Zhi Tong Cai Jing·2025-09-08 02:22Core Viewpoint - Goldman Sachs expresses confidence in Meituan-W (03690) maintaining its leadership position in the expanded Total Addressable Market (TAM) for local services, anticipating a gradual normalization of food delivery subsidies by 2026. The target price is set at HKD 144 with a "Buy" rating [1]. Group 1 - The main focus of investors is on the latest competitive landscape in food delivery and Meituan's unique positioning [1]. - There is significant interest in the competition and profit margin trends in the in-store business [1]. - Growth and profitability prospects for instant retail are also key areas of investor attention [1]. Group 2 - The expansion and investment scale of Keeta is a point of interest for investors [1]. - The company's AI strategy is under scrutiny as part of its future growth potential [1]. - Investors are monitoring the situation regarding the narrowing losses of new business ventures [1].