Core Viewpoint - The company, Meituan-W (03690), has announced the issuance of various bonds totaling approximately $2.4 billion and RMB 70.8 billion, primarily aimed at refinancing existing offshore debt and for general corporate purposes [1] Group 1: Bond Issuance Details - The company will issue a total of $600 million in 2031 USD notes, $600 million in 2032 USD notes, and $800 million in 2035 USD notes [1] - Additionally, the company will issue RMB 2.08 billion in 2030 RMB notes and RMB 5 billion in 2035 RMB notes [1] - The annual interest rates for the bonds are set at 4.5%, 4.75%, 5.125%, 2.55%, and 3.10% respectively [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will primarily be used for refinancing existing offshore debt and for other general corporate purposes [1]

Core Viewpoint - The company, Meituan-W (03690), has announced the issuance of various bonds totaling $6 billion and RMB 70.8 billion, primarily aimed at refinancing existing offshore debt and for general corporate purposes [1] Group 1: Bond Issuance Details - The company will issue a total of $6 billion in bonds, including $600 million in 2031 USD bonds, $600 million in 2032 USD bonds, and $800 million in 2035 USD bonds [1] - Additionally, the company will issue RMB 20.8 billion in 2030 RMB bonds and RMB 50 billion in 2035 RMB bonds [1] - The annual interest rates for the bonds are set at 4.5%, 4.75%, 5.125%, 2.55%, and 3.10% respectively [1] Group 2: Use of Proceeds - The net proceeds from the bond issuance will primarily be used for refinancing existing offshore debt and for other general corporate purposes [1]

本公告及其內容並不構成任何合約或承諾的根據。本公告及其任何副本不得帶入美國或在美國 分發。本公告所述證券並無亦不會根據一九三三年美國證券法（經修訂）或向美國任何州或其 他司法權區的任何證券監管機構登記，且不得在美國提呈發售或出售，惟獲得一九三三年美國 證券法（經修訂）及適用州或地方證券法登記規定的適用豁免，或屬不受一九三三年美國證券 法（經修訂）及適用州或地方證券法登記規定約束的交易則除外。本公司不會在美國公開發售證 券。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 茲提述本公司日期為二零二五年十月二十七日有關建議票據發行的公告。董事 會欣然宣佈，於二零二五年十月二十八日（紐約時間），本公司及有關初始買家 就票據發行訂立有關購買協議。 於扣除包銷佣金及若干估計發售開支前，美元票據發行的所得款項總額將約為 1,993.7百萬美元。於扣除包銷佣金及若干估計發售開支前，人民幣票據發行的 所得款項總額將為人民幣7,080百萬元。本公司擬將票據發行所得款項 ...

Core Insights - The article highlights the transformation of digital services for the elderly in Beijing, showcasing how platforms like Meituan are bridging the "digital divide" through innovative services that enhance healthcare accessibility for seniors [1][3]. Group 1: Digital Adoption by the Elderly - As of June 2025, the number of internet users aged 60 and above in China is projected to reach 161 million, with an internet penetration rate of 52.0% among this demographic [3]. - Online health consumption, particularly local instant delivery services, is becoming a significant consumption scenario for the elderly, shifting from a novelty for younger users to a necessity for seniors [3]. - Meituan reports that from 2025 onwards, the order volume for medical supplies among elderly users has increased by over 30%, with specific categories like reading glasses and health devices seeing growth rates of over 50% and 70% respectively [3]. Group 2: Intergenerational Support and Safety - The article emphasizes the importance of reducing online risks for the elderly and creating a safe digital consumption environment, which requires the involvement and guidance of their children [4][5]. - Meituan has introduced features like "Buy Medicine for Them," allowing children to purchase medications for their parents remotely using health insurance, with 36% of the users being aged 55 and above [5]. - Video consultation services launched by Meituan in April 2025 enable licensed physicians to provide health consultations via video or phone, catering specifically to the needs of elderly patients [8]. Group 3: Future of Elderly Care Services - The "intergenerational linkage" service model is designed to lower the digital barriers for the elderly while fostering a robust family health support network [5][9]. - The demand for cardiovascular and bone health consultations is particularly high among elderly patients, reflecting common health issues within this age group [9]. - Industry experts believe that effective elderly care services can be enhanced through innovative models that activate the inherent capabilities of family units, leading to a more intelligent and integrated health service network for seniors [9].

Core Viewpoint - The company expects Meituan's revenue for Q3 2025 to be 97.8 billion yuan, with a year-over-year growth of 4.5%, while operating profit is projected to be -18.5 billion yuan and adjusted net profit at -15.9 billion yuan, primarily due to intense competition in the food delivery subsidy market [1] Delivery Business - In Q3 2025, Meituan's instant delivery order volume is expected to grow by 17.0% year-over-year, and food delivery order volume is projected to increase by 14.3%, driven by enhanced platform subsidies [2] - However, the intense subsidy competition in Q3 has led to a significant decline in Meituan's user experience (UE), with expectations of UE dropping to -2.8 yuan, compared to 1.48 yuan in Q3 2024 and -0.21 yuan in Q2 2025 [2] - The company anticipates a return to rational operations in Q4, which may alleviate the ongoing subsidy competition [2] Dining and Travel Business - Meituan's dining and travel business revenue is expected to grow by 5% year-over-year in Q3 2025, although there is pressure on offline dining consumption due to increased food delivery subsidies [2] - The operating profit margin (OPM) for the dining segment is projected to reach 27.8%, reflecting a decline of 5.7 and 5.2 percentage points compared to previous quarters, attributed to a higher proportion of revenue from lower-tier cities and increased subsidy investments [2] New Business Initiatives - New business revenue is expected to reach 28.4 billion yuan in Q3 2025, with a year-over-year growth of 17.5%, although the operating loss is projected at 2.4 billion yuan [3] - The company is expanding its Xiaoxiang supermarket brand in response to the instant retail trend, leveraging supply chain and brand advantages for competitive growth [3] - Meituan's international food delivery expansion is progressing steadily, with plans to enter the Brazilian market in Q4, indicating long-term potential for growth [3] Financial Forecast and Valuation - Revenue forecasts for 2025-2027 are set at 376.8 billion, 444.8 billion, and 510.2 billion yuan, with adjusted net profits projected at -7.9 billion, 35.4 billion, and 54.4 billion yuan, respectively [3] - The company maintains its valuation despite rising valuations of comparable companies, emphasizing the unsustainable nature of current subsidy competition [4] - A target price of 136.0 Hong Kong dollars is set for Meituan, with a "buy" rating maintained [4]

Core Points - Meituan has announced that its rider pension insurance subsidy will be available nationwide, allowing riders to choose where to pay based on their needs starting in November [1] - The rapid expansion of this policy from pilot cities to nationwide coverage within six months reflects increased competition in the platform economy and societal demands for greater corporate responsibility [1] - The model of "voluntary participation + platform subsidy" allows for flexible cost management for the company while encouraging riders to opt into insurance [2] Group 1 - The subsidy standard for riders nationwide is yet to be determined, with the pilot program indicating that riders meeting certain income thresholds would receive a 50% subsidy on their pension contributions [4] - High-frequency riders, who make up about 11% of the total, could lead to an annual increase in costs for Meituan of nearly 8 billion yuan if only they are covered under the subsidy scheme [4] - The complexity of the insurance scheme increases as it aims to cover a diverse group of riders, including those with varying levels of engagement [5][6] Group 2 - Low-frequency riders, who represent 41% of the total, face challenges in meeting income thresholds for subsidies, raising questions about how to structure support for this group [5][6] - The need for insurance options that cater to the specific needs of part-time and low-frequency riders, who may prioritize health and accident insurance over pension contributions, is highlighted [6] - The issue of social insurance transfer and continuity across different regions poses a significant challenge for riders, necessitating collaboration between companies and government [6] Group 3 - The potential for increased operational costs due to the subsidy program raises concerns about how these costs might be passed on to consumers or affect rider wages [7] - The balance between immediate financial needs and long-term benefits for low-income riders is crucial, as many may prioritize current income over future security [8] - Finding a sustainable solution that aligns the interests of the company, riders, and consumers is a complex challenge that requires careful consideration [9]

Core Viewpoint - Meituan has announced that its rider pension insurance subsidy will now cover all riders nationwide, reflecting the company's commitment to social responsibility and the need for a social security system for flexible workers [1][2]. Group 1: Policy Implementation - The pension insurance subsidy policy was first piloted in April 2023 in two cities and has rapidly expanded to cover the entire country within six months [1]. - The subsidy model is based on "voluntary participation by riders + platform subsidies," allowing for more flexible labor costs [2]. Group 2: Coverage and Financial Implications - The subsidy is expected to cover millions of riders, with a potential annual cost of nearly 8 billion yuan if only high-frequency riders are included [4]. - High-frequency riders, defined as those who work over 260 days a year, represent only 11% of the total rider population, indicating a significant portion of riders may not benefit from the current subsidy structure [5]. Group 3: Challenges Ahead - The first challenge is determining the national subsidy standard, which is currently based on income thresholds and may lead to increased financial burdens for Meituan [4]. - The second challenge involves addressing the needs of low-frequency and part-time riders, who may prioritize different types of insurance coverage [5][6]. - The third challenge is managing the complexities of social security transfer and continuity for riders who change locations frequently [6]. - The fourth challenge is to prevent the cost of subsidies from being passed on to consumers or riders, which could undermine the intended benefits of the program [7][8].

Core Points - Meituan has launched a nationwide social security subsidy program for all delivery riders, marking the first initiative of its kind in the industry [1][2] - The program allows riders to choose to pay social security in their place of residence or work, with additional benefits for riders' families [1][2] - The initiative aims to cover over one million riders and their families, providing a multi-tiered welfare system that includes basic and advanced protections [2] Group 1 - Meituan's social security subsidy program is set to begin in November, allowing riders to select their payment location [1] - The program includes advanced benefits such as major illness care and children's education, which are now available to riders' families [1][2] - The initiative is expected to cover hundreds of thousands of riders across the country [2] Group 2 - Meituan has established a comprehensive welfare network for riders, including basic pension coverage and various work-related benefits [2] - Additional benefits such as work meals, health check-ups, and travel subsidies will be provided, along with facilities like free haircuts and massages [2] - Future plans include exclusive holidays for riders and the introduction of a smart helmet with safety features [2]

智通财经APP获悉，根据2025年10月28日披露数据，中国电信（00728）、中远海能（01138）、绿色动 力环保（01330）位居港股通持股比例前3位，分别为71.18%、70.26%、70.25%。此外，中国海洋石油 （00883）、中芯国际（00981）、美团-W（03690）在最近有统计数据的5个交易日内，持股额增幅最 大，分别为+30.09亿元、+17.46亿元、+13.64亿元;华虹半导体（01347）、石药集团（01093）、中国生 物製药（01177）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-14.99亿元、-12.09亿 元、-6.06亿元。 备注：以上数据由智通机器人根据港交所数据，经过人工智能运算后自动生成，并不保证数据100%准 确；持股额变动=变动持股数*昨日收盘价。 3、港股通最近5个交易日减持榜（前10名） 公司名称 持股额变动 持股数变动 华虹半导体(01347) -14.99亿元 -1740.38万股 石药集团(01093) -12.09亿元 -15715.80万股 中国生物製药(01177) -6.06亿元 -8613.88万股 招金矿业(01818) - ...

Core Insights - The article highlights the top short-selling stocks in the market, with Anta Sports-R and Great Wall Motors-R both having a short-selling ratio of 100.00% [1][2] - Alibaba-SW leads in short-selling amount at 1.343 billion, followed by Pop Mart at 1.242 billion and Tencent Holdings at 1.215 billion [1][2] Short-Selling Ratios - Anta Sports-R (82020) has a short-selling amount of 635,500 and a ratio of 100.00% with a deviation of 10.36% [2] - Great Wall Motors-R (82333) has a short-selling amount of 7,250 and a ratio of 100.00% with a deviation of 30.20% [2] - SenseTime-WR (80020) has a short-selling amount of 1,122,200 and a ratio of 97.63% with a deviation of 51.92% [2] - Lenovo Group-R (80992) has a short-selling amount of 2,438,200 and a ratio of 94.23% with a deviation of 34.69% [2] Short-Selling Amounts - Alibaba-SW (09988) has a short-selling amount of 1.343 billion with a ratio of 9.98% and a deviation of -6.17% [2] - Pop Mart (09992) has a short-selling amount of 1.242 billion with a ratio of 30.78% and a deviation of 9.42% [2] - Tencent Holdings (00700) has a short-selling amount of 1.215 billion with a ratio of 11.50% and a deviation of -4.97% [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 51.92% [2] - HAPO Pharmaceutical-B (02142) has a short-selling amount of 15,513,500 with a deviation of 37.04% [2] - Lenovo Group-R (80992) has a deviation of 34.69% [2] - Great Wall Motors-R (82333) has a deviation of 30.20% [2]