Group 1 - Citigroup's report indicates that Meituan's Keeta has expanded into Riyadh, Saudi Arabia, in September and October last year, and further established presence in Jeddah and Mecca in January this year, suggesting performance in Riyadh may exceed expectations [1] - Meituan plans to expand its Xiaoxiang supermarket business overseas, with Saudi Arabia being the first target market [1] Group 2 - Citigroup reiterates a "Buy" rating for Meituan, setting a target price of 203 HKD [2]

Group 1 - Astrada Advisors provides actionable recommendations aimed at enhancing portfolio performance and uncovering alpha opportunities, backed by a strong track record in investment research at leading global investment banks [1] - The company specializes in technology, media, internet, and consumer sectors across North America and Asia, excelling in identifying high-potential investments and navigating complex industries [1] - Astrada Advisors leverages extensive local and global experience to offer unique insights on market developments, regulatory changes, and emerging risks [1] Group 2 - The research conducted by Astrada Advisors integrates rigorous fundamental analysis with data-driven insights, providing a nuanced understanding of key trends, growth drivers, and competitive landscapes [1] - The focus of the company is to empower investors with timely research and a comprehensive view of industry dynamics, especially in volatile markets or when exploring new trends [1] - Astrada Advisors is committed to delivering superior insights to facilitate informed investment decisions [1]

公司今年三季度财报中曾披露，已在部分城市试点优化疲劳管理机制，具体细则还未形成，公司希望通 过试点，听取包括骑手在内的各方声音，持续完善防疲劳机制。 接着，抖音最新明确，要将算法公开化，这意味着拥有7亿日活的超级短视频平台，正式开始主动揭开 互联网算法的神秘面纱。按照公司表述，重点包括谣言治理和信息茧房等问题。 此外，小红书平台也曾表示，基于个性化推荐算法，小红书将超过一半的流量曝光分配给千粉以下用 户。 由此来看，从外卖行业"反内卷"，到社交内容平台跟进，被困在算法舆论中的互联网平台大厂，都在尝 试破解算法的茧房效应。按照业内判断，未来大概率会有更多平台加速阵营。 从结果反馈来看，市场主流声音倾向正向。以美团为例，根据调研，大部分骑手在社交媒体及访谈中表 达支持，主要认为强制休息的规则使得骑手的订单和权益分配更加公平。 回溯这次大厂开刀算法的小高潮，或多或少与部分事件的倒逼有关。以抖音为例，一个多月前，钟睒睒 喊话张一鸣，抨击抖音算法在玩弄民众智商。这次算法公开化，可以视为抖音给出了某种回应。 跨年前后，互联网平台大厂陆续向受到诟病的算法开刀，把算法"暗箱"放在阳光下的进程明显提速。 2024年12月底，美 ...

83只恒生指数成份股中，44只于2024年录得升幅，其中小米集团—W（1810.HK）、携程集团—S （9961.HK）、美团—W（3690.HK）等中资股牛气冲天，全年分别上涨121.2%、94.5%和85.2%，位居 蓝筹股升幅榜前列。 小米成为2024年"蓝筹王" 恒指公司发表的2024年市场总结报告显示，恒生指数在第一季度录得年内低点，接着出现反弹并升至逾 两年半的高点，其后回落。市场上升期间正值多个因素的出现，包括内地推出支持政策，以及美联储减 息等。2024年，恒生指数累计上升了17.7%，国企指数及科技指数分别录得26.4%及18.7%的涨幅。内地 上市和跨市场指数方面，恒生香港交易所沪港通中国企业指数及恒生A股通300指数分别上升23.7%及 14.3%。 招商证券表示，看好小米集团中长期市值上升空间。小米作为全球头部的手机品牌商，积极推进高端化 战略及国际化扩展，看好公司未来手机份额扩张及产品结构优化；同时，公司拥有全球最大的AIoT智 能硬件平台，自研自产能力持续增强，成长空间广阔；互联网业务有望持续稳健增长；汽车业务毛利率 表现持续超预期，2024年顺利完成全年交付、智驾技术、销售网络等 ...

Summary of Meituan's Q4 2024 Earnings Call Company Overview - **Company**: Meituan - **Industry**: Food delivery and local services Key Points Overall Performance - In Q4 2024, Meituan's food delivery order growth was approximately 11%, aligning with expectations, with an estimated total order volume of 222 million, representing a year-on-year growth of 14.5%-15% [3][4][5] - For 2025, food delivery revenue is projected to grow by 12.6%, with profits reaching 35.6 billion yuan and an average profit per order of approximately 1.44 yuan, alongside a 12% increase in order volume [3][5] Market Position - Meituan and Ele.me maintain a market share of 75% and 25%, respectively, despite competition from Douyin [3][5] - The total transaction value (GTV) for Meituan's in-store business is expected to reach 960 billion yuan in 2024, reflecting a year-on-year growth of 35% [3][20] Cost Management and Rider Subsidies - Meituan is increasing rider subsidies, with winter subsidies reaching 1.9 billion yuan to ensure delivery efficiency and service quality [3][21] - Effective cost control measures are anticipated to lead to sustained profitability and enhanced market competitiveness [7] Future Growth Expectations - The OG segment is expected to generate approximately 24 billion yuan in revenue in 2025, while the food delivery segment is projected to generate around 59 billion yuan, albeit with a potential loss of 6.5 billion yuan [9][22] - Overall profit is expected to be between 52 billion and 52.5 billion yuan, with an operating profit margin of about 8.8% [9] Instant Retail and New Business Ventures - Meituan's instant retail business is performing well, with a projected profit of 0.38 yuan per order and a growth rate of 35%-36% [10] - The flash purchase segment is expected to significantly contribute to valuation, with plans to open 10,000 warehouses by the end of 2024, contributing at least 30 billion yuan in GMV annually [24] Valuation and Investment Outlook - Current market valuation is approximately 540 billion yuan, with a PE ratio between 10 and 17 times, considered a favorable entry point for investors [24][26] - The company is optimistic about long-term profitability, particularly in high-margin businesses like instant retail and in-store services [16] Market Dynamics - The demand from younger consumers is driving growth, with diverse needs influencing the market [23] - The overall revenue growth for Meituan is expected to remain above 15% over the next three years, with specific annual growth rates projected for different segments: 12.5% for food delivery, 34% for instant retail, and 28% for in-store services [24] Geographic Expansion - Meituan is actively expanding into overseas markets, including Hong Kong and the Middle East, where the food delivery growth rate in Hong Kong has exceeded 44% [25] Conclusion - Meituan is positioned for stable growth in the food delivery and local services market, with effective cost management and strategic expansion into new business areas and geographic markets. The company's valuation presents a potential investment opportunity, particularly as it continues to enhance profitability and market share.

大电压外卖明年的话就是590亿左右加上可能有一个65亿的亏损那这样去算的话明年我们预计的整体的利润应该是525亿左右的一个整个的欧系的利润在这就是8.3亿利润所以对于美团我们去看估值当下的估值对应的整个的明年的我们营业趋势的话其实是在一个比较低的一个水平就是大概是对于明年的整体的估值是 估值的弹性其实还来自于哪两块呢第一个是即时零售因为我刚才说了其实是传统业务放利润的两个板块那对于整个的即时零售这边的话其实今年的第一个是利润专业在一二季度的话其实可以看到也放了比较好的一个利润然后对于全年来讲的话我们认为的话能实现一个 收入增速还有一个百分之十未来三年的话还有十五以上的一个增长在当下来讲的话是一个盈利利润释放的一个很好的一个实践那对于美团我们还是非常看好的在这个实践上面还是强烈推荐因为最近最近在整个的这个市场角角啊就是还是受到第一个还是受到整个的答对于 明年的整个的就是估值端的一个应该说是这个应该是算呃一个空间包括给估值的时候大家可能觉得空间来讲的话呃就是不是特别大啊有些资金做了一些换窗的一些处理但是从我们角度来讲的话十呃十七倍是一个高十五到十七倍是一个很好的一个买入时间第二个就是呃对于美团来讲的话我们认为从新 ...

Group 1 - The core thesis for Meituan's investment is based on strong business fundamentals and the expectation of macroeconomic recovery, leading to robust growth [1] - The investment strategy focuses on identifying undervalued companies with long-term growth potential, emphasizing value investing principles [1] - The approach involves purchasing quality companies at a discount to their intrinsic value and holding them for long-term earnings and shareholder returns [1]

All participants are in listen-only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Skyla Xu, VP and Head of Capital Markets. Please go ahead. Thank you, Alfreita. Good evening and good morning, everyone. Welcome to our third quarter of 2024 earnings conference call. Joining us today are Mr. Xing Wang, Chairman a ...

Financial Data and Key Metrics - Total revenue increased by 22.4% YoY to RMB93.6 billion [5] - Adjusted net profit increased by 124% YoY to RMB12.2 billion [5] - Cost of revenue decreased by 4 percentage points YoY to 60.7%, driven by improved gross margin in goods retail and lower delivery costs [24] - Selling and marketing expenses ratio decreased by 2.9 percentage points YoY to 19.2% [24] - R&D expenses ratio decreased to 5.7% YoY [24] - Total segment operating profit increased to RMB13.6 billion, with operating margin rising from 6.5% to 14.5% [25] - Cash and cash equivalents plus short-term investments totaled RMB134.2 billion as of September 2024 [26] Business Line Performance - On-demand delivery order volume grew mid-teens YoY, with daily order volumes surpassing 10 million [10][27] - In-store hotel and travel business order volume increased by over 50% YoY, with annual transacting users up by over 30% [13][14] - Core local commerce segment revenue grew 20.3% YoY to RMB69.4 billion [30] - New initiatives segment revenue increased by 28.9% YoY to RMB24.2 billion, with operating loss narrowing to RMB1 billion [35] Market Performance - Lower-tier cities saw significant growth in in-store business, driven by increased transaction volume and consumer base [17][52] - Domestic hotel room nights maintained steady growth, with high-star hotels benefiting from new marketing strategies [18][19] - Meituan InstaMart expanded to over 500 stores, with over 30,000 stores across various categories, including 10,000 convenience stores [60][62] Strategy and Industry Competition - The company is focusing on digital transformation and innovation to drive industry growth, particularly in local commerce [6][21] - Meituan is leveraging its ecosystem to enhance cross-selling and synergies among businesses, particularly through the Shen Hui Yuan program [29][52] - The company is expanding internationally, with Keeta launching in Riyadh, Saudi Arabia, marking its first step into global markets [21][74] Management Commentary on Operating Environment and Future Outlook - Management believes the food delivery industry has significant growth potential, with food delivery becoming a lifestyle choice for many [44][46] - The company expects on-demand retail to account for over 10% of the total e-commerce market in the long term [59] - Management remains confident in the long-term growth prospects of the business, driven by innovation and digital transformation [21][37] Other Important Information - The company repurchased 4.2% of its total shares year-to-date, reducing outstanding shares significantly [36][83] - Meituan issued $2.5 billion in senior notes to support overseas expansion and future shareholder return initiatives [84] Q&A Session Summary Question: Food Delivery Business Growth and Initiatives - The company upgraded its Shen Hui Yuan program to support merchants, offering subsidies and AI tools for location selection [41][42] - Food delivery is expected to grow steadily, with new cohorts showing higher consumption frequency and ARPU than mature cohorts [45][46] Question: Co-Local Commerce Growth and Profitability - Co-local commerce is expected to maintain healthy growth, driven by new strategies and the Shen Hui Yuan program [52][53] - The company will focus on profitable growth while investing in the ecosystem to ensure long-term competitiveness [55][56] Question: Instashopping Penetration and Growth Potential - Meituan InstaMart is expected to reach a GTV scale of over RMB200 billion by 2027, with over 100,000 stores covering various categories [62] - The company plans to expand into new categories and lower-tier markets to drive growth [63] Question: In-Store Hotel and Travel Segment Progress - The Shen Hui Yuan program has driven significant traffic to hotel and travel services, with over 50% of merchants participating [66] - The company expects operating profit growth to continue, with a focus on maintaining a healthy ecosystem [70][71] Question: Overseas Expansion and Keeta Progress - Keeta's launch in Riyadh has shown encouraging progress, with positive feedback from consumers and merchants [75][76] - The company will focus on Saudi Arabia before considering expansion to other Middle Eastern cities [77][78] Question: Shareholder Returns and Buybacks - The company has repurchased over $600 million worth of shares year-to-date and plans to continue buybacks to enhance shareholder returns [83][85]

低空经济深圳样本再添新进展。 e公司记者最新获悉，美团无人机深圳第十座商圈机场——宝能环球汇已投入使用。在南山区桃源街道 办事处的协调对接下，新商圈配套的新航线也在快速落地，目前接入中国科学院深圳先进技术研究院 （简称"深圳先进院"）、清华大学深圳国际研究生院国际一期、清华大学深圳国际研究生院荷园、北京 大学深圳研究生院、南山智园崇文院区和南山智园二期等五个降落点。 据了解，新降落点的选择优先考虑外卖需求集中且传统配送不便的区域。以深圳先进院航线为例，新降 落点设在院内中心区域。由于传统配送模式无法送至院内，许多用户下单外卖后需步行到院外取货。开 通无人机配送服务 ，用户就可以足不出院在降落点取货，服务体验得到显著提升。 值得关注的是，在此次开通的南山智园崇文园区等降落点，美团无人机还首次采用了双供给运营。 新模式下，除宝能环球汇商圈外，西丽益田假日里等商圈内的优质商品，也能空投到同一降落点，改变 了过往"一对一"的供给模式，用户的商品选择空间扩容近一倍。 美团无人机相关负责人表示，商品供给的丰富度，很大程度影响着用户的购买决策。很多人会因为心仪 的商家或商品未上线，而选择其他配送方式下单。"所以尽管目前无人 ...