Core Insights - Meituan's international food delivery brand Keeta officially launched operations in Kuwait on September 15, marking its third entry in the Gulf region after Saudi Arabia and Qatar [1] Group 1: Market Expansion - Kuwait was chosen for expansion due to its high GDP per capita, high online food delivery penetration, and strong consumer demand for quality delivery services, indicating a vibrant and potentially lucrative market [1] - Keeta plans to leverage Meituan's leading operational experience in China's food delivery market to enhance local supply, innovate products, and provide reliable delivery services [1] Group 2: Strategic Goals - The company aims to offer a diverse range of products at affordable prices while promoting the development of local partners, including merchants and delivery riders [1] - Keeta is focused on driving the digital transformation of the local food and beverage industry and maturing the ecosystem [1] Group 3: Growth Trajectory - Since entering Saudi Arabia in September 2024, Keeta has experienced rapid growth in user numbers and order volume, prompting an accelerated expansion into the Middle East [1] - Following the successful launch in Qatar in August, the swift entry into Kuwait demonstrates Meituan's strategy of building a "multi-country linkage" international development model [1][2]

自2024年9月进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。今年8月，Keeta上线卡塔尔。 据美团官微，9月15日，美团旗下国际外卖品牌Keeta正式在科威特启动运营，成为其继沙特阿拉伯、卡 塔尔之后，在中东海湾地区的第三个落点。 （文章来源：第一财经） ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [6][25]. Core Views - The report indicates that increased subsidies have negatively impacted operational performance, with a significant decline in adjusted profit by 89% year-on-year for Q2 2025. Revenue reached 91.84 billion yuan, up 11.7% year-on-year, but operating profit fell to 230 million yuan, down 98% [1][8]. - The core local commerce segment remains the primary source of profit, generating 65.35 billion yuan in revenue, a 7.7% increase year-on-year. However, operating profit in this segment dropped by 75.6% [2][11]. - New business losses have narrowed sequentially, with revenue of 26.49 billion yuan, up 22.8% year-on-year, and an operating loss of 1.88 billion yuan, showing improvement from previous quarters [3][12]. Summary by Sections Financial Performance - In Q2 2025, adjusted profit decreased by 89% to 1.49 billion yuan, with an adjusted net profit margin of 1.6%, down 14.9 percentage points year-on-year [1][8]. - The core local commerce segment's revenue was 65.35 billion yuan, with a significant decline in operating profit margin to 5.7%, down 19.4 percentage points year-on-year [2][11]. - New business revenue reached 26.49 billion yuan, with a narrowed operating loss of 1.88 billion yuan, improving from previous quarters [3][12]. Revenue Projections - Revenue projections for 2025-2027 are as follows: 370.34 billion yuan in 2025, 423.48 billion yuan in 2026, and 485.09 billion yuan in 2027, with respective year-on-year growth rates of 9.7%, 14.3%, and 14.5% [5][22]. - Adjusted net profit forecasts for the same period are -7.71 billion yuan in 2025, 31.76 billion yuan in 2026, and 46.57 billion yuan in 2027 [5][22]. Market Dynamics - The report highlights that the competitive landscape is intensifying, leading to increased strategic investments by the company to maintain market leadership and brand recognition [3][20]. - The company plans to focus on core areas and expand its supermarket business while exiting underperforming regions [3][12].

Core Viewpoint - Meituan's international food delivery brand Keeta has officially launched operations in Kuwait, marking its third entry in the Gulf region after Saudi Arabia and Qatar, indicating a strategic expansion in the Middle East market [1][5]. Group 1: Market Potential - Kuwait is a significant member of the Gulf Cooperation Council (GCC) with a high GDP per capita and a strong demand for quality food delivery services, making it an attractive market for Keeta's expansion [5]. - The online food delivery penetration rate in Kuwait is high, reflecting a vibrant market with substantial growth potential [5]. Group 2: Operational Strategy - Keeta plans to leverage Meituan's leading operational experience in China's food delivery market to enhance local service offerings [5]. - The brand aims to continuously expand quality supply, innovate products, and provide reliable delivery services, diverse product choices, and affordable prices to consumers [5]. - Keeta is committed to fostering the development of local merchants and delivery partners, promoting the digital transformation of the local food industry [5]. Group 3: Expansion Timeline - Since entering the Middle East in September 2024, Keeta has experienced rapid growth in user numbers and order volumes in Saudi Arabia [5]. - Following its successful launch in Saudi Arabia, Keeta expanded to Qatar in August and entered Kuwait less than a month later, accelerating its international development model [5]. - The company plans to continue deepening its presence in the Middle East while exploring additional overseas markets [5].

新浪科技讯 9月15日下午消息，当地时间9月15日上午11点，美团旗下国际外卖品牌Keeta正式在科威特 启动运营，成为其继沙特阿拉伯、卡塔尔之后，在中东海湾地区的第三个落点。 科威特作为海湾阿拉伯国家合作委员会（GCC）的重要成员，人均GDP高、在线食品配送渗透率高、 消费者对优质外卖服务的需求旺盛，市场充满活力并且潜力巨大，这是Keeta选择其作为拓展新节点的 重要原因。 除了依托美团在中国外卖市场积累的领先运营经验，Keeta计划在当地持续拓展优质供给并进行产品创 新，为消费者提供便捷可靠的配送服务、丰富多元的商品选择以及经济实惠的价格，同时致力于促进商 户、骑手等合作伙伴的共同发展，推动当地餐饮行业数字化转型和生态系统的成熟。 据了解，自2024年9月进入中东的沙特阿拉伯，Keeta用户数与订单量快速增长。基于过去一年在沙特的 成功落地和进展，Keeta进一步加快了中东市场的拓展步伐。今年8月，Keeta上线卡塔尔，时隔不到一 个月，又正式进入科威特，美团正加速构建"多国联动"的国际化发展模式。 据悉，Keeta将持续深耕中东，并积极探索更多海外新市场。（罗宁） 责任编辑：何俊熹 ...

Investment Rating - The report maintains an "Outperform" rating for Meituan-W (03690.HK) [6] Core Views - The company's adjusted profit for Q2 2025 decreased by 89%, with revenue reaching 91.84 billion yuan, a year-on-year increase of 11.7% [8] - The core local commerce segment remains the primary source of profit, with revenue of 65.35 billion yuan in Q2 2025, reflecting a year-on-year growth of 7.7% [2] - Increased subsidies have negatively impacted revenue growth, particularly in the delivery service segment, which saw a decline in growth rates [2][11] - New business losses have narrowed sequentially, with revenue of 26.49 billion yuan in Q2 2025, up 22.8% year-on-year [12] Summary by Sections Financial Performance - In Q2 2025, the company reported an operating profit of 230 million yuan, down 98% year-on-year, with an operating margin of 0.2%, a decrease of 13.4 percentage points [8] - The adjusted net profit margin was 1.6%, down 14.9 percentage points year-on-year [17] Core Local Commerce - Revenue from core local commerce was 65.35 billion yuan, with delivery services, commissions, online marketing, and other services contributing 23.66 billion, 24.95 billion, 13.55 billion, and 3.19 billion yuan respectively [11] - The operating profit for this segment was 3.72 billion yuan, down 75.6% year-on-year, with an operating margin of 5.7%, a decrease of 19.4 percentage points [11] New Business Developments - New business revenue reached 26.49 billion yuan, with an operating loss of 1.88 billion yuan, improving by 3.1 percentage points sequentially [12] - The company plans to focus on core areas and accelerate the expansion of its supermarket business, aiming to cover all first- and second-tier cities in China [12] Future Outlook - The company expects significant losses in the core local commerce segment in Q3 2025 due to increased strategic investments and competitive pressures [20] - Adjusted net profit forecasts for 2025-2027 have been revised to -7.7 billion, 31.76 billion, and 46.57 billion yuan respectively, reflecting a downward adjustment of -117%, -46%, and -35% [20][21]

Core Points - Meituan Waimai has launched a "Worry-Free Opening" service to support new restaurant businesses with free online store decoration, exclusive support for new stores, free AI management tools, and cash support [1][2] - Research indicates that nearly 70% of new merchants applying to join the platform are newcomers to the restaurant industry, prompting Meituan to provide comprehensive support in onboarding, store decoration, and operations [1] - The "Intelligent Onboarding Assistant" launched in July utilizes large model capabilities to guide merchants through the onboarding process, ensuring a smoother experience [1] - Meituan has helped over one million small and medium-sized new merchants upgrade their store images through its free decoration service, making it the only platform in the industry to offer this service continuously for several years [1] Financial Support Initiatives - Meituan plans to increase funding and resources to help restaurant merchants avoid low-price and chaotic competition, allowing them to focus on product and service quality for long-term business success [2] - The company has initiated a Small Store Support Fund, providing up to 50,000 yuan in support to small restaurants, with the first batch of funds already distributed to merchants this autumn [2]

Core Insights - Meituan is a leading Chinese e-commerce platform specializing in on-demand local life services, including food delivery, in-store dining, and hotel bookings, with a market capitalization of approximately US$107.57 billion [1] Performance Rankings - Meituan achieved a Profitable Growth rank of 1, maintaining its top position compared to the previous period, indicating world-class performance among 970 large consumer discretionary companies globally [5] - The Profitability rank of 1 remained unchanged from the prior period, reflecting consistent world-class performance compared to peers [5] - The Growth rank of 1 also stayed the same as the previous period, further underscoring Meituan's world-class standing in the industry [5]

Core Points - The "Safe Consumption in Beijing" press conference was held, organized by Meituan and supported by multiple government departments to enhance consumer rights and safety [1][2] - Meituan launched a series of "Safe Consumption" products aimed at various service sectors, including flexible payment solutions and refund policies to improve consumer experience and security [1][2] Group 1: Product Offerings - Meituan introduced "Flexible Payment" and "Runaway Compensation" solutions for the sports and fitness sector [1] - For services like foot massage, hairdressing, and family entertainment, Meituan offers a "per-use redemption" model with refundable remaining balances [1] - In the education sector, consumers can purchase "Safe Learning" packages that allow for per-class payment and refunds if services are not fulfilled [1] Group 2: Market Impact - Over 35,000 stores in Beijing have adopted Meituan's "Safe Consumption" products, with over 50% coverage in the fitness industry and over 40% in sports training [2] - The consumption amount for beauty and fitness services in Beijing increased by over 62% year-on-year as of August, indicating the effectiveness of the "Safe Consumption" initiative [2] - The initiative aims to leverage technology for regulatory compliance and to address challenges in prepaid consumption, promoting digital transformation in the sector [2]

Core Viewpoint - The introduction of the "安心消费" series by Meituan aims to address the challenges of prepaid consumption, particularly in sectors like education, fitness, and beauty, by providing consumer protection against business closures [1][2]. Group 1: Product Launch and Features - Meituan has launched the "安心消费" series, which includes a compensation mechanism for consumers in case of business closures, enhancing consumer confidence in prepaid services [1][2]. - The series includes customized solutions for various sectors, such as "灵活付、跑路赔" in fitness, allowing consumers to purchase group deals with a "跑路赔" label for added security [2]. - In the education sector, the "安心学" product allows for a pay-per-class model, enabling consumers to pay only for the classes they attend, with a refund option for unused funds [2]. Group 2: Market Impact and Participation - Over 35,000 stores in Beijing have joined the "安心消费" series, with over 50% coverage in the fitness industry and over 40% in sports training [1]. - The "安心学" program has seen participation from over 38,000 educational institutions across more than 270 cities, offering over 64,000 courses [2]. - The implementation of these products has led to significant increases in traffic and engagement for participating brands, with one brand reporting a 185% increase in traffic and a 117% increase in visits [3]. Group 3: Regulatory and Industry Support - The initiative aligns with government efforts to promote healthy development in prepaid consumption and ensure consumer fund safety, with Beijing incorporating it into key tasks for urban development [3]. - The platform aims to leverage technology and data to enhance consumer protection and facilitate the digital transformation of prepaid consumption [3].