美团：第三季度 -竞争胜负不代表对错

China Internet Meituan Rating Market-Perform Price Target 3690.HK 85.00 HKD (95.00 OLD) 29 November 2025 Price Target Change robin.zhu@bernsteinsg.com Charles Gou Moats are supposed to help the incumbent. The fact Meituan saw a near-RMB30bn drop in Core Local Commerce profits (versus Alibaba spending RMB36bn this quarter) - and still lost 15-20% points of GMV share - feels like an illustration of the speed at which Meituan's on-demand delivery edge has been eroded. Meituan still claims 70% share in orders o ...