美团-W2025年年报
261014384385119203211212213215219221336344 22 PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 2025526 4BC100102 183171712-1716 33191912 A Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket SquareGrand Cayman KY1-1102Cayman Islands 1C19100738 1681 1826 369083690 -WMEITUAN-W 18127 -WRMEITUAN-WR about.meituan.com about.meituan.comwww.hkexnews.hk A10B 2026326515,869,783A45.30%A(i)Crown Holdings(ii)Shared Patience63,283,203A5.56%ACharmwayEnterprises ABAB579,152,986BB10.35% 8A.22AA (i)8A.17(1)(2)(3)(4) (ii)8A.18AAA(iii)A8A.18(2)(iv)AB 2025GTVARPUAIAIAI 202520243,3768.1%3,6492025234202435845117020256920251012025EBITDA138186202512311,068601 20251,0005003C2025 GTV 11 AI202550AI340171,600 Keeta2025KeetaKeeta2025 2025AIAIAILongCatAppAppAIAIAppApp 2026 Keeta+AILongCat,AI 2026326 20252024 20252024 20248854.1%2025921 20252024 20246561.1%2025648 202422918.9%2025273 202455023.5%202568062.2%11.673.8% 202417383.4%202531719.6%14.834.4% 20245429.7%2025706.1%1.57.6%AI 20242924.3%2025373.3%0.74.0% 2024170.42025438.6 202412.8202515 2024933.3202511 202516117.5%2024677.6% 20251002024129202515.5%202419.7% 2024222025469.5%7.617.1% 202440202514AI 2024316.5202538.3 2025102024674.2 2025151202462 20252025 20252025 20259513.1%2025921 20252025 20256703.3%2025648 20252802.8%2025273 20257033.3%202568073.8% 20253386.2%202531735.6%1.234.4% 2025707.6% 20253023.5%2025373.1%0.94.0% 2025292.82025438.6 2025389.9202515 202596.2202511 202516117.5%202519820.8% 2025141202510021.0%5.515.5% 2025132025464.6%12.517.1% 202544202514 20259.5202538.3 202510 20251512025186 2025123120241231 202520241231 20243,3768.1%20253,649 20252024 20242,5024.2%20252,6082025 202487319.1%20251,040 20242,07822.2%20252,53861.6%8.069.6% 202464060.9%20251,02919.0%9.228.2% 202421123.5%20252606.2%0.97.1%AI 202410711.1%202511920253.3% 2024897.52025872.0 2024140.9202524 202533202436 20252506.9%202436810.9% 202569202452420252.6%202420.9% 20247320251018.3%1.49.7% 202483202581AI 202412202578.9 202515202422 20252342024358 EBITDA EBITDA(i)(ii) (i)(ii)(iii) 2025202412312025930202520241231 (i) (ii) EBITDA 202512311,068601 20251231138(i)(ii) 20251231298 20251231212 2025123153%2025123155% 20251231 2025123145,6122024123141,309 ––– 121920 + 2025123120,6322024123127,194202512315% D232 20251231 3.1.1(a) 20251231 2025123131 20251231 20251231111,298 833 472010( meituan.com ) 17200512( xiaonei.com )20051220074( xiaonei.com )200610RENN20075( fanfou.com )200752009720197LI202181220152025331 2001720051 46 172005720075BIDU( fanfou.com )2007520097 2002720057 6320189 198619987201582003720156 9920001900087(i)(ii)(iii)(iv) 1984619866 20199EQTABEQT201599922016920158000190008720231Fidelity China Special Situations PLCFCSS20221020241Sondrel (Holdings) PLCSND20158202412 5720189 19999200782007920141220151Lupin Capital (i)(ii)(iii) 1992719995 20069200781886200882015688120083201512WX20109201412SFUN2019720225CIH202512359 5920189 199611MicrosoftResearch199811200710201311Bing20131120202201910DAO202362202 (i)(ii)(iii) 1996820172 7320236 19954201712(APEC)20128200310 20227201971876000520037201940019008720021020175 19742197662009720137 47 46 201411200462005102005102008820111201410700 201871896 2004620105 2018820233300251 42CEO 2015Everything Now 20066 2015925B 11 20251231 10%50%(a)(b) 20251231 20272028 20214271,483,600,000431.24202720271,500,000,000431.2420282028202720282,971.5202720289.9202520241231148.9158.8202720285202142020214272021428 2025123130% 2025123130% 15 26 27 202512313,174 2025123131 202511(i)20.820301152.55%(ii)5020351153.10%(iii)62031554.500%(iv)620321154.750%(v)820351155.125% 20251231 2 0 2 513.51B(1) 3.13 2023630(i)500,000(ii)1,000,0002024830(i)150,0001,170,0007.8(ii) 150,0001,170,0007.8(3) 20248302024102920,807B352024122020279208.33% 8 20251231 18 8 8 20251231XVXV78352 (1)L (2)Crown HoldingsSongtao LimitedSongtao LimitedCrownHoldings489,600,000AShared PatienceWAFO Global Inc.WangXing Foundation202332420221116200B (3)Charmway EnterprisesDay One Holdings LimitedDay One Holdings LimitedCharmwayEnterprises63,569,388A47,580,612BShared Vision (4)202512316,111,665,005579,439,171A5,532,225,834B20251231 20251231 20251231XVXV78352 20251231XV23336 ACrown Holdings(2)Share Patience(2)Songtao Limited(2)TMF (Cayman) Ltd. (L)(L)(L)(L)(2)(L)(2)(L) ACharmway Enterprises(3)Day One Holdings Limited(3)TMF (Cayman) Ltd. (L)(L)(L)(3)(L) (1)LS (2)CrownHoldingsSongtaoLimitedSongtaoLimitedTMF(Cayman)Ltd.SongtaoLimitedTMF (Cayman) Ltd.CrownHoldings489,600,000AShared Patience (3)Charmway EnterprisesDay One Holdings LimitedDay One Holdings LimitedTMF (Cayman)Ltd.Day One Holdings LimitedTMF(Cayman)Ltd.CharmwayEnterprises63,569,388A (4)202512316,111,665,005579,439,171A5,532,225,834B20251231 20251231XV23336 202142720272028202142020214272021428 20251231(1)2,000,0002027(2)20271,461,300,00020272027202542920272028