� 150 kin coffe :31 Paris A V e 10 UNDER 4 r l (97 野生 0 1 F 3 s WX 通过机器人的推荐，选择好今天的午餐，并让它为自己创建带有定制化要求的订单，最后在与机器人的 聊天框中就完成了支付，AI技术的变革将这些过去仅存于科幻电影中的片段变成了现实。 行业人士表示，随着AI技术在千行百业的应用不断深化，AI生态内的支付也会成为行业关注焦点。 今年9月，支付宝推出国内首个"AI付"服务，率先在瑞幸咖啡的AI点单助手"Lucky AI"上线，用户用说 话的方式就能完成下单并支付，至此，智能体内的下单与支付全链路被打通，无缝的AI服务体验得以 实现。"AI付"上线一天后，美团首款AI Agent产品"小美"App也迎来公测，提供的服务包括外卖下单、 餐厅预约、美食推荐等本地生活服务。现在，已经有很多人尝试过用这款App，吃上AI为自己点的外 卖。 不仅如此，AI生态下支付的交互方式也在持续更新。就在刚过去的11月，杭州一家专门从事智能眼镜 研发的科技公司Rokid正式宣布将"AI付"从手机"搬"到了自家的智能眼镜上。在他们的演示视频里，戴 着智能眼镜的用户全程 ...

Investment Rating - The investment rating for Meituan-W (03690.HK) is "Outperform the Market" [5] Core Views - The report indicates that the impact of the fierce competition in the food delivery sector on the company's revenue and profit is expected to gradually diminish. The company achieved a revenue of 95.5 billion yuan, with a year-on-year growth of 2%, primarily affected by intensified competition in its core local business. Adjusted losses reached 16 billion yuan, with a net profit margin of -17%, indicating a shift from profit to loss [1][8] - The company maintains its long-term goal of achieving a high daily order volume of 100 million and believes that as the industry returns to rationality, the profitability of the food delivery business will return to reasonable levels [1][8] Summary by Sections Overview - The report highlights that the competition in the food delivery market has significantly impacted the company's revenue and profit, with a revenue of 95.5 billion yuan for the quarter. Revenue breakdown shows a year-on-year decline of 17% in instant delivery services, a 1% increase in transaction commissions, and a 6% increase in marketing services [1][8] - The gross margin, sales expense ratio, and R&D expense ratio have all weakened, leading to an adjusted loss of 16 billion yuan, with a continued increase in losses quarter-on-quarter [1][8] Core Local Business - The core local business revenue decreased by 3% year-on-year, resulting in an operating loss of 14.1 billion yuan and an operating profit margin of -21.0%, a decline of 42 percentage points year-on-year. The company plans to continue significant investments in membership and promotional budgets in Q4 2025 [2][23] - Instant delivery saw a total order volume growth of 17%, with average losses per order of 2.6 yuan for food delivery and 1.1 yuan for flash purchase. The restaurant delivery order volume grew by approximately 15% [2][24] - The in-store travel and accommodation segment experienced a revenue growth of 13% year-on-year, but the operating profit margin decreased to 29% due to increased advertising costs and subsidies [2][28] New Business - New business revenue grew by 16% year-on-year to 28 billion yuan, with an operating loss of 1.3 billion yuan. The management noted that the user experience in Hong Kong's Keeta turned positive in October, leading to improved user retention and higher average prices [3][30] - The company plans to expand its overseas business by opening three new locations in Gulf countries and piloting in Brazil, although significant losses are expected to increase [3][34] Financial Forecasts - Revenue projections for 2025-2027 are adjusted to 360.5 billion yuan, 427 billion yuan, and 509.2 billion yuan, reflecting a slight decrease in growth expectations. Adjusted net profit forecasts for the same period are -16 billion yuan, 12.4 billion yuan, and 33.2 billion yuan, indicating a significant downward adjustment [3][35] - The report also provides detailed financial metrics, including adjusted EPS and profit margins, indicating a challenging outlook for the core local business due to competitive pressures [4][38]

Financial Data and Key Metrics Changes - Total revenue increased by 2% year-over-year to RMB 95.5 billion in Q3 2025 [19] - Cost-of-revenue ratio increased by 12.9 percentage points year-over-year to 73.6% due to higher courier incentives and increased overseas operational costs [19] - Selling and marketing expenses ratio increased by 16.7 percentage points year-over-year to 35.9% driven by increased investments in promotion and user incentives [19] - Adjusted net loss was RMB 16 billion, with a total segment operating loss of RMB 15.3 billion [20] Business Line Data and Key Metrics Changes - Food delivery business saw both DAU and MTU reach all-time highs, with a significant increase in user engagement [7] - The in-store business experienced nearly 20% year-over-year growth in both merchant and user bases, with increased transaction frequency [11] - New initiative segment revenue grew by 15.9% year-over-year to RMB 28 billion, driven by grocery retail and overseas business expansion [23] Market Data and Key Metrics Changes - The competitive landscape in food delivery has intensified, with a noted decrease in industry subsidies post-peak season [29] - Meituan maintained a leading position in GTV market share for mid to high AOV orders, with over 70% market share for orders above RMB 30 [29] - The company expanded its presence in the Middle East and Brazil, with Keeta achieving profitability in Hong Kong ahead of schedule [60][63] Company Strategy and Development Direction - The company is focused on enhancing service quality and operational efficiency while avoiding price wars [28][32] - Meituan aims to leverage technology and AI to empower merchants and improve user experience [18][56] - The strategy includes expanding the Meituan membership program to increase user engagement and transaction frequency [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the competitive landscape and emphasized the importance of sustainable growth over aggressive subsidies [24][32] - The company anticipates that irrational competition will transition to a more rational phase, focusing on quality and innovation [34] - Long-term targets remain unchanged, with a goal of reaching 100 million high-quality daily orders [34] Other Important Information - The company has committed an additional RMB 2 billion in merchant support funds to empower restaurant partners [22] - Investments in AI have led to the development of various tools aimed at enhancing operational efficiency for merchants [17][55] Q&A Session Summary Question: Changes in the competitive landscape of food delivery - Management noted a decrease in industry subsidies and highlighted the importance of focusing on higher AOV sectors to maintain market share [29][30] Question: Strategy for Meituan Instant Shopping - Management emphasized the competitive edge in Quick Commerce and plans to continue investing in supply-side operations while enhancing user experience [41][42] Question: Impact of new initiatives on in-store business - Management highlighted the unique operational strategy and consumer trust built over time, asserting confidence in maintaining market leadership despite competition [46][49] Question: Progress of AI initiatives - Management shared ongoing developments in AI capabilities and plans to integrate AI agents into the Meituan App for enhanced user experience [55][56] Question: Performance of Keeta in new markets - Management confirmed Keeta's profitability in Hong Kong and expressed optimism for similar trajectories in other markets, including the GCC and Brazil [60][63]

Financial Data and Key Metrics Changes - Total revenue increased by 2% year-over-year to RMB 95.5 billion in Q3 2025 [17] - Cost-of-revenue ratio increased by 12.9 percentage points year-over-year to 73.6%, primarily due to higher courier incentives and increased overseas operational costs [18] - Selling and marketing expenses ratio increased by 16.7 percentage points year-over-year to 35.9% due to higher investments in promotion and user incentives [18] - Adjusted net loss for the quarter was RMB 16 billion, with a total segment operating loss of RMB 15.3 billion [18] Business Line Data and Key Metrics Changes - Food delivery business saw both DAU and MTU reach all-time highs, with a significant increase in user engagement [6] - The in-store business experienced nearly 20% year-over-year growth in both merchant and user bases, with increased transaction frequency [11] - New initiative segment revenue grew by 15.9% year-over-year to RMB 28 billion, driven by grocery retail and overseas business expansion [22] Market Data and Key Metrics Changes - The competitive landscape in food delivery has intensified, leading to a drop in average order value and negative growth in delivery service revenue [19] - The company maintained a leading position in GTV market share for mid to high AOV orders, with over two-thirds market share for orders above RMB 15 [26] - The company reported a rebound in market share in order volume, particularly in high-quality incremental orders [28] Company Strategy and Development Direction - The company is focused on maintaining leadership in the food delivery sector while investing in technology and service quality to drive sustainable growth [31] - The strategy includes enhancing the Meituan membership program to boost user engagement and transaction frequency [15] - The company aims to leverage its strengths in service quality and operational efficiency to navigate a dynamic competitive environment [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the food delivery market despite current losses, emphasizing a shift from capital-driven to efficiency-driven growth [30] - The company is committed to supporting small and mid-sized merchants and enhancing courier welfare as part of its long-term strategy [25] - Management noted that irrational competition is expected to transition to a more rational phase, allowing for sustainable growth [31] Other Important Information - The company has expanded its courier welfare program, including pension insurance and educational funds for couriers' children [7] - The Meituan Instant Shopping segment is positioned to lead rapid growth in the quick commerce space, with new user growth and purchase frequency increasing [9] - The company has launched several AI initiatives to enhance operational efficiency and improve user experience [16] Q&A Session Summary Question: Changes in the competitive landscape of food delivery - Management noted that competition has intensified, with a temporary decrease in industry subsidies and a focus on higher AOV sectors [26][28] Question: Strategy for Meituan Instant Shopping - Management highlighted the competitive edge in Quick Commerce and plans to deepen partnerships with brands while investing in supply-side operations [32][36] Question: Impact of new initiatives on profitability - Management confirmed that Keeta in Hong Kong has turned profitable ahead of schedule and expects similar trajectories in other markets [46][49] Question: Future plans for AI integration - Management discussed ongoing AI developments, including the integration of AI agents into the Meituan App to enhance user experience [44][45]

Core Insights - AI is increasingly influencing shopping behaviors, prompting e-commerce players to adopt AI technologies, as seen with platforms like Taobao, JD.com, and Meituan [2][3] - Zhidao Technology is launching its AI shopping assistant "Zhang Dama" to differentiate itself in a competitive market, aiming to provide cross-platform services [3][4] Group 1: Company Strategy - Zhidao Technology's strategy focuses on differentiation and cross-platform capabilities to address consumer pain points in shopping [3][5] - The launch of "Zhang Dama" represents a strategic evolution, enhancing user engagement and shopping experience through AI [3][4] Group 2: Market Positioning - The AI agents from major e-commerce platforms are typically limited to their ecosystems, creating a demand for cross-platform solutions among users [4][6] - "Zhang Dama" aims to fulfill this demand by enabling price comparisons and shopping across different platforms [4][6] Group 3: Development Background - "Zhang Dama" evolved from previous products, reflecting Zhidao Technology's understanding of consumer needs and market trends [6][9] - The company recognizes the importance of open-source and collaborative approaches in the development of AI agents, aligning with industry trends [7][8] Group 4: Future Outlook - The collaboration with Huawei and other partners indicates Zhidao Technology's commitment to expanding its capabilities and market reach [8][9] - As "Zhang Dama" matures, it is expected to enhance its value proposition and establish a significant presence in the AI-driven e-commerce landscape [9]

Core Insights - AI is transforming the shopping experience from "assisted decision-making" to "autonomous execution" with the launch of the "Zhang Dama" app by Zhidao Technology [1] - The app aims to automate various consumer scenarios, including product recommendations and price comparisons, using advanced technologies [1][3] - Major competitors like Meituan and JD.com are also developing their AI assistants, indicating a growing competitive landscape in the AI + consumption sector [1][4] Company Overview - Zhidao Technology's "Zhang Dama" app was publicly tested in September after an initial Android version was released in May [1][3] - The app focuses on cross-platform capabilities, allowing users to execute tasks like price protection and flight bookings [3][5] - The user base for "Zhang Dama" primarily comes from the main Zhidao platform, with high engagement metrics indicating strong user retention [3] Market Competition - JD.com and Meituan have launched their AI applications, "Jingxi" and "Xiao Mei," respectively, which aim to enhance user experience in shopping and local services [4][5] - The competition is intensifying as these companies leverage their large user bases and platform resources [5] Strategic Positioning - Zhidao Technology believes its cross-platform capabilities and deep task execution potential differentiate it from competitors [5][6] - The company aims to address user needs that single-platform agents cannot fulfill, such as finding the lowest prices across multiple platforms [6] Commercialization Challenges - The "Zhang Dama" app is still in the exploration phase for monetization, with insights from international markets suggesting potential subscription models for AI agents [6][7] - The company is focused on enhancing user value before pursuing broader industry and platform value [7] Technological Development - The app utilizes "cloud phone" technology, which presents various challenges in task execution and user interaction [7][8] - Building user trust is crucial, and the company plans to achieve this through consistent performance and industry trends [8] Collaborative Efforts - Zhidao Technology has signed a strategic partnership with Huawei to leverage each other's strengths in cloud services and marketing [8] - The company is committed to high investment in AI, with over 50% of its R&D budget allocated to this area [8]

Core Insights - AI is transforming the shopping experience from "assisted decision-making" to "autonomous execution" with the launch of the "Zhang Dama" app by Zhi De Mai Technology [2] - The app aims to automate various consumer scenarios, including product recommendations, price comparisons, and travel bookings, utilizing advanced technologies [2][4] - Major competitors like Meituan and JD.com are also developing their AI assistants, indicating a competitive landscape in the AI + consumption sector [2][6] Company Developments - Zhi De Mai Technology introduced the "Zhang Dama" app after the initial "Xiao Zhi" product was upgraded, focusing on cross-platform operations [3][4] - The app has shown strong user engagement, with average daily launches and conversation rounds exceeding industry averages, despite not actively seeking new users [4] - The company is facing intensified market competition as major players enhance their AI capabilities [5][6] Competitive Landscape - JD.com and Meituan have launched their AI applications, "Jingxi" and "Xiao Mei," respectively, which aim to integrate shopping and lifestyle services using AI [6][7] - Zhi De Mai Technology believes its cross-platform capabilities and deep task execution potential provide a competitive edge against these larger rivals [7] Future Directions - The company is exploring its commercial model, with a focus on enhancing user value before scaling industry and platform value [8] - Zhi De Mai Technology is investing heavily in AI, with over 50% of its R&D budget allocated to this area, indicating a commitment to long-term growth [9] - Strategic partnerships, such as the one with Huawei, are being pursued to expand capabilities and market reach [9]

Group 1 - Meituan's first AI Agent product, "Xiao Mei," has been launched, designed as a "small and beautiful AI life assistant" for local consumption recommendations [1] - The AI is based on Meituan's self-developed model LongCat-Flash-Chat, which has been open-sourced on platforms like GitHub and Hugging Face [1] - The competitive landscape indicates that while delivery and instant retail have drawn attention, AI remains a critical focus as companies enhance their technological capabilities [1][2] Group 2 - The market is questioning Meituan's "moat" in the food delivery sector due to competitive pressures from platforms like Taobao and the impact on profitability [3] - Meituan's competitive advantages include a strong fulfillment capability and a large user base, but these may be vulnerable to imitation by competitors [3] - Long-term assets such as operational experience, established merchant/user/rider systems, and algorithmic scheduling contribute to Meituan's competitive identity [3] Group 3 - The "Xiao Mei" AI aims to address an underestimated demand in food delivery: helping users make choices among numerous options [4] - The AI assistant leverages location-based services (LBS) to provide tailored recommendations based on user preferences and historical data [6][8] - By transforming long-term accumulated data into visible product experiences, Meituan is enhancing its competitive edge in the market [8] Group 4 - The concept of "guide-type" AI is prevalent across various platforms, assisting users in making decisions through natural language interactions [9] - Other platforms like Taobao and JD have also developed similar AI products, indicating a trend towards integrating AI into consumer decision-making processes [9] - Despite the potential, many AI-driven recommendation systems still face challenges in accurately interpreting user needs due to the complexity of consumer decision-making [12][13] Group 5 - The integration of AI assistants into platforms is seen as a step towards creating "super applications" that serve as comprehensive consumer entry points [14] - However, there are concerns about the effectiveness of such applications, as seen in the example of Alipay, which has a wide range of services but lacks user retention as a comprehensive platform [14] - The success of AI assistants will depend on their ability to mature and cultivate user habits over time [14]

Group 1 - The Hong Kong stock market, particularly the technology sector, is experiencing a rebound with significant inflows and positive performance from key ETFs [1][3] - The Hang Seng Technology ETF (513260) has seen a nearly 2% increase, reaching a new high with a total scale exceeding 69 billion HKD, and has attracted over 1.1 billion HKD in the last 10 days [3][5] - Major tech stocks such as Baidu, SMIC, Alibaba, and Meituan have shown strong gains, with Baidu rising over 11% following a strategic partnership announcement with China Merchants Group [5][6] Group 2 - Southbound capital has been flowing into Hong Kong tech stocks, with Alibaba leading the net inflow at over 30.3 billion HKD in the past week [6][7] - The AI sector is catalyzing growth, with companies like Alibaba and Baidu utilizing self-designed chips for AI model training, indicating a shift towards domestic technology [8] - The outlook for the Hong Kong market remains positive, driven by liquidity and structural support from technology, non-ferrous metals, and non-bank sectors [9][10] Group 3 - The Hang Seng Technology Index is currently valued at about half of the Nasdaq, suggesting significant room for valuation recovery [15] - The market is expected to benefit from improved liquidity conditions, including anticipated interest rate cuts by the Federal Reserve and ongoing inflows from southbound capital [10][19] - The technology sector is identified as a primary focus for growth, with expectations for high growth driven by major internet companies and advancements in AI applications [15]

Core Viewpoint - Meituan-W (03690) has seen a stock price increase of over 4%, currently trading at 100.8 HKD with a transaction volume of 6.553 billion HKD, following the launch of its international food delivery brand Keeta in Kuwait, marking its third entry into the Gulf region after Saudi Arabia and Qatar [1] Group 1: International Expansion - Keeta officially launched operations in Kuwait on September 15, 2023, expanding its presence in the Middle East [1] - Since entering Saudi Arabia in September 2024, Keeta has experienced rapid growth in user numbers and order volume [1] - Keeta's entry into Qatar occurred in August 2023, and the company plans to continue exploring new overseas markets in the Middle East [1] Group 2: Technological Development - Meituan's first AI Agent product, "Xiao Mei" App, is set to undergo public testing [1] - "Xiao Mei" is designed as a compact AI lifestyle assistant, utilizing Meituan's self-developed model LongCat-Flash-Chat [1] - The app will facilitate local life services through simple natural language interactions, including food ordering, restaurant recommendations, and navigation for reservations [1]