Group 1 - The article discusses the pricing structure of food delivery services, highlighting that some platforms, like JD's delivery service, charge significantly less than others [3][4]. - The concept of "ue gap" is introduced, which refers to the differences in user experience and pricing across various platforms [3][5]. - The analysis is divided into two dimensions: macro-level factors such as market share, scale effects, and cost structures, and micro-level factors including risk control, operational experience, and management capabilities [5][11]. Group 2 - At the macro level, low market share leads to lower average order value (AOV) and transaction revenue (TR), resulting in reduced income for platforms like Ele.me [6][8]. - Low market share also results in lower merchant subsidy rates, necessitating higher platform subsidies to maintain competitive pricing [9]. - High fulfillment costs are associated with low market share, further impacting profitability [10][14]. Group 3 - The article suggests that the market for food delivery is expanding, with increasing penetration rates [14]. - It proposes that the "ue gap" can be observed by comparing cities with different market shares, such as Shanghai and Guangzhou [12][13].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The report analyzes the daily fixed - income market, including bond price changes, new issues, and macro - economic news. It also provides in - depth analysis of specific companies such as CNMDHL and Meituan [2][3][6]. - For CNMDHL, it is considered a yield pick - up play over CHMEDA, taking into account its relationship with Mengniu and trading liquidity [7]. - Regarding Meituan, although facing near - term profitability pressure due to intensified competition, its overall credit profile remains robust, and the analyst maintains a buy rating on some of its bonds [9]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new HOKKEL 30 tightened 3 - 4bps, while other IG new issues like OCBCSP 4.55 35s/BOCAVI 31/JERA 4.544 30 widened 1 - 2bps or were unchanged. MEITUAs widened 3 - 5bps due to EBITDA decline in 1H25, and other Chinese TMT names had minor changes. Some bonds like LIFUNG 5 ¼ PERP rose due to positive EBITDA news, while VNKRLE 27 - 29s lowered [2]. - This morning, the new CNH GUAMET 2.15 28 was 0.3pt lower, the new HOKKEL 30 tightened 1bp, and some IG new issues were unchanged. JP long - end insurance bonds and HYSAN 7.2 Perp rose [3]. Macro News Recap - On Thursday, S&P (+0.32%), Dow (+0.16%), and Nasdaq (+0.53%) were higher. US 2Q25 GDP was +3.3% qoq, higher than the market expectation of +3.0%. The latest initial jobless claims were +229k, lower than the market expectation of +231k. 2yr UST yield was higher while 10/30yr UST yield was lower [6]. Desk Analyst Comments - **CNMDHL**: CNMDHL 4 ⅞ 07/10/30 is trading at a YTM of 4.9% and 61bps over CHMEDA 2 ½ 06/17/30. It has lagged the recent rally in the 5 - year Asia USD bucket by 20 - 30bps. It is considered a yield pick - up play over CHMEDA [7]. - **MEITUA**: Competition in the mainland China food delivery market is heating up, and margin squeeze will continue in 3Q25. Despite the weak operating performance, Meituan's credit story remains solid with a net cash position of RMB120.0bn. The analyst maintains a buy on MEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB) [9]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [21][22]. News and Market Color - Yesterday, 91 credit bonds were issued onshore with an amount of RMB65bn. Month - to - date, 2,140 credit bonds were issued with a total amount of RMB1,805bn, representing an 8% yoy decrease [23]. Company - Specific News - ACEN decided to inject USD76mn into subsidiaries and a solar project and spend PHP34.5bn (cUSD602.6mn) to develop Quezon wind park [28]. - GLP secures up to USD1.5bn investment from ADIA to accelerate growth [28]. - Li & Fung 1H25 EBITDA rises 4% yoy to USD75mn [28]. - Mongolian Mining 1H25 adjusted EBITDA falls 65.2% yoy to USD94.1mn [28]. - Orix to issue unsecured five - year bonds for JPY20bn (cUSD135mn) [28]. - Shui On Land 1H25 profit before tax down 95.4% yoy to RMB13mn (cUSD1.8mn) [28]. - SJM Holdings 1H25 adjusted EBITDA drops 5% yoy to HKD1.7bn (cUSD212mn) and plans to buy part of Hotel Lisboa for HKD529m (cUSD68mn) [28]. - SK Telecom was slapped with a KRW134.8bn (cUSD97mn) penalty following a personal data breach [28]. - Fitch downgraded China Vanke and Vanke Hong Kong to CCC - from CCC +, reflecting further weakening in liquidity [28]. - Yuzhou Group offshore debt revamp to become effective on 29 Aug'25 [28].

Summary of Meituan's 2Q25 Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Industry**: E-commerce & Logistics in China Key Points and Arguments Financial Performance - **2Q25 Results**: Revenue increased by 12% year-over-year, but adjusted net profit fell by 89% year-over-year, missing expectations of 16% revenue growth and a 54% decline in profit [2][25] - **Food Delivery Business**: Experienced significant losses, with an estimated decline in profits of approximately Rmb10 billion compared to competitors JD and Alibaba, which reported losses of over Rmb13 billion and Rmb10 billion respectively [2][25] - **Market Reaction**: Initial market response was negative, with Meituan's stock dropping 9% compared to a 3% decline in the KWEB index [2][25] Competition and Market Dynamics - **Food Delivery Competition**: Intense competition since May has led to wider losses, with expectations of continued losses into 3Q. Estimated EBIT loss per order for 3Q is projected to exceed Rmb2, compared to previous breakeven expectations [2][21] - **Market Share**: Long-term market share is expected to decrease from 75-80% to 50-55% due to increased competition [20][29] Growth and Strategic Initiatives - **Volume Growth**: Food delivery volumes grew by approximately 11% year-over-year in 2Q25, with forecasts of 13% growth for 3Q25 and FY25 [21][23] - **Instashopping Growth**: Instashopping order volume is expected to grow by 31% year-over-year, driven by increased transaction frequency and new user acquisition [21][24] - **Strategic Pivot**: Closure of Meituan Select and a shift towards Ella Supermarket/Instashopping indicate a commitment to core business defense [20][29] Financial Forecasts - **Revenue Forecasts**: Adjusted revenue forecasts for FY25E-FY27E have been cut by 7%, with FY25E adjusted net profit revised to a loss of Rmb14 billion from a previous profit estimate of Rmb29 billion [25][29] - **Valuation**: Target price revised to HK$144 per share from HK$159, reflecting a downward adjustment in long-term market share and profit expectations [25][36] Risks and Challenges - **Downside Risks**: Include worse-than-expected competition, labor cost inflation, and food safety concerns [30][31] Long-term Outlook - **Profit Recovery Potential**: Positive outlook for profit recovery from FY26E-FY27E as competition subsidies are expected to normalize [29][30] - **Investment in New Initiatives**: Continued investment in grocery retail and overseas expansion, with a long-term target of achieving Rmb100 billion in overseas GTV by 2033E [28][29] Additional Important Information - **Market Capitalization**: HK$725.5 billion / $93.1 billion [8] - **Enterprise Value**: HK$553.1 billion / $71.0 billion [8] - **3M Average Daily Trading Volume**: HK$6.8 billion / $861.7 million [8] This summary encapsulates the critical insights from Meituan's 2Q25 conference call, highlighting the company's financial performance, competitive landscape, growth strategies, and future outlook.

Core Viewpoint - The rapid development of the online food delivery industry has raised significant concerns regarding food safety, prompting Taicang City to implement innovative regulatory measures and collaborative efforts to enhance food safety standards since 2025 [1] Group 1: Regulatory Framework - Taicang City has developed the "Taicang City Online Food Delivery Safety Governance Enhancement Action Plan," focusing on the goals of "standardizing a batch, improving a batch, and investigating a batch" [2] - A data-sharing mechanism with platforms like Meituan and Ele.me has been established, enabling precise regulation of online food merchants through a "one store, one file" approach [2] Group 2: Risk Management - The "Smart Food" regulatory platform has introduced a closed-loop supervision model combining online monitoring and offline inspections, identifying and rectifying 46 issues through AI risk detection [3] - A summer food safety night inspection campaign was conducted, inspecting over 600 merchants and resulting in three cases of illegal activities being prosecuted [3] Group 3: Enforcement Actions - Taicang City has launched the "Guarding Consumption" campaign to address the prevalent issue of "ghost deliveries," successfully prosecuting two cases of forged licenses [4] - A total of 94 complaints regarding food safety in delivery services were resolved, achieving a 100% completion rate and a 98% satisfaction rate among the public [4] Group 4: Community Involvement - The introduction of a "whistleblower" system for delivery riders allows 20 rider supervisors to report issues directly via the "Su Xiaofu" platform, ensuring rapid response to problems within one hour [5] - Regular "Delivery Rider Salon" events are held for food safety training and to gather industry feedback, alongside the "You Order, I Inspect" initiative, which has tested 36 popular food establishments with results publicly disclosed [5] Group 5: Industry Standards - Taicang City aims to build the "Food in Taicang" brand by selecting 100 standardized online food delivery units and 1,000 compliant food businesses, promoting smart regulatory practices [6] - The initiative includes establishing model units and promoting best practices to create a multi-layered food safety demonstration network, enhancing consumer confidence in food safety [6]

Core Viewpoint - The article highlights the enforcement actions taken by market regulatory authorities in China to combat illegal activities in the food and beverage sector, focusing on issues such as illegal additives, counterfeit products, and unlicensed operations, thereby ensuring consumer safety and market integrity [1][2][3][4][5][6][7][8][9][10][11][12][13]. Group 1: Illegal Additives and Food Safety - The Jiangxi market regulatory authority investigated a case involving the illegal addition of tadalafil in a liquor product, with a detected concentration of 151 mg/kg, leading to a total value of 1.9386 million yuan for 450 units [1] - In Fujian, a case was uncovered where meat products contained harmful substances like morphine and codeine, with sales exceeding 1 million yuan [2] - In Liaoning, a duck neck shop was found using excessive and unauthorized food additives, with illegal sales exceeding 200,000 yuan [3] Group 2: Ghost Restaurants and Licensing Violations - In Guangxi, a restaurant was penalized for using forged food operation licenses to conduct online delivery services, resulting in a fine of 7,000 yuan [4][5] - In Anhui, a restaurant operated multiple online entities without proper licenses, leading to fines totaling 8,600 yuan for both the restaurant and the third-party platform involved [6] Group 3: Regulatory Actions Against Platforms - In Beijing, two major food delivery platforms were investigated for failing to verify the licenses of their vendors, resulting in fines of 200,000 yuan and the confiscation of illegal earnings [7][8] Group 4: Trademark Infringement and Counterfeit Goods - In Shanghai, a construction company was found selling counterfeit paint products, leading to a total illegal operation value of 32,800 yuan and subsequent penalties [9][10] - The investigation revealed a network of counterfeit production, with significant quantities of infringing goods seized [9][10] Group 5: Compliance in Testing and Measurement - A testing company in Shandong was penalized for issuing reports without valid certification, resulting in fines totaling 81,400 yuan [11] - In Gansu, a gas station was found using tampered fuel dispensers, leading to fines of 788,700 yuan [12] Group 6: Consumer Safety in Household Products - In Jiangsu, a company was penalized for selling substandard gas stoves and hoses, with a total value of 65,000 yuan for the non-compliant products [13]

报道称，目前市场中存在的相似业务有美团的拼好饭，自 2020 年推出以来，其增速处于快速增长的状态。官方的数据显示，在 2024 年二季度，其单日订单 量峰值成功突破 800 万单，再到 2025 年 7 月 12 日订单量破 3500 万。美团核心本地商业板块 CEO 王莆中直言，"拼好饭是一项极具价值的创新举措"。 IT之家 8 月 21 日消息，据 Tech 星球报道，阿里本地生活在"外卖大战"白热化阶段将再落一子。口碑将推出外卖美食特价拼团业务"闪拼"，会以小程序的形 式内嵌在支付宝 App 中，目前该业务小程序已完成开发，择日上线。 IT之家查询获悉，目前入驻美团拼好饭的餐饮品牌已经超过 5000 个。截至 2025 年 7 月，全国已有超百万商家上线运营，拼好饭日订单量峰值超过 3500 万 单。过去一年，知名品牌上线拼好饭运营的门店数量同比增长 64%。 ...

Company Overview - Pop Mart, a Chinese toymaker, reported a near-400% surge in net profit, driven by global demand for its LABUBU dolls [1][11] - The company’s adjusted net profit reached CNY4.71 billion, with revenue at CNY13.88 billion, marking a year-on-year increase of 204.4% [3] Financial Performance - In the first half of 2025, Pop Mart's revenue from China was CNY8.28 billion, up 135.2%, while revenue from Asia-Pacific (excluding China) was CNY2.85 billion, rising 257.8% [4] - Revenue from the Americas surged to CNY2.26 billion, up 1,142.3%, and revenue from Europe and other regions rose 729.2% to CNY480 million [4] Product and Market Expansion - LABUBU generated revenue exceeding CNY4.8 billion, becoming one of the world's most popular IPs in the first half of 2025 [5] - The company plans to launch a miniature LABUBU that can be clipped onto phones [6] Strategic Initiatives - Pop Mart established four regional headquarters in April to enhance its globalization strategy [7] - The company opened its first stores in landmark locations such as Cambridge in the UK and Bali in Indonesia, with plans to expand into markets including the Middle East, South Asia, Central and South America, and Russia [8] Market Position - Pop Mart's market cap surpassed HKD400 billion, with shares rising more than 200% in the last year, making it worth more than Mattel, Hasbro, and Sanrio combined [2]

Core Viewpoint - The European Commission has announced that the proposed acquisition of Deliveroo by the American food delivery platform DoorDash, valued at $3.9 billion, will be reviewed under a simplified merger procedure, indicating a high likelihood of approval due to no significant competition concerns identified [1]. Group 1 - DoorDash's acquisition proposal values Deliveroo at approximately £2.9 billion (around $3.92 billion) [1]. - The simplified review process by EU regulators typically suggests that the transaction is unlikely to raise competition issues, increasing the chances of approval [1]. - Deliveroo's stock price has significantly declined since its IPO in 2021, primarily due to a stagnation in online food delivery demand following the COVID-19 pandemic [1].

Core Viewpoint - Taobao Flash Sales achieved over 100 million daily orders for three consecutive days, marking a significant milestone in its competition with Meituan, especially during promotional events [2][6]. Group 1: Order Volume Comparison - On August 7, Taobao Flash Sales set a new daily order record, but Meituan still surpassed it by approximately 20 million orders [2]. - From August 7 to 9, Taobao Flash Sales' daily order volume exceeded 100 million, with its market share surpassing Meituan for the first time on August 8 and 9 [2][6]. Group 2: Order Measurement Discrepancies - The order volume metrics used by Meituan and Taobao Flash Sales differ; Meituan counts completed deliveries, while Taobao counts completed transactions, including pre-orders for the next day [3][5]. - On August 7, nearly 10% of Taobao Flash Sales' orders were pre-orders, which may inflate its order volume compared to Meituan's metrics [3]. Group 3: Promotional Strategies and Spending - Taobao Flash Sales increased its subsidies for beverage orders significantly during the promotional period, spending around 400 million yuan on August 7 alone [6]. - In July, Taobao Flash Sales spent over 10 billion yuan on subsidies across merchants, consumers, and delivery personnel, while Meituan's spending was about one-third to one-half of that amount [6]. Group 4: Competitive Landscape - Meituan's strategy shifted from aggressively increasing order volume to focusing on retaining high-value members, as indicated by a drop in average order value during intense competition [7]. - Taobao Flash Sales is positioning itself aggressively in the market, integrating various Alibaba resources to enhance its competitive edge [6][8].

Core Insights - Taobao Flash Sale and Ele.me reported significant growth in consumer activity on the first day of autumn, with over 300,000 small restaurants achieving peak transaction volumes on August 7 [1][3] - The number of delivery riders on Ele.me reached 3.5 times that of last year, with average earnings increasing by 40% compared to the previous year [1][3] - The number of riders earning over 10,000 yuan in July saw a year-on-year increase of 184% [1][3] Group 1 - On the first day of autumn, lemon water surpassed bubble tea to become the most popular item on Taobao Flash Sale [3] - Shanghai ranked first in city consumption data, followed by Hangzhou, with Chengdu surpassing Beijing and Suzhou surpassing Guangzhou in the top ten [3] - Over 30,000 small restaurants and 8,000 non-restaurant businesses experienced transaction growth exceeding 100% on the same day [3] Group 2 - In July, 1,089 non-restaurant businesses achieved monthly transactions exceeding 100,000 yuan, while 395 brands surpassed 1 million yuan [3] - Since the launch of Taobao Flash Sale, the monthly active rider count has grown by 181%, with crowd-sourced riders increasing by 236% [3] - Ele.me's delivery riders on August 7 reached 3.5 times the number from the previous year, indicating a significant increase in delivery capacity [3]