Group 1 - The core viewpoint is that Meituan believes the industry's losses have peaked, but the takeaway food business will still face pressure in the fourth quarter [1] - The company plans to make necessary investments to maintain its leadership position but will not engage in price wars [1] - Meituan will dynamically adjust resources based on competitive conditions and continue to enhance service experience and operational efficiency advantages [1]

Core Viewpoint - The company firmly opposes the "involution" competition characterized by low-quality and low-price strategies in the food delivery market, asserting that such price wars do not create sustainable value for the industry [1] Group 1: Company Strategy - The company plans to increase investments in "rider rights protection" and "support for small and medium-sized merchants" to promote long-term healthy development in the industry [1] - The CEO emphasized the importance of focusing on providing quality service to consumers, merchants, and riders, while maintaining confidence in defending the market position in instant retail [1] Group 2: Market Position - The company has reiterated its opposition to irrational competition in the food delivery sector, believing it to be temporary [1] - The company continues to lead in the mid-to-high price order market, holding over 66% market share in orders exceeding 15 yuan and over 70% in orders exceeding 30 yuan [1] - Core user retention remains high, with steady improvements in user consumption frequency and loyalty [1]

Group 1 - The core viewpoint is that Meituan's food delivery orders are steadily regaining market share, with the company maintaining a leading position in the mid-to-high price order market GTV [1] - Meituan holds over 66% market share in orders with a payment of more than 15 yuan, and over 70% in orders exceeding 30 yuan [1] Group 2 - During the third quarter earnings call, Meituan's CEO Wang Xing reiterated the company's stance against the low-quality, low-price competition of the food delivery price war, describing it as unsustainable [3] - The market results over the past six months have demonstrated that the price war has not created value for the industry [3] - Meituan expresses confidence in defending its market position in instant retail and aims to create genuine long-term value [3]

对于利润的巨幅波动，美团在财报中表示，三季度为应对外卖行业非理性竞争，核心本地商业持续加大 针对餐饮行业的直接补贴力度。 #美团第3季度营收955亿元#【#外卖行业从直接补贴转向生态竞争#】用高补贴换来用户高增长后，外卖 平台将目光转向了更健康的生态建设。 11月28日，美团（03690.HK）发布了第三季度财报。财报显示，美团三季度收入为954.9亿元，同比增 长2%。三季度经调整净亏损达160亿元，去年同期净利润为128.3亿元。 ...

今晚，在三季度电话会上，美团披露最新的市场占比数据。 数据显示，近期美团餐饮外卖订单市占稳步回升。美团继续保持中高价订单市场GTV的领先地位，在 实付15元以上订单的市场份额中，美团占比超过三分之二；在实付30元以上订单的市场份额中，美团占 比超过70%。 ...

Core Viewpoint - The article discusses Meituan's third-quarter financial results, highlighting the impact of high subsidies on user growth and the shift towards healthier ecosystem development in the food delivery industry [3][4]. Financial Performance - Meituan reported a revenue of 954.9 billion yuan in Q3, a year-on-year increase of 2%. However, the adjusted net loss reached 160 billion yuan, compared to a net profit of 128.3 billion yuan in the same period last year [3]. - The core local business revenue decreased by 2.8% to 674 billion yuan, resulting in an operating loss of 141 billion yuan, with an operating loss rate of 20.9% [4]. - Marketing expenses surged by 90.9% to 343 billion yuan, accounting for 35.9% of total revenue, driven by increased promotional and user incentive spending [4]. User Growth and New Business - High subsidies led to record highs in daily active users and monthly transaction users for Meituan, with the app's daily active users growing over 20% year-on-year and total transaction users exceeding 800 million [5]. - The new business segment achieved revenue of 280 billion yuan, a year-on-year increase of 15.9%, with losses narrowing to 13 billion yuan [5]. Technological Investments - R&D spending increased by 31% to 69 billion yuan, representing 7.3% of total revenue, primarily due to investments in AI and rising salary costs [5]. - Meituan launched multiple open-source models and expanded its drone delivery services, achieving over 670,000 commercial drone delivery orders by the end of September [6]. Industry Competition and Ecosystem Development - The competition in the food delivery sector intensified, particularly between Meituan and Alibaba's Taobao Flash, with Alibaba reporting a 60% year-on-year increase in its instant retail revenue [9]. - Companies are shifting focus towards ecosystem development, with Meituan's in-store business and user engagement metrics reaching new highs, accumulating over 25 billion user reviews [10]. - Meituan announced a nationwide rider pension insurance subsidy program, aiming to cover millions of riders, while JD.com also increased its welfare investments for full-time riders [11].

Core Insights - Meituan reported its Q3 2025 earnings, achieving revenue of 95.5 billion yuan, a year-on-year growth of 2%. However, due to intensified industry competition, the core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan. The number of transaction users exceeded 800 million in the past 12 months [2] Group 1: Financial Performance - In Q3, Meituan's revenue reached 95.5 billion yuan, reflecting a 2% year-on-year increase [2] - The core local business faced a loss of 14.1 billion yuan due to increased competition [2] - Daily active users (DAU) of the Meituan app grew by over 20% year-on-year, with monthly transaction users for food delivery reaching a historical high [2] Group 2: Strategic Initiatives - Meituan is focusing on enhancing service quality and promoting healthy industry development by increasing capital investment [2] - The company aims to maintain its competitive edge through its "retail + technology" strategy, continuously iterating products and services to better meet user needs [2] Group 3: New Business Developments - The grocery retail business showed strong growth, with Keeta expanding its global presence, launching operations in Qatar, Kuwait, UAE, and Brazil [3] - Meituan has introduced a nationwide rider pension insurance subsidy and is building "rider apartments" to provide housing support [3] Group 4: R&D and AI Advancements - Meituan's R&D investment reached 6.9 billion yuan, a 31% year-on-year increase [3] - Significant progress was made in AI research and applications, with the release of multiple open-source models and the development of AI tools for merchants [3]

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion RMB due to intensified industry competition [2] - The number of transaction users exceeded 800 million in the past 12 months, indicating strong user engagement despite financial losses [2] - CEO Wang Xing emphasized the company's commitment to enhancing core competitiveness and maintaining industry leadership through a "retail + technology" strategy [2] Financial Performance - Core local business revenue reached 67.4 billion RMB, but operating profit turned negative with a loss of 14.1 billion RMB due to increased direct subsidies in the food delivery sector [2] - New business segment revenue grew by 15.9% year-on-year to 28 billion RMB, with a sequential loss reduction to 1.3 billion RMB [2] - Adjusted net loss for Q3 was 16 billion RMB [2] User Engagement and Growth - Daily active users (DAU) of the Meituan app increased by over 20% year-on-year, with record monthly transaction users in food delivery [2] - The platform's user structure improved, with more low-frequency users transitioning to high-frequency usage, enhancing consumer engagement [3] - Meituan's flash purchase service led the instant retail sector, with significant growth in new users and transaction frequency [3] Ecosystem and Welfare Initiatives - Meituan expanded its ecosystem investments, including nationwide coverage of rider pension insurance and a multi-tiered welfare system for riders [4] - The company launched the "Prosperity Plan" with an additional 2.8 billion RMB to support merchants amid competitive pressures [4] - Initiatives to enhance food safety and transparency included the "Bright Kitchen, Bright Stove" program, with participation from over 300,000 merchants [4] Technological Innovation - R&D investment reached 6.9 billion RMB, a 31% increase year-on-year, focusing on AI advancements and integration into core applications [5] - The company upgraded its drone delivery services in Hong Kong and Shenzhen, achieving significant operational milestones [5] - CFO Chen Shaohui expressed confidence in long-term growth, emphasizing continued investment in service quality, ecosystem development, and technological innovation [5]

Core Insights - On November 28, 2025, Alibaba-W (09988), Tencent Holdings (00700), and Pop Mart (09992) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 4.408 billion, 1.528 billion, and 1.305 billion respectively [1] - Alibaba-W, Tencent Holdings, and Pop Mart also led the trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 1.568 billion, 1.067 billion, and 0.860 billion respectively [1] Southbound Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 4.408 billion with a net buying amount of +0.800 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.528 billion with a net selling amount of -0.172 billion [1] - Pop Mart (09992) achieved a trading amount of 1.305 billion with a net buying amount of +0.208 billion [1] - SMIC (00981) had a trading amount of 1.304 billion with a net selling amount of -0.138 billion [1] - Xiaomi Group-W (01810) saw a trading amount of 1.251 billion with a net buying amount of +0.366 billion [1] - Other notable companies included UBTECH (09880) with 0.783 billion (+78.0527 million), Meituan-W (03690) with 0.774 billion (+0.240 billion), and Huahong Semiconductor (01347) with 0.759 billion (-77.2344 million) [1] Shenzhen-Hong Kong Stock Connect - Top Active Companies - Alibaba-W (09988) had a trading amount of 1.568 billion with a net buying amount of +0.294 billion [1] - Tencent Holdings (00700) recorded a trading amount of 1.067 billion with a net buying amount of +0.435 billion [1] - Pop Mart (09992) achieved a trading amount of 0.860 billion with a net buying amount of +0.341 billion [1] - SMIC (00981) had a trading amount of 0.792 billion with a net selling amount of -0.162 billion [1] - Meituan-W (03690) saw a trading amount of 0.639 billion with a net buying amount of +0.230 billion [1] - Other notable companies included Xiaomi Group-W (01810) with 0.578 billion (+1.05 million), GAC Group (02238) with 0.524 billion (+15.6696 million), and China Mobile (00941) with 0.492 billion (-1.69835 million) [1]

Core Insights - Meituan reported a significant net loss in Q3, marking the first operational loss in its core business in three years, primarily due to intensified subsidy wars in the industry [1] - The company's revenue for the quarter reached 95.5 billion RMB, a year-on-year increase of 2%, but the adjusted net loss amounted to 16 billion RMB [1][5] - Despite financial pressures, Meituan's user base continues to grow, with over 800 million transaction users and a significant increase in daily active users [1] Financial Performance - Meituan's core local commerce segment generated revenue of 67.4 billion RMB but incurred an operational loss of 14.1 billion RMB due to increased direct subsidies in the food delivery sector [1] - Sales costs surged by 23.7%, rising from 56.8 billion RMB in the same quarter last year to 70.3 billion RMB, with the cost-to-revenue ratio increasing from 60.7% to 73.6% [1] - The adjusted EBITDA for the quarter was a loss of 14.8 billion RMB, reflecting the financial strain on the company [3] Market Competition - The local lifestyle sector is experiencing fierce competition, with various platforms like Alibaba's Gaode Map and JD.com launching initiatives to capture market share through substantial subsidies [5] - Recent reports indicate a cooling in the price war within the food delivery sector, with Alibaba's Taobao Flash Purchase entering an efficiency optimization phase [5] - Meituan's stock has declined by 32.42% year-to-date, reflecting the impact of these competitive pressures on its market performance [5]