Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, totaling HKD 27.27 billion on November 28, with notable net purchases in stocks like Alibaba, Pop Mart, and Xiaomi [1][2]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect recorded a net purchase of HKD 27.27 billion, with HKD 9.33 billion from the Shanghai Stock Connect and HKD 17.94 billion from the Shenzhen Stock Connect [1]. - The most purchased stocks included Alibaba-W (09988) with a net inflow of HKD 10.94 billion, Pop Mart (09992) with HKD 5.49 billion, and Xiaomi Group-W (01810) with HKD 4.7 billion [4][5]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a total trading volume of HKD 44.08 billion, with a net inflow of HKD 8 billion, driven by the launch of its new AI product, Quark AI Glasses S1 [2][4]. - Pop Mart (09992) benefited from government initiatives to promote consumer goods, resulting in a net inflow of HKD 2.08 billion [5]. - Xiaomi Group-W (01810) saw a net inflow of HKD 3.66 billion, supported by its recent share buyback program totaling over HKD 12 billion this month [5]. - Other notable stocks included Meituan-W (03690) and Tencent Holdings (00700), which received net inflows of HKD 4.7 billion and HKD 2.62 billion, respectively [6]. Group 3: Net Sell-offs - The stocks with the highest net sell-offs included Semiconductor Manufacturing International Corporation (00981) and Zijin Mining (02899), with net outflows of HKD 3 billion and HKD 2.81 billion, respectively [6]. - The semiconductor sector continues to face selling pressure, as evidenced by the net sell-off of Huahong Semiconductor (01347) amounting to HKD 1.23 billion [6].

每经北京11月28日电（记者赵雯琪）美团发布2025年三季度财报，数据显示，美团第三季度实现营收 955亿元，同比增长2%，美团核心本地商业板块第三季度实现营收674亿元，受外卖行业非理性竞争影 响，经营利润转负，亏损141亿元，美团新业务板块实现营收280亿元，同比增长15.9%，亏损环比收窄 至13亿元。公司第三季度经调整净亏损160亿元。美团表示，近期市场竞争持续白热化。因此公司预计 核心本地商业板块及本公司整体层面，第四季度的经营亏损趋势将延续。 ...

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion RMB, a year-on-year growth of 2%, with an adjusted net loss of 16 billion RMB [1] - The core local commerce segment generated revenue of 67.4 billion RMB but faced operating losses due to intense competition, leading to a loss of 14.1 billion RMB in this segment [1] - User engagement increased significantly, with daily active users (DAU) growing over 20% year-on-year and monthly transaction users in the food delivery sector reaching a historical high, surpassing 800 million in the past 12 months [1] Local Commerce Segment - The core local commerce segment's operating profit turned negative due to increased direct subsidies aimed at the restaurant industry to combat irrational competition [1] - The platform's user structure advantage expanded, with more low-frequency users transitioning to high-frequency usage [1] Instant Retail and New Business Growth - Meituan's instant retail service, Meituan Flash Purchase, continues to lead the industry, with new user growth and increased transaction frequency among core users [1] - The launch of "Brand Flagship Lightning Warehouses" in October is expected to expand to thousands of brands across various categories, with sales on the first day of "Double 11" increasing by 300% [1] - The new business segment, including grocery retail, achieved revenue of 28 billion RMB, a year-on-year growth of 15.9%, with losses narrowing to 1.3 billion RMB [2] User Engagement and Feedback - The number of merchants and users in Meituan's dine-in business reached new highs, with user transaction frequency maintaining rapid growth [2] - The platform has accumulated over 25 billion authentic user reviews, with 3.5 billion added in the past 12 months [2]

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion yuan, a year-on-year increase of 2% [2] - Due to intensified competition in the industry, the core local commerce operating profit turned negative, resulting in a loss of 14.1 billion yuan [2] - The new business segment achieved revenue of 28 billion yuan, with a year-on-year growth of 15.9%, and the loss narrowed to 1.3 billion yuan quarter-on-quarter [2] Revenue Breakdown - The core local commerce segment generated revenue of 67.4 billion yuan in Q3 [2] - The adjusted net loss for the quarter was 16 billion yuan [2] Operational Highlights - In July, Meituan's instant retail daily order peak exceeded 150 million orders, with an average delivery time of 34 minutes [2] - The launch of "Brand Flag Flash Warehouse" in October is expected to expand to tens of thousands of brands across various categories [2] - On the first day of "Double 11," sales from hundreds of "Brand Flag Flash Warehouses" surged by 300% [2] User Engagement - The daily active users (DAU) of Meituan's app grew by over 20% year-on-year, accumulating over 25 billion authentic user reviews [2] - In the past 12 months, 3.5 billion new reviews were added [2] International Expansion - Meituan's Keeta has launched operations in Qatar, Kuwait, and the UAE, and officially started in Brazil at the end of October [2]

美团：核心本地商业分部于2025年第三季度的经营亏损为人民币141亿元，而于2024年同期的经营溢利 为人民币146亿元。2025年第三季度该分部的经营亏损率为20.9%，而2024年同期的经营利润率为 21.0%。经营溢利及经营利润率转为负数，主要由于毛利率下降，以及由于为在激烈的竞争中提升用户 黏性并巩固市场地位而不断调整业务策略导致交易用户激励和推广及广告开支增加。 ...

11月28日下午消息，美团（HKEX：3690）今日发布了截至9月30日的2025年第三季度财报：营收为955 亿元，同比增长2.0%。净亏损186亿元，而2024年同期净利润129亿元；调整后的净亏损为160亿元，而 2024年同期净利润为128亿元。 专题：聚焦2025年第三季度美股财报 责任编辑：刘明亮 ...

Core Insights - Meituan reported a revenue of 95.5 billion yuan for Q3 2025, representing a year-on-year growth of 2% [1] - Due to intensified industry competition, the core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan [1] - The number of transaction users over the past 12 months exceeded 800 million [1] Financial Performance - Revenue for Q3 2025 was 95.5 billion yuan, a 2% increase compared to the previous year [1] - The core local business experienced a loss of 14.1 billion yuan due to increased competition [1] - Research and development investment reached 6.9 billion yuan, marking a 31% year-on-year increase [1] User Engagement - Daily active users (DAU) of the Meituan app grew by over 20% year-on-year [1] - Monthly transaction users for food delivery reached a historical high [1] Strategic Initiatives - In response to "involution" competition, Meituan increased its financial investment to enhance service quality and promote healthy industry development [1]

此外，美团APP的DAU（日活跃用户数）同比增长超过20%，过去12个月的交易用户数突破8亿大关。 （第一财经记者 陆涵之） 11月28日，美团发布了第三季度财报。第三季度收入为954.9亿元，同比增长2%。第三季度经调整净亏 损达160亿元，去年同期净利润为128.3亿元。 ...

Core Insights - Meituan reported Q3 2025 revenue of 95.5 billion yuan, a 2% year-on-year increase, but faced a core local business operating loss of 14.1 billion yuan due to intensified industry competition [1] - The number of transaction users exceeded 800 million in the past 12 months, indicating strong user engagement despite financial losses [1] - CEO Wang Xing emphasized the company's commitment to enhancing core competitiveness and maintaining industry leadership through a "retail + technology" strategy [1] Financial Performance - Core local business revenue reached 67.4 billion yuan, but operating profit turned negative with a loss of 14.1 billion yuan [1] - New business segment revenue grew by 15.9% year-on-year to 28 billion yuan, with a sequential loss reduction to 1.3 billion yuan [1] - Adjusted net loss for Q3 was 16 billion yuan [1] User Engagement and Growth - Daily active users (DAU) on the Meituan app increased by over 20% year-on-year, with record monthly transaction users in the food delivery segment [1] - The platform's user structure improved, with more low-frequency users transitioning to high-frequency usage, enhancing consumer engagement [2] - Meituan's flash purchase service saw significant growth, with new user acquisition and increased transaction frequency [2] Ecosystem and Welfare Initiatives - Meituan expanded its rider welfare program, introducing comprehensive insurance and benefits for over one million riders and their families [3] - The company launched the "Prosperity Plan" with an additional 2.8 billion yuan to support merchants amid competitive pressures [3] - Initiatives to enhance food safety and transparency included the "Bright Kitchen, Bright Stove" program, with participation from 300,000 merchants [3] Technological Innovation - R&D investment reached 6.9 billion yuan, a 31% increase year-on-year, reflecting the company's focus on technological advancement [4] - AI development progressed with the release of multiple open-source models and tools aimed at enhancing merchant services and user experience [5] - Meituan's drone delivery service expanded, achieving over 670,000 commercial orders, marking a significant milestone in nighttime delivery operations [5]

Core Insights - Meituan reported Q3 2025 earnings with revenue of 95.5 billion yuan, a year-on-year growth of 2% [1] - Due to intensified industry competition, the core local business operating profit turned negative, resulting in a loss of 14.1 billion yuan [1] - The number of transacting users exceeded 800 million in the past 12 months [1] Revenue and Profitability - Revenue for the quarter reached 95.5 billion yuan, reflecting a 2% increase compared to the previous year [1] - The core local business faced challenges leading to a loss of 14.1 billion yuan [1] User Engagement - Daily active users (DAU) on the Meituan app increased by over 20% year-on-year [1] - Monthly transacting users for food delivery reached a historical high [1] Investment and Development - In response to competitive pressures, Meituan increased its investment to enhance service quality and promote healthy industry development [1] - Research and development expenditure for the quarter was 6.9 billion yuan, a year-on-year increase of 31% [1] Ecosystem and Support - Meituan continued to invest in ecosystem development to build a sustainable industry health ecosystem [1] - The rider pension insurance subsidy was officially rolled out nationwide, available to all riders [1]