Core Viewpoint - Recent concerns have emerged regarding refund issues on Meituan, with users reporting that refunds for expired group purchase vouchers have not been credited back to their accounts, prompting a response from the company [1][2]. Group 1: User Concerns and Company Response - Users have expressed dissatisfaction on social media about refunds not being credited, particularly for historical orders [1]. - Meituan's customer service has established a special team to address these refund inquiries and has made updates to improve the visibility of refund information [2][3]. - The company clarified that if users receive a "refund successful" notification, the funds have indeed been returned to their accounts, countering claims of unprocessed refunds [2]. Group 2: Refund Process and Issues - The refund issues are categorized into two main types: delays in displaying refund progress and problems with specific payment channels [2]. - For orders from 2017 onwards, users can independently check the status of their refunds, while older orders require customer service assistance [2]. - In cases where refunds cannot be processed back to the original payment method, funds will be credited to the user's Meituan balance, with alternative arrangements available for users with account issues [2][3]. Group 3: Technical Improvements and User Experience - Meituan has acknowledged that some users experienced delays in seeing their refund status updated, which has now been rectified [3]. - The company is committed to enhancing its product features to ensure a more reliable and user-friendly experience, aiming to prevent future misunderstandings regarding refunds [3].

Core Viewpoint - Meituan has addressed consumer concerns regarding refund issues, clarifying that the problems stem from information display delays and payment channel anomalies, and has implemented system updates to improve transparency and user experience [1][3][4]. Group 1: Refund Issues - The refund issues reported by consumers mainly fall into two categories: incomplete refund information updates and failed refund notifications [1]. - For refunds that are processed but not displayed correctly, Meituan has optimized its system to ensure users can refresh their order details to see accurate refund statuses [3]. - A small number of users experienced issues due to problems with their payment channels, leading to refunds being credited to their Meituan balance instead [4]. Group 2: Refund Process and Communication - Meituan emphasizes that if users receive a "refund successful" notification, the funds have indeed been returned to their accounts, although some may not see the updated status due to system delays [3]. - Users can verify the actual refund status through their original payment channels, and Meituan has provided support for those who may have forgotten their payment details [4]. - The company has also been proactive in communicating with users through SMS to ensure they are aware of their refund statuses [4]. Group 3: Historical Refund Policy - Meituan has had an "expired refund" policy in place since March 2011, which allows for automatic refunds on unconsumed vouchers within a specified timeframe [5]. - This policy applies to most online sales, excluding certain products with specific consumption dates, and refunds are processed within seven working days after the expiration of the voucher [5]. - The implementation of this policy has been widely adopted by other local service platforms, indicating its effectiveness in enhancing customer service [6].

Core Points - Meituan has acknowledged user complaints regarding "refunds not received" and has established a special customer service team to address the issue [1] - The company has identified two main categories of problems related to refund information: incomplete updates on refund progress and a small number of failed refunds due to issues with users' payment channels [1] - Meituan assures that all refund data is traceable and users can check the status of their refunds [1] - The company has also opened a refund channel for users to reclaim deposits after acquiring Mobike, reminding users to apply for their refunds through the Meituan app [1] Summary by Categories Customer Service Response - Meituan's customer service team has been mobilized to handle the increased volume of inquiries regarding refunds [1] - The company has committed to helping users trace every order in question [1] Refund Issues - The primary issues identified are related to the timely display of refund progress and a limited number of failed refunds due to payment channel problems [1] - Refunds that cannot be processed back to the original payment method will be credited to the user's Meituan balance, with further assistance provided if the account is inactive [1] User Communication - Meituan has apologized for the misunderstandings caused by inadequate information display regarding refunds [1] - The company encourages Mobike users to apply for their deposit refunds through the Meituan app [1]

Core Viewpoint - The article addresses the issue of users reporting "refunds not received" on Meituan, highlighting the company's response and the nature of the problems encountered [1]. Group 1: User Refund Issues - Meituan's customer service announced the establishment of a special team to address refund issues reported by users on social media [1]. - The refund issues are categorized into two main types: one involves delays in displaying refund progress information, leading to user misunderstandings; the other involves a small number of cases where users' payment channels (bank cards or third-party payment tools) experience issues, causing refunds to be credited to the user's Meituan balance instead [1]. - A very small portion of orders showed "refund failed" due to problems with users' payment channels, with the system redirecting refunds to the user's wallet balance [1].

Group 1 - Key Point 1: Focus on the release of important economic data including the US July PCE, Q2 GDP, and July durable goods orders, as well as China's August official PMI and July profits of large-scale industrial enterprises [1] - Key Point 2: Companies scheduled to announce earnings include Nvidia, Alibaba, Meituan, Pinduoduo, Luxshare Precision, Newray, and Zhongji Xuchuang [1] - Key Point 3: Additional tariffs imposed by the US on India, bringing the total tariff rate to 50% [1][5] Group 2 - Key Point 1: Earnings announcements on August 25 include Pinduoduo, Haidilao, Luxshare Precision, Poly Development, Hengli Hydraulic, and Newray [2] - Key Point 2: On August 26, key economic indicators such as the US July durable goods orders will be released, along with earnings from companies like China Petroleum and Aier Eye Hospital [3] - Key Point 3: On August 27, the release of China's July profits of large-scale industrial enterprises is anticipated, alongside earnings from companies like Nvidia and Meituan [4] Group 3 - Key Point 1: On August 28, the US will release revised Q2 GDP and PCE data, with earnings announcements from companies like Yili and Mindray [5] - Key Point 2: On August 29, the US July PCE price index will be released, with Alibaba also announcing its earnings [6] - Key Point 3: China's August official manufacturing PMI will be released on August 31 [7]

Core Viewpoint - The topic of "Meituan refunds not arriving" has sparked significant discussion, with multiple consumers reporting difficulties in receiving refunds from Meituan, some dating back to 2018 [1][2]. Group 1: Consumer Experiences - Several consumers have expressed frustration over delayed refunds, with some stating that refunds from as far back as 2018 have only recently been processed [1]. - Complaints have emerged regarding the handling of refunds, with consumers alleging that Meituan and merchants have engaged in disputes over refund approvals [1][2]. - A consumer highlighted a case where a refund was marked as failed but was processed automatically upon further inquiry, raising concerns about transparency in the refund process [2]. Group 2: Meituan's Response - Meituan's customer service indicated that the time for refunds depends on the payment method, typically taking 1 to 3 business days, and noted that cases of refunds taking years are "relatively rare" [1][4]. - The company stated that refunds should be returned to the original payment method, but many consumers reported that their refunds were instead credited to their Meituan wallet, leading to accusations of forcing consumers to use Meituan services [5][6]. Group 3: Historical Context - Refund issues have been a long-standing problem for Meituan, with complaints dating back to 2015, indicating a pattern of dissatisfaction among users regarding the refund process [4][6]. - Legal advice has been suggested for consumers to keep records of their refund requests and transactions to support their claims if refunds do not arrive as expected [6].

Core Insights - The liquidity bull market in Chinese assets continues, with Hong Kong stocks lagging due to external influences and the US dollar, but the last factor affecting relative returns has been eliminated following Powell's dovish remarks at the Jackson Hole conference, suggesting a positive outlook for core Hong Kong assets [2][3] - The report recommends a focus on sectors such as non-bank financials, automotive, internet platforms, consumer goods, non-ferrous metals, and real estate in Hong Kong, with a preference for mid to large-cap growth stocks [2][3] - The strategy of style rotation has reached new highs, with a successful concentration on the ChiNext and small-cap indices in June and July, leading to a maintained growth style exposure while adjusting market capitalization exposure to mid and large-cap indices like CSI 300 and CSI 500 [2][3] A-Share Market Strategy - The A-share market is advised to maintain a medium position, with significant inflows from northbound capital into Hong Kong stocks, indicating a strong trend continuation probability before any overheating signals appear [7][44] - The report highlights the rapid rotation of sectors, with a focus on mid-cap growth indices and opportunities in AI software, domestic computing power, and robotics [44][51] Hong Kong Market Strategy - The Hong Kong market is upgraded to a higher position, supported by independent funding logic and significant net buying from southbound capital, particularly in non-bank financials, media, and pharmaceuticals [46][47] - The report notes that the absolute return of selected Hong Kong stocks has reached 71.18%, outperforming the Hang Seng Index by 44.86% [49] US Market Strategy - The US market position is adjusted to a medium level, with ongoing observations regarding the market's pricing of the September rate cut, following Powell's dovish signals [3][38] - The report identifies biopharmaceuticals as the primary beneficiaries of rate cuts, along with small-cap stocks sensitive to liquidity and economic recovery [3][41] Gold Market Strategy - Gold is upgraded to a higher position, with expectations of continued bullish sentiment leading up to the September FOMC meeting, as the market anticipates a rate cut [8][55] - The report emphasizes the ongoing increase in China's gold reserves, which reached 7,396 million ounces by the end of July 2025, marking a continuous increase for nine months [55][56]

Core Insights - Multiple users have reported that refunds for orders placed through Meituan have not been credited back to their accounts, indicating potential issues with the company's refund processing system [2] Group 1 - Users are experiencing delays in receiving refunds for their orders, which raises concerns about customer satisfaction and trust in the platform [2] - The complaints suggest that there may be systemic issues within Meituan's order management and financial reconciliation processes [2] - The situation could impact Meituan's reputation and customer loyalty if not addressed promptly [2]

Core Viewpoint - Meituan Medical Beauty is focusing on upstream supply chain solutions rather than establishing its own medical beauty clinics, emphasizing its platform identity and ecosystem role [1] Group 1: Company Strategy - Meituan Medical Beauty will not open its own medical beauty clinics, which is a long-term strategic direction [1] - The company is enhancing its supply chain by providing traceable solutions to address issues in the medical beauty industry, such as counterfeit products and lack of logistics traceability [1] - Meituan Medical Beauty aims to increase the penetration rate of medical beauty users among its members, with only 2.2% of its platinum-level users currently engaged in medical beauty services [3][4] Group 2: Industry Insights - The Chinese medical beauty industry is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 13.2% over the next five years, although this is a slowdown compared to the previous decade [3] - The number of illegal practitioners in the medical beauty industry is nine times that of compliant practitioners, and the number of black clinics is six times that of regular clinics [2] - Water light needles are the most popular injection project, with a monthly verification growth rate exceeding 106.89% [3] Group 3: Marketing and Brand Promotion - Meituan Medical Beauty is increasing its brand awareness through promotional activities, including partnerships with variety shows and dramas, which marks a shift from its previous lack of brand promotion [4] - The company is providing free medical beauty project benefits to its high-tier members to boost engagement [4]

Core Viewpoint - The article discusses the impact of aggressive food delivery subsidies in Suqian, leading to a distorted restaurant ecosystem where traditional dining is declining while delivery services are booming, creating a bubble that ultimately burdens all participants in the market [1][24][25]. Group 1: Market Dynamics - Suqian has become a battleground for food delivery services, with major players like JD.com and Alibaba engaging in intense subsidy wars, resulting in unsustainable pricing and a shift in consumer behavior towards lower-priced meals [1][9][24]. - The influx of subsidies initially benefited many restaurants, leading to a surge in delivery orders and profits, but this was short-lived as the market became saturated and competition intensified [7][8][20]. Group 2: Impact on Traditional Dining - Traditional dining establishments are suffering as foot traffic declines, with many restaurants closing or struggling to maintain profitability due to the overwhelming preference for cheaper delivery options [2][4][10]. - The article highlights the plight of restaurant owners like Chen Li, who, despite initial success, faced declining sales and ultimately had to close her restaurant due to unsustainable business conditions [2][15][25]. Group 3: Economic Consequences - The aggressive subsidy strategies have led to a significant increase in operational costs for restaurants, as they are now required to absorb part of the subsidy costs while facing reduced profit margins [20][23]. - The overall economic environment for the food service industry in Suqian is deteriorating, with many businesses unable to adapt to the new market realities, leading to a wave of closures and a challenging landscape for remaining operators [24][26].