6 September 2025 | 3:37PM HKT Meituan (3690.HK): Asia Leaders Conference 2025 — Key Takeaways: Defending food delivery leadership under an enlarged Quick We hosted Meituan's Capital Markets team on Sep 5 at our GS Asia Leaders Conference in Hong Kong. Investors' key focuses centered around latest food delivery competitive landscape and Meituan's unique proposition, in-store competition & margin trajectory, Instashopping's growth & profit outlook, Keeta's expansion & investment scale, AI strategies and loss ...

长沙晚报掌上长沙9月10日讯（全媒体记者 吴鑫矾）平时排长队的必吃榜餐厅、需要提前订座的黑珍珠 餐厅、入住奢华酒店才能吃到的美味，在大众点评"品质外卖"，都可直接30分钟外卖到家……9月10 日，大众点评宣布重启"品质外卖"服务。大众点评"品质外卖"首批集合超百万家高分堂食优质商家，依 托高分堂食餐厅供给、用户真实到店评价，以及美团履约配送体系，为用户提供"真品质、真堂食、真 评价"的外卖服务。当日，大众点评"品质外卖"同步发放2500万张不同种类的大额"品质外卖"消费券。 "此次重启'品质外卖'，是美团基于消费者新需求，整合双平台资源，对过往产品的一次升级。"大众点 评相关负责人表示，大众点评在本身优质商家供给的基础上，在"品质外卖"中进一步筛选高分堂食餐 厅，并在页面中展示商家的点评评分与评价，这些评价关联"必吃榜""连锁""老店"等标签信息，有效填 补消费者在点外卖时的决策信息缺口。"品质外卖"还将重点为用户推荐周边的高分小店、社区店、夫妻 老婆店，同时发放"堂食商家外卖消费券"，鼓励用户下单，帮助优质堂食餐厅，获得更多线上线下增 量。 据了解，大众点评自成立以来，依托其用户真实评价、商户星级评分、吃喝 ...

DoorDash, Inc. (NASDAQ:DASH) ranks among the most active stocks to buy according to Wall Street analysts. With a price target of $335, Citizens JMP reaffirmed its Market Outperform rating for DoorDash, Inc. (NASDAQ:DASH) on August 25. The firm emphasized the potential impact of autonomous delivery technologies on its operations while retaining its optimistic view of the food delivery platform. Pixabay/Public Domain JMP stated that “Autonomy could significantly lower the variable cost of delivery, which ...

J P M O R G A N Asia Pacific Credit Research 28 August 2025 Meituan (3690) Balance sheet deterioration + potential rating downgrade = move to Neutral Meituan's 2Q25 net profit dropped 90% yoy, as it ramped up consumer subsidies to fend off Alibaba and JD from a fierce food delivery competition. We expect the company to turn loss-making along with a deterioration in credit profile in 2025E/26E, as a result of (1) potential market share loss to Alibaba due to the latter's strong commitment to expand in the Ch ...

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%。 ...