Core Insights - Alibaba is leveraging its high-frequency traffic and platform advantages through the launch of the "Gaode Street Ranking" to penetrate the local lifestyle market, aiming to reshape the credit system based on user behavior data [1][4][9] - The competition in the local lifestyle sector is intensifying, with Meituan quickly responding by revamping its quality takeaway services and enhancing its user trust through AI and real reviews [7][8] Group 1: Alibaba's Strategy - The "Gaode Street Ranking" aims to create a non-manipulable ranking system that integrates user behavior and credit scores, addressing the long-standing issues faced by restaurant businesses regarding review credibility [2][4] - The ranking system will consider factors such as navigation visits, repurchase rates, and user demographics, with plans to introduce more niche rankings in the future [2][3] - Alibaba's previous attempts in the local lifestyle market have not significantly challenged Meituan's dominance, but the integration of Gaode's capabilities may provide a new opportunity for growth [4][9] Group 2: Competitive Landscape - Meituan has responded to the launch of the Gaode Street Ranking by reintroducing its quality takeaway service, emphasizing AI-driven real reviews and offering substantial consumer coupons [7][8] - The competition is not limited to Alibaba and Meituan; Douyin has also entered the local lifestyle market, achieving significant transaction volumes and posing a challenge to both companies [8][9] - Analysts suggest that both companies need to differentiate their services to avoid a homogenized user experience, as they both aim to optimize their respective ecosystems [9]

Summary of Meituan's Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Event**: Asia Leaders Conference 2025 - **Date**: September 5, 2025 - **Focus**: Food delivery competitive landscape, Instashopping growth, AI strategies, and financial outlook Key Points Industry and Competitive Landscape - **Food Delivery Competition**: Increased competition since June-July has significantly impacted unit economics due to elevated subsidy levels and higher delivery costs [5][7] - **Market Share**: Meituan aims to maintain its GTV market share leadership in the meal category, focusing on core users and extensive merchant coverage [5][7] - **Order Volume Growth**: Forecasted order volume growth of 13% for 3Q25 and 11% for FY25E, driven by industry-wide subsidies [5][7] Financial Performance and Projections - **EBIT Loss**: Expected food delivery EBIT loss of -Rmb22 billion for 2025E due to user subsidies [5][7] - **Instashopping Growth**: Anticipated order volume growth of 31% for 2025E, with an EBIT loss of -Rmb1.7 billion due to investments [6][7] - **Revenue Growth**: Projected IHT revenue growth of 13% year-over-year for 3Q25, with a 15% growth estimate for 2025E [8][7] Strategic Initiatives - **Instashopping and Xiaoxiang Supermarket**: Long-term GTV targets reiterated for both models by 2030E [5][7] - **AI and New Initiatives**: Focus on AI applications and expansion of Keeta, with expected losses from new initiatives of -Rmb2.3 billion for 3Q25E [8][7] Risks and Challenges - **Downside Risks**: Potential risks include intensified competition, labor cost inflation, food safety concerns, and larger-than-expected investments in Keeta [8][7] - **In-store Competition**: Stable competitive landscape, but impacted by macro factors and food delivery competition affecting margins [8][7] Market Outlook - **Long-term Confidence**: Despite near-term profit pressures, confidence remains in Meituan's local services leadership and recovery in profitability by 2026-27E [7][8] - **Price Target**: Buy-rated with a 12-month price target of HK$144, representing an upside of 39.8% from the current price of HK$103 [11][7] Financial Metrics - **Market Capitalization**: HK$642.5 billion / $82.4 billion [11][7] - **Revenue Projections**: Expected revenue of Rmb 337.6 billion for 2024, growing to Rmb 438.9 billion by 2027 [11][7] - **EBITDA and EPS**: Projected EBITDA of Rmb 49.1 billion for 2024, with EPS expected to be Rmb 7.03 in 2024 [11][7] Conclusion Meituan is navigating a challenging competitive landscape in food delivery while focusing on growth in Instashopping and leveraging AI strategies. The company remains optimistic about its long-term market position and profitability recovery, despite facing significant near-term challenges and risks.

Core Insights - The launch of Gaode's "Street Scanning List" represents a significant shift in the local service credit system, aiming to support offline dining and service consumption [1][26] - Meituan's reintroduction of Dazhong Dianping's quality takeaway service indicates a defensive strategy against Gaode's new offering, highlighting the competitive landscape in local services [1][2] Company Strategies - Gaode's "Street Scanning List" utilizes user behavior data to create a credible ranking system, contrasting with Dazhong Dianping's perceived decline in trustworthiness [18][19] - Meituan's reliance on Dazhong Dianping for revenue generation remains strong, despite the latter's reduced visibility and user engagement [5][7] - The competitive dynamics are shifting, with Gaode's focus on authenticity and user-generated data posing a direct challenge to Meituan's established market position [24][26] Market Positioning - Dazhong Dianping, once a leading UGC platform, has seen its influence wane post-acquisition by Meituan, which has gradually diminished its independent identity [3][12] - Meituan's market share in the takeaway segment is projected to be 65% in 2024, down from 74% in 2020, indicating a slight contraction but still maintaining a dominant position [8] - Gaode's strategy includes free merchant entry and AI-driven authenticity checks, aiming to create a more equitable platform for businesses compared to Meituan's fee structure [24][25] Consumer Trust and Engagement - The erosion of consumer trust in Dazhong Dianping is evident, with users increasingly skeptical of the platform's ratings and reviews, leading to a search for alternative dining recommendations [12][16] - Gaode's approach to integrating user navigation and behavior data into its ranking system aims to restore credibility in local service evaluations [19][25] - The shift towards a more transparent and user-driven evaluation system could redefine consumer engagement in the local services market [26]

Core Viewpoint - Morgan Stanley believes that the launch of the "Gaode Street Ranking" by Alibaba is a clear signal of the company's renewed focus on the in-store business, which is expected to lead to more related services and products being launched, potentially increasing its market share in the local life services sector [1][3][10]. Summary by Sections Alibaba's Strategy - The "Gaode Street Ranking" is seen as a strategic move to compete directly with Meituan and Dianping, reshaping the competitive landscape in local life services [3][4]. - Alibaba's expansion in the local services sector may extend on-demand service competition into in-store services, putting further pressure on Meituan's profit margins [4][11]. User Engagement and Growth - Gaode Map, as China's largest navigation app, has nearly 200 million daily active users (DAU), providing a natural traffic entry point for Alibaba's in-store services [5]. - In August, Alibaba's monthly active users (MAU) grew by 25% year-on-year, indicating strong user engagement [8]. Financial Projections - Morgan Stanley has lowered its long-term profitability forecast for Meituan's in-store business from 2.5% to 2% due to increased competition from Alibaba [12]. - Meituan's core local business is expected to incur an operating loss of 10 billion yuan in Q3, with a significant decline in profitability projected for the 2025 fiscal year [12]. Investment Preferences - Morgan Stanley ranks Alibaba as the top preference among Chinese e-commerce giants, citing its cloud business as a leading AI enabler and anticipating continued double-digit growth in its core e-commerce customer management revenue [13]. - Despite the intensifying competition in local life services, Alibaba is expected to gain a larger share of this rapidly growing market due to its technological capabilities, user base, and financial investment capacity [14].

深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 43.57 亿元 | +7.84 亿元 | | 中芯国际(00981) | 31.32 亿元 | +5.15 亿元 | | 信达生物(01801) | 25.38 亿元 | +8.47 亿元 | | 康方生物(09926) | 24.18 亿元 | +3.65 亿元 | | 美团-W(03690) | 22.68 亿元 | +8.39 亿元 | | 石药集团(01093) | 21.59 亿元 | +2.67 亿元 | | 腾讯控股(00700) | 17.39 亿元 | -2.29 亿元 | | 百济神州(06160) | 17.30 亿元 | +8.27 亿元 | | 三生制药(01530) | 16.52 亿元 | +2.15 亿元 | | 中国生物制药(01177) | 16.02 亿元 | +3.24 亿元 | 智通财经APP获悉，2025年9月11日当天，阿里巴巴-W(09988)、美团-W(03690)、中芯国际(00981)位居 沪港通（南向 ...

Core Viewpoint - Alibaba's Gaode Map has launched the "Gaode Street Ranking," which is expected to significantly impact competitors like Meituan and Dazhong Dianping in the local service market [1][5]. Group 1: Gaode Street Ranking Features - The new feature includes various information categories such as "Top Performers," "Street Rankings," "Popular Check-ins," and "City Guides," covering food, attractions, hotels, and more, with comprehensive merchant ratings and rankings [1]. - The ranking system is based on real user behavior, utilizing data from 42.05 million users and 910 million navigation instances over the past year, focusing on 1.18 million stores [3]. Group 2: Unique Evaluation System - Gaode's evaluation system incorporates user ratings and Alipay credit scores, making merchant credit status a crucial evaluation dimension, which addresses issues like fake reviews prevalent in traditional platforms [5]. - The launch includes a "Good Store Support Plan," offering over 1 billion yuan in subsidies to encourage consumer visits to physical stores, aiming to increase daily foot traffic by 10 million [5]. Group 3: Competitive Response - On the same day as the Gaode Street Ranking launch, Meituan announced the relaunch of its "Quality Takeaway" service, leveraging its self-developed model and high-rated restaurants to enhance its competitive edge [5]. - Dazhong Dianping is also issuing 25 million various types of large consumption coupons and has onboarded numerous high-rated restaurants to strengthen its market position [5][6]. Group 4: Market Dynamics - Dazhong Dianping has built a substantial user base and merchant resources over the years, but faces challenges such as fake reviews and overly commercialized content, which could provide opportunities for competitors [6]. - The competition in the local service market is expected to intensify, raising questions about whether Meituan and Dazhong Dianping can maintain their positions against the new Gaode Street Ranking [6].

Core Insights - The "hard discount" retail sector is experiencing rapid growth with major players like JD.com, Meituan, and Alibaba entering the market aggressively [1][2][3] - The hard discount model focuses on reducing inventory, lowering operational costs, and increasing private label products to pass savings directly to consumers [1][3] Company Strategies - JD.com has opened large discount supermarkets with over 5,000 square meters and more than 5,000 SKUs, emphasizing a wide range of daily necessities and leveraging its strong supply chain [2][5] - Meituan's "Happy Monkey" stores are smaller, focusing on family meal needs with around 1,200 SKUs, where 50%-60% are fresh products [2][5] - Alibaba's "Super Box Calculation NB" has undergone strategic upgrades and focuses on community markets with nearly 300 stores, emphasizing cost-effectiveness and private label strategies [3][5] Market Dynamics - The hard discount market in China has a penetration rate of only 8%, significantly lower than Germany's 42% and Japan's 31%, indicating substantial growth potential [4][5] - By 2024, the hard discount market in China is projected to exceed 200 billion yuan [4] Consumer Trends - Consumers are increasingly focused on "value for money," with over 70% believing that market offerings should meet "quality-price matching" [4] - The rise of rational consumption is driving demand for high-quality products at lower prices, aligning with the hard discount model [3][6] Industry Impact - The entry of major players into the hard discount sector is expected to disrupt traditional retail formats, pushing them towards experience-based consumption and efficiency [7] - The industry is likely to evolve into a structure where large players benefit from scale while smaller players offer differentiated services, shifting the focus from "channel dominance" to "supply chain efficiency and digital capabilities" [7]

Group 1 - The core idea of the articles emphasizes the dynamic balance between competition and cooperation in business, highlighting how brands can evolve together in a competitive landscape [1] - The "2025 Meituan Instant Retail Brand Conference" was held in Beijing, focusing on how brands can leverage AI to gain insights into consumer demand and optimize supply [2] - In the first eight months of this year, Master Kong's instant noodle business led the market in instant retail sales, winning the "Golden Flash Award" from Meituan, marking it as the only award-winning brand in the instant food industry [4][6] Group 2 - The rise of instant retail is transforming consumer behavior from emergency needs to lifestyle choices, with the market expected to exceed 4.5 trillion yuan by 2030 [5] - Master Kong has strategically embraced new channels, achieving significant breakthroughs in supply optimization and targeting specific consumer groups, such as late-night snackers and students [5][10] - The launch of the new product "He Mian" targets the instant retail market, designed for dinner consumption, and has been well-received through online promotions [8][9] Group 3 - Master Kong's collaboration with Meituan has led to a dual growth in user engagement and sales data, particularly in late-night and campus scenarios [10][13] - The "Kang Shifu Late Night Noodle Shop" marketing initiative aims to capture the late-night snack market across 179 cities, integrating with youth culture and events [15] - The company is leveraging Meituan's delivery capabilities and extensive user base to enhance sales and market presence, positioning itself for sustainable growth in the evolving instant retail landscape [16]

中国经济网北京9月11日讯（记者 郭涛）"作为连接数亿消费者与数百万餐饮商户的外卖平台，我们深 知，每一张订单背后都承载着消费者对美味的期待和对食品安全的托付。"美团副总裁陈荣凯表示，"做 好食品安全，是美团应尽的责任和义务，也是我们持续发展的基础。" 由经济日报社主办、中国经济网承办，主题为"尚德守法 共享食安"的第十六届中国食品安全论坛9月11 日在北京举行。图为美团副总裁陈荣凯。中国经济网记者裴小阁/摄 今日，以"尚德守法 共享食安"为主题的第十六届中国食品安全论坛在京举行。陈荣凯表示，美团外卖 从网络餐饮服务全链条出发，在商家经营"数字化小帮手"的定位下，依托平台在数据挖掘、AI算法和场 景理解方面积累的核心能力，将"透明、共建、共治"作为食品安全工作的核心，以提升生态各相关方的 参与度、协同性与治理效能。 食品安全不能仅靠一方努力，美团外卖正通过多方协同，从单点突破到生态共建，构建更立体的全链条 食安共治。其与监管部门合作，通过接入地方许可数据实现资质验真能力的提升；同时升级了政企协同 数字化系统平台，助力监管部门以及相关方对食品安全风险开展靶向定位和精准治理。 "食品安全是一项需要生态共治、久久为 ...

Core Viewpoint - Alibaba and Meituan have initiated a new competitive front, with Alibaba's Gaode Map launching the "Gaode Street Ranking," a behavior-based ranking system aimed at supporting offline dining and service consumption, emphasizing that the ranking will "never be commercialized" [4][6]. Summary by Sections Gaode "Street Ranking" Implementation - Gaode's approach leverages large-scale verifiable "behavior data," with 170 million daily users contributing to a sample pool through searches, collections, navigation, and visit trajectories [11]. - Key factors include store visit numbers, repurchase rates, purpose-driven visits, and local versus national appeal, which differ from traditional UGC reviews that rely on subjective ratings [11]. - The ranking system incorporates a credit evaluation weighted by Sesame Credit and employs AI risk control to filter noise, with various rankings updated daily based on dynamic data [11]. Commercial Intentions Behind the Ranking - The ranking aims to rebuild trust by establishing a new standard based on trajectories and credit, transforming "good stores" into reusable credit assets [12]. - Gaode seeks to expand its offline entry points, with daily searches exceeding 120 million and restaurant coverage over 7 million, transitioning from a "tool" to a "decision-making" platform [12]. - The initiative includes a "Good Store Support Plan" with over 1 billion yuan in subsidies and incentives to drive foot traffic to stores, indicating a direct intervention in offline consumption [12]. Competitive Landscape with Meituan - The Gaode Street Ranking fits into Alibaba's broader strategy to compete with Meituan, with Taobao Flash Sale corresponding to Meituan's delivery services, and Fliggy targeting Meituan's travel segment [17][18]. - Taobao Flash Sale combines e-commerce with instant fulfillment, leveraging Alibaba's supply chain to address Meituan's SKU breadth and product strength [18]. - Fliggy aims to integrate e-commerce advantages into travel services, potentially enhancing Alibaba's competitiveness in the travel sector against Meituan [19]. Strengths and Weaknesses of the Ranking System - The ranking's strength lies in its reliance on actual consumer behavior, providing a more accurate reflection of popularity compared to traditional review systems [20]. - However, the data may not always lead to correct consumption decisions, as trending restaurants may not necessarily offer quality food [20]. - Meituan's advantages remain in delivery density and community engagement, but if Gaode's standards gain traction, Alibaba could increasingly challenge Meituan's market position [20].