社會(huì)服務(wù)行業(yè)互聯(lián)網(wǎng)+生活服務(wù)專題系列三美團(tuán)點(diǎn)評(píng)財(cái)務(wù)報(bào)表剖析

1、正文目錄一、前言.................................................................................................................6二、如何看待不斷擴(kuò)大的巨額虧損...........................................................................6三、毛利率持續(xù)

2、下降的原因.....................................................................................8四、美團(tuán)點(diǎn)評(píng)收入來(lái)自哪里.....................................................................................94.1收入計(jì)算公式：交易金額乘以變現(xiàn)率............

3、.............................94.2交易金額：源于交易用戶和交易頻率的增長(zhǎng)，交易頻率更具空間................104.3變現(xiàn)率：取決于平臺(tái)議價(jià)能力，競(jìng)爭(zhēng)加劇狀態(tài)下增長(zhǎng)難以持續(xù)..................12五、美團(tuán)點(diǎn)評(píng)錢花在哪里................................................................................

4、.......185.1四大開(kāi)支結(jié)構(gòu)............................................................185.2銷售成本：餐飲外賣騎手成本為主，出行業(yè)務(wù)成本爆發(fā)式增加..................195.3銷售及營(yíng)銷開(kāi)支：2018年加強(qiáng)地推、廣告，減弱補(bǔ)貼.........................225.4研發(fā)開(kāi)支：全部費(fèi)用化，占收入比例趨穩(wěn)..............

5、......................265.5一般及行政開(kāi)支：占比最低，雇員福利開(kāi)支為主..............................27六、巨額商譽(yù)是否有減值風(fēng)險(xiǎn)................................................................................286.1商譽(yù)的含義和風(fēng)險(xiǎn)..................................

6、......................286.2美團(tuán)點(diǎn)評(píng)的商譽(yù)分析......................................................29七、投資建議.........................................................................................................32八、風(fēng)險(xiǎn)提示.........

7、................................................................................................32圖表34銷售及營(yíng)銷開(kāi)支中各項(xiàng)支出占比...........................................23圖表35營(yíng)銷人員人力開(kāi)支規(guī)模及增速..........................................

8、...24圖表36按職能劃分的雇員人數(shù)及占比（人）_201804.........................................................24圖表37交易用戶激勵(lì)開(kāi)支規(guī)模及增速.............................................24圖表38交易用戶激勵(lì)開(kāi)支占收入比例.............................................24圖

9、表39補(bǔ)貼的會(huì)計(jì)處理.........................................................25圖表40交易用戶實(shí)際補(bǔ)貼規(guī)模...................................................26圖表41抵消收入的補(bǔ)貼占收入的比例.............................................26圖表42研發(fā)開(kāi)支規(guī)模及增速.......

10、..............................................26圖表43研發(fā)開(kāi)支構(gòu)成...........................................................26圖表44行政開(kāi)支規(guī)模及增速.....................................................27圖表45行政開(kāi)支構(gòu)成.......................

11、....................................27圖表46近五年A股上市公司商譽(yù)總額趨勢(shì).........................................29圖表47近四年A股上市公司商譽(yù)減值情況.........................................29圖表48美團(tuán)商譽(yù)規(guī)模及占總資產(chǎn)比例.........................................

12、....29圖表49阿里巴巴商譽(yù)規(guī)模及占總資產(chǎn)比例.........................................29圖表50收購(gòu)美團(tuán)支付代價(jià).......................................................30圖表51收購(gòu)美團(tuán)評(píng)估價(jià)值.......................................................30圖表52摩拜2018年4月份

13、財(cái)務(wù)數(shù)據(jù).............................................30圖表53美團(tuán)點(diǎn)評(píng)新業(yè)務(wù)（含摩拜單車）毛利情況...................................30圖表54美團(tuán)點(diǎn)評(píng)經(jīng)營(yíng)活動(dòng)產(chǎn)生的現(xiàn)金流量?jī)纛~.....................................31圖表55美團(tuán)點(diǎn)評(píng)和阿里巴巴賬面貨幣資金規(guī)模.............................