Investment Rating - The report maintains a "Buy" rating for Meituan, JD, Alibaba, Guming, Mixue, and Yum China, with specific target prices set for each company [19][24][25][27][28][36]. Core Insights - The food delivery industry in China has seen a significant increase in daily order volumes, reaching approximately 120 million, driven by platform subsidies and evolving consumer behavior [13][16]. - Competitive strategies among food delivery platforms have intensified, particularly between Meituan, JD, and Taobao Instant Shopping/Ele.me, with each platform adopting aggressive subsidy strategies to capture market share [7][9][12]. - Long-term market share projections indicate Meituan will hold a dominant position with 60-65% of the GTV market share, followed by Taobao Instant Shopping/Ele.me at 25-28% and JD at 10-15% [13][19]. Summary by Sections Market Dynamics - The food delivery market has expanded due to increased on-demand consumption, with daily orders growing from around 80 million to 120 million, including 30 million incremental orders attributed to subsidies [13][16]. - The expert anticipates that a portion of the new orders, particularly meal orders, may persist even after subsidies normalize [13]. Competitive Strategies - Meituan has focused on maintaining order volume and market share through differentiated offerings and targeted subsidies, particularly in higher-tier cities [7][19]. - JD has ramped up its order volume to 25 million daily orders, leveraging its delivery network and aggressive subsidy strategies [12][24]. - Taobao Instant Shopping/Ele.me has initiated campaigns to attract consumers, benefiting from traffic on the Taobao platform [9][19]. Long-term Projections - The expert presented various long-term market share scenarios, projecting Meituan's market share to remain robust while JD and Taobao Instant Shopping/Ele.me will capture smaller shares [13][19]. - The expert expects JD's loss per order to peak in Q2 2025, with gradual improvements anticipated by Q4 2025 [13].

Core Insights - Uber is a global leader in ride-sharing and food delivery, generating $163 billion in gross bookings and nearly $7 billion in free cash flow last year [1][3]. Business Performance - The company is on track with its mid to high teens growth projections for gross bookings and expects EBITDA margins to grow in the mid-30s to 40% range [3]. - More than 90% of EBITDA is anticipated to convert into free cash flow, and the company is either on track or ahead of all its targets set during the 2024 Investor Day [3].