美团-W：2025年中期报告

2 22 PO Box 309, Ugland HouseGrand Cayman, KY1-1104Cayman Islands 4BC100102 2025526 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 183171712-1716 about.meituan.comwww.hkexnews.hk + 20257.7%65375.6%3719.45.7% 71174 650,0003C6181001 100AIAI24AIAIAIAI 202522.8%26543.1%193.17.1% Keeta6+Keeta7Keeta20 2025827 1.20252024 20252024 202482311.7%2025918 20252024 20246077.7%2025653 202421622.8%2025265 202448427.0%202561458.8%8.166.9% 202414851.8%202522518.0%6.524.5% 20245317.2%202563AI20256.8% 272.9% 2024276.4202519.2 2024120.02025481.5 2025808.02024630.6 2025226.40.2%202411313.7% 202415220253725.1%19.45.7% 2024132025196.1%1.07.1% 202427202516AI 2024341.2202589.2 2024304.9202528.4 2025365.32024114 2.20252025 20252025 20258666.1%2025918 20252025 20256431.6%2025653 202522219.2%2025265 202554113.5%202561462.6%4.366.9% 202515644.8%202522518.0%6.524.5% 2025588.5%202563AI20256.8% 272.9% 2025121.5202519.2 2025481.52025804.8 2025808.0202514 2025226.40.2%202510612.2% 202513520253721.0%15.35.7% 20252320251910.2%3.17.1% 2025652.1202516AI 202518.5202589.2 2025543.9202528.4 2025365.32025101 3. EBITDA EBITDA(i)(ii) (i)(ii)(iii) 20252024630202533120252024630 (ii) 4. 20256301,017694 202548(i)(ii) 202555 2025123 202563024% 5. 20256304482728 6. 2025630 7. 202563031 8. 2025630 9. 202563020241231 7 10. 20256302025630 11. 2025630 12. 2025630 13. 2025630 14. 202563027 2025630XVXV78352 (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)20256306,109,886,658579,439,171A5,530,447,487B2025630 2025630XVXV78352 2025630XV23336 (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)20256306,109,886,658579,439,171A5,530,447,487B2025630 2025630336 20214271,483,600,000431.24202720271,500,000,000431.2420282028202142020214272021428 2025630(1)2,000,0002027(2)20271,461,300,00020272027202542920272028 202720282025630B 20272028B2025630B12 20272028 2027202820272028 (i)(ii)(iii) 202311(i)(ii)20233242023682023630 (1) 20151062015106 202311 (1) (1)2025630 (2) 2018830202363020245172024611 20233242023682023630 (3) 2018830202363020245172024611(i)(ii) 20233242023682023630 (1)20241029B2023630(2)2023724B2023630(3)B152.1000152.1000152.1000144.7464(4) B B153.1613 (2)B138.1631 (3) 202412312.1.14(b)29 (5) (6)2025630 202511482,984,68262,285,925B2025630451,399,06462,254,349B BB0.65% 593,855,4749.72% (i)446,684,871 (ii)57,347,247 (iii)89,823,356 AB 2025827515,869,783A45.55%A(i)CrownHoldings(ii)SharedPatience63,569,388A5.61%ACharmwayEnterprises ABAB579,439,171BB10.47% 8A.22AA (i)8A.17(1)(2)(3)(4) (ii)8A.18AAA (iii)A8A.18(2) (iv)AB 202569(i)A1(ii)C1(iii) 2025516 C.2.12025630C.2.1 20207312020731 20237313.288.17 2025630 20256303,018,700B391,791,941.21 20256303,018,700B 2025630 13.51B(1) 2024123113.51B(1) 2025526 13.51B(1) 2025692025516 462010( meituan.com ) 17200512( xiaonei.com )20051220074( xiaonei.com )200610RENN20075( fanfou.com )200752009720197LI202181220152025331 2001720051 45 172005720075BIDU( fanfou.com )2007520097 2002720057 6320189 198619987201582003720156 9920001900087(i)(ii)(iii)(iv) 1984619866 20199EQTABEQT201599922016920158000190008720231Fidelity China Special Situations PLCFCSS20221020241Sondrel(Holdings)PLC2024821SND20158202412 5620189 19999200782007920141220151Lupin Capital (i)(ii)(iii) 1992719995 20069200781886200882015688120083201512WX20109201412SFUN2019720225CIH202512359 5820189 199611MicrosoftResearch199811200710201311Bing20131120202201910DAO202362202 (i)(ii)(iii) 1996820172 7320236 19954201712(APEC)20128200310 20227201971876000520037201940019008720021020175 19742197662009720137 20272028 202142720272028202720282,971.5202720289.9202563020241231148.9158.8202720285202142020214272021428 3.21 2025630 20256302410 A (a)A(b)(c)(d)8A.148A.158A.188A.24(e)(f) (i)(ii)(iii) 2001121120089102016262022512024202411150%2016201852022202448(IDC)(CDN)(ISP) 2022 (a)Solid Bit Hong Kong LimitedXigua Limited2010820101120159 (b)XiguaLimited201811720156 (c)Solid Bit Hong Kong Limited 2025630 5611920256303434 2410 34 2025827 202563020241231 2025630 2025630 2025630 63020252024 66119 1 2015925PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman IslandsB2018920 2025630 2 202563034 20253212024202412312024 2024 2 (a) 20251121 (b) 202511 18 3 2024 4