花旗10月16日发布报告称，预计美团2025年三季度餐饮外卖补贴金额将在激烈竞争中达到峰值，公司亏损压力进一步上升。花旗将本地生活和即时配送业务三季度运营亏损预估上调至150亿元和200亿元人民币，新业务亏损维持在23.7亿元人民币。
报告认为，竞争对手预期的单位经济效益改善，但并未收缩补贴力度，更多来自订单密度和运营效率提升。尽管四季度淡季或导致补贴减少，但整体竞争格局仍然激烈，四季度亏损仍将高企。
花旗下调美团分部估值目标价至117港元（此前为133港元），维持“中性/高风险”评级，并预计短期股价仍将承压。（国际财闻汇）
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