Investment Rating - The investment rating for Meituan-W (3690.HK) is "Buy" and is maintained [8]. Core Views - In FY2025Q1, Meituan achieved revenue of 86.6 billion yuan, exceeding Bloomberg's consensus estimate of 85.4 billion yuan, with a year-on-year growth of 18.1%. Adjusted net profit totaled 10.95 billion yuan, surpassing the expected 9.73 billion yuan, reflecting a year-on-year increase of 46.2%. Both revenue and profit exceeded expectations [2][6]. - Looking ahead, while short-term subsidy competition may disrupt profitability, Meituan's strategic determination and organizational resilience are expected to build its core competitiveness. The company is well-positioned to leverage its comprehensive local service ecosystem, driven by a three-sided transaction network of users, merchants, and fulfillment, alongside its dual engines of instant retail and in-store travel services for growth. International expansion and AI empowerment are anticipated to unlock long-term potential [2][6]. Summary by Sections Overall Performance - Meituan's core local business generated revenue of 64.3 billion yuan in FY2025Q1, a year-on-year increase of 17.8%, with operating profit of 13.5 billion yuan, up 39.1%. New business revenue reached 22.2 billion yuan, growing 19.2%, with operating losses narrowing by 17.5% to 2.3 billion yuan [8]. Instant Retail Business - The food delivery segment showed steady growth, with daily order volume increasing compared to the previous quarter. The instant retail brand, Meituan Flash Purchase, launched in April, has over 30,000 flash warehouses and more than 500 million total transaction users. Flash purchase orders increased by 50% year-on-year, with significant growth in low-frequency non-instant categories [8]. In-store Travel Business - The in-store travel segment has substantial growth potential, with a 25% year-on-year increase in active merchants. New initiatives like "Anxin Study" have been introduced, connecting over 20,000 educational institutions nationwide. The company continues to invest in ecosystem development to enhance user engagement and consumption frequency across various categories [8]. New Business and International Expansion - Meituan's new business, Meituan Preferred, is improving operational efficiency, with expectations of narrowing losses. The overseas business, Keeta, has launched in nine major cities in Saudi Arabia and is expanding into Brazil, focusing on food delivery to build a high-frequency traffic network [8]. Investment Recommendations and Profit Forecast - The report anticipates that in Q2, competition from JD and Ele.me will intensify, leading to a slowdown in core local business revenue growth and a decline in operating profit margins. However, the report maintains a positive long-term outlook for Meituan's comprehensive local service ecosystem and projects overall revenues of 390.4 billion, 437.7 billion, and 483.9 billion yuan for 2025, 2026, and 2027, respectively, with adjusted net profits of 47.8 billion, 57.6 billion, and 69 billion yuan [2][8].

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Core Insights - The article discusses Meituan's journey in the instant retail sector, highlighting the challenges and strategies it has employed to navigate this new market [1][2][3] Group 1: Challenges Faced - Meituan's initial attempts in instant retail, particularly in fresh produce delivery, faced significant hurdles due to supply chain issues and a lack of standardization in the domestic market [2][4] - The company spent six years identifying solutions and receiving positive feedback to improve its instant retail offerings [1][5] - Despite some growth in specific categories like flowers and pharmaceuticals, overall performance remained stagnant, with daily orders fluctuating between three to four million [6][7] Group 2: Strategic Developments - Meituan has experimented with various models, including "菜大全" and "美团买菜," but faced limitations in expanding product categories [2][8] - The introduction of "闪电仓" (Lightning Warehouse) has been a pivotal strategy, allowing Meituan to enhance supply and meet consumer demand more effectively [9][10] - By 2024, Meituan plans to significantly increase the number of Lightning Warehouses, aiming for 30,000 locations by October 2024 [10][11] Group 3: Market Positioning - The company is positioning itself as a key player in the instant retail market, with a focus on integrating retail and service sectors [12][13] - Meituan's GTV for instant retail is projected to reach around 250 billion yuan, with Lightning Warehouse contributing significantly to this figure [11][12] - The rise of competitors like Taobao and JD.com in the instant retail space indicates a growing recognition of this market segment's potential [17][18]

Core Viewpoint - The ultimate winners of the shifting consumer habits from food delivery to instant retail are the platforms themselves [2][18]. Group 1: Market Dynamics - In May, JD and Taobao's flash purchase service, along with Ele.me, reported significant order volumes, with daily orders exceeding 20 million and 40 million respectively [3]. - The peak daily order volume for China's food delivery market is around 100 million, with Meituan handling the majority [3]. - The increase in order volume is attributed to low-price promotions and a shift of offline consumption to delivery platforms, rather than a genuine increase in consumer spending [3][4]. Group 2: Subsidy Strategies - The pressure from subsidies is becoming evident, with Meituan expecting a slowdown in revenue growth and profit decline in its core local business segment [4]. - Both Taobao's flash purchase and JD are preparing for increased competition during the 618 shopping festival, with expectations of reaching 50 million orders [5]. - Different platforms are adopting varied subsidy strategies, with Meituan focusing on specific products like "拼好饭" and "神抢手" to maintain order volume [9]. Group 3: Consumer Behavior and Product Focus - Over half of the recent growth in orders is driven by beverages like milk tea and coffee, with JD leveraging low-priced drinks to boost order volume [6][7]. - The focus on beverages is due to their lower consumption limits compared to meals, allowing for higher order frequency [7]. - The rapid increase in beverage orders has raised concerns among brands about consumer price expectations once subsidies are withdrawn [10][14]. Group 4: Future Trends - The competition is expected to shift from food delivery to instant retail, with platforms like Meituan and JD investing in this area [15][16]. - Instant retail is seen as a new battleground for e-commerce growth, with both Alibaba and JD aiming to convert food delivery users into instant retail customers [15][17]. - The evolution of consumer habits towards mobile app ordering and rapid delivery is anticipated to reshape the retail landscape [18].

Group 1 - Traditional supermarkets are increasingly adopting an "online + offline" model to enhance revenue and improve customer engagement through instant retail and social e-commerce [1][2] - High Xin Retail reported a significant turnaround in profitability for the fiscal year ending March 31, 2025, with a profit of 386 million and a revenue of 71.552 billion, despite a slight revenue decline of 1.4% [2] - The same-store sales for High Xin Retail grew from 0.3% in the first half of the fiscal year to 0.6% for the full year, driven by improved pricing competitiveness and product optimization [2] Group 2 - The online business of Da Run Fa covers over 20,000 SKUs, offering delivery services within 5 kilometers, with innovations like satellite warehouses to meet consumer demand [3] - Yonghui Supermarket reported online revenue of 14.6 billion, accounting for 21.7% of total revenue, with a gross margin improvement attributed to better product structure [4] - Red Flag Chain has increased collaboration with social e-commerce platforms, achieving over 1 billion in sales through frequent operations on platforms like Douyin [5] Group 3 - The supermarket industry is undergoing a transformation, with 48.9% of supermarkets reporting online sales growth, particularly in second and third-tier markets [5] - Experts suggest that instant retail is a key area for supermarkets to focus on, emphasizing the importance of product and brand integration [5][8] - The trend of closing underperforming stores is prevalent, with High Xin Retail closing 8 large stores and Yonghui closing 232 stores in 2024 [7][8] Group 4 - The restructuring of store formats is gaining momentum, with 86% of categories seeing positive growth post-restructuring, and fresh produce playing a crucial role in driving sales [9] - Yonghui plans to expand its restructuring efforts, targeting 150 stores by the end of July 2025, while other companies like Wumart are also focusing on store upgrades [10] - The industry is seeing a diversification of store formats, with companies like High Xin Retail and Wumart exploring new community store models to cater to local needs [11][12]

京东618将于5月30日正式开启，这个618，京东七鲜汇集海量优质商品，联合众多品牌推出"千款好物99 减20""百款惊喜买一赠一"优惠活动，同时带来几十款"击穿价"好物，给消费者带来"又好又快又便 宜"的即时购物体验。 12.8元/粒的泰国椰青，29.9元/30枚的无抗柴鸡蛋，39.9元/4块的双拼千层蛋糕，79.9元/kg的进口牛肋 条......今年618期间，京东七鲜精选千款热门商品，限时享"99减20"优惠。满减涵盖海鲜水产、肉类禽 蛋、蔬菜水果、烘焙、休闲食品、酒类等几乎全品类，轻松满足家庭餐桌的多样需求。 同时，京东七鲜推出"百款买一赠一"活动，从6.8元/袋的刺猬阿甘花椒锅巴、9.9元/包的洽洽瓜子，到 12.9元/瓶的悦鲜活有机鲜牛奶、19.8元/盒的枝头熟白糖罂荔枝、59.9元/400g的澳洲谷饲牛肋条，百款 口碑好物尽享优惠，诚意十足。 值得关注的是，京东七鲜标志性"击穿价"今年618再度升级，品类覆盖广。180天慢养白猪冰鲜腿肉低至 26.9元/kg，600g鲜活大龙胆石斑仅需69.9元，280g冰鲜挪威三文鱼腩也仅售79.9元，为家庭餐桌提供高 性价比之选；15.8元的1.5kg吊秧 ...

Group 1 - JD's recent aggressive entry into the food delivery market has led to intense competition with Meituan, with both companies engaging in public disputes [1] - The competition between JD and Meituan is rooted in the underlying logic of e-commerce logistics, which can be categorized into "long chain," "middle chain," and "short chain" models [2][3] - JD's "middle chain" model relies on self-operated products and self-built logistics, allowing for faster delivery times compared to Meituan's "short chain" model [4][5] Group 2 - The "short chain" model, while offering faster delivery, faces structural challenges that make it difficult for many companies to achieve scalability and profitability [7][9] - Meituan's success in the "short chain" model is attributed to its strong delivery network and the ability to leverage high-frequency consumer data from its food delivery business [10][18] - JD's decision to enter the food delivery market now is strategic, as both companies seek new growth points amid slowing growth in their respective core businesses [11][13] Group 3 - Meituan's competitive advantages include a robust business development team and an efficient IT system that supports rapid merchant onboarding and operational efficiency [16][17] - JD's current capabilities in business development and IT systems are significantly weaker than Meituan's, which may hinder its ability to compete effectively in the food delivery space [19][21] - The merger of JD's logistics with Dada has impacted the quality of JD's delivery personnel, further widening the gap with Meituan's delivery capabilities [20][21]

美团王兴强硬发言表决心 商报讯（记者 吕文鹃）一年一度的618电商大促进程将近过半，在对于消费者来说越来越"无感"和常态 化的活动中，今年有了一点不同。 最近这段时间，朋友圈和社交平台上提及频率最高的，不再只是电商平台上掐点抢购和凑单的"战果"， 而是价格低至个位数甚至小数点后一位的外卖订单，这一次618，各大电商平台之间的竞争都一致瞄准 了即时零售。 电商大促变"拼外卖"大战 东哥发言不忘cue京东外卖 京东在这次大促中，可以说是把焦点全身心放在了自家的外卖上。从三月正式官宣京东外卖，高调推出 了一系列补贴政策后，京东还想通过这次的年中大促持续扩大京东外卖的影响。 自早前刘强东亲自送外卖引起全网热议后，几天前，在杭州的第七届全国青年企业家大会上，刘强东在 会上演讲时又再一次提到了京东外卖，"我昨天一落地到了杭州呢，我赶紧在京东外卖上面点了三份外 卖，然后和我们同事一起吃完了之后，我们所有同事一致的评价说，每一道菜都非常的香。现在我想杭 州也是世界美食之都，杭州是我见过的最美的城市，没有之一。"一段话不仅夸赞了杭州美食，更重要 的是提到了京东外卖，可以说京东上下都为京东外卖的宣传铆足了劲。短短两个月，京东外卖 ...

Group 1: Southbound Capital Flow - On May 29, southbound funds net bought Hong Kong stocks worth 4.382 billion HKD [1] - Notable net purchases included Meituan at 1.044 billion HKD, ZhongAn Online at 756 million HKD, and CSPC Pharmaceutical at 365 million HKD [1] - Continuous selling pressure was observed on Alibaba, with net sales totaling 5.021 billion HKD over 8 consecutive days [1] Group 2: Meituan Performance - Meituan's flash sale for liquor on May 29 reported over 18 times year-on-year growth in overall sales within the first 24 hours [3] - The first 12 hours of white liquor sales exceeded 300 million HKD, marking a year-on-year increase of over 70 times [3] - Sales of beer reached nearly 10 million bottles on the first day, with trendy alcoholic beverages seeing over triple-digit year-on-year growth [3] Group 3: ZhongAn Online Developments - Hong Kong's Legislative Council passed the Stablecoin Bill, allowing institutions to apply for compliance as stablecoin issuers by the end of the year [3] - ZhongAn Online holds a 43.43% stake in ZhongAn Bank, which is positioned to benefit from the stablecoin issuance services [3] - Guotai Junan Securities maintains a "Buy" rating for ZhongAn Online due to its deep involvement in virtual asset business [3] Group 4: Pop Mart Outlook - Jianyin International initiated coverage on Pop Mart with an "Outperform" rating and a target price of 256 HKD, implying a future P/E ratio of about 50 times [4] - The company is expected to achieve a compound annual growth rate of 38% in revenue and 44% in profit from 2025 to 2027 [4][5] - Pop Mart has opened over 35 stores and 20 unmanned stores this year, aiming to reach 100 overseas stores by year-end [5]

Core Viewpoint - Meituan reported a strong Q1 2025 performance with revenue of 86.6 billion yuan, marking an 18% year-on-year growth, driven by robust core business growth, explosive growth in instant retail, and successful international expansion [1][2] Group 1: Financial Performance - Meituan's core local commerce segment revenue grew by 17.8% to 64.3 billion yuan, while new business revenue increased by 19.2% to 22.2 billion yuan, with operating losses narrowing by 17.9% to 2.3 billion yuan [2][4] - Instant retail, particularly Meituan's flash purchase service, saw significant growth, with daily order volume surpassing 18 million and cumulative transaction users exceeding 500 million [2][4] Group 2: International Expansion - Meituan's international business made significant strides, with its platform Keeta gaining popularity in Saudi Arabia, achieving 3.6 million downloads and becoming one of the top three food delivery platforms in the region [4][6] - The company plans to enter the Brazilian market with a commitment to invest 1 billion USD in the Keeta project over the next five years [6] Group 3: Ecosystem Development - Meituan is focused on building a sustainable ecosystem to enhance user experience, support merchants, and improve rider welfare, with initiatives like the "10 billion support fund" benefiting over 180,000 merchants [7][10] - Rider income has shown stable growth, with average monthly earnings in major cities ranging from 7,230 yuan to 10,100 yuan, and top-performing riders in first-tier cities earning up to 12,593 yuan [8][9] Group 4: Commitment to Industry Growth - Meituan aims to contribute to economic development by investing 100 billion yuan over the next three years to support various merchants and stimulate consumer demand [10]