3 6 Ke·2025-06-23 07:38Core Viewpoint - Meituan's decision to shut down operations in certain regions while retaining business in Guangdong and Hangzhou reflects a strategic shift towards reducing losses in its Meituan Youxuan segment, with a focus on transitioning resources to the new offline project "N Project" led by Gao Yulong [1][2] Group 1: Business Adjustments - Meituan Youxuan has undergone significant organizational restructuring, consolidating from 17 provinces to 9 to achieve cost reduction and efficiency [2] - The integration of operational and commercial divisions aims to leverage business data for strategic guidance, aligning with Meituan's operational philosophy [2] - The overall scale of Meituan Youxuan has decreased from over 1 trillion to approximately 700-800 billion, with a heightened focus on improving profit margins [2] Group 2: Product Strategy Changes - The emphasis on profitability has led to a rapid reduction in promotional products, private label items, and subsidies, with a notable withdrawal of white-label products [2] - The strategy has shifted to prioritize higher profit margins across various product categories, even affecting traditionally low-margin items like eggs [2] Group 3: Competitive Landscape - Since August 2024, Meituan Youxuan has reduced its focus on competitor Duoduo Maicai, indicating a shift in strategy to concentrate on its own market strengths [3] - The contrasting business models between Meituan and Duoduo Maicai highlight the challenges Meituan faces in adapting to a platform-based revenue model, which includes multiple income streams [3] - The transition to the "N Project" signifies Meituan's latest strategic pivot towards offline operations, emphasizing the importance of brand development and supply chain capabilities [3]