Summary of Meituan (3690.HK) 3Q25E Preview and Business Updates Company Overview - **Company**: Meituan (3690.HK) - **Industry**: Food delivery and on-demand services Key Financial Estimates - **3Q25 Revenue Forecast**: Rmb97.25 billion, representing a 3.9% year-over-year increase [3][56] - **Adjusted Net Profit (NP)**: Forecasted at -Rmb16.3 billion, compared to Bloomberg consensus of -Rmb12.3 billion [3][56] - **Core Loss Adjustments**: - CLC (Core Local Commerce) loss revised to Rmb15 billion from Rmb9.7 billion [2][57] - Food delivery loss revised to Rmb19.2 billion from Rmb14.1 billion [2][57] - On-demand delivery operational loss forecasted at Rmb20 billion [57] - **4Q25 Revenue Outlook**: Expected to be Rmb92.4 billion, a 4.4% year-over-year increase [4] - **Target Price Adjustment**: Revised to HK$117 from HK$133, maintaining a Neutral/High Risk rating [7] Business Performance Insights - **Operational Losses**: - Total operational loss for 3Q25 is forecasted at Rmb17.3 billion [1][57] - Losses from new initiatives expected to be Rmb2.37 billion [1][57] - **Market Competition**: Intense competition in food delivery is leading to high operational losses, with expectations of continued high losses into 4Q25 [1][58] Business Updates and Initiatives - **Keeta Expansion**: - Keeta is set to launch operations in Brazil on October 30, with plans to expand into 15 metro regions by June 2026 [30][31] - Keeta has recently entered the UAE market, marking its third Middle Eastern food delivery market [27][28] - **New Product Launches**: - Launch of brand flagship InstaMart for 30-minute delivery of brand products in tier-1 cities [20][21] - Expansion of Happy Monkey supermarkets, with the first store opening in Beijing on October 24 [49] - **AI Product Development**: - Introduction of LongCat AI products aimed at enhancing operational efficiency and customer engagement [50][51][52] User Engagement and Traffic - **User Metrics**: - Monthly Active Users (MAU) for Meituan reached 524 million in August 2025, a 9% year-over-year increase [38] - Daily Active Users (DAU) also saw growth, reaching 185.2 million [38] - **Meituan Waimai Performance**: - MAU for Meituan Waimai was 61.4 million, down 7% year-over-year, while Eleme's MAU was 104.7 million, up 11% year-over-year [40][41] Consumer Trends - **Holiday Consumption Trends**: - Significant increase in consumer spending during the National Day and Mid-Autumn Festival, with cross-city orders up 47% year-over-year [48] - Notable growth in sales of mobile phones, digital products, and gifting items during the holiday period [48] Conclusion - Meituan is navigating a challenging competitive landscape with significant operational losses expected in the near term. However, the company is actively expanding its service offerings and geographic reach, particularly through Keeta's international expansion and new product launches. User engagement metrics indicate a solid user base, although competition remains fierce in the food delivery sector.

IDA Ireland的老总更是把这事看作对爱尔兰作为国际商业和创新中心声誉的强力认可。看来，随着Foodhub这把火加入战局，欧 洲外卖市场的火药味要更浓了！ 【未经许可禁止转载】 至邮箱 james@huarenzhi.com 每天分享爱尔兰资讯，关注起来防走丢 这家2017年成立的公司来头不小，在全球雇了1000多人，手里握着100多万用户，和包括爱尔兰、英国、美国、澳大利亚和新西 兰在内的3万多家餐厅、外卖店甚至体育场馆都有合作，每年通过App和网站处理的订单量超过6500万单！它最狠的一招是和别家 平台不一样：不按订单金额抽成，而是向餐厅收取固定的周费，这招让不少独立餐厅老板直呼更友好。 Foodhub的老板兼CEO Ardian Mula直言不讳，说选都柏林就是看中了爱尔兰作为欧洲市场战略门户的地位，这里科技人才扎堆， 餐饮业发达，简直是给他们量身定做的扩张宝地。爱尔兰企业和就业部长也赶紧出来点赞，说欢迎这样的创新企业，能让本地餐 饮业更有竞争力。 ...

Core Points - The company "Ele.me" is responding to inquiries about the cancellation of penalty fees for late deliveries, indicating that it is testing a new service score system to replace the existing penalty fee structure [1] - The new service score system aims to promote a performance-based reward system, encouraging more effort and better service quality among delivery personnel [1] - The pilot program for the new service score system is currently being implemented in cities such as Nantong, Changzhou, Jieyang, and Jingdezhen, with plans to expand to more cities by October [1]

Core Insights - Criteo S.A. and DoorDash, Inc. have announced a multi-year partnership to enhance advertising opportunities in DoorDash's marketplace, focusing on grocery, convenience, and non-restaurant retail sectors [1][2] - The partnership aims to leverage the growth of retail media, providing brands with new ways to reach consumers closer to the point of purchase [2] Partnership Details - Criteo will function as an extension of DoorDash's U.S. ad sales team, collaborating with brands and agencies to scale media placements on DoorDash's platform [2] - The companies plan to explore deeper integration of their advertising technologies over time [2] Advertising Opportunities - Advertisers using Criteo will have access to various DoorDash ad formats, including on-site video, display banners, Sponsored Product, and Sponsored Brands, as well as off-site channels like display, video, search, and social [3] - The partnership is expected to help advertisers reach consumers more effectively, drive measurable sales, and influence incremental trips [5] Strategic Statements - Stephen Howard-Sarin from Criteo emphasized the importance of delivery in the consumer journey and noted that DoorDash has become a key destination for convenience, grocery, and alcohol brands [4] - John Roswech from DoorDash highlighted the goal of building an ad platform that supports business growth on DoorDash and beyond, citing Criteo's strong relationships in the grocery and retail sectors as a reason for the partnership [6] Market Reaction - Following the announcement, CRTO shares increased by 2.78% to $22.15, while DASH shares rose by 0.53% to $272.67 in premarket trading [6]

Group 1 - DoorDash is expanding its grocery delivery partnership with Kroger, making Kroger the largest grocer available on the DoorDash app [1][2] - The original partnership began in 2022, initially offering limited items such as sushi and flowers from select Kroger stores [2][3] - Starting October 1, DoorDash will provide delivery of Kroger's full grocery assortment from all 2,700 US stores [2][3] Group 2 - DoorDash launched grocery delivery in 2020 with several partners, including Fresh Thyme and Meijer, and previously partnered with Walmart until 2022 [3] - Kroger operates stores in 35 states and the District of Columbia under various brands, including Ralphs, Smith's, and Harris Teeter [3][4] - DoorDash serves as a commerce platform connecting merchants, consumers, and independent contractors both in the US and internationally [4]

Core Viewpoint - BTIG downgraded Instacart from Buy to Neutral due to increasing competitive pressures from larger rivals in the grocery delivery sector [1] Group 1: Competitive Landscape - Amazon has expanded its perishable grocery delivery service to 1,000 cities, intensifying competition for Instacart [1] - Instacart's retail partners have formed new deals with Amazon, DoorDash, and Uber, further increasing competitive challenges [1] - More than 25% of Instacart's gross order volume has shifted to competitors recently, indicating a significant loss of market share [1] Group 2: Financial Outlook - BTIG had previously adjusted its price target for Instacart, but recent competitive developments have raised concerns about the sustainability of its growth [2] - Analysts find it increasingly difficult to justify a double-digit EBITDA multiple for Instacart given the negative outlook [2]

Core Points - The 2025 Weifang Food Safety Publicity Week and the "Internet + Bright Kitchen Bright Stove" pilot program were officially launched in the Yinzuo Mall of Kuiwen District on September 26 [1] - The theme of this year's Food Safety Publicity Week is "Upholding Virtue and Law, Sharing Food Safety," aiming to enhance the overall food safety governance level in Weifang [3] Group 1 - The event featured detailed explanations and popular science on food safety issues by staff from the Weifang Food and Drug Safety Office, distributing over 800 promotional materials [3] - A themed activity called "You Order, We Inspect" was organized, collecting 97 public inspection requests on-site [3] - Eight "Food Safety Sentinels" were appointed, with representatives from Meituan delivery platform, Yinzuo Mall, and delivery personnel expressing their commitment to promoting the "Internet + Bright Kitchen Bright Stove" initiative and the role of "Food Safety Sentinels" in social supervision [3] Group 2 - Over 120 representatives from various sectors, including food industry units, delivery platforms, media, consumers, and volunteers, participated in the event [4]

Group 1 - DoorDash (DASH) is showing a bullish rebound, currently priced at $262.47, with a slight increase of 0.15% and a significant 52% rise in its stock performance [1] - The stock is finding support at the 21-day moving average and has a Composite Rating of 98 out of 99, indicating strong performance relative to its peers [1] - DoorDash is part of a positive chart pattern known as "Cup with Handle," which suggests potential for further price increases [1] Group 2 - Nvidia and other AI-related stocks are highlighted as leading stocks near buy points, indicating a focus on the artificial intelligence sector [2] - The market is experiencing a rebound, with several stocks, including Tesla and Marvell, also in focus for potential buy points [4] - Amazon is facing challenges, including a $2.5 billion settlement related to an FTC lawsuit, which may impact its stock performance [4]

Core Viewpoint - The super typhoon "Haikui" is expected to severely impact Shenzhen and Guangzhou, leading to the suspension of delivery services by major platforms to ensure the safety of delivery personnel [1] Company Responses - Meituan has activated its special weather response plan and will suspend delivery services in Shenzhen starting from 6 PM on September 23 [1] - Taobao Shangu and Ele.me have also announced the suspension of order-taking and delivery services in Shenzhen from 6 PM on September 23, in accordance with local government announcements [1] Industry Impact - The super typhoon is projected to bring strong winds, heavy rain, and storm surges to Guangzhou from the night of September 23 to 25, prompting the city to implement a "five stoppages" policy (suspending classes, work, production, transportation, and business operations) to protect public safety [1]

Group 1 - The core issue was a temporary outage on Meituan's platform, causing users to experience difficulties accessing merchant details and placing orders, leading to the topic "Meituan crashed" trending on social media [1] - Meituan confirmed the platform experienced a brief disruption but has since fully recovered, allowing normal order placement [4] - On July 5, Meituan faced a similar service disruption due to a record-breaking order volume triggering a traffic control mechanism, which was later resolved [4] Group 2 - Meituan's revenue for Q2 2025 is projected to increase by 11.7% year-on-year, reaching RMB 91.8 billion, compared to RMB 82.3 billion in the same period of 2024 [4] - The operating profit of Meituan's core local commerce segment significantly declined to RMB 3.7 billion due to intense competition in the food delivery industry [4] - On July 24, Meituan launched the "Million Bright Kitchen" initiative, introducing features like "Food Safety Diary" and "Bright Kitchen" to provide real-time updates on kitchen environments to customers through images and live videos [4]