Group 1 - Meituan's international food delivery brand Keeta officially launched in Doha, Qatar on August 19, marking a significant expansion in the Middle East market after Saudi Arabia [2] - Qatar is identified as the second market for Keeta in the Middle East, with a high growth potential in its food delivery sector due to being one of the highest GDP per capita economies in the world [2] - Since its entry into Saudi Arabia in September 2024, Keeta has demonstrated product strength and technological advantages, gaining popularity among local users and increasing online orders for local restaurants [2] Group 2 - Keeta has become one of the top three players in the food delivery market in Saudi Arabia, following its successful service expansion [2] - As of late July, Keeta expanded its service coverage in Saudi Arabia from 9 core cities to an additional 11 cities, achieving service availability in 20 cities across the country [2]

Core Insights - Meituan's CEO Wang Xing made a rare public appearance to promote the entry of its food delivery service Keeta into Brazil, signing an investment agreement to invest $1 billion over the next five years [2][3] - The Brazilian food delivery market is competitive, with Meituan's old rival Didi also planning to re-enter the market with its "99 Food" brand [6][7] Group 1: Meituan's International Expansion - Keeta, launched in Hong Kong in May 2023, has quickly become the leading food delivery platform there, utilizing promotional strategies like "half-price first order" and "free delivery" [2] - Meituan's international strategy involves a gradual expansion from Hong Kong to Saudi Arabia and now Brazil, validating and replicating its business model [4] - The investment in Brazil aims to build a nationwide instant delivery network, enhancing local consumer experience and supporting restaurant partners with various digital tools [3][5] Group 2: Market Dynamics and Competition - The Brazilian food delivery market is dominated by iFood, which holds an 80% market share, presenting a significant challenge for new entrants like Meituan and Didi [5][6] - Meituan's planned $1 billion investment represents 20% of its projected net profit for 2024, indicating a strong commitment to the Brazilian market [5] - Didi's re-entry into Brazil with its existing resources, including 70,000 active riders, positions it to compete effectively against Meituan, focusing on user subsidies and operational efficiency [7]

Core Viewpoint - The competition in the food delivery market is intensifying, with Meituan's CEO Liu Qiangdong publicly declaring war on Meituan through an open letter to delivery riders [2] Group 1: Meituan's Expansion Strategy - Meituan's brand Keeta entered the Hong Kong market in May 2023, achieving a market share of 36% by March 2024, competing with international giants Deliveroo and Foodpanda [3] - Following its success in Hong Kong, Keeta launched in Riyadh, Saudi Arabia, in October 2024, with plans to cover all major cities in Saudi Arabia by the end of 2025 [3][4] - Meituan's cautious approach to international expansion is evident, as it previously conducted extensive market research before entering Hong Kong and Saudi Arabia [6][8] Group 2: Competitive Landscape - Didi has restarted its food delivery business in Brazil after a previous exit, seen as a move to counter Meituan's expansion plans [4][5] - Meituan's potential entry into Brazil could reignite the fierce competition reminiscent of the 2018 food delivery war between Meituan and Didi [5][16] - The food delivery market in Latin America, particularly Brazil and Mexico, presents significant growth opportunities, with the market size growing from $7.497 billion in 2018 to $37.918 billion in 2023 [14] Group 3: Market Dynamics - The Middle East food delivery market is still developing, with a growth rate of over 20% post-pandemic, making it an attractive target for new entrants like Meituan [10] - In contrast, the North American market is dominated by established players like DoorDash and UberEats, making it challenging for new entrants to gain market share [11] - Meituan's strategy focuses on high-value, low-penetration markets, while Didi follows a model that integrates food delivery with its ride-hailing services [15] Group 4: Future Outlook - Meituan aims for its food delivery market scale to reach $100 billion, indicating ambitious growth plans in international markets [16] - The competitive dynamics between Meituan and Didi in Latin America could reshape the global food delivery landscape [17]