美团当下的困境及破局之道_老虎社区_美港股上老虎

美团当下的困境及破局之道

虎嗅网2023-11-28

刚刚，美团发了财报，就说说最新的一些看法和理解吧。相关业绩不再赘述，尤其是和隔壁家拼多多比较起来，简直降维打击。当下市场对美团，已经形成强烈共识，主要涉及以下几个困境：1. 天花板问题，尤其和拼多多拥有良好增长前景的Temu比；2. 长期与抖音竞争，对利润的损害，包括但不限于快手本地生活业务的展开；3. 无限战争的理念主张，尤其新业务（优选）等，可能不尊重股东权益。最重要的是，以上三个问题，可能是...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

暂无评论

热议股票

7x24

全部

关于我们·老虎社区守则·老虎社区账号管理规范·老虎社区服务协议·老虎社区隐私政策

公司名称：北京至简风宜信息技术有限公司

违法和不良信息投诉：010-5681-3562（工作时间9:30-18:30）

邮箱：service@laohu8.com

营业执照：91110105MA01A4U55R

ICP备：京ICP备18016422号

网安备：京公网安备11010502036490

关注我们

{"i18n":{"language":"zh_CN"},"data":{"share":"https://www.laohu8.com/m/news/2386053110?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2023-11-28 21:30","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2386053110","market":"hk","top_or_hot":-1,"title":"美团当下的困境及破局之道","media":"虎嗅网","content":"<div>\n<p>刚刚，美团发了财报，就说说最新的一些看法和理解吧。相关业绩不再赘述，尤其是和隔壁家拼多多比较起来，简直降维打击。当下市场对美团，已经形成强烈共识，主要涉及以下几个困境：1. 天花板问题，尤其和拼多多拥有良好增长前景的Temu比；2. 长期与抖音竞争，对利润的损害，包括但不限于快手本地生活业务的展开；3. 无限战争的理念主张，尤其新业务（优选）等，可能不尊重股东权益。最重要的是，以上三个问题，可能是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311282135048213dea9&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","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>美团当下的困境及破局之道</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; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 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美团当下的困境及破局之道\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-28 21:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311282135048213dea9&s=b><strong>虎嗅网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>刚刚，美团发了财报，就说说最新的一些看法和理解吧。相关业绩不再赘述，尤其是和隔壁家拼多多比较起来，简直降维打击。当下市场对美团，已经形成强烈共识，主要涉及以下几个困境：1. 天花板问题，尤其和拼多多拥有良好增长前景的Temu比；2. 长期与抖音竞争，对利润的损害，包括但不限于快手本地生活业务的展开；3. 无限战争的理念主张，尤其新业务（优选）等，可能不尊重股东权益。最重要的是，以上三个问题，可能是...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311282135048213dea9&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0501845795.SGD","symbol_name":"瑞银大中华区股票基金P Acc SGD","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311282135048213dea9&s=b","article_id":"2386053110","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN202311282135048213dea9&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2386053110","pubTimestamp":1701178200,"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"刚刚，美团发了财报，就说说最新的一些看法和理解吧。上面这三个问题，基本是市场主流共识，构成当下美团的困境，管理层也给出了应对策略。比较遗憾的是，从公开的公司动态来说，美团管理层可能认为核心矛盾是和抖音的竞争。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"83690":"美团-WR","LU0501845795.SGD":"瑞银大中华区股票基金P Acc SGD","LU0320764755.SGD":"FTIF - Templeton Asian Growth A Acc SGD","LU0588545490.SGD":"Eastspring Investments - Asian Equity Income AS SGD","LU0577902538.SGD":"Fullerton Lux Funds - Asia Growth and Income Equities A Acc SGD","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","BK1575":"同股不同权","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0588545904.SGD":"Eastspring Investments - Asian Equity Income ASDM SGD","LU0449515922.USD":"HSBC GIF GLOBAL EMERGING MARKETS EQUITY \"PC\" (USD)ACC","LU0577902454.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (USD) ACC","LU0588545730.USD":"EASTSPRING INVESTMENTS ASIAN EQUITY INCOME \"ADM\" (USD) INC","LU0543330483.HKD":"TEMPLETON ASIAN GROWTH \"A\" (HKD) ACC","LU0348805143.USD":"ALLIANZ ENHANCED ALL CHINA EQUITY \"A\" (USD) INC","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","BK1583":"高瓴概念","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","BK1233":"餐馆","03690":"美团-W","LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0307460666.USD":"EASTSPRING INVESTMENTS CHINA EQUITY \"A\" ACC","LU0348825331.USD":"ALLIANZ CHINA EQUITY \"A\" (USD) INC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0588546209.SGD":"Eastspring Investments - China Equity Fund AS SGD","LU0348788117.USD":"ALLIANZ EMERGING ASIA EQUITY \"A\" (USD) INC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0370786039.SGD":"Fidelity Greater China A-SGD","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0326950275.SGD":"Schroder ISF China Opportunities A Acc SGD-H","LU0029875118.USD":"TEMPLETON ASIAN GROWTH \"A\" INC","LU0251144936.SGD":"Fidelity Sustainable Asia Equity A-SGD","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","BK1521":"挪威政府全球养老基金持仓","BK1610":"ETF&股票定投概念","LU0043850808.USD":"HSBC GIF ASIA EX JAPAN EQUITY \"AD\" INC","LU0577902611.USD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"A\" (USD) ACC","LU0456827905.SGD":"JPMorgan Funds - China A (acc) SGD","LU0577902371.SGD":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (SGD) ACC","BK1142":"互联网与直销零售","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0541501648.USD":"ALLSPRING  EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0072462343.USD":"贝莱德亚洲巨龙基金","LU0577902298.EUR":"FULLERTON LUX FUNDS - ASIA GROWTH & INCOME EQUITIE \"I\" (EUR) ACC","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0214875030.USD":"HSBC GIF BRIC EQUITY \"M2C\" (USD) ACC","LU0140636845.USD":"施罗德大中华区股票A Acc"},"translate_title":"The current predicament of Meituan and the way to break it","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"83690":0.9,"03690":1},"content_text":"刚刚，美团发了财报，就说说最新的一些看法和理解吧。相关业绩不再赘述，尤其是和隔壁家拼多多比较起来，简直降维打击。当下市场对美团，已经形成强烈共识，主要涉及以下几个困境：1. 天花板问题，尤其和拼多多拥有良好增长前景的Temu比；2. 长期与抖音竞争，对利润的损害，包括但不限于快手本地生活业务的展开；3. 无限战争的理念主张，尤其新业务（优选）等，可能不尊重股东权益。最重要的是，以上三个问题，可能是长期化的。针对这些问题，其实美团给出了应对策略，分别如下：第一个给出的解法是“闪购”+低频外卖用户分层运营。第二个解法是提拔李树斌（高级副总裁），打直播、短视频之战，并模仿多多视频。第三个问题，是目前做了一定调整，但不改变方向，也不愿意缩减规模。目前市场吐槽最多的是无限战争，希望砍掉优选业务。上面这三个问题，基本是市场主流共识，构成当下美团的困境，管理层也给出了应对策略。上述皆为客观事实。战略其实就是权衡与取舍，以及主要矛盾、优先级的处理。在我的认知里，1、3其实是一类问题，都是探索打破天花板，而且我也认同管理层策略，不应该直接关掉优选。（不学字节跳动全面放弃游戏）优选业务，值得去尝试，但或许应该改变一下规模和策略，小范围尝试，季度亏损控制在10亿以内。比较遗憾的是，从公开的公司动态来说，美团管理层可能认为核心矛盾是和抖音的竞争。个人看法，倾向应该优先解决第三个问题，而且应该花最多精力。主要逻辑是因为抖音、乃至快手进攻本地生活，确实对现金奶牛有影响，但不至于离谱。以当年美团“农村包围城市”，高频打低频，“欺负”携程为例，今天携程依然是OTA领头羊。美团酒旅其实情况更乐观，即便暴增下S&M支出，这块业务净利率依然高达33%。此外，进攻方是抖快，主动权不在自己手中，也解决不了战争。相反，优先解决流血和天花板问题，是更值得的。毕竟杀利润是小问题，而杀“美团从成长股演变为价值股”的逻辑，则更加可怕。同时，发展本身，能解决更多问题。美团浪费了太多精力在抖音身上。当然，美团有自己的董事会，有强大的公司治理；同时，王老板也不至于离谱，所以，被套牢的大资金们，等待纠偏机制吧。","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":1,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}