Meituan (3690.HK): NDR highlights: Sustaining unit economics advantage with GTV scale leadership; Buy We hosted Meituan's Capital Markets team in our Hong Kong office with investors on Dec 2nd, post its 3Q25 results. Investors' key focuses centered around latest food delivery competitive landscape and longer-term unit economics outlook, in-store competition & margin trajectory, Instashopping's growth outlook, Keeta's expansion & investment scale in Middle East and LatAm region, and investment pace of other ...