3元、5元。不仅没有50元左右的金额，而且这些打赏均已100%全额到账。”</p>\n<p>　　美团还表示：“我们进一步核查了该骑手今年以来所有大额订单的配送费收入，金额均在14.5元至57.2元之间，同样不存在骑手只得3元的情况。”</p>\n<p>　　美团强调，假订单、假金额、假收入——视频中每一个引发争议的关键细节，经核查均无法成立。因此，博主所描述的这单，根本不存在。“对于博主的这一造谣行为，我们已报送有关部门，并将依规依法采取进一步措施。我们坚决反对任何为了流量而伤害骑手群体和平台生态的行为。”</p>\n<p>　　第二，还有热帖称，用户每次查看配送进度，骑手都知道，背后是平台在给骑手施压。</p>\n<p>　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”</p>\n<div><img src=\"http://n.sinaimg.cn/finance/transform/622/w550h872/20260327/2df8-ff602d6f2b95a93fdb6a3d89e2908c36.png\"/><span></span></div>\n<div><img src=\"http://n.sinaimg.cn/finance/transform/47/w550h297/20260327/e888-cf223285886ce83388c8750f5290355e.jpg\"/><span></span></div>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读，尽在新浪财经APP</div>\n</div>\n<p>责任编辑：宋<a href=\"https://laohu8.com/S/AVP\">雅芳</a> </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; 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8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团连续澄清两则谣言:送700元大单到手仅3块，假！顾客查看进度骑手知道，谣言！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-27 17:32 北京时间&nbsp;&nbsp;&nbsp;<a href=https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.shtml><strong>新浪科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。\n　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，美团表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为...</p>\n\n<a href=\"https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU1188198961.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) INC QV","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","BK1610":"ETF&股票定投概念","LU0856984785.SGD":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED GROWTH \"ACH\" 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\"PM\" INC","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU1960683339.HKD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (HKD) ACC","LU0509642566.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) INC AV","LU2097828474.EUR":"AZ EQUITY CHINA \"A\" (EUR) ACC A","LU0048580855.USD":"富达大中华区A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0269904917.USD":"SCHRODER ISF GLOBAL EMERGING MARKET OPPORTUNITIES \"A\" (USD) ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD"},"source_url":"https://finance.sina.com.cn/tob/2026-03-27/doc-inhsmnzu2070586.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2622842939","content_text":"新浪科技讯 3月27日下午消息，今日美团在其官方账号发布长文对两条热帖辟谣，并称“都是假的”。\n　　第一，有热帖称“骑手接了个700多元大单，到手只有3块钱，顾客给了50多块全被平台扣了”，美团表示：“经查，该骑手近期没有700多元总额的订单，也没有其他数百元的订单。另外，骑手跑单中，顾客的额外主动付费（打赏或小费）均100%全额结算给完成配送的骑手。我们核查了这位骑手所有打赏记录，近期5笔分别为0.5元、1元、2元、3元、5元。不仅没有50元左右的金额，而且这些打赏均已100%全额到账。”\n　　美团还表示：“我们进一步核查了该骑手今年以来所有大额订单的配送费收入，金额均在14.5元至57.2元之间，同样不存在骑手只得3元的情况。”\n　　美团强调，假订单、假金额、假收入——视频中每一个引发争议的关键细节，经核查均无法成立。因此，博主所描述的这单，根本不存在。“对于博主的这一造谣行为，我们已报送有关部门，并将依规依法采取进一步措施。我们坚决反对任何为了流量而伤害骑手群体和平台生态的行为。”\n　　第二，还有热帖称，用户每次查看配送进度，骑手都知道，背后是平台在给骑手施压。\n　　美团回应称：“这也是编造的谣言。按照数据安全规范，用户的浏览行为不会被记录或传递给骑手。用户查看配送地图、刷新订单进度页面，骑手不会收到任何提示。只有用户点击“催单”，才会触发骑手端的提醒。”\n\n\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：宋雅芳","news_type":1,"symbols_score_info":{"HMTD.SI":0.6,"03690":1.95,"MPNGY":1.95}},"isVote":1,"tweetType":1,"viewCount":815,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":547045946443704,"gmtCreate":1774579694456,"gmtModify":1774579697065,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"不急于成为token工厂就是没钱的意思，成不了","listText":"不急于成为token工厂就是没钱的意思，成不了","text":"不急于成为token工厂就是没钱的意思，成不了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/547045946443704","repostId":"1187259510","repostType":2,"repost":{"id":"1187259510","kind":"news","weMediaInfo":{"introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1774529595,"share":"https://www.laohu8.com/m/news/1187259510?lang=zh_CN&edition=full","pubTime":"2026-03-26 20:53","market":"hk","language":"zh","title":"美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望","url":"https://stock-news.laohu8.com/highlight/detail?id=1187259510","media":"华尔街见闻","summary":"CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。“我们坚决反对内卷化。我们将积极配合监管调查。”AI时代的野心：“绝不急于成为‘token’工厂”AI是本次电话会市场关注的另一大焦点。而在海外市场，KeeTa的全球化步伐正在加快。欢迎参加美团2025年第四季度及财年业绩电话会议。","content":"<html><head></head><body><blockquote><p>CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。<a href=\"https://laohu8.com/S/MPNGY\">美团</a>全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7825a21f07e4dc8f5348bf667c5a6a0\" title=\"\" tg-width=\"632\" tg-height=\"1092\"/></p><p style=\"text-align: justify;\">面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，<strong>正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。</strong></p><p style=\"text-align: justify;\">在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以及出海业务上的最新动向。</p><p style=\"text-align: justify;\">财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长18.9%。</p><p style=\"text-align: justify;\">面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。</p><h2 id=\"id_43158493\">直面竞争与监管：“我们坚决反对内卷化”</h2><p style=\"text-align: justify;\">针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是“非常典型的非理性竞争”。</p><blockquote><p style=\"text-align: justify;\">“<strong>我们坚决反对内卷化</strong>。我们将积极配合监管调查。”</p></blockquote><p style=\"text-align: justify;\">王兴强调，美团正将资源从低客单价和低质量的订单中收回，以捍卫市场份额并推动高质量增长。“无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。”</p><p style=\"text-align: justify;\">这一策略在财务上已初见成效。陈少晖透露，四季度核心本地商业经营亏损环比大幅收窄，主要得益于餐饮外卖业务亏损的显著减少。王兴也给出乐观指引：</p><blockquote><p style=\"text-align: justify;\"><strong>“我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。”</strong></p></blockquote><h2 id=\"id_617098010\">AI时代的野心：“绝不急于成为‘token’工厂”</h2><p style=\"text-align: justify;\">AI是本次电话会市场关注的另一大焦点。作为拥有庞大线下商户与履约网络的服务平台，美团如何应对AI可能带来的“超级入口”更迭危机？王兴表示：</p><blockquote><p style=\"text-align: justify;\">“我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为‘token工厂’之一，完全不是。”</p></blockquote><p style=\"text-align: justify;\">王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI“只是一个聪明的聊天<a href=\"https://laohu8.com/S/300024\">机器人</a>”。目前，美团已将内嵌的AI助手“小管”推送给所有用户，并致力于将其打造成以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">他生动地举了一个例子：用户可以直接用自然语言向“小管”提问——“我和朋友分别在望京和<a href=\"https://laohu8.com/S/000931\">中关村</a>，只有2小时吃午饭，能否在中间位置找一家有包间、辣菜且方便停车的餐厅？”</p><p style=\"text-align: justify;\">王兴表示，要真正回答这类长文本的真实需求，<strong>不仅需要大模型，还需要实时的POI（兴趣点）数据、交通信息、餐厅空位和真实评价，这正是美团在物理世界建立的深厚护城河。</strong></p><h2 id=\"id_551361022\">零售并购与出海图景：拟购<a href=\"https://laohu8.com/S/JD\">京东</a>资产，KeeTa中东盈利在望</h2><p style=\"text-align: justify;\">在寻找新的增长曲线方面，美团正在即时零售与海外市场（KeeTa）双线出击。</p><p style=\"text-align: justify;\">电话会上，王兴确认了<strong>美团计划以7.17亿美元收购京东中国大陆零售业务的消息</strong>（该交易仍需监管批准）。他表示，此举除了彰显对中国零售业务的信心外，将极大增强美团在即时零售领域的供应链能力，并显著提高在华东地区的覆盖范围和服务质量。</p><p style=\"text-align: justify;\">而在海外市场，KeeTa的全球化步伐正在加快。继2025年下半年进入卡塔尔、科威特、阿联酋和巴西（重点聚焦圣保罗市）后，其成熟市场的盈利模型已经跑通。</p><p style=\"text-align: justify;\">“KeeTa于2025年10月在香港实现了首个盈利月份，我们花了29个月才实现盈利。”王兴透露了一个令市场振奋的预期：</p><blockquote><p style=\"text-align: justify;\">“沙特阿拉伯是一个非常有利于配送业务实现盈利的市场。<strong>我们预计KeeTa在沙特实现盈利月份的速度将比在香港快得多，肯定会在今年年底之前。”</strong></p></blockquote><p style=\"text-align: justify;\">王兴强调，美团出海的核心理念依然是为生态系统创造价值，而非内卷化。即便2025年下半年进入了大量新市场，但得益于国内新业务效率的改善，<strong>管理层预计2026年新业务板块的整体亏损不会超过2025年。</strong></p><p style=\"text-align: justify;\"><strong>美团电话会全文如下：</strong></p><blockquote><p style=\"text-align: justify;\">接线员<br/>感谢您的耐心等待，欢迎参加美团2025年第四季度及全年业绩电话会议。所有参会者目前处于仅收听模式。会议包含演讲环节，之后将进行问答环节。如需提问，请在电话键盘上按星号键再按数字1。现在，我将会议交给投资者关系及资本市场负责人徐晓雯女士。请开始。</p><p style=\"text-align: justify;\">Scarlett Xu (徐晓雯)<br/>谢谢接线员。大家晚上好，早上好。欢迎参加美团2025年第四季度及财年业绩电话会议。今天出席会议的有：董事长兼首席执行官王兴先生，以及高级副总裁兼首席财务官陈少晖先生。在今天的会议上，管理层将首先回顾我们2025年第四季度及财年的业绩，然后进行问答环节。</p><p style=\"text-align: justify;\">徐晓雯<br/>在开始之前，我们提醒您，我们的陈述包含前瞻性陈述，这些陈述涉及若干风险与不确定性，实际未来结果可能与之不同。本次陈述还包含未经审计的非国际财务报告准则财务指标，这些指标应作为补充，而非替代根据国际财务报告准则编制的公司财务绩效指标。关于风险因素和非国际财务报告准则指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。现在，我将把电话交给王兴先生。请发言，兴。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Scarlet，大家好。2025年对美团而言，既是充满机遇的一年，也是面临挑战的一年。面对前所未有的激烈竞争，我们始终专注于服务消费者、商户、骑手及所有生态伙伴。我们致力于创造长期价值。2025年，我们平台的GTV和交易量均实现双位数增长，新增交易用户数、用户交易频次以及ARPU均达到新高。这些关键指标巩固了我们作为中国消费者首选本地服务平台的坚实地位。</p><p style=\"text-align: justify;\">2025年，我们全面升级了美团会员计划。这是我们首个覆盖几乎所有品类的消费者忠诚度计划。它帮助我们推动交叉销售，并增强了核心用户的粘性。</p><p style=\"text-align: justify;\">同时，依托我们在本地服务领域的综合优势，我们推出了自主研发的AI助手——小美和小管。我们将AI技术带入了真实的消费场景。展望未来，美团会员和AI将继续成为我们提供差异化、增强型本地体验的关键工具。</p><p style=\"text-align: justify;\">无论市场环境如何演变，我们始终专注于加强长期护城河，并推动整个行业的健康可持续发展。我们也积极寻求新的增长机会。2025年期间，我们取得了一系列关键进展。首先，我们加速了向供给侧的深度渗透，并通过供给侧创新，构建了一个覆盖全价格带和多元品类、全面的高性价比供给体系。这使我们能够精准满足用户在餐饮外卖、即时零售和服务零售方面的综合需求，也巩固了我们作为一站式本地服务平台的地位。</p><p style=\"text-align: justify;\">在餐饮外卖方面，我们与商户合作，聚焦于产品、门店形式和渠道的创新。品牌卫星店、回转自助火锅、共享厨房等创新模式，帮助大量餐饮品牌和中小商户提高了运营效率，拓展了业务。我们与商户合作，推出了&#34;神抢手&#34;等其他模式，在不同价格带推出了优质优价的爆款产品，服务了更广泛的消费群体。</p><p style=\"text-align: justify;\">在即时零售方面，我们深化了在本地供给的布局，成为众多领先品牌全渠道战略的重要合作伙伴。我们持续延伸在供应链上的触达能力。我们的创新供给模式，包括美团即食仓、美团闪电仓、品牌官旗闪电仓，以及我们自营的小象超市和微仓，已成为即时零售的重要供给。</p><p style=\"text-align: justify;\">我们与顶级酒类品牌紧密合作，酒水业务实现了快速增长。在医疗健康领域，我们持续加强家庭常用药、医疗器械的本地供给，支持众多创新药的线上首发，并进一步扩大了24小时药店、在线问诊和居家检测服务的覆盖范围。</p><p style=\"text-align: justify;\">小象超市在第四季度加快了城市扩张步伐。过去几年，小象超市建立了强大的供应链，提升了生鲜品质，并发展了行业领先的产品能力。我们的自有品牌产品现已覆盖更广泛的品类，贡献了更高的GTV占比。</p><p style=\"text-align: justify;\">在我们的到店、酒店及旅游业务中，我们推出了高品质商户推荐榜单，并将必吃榜、黑珍珠等榜单项目扩展至教育、健身、医疗、养老服务等更多品类。基于对消费趋势的深刻洞察，我们进一步丰富了体育赛事、文化艺术票务、家政服务等供给。此外，我们支持超过100万独立手艺人（小燕）在我们的平台上实现数字化，增强了我们独特的服务生态系统连接。</p><p style=\"text-align: justify;\">第二，我们专注于通过产品迭代和美团会员升级来增强综合服务能力，为消费者提供卓越的消费体验。在履约方面，我们升级了准时宝和专人直送等服务，在2025年显著扩大了其覆盖范围。这为消费者提供了更可靠、更高质量的履约保障，巩固了我们在履约方面的竞争优势。在即时零售方面，我们联合数百万商户和品牌，推出了行业首个全周期服务保障计划。</p><p style=\"text-align: justify;\">该计划为高等级会员和精选品牌商品提供免费退换货运费，引领了体验、履约、配送和售后支持等全行业的服务标准。在医疗健康方面，我们扩大了与三甲医院医生的在线问诊合作。我们升级了对牙科、医美等服务的核验和服务保障。这些努力全面提升了在线医疗服务的可靠性。我们将这些高质量服务与我们全面升级的美团会员深度融合。我们为会员推出了一系列专属权益，覆盖餐饮外卖、酒店预订、生活服务、出行、医疗等多元消费场景。</p><p style=\"text-align: justify;\">这些会员专属权益活动显著提升了用户心智和交易频次，使我们能更好地服务核心用户群体。因此，大量中级会员晋升至更高级别。在激烈的竞争中，我们的高价值会员群体持续稳定增长，其交易频次和消费金额均有所提升。值得注意的是，他们还在更广泛的品类中进行交叉购买。</p><p style=\"text-align: justify;\">我们持续增强的美团会员计划提供了强大的多维支持。它促进了流量、运营和交易增长，也推动了核心本地商业中不同品类、不同场景之间的交叉销售。总体而言，我们巩固了在基础设施和用户心智方面的领先地位，即使在竞争异常激烈的市场环境下也是如此。</p><p style=\"text-align: justify;\">我们始终专注于培育可持续的生态系统，并正在采取切实行动，推动整个本地服务行业实现高频、高质量的增长。我们持续赋能中小商户。例如，我们增加金融支持，推广&#34;明厨亮灶&#34;项目，并利用AI工具提升商户运营效率。我们旨在促进餐饮服务业的健康发展，并应对诸如营销内卷化、食品安全治理等结构性挑战。我们在骑手福利方面也取得了进展。</p><p style=\"text-align: justify;\">2025年，我们率先在全国范围内为各类骑手提供养老保险补贴计划。我们的职业伤害保障试点现已扩展至17个省区市，覆盖超过1600万名骑手。这项保障对集团无财务成本负担。此外，我们持续在医疗、教育、住房等领域完善骑手的多层次福利体系。</p><p style=\"text-align: justify;\">第四，在我们的海外市场，Keeta加速了全球化布局，并在2025年实现了良好的增长势头。在香港，Keeta巩固了其领先地位，并在第四季度实现了正的单位经济效益。在沙特阿拉伯，Keeta的订单量在2025年全年持续增长，并凭借更高质量的服务成为当地消费者的首选平台之一。</p><p style=\"text-align: justify;\">在2025年下半年，我们在卡塔尔、科威特、阿联酋和巴西启动了业务运营。所有这些新市场自业务启动以来都展现出强劲的增长势头。展望未来，Keeta将继续发挥其在产品、技术和运营经验方面的优势。我们将与全球各市场的商户和骑手紧密合作，共同推动行业的数字化转型，让更多国家和地区的消费者享受到我们优质、高效的服务。</p><p style=\"text-align: justify;\">此外，在2025年，我们拥抱了人工智能带来的机遇。我们致力于通过将AI创新与我们已验证的实体服务优势相结合，推动物理世界的人工智能转型。多年来，我们对AI技术进行了重大投资。我们结合自身研发实力，开发了自有的多模态长文本模型系列。同时，我们也使用了最先进的第三方模型。我们还利用了美团独特的数字资产，包括广泛的商户信息、高质量多元化的供给、真实的消费行为和用户评价。</p><p style=\"text-align: justify;\">我们首先在独立App上测试了智能生活助手&#34;小美&#34;。更重要的是，我们已将嵌入美团App的AI助手&#34;小管&#34;推送给所有用户。我们将AI技术与美团平台上的应用场景相结合，覆盖了本地服务全品类。美团App中的AI功能&#34;小管&#34;将从根本上改变消费者使用我们App的方式。</p><p style=\"text-align: justify;\">搜索将演变为只需用自然语言提出请求，而不仅仅是输入关键词。&#34;小管&#34;依托美团丰富的供给和强大的履约能力，结合美团App成熟的原生界面，在2025年为消费者带来了全新的、易用的、卓越的体验。2026年，我们将继续优化&#34;小管&#34;的用户体验。我们的目标是让&#34;小管&#34;成为最以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">回顾2025年，我们面临着复杂的外部环境和前所未有的激烈竞争。但我们始终坚守&#34;帮大家吃得更好，生活更好&#34;的使命，努力为消费者、商户、骑手及所有生态伙伴创造实实在在的价值。展望未来，我们相信核心本地商业仍然具有强劲的增长潜力和强大的业务韧性。我们将继续深化供给侧渗透，提升服务质量，完善美团会员计划，并投入生态系统建设。</p><p style=\"text-align: justify;\">我们将进一步巩固作为大多数消费者首选本地服务平台的地位，并推动行业高质量发展。同时，零售业务（包括即时零售）和海外市场是具有清晰战略和潜力的长期增长曲线。我们将秉持投资纪律，积极探索这些领域。更重要的是，随着我们进入人工智能时代，我们将坚定执行&#34;零售+科技&#34;战略，利用人工智能深度赋能本地服务行业，为消费者和商户带来更佳体验。至此，我将把电话交给少晖，由他介绍最新的财务业绩。</p><p style=\"text-align: justify;\">陈少晖<br/>谢谢兴。大家好。现在让我们开始介绍第四季度的财务业绩。请注意，除非另有说明，所有比较均为同比。第四季度，我们的总收入为921亿元，同比增长4.1%。收入成本率上升11.6个百分点至33.8%。</p><p style=\"text-align: justify;\">这主要受三个因素驱动：从收入中扣除的更多消费者激励、为保持领先服务质量而增加的骑手激励，以及海外运营成本增加。销售及营销费用率上升14.8个百分点至34.4%，主要是由于我们增加了在推广、广告和用户激励方面的投入，以提升品牌知名度和核心用户参与度。研发费用率上升至7.6%，反映了我们在AI领域投入的增加，而一般及行政费用率略有上升至4%。</p><p style=\"text-align: justify;\">第四季度，分部经营亏损总额和经调整净亏损环比收窄至147亿元和151亿元。这些环比改善反映了我们在激烈竞争中专注于高质量增长和执行效率。截至2025年12月31日，我们持有的现金及现金等价物和短期国债投资总计1668亿元。虽然经营现金流仍为负，但实现了环比改善，经营现金流出收窄至66亿元。</p><p style=\"text-align: justify;\">现在，我们来看分部业绩，从核心本地商业分部开始。本季度，我们继续看到订单量和GTV的健康增长。我们在餐饮外卖和美团到店业务中的领导地位保持稳固，同时我们在核心本地商业其他品类中的市场地位保持稳定。我们的核心用户群体继续呈现健康增长，并在平台上表现出更高的参与度。这些用户不仅交易更频繁，还在我们平台上探索更多服务。</p><p style=\"text-align: justify;\">本季度，他们的留存率相比第三季度进一步提升。包括医药健康、休闲娱乐、运动健身、宠物服务以及美团即时零售中的大多数品类在内的多个消费品类，在订单量和GTV方面均保持了双位数增长。</p><p style=\"text-align: justify;\">在财务方面，第四季度分部收入为648亿元，同比下降1.1%。虽然餐饮外卖行业的补贴力度较第三季度略有缓和，但仍处于历史高位。第四季度，我们专注于高质量增长，进一步收回了来自低客单价和低质量订单的资源。这推动了餐饮外卖平均订单价值的环比回升，尽管我们的餐饮外卖净AOV仍远高于行业平均水平。激烈的竞争确实导致餐饮外卖AOV同比大幅下降，这影响了我们的佣金收入增长。</p><p style=\"text-align: justify;\">消费者补贴对配送服务收入的影响也持续到了第四季度。我们的在线营销收入保持稳定增长。我们持续看到，从中小餐馆到线下零售商及其他本地服务提供商，各品类的商户都将美团视为关键营销渠道，我们的广告主基础持续稳步扩大。</p><p style=\"text-align: justify;\">在成本和费用方面，我们增加了营销支出和促销活动，以增强品牌定位和价格竞争力，同时提升所有用户的参与度。我们分配了更多资源来加强会员计划。我们还为骑手提供了更多激励，以确保配送服务质量和用户体验。同时，我们持续投入生态系统建设。</p><p style=\"text-align: justify;\">核心本地商业分部第四季度经营亏损为100亿元，经营亏损环比大幅收窄。这一改善主要得益于餐饮外卖业务亏损的显著减少。转向新业务分部，第四季度收入达到273亿元，同比增长18.9%，主要由Keeta和零售业务的扩张驱动。然而，分部经营亏损扩大至46亿元，反映了共享单车等业务的季节性逆风，以及本季度在海外扩张和零售业务方面的战略性投入。本季度，我们将Keeta拓展至四个新市场，这需要大量的前期投入。</p><p style=\"text-align: justify;\">但令我们鼓舞的是，在已建立的市场，如香港和沙特阿拉伯，随着订单密度和运营效率的提升，单位经济效益已显示出健康的改善。我们乐观地认为，Keeta的新市场也将遵循这一积极趋势。对于零售业务，它仍然是美团长期的重点战略方向。过去几年，小象超市取得了扎实进展，关键指标趋势向好。第四季度，我们加快了向<a href=\"https://laohu8.com/S/300778\">新城市</a>的扩张，并扩大了仓库网络，以捕捉不断增长的线上零售需求。</p><p style=\"text-align: justify;\">我们还通过在北京开设首家小象超市线下店以及开设多家新的&#34;欢螺猴&#34;门店，增强了实体存在。此外，我们最近宣布了收购京东零售国内资产的计划，我们预计这将进一步提升美团在即时零售领域的整体能力。</p><p style=\"text-align: justify;\">我们相信，这些战略投资将巩固我们的竞争优势，并在零售领域创造长期价值。展望未来，我们仍然对公司长期、可持续的增长轨迹充满信心。我们坚信行业将逐步走向规范化，随着监管引导，竞争将逐渐回归常态。我们将更加专注于提高效率和实现更高质量的增长，并继续投资于技术、服务质量和生态系统建设。至此，我们现在开始问答环节。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。如果您想提问，请在电话上按星号1键，并等待宣布您的名字。如果您想取消请求，请按星号2键。如果您使用的是免提电话，请拿起听筒提问。第一个问题来自<a href=\"https://laohu8.com/S/GS\">高盛</a>的Ronald Young。请继续。</p><p style=\"text-align: justify;\">高盛分析师<br/>谢谢。少晖、Scarlett、兴，你们好。我想问一下关于AI超级入口或入口点的竞争，因为这种<a href=\"https://laohu8.com/S/00166\">新时代</a>已经开启。公司如何看待这一趋势以及未来的发展？从风险方面看，这是否会导致在App时代作为主要流量入口的地位丧失？管理层有哪些战略或计划来应对这一风险？您能否也分享一下AI智能体和长文本模型的最新进展？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Rona。在过去的财报电话会上，我已经明确表示，我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为&#34;token工厂&#34;之一，完全不是。</p><p style=\"text-align: justify;\">我们将AI视为一个战略机遇，用于改进、加强甚至革新我们在本地服务（我们的核心业务）中的产品。我将稍作阐述。</p><p style=\"text-align: justify;\">首先，我认为AI需要大量投资。因此，自2023年初以来，我们在资本支出和AI人才方面投入了大量资金。因此，除了那些云公司之外，我们可能是中国公司中在AI领域投资最多的公司之一。</p><p style=\"text-align: justify;\">我们这样做已经超过三年了。这显然对我们的资产负债表和现金流产生了影响，但我们将继续致力于开发自有的长文本大模型，因为我们相信，为了更精确地理解物理世界，基于我们自己海量的专有数据，我们需要具备构建内部模型的能力。但同时，我们也在与最先进的第三方模型合作。我们正努力引领将我们的主美团App升级为AI驱动的App，以便更好地满足消费者在本地服务、电商领域的端到端需求。</p><p style=\"text-align: justify;\">因此，我们认为，所谓&#34;超级入口&#34;的竞争，根本上取决于准确理解用户需求、然后高效执行任务的能力。但这里远比一个聪明的聊天机器人复杂。本地服务行业具有高度复杂的用例，存在大量非常碎片化的信息，以及来自中小商户的众多实时信息。</p><p style=\"text-align: justify;\">这些商户并未完全数字化。因此，商户端和消费者端的许多数据尚未有效数字化，无法从AI中获益，我认为这些数据首先需要数字化。这正是我们多年来一直在做的事情。许多商户运行在我们的数字化系统上，因此我们拥有无与伦比的渠道接触他们的数据。但此外，本地服务平台还需要能够深度参与履约服务的管理，否则它只是一个聪明的聊天机器人。</p><p style=\"text-align: justify;\">在这里，我认为通用AI无法可靠地管理和保障真实的物理世界服务体验。而我们美团已经建立了极其丰富的物理世界数据，包括商户POI数据、动态实时的商户运营数据，以及最全面、最真实的本地服务用户评价。</p><p style=\"text-align: justify;\">我相信，我们在餐饮外卖网络、即时配送网络、业务拓展运营、零售供应以及未来的无人机、无人车和其他具身智能技术方面的深厚专业知识，将为我们连接AI与物理世界提供显著优势。我们的自研模型正在追赶那些开源的先进模型。我们的智能体也在快速演进，这将帮助我们无缝整合数字与物理世界的信息。</p><p style=\"text-align: justify;\">举几个例子。我们最近已将AI助手&#34;小管&#34;向美团App内的所有用户开放。在此之前，我们发布了一个独立的AI App——&#34;小美&#34;。但对于&#34;小管&#34;，现有数亿美团App用户将受益于这些新的AI功能。&#34;小管&#34;覆盖了我们平台上的所有本地服务品类，用户可以用更自然的方式表达他们的需求。过去，大多数人都习惯了通过几个关键词进行搜索。但现在，借助增强的AI能力，&#34;小管&#34;可以理解用自然语言表达的更长查询。&#34;小管&#34;可以访问美团App内的所有数据。</p><p style=\"text-align: justify;\">我再举一个具体的例子。用户用美团App找餐厅很常见。但有时需要更好地理解用例。比如，有一天我会问美团一个非常具体的问题：我在北京东北角的望京办公室，我有一个朋友在中关村（北京西边）工作。我们计划一起吃午饭，只有2小时时间。您能帮我们在中间位置找到一家有好的包间、辣菜、并且方便停车的餐厅吗？我认为这是一个非常自然的真实需求。</p><p style=\"text-align: justify;\">但在过去，受限于有限的关键词搜索，用户无法提出这类问题。现在，借助增强的AI能力，这成为了可能。这是一个非常真实的用例。但为了真正回答这个问题，你需要有地图信息、POI信息，甚至交通信息。你还需要知道不仅仅是餐厅的位置，还要了解餐厅的菜品或实时空位情况。否则，你可能会推荐一家非常热门的餐厅，但用户无法预订到桌子或包间。</p><p style=\"text-align: justify;\">这不是用户需要的。因此，要真正满足这一需求，我们的系统需要能够访问物理世界的大量信息。AI正在帮助我们整合所有这些物理世界数据，为我们的用户提供更好的用户体验。</p><p style=\"text-align: justify;\">因此，依托美团全面、真实的商户数据库，&#34;小管&#34;现在实际上可以回答这些具体问题，不仅涉及商户或位置、营业时间、门店设施等。&#34;小管&#34;还可以利用我们真实的用户评价和推荐，提供有价值的见解。凭借这种增强的推理能力，&#34;小管&#34;可以满足更个性化的查询，并为餐饮、娱乐、旅行、购物等生成一站式指南。我们很高兴看到&#34;小管&#34;功能在春节期间有效满足了用户的需求，但这仅仅是个开始。它收到了积极的反馈，并进一步加强了用户参与度。</p><p style=\"text-align: justify;\">未来，我认为模型会变得更好，我们将继续深化&#34;小管&#34;功能在美团App中的集成。我们希望利用新的AI技术，使美团App成为所有用户满足本地需求、本地服务需求的首选目的地。我们将增强AI搜索能力，并增强执行能力。然后，我们努力将美团升级为领先的AI驱动型App，成为未来本地服务需求的AI入口。谢谢。</p><p style=\"text-align: justify;\">高盛分析师<br/>很好。谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/06030\">中信证券</a>的Ya Jiana。请继续。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。晚上好。感谢回答我的问题。关于国务院从1月初开始对餐饮外卖市场竞争状况的调查，我们的业务策略有变化吗？我们最近看到的竞争环境有什么变化？展望未来，我们计划如何在当前的监管环境下维持或扩大我们的竞争优势？此外，餐饮外卖业务的亏损从第四季度到第一季度持续收窄，这是我的问题。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢张瑶。我们认为监管方向已经非常明确。主管部门坚决反对所谓的&#34;内卷化&#34;，并希望培育一个健康有序的市场。餐饮外卖行业中的补贴驱动或价格驱动的竞争是非常典型的非理性竞争，也是非常典型的内卷化。我们非常重视这个问题。我想重申我们的立场。我们坚决反对内卷化。我们将积极配合监管调查。同时，我们将资源从低质量订单中收回。我们努力捍卫我们的市场份额和市场领导地位。</p><p style=\"text-align: justify;\">因此，在2026年，无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。第一，我们将继续专注于做正确的事情，增强我们的核心优势，即扩大高质量选择、确保快速可靠的配送、提供持续有竞争力的价格。第二，正如我之前所说，我们将保持领导地位，同时将资源集中在推动高质量增长和提高运营效率上。第三，我们将持续创造价值，除了我们正在进行的工作，如供给侧创新、为骑手提供全年支持和福利改善等。</p><p style=\"text-align: justify;\">我们还在推动产品和服务升级，以及在AI和其他自动化技术方面的创新，以提升整个行业的效率和体验。因此，展望未来，我们认为竞争将转向深度挖掘用户生命周期价值、提升供给质量和多样性，以及提供无缝的端到端用户体验。在最近几个月，尽管竞争持续激烈，存在相当多的非理性补贴，美团仍然是高价值消费者在选择餐饮服务时的首选，因为我们提供了更好的整体体验。</p><p style=\"text-align: justify;\">我们在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平，这得益于我们对高质量增长的关注和订单结构的改善。我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。我们相信，一个更规范的市场有助于将竞争从单纯的补贴战转向创新、服务体验和效率。</p><p style=\"text-align: justify;\">这些正是我们更具优势的领域。我们将继续磨练我们的核心优势，通过更好的运营、产品本身的创新和迭代，这将帮助我们在中高客单价订单、高价值用户和高效配送网络方面巩固结构性优势。我们对我们餐饮外卖业务的竞争力和长期潜力充满信心。谢谢。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/UBS\">瑞银</a>的Kenneth Kong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好，管理层。感谢回答我的问题。我们注意到，自去年第四季度以来，抖音大幅增加了对到店业务的补贴，并且其补贴预计在2026年仍将维持高位。所以，想了解一下您对当前本地服务竞争格局的看法，与2022-23年的竞争周期相比，美团目前的策略有何不同？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Kenneth的问题。对于你的问题，从短期角度给出的简短回答是：是的，我们看到竞争对手最近加大了投入和投资。这可能会对我们短期的盈利能力产生负面影响。这是我们所面临的现实，我们也希望市场能够理解。但我会花更多篇幅谈谈我们对该业务的长期策略。我认为，理解竞争对手的格局在最近几年发生了很大变化是关键。</p><p style=\"text-align: justify;\">整个到店行业在过去几年经历了显著变化。在竞争方面，行业参与者现在在品类、商户和消费场景上有了相当差异化的关注点。领先的参与者现在更加注重高效的运营策略。对我们而言，我们的首要任务始终是该业务的长期可持续发展，而不是在战术层面的短期取胜。我们坚信，端到端的业务仍然具有巨大潜力，但仍需要在全价值链上进行大量投资和更多创新。无论格局如何变化，为消费者和商户提供高效、优质的服务，并推动强劲的线下消费增长，是成功的关键。</p><p style=\"text-align: justify;\">多年来，我们看到消费者需求发生了变化，他们要求更个性化的体验和物有所值的消费，同时，对延伸服务的需求（如在线辅导、预订、线上下单线下自提）也在持续增长。在供给侧，供给形式和服务品类不断推陈出新，紧跟消费趋势。这种持续的发展势头也是推动数字化转型的关键动力。在技术前沿方面，消费者和商户对AI驱动产品的期望和需求都在增长。在这些趋势下，美团始终保持警觉，并持续运用我们对行业的广泛经验和深刻理解进行创新。</p><p style=\"text-align: justify;\">我们已经并将进一步增强在品类组合、商户生态和运营效率等领域的差异化优势。例如，得益于美团和大众点评在餐饮领域的多年专业知识和洞察，我们注意到餐饮业务的商业逻辑发生了变化，我们直接与高端餐饮合作伙伴分享这些洞察，帮助他们保持领先地位，并快速适应不断变化的消费者需求。我们也在持续跟踪行业趋势，探索自助模式、休闲娱乐、体育文化活动票务、自营家政服务等新供给。</p><p style=\"text-align: justify;\">我们平台多年来积累的真实用户评价，以及整合的一站式在线服务（包括团购、在线预订、自提、美团预订、QA管理），已成为我们独特的竞争优势。此外，超过100万手艺人已成为我们平台上的独特供给。在技术方面，我们的AI智能体&#34;商家经营助手&#34;帮助商户优化数字化服务。商户能够通过利用AI调取和分析消费者偏好来提供个性化服务，还可以智能分析消费者反馈以改进运营。</p><p style=\"text-align: justify;\">此外，我们的AI智能体，如数字员工和AI业务拓展，简化了商户在开店、日常运营和客户获取等方面的操作。我们将继续为商户提供自己的AI助手。在2026年，我们将进一步差异化我们的服务，并分配更多资源，以获得更高的投资回报率。我们将加强在核心品类的地位，并尽量减少在非核心领域的无效投资。</p><p style=\"text-align: justify;\">展望未来，我们将继续致力于为消费者提供无缝的服务闭环，提供精准决策和一站式体验。我们旨在建立一个覆盖客户获取、转化和留存的更全面的商户赋能体系。我们将继续通过数字化转型促进行业的可持续发展。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>的Thomas Cheong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好。</p><p style=\"text-align: justify;\">杰富瑞分析师<br/>谢谢管理层回答我的问题。美团计划收购京东（Bing Bong）能带来什么协同效应？美团零售业务的战略如何演变？美团自营零售业务的策略是怎样的？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Thomas关于京东的问题。关于我们零售业务的策略，我们最近宣布以7.17亿美元收购京东的中国大陆业务。但请注意，这笔交易仍需获得监管批准。原因，显然，最重要的原因是我们对中国零售业务（包括线上和线下）充满信心。除此之外，此次收购还有两个关键原因。首先，它将增强美团在即时零售领域的整体能力，特别是加强我们的供应链能力。这也将有助于我们零售业务运营效率的进一步提升。</p><p style=\"text-align: justify;\">其次，京东已在华东地区建立了强大的市场地位。通过此次收购，如果成功，我们将显著提高我们在该地区的覆盖范围和服务质量。零售业务与公司使命高度契合，是我们的长期战略重点之一。随着市场动态的演变，我们观察到，像小象超市这样的自营供给在即时配送生态系统中变得越来越重要。小象超市代表了平台上的高质量供给保障，为用户提供更可靠的购物体验。鉴于该行业的增长潜力，我们看到了巨大的机遇。</p><p style=\"text-align: justify;\">去年，我们已经重组了零售业务组合，转向更高效的方式以推动可持续增长。过去几年，小象超市保持了强劲的增长势头，同时持续提升运营效率。我们扩大了自有品牌商品供给，覆盖了夜间消费场景，并保持了行业领先的履约速度和体验。我们相信小象超市代表了一种模式，即美团可以利用其优势，朝着明确的盈利路径前进。展望未来，我们计划将这种模式扩展到更多城市和地区，为更多消费者带来更快、更新鲜、更实惠的即时零售。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>的Gary New。请继续。</p><p style=\"text-align: justify;\">摩根士丹利分析师<br/>嗨，感谢提问的机会。我的问题与Keeta有关。Keeta在香港和沙特阿拉伯都取得了一些进展，但考虑到监管和竞争的限制，前方的道路看起来相当具有挑战性。管理层能否分享一下公司在2026年的海外战略是否有任何更新？你们计划今年在巴西投资多少？你们预计沙特阿拉伯何时能实现盈利？在2026年。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Gary。在讨论我们2026年国际战略的具体细节之前，我想借此机会对我们在中东的员工、商户、骑手以及所有生态伙伴表达我最深切的感谢。感谢你们在工作中的不懈奉献，为所有用户提供基本服务。在这个困难时期，我们正尽一切努力保障你们的安全和生计，共同克服这些挑战。</p><p style=\"text-align: justify;\">现在回到Gary的问题。首先，我想强调，美团在中国境外的核心理念始终是为整个生态系统创造价值，并推动行业长期增长，而非内卷化。这从来不是我们想做的，我们通过Keeta进行的国际业务也将遵循同样的原则。我们希望与当地参与者共同成长。我们希望帮助加速当地本地服务行业的数字化转型，我们希望共同服务并拓展更大的市场。因此，最终，我们希望为这些市场的用户、商户、骑手和其他合作伙伴创造新的价值。</p><p style=\"text-align: justify;\">2026年，Keeta将主要聚焦于我们目前的市场，因为每个市场都有不同的产品动态。因此，我们将保持灵活性，根据当地情况调整策略。在平衡每个市场、每个阶段的增长和盈利能力的同时，合规将始终是重中之重。因此，我们正在与当地监管机构非常积极地合作。长远来看，我们致力于全球运营，战略重点将放在即时配送和即时零售上，这些领域可以发挥我们的核心优势。</p><p style=\"text-align: justify;\">关于你提到的市场，正如我在上个季度所说，Keeta于2025年10月在香港实现了首个盈利月份。请允许我提醒一下，Keeta于2023年5月在香港推出，并于2025年10月实现盈亏平衡。所以我们花了29个月才实现盈利。今年，我们将专注于进一步改善运营。对于沙特阿拉伯，那是一个非常有利于配送业务实现盈利的市场。因此，我们预计Keeta在沙特阿拉伯实现盈利月份的速度将比在香港快得多。肯定会在今年年底之前。</p><p style=\"text-align: justify;\">实际上，我想说我们已经非常接近了，在不久的将来就会实现。我们在一些城市已经实现了盈亏平衡，我认为其他城市也会很快跟进。因为最近我们在沙特阿拉伯大幅削减了补贴，但我们的订单量仍然保持韧性。这意味着用户选择Keeta是因为我们更好的服务，而不是为了补贴或更低的价格。</p><p style=\"text-align: justify;\">因此，在2026年，我们将进一步优化我们在其他中东市场的运营，我们的订单也在快速增长。凭借我们的沙特经验（Southern Rib）和区域品牌认知，我相信我们能够快速提高在这些新市场的运营效率。然而，我们在这些市场2026年的增长仍受外部风险影响，例如当前地区的复杂局势。关于巴西，我们看到了巨大的长期价值。因此，我们仍然坚定致力于在该市场的长期增长。</p><p style=\"text-align: justify;\">目前，我们的运营集中在圣保罗市（Sapporo），这是巴西最大的城市。在更广泛的全国推广之前，我们优先在圣保罗完善我们的商业模式。同时，我们将积极探索业务策略，以建立差异化优势。</p><p style=\"text-align: justify;\">总体而言，Keeta在2026年的亏损仍将显著，因为我们在2025年下半年进入了大量新市场、大量新国家。这些市场的订单仍在规模化进程中。然而，这将被我们国内新业务更高效的改善所抵消。因此，我们预计2026年新业务分部的整体亏损不会超过2025年。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。此时没有进一步的问题。我现在将把时间交还给Scarlett进行结束语。</p><p style=\"text-align: justify;\">徐晓雯<br/>好的。感谢大家参加今天的电话会议。我们期待在下个季度与大家再次交流。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。我们今天的会议到此结束。感谢您的参与，您现在可以挂断。</p></blockquote></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n美团电话会： “坚决反对内卷”，“绝不急于成为‘token’工厂”，KeeTa沙特盈利在望\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-26 20:53</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。<a href=\"https://laohu8.com/S/MPNGY\">美团</a>全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e7825a21f07e4dc8f5348bf667c5a6a0\" title=\"\" tg-width=\"632\" tg-height=\"1092\"/></p><p style=\"text-align: justify;\">面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，<strong>正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。</strong></p><p style=\"text-align: justify;\">在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以及出海业务上的最新动向。</p><p style=\"text-align: justify;\">财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长18.9%。</p><p style=\"text-align: justify;\">面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。</p><h2 id=\"id_43158493\">直面竞争与监管：“我们坚决反对内卷化”</h2><p style=\"text-align: justify;\">针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是“非常典型的非理性竞争”。</p><blockquote><p style=\"text-align: justify;\">“<strong>我们坚决反对内卷化</strong>。我们将积极配合监管调查。”</p></blockquote><p style=\"text-align: justify;\">王兴强调，美团正将资源从低客单价和低质量的订单中收回，以捍卫市场份额并推动高质量增长。“无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。”</p><p style=\"text-align: justify;\">这一策略在财务上已初见成效。陈少晖透露，四季度核心本地商业经营亏损环比大幅收窄，主要得益于餐饮外卖业务亏损的显著减少。王兴也给出乐观指引：</p><blockquote><p style=\"text-align: justify;\"><strong>“我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。”</strong></p></blockquote><h2 id=\"id_617098010\">AI时代的野心：“绝不急于成为‘token’工厂”</h2><p style=\"text-align: justify;\">AI是本次电话会市场关注的另一大焦点。作为拥有庞大线下商户与履约网络的服务平台，美团如何应对AI可能带来的“超级入口”更迭危机？王兴表示：</p><blockquote><p style=\"text-align: justify;\">“我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为‘token工厂’之一，完全不是。”</p></blockquote><p style=\"text-align: justify;\">王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI“只是一个聪明的聊天<a href=\"https://laohu8.com/S/300024\">机器人</a>”。目前，美团已将内嵌的AI助手“小管”推送给所有用户，并致力于将其打造成以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">他生动地举了一个例子：用户可以直接用自然语言向“小管”提问——“我和朋友分别在望京和<a href=\"https://laohu8.com/S/000931\">中关村</a>，只有2小时吃午饭，能否在中间位置找一家有包间、辣菜且方便停车的餐厅？”</p><p style=\"text-align: justify;\">王兴表示，要真正回答这类长文本的真实需求，<strong>不仅需要大模型，还需要实时的POI（兴趣点）数据、交通信息、餐厅空位和真实评价，这正是美团在物理世界建立的深厚护城河。</strong></p><h2 id=\"id_551361022\">零售并购与出海图景：拟购<a href=\"https://laohu8.com/S/JD\">京东</a>资产，KeeTa中东盈利在望</h2><p style=\"text-align: justify;\">在寻找新的增长曲线方面，美团正在即时零售与海外市场（KeeTa）双线出击。</p><p style=\"text-align: justify;\">电话会上，王兴确认了<strong>美团计划以7.17亿美元收购京东中国大陆零售业务的消息</strong>（该交易仍需监管批准）。他表示，此举除了彰显对中国零售业务的信心外，将极大增强美团在即时零售领域的供应链能力，并显著提高在华东地区的覆盖范围和服务质量。</p><p style=\"text-align: justify;\">而在海外市场，KeeTa的全球化步伐正在加快。继2025年下半年进入卡塔尔、科威特、阿联酋和巴西（重点聚焦圣保罗市）后，其成熟市场的盈利模型已经跑通。</p><p style=\"text-align: justify;\">“KeeTa于2025年10月在香港实现了首个盈利月份，我们花了29个月才实现盈利。”王兴透露了一个令市场振奋的预期：</p><blockquote><p style=\"text-align: justify;\">“沙特阿拉伯是一个非常有利于配送业务实现盈利的市场。<strong>我们预计KeeTa在沙特实现盈利月份的速度将比在香港快得多，肯定会在今年年底之前。”</strong></p></blockquote><p style=\"text-align: justify;\">王兴强调，美团出海的核心理念依然是为生态系统创造价值，而非内卷化。即便2025年下半年进入了大量新市场，但得益于国内新业务效率的改善，<strong>管理层预计2026年新业务板块的整体亏损不会超过2025年。</strong></p><p style=\"text-align: justify;\"><strong>美团电话会全文如下：</strong></p><blockquote><p style=\"text-align: justify;\">接线员<br/>感谢您的耐心等待，欢迎参加美团2025年第四季度及全年业绩电话会议。所有参会者目前处于仅收听模式。会议包含演讲环节，之后将进行问答环节。如需提问，请在电话键盘上按星号键再按数字1。现在，我将会议交给投资者关系及资本市场负责人徐晓雯女士。请开始。</p><p style=\"text-align: justify;\">Scarlett Xu (徐晓雯)<br/>谢谢接线员。大家晚上好，早上好。欢迎参加美团2025年第四季度及财年业绩电话会议。今天出席会议的有：董事长兼首席执行官王兴先生，以及高级副总裁兼首席财务官陈少晖先生。在今天的会议上，管理层将首先回顾我们2025年第四季度及财年的业绩，然后进行问答环节。</p><p style=\"text-align: justify;\">徐晓雯<br/>在开始之前，我们提醒您，我们的陈述包含前瞻性陈述，这些陈述涉及若干风险与不确定性，实际未来结果可能与之不同。本次陈述还包含未经审计的非国际财务报告准则财务指标，这些指标应作为补充，而非替代根据国际财务报告准则编制的公司财务绩效指标。关于风险因素和非国际财务报告准则指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。现在，我将把电话交给王兴先生。请发言，兴。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Scarlet，大家好。2025年对美团而言，既是充满机遇的一年，也是面临挑战的一年。面对前所未有的激烈竞争，我们始终专注于服务消费者、商户、骑手及所有生态伙伴。我们致力于创造长期价值。2025年，我们平台的GTV和交易量均实现双位数增长，新增交易用户数、用户交易频次以及ARPU均达到新高。这些关键指标巩固了我们作为中国消费者首选本地服务平台的坚实地位。</p><p style=\"text-align: justify;\">2025年，我们全面升级了美团会员计划。这是我们首个覆盖几乎所有品类的消费者忠诚度计划。它帮助我们推动交叉销售，并增强了核心用户的粘性。</p><p style=\"text-align: justify;\">同时，依托我们在本地服务领域的综合优势，我们推出了自主研发的AI助手——小美和小管。我们将AI技术带入了真实的消费场景。展望未来，美团会员和AI将继续成为我们提供差异化、增强型本地体验的关键工具。</p><p style=\"text-align: justify;\">无论市场环境如何演变，我们始终专注于加强长期护城河，并推动整个行业的健康可持续发展。我们也积极寻求新的增长机会。2025年期间，我们取得了一系列关键进展。首先，我们加速了向供给侧的深度渗透，并通过供给侧创新，构建了一个覆盖全价格带和多元品类、全面的高性价比供给体系。这使我们能够精准满足用户在餐饮外卖、即时零售和服务零售方面的综合需求，也巩固了我们作为一站式本地服务平台的地位。</p><p style=\"text-align: justify;\">在餐饮外卖方面，我们与商户合作，聚焦于产品、门店形式和渠道的创新。品牌卫星店、回转自助火锅、共享厨房等创新模式，帮助大量餐饮品牌和中小商户提高了运营效率，拓展了业务。我们与商户合作，推出了&#34;神抢手&#34;等其他模式，在不同价格带推出了优质优价的爆款产品，服务了更广泛的消费群体。</p><p style=\"text-align: justify;\">在即时零售方面，我们深化了在本地供给的布局，成为众多领先品牌全渠道战略的重要合作伙伴。我们持续延伸在供应链上的触达能力。我们的创新供给模式，包括美团即食仓、美团闪电仓、品牌官旗闪电仓，以及我们自营的小象超市和微仓，已成为即时零售的重要供给。</p><p style=\"text-align: justify;\">我们与顶级酒类品牌紧密合作，酒水业务实现了快速增长。在医疗健康领域，我们持续加强家庭常用药、医疗器械的本地供给，支持众多创新药的线上首发，并进一步扩大了24小时药店、在线问诊和居家检测服务的覆盖范围。</p><p style=\"text-align: justify;\">小象超市在第四季度加快了城市扩张步伐。过去几年，小象超市建立了强大的供应链，提升了生鲜品质，并发展了行业领先的产品能力。我们的自有品牌产品现已覆盖更广泛的品类，贡献了更高的GTV占比。</p><p style=\"text-align: justify;\">在我们的到店、酒店及旅游业务中，我们推出了高品质商户推荐榜单，并将必吃榜、黑珍珠等榜单项目扩展至教育、健身、医疗、养老服务等更多品类。基于对消费趋势的深刻洞察，我们进一步丰富了体育赛事、文化艺术票务、家政服务等供给。此外，我们支持超过100万独立手艺人（小燕）在我们的平台上实现数字化，增强了我们独特的服务生态系统连接。</p><p style=\"text-align: justify;\">第二，我们专注于通过产品迭代和美团会员升级来增强综合服务能力，为消费者提供卓越的消费体验。在履约方面，我们升级了准时宝和专人直送等服务，在2025年显著扩大了其覆盖范围。这为消费者提供了更可靠、更高质量的履约保障，巩固了我们在履约方面的竞争优势。在即时零售方面，我们联合数百万商户和品牌，推出了行业首个全周期服务保障计划。</p><p style=\"text-align: justify;\">该计划为高等级会员和精选品牌商品提供免费退换货运费，引领了体验、履约、配送和售后支持等全行业的服务标准。在医疗健康方面，我们扩大了与三甲医院医生的在线问诊合作。我们升级了对牙科、医美等服务的核验和服务保障。这些努力全面提升了在线医疗服务的可靠性。我们将这些高质量服务与我们全面升级的美团会员深度融合。我们为会员推出了一系列专属权益，覆盖餐饮外卖、酒店预订、生活服务、出行、医疗等多元消费场景。</p><p style=\"text-align: justify;\">这些会员专属权益活动显著提升了用户心智和交易频次，使我们能更好地服务核心用户群体。因此，大量中级会员晋升至更高级别。在激烈的竞争中，我们的高价值会员群体持续稳定增长，其交易频次和消费金额均有所提升。值得注意的是，他们还在更广泛的品类中进行交叉购买。</p><p style=\"text-align: justify;\">我们持续增强的美团会员计划提供了强大的多维支持。它促进了流量、运营和交易增长，也推动了核心本地商业中不同品类、不同场景之间的交叉销售。总体而言，我们巩固了在基础设施和用户心智方面的领先地位，即使在竞争异常激烈的市场环境下也是如此。</p><p style=\"text-align: justify;\">我们始终专注于培育可持续的生态系统，并正在采取切实行动，推动整个本地服务行业实现高频、高质量的增长。我们持续赋能中小商户。例如，我们增加金融支持，推广&#34;明厨亮灶&#34;项目，并利用AI工具提升商户运营效率。我们旨在促进餐饮服务业的健康发展，并应对诸如营销内卷化、食品安全治理等结构性挑战。我们在骑手福利方面也取得了进展。</p><p style=\"text-align: justify;\">2025年，我们率先在全国范围内为各类骑手提供养老保险补贴计划。我们的职业伤害保障试点现已扩展至17个省区市，覆盖超过1600万名骑手。这项保障对集团无财务成本负担。此外，我们持续在医疗、教育、住房等领域完善骑手的多层次福利体系。</p><p style=\"text-align: justify;\">第四，在我们的海外市场，Keeta加速了全球化布局，并在2025年实现了良好的增长势头。在香港，Keeta巩固了其领先地位，并在第四季度实现了正的单位经济效益。在沙特阿拉伯，Keeta的订单量在2025年全年持续增长，并凭借更高质量的服务成为当地消费者的首选平台之一。</p><p style=\"text-align: justify;\">在2025年下半年，我们在卡塔尔、科威特、阿联酋和巴西启动了业务运营。所有这些新市场自业务启动以来都展现出强劲的增长势头。展望未来，Keeta将继续发挥其在产品、技术和运营经验方面的优势。我们将与全球各市场的商户和骑手紧密合作，共同推动行业的数字化转型，让更多国家和地区的消费者享受到我们优质、高效的服务。</p><p style=\"text-align: justify;\">此外，在2025年，我们拥抱了人工智能带来的机遇。我们致力于通过将AI创新与我们已验证的实体服务优势相结合，推动物理世界的人工智能转型。多年来，我们对AI技术进行了重大投资。我们结合自身研发实力，开发了自有的多模态长文本模型系列。同时，我们也使用了最先进的第三方模型。我们还利用了美团独特的数字资产，包括广泛的商户信息、高质量多元化的供给、真实的消费行为和用户评价。</p><p style=\"text-align: justify;\">我们首先在独立App上测试了智能生活助手&#34;小美&#34;。更重要的是，我们已将嵌入美团App的AI助手&#34;小管&#34;推送给所有用户。我们将AI技术与美团平台上的应用场景相结合，覆盖了本地服务全品类。美团App中的AI功能&#34;小管&#34;将从根本上改变消费者使用我们App的方式。</p><p style=\"text-align: justify;\">搜索将演变为只需用自然语言提出请求，而不仅仅是输入关键词。&#34;小管&#34;依托美团丰富的供给和强大的履约能力，结合美团App成熟的原生界面，在2025年为消费者带来了全新的、易用的、卓越的体验。2026年，我们将继续优化&#34;小管&#34;的用户体验。我们的目标是让&#34;小管&#34;成为最以用户为中心的本地服务AI智能体。</p><p style=\"text-align: justify;\">回顾2025年，我们面临着复杂的外部环境和前所未有的激烈竞争。但我们始终坚守&#34;帮大家吃得更好，生活更好&#34;的使命，努力为消费者、商户、骑手及所有生态伙伴创造实实在在的价值。展望未来，我们相信核心本地商业仍然具有强劲的增长潜力和强大的业务韧性。我们将继续深化供给侧渗透，提升服务质量，完善美团会员计划，并投入生态系统建设。</p><p style=\"text-align: justify;\">我们将进一步巩固作为大多数消费者首选本地服务平台的地位，并推动行业高质量发展。同时，零售业务（包括即时零售）和海外市场是具有清晰战略和潜力的长期增长曲线。我们将秉持投资纪律，积极探索这些领域。更重要的是，随着我们进入人工智能时代，我们将坚定执行&#34;零售+科技&#34;战略，利用人工智能深度赋能本地服务行业，为消费者和商户带来更佳体验。至此，我将把电话交给少晖，由他介绍最新的财务业绩。</p><p style=\"text-align: justify;\">陈少晖<br/>谢谢兴。大家好。现在让我们开始介绍第四季度的财务业绩。请注意，除非另有说明，所有比较均为同比。第四季度，我们的总收入为921亿元，同比增长4.1%。收入成本率上升11.6个百分点至33.8%。</p><p style=\"text-align: justify;\">这主要受三个因素驱动：从收入中扣除的更多消费者激励、为保持领先服务质量而增加的骑手激励，以及海外运营成本增加。销售及营销费用率上升14.8个百分点至34.4%，主要是由于我们增加了在推广、广告和用户激励方面的投入，以提升品牌知名度和核心用户参与度。研发费用率上升至7.6%，反映了我们在AI领域投入的增加，而一般及行政费用率略有上升至4%。</p><p style=\"text-align: justify;\">第四季度，分部经营亏损总额和经调整净亏损环比收窄至147亿元和151亿元。这些环比改善反映了我们在激烈竞争中专注于高质量增长和执行效率。截至2025年12月31日，我们持有的现金及现金等价物和短期国债投资总计1668亿元。虽然经营现金流仍为负，但实现了环比改善，经营现金流出收窄至66亿元。</p><p style=\"text-align: justify;\">现在，我们来看分部业绩，从核心本地商业分部开始。本季度，我们继续看到订单量和GTV的健康增长。我们在餐饮外卖和美团到店业务中的领导地位保持稳固，同时我们在核心本地商业其他品类中的市场地位保持稳定。我们的核心用户群体继续呈现健康增长，并在平台上表现出更高的参与度。这些用户不仅交易更频繁，还在我们平台上探索更多服务。</p><p style=\"text-align: justify;\">本季度，他们的留存率相比第三季度进一步提升。包括医药健康、休闲娱乐、运动健身、宠物服务以及美团即时零售中的大多数品类在内的多个消费品类，在订单量和GTV方面均保持了双位数增长。</p><p style=\"text-align: justify;\">在财务方面，第四季度分部收入为648亿元，同比下降1.1%。虽然餐饮外卖行业的补贴力度较第三季度略有缓和，但仍处于历史高位。第四季度，我们专注于高质量增长，进一步收回了来自低客单价和低质量订单的资源。这推动了餐饮外卖平均订单价值的环比回升，尽管我们的餐饮外卖净AOV仍远高于行业平均水平。激烈的竞争确实导致餐饮外卖AOV同比大幅下降，这影响了我们的佣金收入增长。</p><p style=\"text-align: justify;\">消费者补贴对配送服务收入的影响也持续到了第四季度。我们的在线营销收入保持稳定增长。我们持续看到，从中小餐馆到线下零售商及其他本地服务提供商，各品类的商户都将美团视为关键营销渠道，我们的广告主基础持续稳步扩大。</p><p style=\"text-align: justify;\">在成本和费用方面，我们增加了营销支出和促销活动，以增强品牌定位和价格竞争力，同时提升所有用户的参与度。我们分配了更多资源来加强会员计划。我们还为骑手提供了更多激励，以确保配送服务质量和用户体验。同时，我们持续投入生态系统建设。</p><p style=\"text-align: justify;\">核心本地商业分部第四季度经营亏损为100亿元，经营亏损环比大幅收窄。这一改善主要得益于餐饮外卖业务亏损的显著减少。转向新业务分部，第四季度收入达到273亿元，同比增长18.9%，主要由Keeta和零售业务的扩张驱动。然而，分部经营亏损扩大至46亿元，反映了共享单车等业务的季节性逆风，以及本季度在海外扩张和零售业务方面的战略性投入。本季度，我们将Keeta拓展至四个新市场，这需要大量的前期投入。</p><p style=\"text-align: justify;\">但令我们鼓舞的是，在已建立的市场，如香港和沙特阿拉伯，随着订单密度和运营效率的提升，单位经济效益已显示出健康的改善。我们乐观地认为，Keeta的新市场也将遵循这一积极趋势。对于零售业务，它仍然是美团长期的重点战略方向。过去几年，小象超市取得了扎实进展，关键指标趋势向好。第四季度，我们加快了向<a href=\"https://laohu8.com/S/300778\">新城市</a>的扩张，并扩大了仓库网络，以捕捉不断增长的线上零售需求。</p><p style=\"text-align: justify;\">我们还通过在北京开设首家小象超市线下店以及开设多家新的&#34;欢螺猴&#34;门店，增强了实体存在。此外，我们最近宣布了收购京东零售国内资产的计划，我们预计这将进一步提升美团在即时零售领域的整体能力。</p><p style=\"text-align: justify;\">我们相信，这些战略投资将巩固我们的竞争优势，并在零售领域创造长期价值。展望未来，我们仍然对公司长期、可持续的增长轨迹充满信心。我们坚信行业将逐步走向规范化，随着监管引导，竞争将逐渐回归常态。我们将更加专注于提高效率和实现更高质量的增长，并继续投资于技术、服务质量和生态系统建设。至此，我们现在开始问答环节。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。如果您想提问，请在电话上按星号1键，并等待宣布您的名字。如果您想取消请求，请按星号2键。如果您使用的是免提电话，请拿起听筒提问。第一个问题来自<a href=\"https://laohu8.com/S/GS\">高盛</a>的Ronald Young。请继续。</p><p style=\"text-align: justify;\">高盛分析师<br/>谢谢。少晖、Scarlett、兴，你们好。我想问一下关于AI超级入口或入口点的竞争，因为这种<a href=\"https://laohu8.com/S/00166\">新时代</a>已经开启。公司如何看待这一趋势以及未来的发展？从风险方面看，这是否会导致在App时代作为主要流量入口的地位丧失？管理层有哪些战略或计划来应对这一风险？您能否也分享一下AI智能体和长文本模型的最新进展？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Rona。在过去的财报电话会上，我已经明确表示，我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为&#34;token工厂&#34;之一，完全不是。</p><p style=\"text-align: justify;\">我们将AI视为一个战略机遇，用于改进、加强甚至革新我们在本地服务（我们的核心业务）中的产品。我将稍作阐述。</p><p style=\"text-align: justify;\">首先，我认为AI需要大量投资。因此，自2023年初以来，我们在资本支出和AI人才方面投入了大量资金。因此，除了那些云公司之外，我们可能是中国公司中在AI领域投资最多的公司之一。</p><p style=\"text-align: justify;\">我们这样做已经超过三年了。这显然对我们的资产负债表和现金流产生了影响，但我们将继续致力于开发自有的长文本大模型，因为我们相信，为了更精确地理解物理世界，基于我们自己海量的专有数据，我们需要具备构建内部模型的能力。但同时，我们也在与最先进的第三方模型合作。我们正努力引领将我们的主美团App升级为AI驱动的App，以便更好地满足消费者在本地服务、电商领域的端到端需求。</p><p style=\"text-align: justify;\">因此，我们认为，所谓&#34;超级入口&#34;的竞争，根本上取决于准确理解用户需求、然后高效执行任务的能力。但这里远比一个聪明的聊天机器人复杂。本地服务行业具有高度复杂的用例，存在大量非常碎片化的信息，以及来自中小商户的众多实时信息。</p><p style=\"text-align: justify;\">这些商户并未完全数字化。因此，商户端和消费者端的许多数据尚未有效数字化，无法从AI中获益，我认为这些数据首先需要数字化。这正是我们多年来一直在做的事情。许多商户运行在我们的数字化系统上，因此我们拥有无与伦比的渠道接触他们的数据。但此外，本地服务平台还需要能够深度参与履约服务的管理，否则它只是一个聪明的聊天机器人。</p><p style=\"text-align: justify;\">在这里，我认为通用AI无法可靠地管理和保障真实的物理世界服务体验。而我们美团已经建立了极其丰富的物理世界数据，包括商户POI数据、动态实时的商户运营数据，以及最全面、最真实的本地服务用户评价。</p><p style=\"text-align: justify;\">我相信，我们在餐饮外卖网络、即时配送网络、业务拓展运营、零售供应以及未来的无人机、无人车和其他具身智能技术方面的深厚专业知识，将为我们连接AI与物理世界提供显著优势。我们的自研模型正在追赶那些开源的先进模型。我们的智能体也在快速演进，这将帮助我们无缝整合数字与物理世界的信息。</p><p style=\"text-align: justify;\">举几个例子。我们最近已将AI助手&#34;小管&#34;向美团App内的所有用户开放。在此之前，我们发布了一个独立的AI App——&#34;小美&#34;。但对于&#34;小管&#34;，现有数亿美团App用户将受益于这些新的AI功能。&#34;小管&#34;覆盖了我们平台上的所有本地服务品类，用户可以用更自然的方式表达他们的需求。过去，大多数人都习惯了通过几个关键词进行搜索。但现在，借助增强的AI能力，&#34;小管&#34;可以理解用自然语言表达的更长查询。&#34;小管&#34;可以访问美团App内的所有数据。</p><p style=\"text-align: justify;\">我再举一个具体的例子。用户用美团App找餐厅很常见。但有时需要更好地理解用例。比如，有一天我会问美团一个非常具体的问题：我在北京东北角的望京办公室，我有一个朋友在中关村（北京西边）工作。我们计划一起吃午饭，只有2小时时间。您能帮我们在中间位置找到一家有好的包间、辣菜、并且方便停车的餐厅吗？我认为这是一个非常自然的真实需求。</p><p style=\"text-align: justify;\">但在过去，受限于有限的关键词搜索，用户无法提出这类问题。现在，借助增强的AI能力，这成为了可能。这是一个非常真实的用例。但为了真正回答这个问题，你需要有地图信息、POI信息，甚至交通信息。你还需要知道不仅仅是餐厅的位置，还要了解餐厅的菜品或实时空位情况。否则，你可能会推荐一家非常热门的餐厅，但用户无法预订到桌子或包间。</p><p style=\"text-align: justify;\">这不是用户需要的。因此，要真正满足这一需求，我们的系统需要能够访问物理世界的大量信息。AI正在帮助我们整合所有这些物理世界数据，为我们的用户提供更好的用户体验。</p><p style=\"text-align: justify;\">因此，依托美团全面、真实的商户数据库，&#34;小管&#34;现在实际上可以回答这些具体问题，不仅涉及商户或位置、营业时间、门店设施等。&#34;小管&#34;还可以利用我们真实的用户评价和推荐，提供有价值的见解。凭借这种增强的推理能力，&#34;小管&#34;可以满足更个性化的查询，并为餐饮、娱乐、旅行、购物等生成一站式指南。我们很高兴看到&#34;小管&#34;功能在春节期间有效满足了用户的需求，但这仅仅是个开始。它收到了积极的反馈，并进一步加强了用户参与度。</p><p style=\"text-align: justify;\">未来，我认为模型会变得更好，我们将继续深化&#34;小管&#34;功能在美团App中的集成。我们希望利用新的AI技术，使美团App成为所有用户满足本地需求、本地服务需求的首选目的地。我们将增强AI搜索能力，并增强执行能力。然后，我们努力将美团升级为领先的AI驱动型App，成为未来本地服务需求的AI入口。谢谢。</p><p style=\"text-align: justify;\">高盛分析师<br/>很好。谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/06030\">中信证券</a>的Ya Jiana。请继续。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。晚上好。感谢回答我的问题。关于国务院从1月初开始对餐饮外卖市场竞争状况的调查，我们的业务策略有变化吗？我们最近看到的竞争环境有什么变化？展望未来，我们计划如何在当前的监管环境下维持或扩大我们的竞争优势？此外，餐饮外卖业务的亏损从第四季度到第一季度持续收窄，这是我的问题。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢张瑶。我们认为监管方向已经非常明确。主管部门坚决反对所谓的&#34;内卷化&#34;，并希望培育一个健康有序的市场。餐饮外卖行业中的补贴驱动或价格驱动的竞争是非常典型的非理性竞争，也是非常典型的内卷化。我们非常重视这个问题。我想重申我们的立场。我们坚决反对内卷化。我们将积极配合监管调查。同时，我们将资源从低质量订单中收回。我们努力捍卫我们的市场份额和市场领导地位。</p><p style=\"text-align: justify;\">因此，在2026年，无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。第一，我们将继续专注于做正确的事情，增强我们的核心优势，即扩大高质量选择、确保快速可靠的配送、提供持续有竞争力的价格。第二，正如我之前所说，我们将保持领导地位，同时将资源集中在推动高质量增长和提高运营效率上。第三，我们将持续创造价值，除了我们正在进行的工作，如供给侧创新、为骑手提供全年支持和福利改善等。</p><p style=\"text-align: justify;\">我们还在推动产品和服务升级，以及在AI和其他自动化技术方面的创新，以提升整个行业的效率和体验。因此，展望未来，我们认为竞争将转向深度挖掘用户生命周期价值、提升供给质量和多样性，以及提供无缝的端到端用户体验。在最近几个月，尽管竞争持续激烈，存在相当多的非理性补贴，美团仍然是高价值消费者在选择餐饮服务时的首选，因为我们提供了更好的整体体验。</p><p style=\"text-align: justify;\">我们在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平，这得益于我们对高质量增长的关注和订单结构的改善。我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。我们相信，一个更规范的市场有助于将竞争从单纯的补贴战转向创新、服务体验和效率。</p><p style=\"text-align: justify;\">这些正是我们更具优势的领域。我们将继续磨练我们的核心优势，通过更好的运营、产品本身的创新和迭代，这将帮助我们在中高客单价订单、高价值用户和高效配送网络方面巩固结构性优势。我们对我们餐饮外卖业务的竞争力和长期潜力充满信心。谢谢。</p><p style=\"text-align: justify;\">中信证券分析师<br/>谢谢。</p><p style=\"text-align: justify;\">接线员<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/UBS\">瑞银</a>的Kenneth Kong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好，管理层。感谢回答我的问题。我们注意到，自去年第四季度以来，抖音大幅增加了对到店业务的补贴，并且其补贴预计在2026年仍将维持高位。所以，想了解一下您对当前本地服务竞争格局的看法，与2022-23年的竞争周期相比，美团目前的策略有何不同？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Kenneth的问题。对于你的问题，从短期角度给出的简短回答是：是的，我们看到竞争对手最近加大了投入和投资。这可能会对我们短期的盈利能力产生负面影响。这是我们所面临的现实，我们也希望市场能够理解。但我会花更多篇幅谈谈我们对该业务的长期策略。我认为，理解竞争对手的格局在最近几年发生了很大变化是关键。</p><p style=\"text-align: justify;\">整个到店行业在过去几年经历了显著变化。在竞争方面，行业参与者现在在品类、商户和消费场景上有了相当差异化的关注点。领先的参与者现在更加注重高效的运营策略。对我们而言，我们的首要任务始终是该业务的长期可持续发展，而不是在战术层面的短期取胜。我们坚信，端到端的业务仍然具有巨大潜力，但仍需要在全价值链上进行大量投资和更多创新。无论格局如何变化，为消费者和商户提供高效、优质的服务，并推动强劲的线下消费增长，是成功的关键。</p><p style=\"text-align: justify;\">多年来，我们看到消费者需求发生了变化，他们要求更个性化的体验和物有所值的消费，同时，对延伸服务的需求（如在线辅导、预订、线上下单线下自提）也在持续增长。在供给侧，供给形式和服务品类不断推陈出新，紧跟消费趋势。这种持续的发展势头也是推动数字化转型的关键动力。在技术前沿方面，消费者和商户对AI驱动产品的期望和需求都在增长。在这些趋势下，美团始终保持警觉，并持续运用我们对行业的广泛经验和深刻理解进行创新。</p><p style=\"text-align: justify;\">我们已经并将进一步增强在品类组合、商户生态和运营效率等领域的差异化优势。例如，得益于美团和大众点评在餐饮领域的多年专业知识和洞察，我们注意到餐饮业务的商业逻辑发生了变化，我们直接与高端餐饮合作伙伴分享这些洞察，帮助他们保持领先地位，并快速适应不断变化的消费者需求。我们也在持续跟踪行业趋势，探索自助模式、休闲娱乐、体育文化活动票务、自营家政服务等新供给。</p><p style=\"text-align: justify;\">我们平台多年来积累的真实用户评价，以及整合的一站式在线服务（包括团购、在线预订、自提、美团预订、QA管理），已成为我们独特的竞争优势。此外，超过100万手艺人已成为我们平台上的独特供给。在技术方面，我们的AI智能体&#34;商家经营助手&#34;帮助商户优化数字化服务。商户能够通过利用AI调取和分析消费者偏好来提供个性化服务，还可以智能分析消费者反馈以改进运营。</p><p style=\"text-align: justify;\">此外，我们的AI智能体，如数字员工和AI业务拓展，简化了商户在开店、日常运营和客户获取等方面的操作。我们将继续为商户提供自己的AI助手。在2026年，我们将进一步差异化我们的服务，并分配更多资源，以获得更高的投资回报率。我们将加强在核心品类的地位，并尽量减少在非核心领域的无效投资。</p><p style=\"text-align: justify;\">展望未来，我们将继续致力于为消费者提供无缝的服务闭环，提供精准决策和一站式体验。我们旨在建立一个覆盖客户获取、转化和留存的更全面的商户赋能体系。我们将继续通过数字化转型促进行业的可持续发展。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/JEF\">杰富瑞</a>的Thomas Cheong。请继续。</p><p style=\"text-align: justify;\">王兴<br/>嗨，晚上好。</p><p style=\"text-align: justify;\">杰富瑞分析师<br/>谢谢管理层回答我的问题。美团计划收购京东（Bing Bong）能带来什么协同效应？美团零售业务的战略如何演变？美团自营零售业务的策略是怎样的？</p><p style=\"text-align: justify;\">王兴<br/>谢谢Thomas关于京东的问题。关于我们零售业务的策略，我们最近宣布以7.17亿美元收购京东的中国大陆业务。但请注意，这笔交易仍需获得监管批准。原因，显然，最重要的原因是我们对中国零售业务（包括线上和线下）充满信心。除此之外，此次收购还有两个关键原因。首先，它将增强美团在即时零售领域的整体能力，特别是加强我们的供应链能力。这也将有助于我们零售业务运营效率的进一步提升。</p><p style=\"text-align: justify;\">其次，京东已在华东地区建立了强大的市场地位。通过此次收购，如果成功，我们将显著提高我们在该地区的覆盖范围和服务质量。零售业务与公司使命高度契合，是我们的长期战略重点之一。随着市场动态的演变，我们观察到，像小象超市这样的自营供给在即时配送生态系统中变得越来越重要。小象超市代表了平台上的高质量供给保障，为用户提供更可靠的购物体验。鉴于该行业的增长潜力，我们看到了巨大的机遇。</p><p style=\"text-align: justify;\">去年，我们已经重组了零售业务组合，转向更高效的方式以推动可持续增长。过去几年，小象超市保持了强劲的增长势头，同时持续提升运营效率。我们扩大了自有品牌商品供给，覆盖了夜间消费场景，并保持了行业领先的履约速度和体验。我们相信小象超市代表了一种模式，即美团可以利用其优势，朝着明确的盈利路径前进。展望未来，我们计划将这种模式扩展到更多城市和地区，为更多消费者带来更快、更新鲜、更实惠的即时零售。谢谢。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。下一个问题来自<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>的Gary New。请继续。</p><p style=\"text-align: justify;\">摩根士丹利分析师<br/>嗨，感谢提问的机会。我的问题与Keeta有关。Keeta在香港和沙特阿拉伯都取得了一些进展，但考虑到监管和竞争的限制，前方的道路看起来相当具有挑战性。管理层能否分享一下公司在2026年的海外战略是否有任何更新？你们计划今年在巴西投资多少？你们预计沙特阿拉伯何时能实现盈利？在2026年。谢谢。</p><p style=\"text-align: justify;\">王兴<br/>谢谢Gary。在讨论我们2026年国际战略的具体细节之前，我想借此机会对我们在中东的员工、商户、骑手以及所有生态伙伴表达我最深切的感谢。感谢你们在工作中的不懈奉献，为所有用户提供基本服务。在这个困难时期，我们正尽一切努力保障你们的安全和生计，共同克服这些挑战。</p><p style=\"text-align: justify;\">现在回到Gary的问题。首先，我想强调，美团在中国境外的核心理念始终是为整个生态系统创造价值，并推动行业长期增长，而非内卷化。这从来不是我们想做的，我们通过Keeta进行的国际业务也将遵循同样的原则。我们希望与当地参与者共同成长。我们希望帮助加速当地本地服务行业的数字化转型，我们希望共同服务并拓展更大的市场。因此，最终，我们希望为这些市场的用户、商户、骑手和其他合作伙伴创造新的价值。</p><p style=\"text-align: justify;\">2026年，Keeta将主要聚焦于我们目前的市场，因为每个市场都有不同的产品动态。因此，我们将保持灵活性，根据当地情况调整策略。在平衡每个市场、每个阶段的增长和盈利能力的同时，合规将始终是重中之重。因此，我们正在与当地监管机构非常积极地合作。长远来看，我们致力于全球运营，战略重点将放在即时配送和即时零售上，这些领域可以发挥我们的核心优势。</p><p style=\"text-align: justify;\">关于你提到的市场，正如我在上个季度所说，Keeta于2025年10月在香港实现了首个盈利月份。请允许我提醒一下，Keeta于2023年5月在香港推出，并于2025年10月实现盈亏平衡。所以我们花了29个月才实现盈利。今年，我们将专注于进一步改善运营。对于沙特阿拉伯，那是一个非常有利于配送业务实现盈利的市场。因此，我们预计Keeta在沙特阿拉伯实现盈利月份的速度将比在香港快得多。肯定会在今年年底之前。</p><p style=\"text-align: justify;\">实际上，我想说我们已经非常接近了，在不久的将来就会实现。我们在一些城市已经实现了盈亏平衡，我认为其他城市也会很快跟进。因为最近我们在沙特阿拉伯大幅削减了补贴，但我们的订单量仍然保持韧性。这意味着用户选择Keeta是因为我们更好的服务，而不是为了补贴或更低的价格。</p><p style=\"text-align: justify;\">因此，在2026年，我们将进一步优化我们在其他中东市场的运营，我们的订单也在快速增长。凭借我们的沙特经验（Southern Rib）和区域品牌认知，我相信我们能够快速提高在这些新市场的运营效率。然而，我们在这些市场2026年的增长仍受外部风险影响，例如当前地区的复杂局势。关于巴西，我们看到了巨大的长期价值。因此，我们仍然坚定致力于在该市场的长期增长。</p><p style=\"text-align: justify;\">目前，我们的运营集中在圣保罗市（Sapporo），这是巴西最大的城市。在更广泛的全国推广之前，我们优先在圣保罗完善我们的商业模式。同时，我们将积极探索业务策略，以建立差异化优势。</p><p style=\"text-align: justify;\">总体而言，Keeta在2026年的亏损仍将显著，因为我们在2025年下半年进入了大量新市场、大量新国家。这些市场的订单仍在规模化进程中。然而，这将被我们国内新业务更高效的改善所抵消。因此，我们预计2026年新业务分部的整体亏损不会超过2025年。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。此时没有进一步的问题。我现在将把时间交还给Scarlett进行结束语。</p><p style=\"text-align: justify;\">徐晓雯<br/>好的。感谢大家参加今天的电话会议。我们期待在下个季度与大家再次交流。谢谢。</p><p style=\"text-align: justify;\">接线员2<br/>谢谢。我们今天的会议到此结束。感谢您的参与，您现在可以挂断。</p></blockquote></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e1238455e09ac8d1135014cb37eb0f4d","relate_stocks":{"LU2148510915.USD":"FULLERTON LUX FUNDS - CHINA A EQUITIES \"R\" (USD) ACC","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0541502299.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"I\" (USD) ACC","LU1328277881.USD":"MANULIFE GF DRAGON GROWTH FUND \"AA\" (USD) INC","LU0823426308.USD":"法巴中国股票基金","LU1993786604.SGD":"UBS (LUX) EQUITY SICAV ALL CHINA \"P\" (SGD) ACC","LU0828237510.HKD":"SCHRODER ISF BIC (BRAZ IN CH)\"A\" (HKD) ACC","SG9999000327.SGD":"Schroder Asian Growth A Dis SGD","LU0672654166.SGD":"FTIF - Templeton Asian Growth A (acc) SGD-H1","LU0228659784.USD":"施罗德金砖四国基金","LU1328615791.USD":"FULLERTON LUX FUNDS - ALL CHINA EQUITIES \"I\" (USD) ACC","BK1615":"港股-互联网","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) 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ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1187259510","content_text":"CEO王兴明确表态“坚决反对内卷”，将主动退出低效价格战。美团全面进攻AI，已向所有用户开放AI助手“小团”，致力于打造本地生活“AI超级网关”。出海方面，预计沙特市场将在今年底前实现首月盈利，公司指引2026年新业务总体亏损不会超过去年。面对前所未有的激烈竞争，美团在稳住核心商业底盘的同时，正明确拒绝行业“内卷化”，并将未来的想象空间全面押注于物理世界的AI重构与KeeTa的全球化提速。在今晚举行的美团2025年第四季度及全年业绩电话会议上，美团董事长兼CEO王兴与CFO陈少晖向市场交出了一份在复杂环境下稳健前行的答卷，并详细披露了公司在核心本地商业、AI战略、零售并购以及出海业务上的最新动向。财报数据显示，美团2025年第四季度总收入达到921亿元，同比增长4.1%。截至2025年底，公司持有的现金及现金等价物和短期国债投资总计高达1668亿元。在各业务板块中，核心本地商业四季度收入为648亿元；而由KeeTa和零售业务扩张驱动的新业务板块表现亮眼，四季度收入达到273亿元，同比增长18.9%。面对市场高度关注的竞争格局、业绩指引与未来增长引擎，美团管理层在会上给出了明确的回应。直面竞争与监管：“我们坚决反对内卷化”针对近期市场关心的餐饮外卖价格战与监管部门的行业调查，王兴在会上给出了非常坚决的态度。他指出，主管部门希望培育健康有序的市场，而外卖行业中补贴驱动或价格驱动的竞争是“非常典型的非理性竞争”。“我们坚决反对内卷化。我们将积极配合监管调查。”王兴强调，美团正将资源从低客单价和低质量的订单中收回，以捍卫市场份额并推动高质量增长。“无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。”这一策略在财务上已初见成效。陈少晖透露，四季度核心本地商业经营亏损环比大幅收窄，主要得益于餐饮外卖业务亏损的显著减少。王兴也给出乐观指引：“我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。”AI时代的野心：“绝不急于成为‘token’工厂”AI是本次电话会市场关注的另一大焦点。作为拥有庞大线下商户与履约网络的服务平台，美团如何应对AI可能带来的“超级入口”更迭危机？王兴表示：“我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为‘token工厂’之一，完全不是。”王兴认为，通用AI无法可靠地管理真实的物理世界服务体验，如果不能深度参与履约服务管理，AI“只是一个聪明的聊天机器人”。目前，美团已将内嵌的AI助手“小管”推送给所有用户，并致力于将其打造成以用户为中心的本地服务AI智能体。他生动地举了一个例子：用户可以直接用自然语言向“小管”提问——“我和朋友分别在望京和中关村，只有2小时吃午饭，能否在中间位置找一家有包间、辣菜且方便停车的餐厅？”王兴表示，要真正回答这类长文本的真实需求，不仅需要大模型，还需要实时的POI（兴趣点）数据、交通信息、餐厅空位和真实评价，这正是美团在物理世界建立的深厚护城河。零售并购与出海图景：拟购京东资产，KeeTa中东盈利在望在寻找新的增长曲线方面，美团正在即时零售与海外市场（KeeTa）双线出击。电话会上，王兴确认了美团计划以7.17亿美元收购京东中国大陆零售业务的消息（该交易仍需监管批准）。他表示，此举除了彰显对中国零售业务的信心外，将极大增强美团在即时零售领域的供应链能力，并显著提高在华东地区的覆盖范围和服务质量。而在海外市场，KeeTa的全球化步伐正在加快。继2025年下半年进入卡塔尔、科威特、阿联酋和巴西（重点聚焦圣保罗市）后，其成熟市场的盈利模型已经跑通。“KeeTa于2025年10月在香港实现了首个盈利月份，我们花了29个月才实现盈利。”王兴透露了一个令市场振奋的预期：“沙特阿拉伯是一个非常有利于配送业务实现盈利的市场。我们预计KeeTa在沙特实现盈利月份的速度将比在香港快得多，肯定会在今年年底之前。”王兴强调，美团出海的核心理念依然是为生态系统创造价值，而非内卷化。即便2025年下半年进入了大量新市场，但得益于国内新业务效率的改善，管理层预计2026年新业务板块的整体亏损不会超过2025年。美团电话会全文如下：接线员感谢您的耐心等待，欢迎参加美团2025年第四季度及全年业绩电话会议。所有参会者目前处于仅收听模式。会议包含演讲环节，之后将进行问答环节。如需提问，请在电话键盘上按星号键再按数字1。现在，我将会议交给投资者关系及资本市场负责人徐晓雯女士。请开始。Scarlett Xu (徐晓雯)谢谢接线员。大家晚上好，早上好。欢迎参加美团2025年第四季度及财年业绩电话会议。今天出席会议的有：董事长兼首席执行官王兴先生，以及高级副总裁兼首席财务官陈少晖先生。在今天的会议上，管理层将首先回顾我们2025年第四季度及财年的业绩，然后进行问答环节。徐晓雯在开始之前，我们提醒您，我们的陈述包含前瞻性陈述，这些陈述涉及若干风险与不确定性，实际未来结果可能与之不同。本次陈述还包含未经审计的非国际财务报告准则财务指标，这些指标应作为补充，而非替代根据国际财务报告准则编制的公司财务绩效指标。关于风险因素和非国际财务报告准则指标的详细讨论，请参阅我们网站投资者关系部分的披露文件。现在，我将把电话交给王兴先生。请发言，兴。王兴谢谢Scarlet，大家好。2025年对美团而言，既是充满机遇的一年，也是面临挑战的一年。面对前所未有的激烈竞争，我们始终专注于服务消费者、商户、骑手及所有生态伙伴。我们致力于创造长期价值。2025年，我们平台的GTV和交易量均实现双位数增长，新增交易用户数、用户交易频次以及ARPU均达到新高。这些关键指标巩固了我们作为中国消费者首选本地服务平台的坚实地位。2025年，我们全面升级了美团会员计划。这是我们首个覆盖几乎所有品类的消费者忠诚度计划。它帮助我们推动交叉销售，并增强了核心用户的粘性。同时，依托我们在本地服务领域的综合优势，我们推出了自主研发的AI助手——小美和小管。我们将AI技术带入了真实的消费场景。展望未来，美团会员和AI将继续成为我们提供差异化、增强型本地体验的关键工具。无论市场环境如何演变，我们始终专注于加强长期护城河，并推动整个行业的健康可持续发展。我们也积极寻求新的增长机会。2025年期间，我们取得了一系列关键进展。首先，我们加速了向供给侧的深度渗透，并通过供给侧创新，构建了一个覆盖全价格带和多元品类、全面的高性价比供给体系。这使我们能够精准满足用户在餐饮外卖、即时零售和服务零售方面的综合需求，也巩固了我们作为一站式本地服务平台的地位。在餐饮外卖方面，我们与商户合作，聚焦于产品、门店形式和渠道的创新。品牌卫星店、回转自助火锅、共享厨房等创新模式，帮助大量餐饮品牌和中小商户提高了运营效率，拓展了业务。我们与商户合作，推出了\"神抢手\"等其他模式，在不同价格带推出了优质优价的爆款产品，服务了更广泛的消费群体。在即时零售方面，我们深化了在本地供给的布局，成为众多领先品牌全渠道战略的重要合作伙伴。我们持续延伸在供应链上的触达能力。我们的创新供给模式，包括美团即食仓、美团闪电仓、品牌官旗闪电仓，以及我们自营的小象超市和微仓，已成为即时零售的重要供给。我们与顶级酒类品牌紧密合作，酒水业务实现了快速增长。在医疗健康领域，我们持续加强家庭常用药、医疗器械的本地供给，支持众多创新药的线上首发，并进一步扩大了24小时药店、在线问诊和居家检测服务的覆盖范围。小象超市在第四季度加快了城市扩张步伐。过去几年，小象超市建立了强大的供应链，提升了生鲜品质，并发展了行业领先的产品能力。我们的自有品牌产品现已覆盖更广泛的品类，贡献了更高的GTV占比。在我们的到店、酒店及旅游业务中，我们推出了高品质商户推荐榜单，并将必吃榜、黑珍珠等榜单项目扩展至教育、健身、医疗、养老服务等更多品类。基于对消费趋势的深刻洞察，我们进一步丰富了体育赛事、文化艺术票务、家政服务等供给。此外，我们支持超过100万独立手艺人（小燕）在我们的平台上实现数字化，增强了我们独特的服务生态系统连接。第二，我们专注于通过产品迭代和美团会员升级来增强综合服务能力，为消费者提供卓越的消费体验。在履约方面，我们升级了准时宝和专人直送等服务，在2025年显著扩大了其覆盖范围。这为消费者提供了更可靠、更高质量的履约保障，巩固了我们在履约方面的竞争优势。在即时零售方面，我们联合数百万商户和品牌，推出了行业首个全周期服务保障计划。该计划为高等级会员和精选品牌商品提供免费退换货运费，引领了体验、履约、配送和售后支持等全行业的服务标准。在医疗健康方面，我们扩大了与三甲医院医生的在线问诊合作。我们升级了对牙科、医美等服务的核验和服务保障。这些努力全面提升了在线医疗服务的可靠性。我们将这些高质量服务与我们全面升级的美团会员深度融合。我们为会员推出了一系列专属权益，覆盖餐饮外卖、酒店预订、生活服务、出行、医疗等多元消费场景。这些会员专属权益活动显著提升了用户心智和交易频次，使我们能更好地服务核心用户群体。因此，大量中级会员晋升至更高级别。在激烈的竞争中，我们的高价值会员群体持续稳定增长，其交易频次和消费金额均有所提升。值得注意的是，他们还在更广泛的品类中进行交叉购买。我们持续增强的美团会员计划提供了强大的多维支持。它促进了流量、运营和交易增长，也推动了核心本地商业中不同品类、不同场景之间的交叉销售。总体而言，我们巩固了在基础设施和用户心智方面的领先地位，即使在竞争异常激烈的市场环境下也是如此。我们始终专注于培育可持续的生态系统，并正在采取切实行动，推动整个本地服务行业实现高频、高质量的增长。我们持续赋能中小商户。例如，我们增加金融支持，推广\"明厨亮灶\"项目，并利用AI工具提升商户运营效率。我们旨在促进餐饮服务业的健康发展，并应对诸如营销内卷化、食品安全治理等结构性挑战。我们在骑手福利方面也取得了进展。2025年，我们率先在全国范围内为各类骑手提供养老保险补贴计划。我们的职业伤害保障试点现已扩展至17个省区市，覆盖超过1600万名骑手。这项保障对集团无财务成本负担。此外，我们持续在医疗、教育、住房等领域完善骑手的多层次福利体系。第四，在我们的海外市场，Keeta加速了全球化布局，并在2025年实现了良好的增长势头。在香港，Keeta巩固了其领先地位，并在第四季度实现了正的单位经济效益。在沙特阿拉伯，Keeta的订单量在2025年全年持续增长，并凭借更高质量的服务成为当地消费者的首选平台之一。在2025年下半年，我们在卡塔尔、科威特、阿联酋和巴西启动了业务运营。所有这些新市场自业务启动以来都展现出强劲的增长势头。展望未来，Keeta将继续发挥其在产品、技术和运营经验方面的优势。我们将与全球各市场的商户和骑手紧密合作，共同推动行业的数字化转型，让更多国家和地区的消费者享受到我们优质、高效的服务。此外，在2025年，我们拥抱了人工智能带来的机遇。我们致力于通过将AI创新与我们已验证的实体服务优势相结合，推动物理世界的人工智能转型。多年来，我们对AI技术进行了重大投资。我们结合自身研发实力，开发了自有的多模态长文本模型系列。同时，我们也使用了最先进的第三方模型。我们还利用了美团独特的数字资产，包括广泛的商户信息、高质量多元化的供给、真实的消费行为和用户评价。我们首先在独立App上测试了智能生活助手\"小美\"。更重要的是，我们已将嵌入美团App的AI助手\"小管\"推送给所有用户。我们将AI技术与美团平台上的应用场景相结合，覆盖了本地服务全品类。美团App中的AI功能\"小管\"将从根本上改变消费者使用我们App的方式。搜索将演变为只需用自然语言提出请求，而不仅仅是输入关键词。\"小管\"依托美团丰富的供给和强大的履约能力，结合美团App成熟的原生界面，在2025年为消费者带来了全新的、易用的、卓越的体验。2026年，我们将继续优化\"小管\"的用户体验。我们的目标是让\"小管\"成为最以用户为中心的本地服务AI智能体。回顾2025年，我们面临着复杂的外部环境和前所未有的激烈竞争。但我们始终坚守\"帮大家吃得更好，生活更好\"的使命，努力为消费者、商户、骑手及所有生态伙伴创造实实在在的价值。展望未来，我们相信核心本地商业仍然具有强劲的增长潜力和强大的业务韧性。我们将继续深化供给侧渗透，提升服务质量，完善美团会员计划，并投入生态系统建设。我们将进一步巩固作为大多数消费者首选本地服务平台的地位，并推动行业高质量发展。同时，零售业务（包括即时零售）和海外市场是具有清晰战略和潜力的长期增长曲线。我们将秉持投资纪律，积极探索这些领域。更重要的是，随着我们进入人工智能时代，我们将坚定执行\"零售+科技\"战略，利用人工智能深度赋能本地服务行业，为消费者和商户带来更佳体验。至此，我将把电话交给少晖，由他介绍最新的财务业绩。陈少晖谢谢兴。大家好。现在让我们开始介绍第四季度的财务业绩。请注意，除非另有说明，所有比较均为同比。第四季度，我们的总收入为921亿元，同比增长4.1%。收入成本率上升11.6个百分点至33.8%。这主要受三个因素驱动：从收入中扣除的更多消费者激励、为保持领先服务质量而增加的骑手激励，以及海外运营成本增加。销售及营销费用率上升14.8个百分点至34.4%，主要是由于我们增加了在推广、广告和用户激励方面的投入，以提升品牌知名度和核心用户参与度。研发费用率上升至7.6%，反映了我们在AI领域投入的增加，而一般及行政费用率略有上升至4%。第四季度，分部经营亏损总额和经调整净亏损环比收窄至147亿元和151亿元。这些环比改善反映了我们在激烈竞争中专注于高质量增长和执行效率。截至2025年12月31日，我们持有的现金及现金等价物和短期国债投资总计1668亿元。虽然经营现金流仍为负，但实现了环比改善，经营现金流出收窄至66亿元。现在，我们来看分部业绩，从核心本地商业分部开始。本季度，我们继续看到订单量和GTV的健康增长。我们在餐饮外卖和美团到店业务中的领导地位保持稳固，同时我们在核心本地商业其他品类中的市场地位保持稳定。我们的核心用户群体继续呈现健康增长，并在平台上表现出更高的参与度。这些用户不仅交易更频繁，还在我们平台上探索更多服务。本季度，他们的留存率相比第三季度进一步提升。包括医药健康、休闲娱乐、运动健身、宠物服务以及美团即时零售中的大多数品类在内的多个消费品类，在订单量和GTV方面均保持了双位数增长。在财务方面，第四季度分部收入为648亿元，同比下降1.1%。虽然餐饮外卖行业的补贴力度较第三季度略有缓和，但仍处于历史高位。第四季度，我们专注于高质量增长，进一步收回了来自低客单价和低质量订单的资源。这推动了餐饮外卖平均订单价值的环比回升，尽管我们的餐饮外卖净AOV仍远高于行业平均水平。激烈的竞争确实导致餐饮外卖AOV同比大幅下降，这影响了我们的佣金收入增长。消费者补贴对配送服务收入的影响也持续到了第四季度。我们的在线营销收入保持稳定增长。我们持续看到，从中小餐馆到线下零售商及其他本地服务提供商，各品类的商户都将美团视为关键营销渠道，我们的广告主基础持续稳步扩大。在成本和费用方面，我们增加了营销支出和促销活动，以增强品牌定位和价格竞争力，同时提升所有用户的参与度。我们分配了更多资源来加强会员计划。我们还为骑手提供了更多激励，以确保配送服务质量和用户体验。同时，我们持续投入生态系统建设。核心本地商业分部第四季度经营亏损为100亿元，经营亏损环比大幅收窄。这一改善主要得益于餐饮外卖业务亏损的显著减少。转向新业务分部，第四季度收入达到273亿元，同比增长18.9%，主要由Keeta和零售业务的扩张驱动。然而，分部经营亏损扩大至46亿元，反映了共享单车等业务的季节性逆风，以及本季度在海外扩张和零售业务方面的战略性投入。本季度，我们将Keeta拓展至四个新市场，这需要大量的前期投入。但令我们鼓舞的是，在已建立的市场，如香港和沙特阿拉伯，随着订单密度和运营效率的提升，单位经济效益已显示出健康的改善。我们乐观地认为，Keeta的新市场也将遵循这一积极趋势。对于零售业务，它仍然是美团长期的重点战略方向。过去几年，小象超市取得了扎实进展，关键指标趋势向好。第四季度，我们加快了向新城市的扩张，并扩大了仓库网络，以捕捉不断增长的线上零售需求。我们还通过在北京开设首家小象超市线下店以及开设多家新的\"欢螺猴\"门店，增强了实体存在。此外，我们最近宣布了收购京东零售国内资产的计划，我们预计这将进一步提升美团在即时零售领域的整体能力。我们相信，这些战略投资将巩固我们的竞争优势，并在零售领域创造长期价值。展望未来，我们仍然对公司长期、可持续的增长轨迹充满信心。我们坚信行业将逐步走向规范化，随着监管引导，竞争将逐渐回归常态。我们将更加专注于提高效率和实现更高质量的增长，并继续投资于技术、服务质量和生态系统建设。至此，我们现在开始问答环节。接线员谢谢。如果您想提问，请在电话上按星号1键，并等待宣布您的名字。如果您想取消请求，请按星号2键。如果您使用的是免提电话，请拿起听筒提问。第一个问题来自高盛的Ronald Young。请继续。高盛分析师谢谢。少晖、Scarlett、兴，你们好。我想问一下关于AI超级入口或入口点的竞争，因为这种新时代已经开启。公司如何看待这一趋势以及未来的发展？从风险方面看，这是否会导致在App时代作为主要流量入口的地位丧失？管理层有哪些战略或计划来应对这一风险？您能否也分享一下AI智能体和长文本模型的最新进展？王兴谢谢Rona。在过去的财报电话会上，我已经明确表示，我认为虽然AI将彻底改变一切，但在这场AI革命中，唯一有意义的策略是主动出击，而不仅仅是防守。但这并不意味着我们要急于成为\"token工厂\"之一，完全不是。我们将AI视为一个战略机遇，用于改进、加强甚至革新我们在本地服务（我们的核心业务）中的产品。我将稍作阐述。首先，我认为AI需要大量投资。因此，自2023年初以来，我们在资本支出和AI人才方面投入了大量资金。因此，除了那些云公司之外，我们可能是中国公司中在AI领域投资最多的公司之一。我们这样做已经超过三年了。这显然对我们的资产负债表和现金流产生了影响，但我们将继续致力于开发自有的长文本大模型，因为我们相信，为了更精确地理解物理世界，基于我们自己海量的专有数据，我们需要具备构建内部模型的能力。但同时，我们也在与最先进的第三方模型合作。我们正努力引领将我们的主美团App升级为AI驱动的App，以便更好地满足消费者在本地服务、电商领域的端到端需求。因此，我们认为，所谓\"超级入口\"的竞争，根本上取决于准确理解用户需求、然后高效执行任务的能力。但这里远比一个聪明的聊天机器人复杂。本地服务行业具有高度复杂的用例，存在大量非常碎片化的信息，以及来自中小商户的众多实时信息。这些商户并未完全数字化。因此，商户端和消费者端的许多数据尚未有效数字化，无法从AI中获益，我认为这些数据首先需要数字化。这正是我们多年来一直在做的事情。许多商户运行在我们的数字化系统上，因此我们拥有无与伦比的渠道接触他们的数据。但此外，本地服务平台还需要能够深度参与履约服务的管理，否则它只是一个聪明的聊天机器人。在这里，我认为通用AI无法可靠地管理和保障真实的物理世界服务体验。而我们美团已经建立了极其丰富的物理世界数据，包括商户POI数据、动态实时的商户运营数据，以及最全面、最真实的本地服务用户评价。我相信，我们在餐饮外卖网络、即时配送网络、业务拓展运营、零售供应以及未来的无人机、无人车和其他具身智能技术方面的深厚专业知识，将为我们连接AI与物理世界提供显著优势。我们的自研模型正在追赶那些开源的先进模型。我们的智能体也在快速演进，这将帮助我们无缝整合数字与物理世界的信息。举几个例子。我们最近已将AI助手\"小管\"向美团App内的所有用户开放。在此之前，我们发布了一个独立的AI App——\"小美\"。但对于\"小管\"，现有数亿美团App用户将受益于这些新的AI功能。\"小管\"覆盖了我们平台上的所有本地服务品类，用户可以用更自然的方式表达他们的需求。过去，大多数人都习惯了通过几个关键词进行搜索。但现在，借助增强的AI能力，\"小管\"可以理解用自然语言表达的更长查询。\"小管\"可以访问美团App内的所有数据。我再举一个具体的例子。用户用美团App找餐厅很常见。但有时需要更好地理解用例。比如，有一天我会问美团一个非常具体的问题：我在北京东北角的望京办公室，我有一个朋友在中关村（北京西边）工作。我们计划一起吃午饭，只有2小时时间。您能帮我们在中间位置找到一家有好的包间、辣菜、并且方便停车的餐厅吗？我认为这是一个非常自然的真实需求。但在过去，受限于有限的关键词搜索，用户无法提出这类问题。现在，借助增强的AI能力，这成为了可能。这是一个非常真实的用例。但为了真正回答这个问题，你需要有地图信息、POI信息，甚至交通信息。你还需要知道不仅仅是餐厅的位置，还要了解餐厅的菜品或实时空位情况。否则，你可能会推荐一家非常热门的餐厅，但用户无法预订到桌子或包间。这不是用户需要的。因此，要真正满足这一需求，我们的系统需要能够访问物理世界的大量信息。AI正在帮助我们整合所有这些物理世界数据，为我们的用户提供更好的用户体验。因此，依托美团全面、真实的商户数据库，\"小管\"现在实际上可以回答这些具体问题，不仅涉及商户或位置、营业时间、门店设施等。\"小管\"还可以利用我们真实的用户评价和推荐，提供有价值的见解。凭借这种增强的推理能力，\"小管\"可以满足更个性化的查询，并为餐饮、娱乐、旅行、购物等生成一站式指南。我们很高兴看到\"小管\"功能在春节期间有效满足了用户的需求，但这仅仅是个开始。它收到了积极的反馈，并进一步加强了用户参与度。未来，我认为模型会变得更好，我们将继续深化\"小管\"功能在美团App中的集成。我们希望利用新的AI技术，使美团App成为所有用户满足本地需求、本地服务需求的首选目的地。我们将增强AI搜索能力，并增强执行能力。然后，我们努力将美团升级为领先的AI驱动型App，成为未来本地服务需求的AI入口。谢谢。高盛分析师很好。谢谢。接线员谢谢。下一个问题来自中信证券的Ya Jiana。请继续。中信证券分析师谢谢。晚上好。感谢回答我的问题。关于国务院从1月初开始对餐饮外卖市场竞争状况的调查，我们的业务策略有变化吗？我们最近看到的竞争环境有什么变化？展望未来，我们计划如何在当前的监管环境下维持或扩大我们的竞争优势？此外，餐饮外卖业务的亏损从第四季度到第一季度持续收窄，这是我的问题。谢谢。王兴谢谢张瑶。我们认为监管方向已经非常明确。主管部门坚决反对所谓的\"内卷化\"，并希望培育一个健康有序的市场。餐饮外卖行业中的补贴驱动或价格驱动的竞争是非常典型的非理性竞争，也是非常典型的内卷化。我们非常重视这个问题。我想重申我们的立场。我们坚决反对内卷化。我们将积极配合监管调查。同时，我们将资源从低质量订单中收回。我们努力捍卫我们的市场份额和市场领导地位。因此，在2026年，无论市场环境如何演变，我们的餐饮外卖策略始终保持清晰和一致。第一，我们将继续专注于做正确的事情，增强我们的核心优势，即扩大高质量选择、确保快速可靠的配送、提供持续有竞争力的价格。第二，正如我之前所说，我们将保持领导地位，同时将资源集中在推动高质量增长和提高运营效率上。第三，我们将持续创造价值，除了我们正在进行的工作，如供给侧创新、为骑手提供全年支持和福利改善等。我们还在推动产品和服务升级，以及在AI和其他自动化技术方面的创新，以提升整个行业的效率和体验。因此，展望未来，我们认为竞争将转向深度挖掘用户生命周期价值、提升供给质量和多样性，以及提供无缝的端到端用户体验。在最近几个月，尽管竞争持续激烈，存在相当多的非理性补贴，美团仍然是高价值消费者在选择餐饮服务时的首选，因为我们提供了更好的整体体验。我们在中高客单价订单方面保持了竞争优势，平均订单价值持续远高于行业平均水平，这得益于我们对高质量增长的关注和订单结构的改善。我们有望在第一季度看到餐饮外卖每单亏损相比去年第四季度实现更有意义的环比改善。我们相信，一个更规范的市场有助于将竞争从单纯的补贴战转向创新、服务体验和效率。这些正是我们更具优势的领域。我们将继续磨练我们的核心优势，通过更好的运营、产品本身的创新和迭代，这将帮助我们在中高客单价订单、高价值用户和高效配送网络方面巩固结构性优势。我们对我们餐饮外卖业务的竞争力和长期潜力充满信心。谢谢。中信证券分析师谢谢。接线员谢谢。下一个问题来自瑞银的Kenneth Kong。请继续。王兴嗨，晚上好，管理层。感谢回答我的问题。我们注意到，自去年第四季度以来，抖音大幅增加了对到店业务的补贴，并且其补贴预计在2026年仍将维持高位。所以，想了解一下您对当前本地服务竞争格局的看法，与2022-23年的竞争周期相比，美团目前的策略有何不同？王兴谢谢Kenneth的问题。对于你的问题，从短期角度给出的简短回答是：是的，我们看到竞争对手最近加大了投入和投资。这可能会对我们短期的盈利能力产生负面影响。这是我们所面临的现实，我们也希望市场能够理解。但我会花更多篇幅谈谈我们对该业务的长期策略。我认为，理解竞争对手的格局在最近几年发生了很大变化是关键。整个到店行业在过去几年经历了显著变化。在竞争方面，行业参与者现在在品类、商户和消费场景上有了相当差异化的关注点。领先的参与者现在更加注重高效的运营策略。对我们而言，我们的首要任务始终是该业务的长期可持续发展，而不是在战术层面的短期取胜。我们坚信，端到端的业务仍然具有巨大潜力，但仍需要在全价值链上进行大量投资和更多创新。无论格局如何变化，为消费者和商户提供高效、优质的服务，并推动强劲的线下消费增长，是成功的关键。多年来，我们看到消费者需求发生了变化，他们要求更个性化的体验和物有所值的消费，同时，对延伸服务的需求（如在线辅导、预订、线上下单线下自提）也在持续增长。在供给侧，供给形式和服务品类不断推陈出新，紧跟消费趋势。这种持续的发展势头也是推动数字化转型的关键动力。在技术前沿方面，消费者和商户对AI驱动产品的期望和需求都在增长。在这些趋势下，美团始终保持警觉，并持续运用我们对行业的广泛经验和深刻理解进行创新。我们已经并将进一步增强在品类组合、商户生态和运营效率等领域的差异化优势。例如，得益于美团和大众点评在餐饮领域的多年专业知识和洞察，我们注意到餐饮业务的商业逻辑发生了变化，我们直接与高端餐饮合作伙伴分享这些洞察，帮助他们保持领先地位，并快速适应不断变化的消费者需求。我们也在持续跟踪行业趋势，探索自助模式、休闲娱乐、体育文化活动票务、自营家政服务等新供给。我们平台多年来积累的真实用户评价，以及整合的一站式在线服务（包括团购、在线预订、自提、美团预订、QA管理），已成为我们独特的竞争优势。此外，超过100万手艺人已成为我们平台上的独特供给。在技术方面，我们的AI智能体\"商家经营助手\"帮助商户优化数字化服务。商户能够通过利用AI调取和分析消费者偏好来提供个性化服务，还可以智能分析消费者反馈以改进运营。此外，我们的AI智能体，如数字员工和AI业务拓展，简化了商户在开店、日常运营和客户获取等方面的操作。我们将继续为商户提供自己的AI助手。在2026年，我们将进一步差异化我们的服务，并分配更多资源，以获得更高的投资回报率。我们将加强在核心品类的地位，并尽量减少在非核心领域的无效投资。展望未来，我们将继续致力于为消费者提供无缝的服务闭环，提供精准决策和一站式体验。我们旨在建立一个覆盖客户获取、转化和留存的更全面的商户赋能体系。我们将继续通过数字化转型促进行业的可持续发展。谢谢。谢谢。接线员2谢谢。下一个问题来自杰富瑞的Thomas Cheong。请继续。王兴嗨，晚上好。杰富瑞分析师谢谢管理层回答我的问题。美团计划收购京东（Bing Bong）能带来什么协同效应？美团零售业务的战略如何演变？美团自营零售业务的策略是怎样的？王兴谢谢Thomas关于京东的问题。关于我们零售业务的策略，我们最近宣布以7.17亿美元收购京东的中国大陆业务。但请注意，这笔交易仍需获得监管批准。原因，显然，最重要的原因是我们对中国零售业务（包括线上和线下）充满信心。除此之外，此次收购还有两个关键原因。首先，它将增强美团在即时零售领域的整体能力，特别是加强我们的供应链能力。这也将有助于我们零售业务运营效率的进一步提升。其次，京东已在华东地区建立了强大的市场地位。通过此次收购，如果成功，我们将显著提高我们在该地区的覆盖范围和服务质量。零售业务与公司使命高度契合，是我们的长期战略重点之一。随着市场动态的演变，我们观察到，像小象超市这样的自营供给在即时配送生态系统中变得越来越重要。小象超市代表了平台上的高质量供给保障，为用户提供更可靠的购物体验。鉴于该行业的增长潜力，我们看到了巨大的机遇。去年，我们已经重组了零售业务组合，转向更高效的方式以推动可持续增长。过去几年，小象超市保持了强劲的增长势头，同时持续提升运营效率。我们扩大了自有品牌商品供给，覆盖了夜间消费场景，并保持了行业领先的履约速度和体验。我们相信小象超市代表了一种模式，即美团可以利用其优势，朝着明确的盈利路径前进。展望未来，我们计划将这种模式扩展到更多城市和地区，为更多消费者带来更快、更新鲜、更实惠的即时零售。谢谢。谢谢。接线员2谢谢。下一个问题来自摩根士丹利的Gary New。请继续。摩根士丹利分析师嗨，感谢提问的机会。我的问题与Keeta有关。Keeta在香港和沙特阿拉伯都取得了一些进展，但考虑到监管和竞争的限制，前方的道路看起来相当具有挑战性。管理层能否分享一下公司在2026年的海外战略是否有任何更新？你们计划今年在巴西投资多少？你们预计沙特阿拉伯何时能实现盈利？在2026年。谢谢。王兴谢谢Gary。在讨论我们2026年国际战略的具体细节之前，我想借此机会对我们在中东的员工、商户、骑手以及所有生态伙伴表达我最深切的感谢。感谢你们在工作中的不懈奉献，为所有用户提供基本服务。在这个困难时期，我们正尽一切努力保障你们的安全和生计，共同克服这些挑战。现在回到Gary的问题。首先，我想强调，美团在中国境外的核心理念始终是为整个生态系统创造价值，并推动行业长期增长，而非内卷化。这从来不是我们想做的，我们通过Keeta进行的国际业务也将遵循同样的原则。我们希望与当地参与者共同成长。我们希望帮助加速当地本地服务行业的数字化转型，我们希望共同服务并拓展更大的市场。因此，最终，我们希望为这些市场的用户、商户、骑手和其他合作伙伴创造新的价值。2026年，Keeta将主要聚焦于我们目前的市场，因为每个市场都有不同的产品动态。因此，我们将保持灵活性，根据当地情况调整策略。在平衡每个市场、每个阶段的增长和盈利能力的同时，合规将始终是重中之重。因此，我们正在与当地监管机构非常积极地合作。长远来看，我们致力于全球运营，战略重点将放在即时配送和即时零售上，这些领域可以发挥我们的核心优势。关于你提到的市场，正如我在上个季度所说，Keeta于2025年10月在香港实现了首个盈利月份。请允许我提醒一下，Keeta于2023年5月在香港推出，并于2025年10月实现盈亏平衡。所以我们花了29个月才实现盈利。今年，我们将专注于进一步改善运营。对于沙特阿拉伯，那是一个非常有利于配送业务实现盈利的市场。因此，我们预计Keeta在沙特阿拉伯实现盈利月份的速度将比在香港快得多。肯定会在今年年底之前。实际上，我想说我们已经非常接近了，在不久的将来就会实现。我们在一些城市已经实现了盈亏平衡，我认为其他城市也会很快跟进。因为最近我们在沙特阿拉伯大幅削减了补贴，但我们的订单量仍然保持韧性。这意味着用户选择Keeta是因为我们更好的服务，而不是为了补贴或更低的价格。因此，在2026年，我们将进一步优化我们在其他中东市场的运营，我们的订单也在快速增长。凭借我们的沙特经验（Southern Rib）和区域品牌认知，我相信我们能够快速提高在这些新市场的运营效率。然而，我们在这些市场2026年的增长仍受外部风险影响，例如当前地区的复杂局势。关于巴西，我们看到了巨大的长期价值。因此，我们仍然坚定致力于在该市场的长期增长。目前，我们的运营集中在圣保罗市（Sapporo），这是巴西最大的城市。在更广泛的全国推广之前，我们优先在圣保罗完善我们的商业模式。同时，我们将积极探索业务策略，以建立差异化优势。总体而言，Keeta在2026年的亏损仍将显著，因为我们在2025年下半年进入了大量新市场、大量新国家。这些市场的订单仍在规模化进程中。然而，这将被我们国内新业务更高效的改善所抵消。因此，我们预计2026年新业务分部的整体亏损不会超过2025年。谢谢。接线员2谢谢。此时没有进一步的问题。我现在将把时间交还给Scarlett进行结束语。徐晓雯好的。感谢大家参加今天的电话会议。我们期待在下个季度与大家再次交流。谢谢。接线员2谢谢。我们今天的会议到此结束。感谢您的参与，您现在可以挂断。","news_type":1,"symbols_score_info":{"MPNGY":1.5,"03690":1.5}},"isVote":1,"tweetType":1,"viewCount":888,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":545705655866744,"gmtCreate":1774238299776,"gmtModify":1774239598086,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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10:15","market":"us","language":"zh","title":"华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发","url":"https://stock-news.laohu8.com/highlight/detail?id=2620359205","media":"华尔街见闻","summary":"阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。","content":"<html><head></head><body><blockquote><p>阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。</p></blockquote><p style=\"text-align: left;\">面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。</p><p style=\"text-align: left;\">据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。</p><p style=\"text-align: left;\"><strong>利润大幅承压的核心原因在于成本扩张。</strong>报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。</p><p style=\"text-align: left;\">尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”</p><h2 id=\"id_483313380\" style=\"text-align: left;\">高盛定调“利润重置”，聚焦全栈AI能力</h2><p style=\"text-align: left;\">高盛则将此次财报视为一次<strong>“关键的盈利重置事件（key earnings reset event）”。</strong>该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。</p><p style=\"text-align: left;\">在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。</p><p style=\"text-align: left;\"><strong>这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。</strong></p><h2 id=\"id_1189219818\" style=\"text-align: left;\">AI代币消耗激增6倍，云业务迎来增速拐点</h2><p style=\"text-align: left;\">在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。</p><p style=\"text-align: left;\">在商业化落地的数据上，摩根大通指出，<strong>“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。</strong></p><p style=\"text-align: left;\">高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。</p><p style=\"text-align: left;\"><strong>一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。</strong></p><p style=\"text-align: left;\">在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“<strong>在5年内使年度AI MaaS及云外部收入超过1000亿美元</strong>”。</p><p style=\"text-align: left;\">基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”</p><p style=\"text-align: left;\">面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。</p><h2 id=\"id_1660775017\" style=\"text-align: left;\">底层算力：平头哥芯片年化收入达百亿规模</h2><p style=\"text-align: left;\">除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。</p><p style=\"text-align: left;\">高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。</p><p style=\"text-align: left;\">对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”</p><h2 id=\"id_3675989117\" style=\"text-align: left;\">电商与即时零售：CMR回暖，明确盈利时间表</h2><p style=\"text-align: left;\">回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。</p><p style=\"text-align: left;\">高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。</p><p style=\"text-align: left;\">针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”</p><h2 id=\"id_4240111877\" style=\"text-align: left;\">机构共识：风险/回报偏于上行</h2><p style=\"text-align: left;\">面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。</p><p style=\"text-align: left;\">摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”</p><p style=\"text-align: left;\">高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n华尔街点评阿里财报：短期的“利润重置”是为了长期的AI爆发\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-03-20 10:15</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。</p></blockquote><p style=\"text-align: left;\">面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。</p><p style=\"text-align: left;\">据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。</p><p style=\"text-align: left;\"><strong>利润大幅承压的核心原因在于成本扩张。</strong>报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。</p><p style=\"text-align: left;\">尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”</p><h2 id=\"id_483313380\" style=\"text-align: left;\">高盛定调“利润重置”，聚焦全栈AI能力</h2><p style=\"text-align: left;\">高盛则将此次财报视为一次<strong>“关键的盈利重置事件（key earnings reset event）”。</strong>该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。</p><p style=\"text-align: left;\">在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。</p><p style=\"text-align: left;\"><strong>这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。</strong></p><h2 id=\"id_1189219818\" style=\"text-align: left;\">AI代币消耗激增6倍，云业务迎来增速拐点</h2><p style=\"text-align: left;\">在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。</p><p style=\"text-align: left;\">在商业化落地的数据上，摩根大通指出，<strong>“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。</strong></p><p style=\"text-align: left;\">高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。</p><p style=\"text-align: left;\"><strong>一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。</strong></p><p style=\"text-align: left;\">在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“<strong>在5年内使年度AI MaaS及云外部收入超过1000亿美元</strong>”。</p><p style=\"text-align: left;\">基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”</p><p style=\"text-align: left;\">面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。</p><h2 id=\"id_1660775017\" style=\"text-align: left;\">底层算力：平头哥芯片年化收入达百亿规模</h2><p style=\"text-align: left;\">除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。</p><p style=\"text-align: left;\">高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。</p><p style=\"text-align: left;\">对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”</p><h2 id=\"id_3675989117\" style=\"text-align: left;\">电商与即时零售：CMR回暖，明确盈利时间表</h2><p style=\"text-align: left;\">回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。</p><p style=\"text-align: left;\">高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。</p><p style=\"text-align: left;\">针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”</p><h2 id=\"id_4240111877\" style=\"text-align: left;\">机构共识：风险/回报偏于上行</h2><p style=\"text-align: left;\">面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。</p><p style=\"text-align: left;\">摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”</p><p style=\"text-align: left;\">高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/05ddeb1f7be03fe06014ae549a8abe22","relate_stocks":{"LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","BK4220":"综合零售","BK4524":"宅经济概念","LU1046422090.SGD":"Fidelity Pacific A-SGD","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4527":"明星科技股","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","BK4526":"热门中概股","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","BK4122":"互联网与直销零售","BK4575":"芯片概念","LU1688375341.USD":"贝莱德中国灵活股票基金","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","LU2148611432.USD":"AZ ALLOCATION BALANCED 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ACC"},"source_url":"https://wallstreetcn.com/articles/3767972","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2620359205","content_text":"阿里财报“增收不增利”怎么看？华尔街投行将其定性为“关键的盈利重置”，指出这是AI与即时零售战略投入的必然结果。财报最大的增量亮点在于AI数据的爆发：百炼API代币消耗量在3月较12月激增6倍，平头哥芯片年化收入达百亿规模且60%供外部使用。高盛预计阿里云3月季度增速将达40%。面对阿里巴巴“增收不增利”的最新财报，华尔街投行普遍指出，利润的短期承压是加大AI投资的必然结果，市场应聚焦其长期的“云+生成式AI”变现爆发力。据追风交易台消息，3月20日，摩根大通与高盛相继发布针对阿里巴巴2026财年第三季度业绩的分析研报。摩根大通报告指出，阿里四季度“营收整体表现尚可……但盈利表现显著不及预期”。具体数据层面，“调整后净利润同比下降67%至167亿元，较摩根大通预测/市场一致预期低40%/44%”。利润大幅承压的核心原因在于成本扩张。报告认为，“各业务板块盈利能力普遍不及预期，抵消了收入端的积极因素，反映公司成本压力大于预期，短期盈利走势偏弱。”其中，包含AI布局的新分类“所有其他业务”板块。尽管短期盈利逻辑短期承压，但市场最关心的商业逻辑并未破裂，核心叙事未被颠覆。摩根大通强调：“本季度并未动摇核心叙事，即电商变现周期性放缓及AI/云需求稳健。”高盛定调“利润重置”，聚焦全栈AI能力高盛则将此次财报视为一次“关键的盈利重置事件（key earnings reset event）”。该行认为，利润的下降是“考虑到通义千问（Qwen）AI模型/应用投资导致并且可能在未来几个季度继续导致‘所有其他’业务板块亏损上升”。在利润重置的表象下，业务线正发生向好变化。报告指出，市场已经看到了“令人鼓舞的拐点迹象（encouraging signs of inflections）”。这些迹象具体体现在三个方面：一是“云收入进一步加速”，二是“核心电商客户管理收入（CMR）从12月的季节性低点回归常态”，三是“即时零售单位经济效益持续改善”。AI代币消耗激增6倍，云业务迎来增速拐点在短期的利润阵痛背后，华尔街看到了AI业务的爆发式增长数据。在商业化落地的数据上，摩根大通指出，“云业务外部客户收入同比增速从上季度的29%提升至35%……其中AI相关产品收入仍保持三位数增长”。高盛则在研报中极其关注阿里新成立的“Alibaba Token Hub”业务（即“Token事业群”）的战略进展。该事业群以整合模型与应用层，“以推动Token消耗的增长（to drive growth in token consumption）”。一个极具爆发力的数据是：“管理层分享到，其百炼API业务的Token消耗在3月份比12月份增长了6倍”。在这样的增速预期下，高盛指出，管理层设定了清晰的远期目标：“在5年内使年度AI MaaS及云外部收入超过1000亿美元”。基于强劲的AI需求，该行上调了对阿里云业务的预期：“鉴于AI需求带来的MaaS（模型即服务）收入的强劲势头以及公司对外部客户的持续承诺和专注，我们现在预测3月季度/2027财年的云业务增长率将达到40%/35%。”面对未来的市场定价，摩根大通认为：“预计该股将度过短期盈利压力，并在‘云+生成式AI’变现拐点进一步明晰时迎来估值上调”。底层算力：平头哥芯片年化收入达百亿规模除了云端的软件与模型，阿里在底层硬件上的布局同样引起了华尔街的重视。高盛深入挖掘了阿里自研平头哥（T-Head）芯片业务的进展。高盛转述了公司的披露数据：“平头哥芯片总出货量超过47万颗，最新年化收入达到100亿元人民币规模，且60%的芯片由外部客户使用。”这构成了阿里“独特的AI全栈能力（unique AI full-stack capabilities）”。对于这一业务的战略价值，高盛认为这是阿里的核心护城河：“我们继续将阿里巴巴的自研芯片、中国规模最大的云基础设施以及前沿的Qwen模型，视为其相对于其他中国超大规模云厂商的独特差异化优势。”并且，高盛提及，“公司表示不排除最终将该业务上市的可能性，但尚未提供时间表。”电商与即时零售：CMR回暖，明确盈利时间表回到基本盘业务，市场高度关注淘宝天猫的客户管理收入（CMR）以及即时零售（Quick Commerce）的烧钱状况。高盛转述管理层的预期指出，预计“3月季度的CMR增长率将加速至中个位数以上的百分比（在12月季度1%的季节性低点之后）”。针对拖累利润的即时零售业务，华尔街给出了公司明确的止损与盈利时间线。高盛指出：“公司目标是在2028财年实现1万亿元人民币的即时零售GTV（总交易额），并瞄准在2029财年实现盈利，这将被履约物流效率的提升、订单结构的优化以及强劲的客户留存率所驱动。”机构共识：风险/回报偏于上行面对财报发布后的股价波动，两家投行均重申了看好立场，认为短期的利润率下降是为捕捉AI时代机遇必须支付的合理代价。摩根大通总结其投资逻辑时表示：“总体而言，我们认为风险/回报偏于上行，原因是AI驱动的云业务上行空间和平台可选择性超过短期投入拖累。”该机构进一步预计，“由于生成式AI工作负载从试点扩展到更广泛的部署，以切实的证据证明阿里巴巴在中国捕捉和具象化AI驱动型需求的能力，未来几个季度阿里云收入将继续加速增长。”高盛则直言不讳地指出市场波动带来的机会：“尽管混合的业绩表现引发了最初负面的股价反应（下跌达9%），但我们认为，任何股价疲软都为阿里巴巴创造了更有利的入场点。”","news_type":1,"symbols_score_info":{"BABA":2,"09988":2}},"isVote":1,"tweetType":1,"viewCount":1441,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":543839774409664,"gmtCreate":1773798880890,"gmtModify":1773798882631,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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14:47","market":"sh","language":"zh","title":"黄仁勋和马云都在抢，看清Token背后的商业模式","url":"https://stock-news.laohu8.com/highlight/detail?id=2620469894","media":"和讯网","summary":"就在前一天，阿里巴巴成立Token Hub事业群，CEO吴泳铭亲自挂帅。黄仁勋给了一个比喻：Token是数字世界的石油。黄仁勋在演讲中首次公开了Token的分层定价体系。只要AI还在跑，Token就在烧。能带来Token增长的部门留下，不能的边缘化。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。","content":"<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>黄仁勋和马云都在抢，看清Token背后的商业模式</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n黄仁勋和马云都在抢，看清Token背后的商业模式\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1056779998\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/7d4b373205a673ce16c395cded039e4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">和讯网 </p>\n<p class=\"h-time\">2026-03-17 14:47</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722449.jpg\"/></p><p>昨晚，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>CEO黄仁勋发表GTC 2026主题演讲。就在前一天，<a href=\"https://laohu8.com/S/BABA\">阿里巴巴</a>成立Token Hub事业群，CEO吴泳铭亲自挂帅。</p><p>两家巨头，同一天，盯上同一个东西：Token。Token到底怎么赚钱？咱们今天把它讲清楚。</p><p><img src=\"https://fwfile-1257474221.cos.ap-shanghai.myqcloud.com/weixinimg_temp/2026/20260317/f047d97e6ab2fc87bddf520fe82ecc9b.png\"/></p><p><b><strong>Token是什么？</strong></b></p><p>黄仁勋给了一个比喻：<strong>Token是数字世界的石油</strong>。</p><p>你问ChatGPT一句、生成一段视频、让机器人动一下，消耗的都是Token。它是AI理解和生成信息的基本单位，也是未来所有智能服务的计量单位。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722450.png\"/></p><p>Token怎么收费？企业要付多少钱？</p><p>黄仁勋在演讲中首次公开了Token的分层定价体系。这不是概念，是真金白银的收费标准：</p><p>免费层：高吞吐量、低速度，用于吸引用户</p><p>基础层：每百万Token 3美元，服务普通用户</p><p>进阶层：每百万Token 6美元，更大模型、更快速度</p><p>高速层：每百万Token 45美元，支持长上下文、深度推理</p><p>顶级层：每百万Token 150美元，面向超长研究任务、关键路径实时响应</p><p>黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”</p><p>这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722451.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722452.png\"/></p><p>CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”</p><p>那英伟达怎么靠Token赚钱？核心是<strong>CUDA</strong>。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。</p><p><strong>CUDA的护城河是数亿级的安装基数</strong>。</p><p>英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。</p><p><strong>飞轮转动的结果，就是算力成本持续下降。</strong></p><p>黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。</p><p>这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。</p><p>黄仁勋的原话是：“<strong>一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低</strong>。”</p><p>这就是CUDA的商业模式：<strong>靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户</strong>。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。</p><p>这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。</p><p>这叫<strong>收租</strong>。你今天交，明天还得交。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722453.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722454.png\"/></p><p><b><strong>阿里为什么连夜进场？一场不得不打的硬仗</strong></b></p><p>再看阿里这边的动作。3月16日，<a href=\"https://laohu8.com/S/09988\">阿里巴巴</a>成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：<strong>创造Token、输送Token、应用Token</strong>。</p><p>阿里为什么要这么急？</p><p>核心痛点在于：<strong>AI能力太分散</strong>。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。</p><p>就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。</p><p>吴泳铭的解法很直接：<strong>把Token变成唯一的指挥棒</strong>。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。</p><p>更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI Agent将由模型产生的Token支撑运行”。而Agent不睡觉，24小时运转，意味着Token需求是持续性的、高频复购的。</p><p>如果把Token比作AI时代的“电”，两家巨头的角色很清晰：<strong>英伟达</strong>是“<strong>发电设备制造商</strong>”。它卖发电机、建发电厂，靠CUDA生态锁定客户，让所有AI应用都得从它的平台过一遍。</p><p><strong>阿里</strong>是“<strong>电网公司+用电大户</strong>”。它有通义实验室负责创造Token，有MaaS平台负责输送Token，还有千问、悟空这些负责消耗Token。从C端的AI助手，到B端的企业工作流，阿里想打通“发电-输电-用电”的完整闭环。</p><p>谁的优势更大？英伟达有技术壁垒和生态锁定，单位Token成本有压倒性优势。阿里有场景和数据——电商、云、钉钉、高德、饿了么，每天产生<a href=\"https://laohu8.com/S/603138\">海量数据</a>(603138)，也每天消耗海量Token。如果能把闭环跑通，Token在阿里体系内就能自我循环、自我增值。</p><p>巨头已经在真金白银抢赛道了。</p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722455.png\"/></p><p><img src=\"https://fs-cms.hexun.com/img/2026-03-17/223722456.png\"/></p><p><b><strong>Token生意的终局</strong></b></p><p>Token这个生意，本质是<strong>把算力从“资产”变成了“服务”</strong>。从一次性买卖，变成了持续收费。从卖铲子，变成了卖石油。</p><p>谁掌握了最低的Token生产成本，谁就掌握了AI时代的定价权。</p><p>英伟达有20年积累的CUDA生态，有数亿的安装基数，有每优化一次软件就能惠及所有用户的规模优势。阿里有完整的业务场景，有把Token当成战略资源来打的决心。</p><p>两家巨头，同一个判断：<strong>Token是AI时代的硬通货</strong>。至于英伟达的股价什么时候能回来？等市场不再把它当硬件公司，而是<strong>当AI基础设施平台估值的那一天</strong>。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"89988":"阿里巴巴-WR","BK4503":"景林资产持仓","LU0149721374.USD":"HSBC GIF HONG KONG EQUITY \"AD\" INC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0231483743.USD":"abrdn SICAV I - ALL CHINA SUSTAINABLE EQUITY \"A\" (USD) ACC","BK4502":"阿里概念","LU1496350502.SGD":"FRANKLIN 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150美元，面向超长研究任务、关键路径实时响应黄仁勋算了一笔账：“一个研究员每天用5000万Token，按每百万150美元计算，对一个研究团队来说完全可以接受。”这意味着什么？Token不是一次性买卖，而是持续性消耗。你今天烧完，明天还得烧。只要AI还在跑，Token就在烧。CUDA的商业模式：为什么黄仁勋敢说“算力越用越便宜”那英伟达怎么靠Token赚钱？核心是CUDA。你可以把它理解成AI世界的“操作系统”。所有AI应用都得跑在CUDA上，就像所有手机应用都得跑在安卓或iOS上。CUDA的护城河是数亿级的安装基数。英伟达花了20年时间，让数亿块GPU跑CUDA系统，进入每一朵云、每一家计算机公司、几乎每一个行业。这个安装基数造就了一个飞轮效应：安装基数大，吸引全球开发者；开发者创造新算法，催生新市场；新市场需要更多算力，进一步扩大安装基数。飞轮转动的结果，就是算力成本持续下降。黄仁勋举了一个反直觉的例子：六年前出货的Ampere架构GPU，现在在云端的定价反而在上涨。为什么？因为在这块老芯片上能跑的应用越来越多，而且英伟达每优化一次软件，所有存量用户都能免费提速。这意味着什么？你今天买的算力，过几年不仅不过时，反而可能更值钱。这在硬件行业，几乎是天方夜谭。黄仁勋的原话是：“一旦安装了NVIDIA GPU，就能获得长期的性能迭代。不仅是初期的加速，更是持续的成本降低。”这就是CUDA的商业模式：靠硬件建立安装基数，靠软件持续创造价值，靠生态锁定用户。全球数亿块GPU都在跑CUDA，每消耗一个Token，都得从英伟达的平台过一遍。这就把整个商业逻辑改了。以前企业买AI卡，是一次性开支，属于资本支出。买了就完事，后面跟供应商没关系。现在AI卡变成生产Token的生产线，企业花钱从“买设备”变成了“买燃料”。今天烧完明天还得买，从一次性开支变成了持续性运营。这叫收租。你今天交，明天还得交。阿里为什么连夜进场？一场不得不打的硬仗再看阿里这边的动作。3月16日，阿里巴巴成立Alibaba Token Hub事业群，CEO吴泳铭亲自挂帅，把目标拆成三块：创造Token、输送Token、应用Token。阿里为什么要这么急？核心痛点在于：AI能力太分散。过去两年，阿里的AI散落在通义实验室、阿里云、钉钉、淘天等各个体系，各团队各干各的，资源重复投入，协同成本越来越高。用户认知也很模糊——通义千问、千问App、夸克AI，同一套技术冒出好几个产品，用户根本分不清。就在12天前，“千问灵魂人物”林俊旸突然离职，背后正是“科学家想发论文、管理层想要营收”的撕裂。这种冲突在AI行业并不少见。吴泳铭的解法很直接：把Token变成唯一的指挥棒。未来阿里的评价体系，不再争论技术路线谁对谁错，而是直接折算成Token的调用量和营收。能带来Token增长的部门留下，不能的边缘化。更深层的逻辑是：阿里判断，未来所有数字化工作，都由数以百亿计的AI Agent支撑。吴泳铭在内部信中直言，“这些AI 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恒生跌5%，美团跌16%。恒生如果回调15%，美团跌破100。几乎是定局，这件事确定到老虎证券做空美团的做空池连续15个交易日爆满，做空的人太多，几乎是捡钱，以至于做空美团在老虎上都无法操作了，不是一天两天是连续15天....","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/447686788444200","isVote":1,"tweetType":1,"viewCount":2082,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"content":"现在看我说的有一点问题么？","text":"现在看我说的有一点问题么？","html":"现在看我说的有一点问题么？"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":392181461647848,"gmtCreate":1736791127276,"gmtModify":1736842203422,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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跌的确实有点夸张了，最近20个交易日，出现了跌5涨1，跌6涨1，跌6涨1。最近20个交易日跌16个。这种暴跌速度，只在恒大上见过，最近一个月暴跌26%","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/392181461647848","isVote":1,"tweetType":1,"viewCount":8159,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3513716780842222","authorId":"3513716780842222","name":"奔大康","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3513716780842222","idStr":"3513716780842222"},"content":"前面60-200暴涨就不夸张吗？","text":"前面60-200暴涨就不夸张吗？","html":"前面60-200暴涨就不夸张吗？"},{"author":{"id":"3494314295033535","authorId":"3494314295033535","name":"LogicalWing","avatar":"https://static.tigerbbs.com/0780b4a116abea631f932c8334a81cda","crmLevel":9,"crmLevelSwitch":1,"authorIdStr":"3494314295033535","idStr":"3494314295033535"},"content":"为啥如此夸张..","text":"为啥如此夸张..","html":"为啥如此夸张.."}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410122974843272,"gmtCreate":1741137829128,"gmtModify":1741137830780,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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得出-36%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/410122974843272","isVote":1,"tweetType":1,"viewCount":3885,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3488608422386132","authorId":"3488608422386132","name":"llchn","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"authorIdStr":"3488608422386132","idStr":"3488608422386132"},"content":"楼主没空吧，就是没涨起来恨铁不成钢的感觉","text":"楼主没空吧，就是没涨起来恨铁不成钢的感觉","html":"楼主没空吧，就是没涨起来恨铁不成钢的感觉"},{"author":{"id":"4133585145462200","authorId":"4133585145462200","name":"2025腾飞","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"4133585145462200","idStr":"4133585145462200"},"content":"哥别空美团了，空个别的","text":"哥别空美团了，空个别的","html":"哥别空美团了，空个别的"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":410527667864056,"gmtCreate":1741240872772,"gmtModify":1741242321595,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a 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href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","text":"$美团-W(03690)$ 现在的当务之急是赶紧拉内需，发钱给内需消费性企业，因为已经确实别无他法，首先：美联储降息预期放缓，一方面美联储也要磨合特朗普团队上台的不确定性手里不敢打太多牌，一方面在国内就业ok的情况下要抑制热钱流入中国，因此降息预期只能放缓，降息的放缓会导致rmb贬值预期增强，而美国加关税让出口愈加艰难，对冲了贬值的优点，但降低了国内企业盈利能力，导致税收下滑，地方债高筑，螺旋下滑趋势愈加明显，经济下行就像癌症，刚开始就要下定决心上猛药，犹豫不决就晚了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/383102424994176","isVote":1,"tweetType":1,"viewCount":5876,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3554548221276087","authorId":"3554548221276087","name":"大音仔","avatar":"https://static.tigerbbs.com/f439942da7a68bdff2e2fc6767d8e35f","crmLevel":7,"crmLevelSwitch":0,"authorIdStr":"3554548221276087","idStr":"3554548221276087"},"content":"钱应该发到老百姓手上。给我一万块我马上出去消费。","text":"钱应该发到老百姓手上。给我一万块我马上出去消费。","html":"钱应该发到老百姓手上。给我一万块我马上出去消费。"},{"author":{"id":"3566290818801808","authorId":"3566290818801808","name":"亿千","avatar":"https://static.tigerbbs.com/b8074aa8994a90800980e41658344389","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3566290818801808","idStr":"3566290818801808"},"content":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","text":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫","html":"对不起 ，老爷们就喜欢打应付，觉得自己见招拆招很牛逼，实则就是一个脑瘫"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":404827772448960,"gmtCreate":1739859606971,"gmtModify":1739859608185,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","listText":"<a href=\"https://laohu8.com/S/09618\">$京东集团-SW(09618)$&nbsp;</a> 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","text":"$京东集团-SW(09618)$ 京东药丸了，电商市场已经崩盘了，被抖音超越。跌到第四了，现在已经不计成本疯狂尝试新赛道。国家补贴了一次这是最后一波了。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":2,"repostSize":1,"link":"https://laohu8.com/post/404827772448960","isVote":1,"tweetType":1,"viewCount":3109,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3436920162604594","authorId":"3436920162604594","name":"灵栖国伟hzygw","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"authorIdStr":"3436920162604594","idStr":"3436920162604594"},"content":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","text":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击","html":"自营等于多了一道中间商差价，怎么可能做的过阿里多多。而且自营会滋生腐败，效率又低下。多多国际业务是降维打击"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":359760928903192,"gmtCreate":1728872740161,"gmtModify":1728872742016,"author":{"id":"3471210355661451","authorId":"3471210355661451","name":"不高兴的小欣","avatar":"https://static.tigerbbs.com/be9f320e27bb9010bdd8748b7ecc7bf7","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3471210355661451","idStr":"3471210355661451"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","listText":"<a href=\"https://laohu8.com/S/03690\">$美团-W(03690)$&nbsp;</a> 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","text":"$美团-W(03690)$ 沪港通都快卖没了，貌似降到了几年的低点，散户基本上出了70%","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/359760928903192","isVote":1,"tweetType":1,"viewCount":8212,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3492552337823753","authorId":"3492552337823753","name":"柳琰彬","avatar":"https://static.tigerbbs.com/481850a29407fb1eddc88c528fb21a80","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3492552337823753","idStr":"3492552337823753"},"content":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","text":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底","html":"我觉得是好事，买了看涨期权，希望散户走的干干净净，快快探底"},{"author":{"id":"3470748631763649","authorId":"3470748631763649","name":"喂会打篮球么","avatar":"https://static.tigerbbs.com/a46d048a7ec49fb13ca6999facb7d1de","crmLevel":3,"crmLevelSwitch":1,"authorIdStr":"3470748631763649","idStr":"3470748631763649"},"content":"21年一路抄底，现在成本120，坐等400","text":"21年一路抄底，现在成本120，坐等400","html":"21年一路抄底，现在成本120，坐等400"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}