29 November 2025 | 12:26AM HKT Equity Research Meituan (3690.HK): 3Q25 First Take: Narrower-than-expected losses; results call highlights; Buy Meituan reported better-than-expected adj. operating loss of Rmb-17.5bn (vs. GSe of Rmb-18.8bn) where core local commerce (CLC) adj. operating profit (loss) was Rmb-14.1bn, above GSe of Rmb-15.1bn/but below V.A. consensus of Rmb-13.1bn, while new initiatives adj. operating loss came ahead of both GSe and V.A. consensus at Rmb-1.3bn (GSe/V.A. of Rmb-2.3bn). Despite it ...