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]

每经编辑｜何小桃 10月27日晚间，美团宣布，即日起美团骑手养老保险补贴将正式覆盖全国，向全部骑手开放。11月开始，骑手可根据自身需求，选择在户籍地或工作所在 地缴纳。 在灵活用工模式下，外卖骑手与平台之间的劳动关系错综复杂，社保体系的构建亟需逐步探索和完善。美团为骑手缴纳社保的补贴政策，最早可追溯至今 年4月，最初在福建泉州和江苏南通两个城市进行试点。随后，该政策迅速扩展至深圳、成都、武汉、石家庄和无锡等更多城市。如今，这一政策已覆盖 全国范围，从试点到全国推广仅用了半年时间，其推进速度之快令人瞩目。 这一速度的提升，正是平台经济市场竞争加剧与社会对平台公司承担更多责任呼声的共同结果。自今年2月起，京东等平台企业宣布将为旗下全职或稳定 兼职的外卖骑手缴纳社会保险，该举措无疑彰显了平台企业对社会责任的重视和对员工福利的关怀。 如今，美团吸纳了骑手们提出的上万条建议，从试点城市推广到全国，从高频骑手拓展到兼职骑手，最大程度面向全国全行业各类骑手开放，预计覆盖人 群高达数百万人。骑手的多层次福利保障网本就是"摸着石头过河"，美团此举释放了足够多的诚意，其重要意义在于为社会探索灵活用工模式的社保体 系。 美团模式是 ...

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]

美团－Ｗ授出受限制股份单位的主要理由是使承授人的利益与集团利益一致，鼓励及留住承授人，为集 团的长远发展及利润增长作出贡献。授出后，根据计划限额，未来将可授出4.36亿股相关股份（计划限 额）及6224.45万股相关股份（服务提供者分项限额）。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 此次授出涉及1182.86万股受限制股份单位，其中1181.48万股授予集团员工参与者，1.38万股授予服务 提供者，授出受限制股份单位的购买价为零。 美团－Ｗ此次授出受限制股份单位的归属期有所不同，员工参与者的归属期约为23个月至48个月，首批 归属将在授出日期起计12个月内进行；服务提供者的归属期约为47个月，授出日期与首次归属日期之间 不少于12个月。美团－Ｗ还设有回扣机制，若承授人被裁定犯有任何刑事罪行或违反有关授出函中的任 何承诺，或发生相关计划规则所载的任何其他订明事件，所有未归属的受限制股份单位将即时失效，公 司有权追索出售所得款项，并扣押或没收已归属受限制股份单位所生的股份。 来源：观点地产网 观点网讯：10月28日，美团－Ｗ宣布授出受限制股份单位。 ...

Core Insights - Meituan's international food delivery brand Keeta officially launched operations in Abu Dhabi, UAE, on October 28, 2023, following its entry into Dubai last month [1][3] - The UAE's capital, Abu Dhabi, is characterized by a large population, advanced digital infrastructure, and high demand for quality food delivery services, indicating a high-value and high-potential market [3] - Keeta has expanded its presence in the Middle East, having established deep coverage in over 20 cities in Saudi Arabia since its launch there in September 2024 [3][4] Company Expansion Strategy - In May 2023, Meituan launched the food delivery app "KeeTa" in Hong Kong, capturing nearly 50% of the market share [4] - Keeta entered Saudi Arabia in September 2024, quickly gaining user numbers and order volume, becoming one of the most popular food delivery platforms in the region [4] - Future plans include a $1 billion investment to establish a nationwide delivery network in Brazil, with operations expected to commence in the coming months [4] - Keeta has also launched in Qatar and Kuwait in August and September 2025, respectively, and has now expanded to Abu Dhabi in October 2025 [4]

Core Viewpoint - Meituan-W (03690) announced the grant of a total of 11.8286 million restricted stock units as part of its post-IPO share incentive plan, aimed at rewarding employees and service providers [1] Group 1 - The company will grant a total of 11.8148 million shares to several employee participants [1] - Additionally, 13,800 shares will be granted to certain service providers, contingent upon acceptance and the terms of the post-IPO share incentive plan [1]

美团-W(03690)发布公告，于2025年10月28日，公司根据首次公开发售后股份奖励计划以受限制股份单 位形式授出合共1182.86万股奖励股份，其中向集团若干雇员参与者授出1181.48万股奖励股份;及向集团 若干服务提供者授出1.38万股奖励股份，并视乎接纳与否以及首次公开发售后股份奖励计划的条款及条 件而定。 ...

格隆汇10月28日丨美团-W(03690.HK)宣布，于2025年10月28日，公司根据首次公开发售后股份奖励计 划以受限制股份单位形式授出合共1182.8万股奖励股份，其中(i)向集团若干雇员参与者授出11,814,806 股奖励股份；及(ii)向集团若干服务提供者授出13,809股奖励股份，并视乎接纳与否以及首次公开发售后 股份奖励计划的条款及条件而定。 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：3690（港幣櫃台）及83690（人民幣櫃台） 授出受限制股份單位 授出受限制股份單位的購買價： 零 根據上市規則第17.06A條、第17.06B條及第17.06C條，董事會宣佈，於2025年10 月28日，本公司根據首次公開發售後股份獎勵計劃以受限制股份單位形式授出合 共11,828,615股獎勵股份，其中(i)向本集團若干僱員參與者授出11,814,806股獎勵 股份；及(ii)向本集團若干服務提供者授出13,809股獎勵股份，並視乎接納與否以 及首次公開發售後股份獎勵計劃的條款及條件而定。 B類股份於授出日期的市價： 每股B類股份100.00港元 授出受限制股份單位的詳情 授出日期： 2025年10月28日 授出的詳情如下： 授出的受限制股份單位數目： 11,828,615股受限制股份單位，包括： 1 (i) 授予本集團僱員參與者的11, ...