Seeking Alpha·2025-12-10 09:27Core Viewpoint - The company has downgraded its rating for Meituan to a hold due to concerns over the impacts of the subsidy war, indicating that Q3 results highlighted the significant pressure faced, but also suggested that the worst may be over [1]. Group 1: Company Performance - Q3 results demonstrated the painful effects of the subsidy war on Meituan's performance [1]. - Despite the challenges, there are indications that the worst impacts may have passed, suggesting potential stabilization in the future [1]. Group 2: Investment Strategy - The investment approach focuses on identifying undervalued companies with long-term growth potential, emphasizing a blend of value investing principles and long-term growth [1]. - The strategy involves purchasing quality companies at a discount to their intrinsic value and holding them to allow for compounding of earnings and shareholder returns [1].