Core Viewpoint - Meituan has launched its first AI product, "XiaoMei" App, aimed at enhancing user experience through personalized services and interactions, marking a significant step in its AI strategy [2][5]. Group 1: Product Launch and Features - "XiaoMei" is positioned as a C-end AI product, utilizing Meituan's self-developed model LongCat—Flash—Chat, and is designed to assist users in various life scenarios [2]. - The app operates independently from the Meituan App, focusing on providing a genuine AI service rather than just an AI feature within the existing platform [2]. - The product aims to simplify tasks such as ordering coffee, arranging breakfast, and recommending restaurants through natural language interactions [2]. Group 2: AI Strategy and Investment - Meituan's AI strategy is characterized by an "offensive" approach, integrating AI into daily operations and developing new native products to better serve consumers and partners [4]. - The company invests over 10 billion yuan annually in AI infrastructure and model development, recognizing the importance of solid AI foundations to leverage accumulated data resources [4]. - Meituan has introduced various AI tools to support the retail industry, including large models and AI decision-making assistants, indicating a commitment to enhancing market competitiveness through technology [3]. Group 3: Industry Impact and Future Directions - The introduction of AI agents is seen as a crucial move in Meituan's "retail + technology" ecosystem, expanding service boundaries and improving operational efficiency [5]. - The application of AI technology in local life services is shifting the industry towards a "smart + real-time" operational model, enhancing delivery precision and service matching [5]. - Meituan's strategic upgrade to "retail + technology" aims to deeply integrate technological capabilities into local life services and retail, focusing on instant retail, smart supply chains, and unmanned delivery [5].

Core Insights - Meituan's AI products are entering a concentrated release phase in 2025, showcasing a variety of AI technologies at the China International Fair for Trade in Services [1][2] - The highlight of Meituan's exhibition is the "Meituan Xiaohuangfeng," an integrated indoor and outdoor intelligent delivery robot, designed for efficient and precise delivery in various environments [1][2] - Meituan emphasizes its commitment to AI development, focusing on enhancing employee efficiency and creating AI-native products for better service delivery [2] Group 1 - Meituan's participation in the trade fair marks its sixth year, featuring innovations such as drones, unmanned vehicles, and various AI applications [1] - The "Meituan Xiaohuangfeng" has successfully completed over 10,000 deliveries in pilot programs at locations like Shenzhen Bao'an Airport, making it the first robot to deliver food directly to boarding gates in controlled airport areas [2] - The company has introduced the "Longmao" model, which ranks among the industry's top, achieving faster computation and efficient applications through innovative architecture and training [2] Group 2 - Meituan's AI strategy includes three main components: improving employee efficiency with AI, developing AI-native products for B2B and B2C services, and building a robust internal language model to support AI applications [2] - A series of AI tools are set to be released, including the AI Coding Agent tool NoCode and the AI business decision assistant "Kangaroo Consultant" [2][3] - The C-end AI intelligent service is currently in the "closed building testing" phase and is expected to launch shortly [3]

Group 1 - The 2025 China International Service Trade Fair (CIFTIS) opened on September 10, with Meituan participating for the sixth time, showcasing its latest technologies including drones and autonomous delivery vehicles [1] - Meituan's newly developed integrated indoor and outdoor intelligent delivery robot "Meituan Xiaohuangfeng" made its debut, capable of providing efficient and safe delivery services in various scenarios [1] - As of June 2025, Meituan's drone delivery network has opened 64 routes in cities including Shenzhen, Beijing, and Dubai, completing over 600,000 deliveries [1][2] Group 2 - Meituan showcased several AI products at the fair, including the recently released open-source large model "Longmao," which can quickly respond to audience inquiries [2] - The company introduced an AI operating tool "Intelligent Store Manager" for small and medium-sized restaurants, which helps with phone answering, graphic design, and data analysis [2] - Meituan's restaurant SaaS product assists merchants in site selection using big data algorithms to recommend potential locations [2] Group 3 - Meituan has built 3,891 playgrounds for rural children through its initiative, benefiting 528,000 preschoolers with support from 1.68 million public welfare merchants and 1.35 million caring individuals [3] - The company has launched the "Qingshan Plan" to promote sustainable development, recovering over 37,000 tons of plastic takeout boxes across 24 cities since its inception in 2019 [3] - The "Meituan Kangaroo Baby Public Welfare Plan" provides educational support for the children of delivery riders, with 35 service points established nationwide, benefiting 222,000 individuals [3]

Core Viewpoint - The recent earnings reports from Alibaba, Meituan, and JD.com reveal a competitive landscape in the food delivery market, characterized by rising marketing expenses and a struggle for profitability despite revenue growth [3][5][6]. Group 1: Earnings Performance - Alibaba reported Q1 FY2026 revenue of 247.65 billion yuan, a 2% year-on-year increase, and saw its market value rise by over 400 billion HKD on September 1 [2][3]. - Meituan's Q2 FY2025 revenue reached 91.84 billion yuan, reflecting an 11.7% year-on-year growth, but its stock fell significantly post-earnings release [2][3]. - JD.com achieved Q2 FY2025 revenue of 356.66 billion yuan, a 22.4% increase year-on-year, with relatively stable stock performance compared to its peers [2][3]. Group 2: Marketing Expenses - JD.com significantly increased its marketing expenses to 27.01 billion yuan in Q2 FY2025, up 127.63% from the previous year [3][4]. - Alibaba's marketing expenses rose to 53.18 billion yuan, a 62.64% increase year-on-year, with the expense ratio climbing from 13.4% to 21.5% of revenue [3][4]. - Meituan's marketing spending reached 22.52 billion yuan, a 51.8% increase, but it faced the most significant profit decline among the three companies [4][5]. Group 3: Competitive Dynamics - The food delivery market is experiencing intense competition, with JD.com initiating a subsidy war that prompted Alibaba and Meituan to respond [3][6]. - Meituan's market share has been pressured, leading to a forced entry into the subsidy battle, while JD.com and Alibaba view food delivery as a means to enhance their core retail businesses [6][7]. - Analysts suggest that the long-term impact of the subsidy war will be more detrimental to Meituan, as food delivery is its core business, while for JD.com and Alibaba, it is a supplementary service [6][7]. Group 4: AI and Future Investments - Alibaba's cloud revenue surged by 26% to 33.40 billion yuan, with a commitment to invest 380 billion yuan in AI over the next three years [8][9]. - Meituan has also made strides in AI, recently open-sourcing its self-developed model, indicating a competitive push in this area [8][9]. - The capital market perceives Alibaba and ByteDance as stronger players in AI, while Meituan and JD.com are still developing their capabilities [9].