Meituan (3690.HK) Equity Research 1 December 2025 | 6:18AM HKT 3Q25 Review: Sustaining GTV scale leadership; reframing bull/bear narratives; Buy 3690.HK 12m Price Target: HK$120.00 Price: HK$102.50 Upside: 17.1% Meituan reported narrower-than-expected 3Q losses with adj. operating loss of -Rmb17.5bn (vs. GSe of -Rmb18.8bn), where we estimate food delivery+instashopping losses of -Rmb19bn (GSe) came slightly better than expected, and new initiatives adj. operating loss came in better at -Rmb1.3bn (vs. GSe/VA ...