Core Viewpoint - The trend of "everything can be拼" has extended from food delivery to real estate, with Meituan applying for trademarks related to "Meituan拼好房" indicating its entry into the real estate market [1][3]. Trademark Application - Meituan's associated company, Beijing SanKuai Technology Co., Ltd., has applied for three trademarks under the name "Meituan拼好房," covering categories such as scientific instruments, financial property management, and catering accommodation, all currently awaiting substantive examination [1][2]. Business Strategy - Meituan's move into real estate is not spontaneous; it has been exploring real estate services for years, launching a rental service in over 40 cities in June 2024, focusing on flexible daily rental models similar to Airbnb [3][5]. - The "Meituan找房" feature was quietly launched by the end of 2025, primarily offering rental and second-hand housing transactions, but it lacks visibility on the app's homepage [3][5]. Market Positioning - Meituan's business model in real estate mirrors its approach in food delivery, acting as a "middleman" by directing user traffic to professional real estate platforms and earning referral fees [7][8]. - The company aims to enhance its ecosystem by integrating real estate services, potentially expanding into home decoration and related services, thereby creating a comprehensive living ecosystem [11][23]. Competitive Landscape - Major internet companies like Baidu, Alibaba, and JD.com have previously attempted to enter the real estate market but faced challenges, indicating the difficulty of this sector [12][17]. - The real estate market is characterized by high transaction values and low frequency, making it a complex area for internet companies to navigate effectively [19][22]. Future Prospects - Meituan's entry into real estate is seen as a response to competitive pressures in local life services, with a projected net loss of 233 to 243 billion yuan in 2025, highlighting the urgency for new revenue streams [23][25]. - The company is looking to leverage its existing user base, particularly targeting delivery personnel and young graduates, to create a demand-driven rental market [22][23].