Investment Rating - The report maintains a "Buy" rating for Meituan with a target price of HKD 134 [7]. Core Views - The report emphasizes that market share is prioritized over short-term profits, indicating that the competition in the instant retail sector will eventually return to rational levels, focusing on service quality, ecosystem balance, and operational efficiency [1][4]. - The report anticipates significant losses in the core local business for Q3 due to increased industry subsidies and competitive pressures, with a projected adjusted net profit decline of 89% year-on-year [2][4]. Financial Performance Summary - In Q2, total revenue reached RMB 91.8 billion, a year-on-year increase of 12%, while the core local business operating profit fell by 76% to RMB 3.7 billion, reflecting a decrease of RMB 11.5 billion [2][3]. - The adjusted net profit for Q2 was RMB 1.5 billion, down 89% year-on-year, with an operating profit margin dropping to 5.7% compared to 25.1% in Q2 2024 and 21.0% in Q1 2025 [2][4]. - The report projects a 7% reduction in the 2025 revenue forecast for the core local business, with expectations of a significant recovery in profit margins by 2026 as competition stabilizes [4][6]. Business Segment Analysis - The core local business saw a 3% increase in delivery revenue, a 13% increase in commission revenue, and a 10% increase in online marketing revenue in Q2 [3]. - Instant retail is expected to require substantial time to capture user mindset, with product quality, service, and fulfillment efficiency being critical factors for long-term success [3]. - The new business segment reported a loss of RMB 1.9 billion in Q2, with a slight narrowing of losses compared to previous quarters [4][6]. Valuation and Market Outlook - The report adjusts the valuation benchmark to 2026, with a sum-of-the-parts (SOTP) target price of HKD 134, down from HKD 177, reflecting the increased uncertainty in 2025 profits [4][6]. - The strategic priority remains on market share over short-term profitability, with expectations that industry subsidies will gradually decrease starting in Q4 2025 [4][6].

Investment Rating - The report maintains a "Buy" rating for Meituan [2][14][26] Core Insights - Meituan reported Q2 2025 revenue of RMB 91.8 billion, an 11.7% year-on-year increase, but below the consensus forecast of RMB 93.7 billion. Operating profit fell by 98.0% year-on-year to RMB 0.23 billion, and adjusted net profit decreased by 89.0% year-on-year to RMB 1.49 billion, significantly missing market expectations [9][14] - The company is facing intensified competition in the food delivery and on-demand retail sectors, leading to increased investments to maintain market share, which is expected to pressure short-term profitability [10][14] - Despite the challenges, Meituan's long-term profit outlook remains positive due to its strategic initiatives in expanding its Instashopping and overseas operations, as well as optimizing its business structure by exiting loss-making regions [14] Financial Summary - For 2023 to 2027, Meituan's projected revenue is expected to grow from RMB 276.7 billion in 2023 to RMB 484.7 billion in 2027, with a compound annual growth rate (CAGR) of approximately 15.3% [7][17] - Adjusted net profit is forecasted to decline to a loss of RMB 4.5 billion in 2025, followed by a recovery to RMB 38.5 billion in 2026 and RMB 57.6 billion in 2027 [7][14] - The adjusted EBITDA is expected to fluctuate significantly, with a projected value of RMB 13.3 billion in 2025, reflecting the impact of increased competition and investment [7][17] Business Performance - Core local commerce revenue grew by 7.7% year-on-year to RMB 65.3 billion in Q2 2025, but operating profit plummeted by 75.6% to RMB 3.7 billion, resulting in an operating margin of 5.7%, down 19.4 percentage points year-on-year [10][11] - Meituan's Instashopping segment saw robust growth, expanding its service offerings and achieving over 40% year-on-year order growth in Q2 2025 [11][12] - The company is actively investing in technology and expanding its delivery network, with R&D spending increasing by 17.2% year-on-year to RMB 6.3 billion in Q2 2025 [12][13]

Group 1 - As of August 29, 94 stocks reached a 52-week high, with Coastal Home (01124), Weixin Holdings (01087), and Huangda Fu Holdings (01348) leading the high rate at 78.95%, 66.67%, and 38.32% respectively [1][2] - Coastal Home closed at 0.375 and reached a peak of 0.680, achieving a high rate of 78.95% [2] - Weixin Holdings closed at 1.870 with a maximum price of 2.000, resulting in a high rate of 66.67% [2] - Huangda Fu Holdings closed at 0.140 and peaked at 0.148, with a high rate of 38.32% [2] Group 2 - Other notable stocks that reached a 52-week high include Jinmaoyuan Environmental Protection (06805) at 22.61%, GCL-Poly Energy (00451) at 20.00%, and Shenghe Biotechnology - B (02898) at 11.98% [2] - The list includes various companies across different sectors, indicating a broad market interest in stocks reaching new highs [2] Group 3 - The report also highlights stocks that reached a 52-week low, with New Quality Digital (02322) experiencing a significant drop of 81.58% [3] - Other companies with notable declines include INTL Genius (00033) at -14.55% and Huiyuan Tongchuang Technology (01116) at -14.16% [3] - The data reflects a mix of performance across the market, with some stocks facing substantial losses [3][4]

8月29日，#美团将全面取消骑手超时罚款#话题登顶微博热搜榜。 但有更多网友担心，此举会导致骑手把所有单子都接了再一个一个送，致使外卖超时，顾客利益受损， 提议美团要补偿用户外卖超时损失。 责任编辑：王翔 对此，有网友表示支持，称早该取消超时罚款了，骑手现在总算不用为了不扣钱而拼命赶了。 近日，美团在北京举办骑手算法协商共治开放日，向公众公开骑手配送的算法逻辑，并从升级安全保 障、防疲劳机制、取消超时扣款、解决"最后一百米"交付难等方面分享了骑手工作体验优化的一系列成 果。在开放日上，美团骑手体验运营负责人表示，众包骑手非常关心的超时罚款，将在2025年年底前全 面取消。美团骑手体验运营负责人表示，团队已基本完善了"用得分体系代替负向扣款"的新模式，并将 很快向全国推广。 ...

Group 1 - The core point of the article is that Meituan has opened its first discount supermarket "Happy Monkey" in Hangzhou, marking its further expansion into the discount retail sector [1] - The store is located in the Gongshu District of Hangzhou, covering an area of approximately 1000 square meters and offering over a thousand essential daily goods [1] - The store operates from 7:30 AM to 9:30 PM and is situated near several established residential communities [1] Group 2 - Meituan plans to accelerate the rollout of "Happy Monkey" stores in cities like Hangzhou and Beijing, with a second store in Hangzhou expected to open in September [1] - The first store in Beijing is also anticipated to be launched in the near future [1]

Core Insights - The fierce competition in the food delivery sector has led to significant profit declines for both Meituan and JD.com, despite revenue growth for both companies [1][2][3] - Meituan's profit dropped by 89% to 1.49 billion yuan in Q2, while JD.com's profit was halved to 6.2 billion yuan [1][2] - The aggressive marketing strategies, including substantial discounts and promotions, have resulted in increased marketing expenses for both companies, with Meituan spending 22.5 billion yuan and JD.com spending 27 billion yuan in Q2 [1][3] Meituan Analysis - Meituan's revenue increased by 11.7%, but its core local business saw a profit decrease of 11.5 billion yuan compared to the previous year [1] - The company attributed its profit decline to "irrational competition," indicating that the competitive landscape forced it to increase spending on marketing [1] - Marketing expenses for Meituan doubled from 14.8 billion yuan to 22.5 billion yuan year-over-year [1] JD.com Analysis - JD.com reported a revenue increase of 22.4%, but its net profit fell from 12.6 billion yuan to 6.2 billion yuan [2] - The company gained over 1.5 million merchants and 150,000 delivery riders, but the cost of acquiring these resources contributed to the profit decline [2] - JD.com's marketing expenses surged by 127%, reaching 27 billion yuan in Q2, with daily spending on food delivery ads alone amounting to 150 million yuan [3] Industry Overview - The food delivery market is characterized by intense competition among major players, including Meituan, JD.com, and Alibaba's Taobao [3] - The ongoing "war" in the food delivery sector has led to a situation where companies are heavily investing in marketing and promotions, resulting in a "mutually destructive" financial environment [3] - Analysts predict that the aggressive spending will continue to impact profitability, with expectations of further profit declines for Alibaba as well [3]

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Buy" (maintained) [1][12] Core Insights - The report indicates that the short-term competition in the instant delivery industry is intensifying, leading to increased user, rider, and merchant subsidies. The company is expected to face challenges in profit recovery due to order structure impacts on profit margins. However, there is optimism for profit growth driven by macroeconomic recovery and improvements in competitive dynamics in the medium term [5][6] - The company's revenue for Q2 2025 was 918 billion CNY, showing a year-over-year increase of 11.7%, but it fell short of Bloomberg's consensus estimate of 937 billion CNY. The non-IFRS net profit was 14.9 billion CNY, a significant decline of 89% year-over-year, primarily due to fierce competition in the delivery sector [6][7] - The report projects a non-IFRS net profit forecast for 2025-2027 to be -26 billion, 358 billion, and 588 billion CNY respectively, with an expected EPS of -0.4, 5.8, and 9.4 CNY for the same years. The current stock price corresponds to a PE ratio of 16.1 and 9.8 for 2026 and 2027 respectively [5][8] Financial Summary and Valuation Metrics - The financial metrics for Meituan-W are as follows: - Revenue (in million CNY): 2023A: 276,745; 2024A: 337,592; 2025E: 371,566; 2026E: 437,688; 2027E: 506,029 - Non-GAAP Net Profit (in million CNY): 2023A: 23,254; 2024A: 43,772; 2025E: -2,577; 2026E: 35,807; 2027E: 58,778 - Gross Margin (%): 2023A: 35.1; 2024A: 38.4; 2025E: 32.3; 2026E: 32.2; 2027E: 34.3 - Net Margin (%): 2023A: 8.4; 2024A: 13.0; 2025E: -0.7; 2026E: 8.2; 2027E: 11.6 - ROE (%): 2023A: 9.6; 2024A: 16.8; 2025E: -0.9; 2026E: 10.5; 2027E: 14.3 - EPS (diluted, CNY): 2023A: 3.7; 2024A: 7.0; 2025E: -0.4; 2026E: 5.8; 2027E: 9.4 - P/E (times): 2023A: 25.1; 2024A: 13.2; 2025E: NA; 2026E: 16.1; 2027E: 9.8 - P/B (times): 2023A: 4.2; 2024A: 3.8; 2025E: 2.9; 2026E: 2.3; 2027E: 1.8 [8]

Investment Rating - The report maintains a "Buy" rating for Meituan-W (3690.HK) [1] Core Insights - The report highlights that intensified competition in the food delivery sector has pressured profits, while the company is expected to release long-term value [2][6] - Meituan's Q2 2025 revenue reached 91.8 billion RMB, reflecting a year-on-year growth of 12% and a quarter-on-quarter growth of 6% [11] - The report anticipates that the company's core local business will continue to face challenges due to increased competition and overseas expansion losses [10][18] Summary by Sections Recent Performance - In Q2 2025, Meituan achieved a revenue of 91.8 billion RMB, with operating profit of 200 million RMB (YoY -98%, QoQ -98%) and net profit of 400 million RMB (YoY -97%, QoQ -96%) [11] - Non-GAAP EBITDA was 2.8 billion RMB (YoY -81%, QoQ -77%), and Non-GAAP net profit attributable to shareholders was 1.5 billion RMB (YoY -89%, QoQ -86%) [11] Business Segments - **Food Delivery Business**: Q2 2025 saw a steady growth in food delivery, with estimated order volume increasing by 10% YoY. The company is enhancing supply through various models to boost user engagement [7] - **Flash Purchase Business**: Strong growth in order volume and transaction value was noted, with significant increases during promotional periods. The establishment of over 50,000 flash warehouses supports local store digital transformation [7] - **In-store and Travel Business**: This segment performed well, with order volume growing over 40% YoY and revenue increasing by 15% YoY [7] Financial Forecasts - The report revises revenue forecasts for 2025-2027 to 370.2 billion RMB, 417.9 billion RMB, and 475.5 billion RMB respectively, with Non-GAAP net profit estimates of 5 billion RMB, -5.02 billion RMB, and 26.2 billion RMB [10][18] - The target market capitalization for 2026 is set at 735.1 billion RMB, corresponding to a target price of 120 RMB per share [10][19]

Core Insights - The intense competition in the food delivery industry has significantly impacted Meituan's profits, with the operating profit margin of its core local commerce segment dropping by 19.4 percentage points year-on-year in Q2 2025 [2][3] - Meituan reported a revenue of 91.8 billion RMB in Q2 2025, a year-on-year increase of 11.7%, while the total revenue for the first half of the year reached 178.4 billion RMB, up 14.7% year-on-year [2] - The company's operating profit for Q2 2025 plummeted by 98% to 226 million RMB, with adjusted EBITDA down 81.5% to 2.8 billion RMB, and adjusted net profit down 89% to 1.5 billion RMB [2][3] Revenue and Profitability - The adjusted net profit for the first half of 2025 was 12.442 billion RMB, a decline of 41% year-on-year, which exceeded previous market expectations [3] - The core local commerce segment, which includes food delivery, saw a significant drop in operating profit, down 75.6% to 3.7 billion RMB, with the operating profit margin falling to 5.7% [2][5][7] Competitive Landscape - The food delivery market has become increasingly competitive, with major players like JD and Alibaba injecting substantial subsidies into the market, leading to a rise in operational costs for Meituan [3][4][8] - Meituan's daily order volume increased significantly, reaching between 80 million to 90 million orders by 2025, but the revenue growth from delivery services was only 2.8% [6][7] Cost Structure - The sales costs for Meituan increased by 35.6%, primarily due to higher rider subsidies and the expansion of its grocery retail business [7] - The increase in sales and marketing expenses was attributed to the need for aggressive promotional strategies in response to fierce competition [7] Market Position and Future Outlook - Meituan's market share has been affected by the competitive dynamics, with its position being challenged by Alibaba's Taobao Flash and JD's food delivery services [9][11] - Despite the challenges, Meituan's CEO expressed confidence in the company's operational efficiency and competitive advantages, emphasizing the importance of maintaining a strong network among consumers, merchants, and delivery services [10][11]

Core Insights - The "Guangdong Fresh Products" brand was launched in Shanghai, showcasing the province's marine resources and technological advantages to provide safe, high-quality, and sustainable seafood [1][3] - The event coincided with the end of the fishing moratorium in Guangdong, highlighting the freshness of seafood products available [1] - Guangdong's marine production value is projected to exceed 2 trillion yuan in 2024, with the fishery economy's total output value surpassing 470 billion yuan [1] Group 1 - "Guangdong Fresh Products" integrates the province's best marine resources, establishing a modern operational system driven by government guidance, market forces, enterprise support, and social participation [3] - The brand employs a strict certification mechanism and access system, creating a product matrix that includes deep-water cage farming and land-based industrial aquaculture [3] - Technological innovation is a core competitive advantage, with Guangdong leading in aquatic seed industry enterprises and achieving breakthroughs in artificial breeding technology [3] Group 2 - Guangdong's marine aquaculture production is expected to reach 3.7683 million tons in 2024, marking a year-on-year increase of 5.47%, the highest growth rate in nearly a decade [3] - The production of marine fish reached 975,400 tons, accounting for nearly half of the national output [3] - The brand aims to create a trusted seafood label, promoting the image of "the bigger the waves, the fresher the fish" and achieving "quality products at quality prices" [3] Group 3 - The Guangdong provincial government emphasizes the importance of modern marine ranching, leveraging natural resource advantages to promote a comprehensive food strategy [5] - Major platforms like Meituan, SF Express, and JD.com are supporting the marketing efforts for "Guangdong Fresh Products" [5]