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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，亦非在美國或任何其他 司法權區出售或收購證券的邀請或要約或要約購買證券的招攬，亦非未根據任何有關司法權區 的證券法登記或獲批准而在當地進行有關邀請、要約、收購、招攬或出售即屬違法的前述邀請 或要約或招攬。 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。 於香港聯合交易所有限公司上市的通告 股份代號：3690（港幣櫃台）及83690（人民幣櫃台） 人民幣2,080,000 ...

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。 本公告僅供參考之用，並不構成收購、購買或認購證券的邀請或要約，亦非在美國或任何其他 司法權區出售或收購證券的邀請或要約或要約購買證券的招攬，亦非未根據任何有關司法權區 的證券法登記或獲批准而在當地進行有關邀請、要約、收購、招攬或出售即屬違法的前述邀請 或要約或招攬。 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。 於香港聯合交易所有限公司上市的通告 及 600,000,000美元於二零三二年到期的4.750%優先票據 （債務股份代 ...

Core Viewpoint - The U.S. stock market showed mixed performance with major indices fluctuating, while the ADP employment report indicated a significant rebound in job growth for October, suggesting a positive economic outlook. Group 1: Employment Data - In October, the ADP employment numbers increased by 42,000, marking the largest gain since July 2025, surpassing the expected increase of 30,000 and recovering from a previous decline of 32,000 [3]. Group 2: Technology Sector Performance - Major tech companies experienced varied stock movements; Google and Meta rose over 1%, while Nvidia initially dropped over 1% before recovering to a 1% gain. Notably, Michael Burry has bet over $1 billion against Nvidia and Palantir by purchasing put options [3]. - Apple plans to enter the budget laptop market with a new Mac priced below $1,000, reflecting a strategic shift to attract cost-conscious consumers [3]. - AMD's third-quarter revenue and profit exceeded expectations, but the guidance for the fourth quarter appears weak, leading to initial declines of over 2% before a recovery [3]. Group 3: Chinese Stocks - The Nasdaq Golden Dragon China Index opened slightly down but later rose by 0.25%. Notable gainers included Su Xuan Tang Pharmaceutical, which surged over 20%, and other companies like Canadian Solar and New Oxygen, which rose over 10% [4][5]. - The Chinese tech leaders' index showed strong performance, with companies like Meituan, Xiaomi, Pinduoduo, NetEase, and Alibaba all experiencing gains [6][7]. Group 4: Market Indicators - Spot gold prices showed slight fluctuations around the $3,970 mark, while the U.S. dollar index increased by 0.07% [9].

Core Insights - The latest data from Meituan Travel indicates a significant increase in flight bookings during the Spring Festival, with a year-on-year growth of 235%, highlighting strong market enthusiasm [1] - Flight search volumes for both New Year's Day and the Spring Festival have shown a "double-line growth" trend, with New Year's flight searches up by 167% and Spring Festival searches up by 156% [1] - The data reflects consumers' strong willingness to plan long vacations in advance, as many have also booked train tickets through Meituan [1] Travel Trends - The top ten domestic travel destinations during the Spring Festival include: Shanghai, Harbin, Kunming, Beijing, Chengdu, Sanya, Shenzhen, Haikou, Guangzhou, and Changchun [1] - Popular flight routes include: Ningbo to Kunming, Shanghai to Chengdu, Shanghai to Harbin, Guangzhou to Beijing, Shanghai to Changchun, and Shenzhen to Xi'an [1] - There is a notable increase in search interest for flights from Shanghai to northeastern cities like Harbin and Changchun, indicating that Shanghai is becoming a key source of travelers heading to the northeast for the New Year [1] - The Spring Festival is driving an increase in "winter escape" tourism, with destinations like Kunming, Chengdu, and Sanya becoming popular for travelers heading south [1]

Core Viewpoint - Meituan has officially announced the nationwide coverage of rider pension insurance subsidies, marking a significant development in the welfare protection for delivery riders in the industry [1] Summary by Relevant Sections Welfare Protection Network - Meituan has established a multi-tiered welfare protection network covering all riders, which includes participation in the "New Employment Form Occupational Injury Protection" pilot program since July 2022, expanding to 17 provinces this year [1][4] - As of September 2023, Meituan has paid over 2 billion yuan in insurance premiums, covering 13 million riders [1] Timeline of Initiatives - The timeline of Meituan's initiatives includes the start of pilot programs in 2021, the introduction of pension insurance subsidies in 2024, and the nationwide rollout of these subsidies by October 27, 2025, two months ahead of schedule [5][6] Innovative Aspects of the Protection System - The rider protection system includes basic guarantees such as pension subsidies, occupational injury insurance, and accidental injury insurance, which address the fundamental social security needs of riders [7][9] - Advanced protections include serious illness care, educational funds for children, and vocational training funds, marking the first time such benefits cover all riders and their families [7][9] - Additional work benefits include meal provisions, annual free experiences, travel subsidies, and health screenings for female riders [7][9] Flexibility and Inclusivity - The Meituan plan is characterized by its inclusivity, covering all types of riders across the industry without restrictions on qualifications, locations, or working hours [10][11] - Riders can choose their insurance locations, and the subsidy payment process has been optimized for convenience, reflecting the flexible nature of their work [10] Comparison with Competitors - Compared to competitors like JD and Ele.me, Meituan's pension insurance subsidies are available to all riders nationwide, while JD focuses on full-time riders and Ele.me on its own platform riders [11] - Meituan's approach is designed to ensure comprehensive coverage without imposing limitations on the type or duration of work [11] Industry Impact - The establishment of this welfare system positions riders as a more formal profession, enhancing their occupational security and setting a higher standard for welfare among blue-collar and flexible employment groups [12]

Core Insights - The strategic partnership between Kefu China and Meituan Pharmaceutical Health has been upgraded to leverage Kefu's innovation and brand influence alongside Meituan's digital and retail capabilities to explore the potential of the health retail market in China [1][4][8] Group 1: Market Demand and Consumer Trends - The demand for quality health products among Chinese consumers is increasing due to economic growth and improved health literacy, driving innovation in the health industry [4] - A global consumer trends report by Kefu indicates that Chinese consumers recognize the importance of self-health management, which is a key motivation for the partnership upgrade [4] Group 2: Growth Achievements and Future Plans - Over the past six years, Kefu's brands have achieved a 16-fold growth on Meituan's platform, highlighting the success of their collaboration [4] - Meituan's user base has rapidly expanded, leading to a more diverse range of health consumption scenarios and a stronger demand for personalized health services [4] Group 3: New Product Development and Market Penetration - Kefu and Meituan have made significant breakthroughs in new product growth and penetrating lower-tier markets, utilizing digital tools to enhance product distribution and traffic operations [5][6] - The launch of the Meilin fever patch reached the second highest sales rank in its category within three months, demonstrating effective market entry strategies [5] Group 4: Capability Enhancement and User Experience - The partnership will focus on enhancing three key capabilities: digital capabilities, health service capabilities, and new product-driven capabilities [7] - Meituan will utilize its O2O model to integrate advertising and distribution for new product launches, aiming to create a more efficient growth model [7] - The collaboration will also explore the oral health market, enhancing the distribution channels for Kefu's Listerine mouthwash and providing scientific oral health education to consumers [7]

Core Insights - The strategic cooperation agreement between Kefu and Meituan Health was signed on November 4, marking an upgrade in their collaboration in digital services, health services, new product development, and oral health [1] - Since their partnership began in 2019, Kefu's brands have achieved a significant growth of 16 times on the Meituan Health platform [1] - This upgraded strategic cooperation signifies a new phase of comprehensive ecosystem building between the two companies [1] Summary by Categories Strategic Cooperation - Kefu and Meituan Health will enhance their collaboration across various sectors, focusing on local health consumption market potential [1] - The agreement aims to provide convenient and diverse health solutions for Chinese consumers [1] Growth Metrics - Kefu's brands have experienced a remarkable 16-fold increase in performance on the Meituan Health platform since 2019 [1] Future Outlook - The upgraded partnership indicates a transition into a new stage of ecosystem development, emphasizing long-term collaboration [1]

Core Viewpoint - Meituan is launching a "Rider Grievance Care Program" on November 5 to support delivery riders facing unjust criticism and conflicts, aiming to enhance the delivery ecosystem and industry health [1] Group 1 - The program addresses issues such as unwarranted accusations and malicious harassment that riders frequently encounter in the instant delivery sector [1] - Meituan's initiative includes proactive support, quick response, and substantial compensation to help riders feel supported during difficult times [1] - Full details of the "Rider Grievance Care Program" will be revealed on November 5 [1]

Core Insights - The rebranding of Ele.me to "Taobao Flash Purchase" signifies a complete transformation of the delivery platform, indicating its maturity and integration into Alibaba's ecosystem [1][2][3] - The merger of Taobao Flash Purchase with existing Ele.me operations is expected to enhance operational efficiency and streamline services [2] - The competition between Taobao Flash Purchase and Meituan is intensifying, particularly in the instant retail sector, as both companies launch new initiatives to capture market share [4][19] Group 1: Brand Transformation - The renaming of Ele.me to "Taobao Flash Purchase" reflects Alibaba's confidence in the brand's recognition among users, suggesting no confusion will arise from the change [2] - This rebranding is seen as a recognition of the efforts made by Ele.me employees over the past months [2] Group 2: Competitive Landscape - Meituan has announced its "Official Flag Flash Warehouse" initiative, aiming to collaborate with numerous brands to enhance its instant retail capabilities [4][5] - Taobao Flash Purchase is set to launch "Taobao Convenience Stores," targeting an upgrade of its existing supply chain and aiming to partner with over 30 brands, with plans to expand to 2,000 stores across 200 cities by next year [4][19] Group 3: Supply Chain Strategies - Meituan's "Official Flag Flash Warehouse" is designed to assist brands, particularly those lacking offline channels, in expanding their market reach [6][11] - The initiative is expected to attract brands that rely heavily on online sales, providing them with a more appealing option than establishing their own physical stores [8][11] Group 4: Operational Models - The operational models of "Taobao Convenience Stores" and Meituan's "Official Flag Flash Warehouse" differ significantly, with Taobao focusing on brand authorization and merchant selection, while Meituan handles more operational responsibilities [14][18] - The current market dynamics suggest that both models are necessary for the evolution of instant retail, addressing different stages of supply chain development [15][19] Group 5: Future Outlook - Alibaba aims to enhance its infrastructure to support the instant retail ecosystem, focusing on effective governance to maintain its market position [19] - The competition is expected to escalate as both companies strive to optimize their supply chains and improve service quality in the face of growing consumer demand [19]

Core Insights - Meituan is aggressively advancing in the AI large model sector, recently launching the open-source model LongCat-Flash-Omni, which supports features like online search and voice calls, with video call functionality expected soon [2][3] - The rapid release of four new models within two months highlights Meituan's strategic commitment to AI, reflecting a broader trend in the internet industry towards practical applications of large models [3][10] - Meituan's AI strategy aims to diversify its offerings and maintain competitive parity with rivals leveraging AI to attract merchants, as articulated by economic expert Pan Helin [3][10] Company Developments - LongCat-Flash-Omni is built on an efficient architecture with 560 billion total parameters, achieving low-latency real-time audio and video interaction capabilities [4][10] - The app currently supports voice calls and online search, with a 10-minute voice call limit, and is set to introduce video calling soon [4][10] - LongCat differentiates itself from competitors like Doubao by focusing on Chinese natural language processing and multi-modal understanding, emphasizing its suitability for specific applications [5][10] Industry Context - The AI competition among internet companies has intensified, with various platforms launching AI-driven features and products, such as Gaode's "Street Ranking" and JD's AI brand Oxygen [3][11] - Meituan's AI initiatives are part of a larger trend where companies are preparing for potential disruptions in operational models due to AI advancements, as noted by industry experts [11][12] - The AI reception capabilities of Meituan's "Smart Steward" have been successfully implemented in over 186,000 stores, serving more than 1.5 million customers, with a 44% month-on-month increase in AI reception volume [11]