摩根大通:美团说最坏的时刻还没到!从赚358亿到亏240亿,利润“史诗级崩塌”背后是基本面的深度恶化!

市场资讯
Feb 28

(来源:锐艺商业品牌观察)2026年2月24日,摩根大通在最新发布的信用研究报告中,用“结构性逆转”和“深度恶化”定义了这家本地生活巨头面临的困境。然而,这份报告最令人警醒的结论是:当前的利润崩塌可能只是开始,真正的考验还在后面。01.利润崩塌不是周期性波动,而是结构性逆转根据摩根大通的测算,美团净利润将从2024年的盈利358亿元,急剧逆转为2025年的亏损233-243亿元。这一高达近600...

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