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]

Core Points - Meituan-W has granted a total of 11.8286 million restricted stock units (RSUs), with 11.8148 million allocated to group employee participants and 13,800 allocated to service providers [1] - The vesting period for employee participants ranges from approximately 23 to 48 months, with the first vesting occurring within 12 months from the grant date; for service providers, the vesting period is about 47 months, with a minimum of 12 months before the first vesting [1] - A clawback mechanism is in place, allowing the company to invalidate unvested RSUs and reclaim proceeds from any vested RSUs if the recipient is convicted of a crime or violates any commitments outlined in the grant letter [1] - The primary reason for granting these RSUs is to align the interests of recipients with those of the group, encouraging retention and contributing to the long-term development and profit growth of the company [1] - Following this grant, the company has the capacity to issue an additional 436 million shares under the plan limit and 62.2445 million shares under the service provider sub-limit [1]

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]

Core Points - 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 [1] - Of the total, 11.8148 million shares are awarded to certain employee participants, while 13,800 shares are awarded to certain service providers [1] - The grants are subject to acceptance and the terms and conditions of the post-IPO share incentive plan [1]

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, ...