About this content About Emily Jarvie Emily began her career as a political journalist for Australian Community Media in Hobart, Tasmania. After she relocated to Toronto, Canada, she reported on business, legal, and scientific developments in the emerging psychedelics sector before joining Proactive in 2022. She brings a strong journalism background with her work featured in newspapers, magazines, and digital publications across Australia, Europe, and North America, including The Examiner, The Advocate, ...

Summary of Meituan (3690.HK) Conference Call Company Overview - **Company**: Meituan (3690.HK) - **Industry**: Food Delivery and Local Commerce in China - **Current Price**: HK$96.50 (as of 21 Oct 2025) - **Price Target**: HK$100.00 (revised from HK$105.00) Key Financial Changes - **Adjusted EPS**: - 2025E: Revised from (RMB 1.10) to (RMB 2.59) [2] - 2026E: Revised from (RMB 0.85) to (RMB 1.11) [2] - **Revenue**: - 2025E: Revised from RMB 396,211 million to RMB 374,539 million [2] - 2026E: Revised from RMB 448,352 million to RMB 422,106 million [2] - **Adjusted EBIT**: - 2025E: Revised from (RMB 7,533 million) to (RMB 16,846 million) [2] - 2026E: Revised from RMB 4,710 million to (RMB 4,971 million) [2] Quarterly Forecasts - **3Q25 Adjusted EPS**: Expected to be (RMB 2.69) [3] - **4Q25 Adjusted EPS**: Expected to be (RMB 1.95) [3] - **FY25 Adjusted EPS**: Expected to be (RMB 2.59) [3] Competitive Landscape - **Market Pressure**: High competitive intensity in China's food delivery market is expected to impact Meituan's financials negatively in 3Q25 and 4Q25 [7][10]. - **Subsidy Strategy**: Meituan is likely to maintain its subsidy levels to protect market share despite increased competition from Alibaba and others [10]. - **Expansion Plans**: Meituan plans to enter the Brazilian market by the end of 2025, which may further strain financials [7][10]. Financial Outlook - **Projected Losses**: Anticipated total loss of RMB 20 billion from on-demand services in 3Q25, with RMB 19 billion from food delivery and RMB 1 billion from instashopping [8]. - **Core Local Commerce**: Expected operating profit to decline significantly to a loss of RMB 15 billion in 3Q25 from a profit of RMB 4 billion in 2Q25 [8]. - **Revenue Growth**: Projected revenue growth of 5% YoY in 3Q25, with core local commerce revenue expected to barely grow [8]. Valuation Metrics - **Price Target Basis**: The price target of HK$100 is based on a 15x P/E multiple for 2027E, aligning with Tencent's valuation [11][17]. - **Performance Drivers**: The financial outlook is under pressure due to competition and expansion costs, which may affect future earnings [10]. Risks to Rating and Price Target - **Downside Risks**: - Worse-than-expected consumption environment [18]. - Slower-than-expected narrowing of losses in new initiatives [18]. - Intensified competition in the in-store business [18]. - **Upside Risks**: - Better-than-expected competitive landscape [18]. - Faster-than-expected loss narrowing of new initiatives [18]. Conclusion - **Rating**: Neutral - **Investment Thesis**: The financial outlook for Meituan remains uncertain due to competitive pressures and expansion costs, leading to a cautious stance on the stock [10][16].

Core Viewpoint - JD.com is piloting a full-time rider food box disinfection measure to enhance food safety and consumer trust in its delivery service [1][3]. Group 1: Disinfection Process - The disinfection process for food boxes involves three steps: ultrasonic fogging, wiping with 75% medical alcohol, and UV sterilization [3]. - The disinfection achieves a sterilization rate of 99.99%, verified by a CMA accredited institution [3]. Group 2: Consumer Experience - Consumers will receive a notification on their order page indicating that the food box has been professionally disinfected [3]. - Users can view a video of the disinfection process and the professional inspection report, which are automatically recorded and uploaded by on-site monitoring equipment [3]. Group 3: Implementation and Expansion - The disinfection initiative is currently being tested at select delivery stations in Beijing, with plans for broader implementation in major first-tier cities with high delivery volumes [5].

Core Viewpoint - The recent collaboration between JD.com and Meituan, marked by the launch of JD's self-operated restaurant "Qixian Xiaochu" on Meituan's app, indicates a potential reconciliation between their founders, Liu Qiangdong and Wang Xing, amidst increasing competition in the food delivery market [1][2][4]. Group 1: Market Dynamics - JD.com has entered the food delivery market, positioning itself as a reliable quality provider rather than the lowest price option, while Meituan has been facing competition from platforms like Douyin and Xiaohongshu [12]. - The partnership between JD.com and Meituan is seen as a strategic move to counter the competitive pressure from the newly launched Gaode Street Ranking, which has rapidly gained over 400 million users in just 23 days [4][7]. - The collaboration reflects a shift towards a "co-opetition" model in the industry, where both companies leverage each other's strengths to enhance their market positions [4][12]. Group 2: Strategic Implications - The integration of JD's high-quality products into Meituan's platform is expected to increase user engagement and mitigate competition from emerging players [6][12]. - Both companies are focusing on resource complementarity, with JD providing a strong supply chain and Meituan offering extensive delivery capabilities, creating a more robust competitive stance against rivals [6][12]. - The partnership may lead to a significant restructuring of the industry, as both companies aim to redefine their roles and enhance their service offerings in the evolving market landscape [12].

扬子晚报网讯（记者 徐晓风）外卖下单后，可以从订单页面看到骑手给餐箱消毒过程？近日，京东外 卖积极响应外卖平台监管"新规"，从配送环节强化食品安全，推出"干净计划"，在行业中率先落地餐箱 消毒。 据京东黑板报发布，京东外卖试点全职骑手餐箱每日消毒措施，通过全面升级专业服务，提升外卖配送 环节的食品安全标准。消费者通过京东外卖下单后，订单页面上可以看到骑手为餐箱消毒的全过程视 频，还有餐箱的消毒检测报告。 事实上，外卖用户对餐箱卫生的担忧由来已久，此前还有外卖员把脚放进餐箱，引发外卖配送卫生的信 任危机。一位参与试点的京东外卖全职骑手感慨地说："外卖行业的餐箱卫生很容易被忽视，以前都要 靠外卖员自觉，"京东外卖餐箱消毒可视化功能上线后，用户专门给他打电话表扬，"点外卖的用户大多 数看不见餐箱，也不知道餐箱多久没擦过，但看到我们的消毒过程后非常震撼"。据悉，京东外卖也因 此成为即配行业中首个对餐箱消毒执行专业检测并向用户全程开放溯源的平台。 据京东外卖相关负责人介绍，这套为全职骑手餐箱打造的消毒流程颇为严格。首先，餐箱需经过"超声 波雾化喷淋"，使消毒剂均匀覆盖；随后，全职骑手会使用75%的医用酒精对餐箱内外进行 ...

近日，京东外卖积极响应外卖平台监管"新规"，从配送环节强化食品安全，推出"干净计划"，在行业中 率先落地餐箱消毒。 据京东黑板报发布，京东外卖试点全职骑手餐箱每日消毒措施，通过全面升级专业服务，提升外卖配送 环节的食品安全标准。消费者通过京东外卖下单后，订单页面上可以看到骑手为餐箱消毒的全过程视 频，还有餐箱的消毒检测报告。 事实上，外卖用户对餐箱卫生的担忧由来已久，此前还有外卖员把脚放进餐箱，引发外卖配送卫生的信 任危机。一位参与试点的京东外卖全职骑手感慨地说："外卖行业的餐箱卫生很容易被忽视，以前都要 靠外卖员自觉，"京东外卖餐箱消毒可视化功能上线后，用户专门给他打电话表扬，"点外卖的用户大多 数看不见餐箱，也不知道餐箱多久没擦过，但看到我们的消毒过程后非常震撼，终于有平台重视起来 了，我也感觉自己参与了一件了不起的事"。 "民以食为天，食以安为先。我们希望能从配送的最后一个环节入手，实实在在地提升食品安全保 障。"京东外卖相关产品负责人表示。据悉，京东外卖也因此成为即配行业中首个对餐箱消毒执行专业 检测并向用户全程开放溯源的平台。 据京东外卖相关负责人介绍，这套为全职骑手餐箱打造的消毒流程颇为严格。首先 ...

【#京东外卖启动干净计划#】京东黑板报发文称：近日，有细心网友发现，在京东下单外卖后，竟收到 了餐箱的消毒检测报告，还看到了全职骑手和餐箱消毒的全过程。给大家汇报一下，京东外卖正在试点 全职骑手餐箱消毒措施。专业消毒，每日一次，让全职骑手带着干干净净的餐箱给大家送餐。 ...

Core Insights - The article emphasizes the importance of identifying companies with the potential to consistently outperform the broader market, focusing on robust, consistent, and predictable cash flows for accurate valuation [1] Group 1: Investment Philosophy - The investment approach combines fundamental analysis with macroeconomic factors, allowing for a disciplined framework that adapts to various market cycles [1] - The focus is on sectors and asset classes that present value and alpha opportunities, indicating a broad investment strategy [1] - Attention to macroeconomic developments is crucial as they can influence market cycles and valuation adjustments [1] Group 2: Engagement and Community - The motivation to write on Seeking Alpha is to share insights and engage in discussions with the investment community, aiming to provide actionable ideas [1] - The content is intended for both novice and seasoned investors, fostering a collaborative environment for exchanging important insights [1]

DoorDash, Inc. (NASDAQ:DASH) is one of the Best Revenue Growth Stocks to Invest In. On October 20, Brian Nowak from Morgan Stanley raised the firm’s price target on DoorDash, Inc. (NASDAQ:DASH) from $300 to $330 and reiterated a Buy rating on the stock. While Morgan Stanley is bullish on the stock, earlier on October 17, John Colantuoni from Jefferies also raised the price target from $265 to $280, while keeping a Hold rating. Colantuoni noted that the increased price target comes as part of the company’s ...

Core Viewpoint - The article discusses the shift in the food delivery industry towards eliminating penalties for late orders, highlighting the safety concerns associated with the previous penalty system and the adoption of new evaluation mechanisms by major platforms like Meituan and Ele.me [1] Group 1: Industry Changes - Meituan initiated a pilot program to eliminate penalties for late deliveries in December 2024, which was followed by the introduction of the "Anzhun Card" system in March 2025, replacing the penalty system with a scoring mechanism [1] - By July 2025, the new assessment mechanism was tested in major cities including Changsha, Wuhan, and Hangzhou, with plans for broader implementation [1] - As of August 2025, Meituan announced plans to fully eliminate late delivery penalties by the end of the year, with the "Anzhun Card" already operational in over 100 cities nationwide [1] Group 2: Competitor Responses - Other platforms have begun to follow Meituan's lead, with Ele.me announcing in September 2025 the gradual elimination of late delivery penalties and the introduction of a new "service score" system [1] - JD.com also announced a pilot program to eliminate late delivery penalties in 25 cities, including Changsha, adopting a "service score" management approach [1]